ExlService Holdings, Inc.

exlservice.com

What Do They Do?

Provides data and AI services that build and embed data tools in business workflows, and runs clients’ essential business operations for insurers, healthcare and life sciences organizations, financial institutions, and companies in other industries.

How Do They Make Money?

Clients pay for time-and-material or transaction-based services as the work is done, or for fixed-price projects as work progresses. Software arrangements can also include license, maintenance, subscription, and implementation fees.

revenue

Segment	Share	Revenue
Data and AI-led	55%
Digital operations	45%

Who Are Their Customers?

Insurers, healthcare and life sciences organizations, and financial institutions and businesses in other industries buy EXL’s services. EXL sells through sales and client-management teams and partner relationships; contracts typically set a framework supplemented by negotiated statements of work.

Do Revenues Turn Into Profits?

Yes. It kept 12 cents of every revenue dollar as net income in FY2025 and turned 14 cents into free cash flow.

Operating income, FY2025

15% of revenue

▲ +19% vs FY2024 ($263.6M, 14%)

Net income, FY2025

12% of revenue

▲ +27% vs FY2024 ($198.3M, 11%)

Free cash flow, FY2025

14% of revenue

▲ +34% vs FY2024 ($222.3M, 12%)

How Are They Changing?

Since the FY2025 annual report

Latest quarter: Q3 FY2026, the three months to Sep 30, 2026

Revenue: ▲ +20%; vs $529.6M in Q3 FY2025
Net income: ▲ +18%; vs $58.2M in Q3 FY2025

Data and AI-Led share of revenue vs 56.4% in Q3 FY2025

Jul 28, 2026 Raised 2026 revenue and earnings guidance Organic revenue growth guidance rose to 13% to 14% from 10% to 12%; revenue guidance rose to $2.390 billion to $2.415 billion.
Jun 24, 2026 Agreed to acquire AI data company iMerit EXL agreed to buy all iMerit equity for $170 million upfront plus up to $140 million in milestone-based cash payments.

Growing. Revenue grew 86% in 4 years, from $1.1B in FY2021 to $2.1B in FY2025, about 17% a year.

Analytics integrated into industry units The earlier report described Analytics as a separate business segment, while the latest folds those capabilities into industry-focused units; its current service description emphasizes data and AI embedded in client workflows.

Revenue over time

Data and AI-led Digital operations

$2.5B$1.3B$0

FY2023 FY2024 FY2025

Who Do They Compete With?

Competes with Cognizant Technology Solutions, Genpact, Infosys, NTT DATA, Tata Consultancy Services, Cotiviti, Optum Health, Fractal, Latentview Analytics, Guidewire, Salesforce, Gradient AI, Accenture, Deloitte, and Capgemini

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