ExlService Holdings, Inc., operates as a data and artificial intelligence (AI) company in the North America, the United Kingdom, Europe, and internationally.
Positioning no disclosures inside 60 days, left as found
Options put/call open interest 0.48, read 2026-11-03
Ethical passes the values gate
Price43.12 USD
Fair value50.00
Ethical score70.0/100
Value readUndervaluedas of 4 Nov 2026
Our investment reviews on this name
2026-10-11Read Markup36.48+18.2% to today ✓Markdown gives way to Markup first Markup read since August
2026-10-02Read Markdown36.48+18.2% to today Markup gives way to Markdown with volume flow in agreement
2026-08-28Read Markup37.50+15.0% to today ✓Distribution gives way to Markup after a 30% rise in 8 weeks
2026-07-02Read Distribution28.84+49.5% to today First review on file: Distribution
Our analytic regime reads on this name, dated and marked against the screened price. Small sample per name, and separate from the daily-framework accuracy on the Track Record page.
ExlService Holdings, Inc. holds its Markup at $43.12. Consolidating, no directional conviction, held for 21 days.
As held on the ledger · 2026-11-04
Phase
Markup
Quantitative state
Consolidating, no directional conviction, held for 21 days
Price at the screen
$43.12
Valuation
25.82 trailing · 16.21 forward price to earnings
Values screen
PASS· score 70.0
Beta
0.85
The Workings
Five Screens, Shown in Full
Full pass across all five screens. This security clears the Titan Ethical Standard: its business and its balance sheet both stay inside the lines.
Test
Figure
Limit
What it means
Status
Business activity
Permissible
Core business clean
Its core business isn't built on prohibited lines: no gambling, alcohol, tobacco, weapons, or interest-based lending.
Pass
Debt load
23.71%
Below 33%
Interest-bearing debt is just 23.7% of its assets, well under the one-third ceiling: it does not run on borrowed money.
Pass
Interest-bearing cash
0.15%
Below 33%
Cash held in interest-bearing accounts and securities is 0.2% of assets, under the one-third limit.
Pass
Receivables
28.75%
Below 49%
Money owed to the company is 28.8% of assets, under the 49% limit.
Pass
Revenue purity
0.46%
Below 5%
Only 0.5% of revenue comes from non-compliant sources, under the 5% line.
Pass
Five checks adapted from AAOIFI screening standards: business activity plus four balance-sheet ratios. All five must pass for ethical clearance. Every figure is arithmetic on public accounts, not judgement.
The Ethical Read
Why It Clears, in Plain English
ExlService Holdings, clears all five screens. Its business is in a permissible area, its interest-bearing debt is about 24%, inside the ~33% line, and almost none of its income is interest, so it passes.
Read as at 2026-11-04. It updates when the underlying figures move, and past reads are kept below.
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Today EXLS passes the screen. If new figures move it to a fail, we send you one short email with the before and after. Verdicts change rarely, so you may not hear from us for a long time.
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What the Numbers Say It Is Worth
The Fair Value Range
Our analysis reads Undervalued vs our fair value, as of 4 Nov 2026: it trades at roughly a 14% discount to our $50.00 fair value, 19.70% revenue growth.
Fair value range in USD, drawn from the 2026-11-04 screen. The gold marker is the market price at the same screen. A 13.8% discount to the base estimate.
Where our models see it going: fair-value estimate $50.00, with a range of $50.00 to $86.24, dated to the 2026-11-04 screen.
Fair value and rating are our own model estimates; the Street's range reflects third-party analyst estimates. Analysis, not advice.
The Business, in Plain Words
Data analytics firm priced like a forgotten utility
Picture an insurance claim or a hospital record sliding through dozens of back-office systems before anyone acts on it. ExlService turns that raw flow into decisions with data and AI tools. The business sits across insurance, healthcare and banking, pulling revenue up 14% while posting a 12% profit margin and 28% return on equity.
Those numbers, paired with an 11.2 times forward earnings multiple and a 63% gap to our fair value of 46 dollars, look attractive on paper. The ethical screen clears cleanly and analysts lean buy with a 40-dollar median target. Yet the moat remains unknown and the opportunity rating sits at none, so the setup fails to clear our bar for action.
Currency swings, client concentration and the risk that AI spending cools all sit in the background. Without a clearer edge the discount stays unclaimed. Analysis, not advice.
Another profit measure, before interest, tax and non-cash costs: EBITDA.
The risks · The main risks here are ordinary market swings and the chance our fair-value read proves too optimistic.
Plain-English interpretation of our own screen data. Analysis, not advice.
Where & How to Trade
EXLS trades on Nasdaq. As a listed security it is accessible through almost any international broker offering its home market. New to this, or investing from abroad? Our guide to accessing global markets covers brokers, currencies and the practical steps.
The Dated Journal · Newest First, Never Edited
Every Entry, As Written
2026-11-03Markup$42.53+4.1%Entry 17
The analysis reads markup. Price is trending higher with momentum. The crowd has caught on and buyers are in control. Price has moved up 4.1% since our last review. Ethical screening: PASS with passing ethical screen. The risk-adjusted return profile shows good risk-adjusted returns. Our composite framework grades it B, carrying a low risk profile. Technically it is momentum reading overbought. Over the past year the shares are down 39%. Our forward projection puts the odds of a 10% gain over the next month near 18%. The street (8 analysts) rates it none, with a mean price target of $42.
2026-10-27Markup$40.86+0.0%Entry 16
The analysis reads markup. Price is trending higher with momentum. The crowd has caught on and buyers are in control. Price has moved down 0.0% since our last review. Ethical screening: PASS with passing ethical screen. The risk-adjusted return profile shows good risk-adjusted returns. Our composite framework grades it B, carrying a low risk profile. Technically it is momentum reading overbought. Over the past year the shares are down 39%. Our forward projection puts the odds of a 10% gain over the next month near 18%. The street (8 analysts) rates it none, with a mean price target of $42. It reported earnings in this window, a natural checkpoint for the thesis.
2026-10-26Markup$40.86+0.0%Entry 15
The analysis reads markup. Price is trending higher with momentum. The crowd has caught on and buyers are in control. Price has moved down 0.0% since our last review. Ethical screening: PASS with passing ethical screen. The risk-adjusted return profile shows good risk-adjusted returns. Our composite framework grades it B, carrying a low risk profile. Technically it is momentum reading overbought. Over the past year the shares are down 39%. Our forward projection puts the odds of a 10% gain over the next month near 18%. The street (8 analysts) rates it none, with a mean price target of $42. It reported earnings in this window, a natural checkpoint for the thesis.
2026-10-25Markup$40.86+0.0%Entry 14
The analysis reads markup. Price is trending higher with momentum. The crowd has caught on and buyers are in control. Price has moved down 0.0% since our last review. Ethical screening: PASS with passing ethical screen. The risk-adjusted return profile shows good risk-adjusted returns. Our composite framework grades it B, carrying a low risk profile. Technically it is momentum reading overbought. Over the past year the shares are down 39%. Our forward projection puts the odds of a 10% gain over the next month near 18%. The street (8 analysts) rates it none, with a mean price target of $42. It reported earnings in this window, a natural checkpoint for the thesis.
2026-10-24Markup$40.86+0.0%Entry 13
The analysis reads markup. Price is trending higher with momentum. The crowd has caught on and buyers are in control. Price has moved down 0.0% since our last review. Ethical screening: PASS with passing ethical screen. The risk-adjusted return profile shows good risk-adjusted returns. Our composite framework grades it B, carrying a low risk profile. Technically it is momentum reading overbought. Over the past year the shares are down 39%. Our forward projection puts the odds of a 10% gain over the next month near 18%. The street (8 analysts) rates it none, with a mean price target of $42. It reported earnings in this window, a natural checkpoint for the thesis.
2026-10-23Markup$40.86+0.0%Entry 12
The analysis reads markup. Price is trending higher with momentum. The crowd has caught on and buyers are in control. Price has moved down 0.0% since our last review. Ethical screening: PASS with passing ethical screen. The risk-adjusted return profile shows good risk-adjusted returns. Our composite framework grades it B, carrying a low risk profile. Technically it is momentum reading overbought. Over the past year the shares are down 39%. Our forward projection puts the odds of a 10% gain over the next month near 18%. The street (8 analysts) rates it none, with a mean price target of $42. It reported earnings in this window, a natural checkpoint for the thesis.
2026-10-22Markup$40.86+0.0%Entry 11
The analysis reads markup. Price is trending higher with momentum. The crowd has caught on and buyers are in control. Price has moved down 0.0% since our last review. Ethical screening: PASS with passing ethical screen. The risk-adjusted return profile shows good risk-adjusted returns. Our composite framework grades it B, carrying a low risk profile. Technically it is momentum reading overbought. Over the past year the shares are down 39%. Our forward projection puts the odds of a 10% gain over the next month near 18%. The street (8 analysts) rates it none, with a mean price target of $42. It reported earnings in this window, a natural checkpoint for the thesis.
2026-10-21Markup$40.86+4.5%Entry 10
The analysis reads markup. Price is trending higher with momentum. The crowd has caught on and buyers are in control. Price has moved up 4.5% since our last review. Ethical screening: PASS with passing ethical screen. The risk-adjusted return profile shows good risk-adjusted returns. Our composite framework grades it B, carrying a low risk profile. Technically it is momentum reading overbought. Over the past year the shares are down 39%. Our forward projection puts the odds of a 10% gain over the next month near 18%. The street (8 analysts) rates it none, with a mean price target of $42. It reported earnings in this window, a natural checkpoint for the thesis.
2026-10-20Markup$39.10+0.0%Entry 9
The analysis reads markup. Price is trending higher with momentum. The crowd has caught on and buyers are in control. Price has moved down 0.0% since our last review. Ethical screening: PASS with passing ethical screen. The risk-adjusted return profile shows good risk-adjusted returns. Our composite framework grades it B, carrying a low risk profile. Technically it is momentum reading overbought. Over the past year the shares are down 39%. Our forward projection puts the odds of a 10% gain over the next month near 18%. The street (8 analysts) rates it none, with a mean price target of $42. It reported earnings in this window, a natural checkpoint for the thesis.
2026-10-18Markup$39.10+7.2%Entry 8
The analysis reads markup. Price is trending higher with momentum. The crowd has caught on and buyers are in control. Price has moved up 7.2% since our last review. Ethical screening: PASS with passing ethical screen. The risk-adjusted return profile shows good risk-adjusted returns. Our composite framework grades it C, carrying a low risk profile. Technically it is sitting below its long-term trend line with momentum reading bearish. Over the past year the shares are down 39%. Our forward projection puts the odds of a 10% gain over the next month near 18%. The street (8 analysts) rates it none, with a mean price target of $42.
Each entry above was written on its date, before the outcome. A journal you can prune is not a journal.
