ExlService Holdings, Inc. (EXLS) shareholders
EXLSNasdaqServices-Business Services, NECFiscal year ends December 31
Financials through Q3 FY2026, quarter ended Sep 30, 2026Last filing: 10-Q on Oct 27, 2026Score 18/3010% below fair value
$43.25+0.15 (+0.35%)
Close on Nov 13, 2026Market cap $6.52BP/E 25.7Yield –
Ownership
Institutional holdings as of Jun 30, 2026, from 13F filings
Held by institutions
100.0%
155M of 151M shares
Institutional holders
442
65 new, 78 sold out
Net institutional buying
3M
In Q2 2026
Insider trades, 12 months
0 buys · 17 sales
Net sold $4.27M
Shares held by institutions
Holders of more than 5%
Latest Schedule 13D (active) or 13G (passive) filed by each holder
| Holder | Shares | % of class | Filing | As of |
|---|---|---|---|---|
| Abigail P. Johnson Joint filing with FMR LLC (12.00%) | 18,225,635 | 12.00% | 13G (passive) amendment | Sep 30, 2026 |
| BlackRock, Inc. | 15,437,315 | 9.50% | 13G (passive) amendment | Jun 30, 2025 |
| FMR LLC Joint filing with Abigail P. Johnson (5.80%) | 9,364,312 | 5.80% | 13G (passive) | Dec 31, 2024 |
| Vanguard Capital Management | 7,937,714 | 5.07% | 13G (passive) | Mar 31, 2026 |
Top institutional holders
13F holdings as of Jun 30, 2026
| Holder | Shares | % of EXLS | Value | Change | % of portfolio |
|---|---|---|---|---|---|
| BlackRock, Inc. | 18,885,133 | 12.52% | $488.37M | −233,475 | 0.01% |
| FMR LLC | 13,885,274 | 9.21% | $359.07M | +479,560 | 0.02% |
| Aqr Capital Management LLC | 6,812,609 | 4.52% | $171.47M | −3,063,689 | 0.06% |
| Vanguard Capital Management LLC | 6,645,767 | 4.41% | $171.86M | −92,013 | 0.00% |
| Vanguard Portfolio Management LLC | 6,481,862 | 4.30% | $167.62M | −22,671 | 0.01% |
| State Street Corp | 4,869,434 | 3.23% | $125.92M | +78,759 | 0.00% |
| Geode Capital Management, LLC | 4,071,771 | 2.70% | $105.31M | −145,993 | 0.01% |
| Two Sigma Investments, LP | 4,021,556 | 2.67% | $104.00M | +311,924 | 0.08% |
| Geneva Capital Management LLC | 3,437,491 | 2.28% | $88.89M | −819,600 | 2.04% |
| D. E. Shaw & Co., Inc. | 3,255,149 | 2.16% | $84.18M | −187,290 | 0.04% |
| Citadel Advisors LLC | 3,202,977 | 2.12% | $82.83M | +1,858,630 | 0.01% |
| Dimensional Fund Advisors LP | 2,913,971 | 1.93% | $75.35M | +61,324 | 0.01% |
| Norges Bank | 2,835,901 | 1.88% | $73.34M | New | 0.01% |
| Morgan Stanley | 2,608,478 | 1.73% | $67.46M | +111,843 | 0.00% |
| JPMorgan Chase & Co | 2,294,741 | 1.52% | $58.86M | −1,534,306 | 0.00% |
| Fuller & Thaler Asset Management, Inc. | 2,242,801 | 1.49% | $58.00M | +84,473 | 0.16% |
| UBS Group AG | 2,137,801 | 1.42% | $55.28M | +1,148,754 | 0.01% |
| Millennium Management LLC | 2,039,999 | 1.35% | $52.75M | −155,323 | 0.02% |
| Qube Research & Technologies Ltd | 1,943,191 | 1.29% | $50.25M | +1,124,537 | 0.05% |
| Charles Schwab Investment Management Inc | 1,940,480 | 1.29% | $50.18M | −42,188 | 0.01% |
Institutional buying and selling by quarter
Positions opened, added to, reduced and closed by 13F filers
| Quarter | Holders | Shares held | % of shares | New / added | Reduced / closed | Shares bought | Shares sold |
|---|---|---|---|---|---|---|---|
| Q2 2026 | 442 | 155M | 100.0% | 65 / 143 | 192 / 78 | 25M | 22M |
| Q1 2026 | 463 | 153M | 100.0% | 88 / 202 | 136 / 85 | 41M | 30M |
| Q4 2025 | 466 | 156M | 100.0% | 70 / 166 | 188 / 58 | 21M | 23M |
| Q3 2025 | 465 | 159M | 100.0% | 79 / 176 | 165 / 70 | 25M | 23M |
| Q2 2025 | 460 | 156M | 100.0% | 75 / 165 | 168 / 65 | 24M | 25M |
| Q1 2025 | 455 | 158M | 100.0% | 76 / 170 | 152 / 33 | 16M | 19M |
| Q4 2024 | 415 | 162M | 100.0% | 86 / 142 | 136 / 26 | 18M | 12M |
| Q3 2024 | 362 | 157M | 100.0% | 58 / 136 | 124 / 38 | 33M | 11M |
| Q2 2024 | 346 | 159M | 100.0% | 50 / 136 | 122 / 38 | 11M | 17M |
| Q1 2024 | 338 | 166M | 100.0% | 40 / 136 | 120 / 38 | 12M | 7M |
| Q4 2023 | 337 | 161M | 100.0% | 44 / 135 | 125 / 31 | 19M | 14M |
| Q3 2023 | 329 | 156M | 100.0% | 39 / 122 | 135 / 41 | 11M | 13M |
Top mutual fund and ETF holders
Latest monthly portfolio reports (Form N-PORT)
400 funds held EXLS in Q2 2026, 47% of their shares through ETFs. Each fund counts once per quarter, from its quarter-end report.
| Fund | Shares | % of EXLS | Value | % of fund | As of |
|---|---|---|---|---|---|
| iShares Core S&P Mid-Cap ETF | 5,223,641 | 3.46% | $135.08M | 0.11% | Jun 30, 2026 |
| Vanguard Total Stock Market Index Fund | 4,609,400 | 3.06% | $119.20M | 0.01% | Jun 30, 2026 |
| Vanguard Small-Cap Index Fund | 3,330,129 | 2.21% | $86.12M | 0.05% | Jun 30, 2026 |
| Strategic Advisers Fidelity U.S. Total Stock Fund | 2,798,794 | 1.86% | $81.25M | 0.03% | May 31, 2026 |
| Fidelity Series Value Discovery Fund | 2,371,400 | 1.57% | $80.46M | 0.45% | Jul 31, 2026 |
| Fullerthaler Behavioral Small Cap Equity | 2,140,256 | 1.42% | $55.35M | 0.44% | Jun 30, 2026 |
| Vanguard Small-Cap Growth Index Fund | 1,909,372 | 1.27% | $49.38M | 0.11% | Jun 30, 2026 |
| Fidelity Value Fund | 1,859,300 | 1.23% | $63.09M | 0.60% | Jul 31, 2026 |
| Vanguard Extended Market Index Fund | 1,751,391 | 1.16% | $45.29M | 0.05% | Jun 30, 2026 |
| Invesco S&P MidCap Quality ETF | 1,139,474 | 0.76% | $38.66M | 0.71% | Jul 31, 2026 |
| Touchstone Strategic Trust-Touchstone Small Company Fund | 1,129,686 | 0.75% | $29.21M | 1.70% | Jun 30, 2026 |
| Nomura Small Cap Core Fund | 1,088,491 | 0.72% | $31.60M | 0.57% | May 29, 2026 |
| AQR Long-Short Equity Fund | 1,008,788 | 0.67% | $26.09M | 0.33% | Jun 30, 2026 |
| BlackRock Advantage Small Cap Core Fund | 932,056 | 0.62% | $27.06M | 0.51% | May 29, 2026 |
| iShares S&P Mid-Cap 400 Growth ETF | 912,175 | 0.60% | $23.59M | 0.21% | Jun 30, 2026 |
Officers, directors and major owners
People who filed Forms 3, 4 or 5 in the last two years
| Name | Role | Shares owned | % of shares | Latest filing |
|---|---|---|---|---|
| Rohit Kapoor | Chairman & CEO, Director | 1,742,214 | 1.16% | Jun 17, 2026 |
| Vikas Bhalla | President of EXL | 87,722 | 0.06% | Nov 13, 2026 |
| Ajay Ayyappan | EVP & Gen Counsel/Corp. Sec'y. | 43,894 | 0.03% | Nov 13, 2026 |
| Vishal Chhibbar | Executive Vice President | 6,452 | 0.00% | Aug 13, 2026 |
| Maurizio Nicolelli | Executive Vice President & CFO | 254,975 | 0.17% | Jul 21, 2026 |
| Narasimha Kini | Executive Vice President | 212,354 | 0.14% | Jul 21, 2026 |
| Vivek Jetley | President of EXL | 426,780 | 0.28% | Jul 21, 2026 |
| Bhupender Singh | Pres., Int'l Growth Markets | – | – | May 13, 2026 |
| Pamela M. Harrison | CHIEF HUMAN RESOURCES OFFICER | 8,414 | 0.01% | Mar 3, 2026 |
| Anita Mahon | Executive Vice President | 94,443 | 0.06% | Mar 13, 2025 |
| Kamini H. Mehta | Director | – | – | Jul 20, 2026 |
| Thomas A. Bartlett | Director | – | – | Jun 18, 2026 |
| Vikram S. Pandit | Director | 0 | – | Jun 18, 2026 |
| Andreas Fibig | Director | 600 | 0.00% | Jun 18, 2026 |
| Sarah K. Williamson | Director | 0 | – | Jun 18, 2026 |
| Kristy Pipes | Director | – | – | Jun 18, 2026 |
| Patrick Geraghty | Director | – | – | Jun 18, 2026 |
| Michael J. Angelakis | Director | – | – | Dec 15, 2025 |
| Atairos Partners GP, Inc. | Director | – | – | Dec 15, 2025 |
| Echo LLC Orogen | Director | – | – | Dec 15, 2025 |
| Group LLC Orogen | Director | – | – | Dec 15, 2025 |
| Atairos-Orogen Holdings, LLC | Director | – | – | Dec 15, 2025 |
| Holdings LLC Orogen | Director | – | – | Dec 15, 2025 |
| Atairos Partners, L.P. | Director | – | – | Dec 15, 2025 |
| Atairos Group, Inc. | Director | 310,394 | 0.21% | Dec 15, 2025 |
| Nitin Sahney | Director | – | – | Jun 20, 2025 |
| Jaynie M. Studenmund | Director | 0 | – | May 6, 2025 |
Insider trades
Common stock transactions reported on Form 4, newest first
| Insider | Date | Transaction | Shares | Price | Value | Shares after |
|---|---|---|---|---|---|---|
| Vikas Bhalla President of EXL | Nov 12, 2026 | Sale | −10,573 | $44.02 | $465.42K | 87,722 |
| Ajay Ayyappan EVP & Gen Counsel/Corp. Sec'y. | Nov 12, 2026 | Sale | −5,100 | $44.00 | $224.40K | 43,894 |
| Vikas Bhalla President of EXL | Nov 2, 2026 | Sale(10b5-1 plan) | −11,000 | $41.22 | $453.42K | 98,295 |
| Vikas Bhalla President of EXL | Oct 1, 2026 | Sale(10b5-1 plan) | −11,000 | $35.38 | $389.18K | 109,295 |
| Vikas Bhalla President of EXL | Sep 1, 2026 | Sale(10b5-1 plan) | −10,000 | $38.17 | $381.70K | 120,295 |
| Vishal Chhibbar Executive Vice President | Aug 11, 2026 | Sale | −5,000 | $35.10 | $175.50K | 6,452 |
| Vikas Bhalla President of EXL | Aug 3, 2026 | Sale(10b5-1 plan) | −11,000 | $34.99 | $384.89K | 130,295 |
| Vikas Bhalla President of EXL | Jul 1, 2026 | Sale(10b5-1 plan) | −12,000 | $26.47 | $317.64K | 141,295 |
| Narasimha Kini Executive Vice President | Jun 30, 2026 | Award | +606 | $23.27 | $14.10K | 212,354 |
| Maurizio Nicolelli Executive Vice President & CFO | Jun 30, 2026 | Award | +606 | $23.27 | $14.10K | 254,975 |
| Vivek Jetley President of EXL | Jun 30, 2026 | Award | +606 | $23.27 | $14.10K | 426,780 |
| Rohit Kapoor Chairman & CEO, Director | Jun 15, 2026 | Other | +865,000 | – | – | 865,000 |
| Rohit Kapoor Chairman & CEO, Director | Jun 15, 2026 | Other | −865,000 | – | – | 457,214 |
| Vikas Bhalla President of EXL | Jun 4, 2026 | Sale(10b5-1 plan) | −12,000 | $30.22 | $362.64K | 153,295 |
| Ajay Ayyappan EVP & Gen Counsel/Corp. Sec'y. | May 20, 2026 | Sale(10b5-1 plan) | −5,093 | $29.11 | $148.26K | 48,994 |
| Ajay Ayyappan EVP & Gen Counsel/Corp. Sec'y. | Mar 2, 2026 | Sale(10b5-1 plan) | −1,679 | $30.39 | $51.02K | 54,087 |
| Rohit Kapoor Chairman & CEO, Director | Feb 28, 2026 | Option exercise | +33,525 | – | – | 1,322,214 |
| Narasimha Kini Executive Vice President | Feb 27, 2026 | Tax withholding | −2,853 | $30.99 | $88.41K | 211,748 |
| Narasimha Kini Executive Vice President | Feb 27, 2026 | Option exercise | +5,587 | – | – | 214,601 |
| Ajay Ayyappan EVP & Gen Counsel/Corp. Sec'y. | Feb 27, 2026 | Option exercise | +3,991 | – | – | 57,892 |
| Ajay Ayyappan EVP & Gen Counsel/Corp. Sec'y. | Feb 27, 2026 | Tax withholding | −2,126 | $30.99 | $65.88K | 55,766 |
| Maurizio Nicolelli Executive Vice President & CFO | Feb 27, 2026 | Tax withholding | −2,199 | $30.99 | $68.15K | 254,369 |
| Maurizio Nicolelli Executive Vice President & CFO | Feb 27, 2026 | Option exercise | +5,587 | – | – | 256,568 |
| Vivek Jetley President of EXL | Feb 27, 2026 | Option exercise | +9,579 | – | – | 431,472 |
| Vivek Jetley President of EXL | Feb 27, 2026 | Tax withholding | −5,298 | $30.99 | $164.19K | 426,174 |
| Vikas Bhalla President of EXL | Feb 27, 2026 | Option exercise | +9,579 | – | – | 169,031 |
| Vikas Bhalla President of EXL | Feb 27, 2026 | Tax withholding | −3,736 | $30.99 | $115.78K | 165,295 |
| Pamela M. Harrison CHIEF HUMAN RESOURCES OFFICER | Feb 27, 2026 | Option exercise | +4,151 | – | – | 8,414 |
| Pamela M. Harrison CHIEF HUMAN RESOURCES OFFICER | Feb 27, 2026 | Tax withholding | −2,159 | $30.99 | $66.91K | 6,255 |
| Vishal Chhibbar Executive Vice President | Feb 27, 2026 | Tax withholding | −3,088 | $30.99 | $95.70K | 11,452 |
| Vishal Chhibbar Executive Vice President | Feb 27, 2026 | Option exercise | +5,587 | – | – | 14,540 |
| Ajay Ayyappan EVP & Gen Counsel/Corp. Sec'y. | Feb 23, 2026 | Sale(10b5-1 plan) | −1,197 | $29.79 | $35.66K | 53,901 |
| Vikas Bhalla President of EXL | Feb 20, 2026 | Option exercise | +6,849 | – | – | 162,124 |
| Vikas Bhalla President of EXL | Feb 20, 2026 | Tax withholding | −2,672 | $30.41 | $81.26K | 159,452 |
| Vishal Chhibbar Executive Vice President | Feb 20, 2026 | Option exercise | +4,004 | – | – | 11,380 |
| Vishal Chhibbar Executive Vice President | Feb 20, 2026 | Tax withholding | −2,427 | $30.41 | $73.81K | 8,953 |
| Pamela M. Harrison CHIEF HUMAN RESOURCES OFFICER | Feb 20, 2026 | Tax withholding | −1,630 | $30.41 | $49.57K | 4,263 |
| Pamela M. Harrison CHIEF HUMAN RESOURCES OFFICER | Feb 20, 2026 | Option exercise | +3,161 | – | – | 5,893 |
| Ajay Ayyappan EVP & Gen Counsel/Corp. Sec'y. | Feb 20, 2026 | Option exercise | +2,845 | – | – | 56,613 |
| Ajay Ayyappan EVP & Gen Counsel/Corp. Sec'y. | Feb 20, 2026 | Tax withholding | −1,515 | $30.41 | $46.07K | 55,098 |
| Maurizio Nicolelli Executive Vice President & CFO | Feb 20, 2026 | Option exercise | +4,215 | – | – | 252,640 |
| Maurizio Nicolelli Executive Vice President & CFO | Feb 20, 2026 | Tax withholding | −1,659 | $30.41 | $50.45K | 250,981 |
| Narasimha Kini Executive Vice President | Feb 20, 2026 | Tax withholding | −2,152 | $30.41 | $65.44K | 209,014 |
| Narasimha Kini Executive Vice President | Feb 20, 2026 | Option exercise | +4,215 | – | – | 211,166 |
| Vivek Jetley President of EXL | Feb 20, 2026 | Tax withholding | −3,788 | $30.41 | $115.19K | 421,893 |
| Vivek Jetley President of EXL | Feb 20, 2026 | Option exercise | +6,849 | – | – | 425,681 |
| Rohit Kapoor Chairman & CEO, Director | Feb 20, 2026 | Option exercise | +24,236 | – | – | 1,288,689 |
| Ajay Ayyappan EVP & Gen Counsel/Corp. Sec'y. | Feb 18, 2026 | Sale(10b5-1 plan) | −1,049 | $30.32 | $31.81K | 53,768 |
| Ajay Ayyappan EVP & Gen Counsel/Corp. Sec'y. | Feb 18, 2026 | Sale(10b5-1 plan) | −1,226 | $30.32 | $37.17K | 54,817 |
| Vikas Bhalla President of EXL | Feb 17, 2026 | Tax withholding | −2,120 | $30.04 | $63.68K | 152,591 |
| Vikas Bhalla President of EXL | Feb 17, 2026 | Option exercise | +5,435 | – | – | 154,711 |
| Vikas Bhalla President of EXL | Feb 17, 2026 | Option exercise | +4,400 | – | – | 156,991 |
| Vikas Bhalla President of EXL | Feb 17, 2026 | Tax withholding | −1,716 | $30.04 | $51.55K | 155,275 |
| Narasimha Kini Executive Vice President | Feb 17, 2026 | Tax withholding | −1,685 | $30.04 | $50.62K | 205,370 |
| Narasimha Kini Executive Vice President | Feb 17, 2026 | Option exercise | +3,300 | – | – | 207,055 |
| Narasimha Kini Executive Vice President | Feb 17, 2026 | Tax withholding | −1,649 | $30.04 | $49.54K | 206,951 |
| Narasimha Kini Executive Vice President | Feb 17, 2026 | Option exercise | +3,230 | – | – | 208,600 |
| Ajay Ayyappan EVP & Gen Counsel/Corp. Sec'y. | Feb 17, 2026 | Tax withholding | −1,329 | $30.04 | $39.92K | 56,043 |
| Ajay Ayyappan EVP & Gen Counsel/Corp. Sec'y. | Feb 17, 2026 | Option exercise | +2,495 | – | – | 57,372 |
| Ajay Ayyappan EVP & Gen Counsel/Corp. Sec'y. | Feb 17, 2026 | Tax withholding | −1,553 | $30.04 | $46.65K | 54,877 |
Awards, option exercises, tax withholding and gifts are shown alongside open-market buys and sales. Each name links to the filing on SEC EDGAR.
Short interest
Shares sold short and not yet bought back, as of Oct 30, 2026 (FINRA, reported twice a month)
Short % of float
6.19%
9M shares short
Days to cover
3.2
At 3M shares a day
Change since last report
-9.8%
From 10M shares
Short volume, 20 days
59.9%
Of volume reported to FINRA
Shares sold short, last 12 months
Short sale volume counts trades marked short on any given day, including market-maker hedging, so it runs far higher than the share of ExlService's stock actually held short. Settlement fails (shares not delivered on time) peaked at 6,818 shares on Sep 16, 2026 over the last 90 days.
Planned insider sales
Notices of proposed sale filed on Form 144 before shares are sold
| Seller | Filed | Shares | Market value | Planned sale | Acquired through |
|---|---|---|---|---|---|
| Vikas Bhalla Officer | Nov 2, 2026 | 11,000 | $453.42K | Nov 2, 2026 | Restricted Stock Vesting |
| Vikas Bhalla Officer | Oct 1, 2026 | 11,000 | $389.18K | Oct 1, 2026 | Restricted Stock Vesting |
| Vikas Bhalla Officer | Sep 1, 2026 | 10,000 | $381.70K | Sep 1, 2026 | Restricted Stock Vesting |
| Vikas Bhalla Officer | Aug 3, 2026 | 11,000 | $384.89K | Aug 3, 2026 | Restricted Stock Vesting |
| Vikas Bhalla Officer | Jul 1, 2026 | 12,000 | $317.64K | Jul 1, 2026 | Restricted Stock Vesting |
| Vikas Bhalla Officer | Jun 4, 2026 | 12,000 | $362.64K | Jun 4, 2026 | Restricted Stock Vesting |
| Ajay Ayyappan Officer | May 20, 2026 | 5,093 | $148.26K | May 20, 2026 | Restricted Stock Vesting |
| Ajay Ayyappan Officer | Mar 2, 2026 | 1,679 | $51.02K | Mar 2, 2026 | Restricted Stock Vesting |
| Ajay Ayyappan Officer | Feb 23, 2026 | 1,197 | $35.66K | Feb 23, 2026 | Restricted Stock Vesting |
| Ajay Ayyappan Officer | Feb 18, 2026 | 2,275 | $68.98K | Feb 18, 2026 | Restricted Stock Vesting |
| Ajay Ayyappan Officer | Jan 27, 2026 | 8,114 | $345.09K | Jan 27, 2026 | Restricted Stock Vesting |
| Vikas Bhalla Officer | Dec 2, 2025 | 11,774 | $470.84K | Dec 2, 2025 | Restricted Stock Vesting |
| Vikas Bhalla Officer | Sep 10, 2025 | 8,000 | $350.08K | Sep 10, 2025 | Restricted Stock Vesting |
| Vikas Bhalla Officer | May 8, 2025 | 25,000 | $1.15M | May 8, 2025 | Restricted Stock Vesting |
| Jaynie M. Studenmund Director | May 2, 2025 | 14,580 | $675.20K | May 2, 2025 | Acquired from public market |
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