ExlService Holdings (EXLS) Gross Margin (2010 - 2026)
ExlService Holdings (EXLS) recorded Gross Margin of 37.99% in Q2 2026, up 0.25 percentage points from 37.75% a year earlier but down 0.95 percentage points from the prior quarter.
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Analysis
ExlService Holdings (EXLS) Gross Margin (2010 - 2026) Analysis & Trends
On a TTM basis, ExlService Holdings' Gross Margin came in at 38.51% as of Jun 30, 2026, up 0.46 percentage points year-over-year; for FY2025, it was 38.37%, up 0.78 percentage points from FY2024.
- Annual Gross Margin has increased for three straight years, with a five-year change of +3.47 percentage points (FY2020 to FY2025).
- Across earlier years, Gross Margin came in at 37.59% in FY2024 (+0.32 pp), 37.27% in FY2023 (+0.77 pp), 36.50% in FY2022 (-1.93 pp) and 38.44% in FY2021 (+3.54 pp).
- Quarterly Gross Margin has ranged from 36.21% in Q2 2022 to 38.94% in Q1 2026 over the past five years.
- On a year-over-year basis, Gross Margin has increased for eight consecutive quarters, with an average year-over-year change of +0.66 percentage points over the last eight quarters.
- Peak year-over-year performance for Gross Margin in the last five years was a gain of 1.88 percentage points in Q3 2021, against a drop of 2.56 percentage points in Q3 2022 at the low end.
- Per Business Quant, the preceding three quarters came in at 38.94% (Q1 2026), 38.63% (Q4 2025) and 38.51% (Q3 2025).
Peer Set
Peer Comparison
| # | Company | Market Cap | Enterprise Value | Gross Profit (Qtr) | Gross Margin (Qtr) |
|---|---|---|---|---|---|
| 1 | Infosys | 43.52 Bn | 43.57 Bn | 1.60 Bn | 31.48% |
| 2 | Cognizant Technology Solutions | 25.96 Bn | 19.13 Bn | 1.83 Bn | 33.37% |
| 3 | Td Synnex | 20.53 Bn | 14.56 Bn | 1.34 Bn | 6.84% |
| 4 | Cdw | 16.06 Bn | 14.05 Bn | 1.32 Bn | 20.08% |
| 5 | Cgi | 15.14 Bn | 12.92 Bn | - | - |
| 6 | Arrow Electronics | 11.55 Bn | 10.58 Bn | 1.13 Bn | 11.26% |
| 7 | Avnet | 8.20 Bn | 7.38 Bn | 865.03 Mn | 10.43% |
| 8 | Ingram Micro Holding | 6.32 Bn | 1.92 Bn | 958.68 Mn | 6.60% |
| 9 | EPAM Systems | 5.59 Bn | 1.23 Bn | 429.57 Mn | 30.36% |
| 10 | ExlService Holdings | 5.22 Bn | 3.96 Bn | 225.96 Mn | 37.99% |
Historic Data
Download Data
Historic Data
| Date | Value |
|---|---|
| Jun 30, 2026 | 37.99% |
| Mar 31, 2026 | 38.94% |
| Dec 31, 2025 | 38.63% |
| Sep 30, 2025 | 38.51% |
| Jun 30, 2025 | 37.75% |
| Mar 31, 2025 | 38.58% |
| Dec 31, 2024 | 38.10% |
| Sep 30, 2024 | 37.76% |
| Jun 30, 2024 | 37.08% |
| Mar 31, 2024 | 37.36% |
| Dec 31, 2023 | 36.67% |
| Sep 30, 2023 | 37.71% |
| Jun 30, 2023 | 37.48% |
| Mar 31, 2023 | 37.23% |
| Dec 31, 2022 | 36.64% |
| Sep 30, 2022 | 36.22% |
| Jun 30, 2022 | 36.21% |
| Mar 31, 2022 | 36.97% |
| Dec 31, 2021 | 37.84% |
| Sep 30, 2021 | 38.78% |
API Access
ExlService Holdings Gross Margin API
Pull this series into your own models, spreadsheets and apps with the Business Quant
Historical Metrics API. The request below matches the chart above — change the
frequency, period or values and it follows. Swap YOUR_API_KEY for your own key.
https://data.businessquant.com/historic?slug=gross-margin&ticker=EXLS&period=max&api_key=YOUR_API_KEYimport requests
url = "https://data.businessquant.com/historic"
params = {"slug": "gross-margin", "ticker": "EXLS", "period": "max", "api_key": "YOUR_API_KEY"}
data = requests.get(url, params=params).json()const res = await fetch("https://data.businessquant.com/historic?slug=gross-margin&ticker=EXLS&period=max&api_key=YOUR_API_KEY");
const data = await res.json();