ExlService Holdings, Inc. (EXLS)

Nasdaq · Common Stock · Services-Business Services, NEC

One email a week from me: what it filed, which 13F holders added or cut, where its scores stand. Free.

Corporate structure

40 entities across 19 jurisdictions, 3 in offshore financial centres. Read directly from the company’s own 10-K EX-21 filed 2026-02-24 — see the exhibit.

Which other public companies file entities in the same places:

India9 Delaware6 Mauritius3 Australia2 Canada2 Colombia2 Mexico2 South Africa2 United Kingdom2 Arizona1 California1 Czech Republic1

Subsidiaries of ExlService Holdings, Inc. as disclosed in its SEC filing
Entity	Jurisdiction	Note
Kogni, LLC	Arizona
ExlService Australia Pty Ltd.	Australia
Incandescent Australia Pty Ltd.	Australia
IQR Consulting, LLC	California
Clairvoyant, Inc.	Canada
ExlService Canada Inc.	Canada
ExlService Colombia S.A.S.	Colombia
ITI Data Colombia S.A.S.	Colombia
ExlService Czech Republic S.R.O.	Czech Republic
Business Process Outsourcing, LLC	Delaware
Clairvoyant AI, Inc.	Delaware
ExlService Technology Solutions, LLC	Delaware
ExlService.com, LLC	Delaware
Outsource Partners International, Inc.	Delaware
Overland Solutions, LLC	Delaware
ExlService Germany GmbH	Germany
Business Process Solutions (India) Private Limited	India
Clairvoyant India Private Ltd.	India
exl Service.com (India) Private Limited	India
Inductis (India) Private Limited	India
IQR Analytics Private Limited	India
Outsourcepartners International Private Limited	India
SCIOinspire Consulting Services (India) Pvt Ltd.	India
Incandescent Technologies Private Limited	India
ITIData Consulting India Private Limited	India
EXLService (Ireland) Limited	Ireland
Business Process Outsourcing Ltd.	Mauritius	offshore centre
ExlService Mauritius Limited	Mauritius	offshore centre
OPI Limited	Mauritius	offshore centre
EXLS Mexico S. de R.L. de C.V.	Mexico
Incandescent Latin America S. de R.L. de C.V.	Mexico
Incandescent Technologies Inc.	Nebraska
ExlService Philippines, Inc.	Philippines
ITI Data Polska Sp. Z o.o.	Poland
ExlService Romania Private Limited S.R.L.	Romania
Inductis (Singapore) PTE Limited	Singapore
EXL Analytics SA (Pty) Ltd.	South Africa
ExlService South Africa (Pty) Ltd.	South Africa
EXLService (U.K.) Limited	United Kingdom
Incandescent Technologies UK Ltd	United Kingdom

Financial health

Two standard screens, computed from the XBRL in FY2025 against FY2024. Every test shows the numbers behind it — a score with its inputs hidden is a number you cannot check.

Piotroski F-score

8 / 9

PASSReturn on assets positiveROA 14.7%
PASSOperating cash flow positiveOCF 351M
PASSReturn on assets improving12.3% → 14.7%
PASSCash flow exceeds earningsOCF 351M vs NI 251M
PASSLong-term debt ratio falling17.5% → 17.3% of assets
FAILCurrent ratio improving2.74 → 2.56
PASSNo share dilution164M → 162M shares
PASSGross margin improving37.6% → 38.4%
PASSAsset turnover improving1.14× → 1.23×

Six-year record

Year	Revenue	Net income	Free cash flow	Gross margin	Shares
FY2020	$958.4M	$89.5M	$160.7M	34.9%	34,555,164
FY2021	$1.1B	$114.8M	$147.1M	38.4%	34,244,478
FY2022	$1.4B	$143.0M	$121.3M	36.5%	33,833,858
FY2023	$1.6B	$184.6M	$158.4M	37.3%	168,161,371
FY2024	$1.8B	$198.3M	$222.3M	37.6%	164,321,656
FY2025	$2.1B	$251.0M	$298.1M	38.4%	162,481,586

Ownership flow

1 institutions tracked — 0 added, 1 reduced.

Institutional holders of ExlService Holdings, Inc. and their share-count change
Manager	Kind	Shares	Change	Value
GEODE CAPITAL MANAGEMENT, LLC	Index	4,071,771	−145,993	$105.3M

From 13F filings, which cover institutions managing over $100m and are filed up to 45 days after the quarter ends — so this is a considered position, not a live one, and it is not the whole shareholder register.

Identity

CIK: 0001297989
LEI: 81E3DTNF6OSH489ZOV15
FIGI: BBG000NS3P30
SIC: 7389 · Services-Business Services, NEC
Incorporated: DE
Headquarters: NEW YORK, NY

Ownership

Institutional: 104.1%
Institutions: 593
Insiders: 2.7%

Ownership percentages are a vendor aggregate, not a filing — unlike everything else on this page.

Other services-business services, nec companies

ExlService Holdings, Inc. files under SIC 7389 — all 43 services-business services, nec companies compared on assets and F-score.

PayPal Holdings, Inc.PYPL Accenture plcACN Uber Technologies, IncUBER Mastercard IncMA GLOBAL PAYMENTS INCGPN MERCADOLIBRE INCMELI

Questions about ExlService Holdings, Inc.

How many subsidiaries does ExlService Holdings, Inc. file with the SEC?: 40, listed in its most recent exhibit 21. They are incorporated across 19 jurisdictions, led by Arizona, Australia, California. 3 of them sit in offshore financial centres. That exhibit is filed with the company's annual report and is the company's own list, not an estimate.
Is ExlService Holdings, Inc. financially healthy?: ExlService Holdings, Inc. scores 8 out of 9 on the Piotroski F-score. Every test and the numbers behind it are shown above, so the arithmetic is checkable rather than something you have to take on trust.
Who are the largest institutional holders of ExlService Holdings, Inc.?: Among the managers tracked here, the biggest positions as of the 2026-Q2 13F filings are GEODE CAPITAL MANAGEMENT, LLC (trimming). Direction is the change in share count against that manager's own previous filing; managers with no prior filing are left out rather than counted as new buyers.

This page is one panel of the terminal

The structure map above is the Corporate Blueprint, and in the desktop it is interactive — click any entity to re-centre the map on it and walk the ownership chain. It sits alongside the screener, the scorecard and the filings lab on one desk, on your machine.

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Sourced from SEC EDGAR primary filings. Figures are as reported by the company and are not investment advice. Scores are standard published screens computed from those filings; every input is shown above so you can check the arithmetic.

Corporate structure

40 entities across 19 jurisdictions, 3 in offshore financial centres. Read directly from the company’s own 10-K EX-21 filed 2026-02-24 — see the exhibit.

Entity

Jurisdiction

Note

Kogni, LLC

Arizona

ExlService Australia Pty Ltd.

Australia

Incandescent Australia Pty Ltd.

Australia

IQR Consulting, LLC

California

Clairvoyant, Inc.

Canada

ExlService Canada Inc.

Canada

ExlService Colombia S.A.S.

Colombia

ITI Data Colombia S.A.S.

Colombia

ExlService Czech Republic S.R.O.

Czech Republic

Business Process Outsourcing, LLC

Delaware

Clairvoyant AI, Inc.

Delaware

ExlService Technology Solutions, LLC

Delaware

ExlService.com, LLC

Delaware

Outsource Partners International, Inc.

Delaware

Overland Solutions, LLC

Delaware

ExlService Germany GmbH

Germany

Business Process Solutions (India) Private Limited

India

Clairvoyant India Private Ltd.

India

exl Service.com (India) Private Limited

India

Inductis (India) Private Limited

India

IQR Analytics Private Limited

India

Outsourcepartners International Private Limited

India

SCIOinspire Consulting Services (India) Pvt Ltd.

India

Incandescent Technologies Private Limited

India

ITIData Consulting India Private Limited

India

EXLService (Ireland) Limited

Ireland

Business Process Outsourcing Ltd.

Mauritius

offshore centre

ExlService Mauritius Limited

Mauritius

offshore centre

OPI Limited

Mauritius

offshore centre

EXLS Mexico S. de R.L. de C.V.

Mexico

Incandescent Latin America S. de R.L. de C.V.

Mexico

Incandescent Technologies Inc.

Nebraska

ExlService Philippines, Inc.

Philippines

ITI Data Polska Sp. Z o.o.

Poland

ExlService Romania Private Limited S.R.L.

Romania

Inductis (Singapore) PTE Limited

Singapore

EXL Analytics SA (Pty) Ltd.

South Africa

ExlService South Africa (Pty) Ltd.

South Africa

EXLService (U.K.) Limited

United Kingdom

Incandescent Technologies UK Ltd

United Kingdom

Financial health

Two standard screens, computed from the XBRL in FY2025 against FY2024. Every test shows the numbers behind it — a score with its inputs hidden is a number you cannot check.

Piotroski F-score

8 / 9

PASSReturn on assets positiveROA 14.7%
PASSOperating cash flow positiveOCF 351M
PASSReturn on assets improving12.3% → 14.7%
PASSCash flow exceeds earningsOCF 351M vs NI 251M
PASSLong-term debt ratio falling17.5% → 17.3% of assets
FAILCurrent ratio improving2.74 → 2.56
PASSNo share dilution164M → 162M shares
PASSGross margin improving37.6% → 38.4%
PASSAsset turnover improving1.14× → 1.23×

Year

Revenue

Net income

Free cash flow

Gross margin

FY2020

$958.4M

$89.5M

$160.7M

34.9%

34,555,164

FY2021

$1.1B

$114.8M

$147.1M

38.4%

34,244,478

FY2022

$1.4B

$143.0M

$121.3M

36.5%

33,833,858

FY2023

$1.6B

$184.6M

$158.4M

37.3%

168,161,371

FY2024

$1.8B

$198.3M

$222.3M

37.6%

164,321,656

FY2025

$2.1B

$251.0M

$298.1M

38.4%

162,481,586

Ownership flow

1 institutions tracked — 0 added, 1 reduced.

Institutional holders of ExlService Holdings, Inc. and their share-count change
Manager	Kind	Shares	Change	Value
GEODE CAPITAL MANAGEMENT, LLC	Index	4,071,771	−145,993	$105.3M

Questions about ExlService Holdings, Inc.

How many subsidiaries does ExlService Holdings, Inc. file with the SEC?

40, listed in its most recent exhibit 21. They are incorporated across 19 jurisdictions, led by Arizona, Australia, California. 3 of them sit in offshore financial centres. That exhibit is filed with the company's annual report and is the company's own list, not an estimate.

Is ExlService Holdings, Inc. financially healthy?

ExlService Holdings, Inc. scores 8 out of 9 on the Piotroski F-score. Every test and the numbers behind it are shown above, so the arithmetic is checkable rather than something you have to take on trust.

Who are the largest institutional holders of ExlService Holdings, Inc.?

Among the managers tracked here, the biggest positions as of the 2026-Q2 13F filings are GEODE CAPITAL MANAGEMENT, LLC (trimming). Direction is the change in share count against that manager's own previous filing; managers with no prior filing are left out rather than counted as new buyers.