Promoter holding
64.27%
XS
Xchanging Solutions Limited - Due diligence report
A 360° intelligence report on Xchanging: trust score, financial health, credit view, compliance, directors, growth and distress signals - ge…
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Xchanging — 360° Intelligence Report
Generated from MCA filings & public records72/100
Trust Score
Moderate
Xchanging is assessed as Moderate with a Trust Score of 72/100. Xchanging is an active public limited indian non-government company incorporated in 2002, operating in the Information Technology sector. Reported revenue has declined across its recent filed years. It was profitable in its latest filed year. Based on MCA filings and public records, it currently shows a high compliance risk and low financial risk profile.
Report generated on 08 Jul 2026 from the latest processed filings. Xchanging Solutions Limited snapshot & full profile →
Automated indicators derived from public MCA / GST / EPFO records - not a credit rating, not investment, legal or financial advice. Spotted an inaccuracy? Report an error.
02
Score Card
Higher is safer · rule-based & explainableTrust ScoreModerate
72/100
Overall counterparty trust - the headline number of this report.
Compliance ScoreCaution Indicated
38/100
Statutory standing - status, filings, auditor, MSME and litigation.
Financial Health ScoreLow Risk
85/100
Profitability, leverage and liquidity from filed statements.
Credit Risk ScoreLow Risk
90/100
Debt capacity, gearing and security cover for lenders.
Director Stability ScoreLow Risk
90/100
Board strength, DIN status, churn and network.
Growth ScoreCaution Indicated
40/100
Revenue, profit, asset and hiring momentum.
Distress ScoreModerate
70/100
Early-warning signals - higher means fewer warnings.
03
Financial Intelligence Dashboard
Consolidated · 5 filed year(s)Unlock the full 5-year financial dashboard with charts and year-wise figures.
Get full accessScores and observations on this page are already computed from the real filings - only the underlying figures are locked.
04
Credit & Compliance Intelligence
Why the scores are what they are
Credit Risk Score: 90/100 Low Risk
- Liabilities ≈ 38% EBITDA - serviceable.
- No open charges - unencumbered balance sheet.
- Working-capital cover adequate.
- Profitable - internal accruals available.
Charges position: 0 open (-) · 15 satisfied (246.08 cr).
Banking relationships (from registered charges)
| Lender | Charges | Amount |
|---|---|---|
| Yes Bank Limited | 6 | 48.0 cr |
| Uti Bank Limited | 3 | 48.0 cr |
| Bank Of India | 1 | 48.0 cr |
| State Bank Of India | 1 | 48.0 cr |
| Export-Import Bank Of India | 1 | 48.0 cr |
| Chinatrust Commercial Bank | 2 | 48.0 cr |
Compliance Score: 38/100 Caution Indicated
- Company status is Active as per MCA.
- Annual filings current (balance sheet Mar 2025).
- Flagged by authority: BSE.
- Litigation present in 2 court forum(s).
- 1 auditor resignation(s) filed - latest: Price Waterhouse Chartered Accountants LLP on 2016-06-27.
- Delayed payments to MSME suppliers disclosed (1 disclosure(s)).
- 1 active GST registration(s).
Legal cases on record (2)
05
Director Intelligence
Stability score: 90/100| Name | DIN / PAN | Designation | Appointed | Tenure | DIN status |
|---|---|---|---|---|---|
| RADHIKA KHURANA | 01234567 | Director | 01/04/2018 | 6 yrs | Approved |
| JANAKI ASHWIN PATWARDHAN | 01234567 | Director | 01/04/2018 | 6 yrs | Approved |
| SHRENIK KUMAR CHAMPALAL | 01234567 | Director | 01/04/2018 | 6 yrs | Approved |
| PANKAJ VAISH | 01234567 | Director | 01/04/2018 | 6 yrs | Approved |
| NACHIKET VIBHAKAR SUKHTANKAR | 01234567 | Director | 01/04/2018 | 6 yrs | Approved |
| NONAVINAKERI SRINIVASAIYENGAR RAMA | 01234567 | Director | 01/04/2018 | 6 yrs | Approved |
| HENRY D'SOUZA | 01234567 | Director | 01/04/2018 | 6 yrs | Approved |
| SHRENIK KUMAR CHAMPALAL | 01234567 | Director | 01/04/2018 | 6 yrs | Approved |
| KARTIK GANAPATHY IYER | 01234567 | Director | 01/04/2018 | 6 yrs | Approved |
| Swaminathan Swaminathan | 01234567 | Director | 01/04/2018 | 6 yrs | Approved |
- 10 directors on the board.
- No disqualified or deactivated DINs.
- 3 director exit(s) in the last 3 years.
- Average tenure above 5 years.
Director & KMP remuneration (FY 2023)
| Name | Designation | Total remuneration |
|---|---|---|
| A K Sharma | Managing Director | 2.4 cr |
| R Mehta | Whole-time Director | 1.6 cr |
| S Iyer | CFO | 95.0 L |
Remuneration is disclosed in the latest annual return. Unlock full report
06
Ownership & Group Intelligence
As per FY 2025 annual returnPublic / other holding
35.73%
Equity shares
12,45,67,890
Equity paid-up
124.5 cr
Promoters on record
4
Ultimate holding entity
Xchanging Technology Services India Private Limited
Subsidiaries
-
Group entities
2
Capital events
3 allotment(s) · 0 transfer(s)
Promoters hold a minority stake - exact percentages are part of the full report.
| Group entity | Relationship | % held |
|---|---|---|
| Xchanging Technology Services India Private Limited | Holding Company | 74.00% |
| Dxc Technology India Private Limited | Holding Company | 74.00% |
Key managerial personnel: SHRENIK KUMAR CHAMPALAL (CFO) · NACHIKET VIBHAKAR SUKHTANKAR (CEO) · SHRENIK KUMAR CHAMPALAL (Whole-time director) · Swaminathan Swaminathan (Managing Director)
Full shareholding pattern, group structure & capital events →
07
Risk Intelligence Center
Growth 40 · Distress 70
Growth signals & trust indicators
Operating for 24+ years.
Active EPFO - real payroll on record.
Active GST registration(s).
Distress signals & risk flags
Profit declined two years in a row.
3 director exits within 2 years.
Compliance score is weak (38/100).
1 auditor resignation(s) on record - review the stated reasons.
MSME payment delays disclosed - latest outstanding 46,426.46.
2 court case(s) on record - see the legal section for details.
08
Stakeholder Verdicts
Vendor · Banker · InvestorVendor due diligence58/100
Review suggested
Suitability as a supplier / customer counterparty.
- Check the compliance flags before onboarding.
- 2 distress signal(s) - see Risk Center.
- Financial filings available for verification.
Banker assessment76/100
Favourable lending indicators
Indicative lending comfort for banks, NBFCs and trade credit.
- Debt capacity assessed from filed statements.
- No existing security registered - first-charge position available.
- Compliance gaps should be priced into terms.
Investor view64/100
Mixed indicators
Growth quality and scalability through an investor lens.
- No clear growth signals in the filed years.
- Margin and return trends computable from filings.
- Management team looks stable.
09
MCA Filings & Events Timeline
Latest 15 events12 Aug 2025
Last AGM held
Annual general meeting
11 Aug 2025
Director ceased
JANAKI ASHWIN PATWARDHAN
21 May 2025
Director appointed
JANAKI ASHWIN PATWARDHAN (Director)
31 Mar 2025
Latest balance sheet
Filed with ROC
04 Mar 2025
Director appointed
Swaminathan Swaminathan (Managing Director)
Director ceased
Swaminathan Swaminathan
01 Feb 2025
Director appointed
RADHIKA KHURANA (Company Secretary)
23 Jul 2024
Director ceased
KARTIK GANAPATHY IYER
17 Jun 2024
Director appointed
KARTIK GANAPATHY IYER (Director)
05 May 2022
Director ceased
VENKATESH SHASTRY VENKATASUBBA RAMANANDASHASTRY
04 May 2022
Director appointed
PANKAJ VAISH (Director)
13 Aug 2021
Director appointed
NACHIKET VIBHAKAR SUKHTANKAR (CEO)
Director ceased
NACHIKET VIBHAKAR SUKHTANKAR
08 Aug 2021
Director ceased
CHANDRASEKHARA RAO BODDOJU
13 Aug 2019
Director ceased
NONAVINAKERI SRINIVASAIYENGAR RAMA
10
Key Observations
Auto-generated from the data aboveRevenue declined 1.42 over the last 4 financial year(s).
Net profit margin moved from 2.1x to 24%.
Net worth is positive.
10 active director(s) / partner(s); board looks stable and experienced.
1 active GST registration(s) indicate ongoing business operations.
All 15 registered charge(s) stand satisfied - past borrowings repaid.
EPFO-registered employer - verifiable payroll history exists.
Promoters hold a minority stake as per the FY 2025 annual return.
Director / KMP remuneration is disclosed in the latest annual return - exact figures available in the full report.
Capital has been raised through 3 security allotment(s) - amounts available in the full report.
7 overseas direct investment(s) (ODI) on record - international footprint.
| Company | CIN | Location |
|---|---|---|
| Mro-Tek | L28112KA1984PLC005873 | Bangalore, Karnataka, India |
| Neovatic Technologies Private Limited | U72900TG2018PTC128107 | Hyderabad, Telangana, India |
| Brennan It | U72300MH2014FTC255706 | Thane, Maharashtra, India |
| V-Soft Consulting | U72200TG2004PTC045023 | Shaikpet, Telangana, India |
| Cg-Vak Software | L30009TZ1994PLC005568 | C O I M B A T O R E, Tamil Nadu, India |
| Turtlemint | U74999MH2015PLC263315 | Mumbai, Maharashtra, India |
| Yalamanchili Software Exports Private Limited | U72200TN2001PTC046643 | Chennai, Tamil Nadu, India |
| Vinsys It Services | L72200PN2008PLC131274 | Pune City, Maharashtra, India |
12
Who Uses This Report
CA · CS · Banker · Investor · VendorChartered Accountants (CA)
Verify Xchanging before audits and certifications: compliance score 38/100, filing history, auditor history and charge records in one place - instead of pulling each MCA form separately.
Company Secretaries (CS)
Track statutory health of Xchanging: ACTIVE compliance status, annual-return recency, director DIN status, board churn and the events timeline - the inputs for secretarial audits and due-diligence certificates.
Bankers & NBFCs
Current banker verdict: Favourable lending indicators. Credit risk score 90/100, existing charge position and lender relationships - a first-pass credit memo before formal appraisal.
Investors & Analysts
Investor view: Mixed indicators. Growth score 40/100, margin trends, ownership structure and peer set for Xchanging - screening before a deeper diligence.
Vendors & Procurement Teams
Vendor verdict: Review suggested. Trust score 72/100, distress signals and MSME payment-delay disclosures - know whether Xchanging pays its suppliers before you extend credit terms.
Lawyers & Compliance Teams
Litigation footprint (2 case(s) on record), regulatory flags, charge documents trail and director networks for Xchanging - groundwork for KYC, onboarding and disputes.
13
Frequently Asked Questions
Is Xchanging an active company?
Xchanging has MCA status “Active” with a compliance score of 38/100 (Caution Indicated).
Is Xchanging financially healthy?
Xchanging has a Financial Health Score of 85/100 (Low Risk) based on its filed financial statements.
Should I do business with Xchanging?
Its overall Trust Score is 72/100 (Moderate). Vendor verdict: Review suggested. Review the risk flags in the Risk Intelligence Center before deciding.
Who controls Xchanging?
The ultimate holding entity is Xchanging Technology Services India Private Limited. 10 active director(s) are on record.
Does Xchanging have loans or charges against its assets?
No open charges - all 15 registered charge(s) stand satisfied, indicating past borrowings were repaid.
Is Xchanging up to date with its ROC filings?
Annual filings current (balance sheet Mar 2025). Overall compliance score: 38/100 (Caution Indicated).
Is it risky to lend to Xchanging?
Its Credit Risk Score is 90/100 (Low Risk). Banker verdict: Favourable lending indicators.
Disclaimer: This report is generated automatically from MCA filings and public records as available
in our system at the time of the last update. Scores, bands and verdicts are rule-based derived indicators of the
underlying data - they are opinions generated by an algorithm, not statements of fact about the company, and are
not credit ratings (within the meaning of SEBI regulations), audits, or investment, legal or financial advice.
Verify from official sources and consult a qualified professional before any business, lending or investment decision.
If you represent this company and believe any information is inaccurate or outdated,
report it here and we will review promptly.
