ExlService Holdings Inc. Investor Day Takeaways: Data + Context + AI as the Durable Moat

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ExlService Holdings Inc. Investor Day Takeaways: Data + Context + AI as the Durable Moat

J P M O R G A N North America Equity Research

14 May 2026

ExlService Holdings Inc. Overweight

EXLS, EXLS US

Investor Day Takeaways: Data + Context + AI as the Price (13 May 26):$27.16

Durable Moat Price Target (Dec-26):$43.00

We attended EXL’s 2026 Investor-Analyst Day, and we came away more Payments, Processors & IT Services

ACconstructive on the company’s ability to keep compounding in the AI era, not Puneet Jain

because models alone create durable differentiation, but because EXL is tightly (1-212) 622-1436

framing value capture around Data + Context + AI with trusted execution in puneet.x.jain@jpmorgan.com

regulated, high-complexity workflows. The core message was consistent across Tien-tsin Huang, CFA

presenters: enterprise AI adoption is real, but the gap between AI capabilities and (1-212) 622-6632

business outcomes remains wide, and that gap is where EXL aims to win. tien-tsin.huang@jpmorgan.com

Importantly, EXLS backed the narrative with platform assets (EXLdata.ai, Abbey Hochreiner

EXLdecision.ai, EXLerate.ai) and an increasingly IP-led revenue model (25% of (1-212) 270-5798

abbey.hochreiner@jpmchase.com

revenue from IP), which, if sustained, should support stickier client relationships

Brendan Bilesand better operating leverage over time. On financials, management kept the

(1-212) 270-0880

algorithm intact: 2026 guide calls for 10-12% CC revenue growth and 19.5% adj brendan.biles@jpmorgan.com

operating margin, with adj. EPS +12-14% y/y, and medium-term reiterated double- J.P. Morgan Securities LLC

digit growth with incremental margin improvement and adj EPS outgrowing

revenue, consistent with our expectations and previous commentary. We reiterate