IA Day Takeaways - Solid Message w/ Added Proof Points; AI Needs Data & Context

研报英文原文证据摘录

IA Day Takeaways - Solid Message w/ Added Proof Points; AI Needs Data & Context

TD Cowen ExlService Holdings

Global Research May 14, 2026

AT A GLANCE

Our Investment Thesis Forthcoming Catalysts

We rate EXLS shares Buy. EXLS has demonstrated solid consistent execution into a variable ■ 2Q earnings and FY26 guidance updates

demand environment, and we have high confidence in it sustaining leading growth with modest ■ Potential bolt-on acquisitions in Data & AI

profitability uplift to drive earnings growth above revenue growth. EXLS's healthy financial ■ Incremental GenAI solution development

flexibility supports balanced capital allocation toward share repo and is supportive of a

tuck-in M&A appetite to supplement its organic growth profile. We see an attractive growth

compounder with defensive characteristics.

Base Case Assumptions Upside Scenario Downside Scenario

■ FY26E revenue growth of ~11.5% y/y CC ■ Revenue growth above estimates ■ FY26E CC revenue growth below

■ Adj operating margin of 19.5% in FY26E ■ Margin expansion on higher operating guidance

leverage or pricing/mix improvements ■ Adjusted OM below 19.5% in FY26E

■ Increased bolt-on M&A activity

Price Performance Company Description

EXLS is a data analytics and digital operations & solutions company that partners with clients

$55

to improve business outcomes and unlock growth. Through deep domain expertise with robust

data, powerful analytics, cloud, AI/ML, it creates agile, scalable solutions and executes complex

operations for global enterprises in industries including insurance, health care, banking and

45 financial services, media, and retail. Headquartered in New York, it has over 67k employees

globally.

Analyst Top Picks

30 Ticker Price (05/13/2026) Price Target Rating

Block XYZ $69.78 $101.00 Buy