ExlService Holdings Inc.: 2Q26 Recap – Beat & Raise with Room for Upward Revisions; BPO Growth Remains Robust

研报英文原文证据摘录

ExlService Holdings Inc.: 2Q26 Recap – Beat & Raise with Room for Upward Revisions; BPO Growth Remains Robust

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

30 July 2026

ExlService Holdings Inc. Overweight

EXLS, EXLS US

2Q26 Recap – Beat & Raise with Room for Upward Price (29 Jul 26):$35.99

Revisions; BPO Growth Remains Robust ▲Price Target (Dec-27):$48.00 Prior (Dec-26):$43.00

EXLS closed up +18% (vs. SPX -1.5%) on Wednesday with EXLS posting its

biggest revenue beat since 1Q22 and raising FY26 guidance by 2.5ppts at the Payments, Processors & IT Services

midpoint, with room still for upward revisions. Growth was driven by Data and Puneet Jain AC

AI-led services (+31% y/y) and continued adoption of AI within Digital Ops. (1-212) 622-1436

Importantly, Digital Ops (the BPO business) still grew +10% y/y, which we view puneet.x.jain@jpmorgan.com

as evidence that incremental non-AI BPO and Data/AI work is more than offsetting Tien-tsin Huang, CFA

early-stage AI cannibalization. The FY26 revenue guide calling for 13-14% FXN/ (1-212) 622-6632

tien-tsin.huang@jpmorgan.com

organic growth implies 0.5-1.5% average organic sequential growth in 2H, below

Brendan Biles

the ~3-3.5% 2H pace of the last couple of years, leaving a credible setup for further

(1-212) 270-0880

upside. We reiterate our Overweight rating as EXLS continues to execute and brendan.biles@jpmorgan.com

outgrow its peer group, and we see potential for upward guidance revisions as the Abbey Hochreiner

year progresses. (1-212) 270-5798

abbey.hochreiner@jpmchase.com

• Headline results beat in 2Q. Revenue of $595M came in approx. 3ppts ahead J.P. Morgan Securities LLC

of JPMe/Street $576M, representing 15.9% y/y FXN organic growth and 4.4%

sequential FXN organic growth, ahead of our expectations for 12.5% and