XT Global Infotech Ltd(XTGLOBAL)

NSE: XTGLOBALBSE: 531225

₹ 24.82-5.19%refreshed 23 Oct, 03:30 pm ISTMarket cap: ₹ 333 crWebsite: www.xtglobal.comUpdated: 24 Oct 2026

About

XT Global Infotech provides IT consulting services, a SaaS accounts-payable automation product (Circulus) and finance and accounting outsourcing, delivered largely from India to clients in the US, Australia and Ireland. It reported FY26 revenue of Rs 368.72 Cr. Network Objects, which brings SAP implementation capability, became a subsidiary and is consolidated, with a revenue run-rate of about $20 million as of Q2 FY26.^[1][2][3][4]

Business mix

In Q2 FY26, IT consulting made up about 50% of consolidated revenue, product revenue 25% to 30%, and accounting outsourcing about 10%.^[2]
In Q1 FY27, the Circulus SaaS accounts-payable product made up about 15-20% of standalone revenue, with product margins of about 25%. Finance and accounting services made up about 14% of revenue.^[4]
Management describes the product and finance and accounting revenue as recurring, with clients widening their scope from one function to several over time (Q1 FY27).^[4]
Network Objects had a revenue run-rate of about $20 million as of Q2 FY26. It adds SAP implementation skills alongside the company's Oracle work and the Circulus product.^[2][3]

Delivery model and operations

In Q1 FY27 the company was moving delivery from onsite to offshore. Offshore billing is about $35 against about $70 onsite, which holds down reported revenue while raising margins.^[4]
Exit from the Madhurawada SEZ unit in Visakhapatnam was completed, with the final name-change approval received by Q3 FY26. The unit now runs as a non-SEZ entity, and about 2,00,000 sq ft of spare infrastructure could be monetised.^[5][2]
The company offers a GDC-as-a-service (Global Delivery Center) model to US mid-market clients that cannot hire locally because of H-1B constraints (Q2 FY26).^[2]
The Zoho suite rollout was 90% complete as of Q1 FY27. People, Payroll, Books, Recruit, Expense and Analytics were live by Q3 FY26.^[4][5]
Standalone EBITDA margin was 14.7% in Q1 FY27, up 571 bps YoY.^[4]

Customers and client additions

In Q1 FY27, the finance and accounting practice added 7 engagements across Australia, the US and Ireland, and IT services added clients in India and the US.^[4]
In Q3 FY26 the company added 7 client engagements: 5 in finance and accounting and 2 in IT services.^[5]
As of November 13, 2025, the company had added 11 clients: 7 in finance and accounting and 4 in IT services.^[2]
The company added 10 client accounts in Q1 FY26. Most clients sign 3-year contracts, and management reports very little client attrition.^[3]
Target sectors named in Q3 FY26 are BFSI, healthcare, manufacturing, real estate, hospitality and retail.^[5]

Geographic expansion

The company began operations in Australia in Q2 FY26 with two anchor finance and accounting outsourcing projects.^[2]
Its first Irish finance and accounting outsourcing engagement started in Q1 FY27. The work is delivered from India and covers management accounts, accounts payable and HR administration.^[4]
Management expects Australia and Ireland to reach about $1M each in annual revenue over the next year. International revenue is expected to stay below 10% of the total for the next couple of years (stated Q1 FY27).^[4]

US public sector

In Q1 FY27 the company won a 14-month work order from a US State Transportation Agency to modernise internal forms on Adobe Experience Manager, worth up to about USD $1.95M (₹14.8 crore).^[4]
Its first US government contract, a Texas DoT-related blanket purchase order shared with 6 other companies, started work in Q1 FY26.^[3]
As of Q1 FY27 the company had been admitted to general bidding for a couple of US state government contracts in AI and cloud. Specific RFPs are still to be won.^[4]

Growth initiatives

In Q1 FY26 the company appointed a senior executive to lead a new AI practice and submitted an AI RFP of more than $1 million to an existing customer.^[3]
The company is building digital and cloud capabilities through partnerships with Oracle and Microsoft, along with RPA and BPO offerings (Q3 FY26).^[5]
In Q1 FY27 the company was targeting US mid-market clients for GCC work, starting with teams of 3-5 people and scaling to 50.^[4]
As of Q2 FY26, the company was in talks with a couple of acquisition targets, with no deal closed.^[2]

Market Cap

₹333 Cr

High / Low

₹43 / 25

Stock P/E

28.9

Price / Book

1.6

Book Value

₹15

EPS

₹0.8

No. of Shares

13.41 Cr

ROCE

8.5%

ROE

5.8%

OPM

5.6%

Debt / Equity

0.24

Sales

₹369 Cr

Net Profit

₹15 Cr

Promoter holding

62.5%

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