AI-Led Momentum Powers EXL’s Strong Q3, Revenue Tops $529 Million

ExlService Holdings, EXL, reported a 12.2% year-on-year jump in revenue to $529.6 million for the quarter ended September 30, 2025, driven by new client wins and continued focus on data and AI solutions. 

Operating margin for the quarter was 14.4%, slightly lower than 14.7% a year earlier. Adjusted operating margin stood at 19.4%, compared with 19.9% in the same quarter of 2024.

EXL won 21 new clients during the quarter and launched EXLdata.ai, an AI-native data suite built with Databricks. The company also partnered with Genesys to improve AI-driven customer experience offerings.

“Our data and AI-led revenue grew 18% year-over-year to mark our third consecutive quarter of accelerated growth,” CEO Rohit Kapoor said, while also adding that EXL’s “strong 12% revenue growth and 11% EPS increase” reflect its strength in embedding AI in workflows and sustaining market momentum.

The quarter saw multiple recognitions, including being named a Market Leader in HFS Research’s Horizon Insurance Services 2025 report and a Leader in Everest Group’s Healthcare Data, Analytics, and AI Services PEAK Matrix 2025. EXL also bagged the IDC FinTech Real Results 2025 award for lending transformation.

CFO Maurizio Nicolelli said the company raised its full-year guidance, projecting revenue between $2.07 billion and $2.08 billion, a 13% increase from 2024. Adjusted diluted EPS is now expected to be between $1.88 and $1.92, up 14–16% year-on-year.

In Q1, the company launched EXLerate.ai, an agentic AI platform featuring over 15 industry-specific agents already deployed across verticals.

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