ExlService Earns Buy Rating as Q2 Beat and AI-Led Strength Drive Lifted 2026 Organic Growth Outlook
Complete. Here is the key summaryWilliam Blair analyst Maggie Nolan maintained a Buy rating on ExlService (EXL) on July 16, citing strong Q2 performance and AI-driven growth. The company beat revenue and earnings expectations, with organic constant-currency growth accelerating to nearly 16%. Management raised the 2026 organic growth outlook, incorporating the pending iMerit acquisition. Stifel Nicolaus also maintained a Buy rating with a $46 price target.
William Blair analyst Maggie Nolan has maintained their bullish stance on EXLS stock, giving a Buy rating on July 16.
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Maggie Nolan’s rating is based on ExlService’s strong second-quarter performance and upgraded growth outlook. The company delivered revenue and earnings above consensus expectations, with organic constant-currency growth accelerating to nearly 16%, a standout result versus ITO and BPO peers that reinforces confidence in sustaining double-digit expansion as it increasingly leverages AI.
Data- and AI-driven offerings now represent the majority of revenue and are growing at a robust pace, while overall operations growth and margin expansion highlight effective cost management even as EXL invests in sales, marketing, and AI capabilities. Management’s decision to lift 2026 organic growth guidance and incorporate the pending iMerit acquisition, which should further boost the AI franchise, supports a favorable long-term trajectory and underpins Nolan’s Buy recommendation.
In another report released on July 16, Stifel Nicolaus also maintained a Buy rating on the stock with a $46.00 price target.