Here are the Form 4 insider transactions from ExlService Holdings, Inc. (EXLS) in our archive over the last 12 months, newest first, and each one links through to the document itself with the summary and the scores our analysis gives it.
A Form 4 covers the transactions officers, directors and large holders report, so if you follow EXLS and want that one kind of document rather than the whole filing history, this is the page to keep. The company's other filings, of every form, are on the full EXLS filings page.
ExlService Holdings president Vivek Jetley reported the settlement of previously granted equity awards. On January 21, 2026, 6,960 restricted stock units were converted (transaction code M) into 5,315 shares of ExlService common stock at a reference price of $41.64 per share. These awards had vested as of March 31, 2024, but their settlement was delayed and the number of shares delivered was reduced under applicable U.S. tax rules.
After this transaction, Jetley directly beneficially owned 398,707 shares of ExlService common stock. The reporting also notes that the restricted stock units were originally received under a share matching plan connected to his purchase of ExlService common stock.
ExlService Holdings, Inc. President Vikas Bhalla reported an equity transaction involving vested restricted stock units and related share withholding for taxes. On January 21, 2026, 6,960 restricted stock units were settled, resulting in the issuance of 6,795 shares of common stock at a stated price of $41.64 per share. The footnotes explain that these units had vested as of March 31, 2024, but were not settled until 2026, and that the number of shares delivered was reduced under applicable U.S. tax rules.
On the same date, 2,465 shares of common stock were reported with transaction code "F", indicating shares withheld to cover taxes at a price of $41.64 per share. After these transactions, Bhalla directly owned 127,575 shares of ExlService common stock.
ExlService Holdings Executive Vice President & CFO Maurizio Nicolelli reported the settlement of previously vested equity awards. On January 21, 2026, 6,960 restricted stock units that had vested as of March 31, 2024 were converted into 5,315 shares of common stock at a reference price of $41.64 per share, with the share amount reduced under U.S. tax rules due to an administrative delay in settlement. These awards stem from a March 31, 2022 grant of 20,885 restricted stock units under a share matching plan, vesting 33% on March 31, 2024 and 67% on March 31, 2025. Following this transaction, Nicolelli directly beneficially owned 222,835 shares of ExlService common stock.
ExlService Holdings executive Ajay Ayyappan reported the settlement of previously granted equity awards into common stock. On January 21, 2026, 6,670 restricted stock units were settled, relating to awards that had vested as of March 31, 2024. Due to an administrative delay in settlement and applicable U.S. tax rules and regulations, the number of shares of common stock actually issued was 5,093.
These shares are common stock of ExlService Holdings, Inc., par value $0.001 per share, and the transaction was reported with code "M". Following this settlement, Ayyappan now directly beneficially owns 52,613 shares of ExlService common stock. The footnotes explain that the restricted stock units were originally granted on March 31, 2022 under a share matching plan and vested in installments in 2024 and 2025.
ExlService Holdings, Inc. executive Ajay Ayyappan, who serves as EVP & General Counsel/Corporate Secretary, reported acquiring additional company stock. On December 31, 2025, he acquired 17 shares of ExlService common stock at $38.20 per share in a transaction coded as an acquisition.
According to the filing, this was an exempt purchase made through the ExlService Holdings, Inc. 2022 Employee Stock Purchase Plan, which allows employees to buy company shares. Following this transaction, Ayyappan beneficially owns 47,520 shares of ExlService common stock, held in direct ownership.
ExlService Holdings, Inc. reported that on December 15, 2025 it repurchased 1,551,970 shares of its common stock from Orogen Echo LLC ("OE") under a Stock Purchase Agreement dated the same day. The shares were recorded as disposed of at a price of $40.834 per share, and the reported holdings after the transaction are 0 shares, reflecting that this block was fully sold back to the company.
The share amount is adjusted for a 5-for-1 forward stock split that became effective on August 1, 2023. Vikram Pandit, who serves on the Board and is Chairman and Chief Executive Officer of OE, and affiliated Orogen and Atairos entities are listed as reporting persons and may be deemed to have direct or indirect beneficial ownership, but they disclaim beneficial ownership except to the extent of their pecuniary interest.
ExlService Holdings (EXLS) reported an insider transaction on a Form 4. An officer made a gift (Code G) of 5,000 shares of common stock on 11/10/2025 at a price of $0. Following the transaction, the reporting person directly beneficially owns 178,842 shares.
Remarks identify the reporting person as the company’s General Counsel. This filing records a change in insider holdings rather than a market sale.