Vikas Bhalla - 21 Jan 2026 Form 4 Insider Report for ExlService Holdings, Inc. (EXLS)

Reporting relationship: President of EXL
Issuer ticker: EXLS
Reported as of: 21 Jan 2026
Net transaction value: +$180,301
SEC form: 4
Accepted by SEC: 23 Jan 2026, 17:11:17 UTC
Prior SEC filing: 05 Jan 2026
Next SEC filing: 28 Jan 2026
Source filing: View source filing
Reporting owner signature: /s/ Ajay Ayyappan, Attorney-in-Fact

Key filing fact

Vikas Bhalla filed Form 4 for ExlService Holdings, Inc. (EXLS) on 23 Jan 2026.

Key facts

This page summarizes Vikas Bhalla's Form 4 filing for ExlService Holdings, Inc. (EXLS).
3 reported transactions and 1 derivative row are listed below.
Accepted by SEC: 23 Jan 2026, 17:11.

Change

Previous filing in this sequence was filed on 05 Jan 2026.
Current net transaction value: +$180,301.

Research use

This tells you what this filing adds before you inspect full transaction and derivative tables.
You can trace every row back to the original SEC filing document.

Evidence

Filed on Form 4

Ownership activity is grounded in SEC Form 4 disclosures.

View source filing

Reporting Owners (1)

CIK 0001373633 Primary reporting owner

Bhalla Vikas

Relationship: President of EXL
Address: 320 PARK AVENUE, 29TH FLOOR, NEW YORK
Signature: /s/ Ajay Ayyappan, Attorney-in-Fact
Signature date: 23 Jan 2026

Reported non-derivative transactions

Shares, units, or other non-derivative securities reported in this filing.

EXLS transaction

Common Stock, par value $0.001 per share

Options Exercise

Transaction value: $282,944
Shares: +6,795
Change %: +5.5%
Price: $41.64
Shares after: 130,040
Date: 21 Jan 2026
Ownership: Direct
Footnotes: F1

EXLS transaction

Common Stock, par value $0.001 per share

Tax liability

Transaction value: $102,643
Shares: -2,465
Change %: -1.9%
Price: $41.64
Shares after: 127,575
Date: 21 Jan 2026
Ownership: Direct

Reported derivative securities

Options, warrants, convertible securities, or similar derivative positions disclosed in the filing.

EXLS transaction Derivative

Restricted Stock Units

Options Exercise

Transaction value: $0
Shares: -6,960
Change %: -100%
Price: $0.000000
Shares after: 0
Date: 21 Jan 2026
Ownership: Direct
Underlying class: Common Stock, par value $0.001 per share
Underlying amount: 6,960
Exercise price
Footnotes: F2, F3

^* marks a reported price that did not pass the local price check.

Additional SEC filing notes

Filing notes and footnotes

Explanation of responses 3 footnotes

Footnote F1

Represents the shares of common stock of ExlService Holdings, Inc. (the "Company") issued in respect of the reporting person's restricted stock units that vested as of March 31, 2024, but which were settled as of January 21, 2026. Due to administrative delay in settlement, the number of shares of common stock issued to the reporting person was reduced based on applicable U.S. tax rules and regulations.

Footnote F2

Represents restricted stock units received under a share matching plan in connection with the officer's purchase of common stock, par value $0.001 per share of ExlService Holdings, Inc. (the "Company").

Footnote F3

On March 31, 2022, the reporting person was granted 20,885 restricted stock units, after adjustment for the 5-for-1 forward stock split, effective August 1, 2023, vesting in two installment installments beginning on the second anniversary of the grant date. 33% of the restricted stock units became vested on March 31, 2024, and the remaining balance of 67% of the restricted stock units became vested on March 31, 2025. This transaction represents the settlement, as of January 21, 2026, of the shares that vested in 2024.

SEC remarks

Mr. Ayyappan is the Company's General Counsel.