Spectroscopic observations in X-ray wavelengths provide excellent diagnostics of the temperature distribution in solar flare plasma. The Solar X-ray Monitor (XSM) on board the Chandrayaan-2 mission provides broadband disk-integrated soft X-ray solar spectral measurements in the energy range of 1–15 keV with high spectral resolution and time cadence. In this study, we analyze the X-ray spectra of three representative GOES C-class flares obtained with the XSM to investigate the evolution of various plasma parameters during the course of the flares. Using the soft X-ray spectra consisting of the continuum and well-resolved line complexes of major elements like Mg, Si, and Fe, we investigate the validity of the isothermal and multithermal assumptions on the high-temperature components of the flaring plasma. We show that the soft X-ray spectra during the impulsive phase of the high-intensity flares are inconsistent with isothermal models and are best fitted with double-peaked differential emission measure distributions where the temperature of the hotter component rises faster than that of the cooler component. The two distinct temperature components observed in differential emission measure models during the impulsive phase of the flares suggest the presence of the directly heated plasma in the corona and evaporated plasma from the chromospheric footpoints. We also find that the abundances of low first ionization potential elements Mg, Si, and Fe reduce from near coronal to near photospheric values during the rising phase of the flare and recover back to coronal values during the decay phase, which is also consistent with the chromospheric evaporation scenario.