Hexaware Technologies Ltd logo

Hexaware Technologies Ltd

HEXT NSE

Key Fundamentals

SmallcapComputer Software & ConsultingInformation Technology
Market Cap
₹34,950 Cr
Volatility
Moderate
P/E Ratio
26.1
EBITDA
₹2,300 Cr
Return on Equity
21.68%
Debt to Equity
0.1
Book Value
₹109.85
52W High
₹829.4
52W Low
₹400.2

Insights

Beta

AI-extracted from concalls & annual reports · figures as reported, with sources

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Tapetide Score

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Technical Indicators

Key Insights

Strengths

2
  • Company has delivered good profit growth of 18.5% CAGR over last 5 years
  • Company has been maintaining a healthy dividend payout of 49.9%

Growth Rate

Revenue Growth
14.68% ↗
Net Income Growth
16.55% ↗
Cash Flow Change
12.34% ↗
ROE
-1.14% ↗
ROCE
-6.97% ↘
EBITDA Margin (Avg.)
5.25% ↗

AI Analysis — Bull vs Bear

Anthropic anthropic claude-opus-4.6 2d ago
AI opinion · based on fundamentals
Risk medium

Hexaware Technologies is a mid-cap IT services company with CY2025 revenue of USD 1,537 Mn (up 7.6% YoY) and a market cap of approximately ₹34,816 Cr. The stock trades at a PE of 25.9x with a consistent ROE of ~24-25% over the past decade, but has declined roughly 26% year-to-date from its post-listing highs amid slowing revenue growth momentum and macro uncertainty.

Bull Case 8
  • Consistent high ROE of 24-25% maintained over 3, 5, and 10-year periods, indicating efficient capital allocation
  • Strong 5-year compounded profit growth CAGR of 18.5%, outpacing many mid-tier IT peers
  • CY2024 revenue grew 13.7% YoY to USD 1,429 Mn with Q4CY24 revenue up 18.5% YoY — significantly above industry average growth rates
  • Healthy dividend payout ratio of 49.9% with a current dividend yield of 1.49%, providing income visibility
  • Low employee attrition rate of approximately 11%, well below industry average of 15-20%, reducing hiring and training costs
  • EBITDA margin expanded 326 bps YoY in Q4CY24 to 16.3%, demonstrating operating leverage potential
  • Compounded sales CAGR of 16% over both 5-year and 10-year periods, showing sustained revenue scaling ability
  • Headcount of 33,844 employees with capacity build-up positioning for future deal wins
Bear Case 8
  • Revenue growth decelerated sharply from 13.7% in CY2024 to 7.6% in CY2025, with Q4CY25 YoY growth at just 4.5% in USD terms
  • Stock has declined approximately 26% YTD and 19% over 1 year, significantly underperforming broader markets
  • CY2025 guidance reduced to 6-7% revenue growth range due to ramp delays and worsening macro environment
  • Q4CY25 PAT declined 14.4% YoY in USD terms and 9.1% YoY in INR terms, signalling margin and profitability pressure
  • Promoter Carlyle Group still holds approximately 74% stake post-IPO, creating potential overhang from future stake sales
  • IPO was entirely an Offer-for-Sale with zero primary capital raise, meaning no fresh growth capital entered the company
  • TTM profit growth of only 7% versus 5-year CAGR of 18%, indicating a material slowdown in earnings momentum
  • CY2025 adjusted EBITDA margin of 15.6% in Q4 contracted 55 bps QoQ, showing near-term margin volatility

This is AI-generated analysis, not financial advice. Do your own due diligence.

AI News Digest

Anthropic anthropic claude-opus-4.6 4h ago
Headwinds 1
  • PAT down 13% despite revenue growth Jul 29

    Q2CY26 PAT fell 13% YoY to ₹3,302 million despite revenue growing 17.9% YoY to ₹38,452 million, suggesting margin or below-the-line pressures.

Positives 5
  • Strong Q2 EBIT up 44-59% YoY Jul 29

    Q2CY26 EBIT rose 59.1% YoY to ₹5,236 million with revenue at ₹38,452 million (up 17.9% YoY). Board declared interim dividend of ₹8.50 per share.

  • Microsoft MISA cybersecurity validation Aug 6

    Hexaware joined the Microsoft Intelligent Security Association, validating its Azure and M365 security solutions and strengthening Zero Trust offerings via Tensai Security Ops.

  • ISG Top 15 Sourcing Standout Aug 4

    Recognized as Top 15 Sourcing Standout by ISG for Q2 2026, ranking in Breakthrough 15 category globally and for the Americas based on annual contract value.

  • upGrad AI partnership deepens Aug 13

    Expanded upGrad Enterprise partnership beyond internal skilling to joint go-to-market for global enterprise AI programs, already executing a specialized program for a major banking client.

  • Factory AI-native dev partnership Jul 19

    Partnered with Factory to integrate AI agent-native software development using the Droid platform, reporting 5x to 10x gains in production-ready output from internal deployment.

Neutral 4
  • AI Day 2026 in Chennai Aug 6

    Hexaware will host AI Day 2026 on August 21, 2026 in Chennai, an in-person event from 10:00 AM to 5:00 PM IST focused on AI initiatives.

  • Nuvama investor conference Singapore Aug 5

    Participating in Nuvama India Investor Conference on August 12, 2026 in Singapore with group meetings and one-on-one investor interactions.

  • Q2 CY2026 earnings call scheduled Jul 26

    Q2 CY2026 earnings video conference call was held on July 30, 2026 at 8:00 AM IST for investors and analysts.

  • New hyperscaler partnerships lead appointed Jul 18

    Eravi Gopan appointed to lead Hyperscaler and Strategic Technology Partnerships effective July 18, 2026.

TL;DR: Hexaware is delivering strong top-line and operating profit growth (revenue +17.9%, EBIT +59% YoY in Q2CY26) while aggressively building AI and cybersecurity partnerships. The PAT decline of 13% despite operational strength is a concern worth monitoring. The company is actively positioning itself through ISG recognition, Microsoft MISA membership, and multiple AI-focused alliances, suggesting improving momentum if bottom-line pressures stabilize in coming quarters.

Quarterly Results

  Jun 2020Sep 2020Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026Jun 2026
Sales
1,569
1,586
2,616
2,749
2,936
3,136
3,154
3,208
3,261
3,484
3,478
3,613
3,845
Expenses
1,298
1,308
2,285
2,331
2,504
2,645
2,664
2,680
2,856
2,882
3,100
3,042
3,240
Operating Profit
271
277
331
418
431
491
490
528
404
601
378
571
605
OPM %
17%
18%
13%
15%
15%
16%
16%
16%
12%
17%
11%
16%
16%
Other Income
-4
-6
10
10
30
11
24
4
160
10
102
22
-50
Interest
15
13
7
10
12
23
21
22
21
26
31
29
33
Depreciation
64
57
94
60
69
74
76
74
75
89
124
91
82
PBT
189
201
240
358
380
406
417
436
468
497
326
473
441
Tax %
19%
19%
20%
22%
28%
26%
23%
25%
19%
26%
10%
26%
25%
Net Profit
152
163
193
279
275
300
321
327
380
370
292
352
330
EPS in Rs
5.1
5.42
6.42
9.31
4.53
4.98
5.25
5.38
6.24
6.08
4.78
5.75
5.4
Figures in ₹ Crores

Profit & Loss

  Dec 2014Dec 2015Dec 2016Dec 2017Dec 2018Dec 2019Dec 2020Dec 2021Dec 2022Dec 2023Dec 2024Dec 2025TTM
Sales
2,582
3,124
3,535
3,942
4,648
5,583
6,262
7,178
9,200
10,380
11,974
13,430
14,420
Expenses
2,134
2,579
2,958
3,286
3,911
4,701
5,212
6,042
7,974
8,809
10,139
11,514
12,265
Operating Profit
448
545
577
656
736
881
1,050
1,136
1,226
1,572
1,835
1,917
2,155
OPM %
17%
17%
16%
17%
16%
16%
17%
16%
13%
15%
15%
14%
15%
Other Income
16
9
40
49
58
12
35
67
179
22
75
277
84
Interest
2
1
1
2
3
10
52
37
38
42
71
106
119
Depreciation
44
48
55
63
65
103
232
224
244
284
279
361
385
PBT
418
505
560
641
727
779
800
941
1,123
1,268
1,560
1,727
1,736
Tax %
23%
22%
25%
22%
20%
18%
22%
20%
21%
21%
25%
21%
—
Net Profit
320
393
419
500
583
641
622
749
884
998
1,174
1,368
1,343
EPS in Rs
10.64
13.04
13.88
16.83
19.62
21.49
20.69
24.93
29.44
33.22
19.36
22.41
22.01
Div. Payout %
89%
66%
40%
24%
43%
40%
17%
32%
75%
53%
45%
51%
—
Figures in ₹ Crores

Balance Sheet

  Dec 2014Dec 2015Dec 2016Dec 2017Dec 2018Dec 2019Dec 2020Dec 2021Dec 2022Dec 2023Dec 2024Dec 2025Jun 2026
Equity Capital
60
60
60
59
59
60
60
60
60
61
61
61
61
Reserves
1,230
1,373
1,681
1,948
2,332
2,706
3,176
3,728
4,063
4,574
5,296
6,255
6,651
Borrowings
0
0
0
0
0
143
236
50
456
394
574
681
683
Other Liabilities
463
587
570
538
742
1,260
1,666
1,836
1,934
2,173
3,063
3,906
4,181
Total Liabilities
1,754
2,021
2,311
2,545
3,133
4,169
5,138
5,674
6,514
7,202
8,994
10,902
11,576
Fixed Assets
514
533
479
541
574
2,038
2,478
2,391
2,588
2,454
3,760
5,130
5,473
CWIP
35
116
323
256
224
86
10
12
6
55
131
50
52
Investments
186
41
21
21
13
3
0
123
0
251
0
145
0
Other Assets
1,019
1,330
1,488
1,726
2,322
2,042
2,649
3,148
3,920
4,442
5,104
5,577
6,051
Total Assets
1,754
2,021
2,311
2,545
3,133
4,169
5,138
5,674
6,514
7,202
8,994
10,902
11,576
Figures in ₹ Crores

Cash Flow

  Dec 2014Dec 2015Dec 2016Dec 2017Dec 2018Dec 2019Dec 2020Dec 2021Dec 2022Dec 2023Dec 2024Dec 2025
Operating
413
393
473
476
549
596
1,438
980
821
1,516
1,548
1,739
Investing
119
14
-197
-95
-8
-1,001
-416
-210
13
-284
-663
-914
Financing
-535
-314
-249
-280
-250
-169
-242
-602
-721
-750
-682
-831
Net Cash Flow
-3
93
26
102
290
-573
780
167
113
482
203
-6
Free Cash Flow
353
257
251
381
488
467
1,397
1,211
702
1,452
1,417
1,576
CFO/OP
118
95
107
99
96
86
151
104
87
113
101
110
Figures in ₹ Crores

Ratios

  Dec 2014Dec 2015Dec 2016Dec 2017Dec 2018Dec 2019Dec 2020Dec 2021Dec 2022Dec 2023Dec 2024Dec 2025
Debtor Days
52
51
45
50
63
64
47
52
75
65
60
56
Cash Conversion Cycle
52
51
45
50
63
64
47
52
75
65
60
56
Working Capital Days
16
19
26
36
35
18
2
9
8
0
-9
-16
ROCE %
34%
37%
35%
34%
33%
30%
27%
27%
28%
27%
30%
30%

Shareholding Pattern

As of Jun 2026
Promoters 74.30%
DIIs 16.06%
Public 3.80%
FIIs 3.19%
Others 2.65%
Total 100.00%
  Sep 2020Sep 2024Feb 2025Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026Jun 2026
Promoters
91.16%
95.08%
74.71%
74.71%
74.57%
74.55%
74.30%
74.30%
74.30%
FIIs
0.00%
0.00%
0.00%
10.59%
9.76%
8.31%
8.15%
4.20%
3.19%
DIIs
0.00%
0.00%
8.57%
9.05%
9.88%
11.13%
11.31%
15.04%
16.06%
Government
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
Public
4.02%
0.00%
3.91%
3.34%
3.29%
3.15%
3.14%
3.73%
3.80%
Others
4.81%
4.92%
12.82%
2.31%
2.50%
2.86%
3.10%
2.73%
2.65%
No. of Shareholders
60,408
40,586
41,099
1,20,600
1,09,853
1,14,719
1,11,984
1,18,229
1,26,681

Documents

1
Concall - May 2026 May 2026
2
Concall - Jun 2019 Jun 2019
3
Concall - May 2026 May 2026
4
Concall - May 2026 May 2026
5
Concall - Oct 2016 Oct 2016

Frequently Asked Questions about Hexaware Technologies Ltd

What does Hexaware Technologies Ltd do?
Incoprorated in 1992, Hexaware Technologies Ltd provides AI based digital & technology solutions[1]
Where is Hexaware Technologies Ltd (HEXT) listed?
Hexaware Technologies Ltd is listed on the Indian stock exchanges. It is listed on NSE: HEXT and BSE: 544362. You can view its live share price, financials, and ratios on Tapetide.
Which sector does Hexaware Technologies Ltd belong to?
Hexaware Technologies Ltd operates in the Information Technology sector within the Computer Software & Consulting industry. Sector classification helps investors compare companies affected by similar economic conditions and regulatory changes.
What is the market capitalisation of Hexaware Technologies Ltd?
Hexaware Technologies Ltd has a market capitalisation of approximately ₹34950.11 Cr. Based on this, it is classified as a Large Cap stock.
What is the PE ratio of Hexaware Technologies Ltd?
The Price-to-Earnings (PE) ratio of Hexaware Technologies Ltd is 26.10. The PE ratio compares a company's share price to its earnings per share and is commonly used to assess whether a stock is overvalued or undervalued relative to its peers.
What is the 52-week high and low of Hexaware Technologies Ltd?
Over the past 52 weeks, Hexaware Technologies Ltd has traded between a low of ₹400.2 and a high of ₹829.4. This range helps investors understand the stock's price volatility and recent trading levels.
Does Hexaware Technologies Ltd pay dividends?
Yes, Hexaware Technologies Ltd has a dividend yield of 1.50%. Dividend yield indicates the annual dividend income relative to the share price. A consistent dividend history can signal financial stability.
What is the Return on Equity (ROE) of Hexaware Technologies Ltd?
Hexaware Technologies Ltd has a Return on Equity (ROE) of 21.68%. ROE measures how effectively a company uses shareholders' equity to generate profits. A higher ROE generally indicates better capital efficiency.
How can I research Hexaware Technologies Ltd on Tapetide?
On Tapetide, you can view Hexaware Technologies Ltd's live share price, quarterly results, profit & loss statements, balance sheet, cash flow, key ratios, shareholding pattern, technical indicators, analyst ratings, and forecasts — all on a single page without needing to sign up.

Company Information

Incoprorated in 1992, Hexaware Technologies Ltd provides AI based digital & technology solutions[1]

Website hexaware.com
CEO Mr. Vinod Chandran
Employees 33,590
Listed 2025-02-19
Face Value ₹ 1
Issued Size 61,10,15,992

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