Hexaware Technologies
Hexaware Technologies
Information TechnologyKey Fundamentals
SmallcapComputer Software & ConsultingInformation TechnologyTapetide Score
Data-driven rating, 0–100. How it works →
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
AI Analysis — Bull vs Bear
Hexaware Technologies has a market capitalisation of about ₹30,306 crore and trades at a P/E of 22.7x and a P/B of 4.55x. Its ROE has held steady at 23-25% over the last 3, 5 and 10 years, and sales have compounded at 13-16%. However, TTM profit growth has slowed to 7% against 13% sales growth, and the stock has fallen 25% over the past year.
- Profitability has stayed high and steady. ROE was 25% last year, with 3-year, 5-year and 10-year averages of 24%, 23% and 24%.
- Profit has compounded at 18.5% a year over 5 years and 18% over 3 years, faster than sales growth of 16% and 13% over the same periods. This points to operating leverage over the medium term.
- Revenue growth has been long-running, with a 10-year sales CAGR of 16% and a 5-year sales CAGR of 16%.
- The company pays out about 49.9% of profit as dividends, for a dividend yield of 1.7%. That is a healthy distribution level while still funding growth.
- TTM sales growth of 13% matches the 3-year sales CAGR of 13%, so topline momentum has not slowed recently.
- After a 25% fall over one year, the stock trades at 22.7x earnings. That is a lower multiple than when it listed, for a business that has kept ROE at 24-25%.
- The 10-year stock CAGR of 10% shows the business has created long-term value across its earlier listed history.
- Profit growth has slowed sharply. TTM profit growth of 7% is well below the 5-year profit CAGR of 18% and trails TTM sales growth of 13%, which suggests margins are under pressure.
- The stock fell 25% over one year, a steep loss of value in the period since it relisted.
- P/B of 4.55x and P/E of 22.7x still leave room for the valuation to fall further if earnings growth stays near the TTM rate of 7% instead of the historical 18%.
- Sales growth is trending down, from a 10-year and 5-year CAGR of 16% to a 3-year and TTM rate of 13%.
- Private equity promoter Carlyle still holds roughly 74% after the 2025 IPO. Future stake sales could weigh on the share price.
- The 3-year and 5-year stock return history is missing because the company was delisted and relisted, and 52-week high and low data is not available. This makes it hard to judge how the stock performs over full market cycles.
- The earnings yield is about 4.4% (1/22.7). Combined with the 1.7% dividend yield, this depends on growth recovering from the 7% TTM profit rate, while the IT services sector faces weak discretionary spending and AI-driven price pressure.
This is AI-generated analysis, not financial advice. Do your own due diligence.
AI News Digest
- HSBC Hold flags business weakness Sep 3
HSBC kept its Hold rating with a ₹575 target, pointing to near-term business weakness despite the new CEO mandate. The target is about 17% above the ₹490.5 large-trade price of Sep 28, yet the broker stayed cautious.
- Proxy advisors oppose RSU plans Sep 30
IiAS and ISS issued voting recommendations against the postal ballot resolutions for a new 2 million RSU plan, an ESOP pool expanded to 41.8 million and amended CEO incentive terms (ballot started Sep 9). Hexaware pushed back, saying dilution is only 0.33% and the plans are net-worth neutral, but the dispute puts shareholder approval and governance perception at risk.
- Named in TIME's Best Companies Sep 17
Hexaware made TIME's World's Best Companies 2026 list for employee satisfaction, revenue growth and sustainability transparency. The recognition could help its employer brand and client perception.
- Joins Project NANDA AI fellowship Sep 15
Hexaware is collaborating on the Project NANDA Fellowship to build open-source AI agent infrastructure, a three-month remote program with 10+ fellows. This adds to its positioning in agentic AI.
- Vivek Jetley named new CEO Sep 3
Vivek Jetley becomes CEO effective October 28, 2026. Srikrishna Ramakarthikeyan steps down after 12 years to become Senior Advisor.
- Ex-TCS Neeraj Kumar joins as EVP Oct 1
Neeraj Kumar, who brings 25+ years of experience from TCS, becomes EVP and Global Head of Travel and Transportation from October 1, 2026. Eswaran Venkatachalam moves to EVP and Global Head of Zero Tech Debt.
- ₹19.66 crore large trade on BSE Sep 28
A trade scanner flagged about 400,735 shares changing hands at ₹490.5 on BSE, worth ₹19.66 crore. The signal is unconfirmed, and buyer and seller identities will only be known after post-market exchange disclosures.
TL;DR: Hexaware is gaining credibility from outside recognition (TIME's 2026 list) and from AI ecosystem projects like Project NANDA, while bringing in experienced leaders such as ex-TCS executive Neeraj Kumar. The main risks are HSBC's view of near-term business weakness and pushback from IiAS and ISS on the RSU/ESOP proposals, even though dilution is just 0.33%. A CEO handover in late October adds uncertainty about execution. Overall the trend looks steady but not yet improving, so the postal ballot result and Vivek Jetley's first quarter as CEO will be the key signals to watch.
Quarterly Results
| Particulars | Jun 2020 | Sep 2020 | Dec 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 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 |
Profit & Loss
| Particulars | Dec 2014 | Dec 2015 | Dec 2016 | Dec 2017 | Dec 2018 | Dec 2019 | Dec 2020 | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 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% | — |
Balance Sheet
| Particulars | Dec 2014 | Dec 2015 | Dec 2016 | Dec 2017 | Dec 2018 | Dec 2019 | Dec 2020 | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 | Jun 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 |
Cash Flow
| Particulars | Dec 2014 | Dec 2015 | Dec 2016 | Dec 2017 | Dec 2018 | Dec 2019 | Dec 2020 | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 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 |
Ratios
| Particulars | Dec 2014 | Dec 2015 | Dec 2016 | Dec 2017 | Dec 2018 | Dec 2019 | Dec 2020 | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 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% |
Insights
BetaAI-extracted from concalls & annual reports · figures as reported, with sources
Log in to view Hexaware Technologies insights
65 extracted metrics + investor summaries across FY02–FY26.
Documents
Frequently Asked Questions about Hexaware Technologies
What does Hexaware Technologies Ltd do?
Where is Hexaware Technologies Ltd (HEXT) listed?
Which sector does Hexaware Technologies Ltd belong to?
What is the market capitalisation of Hexaware Technologies Ltd?
What is the PE ratio of Hexaware Technologies Ltd?
What is the 52-week high and low of Hexaware Technologies Ltd?
Does Hexaware Technologies Ltd pay dividends?
What is the Return on Equity (ROE) of Hexaware Technologies Ltd?
Company Information
Incoprorated in 1992, Hexaware Technologies Ltd provides AI based digital & technology solutions[1]
For AI agents and developers
Reading this as an AI agent, LLM or automated pipeline? Every page on Tapetide is also published as clean Markdown — no navigation, no scripts, just the data. Fetch https://tapetide.com/stocks/HEXT.md for Hexaware Technologies Ltd: company profile, latest price, key fundamentals, the Tapetide Score, growth rates, quarterly and annual financial statements, shareholding pattern, technical indicators, analyst ratings and exchange filings.
Append .md to any Tapetide URL for the
same treatment. A full index of what we publish is at /llms.txt and /llms-full.txt. For live,
structured queries instead of documents, use our MCP server.