Hexaware Technologies Ltd logo

Hexaware Technologies Ltd

HEXT NSE

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

AI Verdict: BUY Confidence: 6%

Hexaware Technologies offers consistent profit growth of 18.5% CAGR over 5 years with a healthy ROE of 25% and reasonable PE of 21.9x. The strong analyst consensus (62.5% Buy) and robust dividend payout of 49.9% make it attractive, though the sharp 40% stock decline in the past year and premium valuation relative to book value warrant caution.

Key Fundamentals

SmallcapComputer Software & ConsultingInformation Technology
Market Cap
₹29,570 Cr
Volatility
Moderate
P/E Ratio
21.66
EBITDA
₹2,300 Cr
Debt to Equity
0.11
Book Value
₹103.37
52W High
₹900
52W Low
₹400.2

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 1d ago
BUY
Risk medium

Hexaware Technologies offers consistent profit growth of 18.5% CAGR over 5 years with a healthy ROE of 25% and reasonable PE of 21.9x. The strong analyst consensus (62.5% Buy) and robust dividend payout of 49.9% make it attractive, though the sharp 40% stock decline in the past year and premium valuation relative to book value warrant caution.

Bull Case 8
  • Strong profit growth with 18.5% CAGR over the last 5 years, indicating consistent execution and margin expansion
  • Healthy return on equity of 25% in the last year, well above the cost of equity for Indian IT companies
  • Consistent ROE track record averaging 24% over 10 years demonstrates durable competitive advantages
  • Analyst consensus is bullish with 62.5% Buy ratings (10 out of 16 analysts recommending Buy)
  • Attractive dividend payout ratio of 49.9% with current yield of 1.7%, offering income alongside growth
  • Revenue compounding at 16% CAGR over 5 and 10 years shows sustainable top-line momentum
  • TTM profit growth of 20% outpacing TTM sales growth of 11%, indicating improving operating leverage and margin expansion
  • Market cap of Rs 30,264 crore provides mid-cap agility with large-cap stability in the IT services space
Bear Case 8
  • Stock has declined 40% over the past 1 year, reflecting significant negative price momentum and potential structural concerns
  • Price-to-book ratio of 4.83x is elevated, suggesting the market is pricing in growth that may already be captured
  • PE ratio of 21.9x is at a premium relative to the stock's 10-year earnings CAGR of 14%, implying limited margin of safety
  • Only 1 analyst has a Sell rating but 5 out of 16 (31.25%) recommend Hold, indicating uncertainty about near-term upside
  • 10-year stock CAGR of just 8% significantly lags the 14% profit CAGR, suggesting persistent valuation de-rating over time
  • TTM revenue growth has decelerated to 11% from 5-year CAGR of 16%, signaling potential slowdown in deal wins
  • No reported cons from screeners but absence of debt-to-equity and ROCE data limits visibility into capital efficiency and leverage risk
  • Recently listed post-delisting and re-IPO, limiting price history availability with 52-week high and low both showing as zero

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

AI News Digest

Anthropic anthropic claude-opus-4.6 14h ago
Positives 4
  • £25m UK expansion, 1200 jobs Jun 17

    Hexaware will invest £25 million to expand UK operations, creating 1,200 jobs in AI and digital services over three to five years.

  • GIFT City center, 1000 jobs Jun 13

    Opened a new delivery center at GIFT City, Gujarat targeting BFSI clients, aiming to create 1,000 jobs over three years.

  • Agentverse AI platform enhanced Jun 2

    Announced new governance, development, and lifecycle management enhancements to its Agentverse AI platform including Agentic Studios.

  • Automation Anywhere award win May 28

    Named Top Business Transformation Partner of the Year 2026 by Automation Anywhere, recognizing its agentic AI expertise and decade-long partnership.

Neutral 4
  • US patent claims dismissed Jun 12

    US federal court dismissed all nine patent infringement claims by Natsoft Corporation on June 9, 2026. Hexaware confirmed no material impact on operations or financials.

  • NHS digital onboarding partnership Jun 3

    Partnered with HBSUK to launch a digital workforce management system for NHS clinician onboarding on Journey36's App36 platform, with new features planned for June.

  • Senior management reshuffle May 31

    Elevated Parameshwaran Iyer and Vijay Raghavan to new roles effective May 31, 2026. Amrinder Singh resigned as President & Head of Europe & APAC Operations.

  • Citi 2026 India Conference attendance May 27

    Will participate in the Citi 2026 India Conference on June 5, 2026 in Mumbai in physical mode.

TL;DR: Hexaware is on an aggressive expansion path with significant investments in the UK (£25m) and India (GIFT City), together expected to create 2,200+ jobs. The company is leaning heavily into agentic AI capabilities with platform upgrades and industry recognition. No material headwinds are visible, with the only litigation risk recently dismissed by a US court. The trend is clearly positive with geographic diversification and AI-driven growth positioning the company well for near-term momentum.

Quarterly Results

  Mar 2020Jun 2020Sep 2020Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026
Sales
1,542
1,569
1,586
2,616
2,749
2,936
3,136
3,154
3,208
3,261
3,484
3,478
3,613
Expenses
1,308
1,298
1,308
2,285
2,331
2,504
2,645
2,664
2,680
2,856
2,882
3,100
3,042
Operating Profit
234
271
277
331
418
431
491
490
528
404
601
378
571
OPM %
15%
17%
18%
13%
15%
15%
16%
16%
16%
12%
17%
11%
16%
Other Income
44
-4
-6
10
10
30
11
24
4
160
10
102
22
Interest
11
15
13
7
10
12
23
21
22
21
26
31
29
Depreciation
52
64
57
94
60
69
74
76
74
75
89
124
91
PBT
215
189
201
240
358
380
406
417
436
468
497
326
473
Tax %
18%
19%
19%
20%
22%
28%
26%
23%
25%
19%
26%
10%
26%
Net Profit
175
152
163
193
279
275
300
321
327
380
370
292
352
EPS in Rs
5.86
5.1
5.42
6.42
9.31
4.53
4.98
5.25
5.38
6.24
6.08
4.78
5.75
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
13,836
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
11,881
Operating Profit
448
545
577
656
736
881
1,050
1,136
1,226
1,572
1,835
1,917
1,954
OPM %
17%
17%
16%
17%
16%
16%
17%
16%
13%
15%
15%
14%
14%
Other Income
16
9
40
49
58
12
35
67
179
22
75
277
294
Interest
2
1
1
2
3
10
52
38
38
42
71
106
107
Depreciation
44
48
55
63
65
103
232
224
244
284
279
361
378
PBT
418
505
560
641
727
779
800
941
1,123
1,268
1,560
1,727
1,763
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
1,393
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
22.85
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 2025
Equity Capital
60
60
60
59
59
60
60
60
60
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
Borrowings
0
0
0
0
0
143
236
374
456
394
574
681
Other Liabilities
463
587
570
538
742
1,260
1,666
1,511
1,934
2,173
3,063
3,906
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
Fixed Assets
514
533
479
541
574
2,038
2,478
2,391
2,588
2,454
3,760
5,130
CWIP
35
116
323
256
224
86
10
12
6
55
131
50
Investments
186
41
21
21
13
3
0
123
0
251
0
145
Other Assets
1,019
1,330
1,488
1,726
2,322
2,042
2,649
3,147
3,920
4,442
5,104
5,577
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
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
871
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
70
75
65
60
56
Cash Conversion Cycle
52
51
45
50
63
64
47
70
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%
26%
26%
27%
30%
30%

Shareholding Pattern

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

Documents

1
Concall - May 2026 May 2026
2
Concall - Jun 2019 Jun 2019
3
Concall - May 2026 May 2026
4
Concall - Oct 2016 Oct 2016
5
Concall - Feb 2017 Feb 2017

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 IT - Software 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 ₹29570.12 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 21.66. 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 ₹900. 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 1.72%. Dividend yield indicates the annual dividend income relative to the share price. A consistent dividend history can signal financial stability.
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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