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Hexaware reported Q1CY26 revenue of USD 388.5 Mn (flat QoQ, +4.6% YoY) with EBIT margin at 13.0%, down 133 bps YoY but stable QoQ when adjusted for one-time items. The company reaffirmed its CY26 revenue growth guidance of 7.6% and EBIT margin guidance of 13.0%-14.0%, expecting margin to improve in H2 with a higher exit rate. Key wins include Phase II deal with a large global bank, selection as one of three strategic vendors in GSE consolidation, and consolidation wins in a European bank and global professional services firm. AI in SDLC emerged as the single largest driver of deal activity. Headcount stood at 33,798 with 11.1% voluntary attrition and 82.6% utilization rate. The company plans an AI day shortly after Q2 results.
The flat QoQ revenue reflects seasonal softness, but reaffirmation of full-year guidance and strong deal wins suggest improved momentum in H2. The margin outlook is constructive with expected improvement through the year.