NSE: HEXT · BSE: 544362
HEXAWARE TECHNOLOGIES LTD
Provides information technology services and consulting to enterprise clients, organised around seven industry verticals. For the quarter ending March 31, 2026, the largest stream was Financial Services at 29.6% of segment revenue (Rs 1,068.2 crore, EBIT Rs 340.7 crore), followed by Healthcare & Insurance at 22.7%, Manufacturing and Consumer at 16.1%, Professional Services at 12.7%, Banking at 9.0%, Travel and Transportation at 7.7%, and an internal Technology, Products and Platforms stream at 2.3%. Each vertical sells outsourced IT and digital services to enterprises in that industry — banks, insurers, manufacturers, consumer firms, professional-services firms and travel operators. A delivery model built around utilisation is increasingly layered with proprietary platforms — Amaze, RapidX, Tensai and Agentverse — being unified under one AI-native foundation on AWS, Azure and Google Cloud, with the company now authorised to resell Anthropic's Claude models on Amazon Bedrock. Management has trimmed CY26 growth to a 6–7% range from a prior 7.6% target. Recent additions include a GCC set-up capability via the SMC deal ($22M revenue base) and a UK plan that adds R&D centres in Manchester and Leeds plus expansion in Birmingham. AR · MarketPing reader · 2026-08-02
Revenue streams, as the annual report describes them. Financial Services (FS) (30%), Healthcare & Insurance (H&I) (23%), Manufacturing and Consumer (M & C) (16%), Professional Services (PS) (13%), Banking (9%), Travel and Transportation (T&T) (8%), Technology, Products and Platforms (TPP) (2%). People-intensive, vertical-led IT services and consulting business with an emerging AI and proprietary-platform portfolio.
Exhibit 1: Financial summary, FY25–FY26 (all audited; no estimate years)
| ₹ crore · consolidated | FY25 | FY26 |
|---|---|---|
| Revenue | — | — |
| EBITDA (ex other income) | — | — |
| margin % | — | — |
| Owners' profit | — | — |
| EPS, as reported (₹) | — | — |
| ROE % · ROCE % | — · — | — · — |
| Debt / equity (x) | — | — |
| Cash from operations | — | — |
| Capex | — | — |
Exhibit 2: Quarterly performance, last 7 quarters
| ₹ crore | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 |
|---|---|---|---|---|---|---|---|
| Revenue | 3,154 | 3,208 | 3,261 | 3,484 | 3,478 | 3,613 | 3,845 |
| Profit before tax | 417 | 436 | 468 | 497 | 326 | 473 | 441 |
| Net profit | 321 | 327 | 380 | 370 | 292 | 352 | 330 |
| EPS (₹) | 5.25 | 5.38 | 6.25 | 6.09 | 4.79 | 5.77 | 5.41 |
Exhibit 3: Segment revenue, FY26
| Segment | Revenue, ₹ crore | Share % |
|---|---|---|
| Travel and Transportation (T&T) | 1,133 | 8.2 |
| Financial Services (FS) | 4,125 | 29.8 |
| Banking | 1,252 | 9.0 |
| Healthcare & Insurance (H&I) | 2,984 | 21.6 |
| Technology, Products and Platforms (TPP) | 83 | 0.6 |
| Professional Services (PS) | 459 | 3.3 |
| Manufacturing and Consumer (M & C) | 2,184 | 15.8 |
| Hi-Tech and Professional Services (HTPS) | 1,615 | 11.7 |
| Total, before eliminations | 13,835 | 100.0 |
Exhibit 4: Peers — basic industry group, by market cap
| Company | M.cap ₹ cr | P/E | P/B | EV/EBITDA | ROE % | ROCE % | Rev CAGR 5y % | EBITDA m. % |
|---|---|---|---|---|---|---|---|---|
| TATA CONSULTANCY SERV LT | 9,03,878 | 18.1 | 8.33 | 12.4 | 45.6 | 53.9 | 10.2 | 26.9 |
| INFOSYS LIMITED | 4,71,713 | 15.7 | 5.06 | 9.9 | 31.6 | 38.6 | 12.2 | 25.7 |
| HCL TECHNOLOGIES LTD | 3,85,530 | 22.1 | 5.13 | 13.8 | 22.1 | 26.2 | 11.5 | 20.9 |
| WIPRO LTD | 1,85,195 | 14.8 | 2.10 | 8.8 | 15.0 | 17.1 | 8.4 | 22.9 |
| TECH MAHINDRA LIMITED | 1,77,517 | 31.3 | 5.90 | 19.9 | 16.0 | 18.8 | 8.5 | 16.8 |
| LTM LIMITED | 1,20,167 | 23.0 | 4.98 | 14.5 | 20.7 | 24.8 | 27.9 | 20.0 |
| PERSISTENT SYSTEMS LTD | 92,008 | 47.4 | 11.74 | 31.5 | 23.8 | 28.5 | 28.6 | 17.8 |
| COFORGE LIMITED | 88,367 | 40.6 | 9.13 | 31.5 | 18.0 | 17.2 | 28.6 | 18.6 |
Exhibit 5: Where the company sits in its group
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/E (TTM) | 25.8 | 15.1 | 44 of 65 | 33% |
| P/B | 5.2 | 2.6 | 49 of 65 | 25% |
| ROCE | 11.7 | 14.2 | 46 of 76 | 40% |
| ROE | 10.2 | 11.5 | 40 of 64 | 38% |
| Debt / Equity | 0.0 | 0.0 | 1 of 65 | 67% |
| EBITDA margin | 14.4 | 18.4 | 40 of 65 | 39% |
| Revenue growth | 17.9 | 10.6 | 20 of 63 | 69% |
| Profit growth | (13.0) | 6.7 | 44 of 62 | 30% |
| Market cap | 34743 | 425 | 10 of 76 | 88% |
Exhibit 6: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | Next day % | 5-day % |
|---|---|---|---|---|
| 24 Oct 2026 · Hexaware to host Q3 CY2026 earnings call on October 29 | board shareholder meetings | low | — | — |
| 23 Oct 2026 · Hexaware advances UK expansion and university partnerships | compliance | low | — | — |
| 20 Oct 2026 · Hexaware declares 2nd interim dividend of Rs 9.50 per share | corporate actions | high | — | — |
| 20 Oct 2026 · Hexaware declares 2nd interim dividend of Rs 9.50 per share | corporate actions | high | — | — |
| 19 Oct 2026 · Board meeting on Oct 28, 2026 to approve Q2 FY26 results | results | low | — | — |
| 15 Oct 2026 · Board to consider 2nd interim dividend for FY2026 on October 20, 2026 | corporate actions | high | — | — |
| 13 Oct 2026 · Hexaware receives dematerialization certificate from registrar for Q2 FY26 | compliance | minimal | — | — |
| 9 Oct 2026 · Hexaware files restated and amended Trust Deed for Employee Benefit Trust | general | low | — | — |
| 9 Oct 2026 · Hexaware: 8 postal ballot resolutions on RSU Plan and ESOP changes passed | board shareholder meetings | low | — | — |
| 8 Oct 2026 · Hexaware becomes Preferred Partner in Anthropic Claude Partner Network | compliance | low | — | — |
How to read this document
| Where a broker report shows | This document shows | Why |
|---|---|---|
| A rating (BUY / ADD / REDUCE / SELL) | A state: the latest filed quarter and the measured reactions | an event is a fact; a rating is an opinion that requires SEBI RA registration |
| A target price and upside | The current price and the multiples against the group | a target is a forecast; a multiple is a measurement |
| Estimate years marked E | More audited years; no estimates | MarketPing publishes no forecasts — your own model lives on the Models page |
Sources, method and disclosures
This document is a statistical summary of publicly filed information and market data, prepared by software from primary sources: SEBI results XBRL filed with BSE and NSE, LODR disclosures, shareholding patterns, exchange price data. It contains no research recommendation, no price target and no opinion on the merits of any security, and is not a research report within the meaning of the SEBI (Research Analysts) Regulations, 2014, Regulation 2(1)(w)(vii). Financial statements are as filed (consolidated where the company files consolidated results). Ratios are computed over filed lines. Where a figure is unavailable the table shows a dash rather than an estimate. The business brief is written by MarketPing's reader from the annual report and checked against it; no figure in a table was generated by a model. Nothing here constitutes investment advice, an offer or a solicitation; readers should consult a SEBI-registered adviser before acting. MarketPing is not a SEBI-registered intermediary.