Hexaware Technologies logo

Hexaware Technologies

HEXT NSE

Key Fundamentals

SmallcapComputer Software & ConsultingInformation Technology
Market Cap
₹30,536 Cr
Volatility
Moderate
P/E Ratio
22.58
EBITDA
₹2,300 Cr
Return on Equity
21.68%
Debt to Equity
0.1
Book Value
₹109.85
52W High
₹807.75
52W Low
₹400.2

Tapetide 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

Revenue Growth
14.68% higher than 3Y
Net Income Growth
16.55% lower than 3Y
Cash Flow Change
12.34% lower than 3Y
ROE
-1.14% lower than 3Y
ROCE
-6.97% lower than 3Y
EBITDA Margin (Avg.)
5.25% lower than 3Y

AI Analysis — Bull vs Bear

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

Hexaware Technologies Ltd is a mid-cap IT services company with a market cap of ₹30,536 Cr, trading at a P/E of 22.9x. The company has delivered consistent 18% CAGR profit growth over 5 years with a healthy 25% ROE in the last year, though the stock has declined 33% over the past 1 year following its re-listing.

Bull Case 7
  • Strong and consistent ROE averaging 24% over 10 years, with the most recent year at 25%, indicating efficient capital deployment
  • Compounded profit growth of 18% CAGR over both 3-year and 5-year periods, outpacing many mid-cap IT peers
  • Healthy revenue growth with compounded sales CAGR of 16% over 5 years and 16% over 10 years, showing sustained demand for its services
  • Attractive dividend payout ratio of 49.9% with a current dividend yield of 1.69%, providing meaningful income return for an IT company
  • P/E of 22.9x is relatively reasonable for an IT services company delivering 18% profit CAGR, suggesting valuations are not excessively stretched
  • TTM revenue growth of 13% demonstrates continued business momentum in the current environment
  • 10-year stock CAGR of 10% despite the recent sharp correction, reflecting long-term value creation through business fundamentals
Bear Case 8
  • Stock has declined 33% over the past 1 year, indicating significant post-listing selling pressure and potential overhang from early investors
  • TTM profit growth of only 7% marks a sharp deceleration from the 18% CAGR seen over 3 and 5 years, raising margin concerns
  • P/B ratio of 4.58x is elevated, meaning the market is pricing in substantial goodwill beyond book value
  • Revenue growth has decelerated from 16% (5-year CAGR) to 13% on a TTM basis, suggesting potential slowdown in deal wins or client spending
  • Profit growth (7% TTM) is lagging revenue growth (13% TTM), implying margin compression possibly due to wage inflation or investment spending
  • 3-year and 5-year stock CAGR data is unavailable, limiting visibility on medium-term shareholder returns since the company was recently re-listed after being taken private by Carlyle
  • Debt-to-equity and EPS data are not available, reducing transparency on the company's leverage and per-share earnings trajectory
  • As a recently re-listed entity backed by private equity (Carlyle), there is potential for significant promoter stake dilution or sell-downs that could weigh on the stock

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

AI News Digest

Anthropic anthropic claude-opus-4.6 2h ago
Headwinds 2
  • HSBC Hold, near-term weakness cited Sep 3

    HSBC maintains Hold rating with a target price of ₹575, citing near-term business weakness despite the leadership transition.

  • Alleged employee data exposure Aug 19

    Allegations surfaced that employee data was exposed. Hexaware found no proof of a current breach and said the data involved is old, but the incident raises reputational risk.

Positives 3
  • HDFC MF crosses 5% stake Aug 28

    HDFC Mutual Fund acquired 14.06 lakh shares via open market purchases, raising its aggregate holding to 5.21% as of August 26, 2026 — a meaningful institutional vote of confidence.

  • Zero Friction Enterprise framework launch Aug 17

    Hexaware launched a new delivery framework aimed at eliminating operational and technological friction to accelerate digital transformation for clients.

  • Ashoka CSR partnership Aug 25

    Hexaware partnered with Ashoka Innovators to support social entrepreneurs in India through grants and leadership training, strengthening its ESG narrative.

Neutral 3
  • New CEO Jetley from Oct 28 Sep 3

    Vivek Jetley appointed CEO effective October 28, 2026, replacing Srikrishna Ramakarthikeyan who exits after 12 years to become Senior Advisor.

  • RSU plan and ESOP expansion Sep 9

    Postal ballot initiated to approve a new 2 million RSU plan, expand the ESOP pool to 41.8 million shares, and amend CEO incentive terms.

  • AI Day 2026 presentation released Aug 21

    Hexaware released its investor presentation for AI Day 2026 held on August 21 in Chennai, signaling continued focus on AI-led growth positioning.

TL;DR: Hexaware is seeing steady institutional interest with HDFC MF crossing 5% and is investing in AI and digital transformation frameworks. Key risks include near-term business softness flagged by HSBC (Hold at ₹575) and a CEO transition that introduces execution uncertainty. The ESOP expansion and new leadership suggest the company is retooling for the next phase, but investors should watch for early signals of revenue momentum under the incoming CEO from Q4 2026 onward.

Quarterly Results

Particulars 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

Particulars 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

Particulars 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

Particulars 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

Particulars 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%

Insights

Beta

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

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Shareholding Pattern

Others2.65%Promot.74.30%FIIs3.19%Public3.80%DIIs16.06%As ofJun 2026

Documents

Frequently Asked Questions about Hexaware Technologies

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 trades as HEXT on the NSE and under code 544362 on the BSE.
Which sector does Hexaware Technologies Ltd belong to?
Hexaware Technologies Ltd is classified under the Information Technology sector, in the Computer Software & Consulting industry.
What is the market capitalisation of Hexaware Technologies Ltd?
Hexaware Technologies Ltd has a market capitalisation of ₹30,536 Cr, which places it in the Large Cap band.
What is the PE ratio of Hexaware Technologies Ltd?
Hexaware Technologies Ltd trades at a PE ratio of 22.58, against a book value of ₹109.85 per share.
What is the 52-week high and low of Hexaware Technologies Ltd?
Over the last 52 weeks Hexaware Technologies Ltd has traded between ₹400.2 and ₹807.75.
Does Hexaware Technologies Ltd pay dividends?
Hexaware Technologies Ltd has a dividend yield of 1.69%.
What is the Return on Equity (ROE) of Hexaware Technologies Ltd?
Hexaware Technologies Ltd reported a return on equity of 21.68%. Its debt-to-equity ratio is 0.10.

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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