HEXT
Hexaware Technologies share price & financials
- Price
- ₹570.2
- Market cap
- ₹30.3k Cr
- Sector
- Information Technology
- Calls analysed
- 6
Hexaware Tech. Q1 CY26
What went well
- Q1 CY26 revenue of $389 million, better than expected
- EBIT margin at 13%, expanded 570 bps sequentially
- Strong cash balance of $220 million
What to watch
- Revenue largely flat sequentially due to $3 million headwind from calendar and furloughs
- License revenue flat sequentially at $11 million
What Hexaware Technologies Limited does
Hexaware Technologies is a global information technology services and business process solutions (BPS) company that helps enterprises modernize core technology platforms and embed data and AI into their operations. It earns revenue primarily from technology services spanning digital software engineering, IT infrastructure and application operations, and enterprise platform implementation and management (Oracle, SAP, Workday, ServiceNow, Salesforce, Snowflake), delivered through a mix of onshore and offshore delivery, supplemented by a smaller BPS/back-office services line. The company also runs a Global Capability Centers (GCC) practice that sets up and manages captive centres for enterprise clients. It serves customers across banking, financial services, healthcare & insurance, manufacturing & consumer, high-tech & professional services, and travel & transportation verticals, with operations spanning the Americas, Europe, and Asia-Pacific.
Segments
- IT Services & Others
- BPS Services
- Employees (closing headcount)
- 33,844
- Countries with operations
- 34
- Employee nationalities
- 90
- Languages spoken across workforce
- 128
- Industry verticals served
- Banking, Financial Services, Healthcare & Insurance, Manufacturing & Consumer, High Tech & Professional Services, Travel & Transportation, Technology Products & Platforms
- Core service lines
- Digital and Software Engineering, Digital IT Operations, Enterprise Platform Services, Global Capability Centers (GCCs)
Guidance record · Q4 FY26
what the last two calls moved 20 tracked 5 delivered 5 missed 10 open- Q1 CY26 Revenue Performance delivered said Q3 FY26 Promised: Q1 will be weaker. Q4 FY26: Q1 CY26 revenue was $389 million, flat sequentially compared to Q4 CY25 revenue of $389 million, fulfilling the 'weaker' quarter guidance.
- Long-term Revenue on track said Q1 FY26 Promised: $3 billion in calendar '29. Q4 FY26: Management expressed confidence in sustained growth from Q2 onwards, underpinning the long-term thesis, although the specific $3B target was not reiterated.
- Full Year EBITDA Margin missed said Q4 FY25 Promised: 17.1% to 17.4% for the full year. Q3 FY26: Normalized EBITDA margin for full year CY25 at 16.8%, an improvement of 120 bps YoY.
All 20 tracked — every revision, and every one management stopped mentioning.
Open the guidance ledgerQuarterly results
Q1 FY27: revenue up 17.9%, net profit down 13.2% against the same quarter last year.
| Line item | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 3,136 | 3,154 | 3,208 | 3,261 | 3,484 +11% | 3,478 +10% | 3,613 +13% | 3,845 +18% |
| EBITDA | 491 | 490 | 528 | 404 | 601 +22% | 378 −23% | 571 +8% | 605 +50% |
| Net profit | 300 | 321 | 327 | 380 | 370 +23% | 292 −9% | 352 +8% | 330 −13% |
How to read this
₹ crore, as filed. The percentage beside a figure is the change against the same quarter a year earlier — never the quarter before, which would make every seasonal business look like it collapses and booms each year.
Performance −36.2% 1Y
1Y: ₹779.6 on 10 Sept 2025 → ₹497.05. High ₹792.55 (19 Dec 2025), low ₹407 (17 Mar 2026).
How the price took the results
close before → close after
- Q4 FY26
- +0.3%
- 7 May
- Q3 FY26
- −2.6%
- 10 Feb
- Q2 FY26
- −3.9%
- 7 Nov
The move from the last close before each results date to the first close after it — the market's first read on the quarter, not the quarter itself.
Financials, as filed
Revenue grew 12.2% a year over 1 year, FY24 to FY25. Operating margin narrowed to 14.2%.
| Year ending | FY24 | FY25 |
|---|---|---|
| Revenue | ₹12.0k Cr | ₹13.4k Cr |
| Operating profit | ₹1.8k Cr | ₹1.9k Cr |
| Operating margin | 15.3% | 14.2% |
| Interest | ₹66 Cr | ₹100 Cr |
| Depreciation | ₹279 Cr | ₹362 Cr |
| Net profit | ₹1.2k Cr | ₹1.4k Cr |
| Net margin | 9.8% | 10.2% |
| Cash from operations | ₹1.5k Cr | ₹1.7k Cr |
| Free cash flow | ₹1.4k Cr | ₹1.6k Cr |
| ROCE | 30.0% | 30.0% |
How to read this
From the company's own filings. Margins are computed from the filed sums; a year with an incomplete quarter is left blank rather than estimated.
Balance sheet
| Year ending | FY20 | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|---|
| Equity capital | ₹60 Cr | ₹60 Cr | ₹60 Cr | ₹61 Cr | ₹61 Cr | ₹61 Cr |
| Reserves | ₹3.2k Cr | ₹3.7k Cr | ₹4.1k Cr | ₹4.6k Cr | ₹5.3k Cr | ₹6.3k Cr |
| Borrowings | ₹236 Cr | ₹50 Cr | ₹456 Cr | ₹394 Cr | ₹574 Cr | ₹681 Cr |
| Other liabilities | ₹1.7k Cr | ₹1.8k Cr | ₹1.9k Cr | ₹2.2k Cr | ₹3.1k Cr | ₹3.9k Cr |
| Total liabilities | ₹5.1k Cr | ₹5.7k Cr | ₹6.5k Cr | ₹7.2k Cr | ₹9.0k Cr | ₹10.9k Cr |
| Fixed assets | ₹2.5k Cr | ₹2.4k Cr | ₹2.6k Cr | ₹2.5k Cr | ₹3.8k Cr | ₹5.1k Cr |
| Capital work in progress | ₹10 Cr | ₹12 Cr | ₹6 Cr | ₹55 Cr | ₹131 Cr | ₹50 Cr |
| Investments | ₹0 Cr | ₹123 Cr | ₹0 Cr | ₹251 Cr | ₹0 Cr | ₹145 Cr |
| Other assets | ₹2.6k Cr | ₹3.1k Cr | ₹3.9k Cr | ₹4.4k Cr | ₹5.1k Cr | ₹5.6k Cr |
| Total assets | ₹5.1k Cr | ₹5.7k Cr | ₹6.5k Cr | ₹7.2k Cr | ₹9.0k Cr | ₹10.9k Cr |
How to read this
As filed each year. A line the company does not report — deposits for a non-lender, for instance — is left out rather than shown as a row of dashes.
Who owns it
As disclosed at Jun 2026
Since Jun 2025, FIIs trimmed −6.57 pp while DIIs added +6.19 pp. The shareholder count grew 15% to 1,26,681.
- Promoters
- 74.3%
- FIIs
- 3.2%
- DIIs
- 16.1%
- Public
- 6.2%
- Others
- 0.2%
Since Jun 2025
- FIIs −6.57 pp
- DIIs +6.19 pp
- Public +0.62 pp
How it drifted, 12 quarters
Over this window FIIs fell from 16.8% to 3.2% — −13.6 pp.
Ownership split by quarter, oldest first. Jun '19: Promoters 62.5%, FIIs 16.8%, DIIs 11.9%, Public 8.8%.Sep '19: Promoters 62.5%, FIIs 17.9%, DIIs 11.6%, Public 8.1%.Dec '19: Promoters 62.4%, FIIs 17.0%, DIIs 12.4%, Public 8.2%.Mar '20: Promoters 62.4%, FIIs 16.8%, DIIs 12.9%, Public 7.9%.Jun '20: Promoters 62.3%, FIIs 14.0%, DIIs 13.1%, Public 10.5%.Sep '20: Promoters 91.2%, FIIs 2.9%, Public 5.9%.Mar '25: Promoters 74.7%, FIIs 10.6%, DIIs 9.1%, Public 5.7%.Jun '25: Promoters 74.6%, FIIs 9.8%, DIIs 9.9%, Public 5.6%, Others 0.2%.Sep '25: Promoters 74.5%, FIIs 8.3%, DIIs 11.1%, Public 6.0%, Others 0.0%.Dec '25: Promoters 74.3%, FIIs 8.2%, DIIs 11.3%, Public 6.0%, Others 0.3%.Mar '26: Promoters 74.3%, FIIs 4.2%, DIIs 15.0%, Public 6.2%, Others 0.3%.Jun '26: Promoters 74.3%, FIIs 3.2%, DIIs 16.1%, Public 6.2%, Others 0.2%.
Who bought this quarter
since Mar 2026
Disclosed holders that added to a position or appeared on the register for the first time, biggest addition first.
- HDFC Trustee Company Limited-HDFC Flexi Cap Fund Mutual fund newly disclosed 4.60% held
- SBI Large & Midcap Fund Mutual fund newly disclosed 3.40% held
- Invesco India Midcap Fund Mutual fund newly disclosed 1.38% held
- ICICI Prudential Technology Fund Mutual fund newly disclosed 1.28% held
- Franklin India Large & Mid Cap Fund Mutual fund +0.11 pp 1.22% held
- Aditya Birla Sun Life Trustee Private Limited A/C Mutual fund +0.07 pp 1.24% held
The same filing shows 0 holders trimming and 3 off the list — both are in the register beside this.
Who is on the register
Named in the Jun 2026 filing
Every holder of Hexaware Technologies Limited above SEBI's 1% disclosure line, and what changed since Mar 2026.
| Holder | Stake | Change |
|---|---|---|
| Ca Magnum Holdings | 74.30% | unchanged |
| HDFC Trustee Company Limited-HDFC Flexi Cap Fund Mutual fund | 4.60% | newly disclosed |
| SBI Large & Midcap Fund Mutual fund | 3.40% | newly disclosed |
| Invesco India Midcap Fund Mutual fund | 1.38% | newly disclosed |
| ICICI Prudential Technology Fund Mutual fund | 1.28% | newly disclosed |
| Aditya Birla Sun Life Trustee Private Limited A/C Mutual fund | 1.24% | +0.07 pp |
| Franklin India Large & Mid Cap Fund Mutual fund | 1.22% | +0.11 pp |
| CA Ancona Investments | 0.00% | unchanged |
| Hexaware Global Limited | 0.00% | unchanged |
| CA Silkie Investments | 0.00% | unchanged |
| CA Sebright Investments | 0.00% | unchanged |
| CA Houdan Investments | 0.00% | unchanged |
A holder disappearing from this list has fallen below the 1% line — it is not necessarily a sale. Percentages are of total shares, as disclosed in the company's own filing. Who was buying across the market this quarter.
Mutual funds in HEXT
Filings to Aug 2026
0 new, 7 added, 3 trimmed, 0 sold out — net −2.70 L shares (−0.8%).
- Held by funds
- ₹1.9k Cr
- 15 schemes
- Biggest holder
- SBI Large and Midcap Fund
- ₹666 Cr · 1.6% of that fund
| Scheme | Holding | Last month | Held since |
|---|---|---|---|
| SBI Large and Midcap Fund SBI Mutual Fund | ₹666 Cr | held | Jan '26 |
| HDFC Flexi Cap Fund HDFC Mutual Fund | ₹458 Cr | +22.31 L | May '26 |
| HDFC Balanced Advantage Fund HDFC Mutual Fund | ₹305 Cr | held | Feb '25 |
| SBI ELSS Tax Saver Fund SBI Mutual Fund | ₹161 Cr | −24.94 L | Feb '25 |
| SBI Technology Opportunities Fund SBI Mutual Fund | ₹100 Cr | held | Feb '25 |
| SBI Innovative Opportunities Fund SBI Mutual Fund | ₹83 Cr | held | Feb '25 |
| HDFC Technology Fund HDFC Mutual Fund | ₹55 Cr | +0.31 L | Feb '25 |
| HDFC Large and Mid Cap Fund HDFC Mutual Fund | ₹20 Cr | held | Feb '25 |
HDFC, Nippon India and SBI schemes, from their monthly disclosures. Changes are counted in shares, so a price move never looks like buying or selling.
Mutual funds Aug 2026
7 added, 3 trimmed — net −2.70 L shares (−0.8%)
- Funds are sitting on
- -5%
- vs est. average cost
- Held by funds
- ₹1.9k Cr
- 15 schemes · ≈ 6.3% of the company
- Biggest holder
- SBI Large and Midcap Fund
- ₹666 Cr · 1.6% of that fund
- Longest holder
- SBI ELSS Tax Saver Fund
- 1y 7m · since Feb '25
Shares held by these funds +5%
Feb '25 3.60 cr shares Jul '26
What the price assumes
Growth trapTo justify its price of ₹497, this stock must grow earnings at 16% every year for 7 years. Our analysis caps realistic growth at ~-6%. At that growth it is worth ₹152 — downside of 69%.
- Growth the price implies
- 15.6% a year
- for 7 years, fading to 4%
- It has actually compounded at
- -5.8% a year
- net profit, FY25–FY26 · EPS -6.3%
- The gap
- 0.2 pp
- -69% downside if it only repeats history
All earnings calls (5)
Read the Q4 FY26 call →Learn to analyse Hexaware Technologies Limited
Guides on how to read this kind of business and the numbers that matter.