Hexaware Technologies Ltd(HEXT)

NSE: HEXTBSE: 544362

₹ 590.05-0.32%refreshed 23 Oct, 03:30 pm ISTMarket cap: ₹ 36,053 crNext results: 28 Oct 2026Website: www.hexaware.comUpdated: 24 Oct 2026

About

Hexaware Technologies is a global digital, technology and business process services company with AI at its core and over 30 years of history, serving enterprise clients across six verticals. In CY25, it reported USD 1,537.4 Mn in revenue, growing 7.6% in USD terms. It operates from more than 55 locations and delivery centres across North America, Europe and Asia-Pacific, and its clients include more than 30 Fortune 500 organisations.^[1][2]

Business segments

Financial Services contributed 30.0% of FY25 revenue (Rs 4,035.8 Cr), the largest vertical, covering banking, capital markets and insurance clients.^[3]
Healthcare & Insurance accounted for 21.1% of FY25 revenue (Rs 2,832.4 Cr), and was the fastest-growing vertical in Q1CY26 at +13.5% YoY in USD.^[3]
Hi-Tech and Professional Services (HTPS) was 16.2% of FY25 revenue (Rs 2,171.6 Cr); from Q1CY26 it is reported as two separate verticals: Professional Services and Technology, Products & Platforms (TPP).^[3]
Manufacturing & Consumer was 15.5% of FY25 revenue (Rs 2,080.7 Cr); grew 3.5% QoQ and 17.9% YoY in Q2CY26 in USD terms.^[3]
Banking was 8.8% of FY25 revenue (Rs 1,176.1 Cr); grew 3.9% QoQ and 10.8% YoY in Q2CY26 in USD terms.^[3]
Travel & Transportation was 8.4% of FY25 revenue (Rs 1,133.8 Cr); fell 1.0% QoQ and 14.5% YoY in Q2CY26, its share shrinking to 7.2% from 9.0% a year ago.^[3]

Services and platforms

Core service lines are Cloud, Business Process Services, Data and Analytics, AI, Digital and Software, Digital IT Operations, Enterprise Platform Services, and GCC (FY25 annual report).^[1]
Proprietary platforms: Amaze (cloud modernisation), Tensai (automation), RapidX (AI software engineering) and Agentverse, a marketplace of 600+ enterprise AI agents (FY25 annual report).^[1]
The Amaze platform is used by three of the world's top five banks (FY25 annual report).^[1]
Brand value rose to USD 879 Mn; its AA+ brand rating ranks it seventh in India and fourteenth globally among IT services brands (FY25 annual report).^[1]

Key operating numbers

Q2CY26 revenue was USD 405.4 Mn, +6.1% YoY in USD and +6.3% YoY in constant currency.^[4]
IT utilisation was 84.8% in Q2CY26 vs 82.6% in Q1CY26; the Q2 figure excludes platform employees (a methodology change adding ~80 bps), with prior periods not restated.^[4]
Voluntary IT attrition (LTM) was 11.2% in Q2CY26, up from 11.1% in Q1CY26 and 11.0% in Q4CY25.^[4]
Offshore IT services share was 48.1% of IT revenue in Q4CY25, up 440 bps YoY from 43.7% in Q4CY24; 100 bps of that shift came from the SMC acquisition.^[2]
Total headcount was 34,506 in Q2CY26, up from 33,798 in Q1CY26 and 33,844 in Q4CY25.^[4]
Internal fulfilment of roles rose to 84.2% in CY25 from 73% in CY24.^[1]
Asia Pacific was the fastest-growing geography in Q2CY26, up 14.1% QoQ and 24.8% YoY in USD, raising its revenue share to 6.5% from 5.5% a year ago.^[4]

Delivery footprint

Operates from more than 55 locations and delivery centres across North America, Europe and Asia-Pacific (FY25 annual report).^[1]
In the year it opened a global business HQ in Jersey City, a Chicago office, a UK HQ at Canary Wharf and a Cairo delivery centre, and announced a planned delivery centre in Birmingham, UK.^[1]
Coimbatore delivery centre is approaching 250 employees and Dehradun close to 200; Hyderabad became operational in February 2026 and is expected to grow to more than 500.^[1]

Customers

Top 10 clients made up 36.4% of revenue and top 20 made up 49.8% (FY25 annual report).^[1]
As of Q4CY25, Hexaware had two clients exceeding USD 100 Mn in annual revenue, up from one in CY24; clients in the USD 50 Mn+ band grew to four from three.^[2]
USD 20 Mn+ clients grew from 15 to 16 in CY25; USD 10 Mn+ clients (LTM) stood at 34 as of Q1CY26.^[2]
Total clients above USD 1 Mn (LTM) stood at 199 as of Q3CY25.^[5]
Net Promoter Score was 65 and CX Index score 76.5 (FY25 annual report).^[1]

Deal pipeline and wins

The deal pipeline crossed USD 4 billion for the first time as of Q4CY25, the highest level in company history.^[2]
In Q4CY25, major wins included a consolidation deal with a global technology giant, a global CRO (agentic AI for clinical research), a large casual dining holding company, and a PE-backed PBM.^[2]
In Q1CY26, it closed a Phase II consolidation deal with a large global bank (meaningful revenue expected in H2CY26) and consolidation wins with a European bank and a global professional services firm.^[6]
In the GSE consolidation program, Hexaware was selected as one of three strategic vendors as of Q1CY26.^[6]

AI services and strategy

In Q2CY26, Hexaware closed its first two wins in a new 'AI Partner' deal category - full-enterprise AI partnerships intended to expand across client operations.^[4]
Multiple Zero License wins were closed across three archetypes in Q2CY26; the model replaces SaaS licensing with agentic AI built on open-source or custom stacks.^[4]
Tokenomics-based and outcome-based AI pricing models are in market as of Q2CY26; management targets launching one new AI service per month.^[4]
In Q4CY25, Hexaware said it was the first company to implement a fully AI-first global multilingual helpdesk in production, serving 33,000 employees.^[2]
Management identified 12 new archetypes of AI-driven revenue opportunities in Q1CY26 across SDLC, Data and IT Operations; AI in SDLC was cited as the largest driver of deal activity.^[6]

Acquisitions, listing and leadership

In CY25 Hexaware acquired SMC Squared, which designs and operates Global Capability Centers (GCCs).^[1]
In Q3CY25 it acquired IAM specialist CyberSolve for USD 66 Mn EV (USD 34.5 Mn upfront + USD 31.5 Mn performance-linked); CyberSolve had CY2024 revenue of USD 25.8 Mn and 230+ specialists.^[5]
Listed on NSE and BSE effective February 19, 2025 through a USD 1 Bn IPO, which the company calls the largest by a technology services company in India.^[7][1]
Amit Vij joined as Chief Private Markets Officer (late CY25) to build a private equity and private markets revenue channel.^[2]
In Q3CY25, Shantanu Baruah joined as Healthcare & Insurance Vertical Head and Eravi Gopan as Head of High Tech Products and Platforms; Siddharth Dhar added the role of Head of AI Practice.^[5]

Guidance and medium-term targets

CY26 USD revenue growth guidance was revised down to 6 - 7% in Q2CY26 (from a prior floor of 7.6%), citing deal ramp delays and worsening macro; it includes ~50 bps from a CP rebadging deal.^[4]
CY26 full-year EBIT margin guidance was reiterated at 13.0 - 14.0% as of Q2CY26.^[4]
Management has a medium-term revenue ambition of USD 3 billion by CY2029 through organic growth and tuck-in M&A.^[2]

Market Cap

₹36,053 Cr

High / Low

₹808 / 400

Stock P/E

26.8

Price / Book

5.4

Book Value

₹103

EPS

₹22.4

No. of Shares

61.1 Cr

ROCE

29.3%

ROE

23.5%

OPM

14.0%

Debt / Equity

0.00

Sales

₹13,430 Cr

Net Profit

₹1,368 Cr

Promoter holding

74.3%

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Hexaware Technologies Ltd(HEXT)

About

Business segments

Services and platforms

Key operating numbers

Delivery footprint

Customers

Deal pipeline and wins

AI services and strategy

Acquisitions, listing and leadership

Guidance and medium-term targets

Signal history

The analysis Screener can't give you

AI Deep Dive

Verdict

Company data

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