Announcement
Announcement under Regulation 30 (LODR)-Change in Management 1 Oct - Hexaware appoints Neeraj Kumar as EVP Global Head Travel and Transportation; Eswaran Venkatachalam shifts to Zero Tech Debt.
Source: Bse
Hexaware Technologies Limited (HEXT)
Large CapIT stocks · Large cap · NSE
Hexaware Technologies is a global digital and technology services company with AI at its core, leveraging technology to deliver innovative solutions for digital transformation. It serves 30+ Fortune 500 clients with 33,798 employees across 30+ countries, embedding AI into its solutions and platforms.
Data qualityFresh enough for analysisQuote updated 19 Oct, 03:31 pm ISTDetails
Quote19 Oct, 03:31 pm IST
Base fundamentals17 Oct 2026 · screener
Latest result30 Jul, 02:42 am IST
Score20 Oct, 04:30 am IST · v4.3-runtime-valuation
Tags02 May 2026
Coverage14/14 · 100%
Valuation2026-07-20 · Rf 6.8% · IT P/E 21.4 (n=204)
Technical timing lens
Trend score and candlestick chart
73BullishSMA20 -2.2% / mo · MACD + · sector +14.5pp vs Nifty 500 (3M)
Stock trend: 55
Sector RS: 100
Sector 3M: +8.9% vs Nifty 500 -5.6%
IT FPI tailwindNot confirmed
Latest mapped FPI equity flow was not positive. View sector evidence
Technical chart
HEXTD candles · FIT view+29.1%Latest close ₹574.30 on 2026-10-19
Bar
-1.0%
RSI
69
MACD hist
9.97
52W pos
43%
2026-10-19O ₹580.00H ₹583.50L ₹568.05C ₹574.30Vol 2.2L sh
Up bar
Down bar
EMA 20
EMA 50
Volume + 20D avg
Result date
RSI(14)
MACD / signal
Market context
Relative performance and chart statistics
Adjusted completed-session prices, rebased to 100
HEXTNifty ITNifty 500
- HEXT
- +3.4%
- Nifty 500
- -5.6%
- Nifty IT
- +8.1%
- Vs Nifty 500
- +8.9 pp
Chart stats
19 Oct 2026- From 52W high
- -28.9%
- 52W range position
- 43%
- ATR (14)
- 3.3%
- Volume vs 20D
- 0.12x
- Avg traded value
- ₹101 Cr
- 20D price channel
- ₹476.3 - ₹587.9
₹807.8
₹400.2 - ₹807.8
₹19.1
Latest completed session
20-session average
28.8% annualized volatility
Research snapshot
What the evidence says now
Investable fundamentals, management evidence is still limited to a financial-only Trust Lite signal, price trend supports entry, and recent execution is mixed.
Suggested next step
Research, do not rush
The evidence is not strongly aligned. Compare peers and wait for a cleaner setup.
U-Score
Legacy · UNDERVALUED60
Fundamental lens: valuation, quality, growth, balance sheet, and cash flow.
Latest result
Bad25
Revenue +17.9% · PAT -13.2% YoY
Technical
Bullish73
Price trend and sector-relative-strength timing.
Valuation
Legacy model+18.7%
Legacy margin-of-safety estimate; the revised evidence label remains in shadow validation.
Trust
Limited evidence84
Financial-only signal; management claim evidence is not sufficient yet.
Financials
Fundamentals, quarterly history, margins, returns and balance-sheet evidence
Financials
Fundamentals, quarterly history, margins, returns and balance-sheet evidence
Latest result
Quarter ended 30 Jun 2026
Bad · 25/100PAT -13% YoY · Rev +18% YoY · margin expansion · +6% QoQ
Filed 29 Jul 2026
Open results browser →| Metric | This quarter | YoY | QoQ |
|---|---|---|---|
| Revenue | ₹3,845 Cr | +17.9% | +6.4% |
| EBITDA | ₹605 Cr | +49.8% | +6.0% |
| Operating margin | 16.0% | +400 bps | +0 bps |
| PAT | ₹330 Cr | -13.2% | -6.3% |
| PAT margin | 8.6% | -307 bps | -116 bps |
NDF means not disclosed in the current structured filing feed. It is intentionally not treated as zero.
Fundamentals
Valuation
- P/E
- 25.10
- P/B
- 5.30
- EV/EBITDA
- 14.29
- Market Cap
- 35607.00Cr
Profitability
- ROE
- 24.90%
- ROCE
- 30.10%
- ROA
- 11.60%
- Dividend Y
- 1.97%
Growth (CAGR)
- Revenue 5Y
- 16.00%
- EPS 5Y
- 18.00%
- Revenue 3Y
- 13.00%
- EPS 3Y
- 18.00%
Balance Sheet
- Debt/Equity
- 0.10
- Interest Coverage
- 18.11×
- Altman Z
- 7.27
- Book Value
- 110.00
Cash Flow
- FCF Yield
- 2.32%
- FCF Positive Y
- 11/5
- OCF
- 1739.00 Cr
- EPS TTM
- 22.01
Shareholding
- Promoter Hold
- 74.30%
- Promoter Pledge
- 0.00%
- Momentum 52W
- 45%
Financial History
Updated 20/10/2026
Revenue
₹ CrLatest: 13.4k+12.2% vs prev
Net Profit
₹ CrLatest: 1,368+16.5% vs prev
Return on Equity
%Latest: 20.4+9.6% vs prev
Technicals
Trend interpretation, Stage 2, relative strength, volume and indicator evidence
Technicals
Trend interpretation, Stage 2, relative strength, volume and indicator evidence
Daily technical trend read
Mixed signalsSignals are conflicting — long-term uptrend intact. RSI 69. Wait for confirmation.
- Price above SMA200 (long-term uptrend) but mid-term MAs not aligned.
- SMA20 falling (~2.2% over last month) — short-term momentum negative.
- RSI(14) at 69 — rising, no extreme reading.
- MACD above signal, histogram expanding — bullish momentum building.
- 29% off 52W high · 44% above 52W low.
Mechanical read from the price + indicator series above. Not a recommendation — technical setups can reverse without warning, especially around earnings and macro events.
Nifty 500 leadership
Relative Strength & Trend Stage
64
RS percentile
Stage 2 UptrendNew S2
1M return
+9.5%
3M return
+3.4%
6M return
+25.8%
1Y return
-19.7%
RS 1D
+10
RS 20D
+28
Sector rank
#2
Industry rank
#5
Stage evidence
- Price is 11.9% above the 30-week proxy.
- The 50-DMA is above the 30-week proxy and its slope is rising +1.8%.
- Both 3-month and 6-month returns are positive.
50-DMA
price above
200-DMA
price above
S2 entered
13 Oct 2026
S2 age
5 trading sessions
Sector
leading
Industry
leading
Relative-strength line vs Nifty 500 (base 100)
262 observations
19 Oct 2026Value 89.11-0.44%
RS vs Nifty 50089
Valuation & peers
U-Score 60 · legacy U-Score band UNDERVALUED · valuation evidence and comparable companies
Valuation & peers
U-Score 60 · legacy U-Score band UNDERVALUED · valuation evidence and comparable companies
Premium Compounder
Fundamental score breakdown
U band · UNDERVALUEDValuation4/30
Growth15/25
Quality18/20
Balance Sheet12/15
Cash Flow6/10
Piotroski
8/9 (+5)
Penalties
0
Raw sum
60
Why this score?
Top U-Score contributors and drags from the latest stored fundamentals.
60/100 · legacy band UNDERVALUED
Positive drivers
- Piotroski is strong at 8/9.
- Fair-value margin of safety is positive at 18.7%.
- Quality contributes 18/20 to the score.
Main drags
- Valuation is weaker at 4/30; verify the latest quarterly trend.
- Growth is weaker at 15/25; verify the latest quarterly trend.
- Cash flow is weaker at 6/10; verify the latest quarterly trend.
Sector valuation model
IT valuation: PE and EV/EBITDA against growth and margins
Asset-light IT companies deserve valuation support only when growth, margins, and cash conversion hold up.
Primary lens
PE and EV/EBITDA relative to revenue growth, margins, and cash conversion.
Secondary checks
Deal pipeline, attrition, dollar revenue growth, FCF yield.
Main risk check
Low PE can reflect weak growth or margin pressure.
PE
25.1
PB
5.3
EV/EBITDA
14.3
ROE
24.9%
ROCE
30.1%
FCF Yield
2.3%
Debt/Equity
0.1
MoS
+18.7%
Score movement
Stored run vs live recompute
This shows the stored score trend when snapshots exist, and also compares the latest stored nightly score with a live recompute from current fundamentals and price.
Stored run: 20 Oct 2026
v4.3-runtime-valuation
Final score
60
Previous: 60
Legacy U-Score band
UNDERVALUED
Previous: UNDERVALUED
Margin of safety
+18.7%
Previous: +17.4%
Score history
12 stored score snapshots. Latest stored move: +0 points.
20 Oct 2026
v4.3-runtime-valuation
62
60
60
60
60
60
60
60
60
60
60
60
Factor attribution
No pillar movement versus the latest stored run. Historical score trend will appear after snapshot storage is enabled.
Modelled fair value
Graham Number
₹233.4
-146.1% MoS
Growth-justified P/E
32.1
Growth-justified Value
₹706.52
+18.7% MoS
PEG
1.39
Comparable companies
Peers
Business-comparable peers in IT — ranked by industry, sub-sector, theme-tag overlap, market cap, and U-Score similarity. Green cells mark the best available peer metric in this table.
Ticker
Name
Why peer
Score
PE
ROE
MoS
Verdict
NETWEB
Small
Netweb Technologies India Limited
IT Services / Digital
match 160
60
107.0
32.8%
-219%
UNDERVALUED
NEWGEN
Large
Newgen Software Technologies Limited
IT Services / Digital
match 160
63
19.8
19.6%
+31%
UNDERVALUED
SONATSOFTW
Large
Sonata Software Limited
IT Services / Digital
match 159
66
13.8
28.2%
+54%
UNDERVALUED
MAPMYINDIA
Large
C.E. Info Systems Limited
IT Services / Digital
match 158
38
36.7
12.0%
-10%
WATCHLIST
MPHASIS
Mid
MphasiS Limited
IT Services / Digital
match 157
38
24.7
18.5%
-4%
WATCHLIST
Business, management & trust
Growth engines, risks, management commitments and evidence-backed delivery
Business, management & trust
Growth engines, risks, management commitments and evidence-backed delivery
Business and thesis
Where growth can come from, and what can break the case
Thesis intactReviewed 2026-06-03T17:40:48.440Z
Management commentary snapshot
Hexaware reported Q1CY26 revenue of USD 388.5 Mn, flat QoQ but up 4.6% YoY. Adjusted EBIT margin was 13.0%, a slight QoQ dip of 6 bps and 133 bps YoY. Basic EPS grew 20.5% QoQ and 7.2% YoY to INR 5.77.
Q1CY26 results show flat sequential revenue in USD terms, but strong EPS growth. Management reiterates CY26 revenue growth floor of 7.6% and EBIT margin guidance of 13.0%-14.0%, supported by strong deal momentum and AI-driven opportunities. The AI pivot is central to future growth.
Current business mix
Revenue by vertical
Latest issuer-disclosed distribution across 7 reported categories.
Financial Services29.6%
Healthcare & Insurance22.7%
Manufacturing & Consumer16.1%
Professional Services12.7%
Banking9.0%
Travel & Transportation7.7%
Technology, Products & Platforms2.3%
Growth engines
AI-driven Opportunities
Addressing 12 new archetypes of opportunities/revenues due to AI and proactively offering productivity solutions in SDLC, Data, and IT Operations.
Strong Deal Momentum
Q1 witnessed strong deal momentum with wins across consolidation, outsourcing, and transformation programs.
AI in SDLC
AI in SDLC is identified as the single largest driver of deal activity and differentiation.
Large Deal Wins
Closed Phase II win with a large global bank, expected to translate into meaningful revenue contribution in H2 CY26.
Tailwinds
AI-driven Demand
AI is creating new revenue opportunities and driving deal activity across various IT operations and business functions.
Consolidation Deals
Multiple wins in consolidation programs, including a large global bank, a European bank, and a global professional services firm.
Ramp-up of Large Deals
Outlook is underpinned by the ramp-up of previously won large deals, complemented by strong conversion from recent wins.
Headwinds
Vertical Specific Weakness
Technology, Products & Platforms revenue declined 23.5% YoY in USD terms. Travel & Transportation declined 7.5% YoY and is expected to lag due to macro factors.
Geographic Weakness
Asia Pacific revenue declined 6.6% QoQ in USD terms.
Increased DSO
Billed Days Sales Outstanding (DSO) increased to 44 days in Q1CY26 from 38 days in Q4CY25.
Risk radar
Intense Competition
Intense competition in IT services, including factors that may affect cost advantage.
Talent Management
Ability to attract and retain highly skilled professionals, alongside potential wage increases.
Technological Disruptions
Technological disruptions and innovations such as Generative AI, which could impact existing service lines.
Client Concentration
Revenue contribution from Top 5 customers was 25.6% (LTM Q1CY26), indicating concentration risk.
Management accountability
What management said, and what results must prove
Issuer guidance and extracted claims are tracked against later reported outcomes. Treat these as management statements, not IndiaPulse forecasts.
Analyst reading lens
Compare BOTH
QoQ comparison is crucial for IT services to assess sequential momentum, deal ramp-ups, and immediate operational efficiency changes. YoY comparison provides a view of underlying growth trends and seasonal impacts.
Sector KPIs management disclosed
Closing Headcount
33,798 total headcount, with a QoQ net reduction of 46. IT headcount saw a net addition of 124, marking the 11th straight quarter of IT headcount addition.
Voluntary Attrition (IT)
Voluntary attrition for the IT service line was 11.1% on a trailing twelve-month basis.
Utilization Rate (IT)
Q1CY26 Utilization Rate for IT was 82.6%, up from 80.8% QoQ.
10Mn+ Customers
Added 2 more customers in the $10Mn+ category (LTM basis), taking the total count to 34 compared to 32 in the previous quarter.
Management forward view
CY26 Revenue Guidance
Reiterating the CY26 baseline revenue growth floor of 7.6%, underpinned by large deal ramp-ups and recent wins.
CY26 Margin Guidance
Reiterating the EBIT margin guidance of 13.0%–14.0% for CY26, with margins expected to improve through the year, especially in H2.
Vertical Growth Outlook
Banking, Healthcare & Insurance, and Manufacturing & Consumer are expected to lead growth for CY26, with Professional Services and Financial Services to follow.
AI Day Plan
Plan to hold an AI day shortly after Q2CY26 results to discuss AI strategy and offerings.
Thesis monitor
Numbers and claims to verify in the next filings
| Checkpoint | Current evidence | What to verify next |
|---|---|---|
| Revenue Growth (USD CC) | -0.3% QoQ; +3.2% YoY | Acceleration towards the reiterated CY26 baseline revenue growth floor of 7.6%. |
| Adjusted EBIT Margin | 13.0% | Improvement towards the 13.0%-14.0% guidance range and an exit rate higher than CY26. |
| 10Mn+ Customers | 34 (LTM basis) | Continued additions to this category, indicating successful client mining and expansion. |
| DSO - Billed | 44 days | Stabilization or reduction in DSO, indicating improved collection efficiency. |
Verification checkpoints are IndiaPulse research interpretation, not investment advice.
Trust Score
84Limited evidence · low confidenceTrust Lite
Trust asks: does management behaviour match later outcomes? Higher is better, but confidence and evidence depth matter as much as the number.
Limited evidence: Claim history is still being built. It ranks around the 97th percentile of the scored universe and 95th percentile within IT. No major sub-score weakness stands out.
This is a financial-behaviour screen, not a claim-tested management reliability verdict.
Computed 20 Oct 2026
management-trust-v1
69 docs text-extracted · 12 concalls text-extracted
Score band
Limited evidence
Financial behaviour is scored, but management claims do not yet have enough outcome checks.
Relative rank
97th percentile
overall median 67 · IT: 95th pctile, median 69 · Large: 90th pctile, median 73
Evidence depth
Financial-only
69 documents have extracted text, but claim history is not strong enough yet.
Claim delivery
Outcome history still building
0 claims extracted · No contradicted claim yet
How to read this Trust Score
Limited evidence · low confidenceWhat it measures
Reliability of management and financial delivery, using financial behaviour only.
Confidence
Treat this as an early read until more concalls and outcomes are matched.
Investor use
Can support position sizing if valuation and trend also agree.
Read Trust alongside U-Score, result consistency, and technical trend. A cheap stock with weak Trust needs a larger margin of safety; a high Trust score does not make an expensive stock attractive by itself.
Forensic breakdown
Read low sub-scores as due-diligence warnings, not automatic sell signals.
Promoter
86
strong · holding, pledge, alignment
Cash flow
77
strong · profit to cash conversion
Balance sheet
96
strong · leverage and solvency
Discipline
90
strong · capital discipline
Results
67
acceptable · quarterly consistency
Trust positives
- ▸Promoter holding is 74.3%.
- ▸Promoter pledge is zero.
- ▸FCF yield is positive at 2.3%.
- ▸11 years of positive FCF.
Trust risks
- ▸No major Trust Lite risk flags.
Trust Lite uses financial behaviour only. Prefer claim-tested Trust when enough concall claims have later outcomes.
Continue researching Hexaware Technologies Limited
Important announcements & filings
Latest exchange and company disclosures found within the past two years.
Open source ↗
AnnouncementSep 2026
Sep 2026 · Announcement under Regulation 30 (LODR)-Analyst / Investor Meet - Intimation 15 Sep - Hexaware will attend J.P. Morgan 10th Annual India Conference on September 21, 2026 in Mumbai.
Source: Bse
Announcement
Announcement under Regulation 30 (LODR)-Newspaper Publication 10 Sep
Source: Bse
Announcement
Announcement under Regulation 30 (LODR)-Meeting Updates 2 Sep - Board approved ESOP amendments, excess option grants, and a new 2 million RSU plan.
Source: Bse
Investor presentation
Announcement under Regulation 30 (LODR)-Investor Presentation 21 Aug
Source: Bse
Announcement
Announcement under Regulation 30 (LODR)-Analyst / Investor Meet - Intimation 5 Aug
Source: Bse
Investor presentationJul 2026
Jul 2026 · PPT
Source: Bse
AnnouncementJun 2026
Jun 2026 · Announcement under Regulation 30 (LODR)-Analyst / Investor Meet - Intimation 27 May - Hexaware to participate in Citi 2026 India Conference on June 5, 2026 in Mumbai.
Source: Bse
Announcement
Announcement under Regulation 30 (LODR)-Press Release / Media Release 17 Jun - Hexaware will invest £25 million in UK expansion, creating 1,200 jobs over three to five years.
Source: Bse
Announcement
Announcement under Regulation 30 (LODR)-Press Release / Media Release 13 Jun - Hexaware opened a GIFT City delivery center, targeting 1,000 jobs over three years.
Source: Bse
Announcement
Announcement under Regulation 30 (LODR)-Press Release / Media Release 12 Jun - U.S. court dismissed Natsoft’s patent and related claims against Hexaware; plaintiffs may file amended complaint.
Source: Bse
Concall transcriptMay 2026
May 2026 · Transcript
Source: Company Ir
All information is for study purposes only. For investment decisions, consult your financial advisor. See Playbook for methodology.