Tata Consultancy Services Ltd.
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Technology · Information Technology Services
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Hexaware Technologies Ltd.
NSE: HEXTTechnologyInformation Technology Services
- Last close
- ₹590.80
- Day change
- −₹0.65 (−0.11%)vs
- Market cap
- ₹34,779 crIndian rupees
- Research updated
- 1 report
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About Hexaware Technologies
Hexaware Technologies Ltd. is a global technology and business process service company. It is known for providing a wide range of information technology services, including consulting, application development and maintenance, business process outsourcing, and legacy modernization services. Hexaware is particularly prominent in segments such as banking and financial services, healthcare, insurance, and travel. Headquartered in Navi Mumbai, India, the company has a significant presence across the globe with offices in North America, Europe, and the Asia-Pacific region. By leveraging next-generation technologies and a strong innovation ethos, Hexaware Technologies aims to transform clients' business operations through enhanced digital experiences and optimized processes. With a focus on automation and cloud solutions, Hexaware plays a crucial role in helping businesses adapt to the fast-changing technological landscape. In the financial markets, Hexaware Technologies Ltd. is recognized for its commitment to delivering consistent, high-quality services that drive client success.
- Sector
- Technology
- Industry
- Information Technology Services
- Listing
- NSE: HEXT
- Next results
- Chief executive
- Mr. Ramakarthikeyan Srikrishna
- Employees
- 34,506
- Headquarters
- Navi Mumbai, India
- ISIN
- INE093A01041
- Website
- hexaware.com
Public research · Report of
Business model & financial foundation
Hexaware Technologies (NSE: HEXT), IT services and business process services: revenue of ₹13,430 crore in FY25 (+12.2% on FY24), an EBITDA margin of 14.2%, net profit of ₹1,369 crore and net cash of ₹2,132 crore.
- Revenue, FY25 (₹ crore)
- 13,430
- consolidated
- Revenue growth, FY25
- +12.2%
- on FY24
- EBITDA margin, FY25
- 14.2%
- EBITDA (Operating EBITDA excluding other income and FV gains) / revenue
- Net profit, FY25 (₹ crore)
- 1,369
- to owners
- Return on equity, FY25
- 23.5%
- on average equity
- Net debt, FY25 (₹ crore)
- -2,132
- Net bank debt excluding leases; negative is net cash
- Market capitalisation (₹ crore)
- 31,877
- at the close of 15 Oct 2026
Company profile
Hexaware provides application transformation, cloud, data, AI and business-process services to global enterprises. Revenue depends on billable professionals, utilisation, pricing and client project ramps; US financial services and healthcare are important exposures. The company re-listed in February 2025 through a promoter offer for sale and reports on a December year-end.
| Item | Value |
|---|---|
| Legal name | Hexaware Technologies Limited |
| Exchange and ticker | NSE: HEXT; BSE: 544362 |
| ISIN | INE093A01041 |
| CIN | L72900MH1992PLC069662 |
| Sector | Technology |
| Industry | IT services and business process services |
| Headquarters | Navi Mumbai, India |
| Fiscal year end | December |
| Reporting basis and unit | consolidated, in ₹ crore |
| Auditor | B S R & Co. LLP |
| Market capitalisation | ₹31,877 crore (15 Oct 2026) |
| Shares outstanding | 61.80 crore shares (FY25) |
| Price | ₹570.3 (close, 15 Oct 2026) |
| 52-week range | ₹400.2 - ₹807.8 (to 15 Oct 2026) |
| Website | https://hexaware.com/ |
Corporate structure and shareholding
Parent: CA Magnum Holdings (Carlyle).
| Entity | Holding | Business |
|---|---|---|
| Hexaware Technologies Inc. | 100% | US IT and IT-enabled delivery services |
| Hexaware Technologies UK Limited | 100% | UK IT and IT-enabled delivery services |
34 subsidiaries as of 31 December 2025; material subsidiaries shown. Promoter refinancing security is distinct from listed-group borrowing.
| Shareholding (% of shares) | Q4FY25 | Q1FY26 | Q2FY26 | Q3FY26 |
|---|---|---|---|---|
| Promoter | 74.30% | 74.30% | 74.30% | |
| Promoter holding pledged | 0.00% | 0.00% | 0.00% | |
| Foreign institutions | 8.15% | 4.20% | 3.19% | |
| Domestic institutions | 11.31% | 15.04% | 16.06% | |
| of which mutual funds | 10.81% | 14.54% | 15.53% | |
| Retail | 3.80% | |||
| Other | 2.65% |
The promoter holding pledged is a share of the promoter's own holding.
Business model
Hexaware sells application transformation and maintenance, cloud, data/AI and business-process services to global enterprises. Delivery is mostly from India: offshore was 48% of IT services revenue in Q2CY26. Revenue is billed in USD, EUR and GBP and costs are mostly in INR, so revenue = USD revenue x USD/INR, and margin follows people cost, utilisation and the rupee. By vertical, Q2CY26 revenue was Financial Services 28.7%, Healthcare & Insurance 23.1%, Manufacturing & Consumer 16.0%, Professional Services 13.8%, Banking 9.0%, Travel 7.2% and Hi-Tech 2.1%. By geography it was Americas 73.6%, Europe 19.9% and APAC 6.5%. The top-10 clients are 35.7% of LTM revenue. Carlyle (CA Magnum) owns 74.3% and re-listed the company in February 2025 through an INR 8,750 cr offer for sale; no fresh capital was raised. Hexaware controls delivery, pricing and its platforms (Tensai, Agentverse, Zero License). It does not control client budgets, AI-driven pricing deflation or vendor consolidation, which management describes as "13 of top-20 clients in five quarters".
| Segment | revenue, FY25 (₹ crore) | Share | revenue usd, FY25 (US$ million) | Share | result, FY25 (₹ crore) | Share |
|---|---|---|---|---|---|---|
| Financial Services | 4,036 | 30.0% | 462.0 | 35.9% | 1,315 | 26.4% |
| Healthcare and Insurance | 2,832 | 21.1% | 324.0 | 25.2% | 1,034 | 20.8% |
| Manufacturing and Consumer | 2,081 | 15.5% | 238.0 | 18.5% | 804.5 | 16.1% |
| Banking | 1,176 | 8.8% | 134.0 | 10.4% | 448.3 | 9.0% |
| Travel and Transportation | 1,134 | 8.4% | 130.0 | 10.1% | 503.0 | 10.1% |
| Professional Services | 1,847 | 13.8% | 764.2 | 15.3% | ||
| Technology Products and Platforms (Hi-Tech) | 324.2 | 2.4% | 113.6 | 2.3% |
Segments as the company reports them (consolidated); each share is of the segments' sum.
| Peer | Why the dossier compares them |
|---|---|
| Persistent Systems (PERSISTENT) | Mid-tier digital engineering and cloud services growth comparator |
| Coforge (COFORGE) | Mid-tier IT services with financial services and travel exposure |
| Mphasis (MPHASIS) | US financial services concentration and private-equity-backed IT delivery |
| LTIMindtree (LTIM) | Larger IT services benchmark for enterprise delivery and margins |
| Zensar Technologies (ZENSARTECH) | Mid-tier digital services and margin comparator |
| Birlasoft (BSOFT) | Enterprise IT services and manufacturing exposure comparator |
Financial databook
| Profit and loss (₹ crore) | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|
| Revenue | 7,178 | 9,200 | 10,380 | 11,974 | 13,430 |
| Cost of revenue (vendor classification) * | 3,808 | 5,106 | 5,726 | 6,425 | 9,172 |
| Other operating costs (vendor classification) * | 1,714 | 2,346 | 2,568 | 3,010 | 1,438 |
| EBITDA (vendor classification) * | 1,195 | 1,393 | 1,601 | 2,103 | 2,137 |
| Operating EBIT excluding other income and FV gains | 974.4 | 1,151 | 1,298 | 1,551 | 1,550 |
| Finance costs | 33.2 | 28.3 | 37.8 | 66.0 | 100.5 |
| Profit before tax | 941.2 | 1,123 | 1,269 | 1,560 | 1,727 |
| Tax expense | 192.4 | 238.8 | 270.9 | 386.3 | 358.5 |
| Consolidated profit after tax | 748.8 | 884.2 | 997.6 | 1,174 | 1,368 |
| Reported diluted EPS (₹) | 24.64 | 29.06 | 16.41 | 19.29 | 22.16 |
| Employee benefits expense | 6,128 | 6,965 | 7,794 | ||
| Other operating expenses | 2,671 | 3,179 | 3,725 | ||
| Depreciation and amortisation | 283.6 | 278.8 | 361.3 | ||
| Other income including FX gains/losses | 8.80 | 74.9 | 6.30 | ||
| FV consideration gain less exceptional charges | 0.00 | 0.00 | 270.9 | ||
| Operating EBITDA excluding other income and FV gains | 1,581 | 1,830 | 1,911 | ||
| Profit attributable to non-controlling interests | 0.00 | -2.40 | -0.90 | ||
| Profit attributable to owners of parent | 997.6 | 1,176 | 1,369 |
| Balance sheet (₹ crore) | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|
| Total equity including non-controlling interests | 3,788 | 4,123 | 4,635 | 5,355 | 6,313 |
| Bank borrowings excluding leases | 374.3 | 456.5 | 0.00 | 0.00 | 0.00 |
| Cash including restricted balances and mutual funds | 1,179 | 1,292 | 2,040 | 1,992 | 2,132 |
| Billed and unbilled receivables including contract assets | 1,019 | 1,385 | 1,910 | 2,253 | 2,543 |
| Trade payables including accrued trade expenses | 311.4 | 419.1 | 659.5 | 914.0 | 1,007 |
| Net property, plant and equipment * | 397.0 | 0.00 | 0.00 | 21.0 | 1,291 |
| Capital work in progress * | 55.7 | 70.5 | 129.5 | 221.7 | 134.4 |
| Total assets * | 5,674 | 6,512 | 7,202 | 8,995 | 10,905 |
| Current and non-current lease liabilities | 393.6 | 574.2 | 680.7 | ||
| Net bank debt excluding leases; negative is net cash | -2,040 | -1,992 | -2,132 | ||
| Current and non-current acquisition consideration payable | 39.1 | 414.0 | 635.4 |
| Cash flow (₹ crore) | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|
| Net cash generated from operating activities | 729.1 | 608.1 | 1,516 | 1,548 | 1,739 |
| Free cash flow (vendor definition) * | 870.6 | 701.4 | 1,451 | 1,415 | 1,572 |
| Cash dividends paid; cash outflow negative | -240.9 | -663.7 | -530.8 | -531.4 | -699.5 |
| Net capex including disposal proceeds; cash outflow negative | -108.4 | -119.0 | -63.4 | -131.2 | -163.5 |
| Business acquisition payments net of acquired cash | 0.00 | -826.8 | -745.2 |
| Other reported lines (₹ crore) | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|
| Diluted weighted-average shares | 30.13 | 30.17 | 60.79 | 60.98 | 61.80 |
| Reported revenue in USD millions | 1,256 | 1,429 | 1,537 | ||
| Company-reported average USD/INR rate (x) | 82.6x | 83.8x | 87.3x |
| Quarterly profit and loss (₹ crore) | Q3FY24 | Q4FY24 | Q1FY25 | Q2FY25 | Q3FY25 | Q4FY25 | Q1FY26 | Q2FY26 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 3,136 | 3,154 | 3,208 | 3,261 | 3,484 | 3,478 | 3,613 | 3,845 |
| Cost of revenue (vendor classification) * | 2,021 | 2,127 | 2,258 | |||||
| Other operating costs (vendor classification) * | 968.8 | |||||||
| EBITDA (vendor classification) * | 511.3 | 577.8 | 559.9 | |||||
| Operating EBIT excluding other income and FV gains | 417.3 | 414.1 | 454.3 | 329.2 | 512.4 | 254.2 | 480.1 | 523.6 |
| Finance costs including lease interest | 22.6 | 20.7 | 22.4 | 20.9 | 26.0 | 31.2 | 29.0 | 32.8 |
| Profit before tax | 405.9 | 417.0 | 436.3 | 468.3 | 496.7 | 325.5 | 472.8 | 440.7 |
| Tax expense | 106.2 | 96.3 | 109.2 | 88.6 | 126.8 | 33.9 | 121.2 | 110.5 |
| Consolidated profit after tax | 299.7 | 320.7 | 327.1 | 379.7 | 369.9 | 291.6 | 351.6 | 330.2 |
| Reported diluted EPS (₹) | 4.96 | 5.23 | 5.29 | 6.15 | 5.99 | 4.72 | 5.71 | 5.38 |
| Employee benefits expense | 1,809 | 1,820 | 1,862 | 1,908 | 1,984 | 2,040 | 2,146 | 2,266 |
| Other operating expenses | 835.5 | 844.4 | 817.9 | 948.5 | 898.8 | 1,060 | 896.5 | 973.5 |
| Depreciation and amortisation | 73.8 | 76.3 | 73.5 | 75.2 | 88.9 | 123.7 | 90.7 | 81.7 |
| Operating EBITDA excluding other income and FV gains | 491.1 | 490.4 | 527.8 | 404.4 | 601.3 | 377.9 | 570.8 | 605.3 |
| Other income including FX, excluding FV consideration | 11.2 | 23.6 | 4.40 | 1.30 | 10.3 | -9.70 | -4.70 | -50.1 |
| FV consideration gains less exceptional charges | 0.00 | 0.00 | 0.00 | 158.7 | 0.00 | 112.2 | 26.4 | 0.00 |
| Profit attributable to non-controlling interests | -2.90 | 1.80 | -0.10 | -0.20 | -0.30 | -0.30 | 0.00 | 0.30 |
| Profit attributable to owners of parent | 302.6 | 318.9 | 327.2 | 379.9 | 370.2 | 291.9 | 351.6 | 329.9 |
Consolidated, as reported. Lines marked * are the market-data provider's figures; the rest are extracted from the company's filings or derived from them. n.d. not disclosed, n.r. not retrieved, n.a. not applicable.
Metrics dashboard
| Metric | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|
| Revenue growth | 28.2% | 12.8% | 15.4% | 12.2% | |
| EBITDA margin | 15.2% | 15.3% | 14.2% | ||
| Net margin | 9.6% | 9.8% | 10.2% | ||
| Return on equity | 22.8% | 23.6% | 23.5% | ||
| Return on capital employed | 23.4% | 26.3% | 28.2% | 31.1% | 26.6% |
| Return on assets | 14.5% | 14.5% | 13.8% | ||
| Net debt (₹ crore) | -2,040 | -1,992 | -2,132 | ||
| Net debt / EBITDA | -1.29x | -1.09x | -1.12x | ||
| Interest cover | 29.3x | 40.7x | 34.3x | 23.5x | 15.4x |
| Asset turnover | 1.27x | 1.51x | 1.51x | 1.48x | 1.35x |
| Receivable days | 52 | 55 | 67 | 69 | 69 |
| Payable days (on revenue) | 16 | 17 | 23 | 28 | 27 |
| Cash conversion | 1.52x | 1.32x | 1.27x | ||
| Capex intensity | 1.5% | 1.3% | 0.6% | 1.1% | 1.2% |
| Free cash flow (₹ crore) | 620.7 | 489.1 | 1,452 | 1,417 | 1,576 |
| Dividend payout | 53.2% | 45.2% | 51.1% | ||
| EPS, diluted (₹) | 24.64 | 29.06 | 16.41 | 19.29 | 22.16 |
| Book value per share (₹) | 125.7 | 136.7 | 76.25 | 87.81 | 102.2 |
Computed from the statements above:
- Revenue growth: revenue over the previous year's, less one.
- EBITDA margin: EBITDA (Operating EBITDA excluding other income and FV gains) / revenue.
- Net margin: net profit to owners / revenue.
- Return on equity: net profit to owners / average equity.
- Return on capital employed: EBIT / average equity plus borrowings.
- Return on assets: net profit to owners / average total assets.
- Net debt (₹ crore): Net bank debt excluding leases; negative is net cash.
- Net debt / EBITDA: net debt / EBITDA (Operating EBITDA excluding other income and FV gains).
- Interest cover: EBIT / finance cost.
- Asset turnover: revenue / average total assets.
- Receivable days: receivables / revenue x 365.
- Payable days (on revenue): payables / revenue x 365.
- Cash conversion: cash from operations / net profit to owners.
- Capex intensity: capital expenditure / revenue.
- Free cash flow (₹ crore): cash from operations less capital expenditure.
- Dividend payout: dividends paid / net profit to owners.
- EPS, diluted (₹): as reported (Reported diluted EPS).
- Book value per share (₹): equity / shares outstanding.
Source: the company's filings and disclosures as extracted into Mool's company dossier (version 1, information to 15 Oct 2026); market data at the close of 15 Oct 2026. Every figure is read from the dossier's files or computed from them; the account of the business model is the analyst's, from the dossier's workings.
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What the full research on Hexaware Technologies includes
Every piece of Mool’s research is built the same way: a researched evidence base, analyses that build on each other, a research model and a report with the call. This page shows the first analysis.
The report and Mool’s call
- The 12-month rating and target
- The 3-month view
- Mool's estimates beside the street's
- The claims the view rests on, and what would change it
The analyses, among them
- Business model & financial foundationOn this pageWhat the company does and how it makes money, its structure, five years of financials and the metrics that matter for it.
- Future earnings & financial modelForecasts built from the drivers that move the business, by scenario, beside the street's.
- Fundamental valuation & 12-month thesisWhat the business is worth on several methods, what the market already prices in and the 12-month thesis that follows.
The research model
The model behind the report: the company’s history, the drivers that move it, its forecasts by scenario and the valuation the 12-month target comes from.
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Report history
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Prices are the last close on the NSE, 23 Oct 2026. Research from Mool’s report of 15 Oct 2026; page updated 25 Oct 2026.
Mool’s research is written by AI agents and published by Mool Capital Private Limited, a SEBI-registered Research Analyst, registration INH000012449, which is responsible for it. This page shows factual company information and an excerpt of that research; it carries no rating and is not investment advice for any individual. Investment in securities market are subject to market risks. Read all the related documents carefully before investing. Registration granted by SEBI and certification from NISM in no way guarantee performance of the intermediary or provide any assurance of returns to investors. Read the disclosures.