Hexaware Technologies Ltd.

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hexaware.comBSE: 544362NSE: HEXT

Market Cap₹ 30,755 Cr.

Current Price

High / Low₹ 808 / 400

Stock P/E22.9

Book Value₹ 110

Price to Book7.50

Dividend Yield2.28 %

ROCE31.4 %

ROE23.8 %

Face Value₹ 1

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ABOUT

AI Sector View

AI GENERATED

Information Technology

Buy

IT is supported by a still-expanding services backdrop and a weaker rupee. Export of services grew 13.0% YoY (2026-06), services PMI was 54.1 (Aug/26), and the currency at 95.23 (Sep/26) is depreciated versus the previous 95.16, which helps INR translation of export revenues. FPI positioning is only neutral-to-soft with net 3-month flow of INR -5 crore to 2026-08-31, so the positive stance is primarily macro-driven.

Confidence

68%

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PROS

Company is almost debt free
Company has a healthy return on capital (ROCE) of 31.2%
Promoters have been increasing their shareholding - up 11.9pp over 2 years
Company has a good return on equity (ROE) track record: 3 Years ROE 23.5%
Strong cash generation - operating cash flow backs reported profits (CFO/PAT 1.36x)
Company has been maintaining a healthy dividend payout of 51.2%

CONS

A large part of profit comes from other income (26.2% of PBT)
Stock is trading at 7.5x its book value

* The pros and cons are machine generated based on quantitative rules.

Peer comparison

Information TechnologyITIT - Software

Part ofNIFTYLARGEMIDCAP250 NIFTYMIDCAP150 NIFTY MIDCAP 150 NIFTY TOTAL MKT NIFTY 500

S.No.	Name
1.	TCS	2216.50	16.10	801949.10	4.96	13420.00	4.69	72275.00	13.93	66.25	25.67
2.	INFY	1031.55	13.82	418626.97	4.65	7775.00	12.29	48211.00	14.03	42.84	23.66
3.	HCLTECH	1196.80	18.64	324771.44	4.51	4626.00	20.34	34579.00	13.94	31.20	19.87
4.	WIPRO	166.15	12.45	164565.26	6.62	3356.30	0.59	24478.60	10.59	18.49	18.93
5.	TECHM	1518.60	28.98	148843.11	3.36	1486.30	31.67	15711.90	17.68	23.04	17.43
6.	LTM	4350.00	24.67	129030.27	1.72	1468.60	17.06	11608.00	17.96	30.25	17.75
7.	OFSS	11696.00	29.84	101852.43	3.42	1415.50	120.52	3125.20	68.73	45.50	60.04
8.	PERSISTENT	5500.00	45.11	86762.50	0.73	483.04	13.67	4303.23	29.09	35.09	16.19
9.	COFORGE	1843.00	46.47	81640.86	0.86	531.70	49.19	5527.70	49.86	24.70	19.14
10.	MPHASIS	2290.00	22.88	43712.72	2.71	489.51	10.82	4384.05	17.46	23.31	18.15
11.	LTTS	3377.30	27.14	35828.52	1.72	357.10	12.97	2940.10	11.47	27.70	18.65
12.	HEXT	503.35	22.89	30755.49	2.28	330.20	-13.04	3845.20	17.93	31.40	15.74

Detailed Comparison with:

Quarterly Results

Consolidated Figures in Rs. Crores / View Standalone

	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
	2,616	2,749	2,936	3,136	3,154	3,208	3,261	3,484	3,702	3,639	3,845
	2,285	2,331	2,504	2,645	2,664	2,680	2,856	2,882	3,100	3,042	3,354
Operating Profit	331	418	431	491	490	528	404	601	601	597	491
OPM %	12.66%	15.19%	14.69%	15.66%	15.55%	16.45%	12.40%	17.26%	16.24%	16.41%	12.76%
	10	10	30	11	24	4	160	10	-121	-5	-50
Interest	7	10	12	23	21	22	21	26	31	29	33
Depreciation	94	60	69	74	76	74	75	89	124	91	82
Profit before Tax	240	358	380	406	417	436	468	497	326	473	441
Tax %	19.67%	22.02%	27.66%	26.16%	23.09%	25.03%	18.92%	25.53%	10.41%	25.63%	25.07%
Net Profit	0	0	0	0	321	327	380	370	292	352	330
	3.18	4.61	4.54	4.98	5.25	5.38	6.25	6.09	4.79	5.77	5.41

Profit & Loss

Consolidated Figures in Rs. Crores / View Standalone

	Dec 2023	Dec 2024	Dec 2025	TTM
	10,380	11,974	13,430	14,670
	8,809	10,140	11,578	12,379
Operating Profit	1,572	1,835	1,853	2,291
OPM %	15.14%	15.32%	13.79%	15.61%
	22	75	341	-165
Interest	42	71	106	119
Depreciation	284	279	361	385
Profit before Tax	1,268	1,560	1,727	1,736
Tax %	21.36%	24.76%	20.76%	22.61%
Net Profit	998	1,174	1,368	1,343
EPS	32.87	19.35	22.48	—
Dividend Payout %	53.24%	45.22%	51.15%	—

COMPOUNDED SALES GROWTH

10 Years:: —
5 Years:: —
3 Years:: —

COMPOUNDED PROFIT GROWTH

10 Years:: —
5 Years:: —
3 Years:: —

STOCK PRICE CAGR

10 Years:: —
5 Years:: —
3 Years:: —
1 Year:: -34%

RETURN ON EQUITY

10 Years:: —
5 Years:: —
3 Years:: 24%
Last Year:: 24%

Balance Sheet

Consolidated Figures in Rs. Crores / View Standalone

	Dec 2023	Dec 2024	Dec 2025
Equity Capital	61	61	61
Minority Interest	0	-2	-3
	4,554	5,212	6,150
	332	693	875
Trade Payables	660	914	1,007
	1,323	1,849	2,410
Total Liabilities	6,929	8,726	10,500
	2,454	3,760	5,130
Capital Work in Progress	55	131	50
	251	0	145
	1,846	1,976	2,056
Cash & Bank	1,784	1,987	1,982
	540	873	1,137
Total Assets	6,929	8,726	10,500

Cash Flows

Consolidated Figures in Rs. Crores / View Standalone

	Dec 2023	Dec 2024	Dec 2025
	1,516	1,548	1,739
Cash from Investing	-300	-669	-996
Cash from Financing	-750	-682	-831
	466	197	-88

Ratios

Consolidated Figures in Rs. Crores / View Standalone

	Dec 2023	Dec 2024	Dec 2025

Shareholding Pattern

Numbers in percentages

	Mar 2020	Jun 2020	Sep 2020	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
	62.44	62.34	91.16	74.71	74.57	74.55	74.30	74.30	74.30
	16.82	14.03	2.94	10.59	9.76	8.31	8.15	4.20	3.19
	12.00	12.13	0.00	9.06	9.87	11.13	11.31	15.04	16.06
Government	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
	7.88	10.51	5.90	5.65	5.80	6.01	6.23	6.46	6.45

Documents

Corporate disclosures, annual reports, credit ratings, and concall transcripts

2026-09-10

Copy of Newspaper Publication

2026-09-10 - Hexaware Technologies Limited has informed the Exchange about Copy of Newspaper Publication

2026-09-09

Shareholders meeting

2026-09-09 - Hexaware Technologies Limited has informed the Exchange regarding Notice of Postal Ballot

2026-09-03

Resignation of Director/KMP/SMP

2026-09-03 - Hexaware Technologies Limited has informed the Exchange about Resignation of Director/KMP/SMP

2026-09-02

Options to purchase securities

2026-09-02 - Hexaware Technologies Limited has informed the Exchange about Options to purchase securities

2026-09-02

Press Release

2026-09-02 - Hexaware Technologies Limited has informed the Exchange regarding a press release dated September 02, 2026, titled "Hexaware Appoints Vivek Jetley as CEO Designate to Lead its Next Phase of AI-Led Growth".

2026-09-02

Appointment

2026-09-02 - Hexaware Technologies Limited has informed the Exchange regarding Appointment of Vivek Jetley as Chief Executive Officer of the company w.e.f. October 28, 2026.

2026-09-02

Resignation

2026-09-02 - Hexaware Technologies Limited has informed the Exchange regarding Resignation of Mr R Srikrishna as Chief Executive Officer of the company w.e.f. October 28, 2026.

2026-09-01

Updates

2026-09-01 - Hexaware Technologies Limited has informed the Exchange regarding 'Press Release'.

2026-08-28

General Updates

2026-08-28 - Hexaware Technologies Limited has informed the Exchange about General Updates

News

Recent coverage and analyst commentary for HEXT

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