Hinduja Global Solutions Ltd.

•

hgs.cxBSE: 532859NSE: HGS

Market Cap₹ 1,764 Cr.

Current Price

High / Low₹ 546 / 342

Stock P/E54.8

Book Value₹ 1,773

Price to Book0.28

Dividend Yield0.00 %

ROCE3.2 %

ROE-1.6 %

Face Value₹ 10

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ABOUT

KEY POINTS

Revenue Breakup Mar 2025 • Business Process Management: 71.5% • Media/Telecom: 28.5%

AI Sector View

AI GENERATED

Consumer Services

Buy

Consumer services have a mixed operating backdrop but strong market sponsorship. Foreign tourist arrivals in India rose 6.0% YoY (2026-06), export of services grew 13.0% YoY (2026-06), and headline tourist arrivals were 584000 (Jun/26), though airport passenger traffic was -2.0% YoY (2026-06). Strong FPI inflow of INR 19847 crore over 3 months to 2026-08-31 supports a Buy stance despite some travel softness.

Confidence

73%

View full sector analysis →

PROS

Company has consistently been profitable over the last 5 years
Strong cash generation - operating cash flow backs reported profits (CFO/PAT 2.52x)
Company generates healthy free cash flow
Company maintains a comfortable, low leverage position

CONS

A large part of profit comes from other income (926.8% of PBT)
Company has a low return on equity of 1.2% over last 3 years
Company has a low return on capital employed of 3.4%
Interest coverage is weak at 1.3x - earnings barely cover interest
Company's sales have been declining over the last five years

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

Peer comparison

Consumer ServicesITBPO/ITeS

Part ofNIFTY 50 NIFTY 500 NIFTY LARGEMIDCAP 250 NIFTY 100 NIFTY 200

S.No.	Name
1.	NAUKRI	1250.90	50.71	81110.93	0.67	490.05	42.93	880.75	11.37	5.94	39.10
2.	AFFLE	1568.20	46.25	22098.19	0.00	128.44	21.74	747.16	20.37	16.86	22.43
3.	ECLERX	1897.90	24.49	17849.89	0.05	1642.42	1060.31	11523.58	1133.05	40.23	23.02
4.	FSL	247.70	26.20	17582.68	2.22	165.92	-2.01	2724.88	22.69	17.26	16.56
5.	PROTEAN	491.90	24.28	2005.93	2.03	5.86	-75.43	250.96	19.03	13.19	4.95
6.	HGS	379.20	54.80	1764.05	0.00	-662.60	-6037.28	10503.60	894.44	3.21	-3.28
7.	ONEPOINT	56.37	32.84	1482.17	0.00	16.31	72.83	158.32	129.42	17.04	22.61
8.	ALLDIGI	796.65	14.21	1213.96	7.53	18.12	21.69	150.28	4.43	41.28	27.52
9.	MATRIMONY	511.85	23.59	1058.17	0.98	19.08	127.14	130.51	13.16	21.40	20.06
10.	VAKRANGEE	5.39	54.59	583.84	0.00	2.26	-32.03	55.92	-18.76	6.07	11.87
11.	SIGMA	44.12	14.50	453.44	1.13	12.57	142.57	23.03	11.48	48.51	33.59
12.	SECMARK	140.20	44.65	146.47	0.00	-0.19	79.20	10.35	55.56	22.41	9.82

Detailed Comparison with:

Quarterly Results

Consolidated Figures in Rs. Crores / View Standalone

	Mar 2023	Jun 2023	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Mar 2026	Jun 2026
	1,070	1,133	1,180	1,204	1,099	1,092	1,087	1,064	1,161	1,056	1,091	1,085	1,050
	1,034	1,057	1,082	1,099	1,032	1,075	1,053	1,000	1,019	1,028	1,065	1,057	1,254
Operating Profit	36	77	98	105	66	17	34	64	142	29	26	27	-204
OPM %	3.39%	6.78%	8.26%	8.70%	6.03%	1.53%	3.17%	5.97%	12.27%	2.72%	2.39%	2.51%	-19.38%
	98	114	108	102	159	127	120	171	137	131	132	165	151
Interest	24	39	46	48	51	56	62	56	55	58	54	48	46
Depreciation	114	124	135	142	133	131	133	138	121	128	118	135	124
Profit before Tax	-3	28	25	16	41	-44	-41	41	103	-26	-14	9	-53
Tax %	1020.07%	41.31%	24.84%	49.51%	-112.24%	-29.00%	-24.23%	120.82%	101.63%	-74.96%	-91.55%	246.18%	-25.56%
Net Profit	26	17	18	0	88	1,615	-51	-9	-2	112	-27	-14	-66
	4.89	3.25	3.93	1.82	18.52	-12.26	-8.87	-0.57	0.82	-8.61	-4.20	-1.78	-12.51

Profit & Loss

Consolidated Figures in Rs. Crores / View Standalone

	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	TTM
	3,321	3,711	3,849	4,470	4,987	2,602	4,273	4,505	4,616	4,404	4,282
	3,010	3,293	3,443	4,052	4,320	2,524	4,006	4,257	4,256	4,142	4,404
Operating Profit	311	418	406	418	667	78	268	248	360	263	-122
OPM %	9.35%	11.26%	10.55%	9.35%	13.37%	2.98%	6.27%	5.50%	7.80%	5.96%	-2.84%
	26	23	24	44	36	-38	128	534	472	555	579
Interest	40	43	35	40	94	35	161	141	188	234	205
Depreciation	136	143	141	178	291	117	345	455	534	523	505
Profit before Tax	160	255	254	243	317	-113	-110	186	110	60	-84
Tax %	37.35%	29.63%	21.74%	29.03%	42.00%	48.09%	64.52%	-55.03%	-18.72%	296.89%	-82.22%
Net Profit	100	179	199	173	184	-59	-39	288	131	-118	-153
EPS	48.61	86.44	96.31	84.96	96.79	94.39	1161.61	63.66	28.63	26.10	—
Dividend Payout %	30.82%	11.55%	10.37%	11.76%	20.67%	24.85%	16.93%	23.73%	24.45%	0.00%	—

COMPOUNDED SALES GROWTH

10 Years:: 5%
5 Years:: -2%
3 Years:: 1%

COMPOUNDED PROFIT GROWTH

10 Years:: -3%
5 Years:: -10%
3 Years:: -73%

STOCK PRICE CAGR

10 Years:: 4%
5 Years:: -22%
3 Years:: -28%
1 Year:: -28%

RETURN ON EQUITY

10 Years:: 6%
5 Years:: 0%
3 Years:: 1%
Last Year:: -2%

Balance Sheet

Consolidated Figures in Rs. Crores / View Standalone

	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025
Equity Capital	21	21	21	21	21	21	42	53	47	47
Minority Interest	-1	-0	-1	8	12	0	154	156	155	147
	1,167	1,315	1,498	1,622	1,698	2,063	8,023	8,494	7,441	7,662
	854	675	594	640	1,504	1,194	1,282	881	2,045	1,519
Trade Payables	172	154	186	241	282	384	630	417	296	509
	459	559	619	757	929	1,205	2,080	2,151	1,776	2,197
Total Liabilities	2,672	2,723	2,917	3,288	4,447	4,867	12,212	12,151	11,760	12,080
	936	949	919	1,033	1,733	1,578	2,174	2,789	2,734	2,900
Capital Work in Progress	13	32	1	5	5	3	9	13	8	9
	10	5	11	15	10	5	2,482	2,753	3,300	3,643
	0	0	0	0	0	0	12	17	17	26
	0	0	0	0	0	0	0	0	745	764
Cash & Bank	375	375	475	327	535	536	3,570	1,210	881	856
	1,338	1,362	1,511	1,908	2,164	2,745	3,965	5,369	4,076	3,881
Total Assets	2,672	2,723	2,917	3,288	4,447	4,867	12,212	12,151	11,760	12,080

Cash Flows

Consolidated Figures in Rs. Crores / View Standalone

	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025
	204	486	380	246	1,023	824	1,172	297	192	457
Cash from Investing	-197	-113	-60	-244	-404	-209	1,921	-88	174	502
Cash from Financing	-69	-246	-136	-83	-310	-476	-867	-1,108	-808	-898
	-120	50	147	-156	170	7	1,584	-1,085	-442	61

Ratios

Consolidated Figures in Rs. Crores / View Standalone

	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025

Shareholding Pattern

Numbers in percentages

	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
	67.99	67.99	67.99	67.99	67.99	67.99	67.99	67.99	67.99
	12.51	12.88	11.98	11.93	11.83	11.83	11.82	11.77	11.73
	0.23	0.23	0.23	0.00	0.00	0.00	0.00	0.00	0.00
Government	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
	19.28	18.91	19.81	20.08	20.18	20.19	20.15	20.20	20.23

Documents

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

2026-09-09

Copy of Newspaper Publication

2026-09-09 - Hinduja Global Solutions Limited has informed the Exchange about Copy of Newspaper Publication for transfer of Equity Shares of the Company toInvestor Education and Protection Fund.

2026-09-09

General Updates

2026-09-09 - We have to inform you that the Board of Directors of IndusInd Media & Communications Limited ( IMCL ), a subsidiary of the Hinduja Global Solutions Limited has approved the divest/ sell of it s (i.e. IMCL) entire shareholding in Bhima Riddhi Infotainment Private Limited and Vinsat Digital Private Limited. Detailed disclosure in this regard is attached please.

2026-09-09

Clarification - Financial Results

2026-09-09 - The Exchange has sought clarification from Hinduja Global Solutions Limited for the quarter ended 30-Jun-2026 with respect to Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. On basis of above the Company is required to clarify the following: The response of the Company is awaited.

2026-09-04

General Updates

2026-09-04 - Hinduja Global Solutions Limited has informed the Exchange about General Updates about Regulation 36(1)(b) of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, the Company has completed the dispatch of the communication providing QR code and the weblink from where the Annual Report for FY 2025-26 and notice convening 31st Annual General Meeting of Hinduja Global Solutions Limited ('the Company') can be accessed, to those Shareholders whose e-mail addresses are not registered with the Company/ Registrar & Transfer Agent or the Depository Participants.

2026-09-03

General Updates

2026-09-03 - Hinduja Global Solutions Limited has informed the Exchange about General Updates regarding Communication to Shareholders - Intimation on Tax Deduction on Dividend

2026-09-03

Copy of Newspaper Publication

2026-09-03 - Hinduja Global Solutions Limited has informed the Exchange about Copy of Newspaper Publication for Completion of dispatch of AGM Notice and Annual Report 2025-26

2026-09-01

General Updates

2026-09-01 - Hinduja Global Solutions Limited has informed the Exchange that pursuant to Regulation 36(1)(b) of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, communication providing QR code and the weblink from where the Annual Report for FY 2025-26 and notice convening 31st Annual General Meeting of Hinduja Global Solutions Limited ('the Company') can be accessed, are being sent to those Shareholders whose e-mail addresses are not registered with the Company/ Registrar & Transfer Agent or the Depository Participants

2026-09-01

Shareholders meeting

2026-09-01 - Hinduja Global Solutions Limited has informed the Exchange about Shareholders meeting

2026-08-28

Copy of Newspaper Publication

2026-08-28 - Hinduja Global Solutions Limited has informed the Exchange about Copy of Newspaper Publication for Notice of 31st Annual General Meeting, Record Date/ Book Closure dates and remotee-voting information

News

Recent coverage and analyst commentary for HGS

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Hinduja Global Solutions Ltd.

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Name

NAUKRI

1250.90

50.71

81110.93

0.67

490.05

42.93

880.75

11.37

5.94

39.10

AFFLE

1568.20

46.25

22098.19

0.00

128.44

21.74

747.16

20.37

16.86

22.43

ECLERX

1897.90

24.49

17849.89

0.05

1642.42

1060.31

11523.58

1133.05

40.23

23.02

FSL

247.70

26.20

17582.68

2.22

165.92

-2.01

2724.88

22.69

17.26

16.56

PROTEAN

491.90

24.28

2005.93

2.03

5.86

-75.43

250.96

19.03

13.19

4.95

HGS

379.20

54.80

1764.05

0.00

-662.60

-6037.28

10503.60

894.44

3.21

-3.28

ONEPOINT

56.37

32.84

1482.17

0.00

16.31

72.83

158.32

129.42

17.04

22.61

ALLDIGI

796.65

14.21

1213.96

7.53

18.12

21.69

150.28

4.43

41.28

27.52

MATRIMONY

511.85

23.59

1058.17

0.98

19.08

127.14

130.51

13.16

21.40

20.06

VAKRANGEE

5.39

54.59

583.84

0.00

2.26

-32.03

55.92

-18.76

6.07

11.87

SIGMA

44.12

14.50

453.44

1.13

12.57

142.57

23.03

11.48

48.51

33.59

SECMARK

140.20

44.65

146.47

0.00

-0.19

79.20

10.35

55.56

22.41

9.82

Mar 2023

Jun 2023

Sep 2023

Dec 2023

Mar 2024

Jun 2024

Sep 2024

Dec 2024

Mar 2025

Jun 2025

Sep 2025

Mar 2026

Jun 2026

1,070

1,133

1,180

1,204

1,099

1,092

1,087

1,064

1,161

1,056

1,091

1,085

1,050

1,034

1,057

1,082

1,099

1,032

1,075

1,053

1,000

1,019

1,028

1,065

1,057

1,254

Operating Profit

105

142

-204

OPM %

3.39%

6.78%

8.26%

8.70%

6.03%

1.53%

3.17%

5.97%

12.27%

2.72%

2.39%

2.51%

-19.38%

114

108

102

159

127

120

171

137

131

132

165

151

Interest

Depreciation

114

124

135

142

133

131

133

138

121

128

118

135

124

Profit before Tax

-3

-44

-41

103

-26

-14

-53

Tax %

1020.07%

41.31%

24.84%

49.51%

-112.24%

-29.00%

-24.23%

120.82%

101.63%

-74.96%

-91.55%

246.18%

-25.56%

Net Profit

1,615

-51

-9

-2

112

-27

-14

-66

4.89

3.25

3.93

1.82

18.52

-12.26

-8.87

-0.57

0.82

-8.61

-4.20

-1.78

-12.51

Mar 2016

Mar 2017

Mar 2018

Mar 2019

Mar 2020

Mar 2021

Mar 2022

Mar 2023

Mar 2024

Mar 2025

TTM

3,321

3,711

3,849

4,470

4,987

2,602

4,273

4,505

4,616

4,404

4,282

3,010

3,293

3,443

4,052

4,320

2,524

4,006

4,257

4,256

4,142

4,404

Operating Profit

311

418

406

418

667

268

248

360

263

-122

OPM %

9.35%

11.26%

10.55%

9.35%

13.37%

2.98%

6.27%

5.50%

7.80%

5.96%

-2.84%

-38

128

534

472

555

579

Interest

161

141

188

234

205

Depreciation

136

143

141

178

291

117

345

455

534

523

505

Profit before Tax

160

255

254

243

317

-113

-110

186

110

-84

Tax %

37.35%

29.63%

21.74%

29.03%

42.00%

48.09%

64.52%

-55.03%

-18.72%

296.89%

-82.22%

Net Profit

100

179

199

173

184

-59

-39

288

131

-118

-153

EPS

48.61

86.44

96.31

84.96

96.79

94.39

1161.61

63.66

28.63

26.10

—

Dividend Payout %

30.82%

11.55%

10.37%

11.76%

20.67%

24.85%

16.93%

23.73%

24.45%

0.00%

—

Mar 2016

Mar 2017

Mar 2018

Mar 2019

Mar 2020

Mar 2021

Mar 2022

Mar 2023

Mar 2024

Mar 2025

Equity Capital

Minority Interest

-1

-0

-1

154

156

155

147

1,167

1,315

1,498

1,622

1,698

2,063

8,023

8,494

7,441

7,662

854

675

594

640

1,504

1,194

1,282

881

2,045

1,519

Trade Payables

172

154

186

241

282

384

630

417

296

509

459

559

619

757

929

1,205

2,080

2,151

1,776

2,197

Total Liabilities

2,672

2,723

2,917

3,288

4,447

4,867

12,212

12,151

11,760

12,080

936

949

919

1,033

1,733

1,578

2,174

2,789

2,734

2,900

Capital Work in Progress

2,482

2,753

3,300

3,643

745

764

Cash & Bank

375

475

327

535

536

3,570

1,210

881

856

1,338

1,362

1,511

1,908

2,164

2,745

3,965

5,369

4,076

3,881

Total Assets

2,672

2,723

2,917

3,288

4,447

4,867

12,212

12,151

11,760

12,080

Mar 2016

Mar 2017

Mar 2018

Mar 2019

Mar 2020

Mar 2021

Mar 2022

Mar 2023

Mar 2024

Mar 2025

204

486

380

246

1,023

824

1,172

297

192

457

Cash from Investing

-197

-113

-60

-244

-404

-209

1,921

-88

174

502

Cash from Financing

-69

-246

-136

-83

-310

-476

-867

-1,108

-808

-898

-120

147

-156

170

1,584

-1,085

-442

Mar 2016

Mar 2017

Mar 2018

Mar 2019

Mar 2020

Mar 2021

Mar 2022

Mar 2023

Mar 2024

Mar 2025

Jun 2024

Sep 2024

Dec 2024

Mar 2025

Jun 2025

Sep 2025

Dec 2025

Mar 2026

Jun 2026

67.99

12.51

12.88

11.98

11.93

11.83

11.82

11.77

11.73

0.23

0.00

Government

0.00

19.28

18.91

19.81

20.08

20.18

20.19

20.15

20.20

20.23

Hinduja Global Solutions Ltd.

AI Sector View

Peer comparison

Quarterly Results

Profit & Loss

Balance Sheet

Corporate actions

Cash Flows

Ratios

Shareholding Pattern

Documents

News

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Hinduja Global Solutions Ltd.

AI Sector View

Peer comparison

Quarterly Results

Profit & Loss

Balance Sheet

Corporate actions

Cash Flows

Ratios

Shareholding Pattern

Documents

News

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