Hexaware Technologies Q2 FY27 Share Price & Earnings Call Analysis
- Market cap
- ₹32,952 Cr
- P/E
- 23.26
- ROE
- 24.86%
- PEG
- 1.28
- Price to sales
- 2.28
- Debt to equity
- 0.10
- 52W high / low
- ₹793 / ₹407
- Sales growth (5Y)
- 16.49%
- EBITDA margin
- 14.95%
- Net profit margin
- 10.80%
- Promoter holding
- 74.30%
- Sales (last year)
- ₹14,420 Cr
Incoprorated in 1992, Hexaware Technologies Ltd provides AI based digital & technology solutions[1]
Guidance scorecard · Q2 FY27 call
What Hexaware Technologies Ltd's management guided
and where it ranks in IT - Software
RevenueQ4 FY26 call
0–10%- Sustained growth expected from Q2 onwards, with accelerating YoY growth through the year.
- Growth floor reaffirmed at 7.6% for the year.
- Q4 seasonality will cause Q4 to be worse than Q2 and Q3, but Q4 could still be positive independently.
- Multiple new deal wins and strong pipeline support growth, with ramp-ups reflecting from Q2 and Q3.
- AI in SDLC is a major growth driver, enabling increased productivity and market share gain.
- 12 new revenue opportunities identified, all expected to be new revenue streams without cannibalizing existing business.
2 more points from Hexaware Technologies Ltd's call on revenue
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MarginsQ4 FY26 call
FlatSee what Hexaware Technologies Ltd said on margins — free account, 30 seconds.
CapexQ4 FY26 call
- There are ongoing investments related to business growth, as mentioned by Vikash Jain: "we continue to invest in the business because that's what’s important from a growth perspective."
- Investments are being made to build capabilities in AI, including launching new services monthly to drive agility and growth.
- The company launched new IT operation platforms like Tensai, which involves strategic technological investment.
- There are investments in hiring high-caliber teams and AI delivery champions, such as 75 AI champions in the FS vertical alone, indicating strategic investment in talent.
2 more points from Hexaware Technologies Ltd's call on capex
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FundraisingQ4 FY26 call
See what Hexaware Technologies Ltd said on fundraising — free account, 30 seconds.
Order bookQ4 FY26 call
Rising- The company has a very strong pipeline and continues to convert these pipelines into deals.
- Multiple deal wins were highlighted, including eight deals mentioned that are starting to ramp up from Q2 onwards.
- The pipeline is underpinning the current growth and expected sustained momentum.
- Deal ramp-ups and signed deals, combined with seasonality benefits, are expected to contribute to growth in the next two quarters.
Ranges are what management guided for revenue growth and margins on the latest earnings call. Not investment advice, and not a forecast of returns.
Potential multibaggers · Q2 FY27
Potential multibaggers in IT - Software
on management's own guidance
- Strong growth2
- Strong growth1
- CapitalNumbersGood growth3
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Ranks describe management commentary on revenue and margin from the latest earnings call. Not investment advice.
Peers
IT - Software companies ranked on guidance
| # | Company | Revenue guided | Margin guided | Market cap | P/E |
|---|---|---|---|---|---|
| 1 | 40%+ | Up 2%+ | ₹569 Cr | 34.7 | |
| 2 | 40%+ | Flat | ₹336 Cr | 7.3 | |
| 3 | CapitalNumbers | 20–40% | Up 2%+ | ₹181 Cr | 9.2 |
| 4 | 20–40% | Up 2%+ | ₹159 Cr | 11.5 | |
| 5 | 20–40% | Up 0–2% | ₹1,826 Cr | 28.5 | |
| 6 | 20–40% | Flat | ₹4,341 Cr | 84.7 |
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Pro shows every company guiding 40%+ revenue growth →Full IT - Software rankingHexaware Technologies Ltd announcements
All announcements →- Fundraise / allotmentNotableHexaware Q3CY26 profit INR 4,294 Mn, up 16.1% YoY; new CEO, board changes
- Acquisition / mergerNotableHexaware Technologies Limited Board approves Q3 2026 results and key management changes
Financials of Hexaware Technologies Ltd
Quarterly Results, Profit & Loss, Balance Sheet, Cash Flows, and Ratios are shown below as separate sections.
Shareholder Pattern
Hexaware Technologies Ltd
Shareholding breakup across reporting periods.
| Sep 2019 | Dec 2019 | Mar 2020 | Jun 2020 | Sep 2020 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 | Sep 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Promoters + | 62.45% | 62.44% | 62.44% | 62.34% | 91.16% | 74.71% | 74.57% | 74.55% | 74.30% | 74.30% | 74.30% | 74.30% |
| FIIs + | 17.85% | 16.97% | 16.82% | 14.03% | 2.94% | 10.59% | 9.76% | 8.31% | 8.15% | 4.20% | 3.19% | 3.25% |
| DIIs + | 11.58% | 12.41% | 12.86% | 13.12% | 0.00% | 9.06% | 9.87% | 11.13% | 11.31% | 15.04% | 16.06% | 16.16% |
| Public + | 8.12% | 8.17% | 7.88% | 10.51% | 5.90% | 5.65% | 5.61% | 5.99% | 5.97% | 6.18% | 6.23% | 6.12% |
| Others + | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.18% | 0.01% | 0.27% | 0.26% | 0.20% | 0.18% |
| No. of Shareholders | 79,592 | 82,412 | 80,897 | 85,690 | 60,408 | 1,20,600 | 1,09,853 | 1,14,719 | 1,11,984 | 1,18,229 | 1,26,681 | 1,20,455 |
Financials of Hexaware Technologies Ltd
Quarterly Results
Quarter-by-quarter operating performance
| Sep 2020 | Dec 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 | Sep 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Sales + | 1,586 | 2,616 | 2,749 | 2,936 | 3,136 | 3,154 | 3,208 | 3,261 | 3,484 | 3,478 | 3,613 | 3,845 | 3,933 |
| Expenses + | 1,308 | 2,285 | 2,331 | 2,504 | 2,645 | 2,664 | 2,680 | 2,856 | 2,882 | 3,100 | 3,042 | 3,240 | 3,367 |
| Operating Profit | 277 | 331 | 418 | 431 | 491 | 490 | 528 | 404 | 601 | 378 | 571 | 605 | 566 |
| OPM % | 18% | 13% | 15% | 15% | 16% | 16% | 16% | 12% | 17% | 11% | 16% | 16% | 14% |
| Other Income + | -6 | 10 | 10 | 30 | 11 | 24 | 4 | 160 | 10 | 102 | 22 | -50 | 90 |
| Interest | 13 | 7 | 10 | 12 | 23 | 21 | 22 | 21 | 26 | 31 | 29 | 33 | 25 |
| Depreciation | 57 | 94 | 60 | 69 | 74 | 76 | 74 | 75 | 89 | 124 | 91 | 82 | 87 |
| Profit before tax | 201 | 240 | 358 | 380 | 406 | 417 | 436 | 468 | 497 | 326 | 473 | 441 | 543 |
| Tax % | 19% | 20% | 22% | 28% | 26% | 23% | 25% | 19% | 26% | 10% | 26% | 25% | 21% |
| Net Profit + | 163 | 193 | 279 | 275 | 300 | 321 | 327 | 380 | 370 | 292 | 352 | 330 | 429 |
| EPS in Rs | 5.42 | 6.42 | 9.31 | 4.53 | 4.98 | 5.25 | 5.38 | 6.24 | 6.08 | 4.78 | 5.75 | 5.40 | 7.05 |
Financials of Hexaware Technologies Ltd
Profit & Loss
Annual income statement trend
| Dec 2014 | Dec 2015 | Dec 2016 | Dec 2017 | Dec 2018 | Dec 2019 | Dec 2020 | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 | TTM | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Sales + | 2,582 | 3,124 | 3,535 | 3,942 | 4,648 | 5,583 | 6,262 | 7,178 | 9,200 | 10,380 | 11,974 | 13,430 | 14,870 |
| Expenses + | 2,134 | 2,579 | 2,958 | 3,286 | 3,911 | 4,701 | 5,212 | 6,042 | 7,974 | 8,809 | 10,139 | 11,514 | 12,749 |
| Operating Profit | 448 | 545 | 577 | 656 | 736 | 881 | 1,050 | 1,136 | 1,226 | 1,572 | 1,835 | 1,917 | 2,120 |
| OPM % | 17% | 17% | 16% | 17% | 16% | 16% | 17% | 16% | 13% | 15% | 15% | 14% | 14% |
| Other Income + | 16 | 9 | 40 | 49 | 58 | 12 | 35 | 67 | 179 | 22 | 75 | 277 | 164 |
| Interest | 2 | 1 | 1 | 2 | 3 | 10 | 52 | 37 | 38 | 42 | 71 | 106 | 118 |
| Depreciation | 44 | 48 | 55 | 63 | 65 | 103 | 232 | 224 | 244 | 284 | 279 | 361 | 383 |
| Profit before tax | 418 | 505 | 560 | 641 | 727 | 779 | 800 | 941 | 1,123 | 1,268 | 1,560 | 1,727 | 1,782 |
| Tax % | 23% | 22% | 25% | 22% | 20% | 18% | 22% | 20% | 21% | 21% | 25% | 21% | |
| Net Profit + | 320 | 393 | 419 | 500 | 583 | 641 | 622 | 749 | 884 | 998 | 1,174 | 1,368 | 1,403 |
| EPS in Rs | 10.64 | 13.04 | 13.88 | 16.83 | 19.62 | 21.49 | 20.69 | 24.93 | 29.44 | 33.22 | 19.36 | 22.41 | 22.98 |
| Dividend Payout % | 89% | 66% | 40% | 24% | 43% | 40% | 17% | 32% | 75% | 53% | 45% | 51% |
Financials of Hexaware Technologies Ltd
Balance Sheet
Capital structure and asset base
| Dec 2014 | Dec 2015 | Dec 2016 | Dec 2017 | Dec 2018 | Dec 2019 | Dec 2020 | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 | Jun 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Equity Capital | 60 | 60 | 60 | 59 | 59 | 60 | 60 | 60 | 60 | 61 | 61 | 61 | 61 |
| Reserves | 1,230 | 1,373 | 1,681 | 1,948 | 2,332 | 2,706 | 3,176 | 3,728 | 4,063 | 4,574 | 5,296 | 6,255 | 6,651 |
| Borrowings + | 0 | 0 | 0 | 0 | 0 | 143 | 236 | 50 | 456 | 394 | 574 | 681 | 683 |
| Other Liabilities + | 463 | 587 | 570 | 538 | 742 | 1,260 | 1,666 | 1,836 | 1,934 | 2,173 | 3,063 | 3,906 | 4,181 |
| Total Liabilities | 1,754 | 2,021 | 2,311 | 2,545 | 3,133 | 4,169 | 5,138 | 5,674 | 6,514 | 7,202 | 8,994 | 10,902 | 11,576 |
| Fixed Assets + | 514 | 533 | 479 | 541 | 574 | 2,038 | 2,478 | 2,391 | 2,588 | 2,454 | 3,760 | 5,130 | 5,473 |
| CWIP | 35 | 116 | 323 | 256 | 224 | 86 | 10 | 12 | 6 | 55 | 131 | 50 | 52 |
| Investments | 186 | 41 | 21 | 21 | 13 | 3 | 0 | 123 | 0 | 251 | 0 | 145 | 0 |
| Other Assets + | 1,019 | 1,330 | 1,488 | 1,726 | 2,322 | 2,042 | 2,649 | 3,148 | 3,920 | 4,442 | 5,104 | 5,577 | 6,051 |
| Total Assets | 1,754 | 2,021 | 2,311 | 2,545 | 3,133 | 4,169 | 5,138 | 5,674 | 6,514 | 7,202 | 8,994 | 10,902 | 11,576 |
Financials of Hexaware Technologies Ltd
Cash Flows
Operating, investing and financing cash movement
| Dec 2014 | Dec 2015 | Dec 2016 | Dec 2017 | Dec 2018 | Dec 2019 | Dec 2020 | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Cash from Operating Activity + | 413 | 393 | 473 | 476 | 549 | 596 | 1,438 | 980 | 821 | 1,516 | 1,548 | 1,739 |
| Cash from Investing Activity + | 119 | 14 | -197 | -95 | -8 | -1,001 | -416 | -210 | 13 | -284 | -663 | -914 |
| Cash from Financing Activity + | -535 | -314 | -249 | -280 | -250 | -169 | -242 | -602 | -721 | -750 | -682 | -831 |
| Net Cash Flow | -3 | 93 | 26 | 102 | 290 | -573 | 780 | 167 | 113 | 482 | 203 | -6 |
| Free Cash Flow | 353 | 257 | 251 | 381 | 488 | 467 | 1,397 | 1,211 | 702 | 1,452 | 1,417 | 1,576 |
| CFO/EBITDA Share of operating profit converting into cash: CFO (before tax) / Operating Profit | 118% | 95% | 107% | 99% | 96% | 86% | 151% | 104% | 87% | 113% | 101% | 110% |
Financials of Hexaware Technologies Ltd
Ratios
Working capital efficiency and return ratios
| Dec 2014 | Dec 2015 | Dec 2016 | Dec 2017 | Dec 2018 | Dec 2019 | Dec 2020 | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Debtor Days | 52 | 51 | 45 | 50 | 63 | 64 | 47 | 52 | 75 | 65 | 60 | 56 |
| Inventory Days | ||||||||||||
| Days Payable | ||||||||||||
| Cash Conversion Cycle | 52 | 51 | 45 | 50 | 63 | 64 | 47 | 52 | 75 | 65 | 60 | 56 |
| Working Capital Days | 16 | 19 | 26 | 36 | 35 | 18 | 2 | 9 | 8 | 0 | -9 | -16 |
| ROCE % | 34% | 37% | 35% | 34% | 33% | 30% | 27% | 27% | 28% | 27% | 30% | 30% |
Guidance history
How Hexaware Technologies Ltd's guidance has moved, call by call
| Call | Revenue | Margins | Capex | Fundraising | Order book |
|---|---|---|---|---|---|
| Q4 FY26 call → | 0–10% | Flat | — | — | Rising |
| Q3 FY26 call → | 0–10% | Down 0–2% | Planned | — | Rising |
| Q2 FY26 call → | 10–20% | Flat | Planned | — | Rising |
What management guided on each call, newest first. Not investment advice, and not a forecast of returns.
Momentum score · price trend
26 out of 100 — Cooling
Over the past year its share price has done worse than most of the stocks we track.
| Period | Share price change | Better than … of 1,910 stocks |
|---|---|---|
| Last 12 months | −24.1% | 31% |
| Last 6 months | +20.3% | 74% |
| Last 3 months | −6.4% | 50% |
The price is 38.1% below its all-time high of ₹870.1 (27 Jun 2025). Stocks more than 20% below their peak have their score halved, so 52 became 26.
How we calculate it
“Better than 30%” means that over that period the share price did better than 30 out of every 100 stocks we track (1,910 Indian companies worth ₹500 Cr or more, with at least a year of prices).
The score weighs the longer periods more: 40% × 12-month + 40% × 6-month + 20% × 3-month. For Hexaware Technologies Ltd: 0.4 × 31 + 0.4 × 74 + 0.2 × 50 = 52, halved to 26 because the price is more than 20% below its all-time high.
Strengthening is 70 and above, Steady 40 to 70, Cooling below 40. Scores are recalculated every night after the market closes.
Full methodology →This describes only how the share price has moved up to 29 Oct 2026, compared with other stocks. It says nothing about the business, and it is not a prediction, a price target or a recommendation to buy or sell.
Continue your research
What Hexaware Technologies Ltd's management said in earlier quarters
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