Hexaware Technologies Ltd — the ₹41,000 crore AI-flavored digital transformation company that refuses to stay quiet. Fresh off its re-listing in Feb 2025 after a ₹8,750 crore IPO, the company just dropped its September 2025 quarter results, showing the kind of numbers that make even Infosys look twice: ₹3,484 crore in revenue and ₹370 crore in net profit, both rising double digits YoY.
With a stock P/E of 29.4, ROCE of 29.5%, and ROE of 23.3%, Hexaware’s metrics scream “premium midcap IT,” but the stock has been chilling on the charts, down 6.5% over three months — maybe investors still recovering from the delisting–relisting hangover.
OPM of 15.4% and a dividend yield of 1.71% show that the firm is not shy about paying shareholders, unlike certain other tech companies who treat dividends like classified secrets. Add to that a ₹582 crore debt (barely 0.1x D/E) and an enterprise value of ₹39,662 crore, and you’ve got a digital services player walking the fine line between growth and discipline.
The Q3FY26 highlight reel? 22.3% profit growth, an ongoing $66M CyberSolve acquisition, and yet another boardroom power shuffle — because it’s not an Indian tech company unless someone resigns and another gets promoted within 30 days.
2. Introduction
Hexaware is like that tech-savvy cousin who disappeared abroad, came back years later richer, sharper, and now talks about “AI-first platforms” at family dinners. Founded in 1992, it’s one of India’s oldest IT service providers, but don’t let the vintage fool you — the company reinvented itself around Artificial Intelligence long before ChatGPT made AI fashionable.
Once delisted in 2020 under private equity giant Baring PE, Hexaware has now re-emerged on the bourses like a phoenix that went to Harvard. And it’s making noise again — $66 million acquisitions, GenAI partnerships, and patent lawsuits in the U.S. (because apparently success now comes with legal side effects).
Their business revolves around offering digital transformation, automation, and cloud services powered by fancy proprietary platforms — Tensai (for AI automation), RapidX (for digital transformations), and Amaze (for cloud migration). Basically, they’ve wrapped consulting, software development, cloud, and AI into one big tech samosa.
With 39 delivery centers, 16 offices, and clients spread across America (73% of revenue), Europe (20%), and APAC (7%), Hexaware has truly gone global. Yet, its humor remains desi — when questioned about a $500M patent lawsuit in Illinois, their statement read: “meritless claim; we’ll defend vigorously.” That’s the corporate version of “aa jaa beta.”
3. Business Model – WTF Do They Even Do?
Hexaware’s business is a digital buffet where the main course is AI and the dessert is automation.
They operate across multiple verticals and service layers — here’s the simplified breakdown:
Design & Build: They help clients build and modernize applications, ERP systems, and software platforms — essentially the “bodybuilders” of the IT gym.
Secure & Run: They run and secure complex IT estates across hybrid clouds. Translation: they make sure the client’s systems don’t crash during quarterly results.
Data & AI: The cool kid segment — transforming data into “actionable insights” using machine learning. The kind of stuff management says in presentations to sound visionary.
Optimize: AI-driven process optimization — HR bots, analytics dashboards, automation tools. Think Excel macros on steroids.
Cloud Services: The foundation. Migration, modernization, and management of multi-cloud infrastructure.
Hexaware also has six key industry verticals: Financial Services (28% of FY24 revenue), Healthcare & Insurance (21%), Manufacturing & Consumer (17%), Hi-Tech & Professional Services (17%), Banking (9%), and Travel & Transportation (8%).
Each vertical contributes meaningfully — meaning some give money, others give stress.
4. Financials Overview
Consolidated Quarterly Comparison (₹ crore)
Metric
Q3 FY26 (Sep 2025)
YoY Qtr (Sep 2024)
Prev Qtr (Jun 2025)
YoY %
QoQ %
Revenue
3,484
3,136
3,261
11.1%
6.8%
EBITDA
601
491
404
22.4%
48.8%
PAT
370
300
380
23.3%
-2.6%
EPS (₹)
6.08
4.98
6.24
22.1%
-2.6%
Commentary: Revenue up, margins fattening, but PAT dipped slightly QoQ — maybe due to that CyberSolve acquisition paperwork or the court fees from that U.S. lawsuit. Still, double-digit growth YoY in both top and bottom line is no joke in a world where some IT majors are crying over “macroeconomic headwinds.”
