Hexaware Technologies

HEXT.NS

Information Technology Services · Technology

Price

₹532.45

-11.75 (-2.16%)

Market Cap

₹324.68B

Exchange

National Stock Exchange of India

Winston Score

Winston is curious

A decent business — some strong pillars, some weaker.

Data as of Aug 23, 2026 · filings through Jun 30, 2026

How the score breaks down

Quality

Mixed

Growth

Good

Cash Flow

Strong

Stability

Exceptional

Valuation

Good

Dividends

Mixed

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Share count rising — dilution

+103.3% over 4y

The company has issued more shares over this period, which dilutes each existing shareholder’s stake.

Diluted shares outstanding: 303.9M (2021) → 617.9M (2025)

Winston Score History

The full picture

Hexaware Technologies is an Indian IT services company that helps large businesses use technology to run their operations more efficiently. It builds software, manages cloud systems, handles data analytics, and automates repetitive business tasks for clients in industries like banking, financial services, healthcare, and travel. The company is headquartered in Mumbai and was re-listed on Indian stock exchanges in early 2025 after being taken private by Carlyle Group in 2020.

Hexaware earns money by charging clients fees for ongoing technology services, project-based work, and managed services contracts — similar to how a contractor gets paid for maintaining a building. It operates globally, with major delivery centers in India and clients concentrated in North America and Europe, making it a mid-sized player competing against much larger firms like Infosys and TCS. Its key growth driver is expanding AI-powered automation services, but its relatively thin margins and dependence on a few large clients remain notable risks to watch.

Growth Profile

For growth stock investors

When traditional metrics don't capture the full picture, these are the signals growth stock investors use instead.

Revenue Growth

+17.9% YoY

YoY Growth Rate

Steady revenue growth

EPS Growth

-13.4% YoY

YoY Growth Rate

Earnings declining

R&D Spend

₹0/ year

0.0% of revenue

Below sector average (15%)

Research and development spending

Insider Activity

77.7%ownership

Insiders own a meaningful stake in the company

Cash Position

Cash flow positive

₹17.5B cash & investments

Quarterly Free Cash Flow

↓ Burn rate worsening

Company generates more cash than it spends — no dilution risk from fundraising

Growth + cash flow

Hexaware Technologies is a rare growth stock that's already generating positive cash flow while growing at 18%. The Winston Score doesn't fully credit this transition from "burner" to "earner."

The Winston Score above measures business quality today. Growth stocks often score lower because they invest in the future rather than maximising current profits. These metrics show what matters most for evaluating that future.

Score breakdown

Every number that matters to educated investors.

Each metric is explained in plain language so you know exactly what you're looking at. Start your free trial now.

Quality

Profit per sale

Gross Margin

13.7%

Thin — 13.7% gross margin

Profit after running costs

Operating Margin

13.7%

Healthy — 13.7% operating margin

Return on the money invested

ROCE

15.0%

Strong — 15.0% return on capital

ROIC between 15% and 25%. Every dollar invested in the business earns 15 to 25 cents back per year.

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Growth

Sales growth

Sales YoY

+13.0%

Fast-growing sales (+13.0% YoY)

Profit growth

EPS YoY

+0.9%

Flat earnings

Single-digit earnings growth — steady but not exciting.

How steady the profit is

EPS Consistency

6/8 quarters

Earnings grew in most of the last 8 quarters

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Cash Flow

Profit that turns into cash

Cash Conversion

127%

Turns 127% of profit into real cash

Spare cash per sale

FCF Margin

10.5%

Modest free cash flow (10.5%)

FCF margin between 10% and 20%. Every $100 in sales becomes $10 to $20 in real cash.

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Stability

What it owes vs what it owns

Debt / Equity

0.03

Conservative — low debt load (0.03)

Covers its interest

Interest Cover

8.69x

Comfortably covers interest (8.7x)

Interest coverage above 8. Profits cover interest many times over.

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Valuation

Price vs profit

P/E Ratio (TTM)

24.1x

Growth-priced — P/E 24.1

P/E above the market average. People are paying up for expected growth.

Cheaper or dearer next year

P/E vs Forward

+3.9

GROWING

Earnings expected to grow meaningfully — cheaper on forward P/E (24.1 → 20.2)

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Dividends

Dividend

Dividend Yield

2.58%

Moderate income — 2.58% yield

Standard yield zone for stable dividend payers. A meaningful piece of total return.

Dividend record

Dividend Growth

N/A

Data not available

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