Hexaware Technologies (NSE: HEXT), a global provider of IT solutions and services, today announced financial results for the fourth quarter of calendar year 2025 ended December 31, 2025.
Financial Summary and Highlights
Revenue:
- Q4CY25: USD 389 Mn | INR 34,782 Mn
- USD: (1.5%) QoQ and +4.5% YoY | INR: (0.2%) QoQ and +10.3% YoY
- Constant Currency: (1.4%) QoQ and +3.5% YoY
- CY25: USD 1,537.4 Mn | INR 134,304 Mn
- USD: +7.6% YoY | INR: +12.2% YoY
- Constant Currency: +7.1% YoY
Profitability:
- Reported EBITDA (1):
- Q4CY25: 17.0% | -60 bps QoQ & +65 bps YoY in % terms | (4.8%) QoQ & +8.6% YoY in absolute terms
- CY25: 17.1% | +122 bps YoY in % terms | +15.9% YoY in absolute terms
- Basic EPS (2):
- Q4CY25: INR 4.79 | (21.3%) QoQ & (8.8%) YoY
- CY25: INR 22.51 | +16.2% YoY
Key Client Metrics
- Added 1 customer in the USD 100 Mn+ category
- Added 1 customer in the USD 50 Mn+ category: 4 in CY25 vs 3 in CY24
- Top 10 customers’ revenue concentration: 36.4% in CY25
Key People Metrics
- Closing Headcount: 33,844, Net added 1,535 since Q4CY24
- Voluntary Attrition for IT(3): 11.0%
- Q4CY25 Utilization Rate for IT(4): 80.8%
Other Key Metrics
- DSO (Billed + Unbilled) at 67 in Q4CY25, of which Billed is 38
- CY25 Adjusted Cash Conversion % at 75.8%(5)
- Strong Cash and Cash Equivalents position as of December 31, 2025: USD 237 Mn (6) (7)
- INR 11.5 per share of dividend paid in CY25
Leadership Speak
“With rapidly improving capabilities of AI, our most important strategy is speed and agility. We are challenging ourselves to launch a new service enabled by AI every month and take every new service to our most important customers within 90 days from launch.
While CY 2025 was a challenging year for the industry, we have accelerated deal wins in the later part of the year that sets us up for a better CY 2026.” – Srikrishna, CEO
“This year, we navigated a challenging macroeconomic environment with disciplined execution, resulting in healthy margin expansion on YoY basis. Our continued discipline on working capital management led to a very healthy cash flow conversion of 75%+. This year we also closed two capability led acquisitions. We are excited about our future growth and long-term value creation” – Vikash Jain, CFO
Notes: (1) EBITDA in USD terms (2) EPS excluding impact of new labor code for Q4CY25 is 6.15 and for CY25 is 23.88 (3) Voluntary attrition rate for the IT service line is calculated as the total number of IT business professionals and support function professionals who left the company voluntarily during the period, divided by the average number of IT business professionals and support function professionals during the period, computed on a trailing twelve-month basis. (4) Utilization rate for IT is calculated as the total hours IT business professionals spend on customer-billed assignments, divided by the total available base hours. IT business professionals designated as Mavericks (campus hires) are included in the utilization computation after the completion of an initial training period of up to four months. (5) CY25 OCF/Reported EBITDA cash conversion 75.6% (6) Includes restricted cash balance and Mutual Fund Investments (7) Exchange rate used is 89.88
Financial Performance
Revenue Performance by Vertical
Revenue Performance by Geography
Key Wins
- Secured a large consolidation deal with a global technology giant, strengthening our scale.
- Won an application development and cloud modernization engagement with one of the world’s largest development banks.
- Selected by a major North American pet insurance holding company for full stack services.
- Partnered with a leading global multiline insurer to support its enterprise-wide technology modernization initiatives.
- Secured a deal for building agentic AI for many steps in clinical research with a global Clinical Research Organization (CRO).
- Won an application development, digital ITO and M&A playbook deal with world’s largest casual dining company.
- Secured an opportunity to scale GCC with a leading technology services firm based in Asia.
- Awarded a product engineering and platform support engagement by a PE-backed leading pharmacy benefit management company.
About Hexaware
We are a global digital and technology services company with artificial intelligence (“AI”) at its core. We leverage technology to deliver innovative solutions that help our customers in their digital transformation journey and subsequent operations. We embed AI into every aspect of our solutions and have created a suite of platforms and tools that allow our customers to adapt, innovate, and optimize in this AI-first era. We serve a diverse range of customers, including 30+ Fortune 500 organizations. With a team of 33,844 employees in 30+ countries, our presence is spread across major countries, nationalities, languages, time zones, and regulatory zones. For more information, please visit https://hexaware.com/.
Forward-looking Statements
Certain statements in this press release concerning our future growth prospects, litigations are forward-looking statements, which involve a number of risks and uncertainties that could cause actual results to differ materially from those in such forward-looking statements. The risks and uncertainties relating to these statements include, but are not limited to, risks and uncertainties regarding fluctuations in earnings, our ability to manage growth, intense competition in IT services including those factors which may affect our cost advantage, wage increases, our ability to attract and retain highly skilled professionals, time and cost overruns on fixed-price, fixed-time frame contracts, client concentration, restrictions on work visa ,immigration, our ability to manage our international operations, the effect of current and any future tariffs, reduced demand for technology in our key focus areas, disruptions in telecommunication networks, technological disruptions and innovations such as Generative AI ,our ability to successfully complete and integrate potential acquisitions, liability for damages on our service contracts, the success of the companies products and platforms in which Hexaware has made strategic investments, withdrawal of governmental fiscal incentives, political instability, legal restrictions on raising capital or acquiring companies, the outcome of pending litigation and unauthorized use of our intellectual property and general economic conditions affecting our industry. The Company may, from time to time, make additional written and oral forward statements. We do not undertake to update any forward statements that may be made from time to time by us or on our behalf unless required under the law.
Disclaimer
Use of Non-GAAP Financials
Hexaware has included certain non-GAAP financial measures in this Press release to supplement Hexaware’s consolidated financial statements presented on a GAAP basis. These non-GAAP financial measures may have limitations as analytical tools, and these measures should not be considered in isolation or as a substitute for analysis of Hexaware’s results as reported under GAAP. The non-GAAP financial information that we provide also may differ from the non-GAAP information provided by other companies. We compensate for the limitations on our use of these non-GAAP financial measures by relying primarily on our GAAP financial statements and using non-GAAP financial measures only supplementally. We believe that providing these non-GAAP financial measures in addition to the related GAAP measures provides investors with greater transparency. We further believe that providing this information better enables investors to understand Hexaware’s operating performance and financial condition.
Rounding Off
Certain amounts and percentage figures included in this Press Release have been subject to rounding adjustments. Accordingly, figures shown as totals in certain tables may not be an arithmetic aggregation of the figures preceding them.
Investor Relations Contact
Niraj Khemka
Head of Investor Relations
investorrelationsmarketing@hexaware.com
Media Contact
Reena Kamble
mediarelationsmarketing@hexaware.com
Aishwarya Pillai
mediarelationsmarketing@hexaware.com
