Hexaware Reports Q2CY26 Revenue at USD 405.4 Mn, Up 6.1% YoY

Q2CY26 EBIT Margin at 13.6%, Increase of 68 bps QoQ 

MUMBAI, India, July 29, 2026 /PRNewswire/ -- Hexaware Technologies (NSE: HEXT), a global provider of IT solutions and services, today announced financial results for the second quarter of calendar year 2026 ended Jun 30, 2026.

Financial Summary and Highlights

Revenue:

• Q2CY26: USD 405.4 Mn | INR 38,452 Mn
  • USD: +4.4% QoQ and +6.1% YoY | INR: +6.4% QoQ and +17.9% YoY
  • Constant Currency: +4.4% QoQ and +6.3% YoY

Profitability:

• EBIT ⁽¹⁾:
  • Q2CY26: 13.6% | +68 bps QoQ and (102 bps) YoY in % terms
  • +9.8% QoQ and (1.3%) YoY in absolute terms
• Basic EPS:
  • Q2CY26: INR 5.41 | (6.2%) QoQ and (13.4%) YoY

Key Client Metrics

• Added one customer in the USD 20Mn+ category (LTM basis), increasing the total to 16 (from 15 in the previous quarter)
• Top 10 customer revenue concentration at 35.7% in Q2CY26 (LTM basis)

Key People Metrics

• Closing Headcount: 34,506, QoQ net addition of 708 with 179 net addition in IT
• Voluntary Attrition for IT⁽²⁾: 11.2%
• Q2CY26 Utilization Rate for IT⁽³⁾: 84.8%

Other Key Metrics

• DSO (Billed + Unbilled) at 78 in Q2CY26, of which Billed is 39
• LTM Q2CY26 Operating Cash Flow (OCF) to Reported Profit % at 124.7%
• Cash and Cash Equivalents Position as of Jun 30, 2026, is USD 175 Mn^{(4) (5)}

Leadership Speak

"We delivered strong growth in what remained a challenging quarter for the industry. At the same time, our AI Labs are innovating at remarkable speed, launching one new offering every month. This innovation forms the foundation for sustained growth in the AI world."

R. Srikrishna, CEO

"This was our first quarter with the ERP go-live which marks a major milestone in our transformation journey. We delivered industry-leading revenue growth coupled with margin expansion and solid cash conversion. This demonstrates the strength of our business and our team's disciplined execution."

Vikash Jain, CFO

Notes: (1) EBIT in USD terms, QoQ and YoY growth is calculated against adjusted EBIT. (2) 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. (3) Utilization rate for IT is calculated as the total hours IT business professionals spent 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. Starting Q2CY26, utilization excludes employees working on platforms. This has improved Q2 utilization by 80 bps. The comparative periods have not been restated for this change (4) This includes restricted cash balance and MF investments (5) Exchange rate used is 94.66.

Financial Performance

Revenue Performance by Vertical

Revenue Performance by Geography

Key Wins

• Won a deal with a leading German biotechnology company to deliver AI for Business solutions
• Won a Zero License engagement with a leading capital markets institution
• Secured an AI-led middle-office transformation engagement with a leading American financial services company
• Won a legacy modernization engagement with a leading UK music copyright organization
• Secured an outsourcing and transformation deal with a leading London-based public university
• Won a Digital ITO deal with one of the leading non-bank lenders in ANZ
• Secured an outsourcing and transformation deal with a large fintech company in APAC
• Won a CRM transformation program with a leading global clinical research company

About Hexaware

We are a global digital and technology services company with artificial intelligence ("AI") at our 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 34,506 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.