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Revenue
₹3,613 Cr
verified against source
Revenue YoY
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reported change
EBITDA
Pending
latest reported figure
Source
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record provenance
Actual signal trajectory
Where this quarter sits.
Quarter read
What the record says.
Hexaware reported Q1 CY26 revenue of $389M, roughly flat sequentially, with volume growth of $3M offset by $3M in calendar/furlough headwinds. EBIT margin improved 570 bps sequentially to 13%, driven by forex tailwinds and operational improvements, though normalized EBIT was flat. Management highlighted strong deal wins, including a large global bank consolidation phase two and a fab-based manufacturer AI deal, underpinning a 7.6% floor growth reaffirmation. AI-driven differentiation in SDLC and IT operations is driving pipeline momentum, with 12 new revenue opportunities identified. Margins are expected to improve through H2, exiting higher than the full-year 13-14% range. Key risk: the GSC client consolidation may remain a drag through the year, with no growth expected from that account until next year.
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Guidance to track
- Management reaffirmed the 7.6% growth floor for the full year, underpinned by deals already won and a strong pipeline.
- Full-year EBIT margin expected in 13-14% range, with improvement through H2 and exit rate higher than full-year average.
- ETR guidance reiterated at 25-26% for the full year.
- Management expects growth to become visible from Q2, driven by deal ramp-ups and seasonality reversal, with sustained momentum thereafter.
Risks flagged
- The large GSC client consolidation program may keep revenue from that account flat or declining through CY26, with no growth expected until next year.
- AI-driven productivity improvements could reduce volume of work in existing contracts, though management budgets for this and expects market share gains to offset.
- Q4 typically sees seasonal softness due to calendar effects and furloughs, which could temper sequential growth even if absolute revenue remains positive.
- Fuel price issues and macro uncertainty are impacting the travel vertical, which may underperform relative to earlier expectations.
Key quotes
- We are hitting a phase of sustained growth.
- AI in SDLC is the biggest source of differentiation and the biggest source of deal activity.
- We are seeing from clients a willingness of about 10 to 15% gap between productivity gains and economic gains.
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