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Revenue
₹3,478 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
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Quarter read
What the record says.
Hexaware reported Q4 CY25 revenue of $389M, down 1.5% QoQ, impacted by furloughs, lower license revenue, and a GSC client cut. Full-year revenue grew 7.6% YoY (7.1% CC). Reported EBIT margin was 17%, but normalized margin was 15.4%, down 210bps QoQ due to seasonality, forex, and merit increases. Deal wins were strong, with pipeline crossing $4B for the first time, including a large consolidation deal in big tech. Management guided for FY26 revenue growth better than 7.6%, with Q1 seasonally weak and acceleration thereafter. EBIT margin guidance for FY26 is 13-14%, with H2 exit rate higher than current year. AI is a double-edged sword: dampening existing revenue (20-40% productivity impact on same scope) but creating new opportunities like legacy modernization and SaaS replacement. Key risk: the GSC consolidation deal remains undecided, and management has assumed downside in guidance.
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Guidance to track
- Management expects reported revenue growth in FY26 to exceed the 7.6% reported in FY25, with Q1 being seasonally weak and growth accelerating each subsequent quarter.
- EBIT margin for FY26 is guided at 13-14%, lower than FY25 due to deal ramp-ups and rebadging in H1, but H2 exit rate expected to be higher than current year.
- Q1 will face additional headwinds from calendar days, a GSC client cut (70bps annualized impact), and budget allocation lags, making it weaker than usual.
- Banking and HNI verticals are expected to grow higher than company average, while MNC manufacturing/consumer returns to growth, and professional services trails.
Risks flagged
- A large GSC consolidation deal remains undecided; management has assumed downside in guidance due to potential loss or further cuts.
- AI productivity improvements are reducing revenue on same scope by 20-40%, and this dampener is expected to continue through FY26.
- The Softclick acquisition (2024) missed financial targets, leading to earnout reversal and impairment; two of its clients went bankrupt in FY25.
- To achieve better-than-7.6% growth, Q2 and Q3 need very high sequential growth rates, which may be challenging given macro uncertainty.
Key quotes
- Our goal with customers is that every single day, every single client, the work we do is positively impacted by AI.
- We expect our revenue growth to be better than what we reported in 25 which is 7.6.
- Our core thesis of growth in base growth in teens low teens and acceleration levers to get us to mid to high teens remains completely intact.
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