Hexaware Technologies has announced financial results for the fourth quarter of calendar year 2025 ended December 31, 2025.
Financial Summary and Highlights
| USD Mn | INR Mn | ||||||
| Q4CY25 | QoQ (%) | YoY (%) | Q4CY25 | QoQ (%) | YoY (%) | ||
| Revenue | 389.0 | (1.5%) | 4.5% | 34,782 | (0.2%) | 10.3% | |
| EBITDA | 65.9 | (4.8%) | 8.6% | 5,915 | (3.3%) | 15.1% | |
| PAT | 32.5 | (22.5%) | (14.4%) | 2,916 | (21.2%) | (9.1%) | |
| CY25 | USD Mn | |
| CY25 | YoY (%) | |
| Revenue | 1,537.4 | 7.6% |
| EBITDA | 263.3 | 15.9% |
| PAT | 157.0 | 12.1% |
| Constant Currency Growth | CY25 | Q4CY25 | |
| YoY % | QoQ % | YoY % | |
| Revenue | 7.1% | (1.4%) | 3.5% |
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:
- 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:
- 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: 11.0%
- Q4CY25 Utilization Rate for IT: 80.8%
Other Key Metrics
- DSO (Billed + Unbilled) at 67 in Q4CY25, of which Billed is 38
- CY25 Adjusted Cash Conversion % at 75.8%
- 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.
| R. Srikrishna, CEO |
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.”
| Vikash Jain, CFO |
“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”
Financial Performance
Revenue Performance by Vertical
| In USD Million | Q4CY25 QoQ |
Q4CY25 YoY |
CY25 YoY |
| Financial Services | 0.0% | 8.4% | 14.0% |
| Healthcare and Insurance | (9.0%) | 2.1% | 7.2% |
| Manufacturing and Consumer | (0.7%) | 15.0% | 1.4% |
| High Tech and Professional Services | (4.5%) | (15.3%) | 0.9% |
| Banking | 11.1% | 15.1% | 7.9% |
| Travel and Transportation | 5.1% | 10.8% | 12.8% |
| Total Revenue | (1.5%) | 4.5% | 7.6% |
Revenue Performance by Geography
| In USD Million | Q4CY25 QoQ |
Q4CY25 YoY |
CY25 YoY |
| Americas | (3.3%) | 2.5% | 9.5% |
| Europe | 1.1% | 10.3% | 3.2% |
| Asia Pacific | 14.9% | 12.2% | (1.3%) |
| Total Revenue | (1.5%) | 4.5% | 7.6% |
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.
