Buy Hexaware Technologies; target of Rs 850: Motilal Oswal

Buy

Motilal Oswal's research report on Hexaware Technologies

Hexaware Technologies (HEXT) reported revenue of USD395m in 3QCY25, up 3.4% QoQ in CC terms vs. our estimate of 3.3% QoQ CC. Growth was led by Manufacturing and Consumer (up 16.5% QoQ), followed by Healthcare and Insurance (up 11.3% QoQ). Hi-Tech and PS & Travel verticals declined by 8.6%/9.8% QoQ. The reported EBIT margin stood at 14.7%, broadly in line with our estimate of 14.9%. PAT was down 2.6% QoQ/up 23.4% YoY at INR3.7b (our est. of INR3.8b).

Outlook

We expect a PAT CAGR of 15.5% over CY25-27E. We reiterate our BUY rating with a TP of INR850 (based on 28x Jun’27E EPS), implying a 26% potential upside.

For all recommendations report, click here

Disclaimer: The views and investment tips expressed by investment experts/broking houses/rating agencies on moneycontrol.com are their own, and not that of the website or its management. Moneycontrol.com advises users to check with certified experts before taking any investment decisions.

Hexaware Technologies_11112025_Motilal Oswal