Buy Hexaware Technologies; target of Rs 570: ICICI Securities

ICICI Securities is bullish on Hexaware Technologies recommended buy rating on the stock with a target price of Rs 570 in its research report dated March 04, 2026.

Broker Research

March 05, 2026 / 12:37 IST

Buy

ICICI Securities's research report on Hexaware Technologies

We like Hexaware for its diversified vertical mix, expertise in select sub-segments across each vertical, broad-based service mix, early move into Generative and Agentic AI services, stable leadership and better cash flow conversion versus midtier peers. This has led to new large logo wins and scale-up within existing large accounts, high NPS scores reflecting service quality and higher employee satisfaction. We believe that mid-sized IT companies like Hexaware are favourably positioned to challenge incumbents for large multi-service line engagements leveraging agentic AI solutions. The stock trades at attractive valuation (16x CY27E EPS), representing an 8%/11% discount to Mphasis/LTM.

Outlook

We initiate coverage on Hexaware with a BUY rating and TP of INR 570 based on 20x CY27E EPS of INR 29.

For all recommendations report, click here