Hexaware Q3 Revenue Rises 4.3% to $411.9 Million as Jetley Takes CEO Role

Hexaware Technologies (HEXT.BO ) on October 28, 2026, reported unaudited financial results for the third quarter of calendar year 2026, the period ended September 30, 2026, with revenue of $411.9 million, up 4.3% year over year and 1.6% sequentially in dollar terms, according to the company’s earnings announcement. In rupee terms, revenue was INR 39,331 million, up 12.9% year over year and 2.3% sequentially. Constant-currency revenue growth was 1.7% sequentially and 4.5% year over year.

The company reported an adjusted EBIT margin of 13.8% for the quarter, an increase of 17 basis points from the prior quarter and a decline of 88 basis points from a year earlier. In absolute terms, adjusted EBIT rose 2.9% sequentially and fell 1.9% year over year. The version of the release filed with the stock exchanges reported EBIT of $50.2 million, down 9.3% sequentially and 13.5% year over year, and profit after tax of $44.9 million, up 28.8% sequentially and 7.2% year over year. Basic earnings per share were INR 7.06, up 30.5% sequentially and 15.9% year over year. The condensed statement in the filing shows a reported EBIT margin of 12.2%, compared with 13.6% in the second quarter of 2026 and 14.7% in the third quarter of 2025.

The board of directors approved the unaudited standalone and consolidated results at a meeting on October 28, 2026, that ran from 5:32 p.m. to 7:46 p.m. IST, according to the company’s outcome-of-board-meeting filing to BSE and the National Stock Exchange of India. The results were prepared under Ind AS 34 and Regulation 33 of the SEBI listing regulations and subjected to a limited review by statutory auditor B S R & Co. LLP, which stated that nothing had come to its attention suggesting material misstatement. The company’s shares were re-listed on the two exchanges on February 19, 2025.

Segment and Geographic Performance

In dollar terms, the company reported sequential and year-over-year revenue growth by vertical as follows: Banking rose 6.6% and 13.5%; Technology, Products and Platforms rose 7.2% and 9.7%; Professional Services rose 0.3% and 7.8%; Healthcare and Insurance fell 0.4% sequentially and rose 6.3% year over year; Manufacturing and Consumer rose 1.8% and 3.0%; Financial Services rose 3.0% and 2.4%; and Travel and Transportation fell 3.5% sequentially and 8.5% year over year. By geography, Americas revenue rose 1.5% sequentially and 1.1% year over year; Europe rose 3.1% and 12.8%; and Asia Pacific fell 1.6% sequentially while rising 20.0% year over year.

Filed segment revenue for the quarter, in INR millions, was: Financial Services 11,441; Healthcare and Insurance 8,922; Manufacturing and Consumer 6,299; Professional Services 5,366; Banking 3,720; Travel and Transportation 2,703; and Technology, Products and Platforms 880. The filing notes that Technology, Products and Platforms and Professional Services were presented under a combined Hi-Tech and Professional Services heading as of December 31, 2025, and have been reported separately since the quarter ended March 31, 2026.

The company said it added one customer in the $20 million-plus category on a last-twelve-months basis, taking the total to 17 from 16 in the prior quarter, with top-10 customer revenue concentration at 35.4%. Closing headcount was 35,887, a net addition of 1,381 sequentially, including 386 in IT. Voluntary IT attrition was 11.1% and IT utilization was 84.9%; the release notes that starting in the second quarter of 2026 utilization excludes employees working on platforms and that comparative periods have not been restated. Days sales outstanding, billed plus unbilled, stood at 77 days, of which billed was 41. Operating cash flow on a last-twelve-months basis was 109.6% of reported profit, and cash and cash equivalents were $199 million as of September 30, 2026, including restricted cash and mutual fund investments at an exchange rate of 95.83.

Vivek Jetley, who took over as CEO the same day, said in the release: “I am delighted to join Hexaware at an exciting time for the company and our industry.” Chief Financial Officer Vikash Jain said: “Q3 reflected continued progress across several key financial and operating metrics.”

Board Actions and Leadership Changes

The October 28, 2026, board meeting also formalized a leadership transition. Jetley was appointed CEO effective October 28, 2026, under the company’s September 2, 2026, intimation, and R Srikrishna ceased to be CEO and Executive Director from the close of business the same day. The filing states that employee benefits expense in the quarter included an INR 163 million provision for separation costs and an INR 90 million employee stock option compensation cost reversal associated with the CEO separation, while other expenses included INR 19 million in professional fees tied to the separation.

The board appointed Arjun Shah, a managing director at Carlyle, and Gregory Michael Zeluck, a Carlyle partner and co-head of Asia buyout, as additional non-executive non-independent directors effective October 29, 2026, subject to shareholder approval; the filing states both are part of the promoter group. Neeraj Bharadwaj and Julius Genachowski resigned as non-executive non-independent directors effective the close of business on October 28, 2026, and three board committees were reconstituted. Girish Pai, Executive Vice President and Global Head of Data, resigned effective November 13, 2026.

The board also approved the allotment of 1,300,000 equity shares of face value INR 1 at an issue price of INR 382.5 per share to the Hexaware Employees Benefit Trust, for transfer to employees on exercise of options under the Hexaware Employees Stock Option Plan 2024.

On entity rationalization, the board approved a slump sale of Tech SMC Square India Private Limited, which had turnover of INR 69.5 million, or 0.05% of consolidated turnover, to Tech SMC Squared India Private Limited, with completion expected on or before June 30, 2027. It also approved the mergers of Identity and Access Solutions Canada Inc. into Hexaware Technologies Canada Limited and of IT Glitterz LLC into Hexaware Technologies Inc., the incorporation of a wholly owned subsidiary in Mauritius with an initial investment of up to $1 million, and the voluntary liquidation of Mobiquity BV, a Netherlands step-down subsidiary with turnover of INR 1,746 million, or 1.3% of consolidated turnover.

For the nine months ended September 30, 2026, the filing shows revenue from operations of INR 113,913 million, compared with INR 99,522 million a year earlier, and profit of INR 11,112 million, compared with INR 10,767 million. The quarter included a net gain of INR 1,663 million on remeasurement of contingent consideration payable toward acquisitions and an impairment loss of INR 556 million on customer relations from the related acquisition. An exceptional restructuring expense of INR 597 million relates to an approved plan to restructure Netherlands operations, comprising an INR 647 million provision covering INR 603 million in severance and INR 44 million in legal fees, an INR 72 million lease-liability write-back, and INR 22 million in accelerated amortization; the company expects the plan to be substantially completed by the end of the second quarter of fiscal 2027. Nine-month operating cash flow was INR 7,221 million, compared with INR 9,243 million a year earlier, with capital expenditure of INR 1,236 million and dividends paid of INR 5,181 million.

The filing also records that on May 28, 2026, Hexaware Technologies UK Limited completed the acquisition of Consulting Professionals Services Holdings Limited for an upfront payment of GBP 6 million, or INR 735 million, plus contingent consideration of up to GBP 5 million. On October 20, 2026, the board declared a second interim dividend of INR 9.50 per equity share for fiscal 2026. Hexaware will host its third-quarter earnings call on October 29, 2026, at 8:00 a.m. IST.