Скачать или смотреть Hexaware Tech Q1FY26

Management Commentary & Strategy
Growth Focus: Management called out resilience amid macro uncertainties, emphasizing robust 12.4% YoY revenue growth and margin improvement as proof of operational excellence. They highlighted navigating a “challenging environment” and sustaining growth.

Deal Pipeline: Strategic deal momentum persists, particularly in BFSI (expected to lead growth), with ongoing wins in large and mid-sized client relationships. However, delays in small/mid deals remain due to client caution.

Segment Performance:

BFSI: Anticipated to be the primary growth engine.

Hitech, Healthcare, Insurance: Should grow flattish to slightly above the company’s average.

Manufacturing & Consumer: Experiencing notable weakness due to macro headwinds.

Geographic & Client Mix: Three customers now contribute over $75 million each; the largest client surpassed the $100 million mark, reflecting successful mining of top accounts.

Execution & Client Satisfaction: Net Promoter Score (NPS) at 67 (industry median around 40), signifying strong customer loyalty.

Guidance & Outlook
Growth Guidance: Management expects “accelerated growth” in Q3 and Q4 of calendar 2025, projecting to outperform the average sector trend during this period. However, near-term guidance was muted, resulting in cautious market sentiment.

Margin Guidance: Hexaware reaffirmed its EBITDA margin guidance in the 17.1–17.4% band for FY26, despite planned tech investments (ERP, AI, acquisitions) that will weigh on costs. They are also benefiting from a lower effective tax rate (24.5%), which supports bottom-line growth.

Strategic Targets: The company reiterated its medium-term revenue goal of $3 billion by 2029, signaling continued ambition for double-digit annual revenue growth.

Market Reaction: Despite the healthy headline numbers, the stock initially fell 6–8% following the results, as muted near-term revenue guidance, client deal delays, and sector-wide demand pauses tempered investor expectations.

Analyst Perspective & Valuation
Strengths: Strong YoY profit and margin performance, resilient top-client relationships, and robust deal momentum in BFSI and other core verticals.

Cautions: Slower sequential revenue growth and management's muted near-term guidance warrant caution. The company faces macro-related softness (not structural declines), particularly in manufacturing, consumer, and small/mid-client segments.

Valuation: The stock trades with an implied upside to consensus targets (e.g., ~₹950 vs. ~₹740 current), but may remain volatile in the near term due to sector headwinds.