Hexaware Technologies Ltd (HEXT.NS) Valuation

Valuation

Model-based estimates, not advice. The DCF is the discounted-cash-flow value per share; compare it with the price, not as a target.

DCF fair value

+2.5%

₹509.19

vs ₹496.75 price

Levered DCF

₹578.16

After debt service

Piotroski score

4 / 9

Average

Altman Z-score

6.01

Safe zone

Rating

Overall 4 / 5

Ratios by fiscal year

Margins and yields are shares of revenue, equity or price; multiples are ×.

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
P/E	34.01×	39.37×	46.36×	26.02×	30.67×	36.71×	35.43×	38.81×
P/B	7.37×	8.64×	9.98×	5.58×	6.06×	7.05×	8.22×	9.47×
P/S	3.47×	3.87×	4.45×	2.5×	3.2×	3.64×	4.07×	4.87×
EV / EBITDA	21.52×	23.93×	28.41×	15.89×	18.5×	20.82×	25.48×	27.63×
Gross margin	20.3%	46.3%	44.8%	44.5%	46.9%	46.6%	24.1%	24.2%
Operating margin	13.0%	15.0%	12.8%	10.7%	12.7%	13.1%	14.0%	14.5%
Net margin	10.2%	9.8%	9.6%	9.6%	10.4%	9.9%	11.5%	12.6%
Current ratio	1.44×	1.58×	1.95×	1.78×	2.03×	1.84×	1.42×	2.8×
Debt / equity	0.11×	0.11×	0.08×	0.11×	0.1×	0.18×	0.05×	0×
Interest coverage	16.45×	25.33×	31.81×	26.17×	24.31×	15.76×	75.73×	270.97×
Dividend yield	1.5%	1.1%	1.1%	2.9%	1.0%	0.9%	1.3%	1.1%
Payout ratio	51.1%	45.2%	53.2%	75.1%	32.2%	33.7%	47.6%	43.0%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	21.7%	22.0%	21.5%	21.4%	19.8%	19.2%	23.2%	24.4%
Return on invested capital	18.4%	21.7%	20.5%	16.4%	17.0%	16.1%	21.8%	22.3%
Return on assets	12.6%	13.1%	13.9%	13.6%	13.2%	12.1%	15.4%	18.6%
Free cash flow yield	3.4%	3.1%	3.1%	3.0%	3.8%	6.0%	2.1%	2.2%
Earnings yield	2.9%	2.5%	2.2%	3.8%	3.3%	2.7%	2.8%	2.6%
Enterprise value	₹452.6B	₹449B	₹448.6B	₹221.7B	₹221.7B	₹224B	₹226.8B	₹218.8B
Net debt / EBITDA	-0.62×	-0.75×	-0.87×	-0.6×	-0.67×	-0.39×	-0.05×	-0.97×
Cash conversion cycle (days)	22	41	43	40	43	35	70	65