Hexaware Technologies544362Corporate restructure
Board approves slump sale and step-down subsidiary mergers; Q2 results, CEO change also cleared
Hexaware's board cleared a set of internal restructuring steps: a slump sale of Tech SMC Square India Pvt Ltd from Hexaware Technologies Inc, USA to Tech SMC Squared (GCC) India Pvt Ltd.
By ScoutQuest · · 3 min read
- Q2 Revenue from Operations
- 39,331 (INR millions)
- Q2 Profit for the Period
- 4,294 (INR millions)
- Shares Allotted to Employee Trust
- 13 lakh equity shares of face value Rs.1 each at an issue price of Rs.382.5 per share
Hexaware's board met on October 28, 2026 and cleared several items together — quarterly results, a leadership handover and a reorganisation of some overseas group companies.
Results approved
- The board approved unaudited standalone and consolidated financial results for the quarter and nine months ended September 30, 2026.
- Revenue from operations for the quarter was 39,331 and profit for the period 4,294 (as printed, in INR millions).
- For the nine months ended September 30, 2026, revenue from operations was 113,913 and profit 11,112.
- The statutory auditors' limited review report states that nothing came to their attention that causes them to believe the statement contains a material misstatement.
What the reorganisation involves
- Slump sale: Tech SMC Square India Pvt Ltd is transferred from Hexaware Technologies Inc, USA to Tech SMC Squared (GCC) India Private Limited.
- Merger one: Identity and Access Solutions Canada Inc, a step-down wholly owned subsidiary, merges into Hexaware Technologies Canada Limited, a wholly owned subsidiary.
- Merger two: IT Glitterz LLC, USA, a step-down wholly owned subsidiary, merges into Hexaware Technologies Inc, USA, a wholly owned subsidiary.
- New entity: a wholly owned subsidiary in Mauritius, with an initial investment of up to USD 01 Million, in one or more tranches.
- Wind-down: Mobiquity BV, a step-down wholly owned subsidiary in the Netherlands, will be wound down through voluntary liquidation, subject to necessary approvals.
- Each of these steps is described in the update as being "pursuant to entity rationalization", and every entity named is a wholly owned subsidiary or step-down wholly owned subsidiary of the company.
Board and management changes
- Mr. Vivek Jetley has been appointed CEO with effect from October 28, 2026, as earlier intimated on September 02, 2026.
- Mr. R Srikrishna ceases to be CEO and Executive Director with effect from close of business hours on October 28, 2026.
- Mr. Arjun Shah and Mr. Gregory Michael Zeluck were appointed Additional Directors in the capacity of Non-Executive Non-Independent Directors with effect from October 29, 2026, subject to shareholder approval.
- Mr. Neeraj Bharadwaj and Mr. Julius Genachowski resigned as Non-Executive Non-Independent Directors with effect from close of business hours on October 28, 2026, citing other commitments and responsibilities.
- Mr. Girish Pai, Executive Vice President and Global Head - Data, a Senior Management Personnel, has resigned effective close of business hours on November 13, 2026, to pursue other career opportunities.
- The Stakeholders Relationship, Corporate Social Responsibility and Environmental, Social and Governance committees have been re-constituted following these changes.
Shares allotted to the employee trust
- The board approved allotment of 13 lakh equity shares of face value Rs.1 each at an issue price of Rs.382.5 per share to the Hexaware Employees Benefit Trust (formerly Hexaware Employees Stock Option Trust 2024).
- These shares will be transferred by the Trust to employees when they exercise options under the Hexaware Employees Stock Option Plan 2024.
What a retail investor can read from this
- The restructuring steps are internal: group companies merging into, or moving between, other group companies of the same parent.
- The CEO change was flagged in advance on September 02, 2026; the director resignations are attributed to other commitments and the senior management exit to other career opportunities.
- The share allotment goes to an employee benefit trust linked to ESOP 2024, and the shares reach employees only on exercise of options.
- Board composition changes are approved by the board and, in the case of the two new additional directors, are subject to shareholder approval.
Also from Hexaware Technologies
Board outcome: Q2 results approved, new CEO, director changes, Mauritius unit and Netherlands wind-down
28 Oct 2026
Hexaware Q3CY26: revenue up 4.3% YoY to USD 411.9 Mn, reported profit up 16.1% in INR terms
28 Oct 2026
Board approves Sep-quarter results, CEO change, director reshuffle, 13 lakh share allotment
28 Oct 2026
More numbers
- Revenue from operations, quarter ended Sept 30, 2026 (INR millions)39,331
- Profit for the period, quarter ended Sept 30, 2026 (INR millions)4,294
- Revenue from operations, nine months ended Sept 30, 2026 (INR millions)113,913
- Profit for the period, nine months ended Sept 30, 2026 (INR millions)11,112
- Equity shares allotted to Hexaware Employees Benefit Trust13,00,000
- Issue price per share for the trust allotmentRs.382.5
- Face value per equity shareRs.1
- Initial investment in Mauritius subsidiaryUSD 01 Million
Source: BSE · 28 Oct 2026
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