Board outcome: results, CEO change, director exits and 13 lakh share allotment
Board approved unaudited standalone and consolidated results for the quarter and nine months ended September 30, 2026.
By ScoutQuest · · 3 min read
| Line item | Latest | Year ago | YoY | Prev qtr | QoQ |
|---|---|---|---|---|---|
| Revenue from operations | 39,331 | 34,836 | +12.9% | 38,452 | +2.3% |
| Total income | 40,825 | 34,939 | +16.8% | 37,951 | +7.6% |
| Profit before tax | 5,434 | 4,967 | +9.4% | 4,407 | +23.3% |
| Profit after tax | 4,294 | 3,699 | +16.1% | 3,302 | +30% |
| Total comprehensive income | 4,963 | 4,265 | +16.4% | 4,271 | +16.2% |
| Basic EPS | 7.06* | 6.09* | — | 5.41* | — |
- Profit after tax QoQ growth
- +30%
- Period
- September 30, 2026 (Unaudited)
Also decided at the meeting
- Appointed Mr. Arjun Shah and Mr. Gregory Michael Zeluck as Additional Directors (Non-Executive Non-Independent) w.e.f October 29, 2026, subject to shareholder approval.
- Noted resignations of Mr. Neeraj Bharadwaj and Mr. Julius Genachowski as Non-Executive Non-Independent Directors w.e.f close of business on October 28, 2026.
- Approved slump sale of Tech SMC Square India Pvt Ltd from Hexaware Technologies Inc, USA to Tech SMC Squared (GCC) India Private Limited (group entity rationalization).
- Approved mergers of Identity and Access Solutions Canada Inc. into Hexaware Technologies Canada Limited and IT Glitterz LLC into Hexaware Technologies Inc, USA.
- Approved incorporation of a wholly owned subsidiary in Mauritius with initial investment upto USD 01 Million; Mobiquity BV to be wound down via voluntary liquidation.
- Mr. Girish Pai, EVP and Global Head - Data (SMP), resigned effective close of business on November 13, 2026.
- Mr. Vivek Jetley appointed CEO w.e.f October 28, 2026; Mr. R Srikrishna ceases as CEO & Executive Director w.e.f close of business October 28, 2026.
- Approved allotment of 13,00,000 equity shares of Rs.1 each at Rs.382.5 per share to Hexaware Employees Benefit Trust; board committees re-constituted.
Auditor's review
Conclusion: Unmodified
Notes to the results
- Exceptional item: Netherlands restructuring plan; provision of INR 647 million (INR 603 million severance, INR 44 million legal fees); restructuring expenses of 597 shown as exceptional.
- Net gain on remeasurement of contingent consideration of INR 1,663 million in the quarter; impairment of customer relations of INR 556 million provided.
- Employee benefit expense includes CEO separation cost provision of INR 163 million and ESOP cost reversal of INR 90 million.
Results for the quarter and nine months
The Board approved unaudited standalone and consolidated financial results for the quarter and nine months ended September 30, 2026. B S R & Co. LLP issued a Limited Review Report stating that nothing came to their attention that causes them to believe the statement has not disclosed the required information or contains a material misstatement, and their conclusion is not modified.
- Consolidated Revenue from operations: 39,331 for the quarter and 113,913 for the nine months (figures in INR millions)
- Consolidated Total income: 40,825 for the quarter and 115,123 for the nine months
- Consolidated Profit before tax: 5,434 for the quarter and 14,569 for the nine months
- Consolidated Profit for the period: 4,294 for the quarter and 11,112 for the nine months
- Basic earnings per share (INR): 7.06 for the quarter (not annualised) and 18.25 for the nine months
The review report notes that interim financial results of Twenty Two subsidiaries were reviewed by other auditors; those subsidiaries reflect total revenues (before consolidation adjustments) of Rs. 5,697 million and Rs. 15,927 million, and total net profit after tax of Rs. 118 million and Rs. 569 million, for the quarter and the nine months respectively.
Leadership
- Vivek Jetley has been appointed CEO of the Company w.e.f. October 28, 2026, as per the earlier intimation of September 02, 2026.
- R Srikrishna ceases to be CEO & Executive Director w.e.f. close of business hours on October 28, 2026.
- Girish Pai, Executive Vice President and Global Head - Data, a Senior Management Personnel, has resigned effective from close of business hours on November 13, 2026, to pursue other career opportunities.
Board changes
- Arjun Shah and Gregory Michael Zeluck appointed Additional Directors in the capacity of Non-Executive Non-Independent Directors w.e.f. October 29, 2026, subject to approval of the shareholders.
- Neeraj Bharadwaj and Julius Genachowski resigned as Non-Executive Non-Independent Directors w.e.f. close of business hours on October 28, 2026, citing other commitments and responsibilities.
- The Stakeholders Relationship Committee, Corporate Social Responsibility Committee and Environmental, Social and Governance Committee have been re-constituted following these changes.
Group restructuring
- Slump sale of Tech SMC Square India Private Limited from Hexaware Technologies Inc, USA to Tech SMC Squared (GCC) India Private Limited — all wholly owned subsidiaries or step-down wholly owned subsidiaries.
- Merger of Identity and Access Solutions Canada Inc. into Hexaware Technologies Canada Limited, and of IT Glitterz LLC, USA into Hexaware Technologies Inc, USA.
- Incorporation of a wholly owned subsidiary in Mauritius with an initial investment up to USD 01 Million, in one or more tranches.
- Mobiquity BV, a step-down wholly owned subsidiary in the Netherlands, to be wound down through voluntary liquidation, subject to necessary approvals.
Shares for employee stock options
The Board approved allotment of 13 lakh equity shares having face value of Rs.1 each at an issue price of Rs.382.5 per share to the Hexaware Employees Benefit Trust (erstwhile Hexaware Employees Stock Option Trust 2024). These shares will be transferred by the Trust to employees on exercise of options under the Hexaware Employees Stock Option Plan 2024.
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 slump sale and step-down subsidiary mergers; Q2 results, CEO change also cleared
28 Oct 2026
More numbers
- Equity shares allotted to Employees Benefit Trust13,00,000
- Issue price per equity share for the allotmentRs.382.5
- Consolidated Revenue from operations, nine months (INR millions)113,913
- Consolidated Profit for the period, nine months (INR millions)11,112
- Initial investment in Mauritius subsidiaryUSD 01 Million
- Subsidiaries whose interim results were reviewed by other auditorsTwenty Two
- Total income, latest quarter40,825 (INR millions)
- Total income, year-ago quarter34,939 (INR millions)
- Total income, previous quarter37,951 (INR millions)
- Total comprehensive income, latest quarter4,963 (INR millions)
- Total comprehensive income, year-ago quarter4,265 (INR millions)
- Total comprehensive income, previous quarter4,271 (INR millions)
- Profit after tax, latest quarter4,294 (INR millions)
- Profit after tax, year-ago quarter3,699 (INR millions)
- Profit after tax, previous quarter3,302 (INR millions)
- Revenue from operations, latest quarter39,331 (INR millions)
- Revenue from operations, year-ago quarter34,836 (INR millions)
- Revenue from operations, previous quarter38,452 (INR millions)
- Profit before tax, latest quarter5,434 (INR millions)
- Profit before tax, year-ago quarter4,967 (INR millions)
- Profit before tax, previous quarter4,407 (INR millions)
- Basic EPS, latest quarter7.06*
- Basic EPS, year-ago quarter6.09*
- Basic EPS, previous quarter5.41*
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