Motilal Oswal’s research team met with Hexaware’s CEO, R. Srikrishna, and CFO, Vikash Kumar Jain, after the company released its second‑quarter results for the current fiscal year. The discussion focused on the new revenue forecast, the overall demand environment, AI monetisation plans and the medium‑term growth outlook.
Hexaware has reduced its FY26 revenue guidance. According to the executives, the cut is mainly because the ramp‑up of new deals is slower than expected, not because demand has weakened. The company expects the projects that are already in the pipeline to start delivering revenue in the next two quarters.
Despite the lower revenue outlook, Hexaware is keeping its margin guidance unchanged. The firm is still investing heavily in artificial intelligence and talent development, which it believes will build a strong growth pipeline for the next fiscal year.
The research team reiterated its BUY rating for the stock. Using a price target of INR 720, based on a 25‑times earnings‑per‑share estimate for FY27, the upside potential is about 26%.
In short, Hexaware is adjusting its short‑term revenue expectations while staying committed to long‑term growth through AI and large‑account investments. Investors who hold the stock can expect a moderate upside as the company focuses on execution over the next few quarters.