Hexaware Q3 revenue rises 4.3% to $411.9 million; Vivek Jetley takes over
By Neha KapoorEconomy Correspondent, Peepals Business
Representative image: This_is_Engineering / Pixabay
Hexaware's July-September revenue rose 4.3% to $411.9 million and profit 16.1%, as Vivek Jetley replaced R Srikrishna as CEO on October 28, 2026.
What Happened
Hexaware Technologies, the Indian IT services company, reported on Wednesday, October 28, 2026, that its revenue for the July to September quarter (Q3 of its calendar-year 2026, which it calls Q3CY26) rose 4.3% year on year to $411.9 million. In rupee terms revenue grew 12.9% to Rs 39,331 million (about Rs 3,933 crore), and profit rose 16.1% to Rs 4,294 million (about Rs 429 crore). On the same day the board named Vivek Jetley, a senior executive from rival EXL, as chief executive, succeeding R Srikrishna (Srikrishna Ramakarthikeyan), who led the company for 12 years.
Key Facts
- Period: the quarter ended September 30, 2026; Hexaware reports on a January to December financial year.
- Revenue in dollars: $411.9 million, up 4.3% from a year earlier and 1.6% from the April to June quarter, according to the company's earnings release.
- Revenue in rupees: Rs 39,331 million, up 12.9% year on year; the gap with the dollar growth reflects the weaker rupee.
- Profit: Rs 4,294 million, up 16.1% year on year.
- Adjusted EBIT margin (operating profit as a share of revenue, before interest and tax): 13.8%, up 17 basis points (0.17 percentage points) from the previous quarter, the company said. Reported EBIT was Rs 4,791 million, against Rs 5,124 million a year earlier.
- Leadership: Vivek Jetley became CEO on October 28, 2026, for a four-year term. He was earlier President and Head of Insurance, Healthcare and Life Sciences at EXL. R Srikrishna stays on the board and as a Senior Advisor.
- Board changes: non-executive directors Neeraj Bharadwaj and Julius Genachowski stepped down; Arjun Shah and Gregory Michael Zeluck joined as additional directors, subject to shareholder approval. Senior executive Girish Pai will leave on November 13, 2026.
Why It Matters
Hexaware is one of the mid-sized Indian IT services firms that sell software development, cloud migration, testing and business process work to large companies in the United States and Europe. Its numbers are a useful reading of how much companies abroad are spending on digital transformation, the shift of their operations onto modern software, cloud platforms and, now, artificial intelligence (AI). Growth of 4.3% in dollars is slow, and even its 12.9% rupee growth trails Coforge, which reported 53.6% revenue growth for the September quarter.
The company's own explanation, given on its earnings call, was that revenue came in below what it had expected because one large client in its global services segment spent less and some big deals moved more slowly than planned. That points to a wider pattern in the industry this year: clients are still signing contracts, but they are breaking large programmes into smaller pieces and taking longer to start them while they work out how AI changes what they need.
The AI push shows up in the deals Hexaware highlighted. Among its key wins for the quarter, the company listed an "AI-native" customer experience contract with a smart home and property technology platform, and work for a global pharmaceutical company on AI applications and agentic development. Agentic AI refers to software agents that can carry out a series of tasks on their own, such as handling a customer request from start to finish, rather than only answering a single question. The company did not give a value for these deals.
The change at the top is the bigger long-term signal. Srikrishna led Hexaware for 12 years and will stay close to it as an adviser. Bringing in Jetley from EXL, a firm known for data analytics and operations work in insurance and healthcare, suggests the board wants stronger growth in those industries and in AI-led services. His first task, as the margin figures show, is to lift growth without giving up profitability: rupee profit rose, but reported operating profit was lower than a year ago.
| Measure | Q3 CY2026 | Change |
|---|---|---|
| Revenue (US dollars) | $411.9 million | +4.3% year on year, +1.6% quarter on quarter |
| Revenue (rupees) | Rs 39,331 million | +12.9% year on year |
| Profit (rupees) | Rs 4,294 million | +16.1% year on year |
| Adjusted EBIT margin | 13.8% | +0.17 points quarter on quarter |
Impact
Short-term: Investors and clients will watch Jetley's first statements on strategy and the company's fourth-quarter guidance. Employees may see a review of priorities under the new chief executive, though the company has announced no changes to staff.
Long-term: If clients move faster on AI-led projects, firms such as Hexaware could win new work; if they keep delaying large programmes, mid-sized IT companies will face pressure on both growth and margins.
Who is affected: Hexaware's shareholders and employees, its clients in the United States and Europe, and job seekers in India's IT services sector, where hiring tracks deal flow.
Key Takeaway
Hexaware grew dollar revenue by only 4.3% in the September quarter while rupee profit rose 16.1%, and it handed the top job to Vivek Jetley on October 28, 2026, as it tries to turn AI deals into faster growth.
Questions and Answers
What were Hexaware's Q3 results for 2026?
For the quarter ended September 30, 2026, Hexaware reported revenue of $411.9 million, up 4.3% year on year and 1.6% from the previous quarter. In rupees, revenue was Rs 39,331 million, up 12.9%, and profit was Rs 4,294 million, up 16.1%.
Who is the new CEO of Hexaware?
Vivek Jetley, who was President and Head of Insurance, Healthcare and Life Sciences at EXL, became chief executive on October 28, 2026, for four years. He replaces R Srikrishna, who led the company for 12 years and stays on as a board member and Senior Advisor.
Why is Hexaware's dollar growth lower than its rupee growth?
Hexaware earns most of its revenue in foreign currencies. When the rupee weakens, each dollar earned is worth more rupees, so growth looks higher in rupee terms (12.9%) than in dollar terms (4.3%).
Why did Hexaware's revenue miss its own expectations?
On its earnings call the company pointed to lower spending by one large client in its global services segment and slower progress on some large deals.
Disclaimer: Prepared by the Peepals newsroom from publicly available sources with AI assistance. Information is accurate to the best of our knowledge at the time of publication and may change. Images may be representative. Not professional advice. Report an error via our contact page.
By Neha Kapoor, Economy CorrespondentCovers Economy and more for Peepals Business. All stories by Neha Kapoor
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Neha Kapoor is a pen name of the Peepals Global Editorial Team, which researches, fact-checks and publishes every story. The portrait is an illustration.
