Debasis Mohapatra
Bengaluru, 10 Mar 2026
Among mid-tier IT services companies, Hexaware is better-placed to win large contracts, leveraging agentic AI solutions on the back of proactive launch of several AI-powered solutions.
According to brokerage firm, ICICI Securities, the company also has a well-diversified portfolio as compared to many of its mid-tier IT peers, which makes it more resilient in the face of market fluctuations.
“We believe that mid-sized IT companies like Hexaware are favourably positioned to challenge incumbents for large multi-service line engagements leveraging agentic AI solutions,” ICICI Securities said in a report.
In terms of vertical mix, the report said, “Hexaware has the most diversified vertical mix and expertise in select subsegments across each vertical within our coverage universe. This is quite contrary to the heavy ‘anchor vertical’ exposure seen in mid-tier peers. This diversification extends to geography, where Hexaware holds the second-best revenue mix, after Coforge.”
According to the brokerage firm, Hexaware has pioneered launching AI offerings such as legacy modernisation, vibe coding and Zero Licensing. Due to such launch, the company is winning share in the customer support sector through agentic AI solutions, in which it had no presence earlier.
On deal wins, the report also noted improvement in bagging more deals from Fortune 500 companies. The mid-tier IT firm currently has 31 Fortune 500 companies as its clients.
“The average tenure of its relationships with top five, 10 and 20 customers is 15, 15 and 12 years, respectively. It has scaled up well across client buckets – its USD 20mn+ accounts at 15, USD 10mn+ accounts at 32 and USD 5mn+ accounts at 65 are higher than Mphasis and Persistent. Its strong work credentials among clients have helped them win several vendor consolidation deals in CY25 against incumbent IT services peers,” the report noted.
The report also pointed out that under the CEO, R Srikrishna, the IT firm has scaled up its financial services and banking vertical. “Traditionally, Hexaware has had a small footprint among banks; but CEO Mr. R Srikrishna, focussed on scaling banking vertical……Since 2021, banking has scaled up to 1.8x and reached a USD 152mn annual run-rate as of Q4CY25,” it said.
In 2025, Hexaware has bagged contract from one of the top 5 banks in US for IT services work, competing against larger incumbents.
The stock price of Hexaware has been down 40% since the beginning of the year and is trading around Rs 450 level in NSE on Tuesday.
