ICICI Securities has issued a buy rating on Hexaware Technologies with a target price of ₹580 in its research report dated May 08, 2026. According to the brokerage firm's analysis, the recommendation is based on attractive valuation and improving revenue growth and margin profile of the IT services company.
Hexaware Technologies reported strong Q1CY26 results with consolidated net sales of ₹3,613.00 crore, representing a robust 12.63% year-on-year growth. As reported by ICICI Securities, the company reiterated its CY26 guidance of delivering at least 7.6% YoY USD growth, which implies a high ask-rate of 4.2% CQGR for the remaining three quarters. This growth is expected to be led by healthy deal bookings, including several vendor consolidation deals, and improving growth outlook in manufacturing.
Hexaware Tech shares rose 5% following the launch of its AI agent platform, demonstrating strong market confidence in the company's technological capabilities. The positive market reaction reflects investor optimism about the company's AI initiatives and their potential to drive future growth.
ICICI Securities expects margins to improve over the course of the year led by operating leverage, as reported in their analysis. The brokerage continues to value Hexaware at 20x on CY27E EPS of ₹29 to arrive at the target price of ₹580.
