Overview

Detailed Summary

Hinduja Global Solutions (HGS) is a global Business Process Management and Digital Media company providing CX services, back-office processing, and digital delivery platforms including broadband and DTV, operating across India, North America, the UK, Philippines and other delivery locations with a combined CX and Digital/Media revenue mix.
Q3 FY2026 reported operating revenue was Rs. 1,075.4 crore with total income of Rs. 1,192.2 crore and EBITDA margins at 11.2% for the quarter; nine-month EBITDA margins stood at 12.5%, reflecting margin pressure but continued focus on disciplined cost management and productivity levers.
HGS is actively commercializing AI through its Agent X platform, Interaction Intelligence and AMLens solutions, documenting material outcome metrics and adopting outcome-linked pricing or transaction-based models, which management expects will drive both top-line growth and medium-term margin expansion.
The company is scaling its Digital Media and broadband franchise (CelerityX / NXTDIGITAL), operationalized 50 Tier-III towns under Mission Bharat adding ~25,000 subscribers, and reported an improving broadband customer mix toward higher-speed packages, indicating ARPU expansion potential.
Balance sheet liquidity remains strong with gross treasury around Rs. 6,429 crore and net treasury surplus of approximately Rs. 5,227 crore versus total borrowings of about Rs. 1,202 crore, giving HGS significant capital flexibility for investments and strategic initiatives.

Sector: IT - Software
Industry: IT Enabled Services / Business Process Outsourcing
Market Cap: 1,699 Cr
Volatility: Moderate Risk
P/E Ratio: 12.5
Industry P/E: 23.7
PEG Ratio: —
P/B Ratio: 0.2
52W High: 628.80
52W Low: 361.10

Sales CAGR

1Y: -4.58%
3Y: 11.03%
5Y: -4.39%
10Y: 2.45%

Profit CAGR

1Y: -23.21%
3Y: —
5Y: —
10Y: —

ROE

TTM: -0.73%
3Y: 2.42%
5Y: 20.19%
10Y: 18.67%

ROCE

TTM: 3.31%
3Y: 3.40%
5Y: 2.26%
10Y: 4.79%

Technicals

‌

Forecasts

Peers

Symbol	Price	Market Cap	P/E	P/B	Div Yield (%)	ROE (%)	ROCE (%)	ROA (%)
BCG	10.17	2,052 Cr	2.35	0.22	0.00	8.56	12.41	8.00
TEAMLEASE	1202.60	2,012 Cr	15.42	2.10	0.00	12.24	11.25	5.76
ACCELYA	1177.10	1,746 Cr	16.31	6.64	7.69	40.99	41.69	23.34
HGS	361.30	1,699 Cr	12.46	0.21	0.00	-0.73	3.31	0.15
SASKEN	1105.00	1,693 Cr	44.30	2.11	2.23	4.90	6.43	3.62
DIGITIDE	93.15	1,374 Cr	30.64	1.63	0.00	7.16	14.68	0.49
BLSE	142.00	1,284 Cr	23.05	2.55	0.71	11.17	17.78	9.53

Financial Statements

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Consolidated Quarterly Results (in ₹ Crores)

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Total Figures

QoQ Changes

Total Figures

	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025
Sales	1,180	1,204	1,099	1,092	1,087	1,064	1,161	1,056	1,091	1,075
Expenses	1,082	1,088	1,032	1,075	1,053	1,001	1,019	1,028	1,065	1,058
Operating Profit	98	115	66	17	34	64	143	29	26	17
OPM %	8.26	9.58	6.03	1.53	3.17	5.97	12.27	2.72	2.39	1.58
Other Income	108	91	159	127	120	171	137	131	132	112
Interest	46	49	51	56	62	56	55	58	54	47
Depreciation	135	142	133	131	133	138	121	128	118	123
Profit Before Tax	25	16	41	-44	-41	41	103	-26	-14	-41
Tax %	24.84	49.51	-112.26	-29.00	-24.23	120.82	101.63	-74.96	-91.55	-36.92
Net Profit	18	8.18	88	-57	-51	-8.59	-1.69	-46	-27	-56
EPS in Rs	3.93	1.82	18.51	34.72	-8.87	-0.57	0.82	3.75	-4.20	28.63

Consolidated Profit Loss (in ₹ Crores)

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Total Figures

YoY Changes

Total Figures

	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	TTM
Sales	3,711	3,849	4,470	4,987	2,602	4,273	4,505	4,616	4,404	4,368
Expenses	3,293	3,443	4,052	4,320	2,524	4,010	4,261	4,260	4,147	4,099
Operating Profit	418	406	418	667	78	263	244	356	257	269
OPM %	11.26	10.55	9.35	13.37	2.98	6.16	5.42	7.71	5.84	6.16
Other Income	23	24	44	36	-38	128	534	472	555	559
Interest	43	35	40	94	35	157	137	184	229	231
Depreciation	143	141	178	291	117	345	455	534	523	520
Profit Before Tax	255	254	243	317	-113	-110	186	110	60	78
Tax %	29.63	21.74	29.03	42.00	48.09	64.52	-55.03	-18.72	296.89	238.09
Net Profit	179	199	173	184	-59	-39	288	131	-118	-107
EPS in Rs	38.53	43.05	37.21	43.92	72.16	1,295.82	63.35	27.51	26.10	29.00
Dividend Payout %	11.57	10.38	11.77	20.66	49.77	19.06	23.56	25.44	0.00	—

Consolidated Balance Sheet (in ₹ Crores)

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Total Figures

YoY Changes

Total Figures

	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025
Equity Capital	21	21	21	21	21	21	42	53	47	47
Reserves	1,168	1,317	1,499	1,623	1,699	2,064	8,034	8,494	7,441	7,662
Borrowings	762	604	443	530	499	1,179	1,409	998	2,107	1,943
Other Liabilities	509	538	664	794	1,853	1,081	2,153	1,820	1,530	1,521
Total Liabilities	2,460	2,479	2,626	2,969	4,072	4,345	11,637	11,364	11,125	11,172
Fixed Assets	936	949	919	1,033	1,733	1,578	2,174	2,789	2,734	2,900
CWIP	14	32	1.06	4.88	4.83	3.21	9.20	13	13	8.78
Investments	10	5.36	11	15	10	4.82	2,484	2,776	3,322	3,665
Other Assets	1,499	1,493	1,695	1,916	2,324	2,759	6,970	5,786	5,055	4,598
Total Assets	2,460	2,479	2,626	2,969	4,072	4,345	11,637	11,364	11,125	11,172

Consolidated Cash Flows (in ₹ Crores)

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Total Figures

YoY Changes

Total Figures

	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025
Cash from Operating Activity	146	409	343	170	884	692	530	111	192	457
Cash from Investing Activity	-197	-113	-60	-240	-404	-209	1,861	-53	174	502
Cash from Financing Activity	-69	-246	-136	-83	-310	-476	-867	-1,108	-808	-898
Net Cash Flow	-120	50	147	-152	170	6.64	1,523	-1,049	-442	61

Shareholdings

Shareholding History

Quarterly

Yearly

Quarterly

	Mar 2023	Jun 2023	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025
Promoters	66.59%	67.71%	67.71%	67.71%	67.71%	67.99%	67.99%	67.99%	67.99%	67.99%	67.99%	67.99%
FIIs	12.39%	12.51%	12.41%	12.39%	12.50%	12.51%	12.88%	11.98%	11.93%	11.84%	11.83%	11.82%
DIIs	0.30%	0.28%	0.28%	0.27%	0.23%	0.23%	0.23%	0.23%	0.01%	0.01%	0.01%	0.06%
Public	20.72%	19.50%	19.60%	19.63%	19.56%	19.27%	18.90%	19.80%	20.07%	20.17%	20.18%	20.14%
Total Shareholders	1,25,388	70,885	69,894	67,696	65,503	63,625	65,101	65,532	64,418	63,439	62,220	60,795

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