JEFFERIES ON HEXAWARE TECHNOLOGIES ; UNDERPERFORM | TP ₹470 (EARLIER ₹500)

• Jefferies maintains Underperform rating on Hexaware Technologies and cuts target price to ₹470 from ₹500. • Company withdraws CY26 revenue growth guidance amid delays in large-deal ramp-ups. • Lowers CY26 EBIT margin guidance to 13–13.5%, with wage hikes expected to pressure margins. • Jefferies forecasts approximately 5% organic revenue CAGR over CY25–28. • Cuts revenue and EPS estimates by 2–3%, reflecting weaker growth expectations and margin pressures.

HEXAWARE TECHNOLOGIES LTD

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