Altman Z″
Needs current assets and current liabilities, EBIT.
Concall notes and the half-year checks appear once the filing read is in.
A plain-language read of the business, how it actually earns, where the edge is, and the economics of every reported segment — taken from the annual report and investor presentation, not a one-line industry label.
Trading at 43.1x earnings against its own median of 23.8x: 1.4 standard deviations above its usual range. This compares the company with its own history, not with other companies.
How to read this: Price shows the closing price with its 50-day (amber) and 200-day (grey) averages; bars at the bottom are daily volume, green on up days and red on down days; dashed lines mark the 52-week high and low. vs Nifty 50 starts both at 100 so you can see which did better over the period. P/E shows what the market paid for each rupee of profit, inside the band it usually trades in. Drawdown shows how far below its best price the share has been. Hover anywhere for the numbers on that day.
The three to six things that actually matter about this company, each with the exact filing and note it came from — never a fact without the context that makes it meaningful.
What the numbers mean when read together — computed from the filings, not a score.
Operating cash is 127% of trailing profit — the earnings are converting to real cash, not just accruals.
Why this reading: A positive signal: cash conversion at or above ~0.9 means reported profit is showing up as actual cash.
Operating cash ₹1,739 cr against trailing net profit ₹1,368 cr. Consistent conversion near or above 1.0 is a hallmark of genuine earnings.
Debt rose over 3 years, and most of it (1044%) has turned into fixed assets and projects under construction — the borrowing is building the business.
Why this reading: A positive signal: leverage taken on is visibly becoming productive capacity, not disappearing.
New borrowing ₹289 cr largely matched by an asset build of ₹3,016 cr. Debt that funds capacity is a different thing from debt that funds nothing.
Free cash flow is positive and consistent — the business funds itself after capex.
Why this reading: A positive signal in the numbers, shown for balance alongside the concerns.
Latest free cash flow ₹1,576 cr. Negative in only 0 of 12 years. A self-funding business needs less external capital and dilutes less.
Every score below is calculated here from the reported numbers — none of it is asserted. Open the notebook at the foot of the section to see each formula with this company's figures in it.
Needs current assets and current liabilities, EBIT.
Needs more balance-sheet detail (only 2 of 9 signals testable).
Needs trade receivables, revenue, current assets, depreciation, other expenses, operating cash flow, net profit.
Free cash flow negative in 0 of 12 years.
cumulative operating cash flow ÷ cumulative net profit
₹10,942 cr ÷ ₹8,651 cr, over 12 years
1.26×
Above 1.0 means cash exceeds reported profit — the healthier reading.borrowings ÷ net worth
₹683 cr ÷ ₹6,712 cr
0.10×
Read against the sector — infrastructure carries more than software.Needs more balance-sheet detail (only 1 of 6 flags testable).
Models that need these lines are withheld rather than estimated: net worth, current assets, current liabilities, trade receivables, inventory, net block. Nothing on this page is back-solved from a figure the company did not publish.
Each framework below is a set of stated, mechanical criteria from published work, run against this company's own filed numbers. Passing or failing a screen is not a verdict — different frameworks disagree by design, and that disagreement is itself informative.
Benjamin Graham's stated criteria for a defensive stock, applied to the filed numbers. A company failing several is not disqualified — Graham designed these to be deliberately strict.
Two ratios only: what the business earns on its capital, and what you pay for those earnings. Designed to be ranked across a universe rather than read in isolation.
The fundamental half of William O'Neil's framework. The market and leadership components are judgement calls and are not scored here.
The characteristics long-term holders commonly look for: cash-backed earnings, high returns on capital, and debt that never forces a decision.
Median of the companies we hold in the same sector (Information Technology). Every figure on both sides is the live feed's trailing twelve months, so the two are measured the same way whatever depth of extraction this company has had. A number only means something next to something else — expensive against the market and cheap against peers are different facts.
Bars are revenue; the line is net margin. Revenue rising while the line falls is the shape worth noticing.
One year is a snapshot. These are the two lines that matter across a cycle.
Rising debtor or inventory days against flat sales is the earliest visible sign of stress.
Set your own assumptions and watch the numbers move. A scenario calculator — the outputs are the arithmetic of your inputs.
One canonical set of figures — the same numbers used everywhere else on this page and on the screener.
How the register has moved over recent quarters — the direction matters more than the level.
Promoter trimmed from 74.55% to 74.30% across these quarters.
FII trimmed from 8.31% to 3.19% across these quarters.
MF rose from 10.44% to 15.53% across these quarters.
Other rose from 6.70% to 6.98% across these quarters.
Where cash gets stuck. A rising inventory or debtor line against flat sales is the earliest sign of trouble in the numbers.
| Measure | FY2018 | FY2019 | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|---|---|---|
| Debtor days
How long customers take to pay | 63 | 64 | 47 | 52 | 75 | 65 | 60 | 56 |
| Cash conversion cycle
Debtor + inventory − payable days | 63 | 64 | 47 | 52 | 75 | 65 | 60 | 56 |
| Working capital days | 35 | 18 | 2 | 9 | 8 | 0 | -9 | -16 |
| ROCE %
Return on capital employed | 33.0% | 30.0% | 27.0% | 27.0% | 28.0% | 27.0% | 30.0% | 30.0% |
The shape of the business over time (annual) — read the direction, not the single print.
| Line | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|---|
| Revenue from operations | 6,262 | 7,178 | 9,200 | 10,380 | 11,974 | 13,430 |
| Other income | 35 | 67 | 179 | 22 | 75 | 277 |
| Depreciation | 232 | 224 | 244 | 284 | 279 | 361 |
| Finance cost | 52 | 37 | 38 | 42 | 71 | 106 |
| Profit before tax | 800 | 941 | 1,123 | 1,268 | 1,560 | 1,727 |
| Net profit (owners) | 622 | 749 | 884 | 998 | 1,174 | 1,368 |
| EPS (₹) | 20.69 | 24.93 | 29.44 | 33.22 | 19.36 | 22.41 |
Exceptional items, total income and EBITDA are read from the filed statements.
| Metric | Sep 2020 | Dec 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | 1,586 | 2,616 | 2,749 | 2,936 | 3,136 | 3,154 | 3,208 | 3,261 | 3,484 | 3,478 | 3,613 | 3,845 |
| Other Income | -6 | 10 | 10 | 30 | 11 | 24 | 4 | 160 | 10 | 102 | 22 | -50 |
| Expenses | 1,308 | 2,285 | 2,331 | 2,504 | 2,645 | 2,664 | 2,680 | 2,856 | 2,882 | 3,100 | 3,042 | 3,240 |
| Depreciation | 57 | 94 | 60 | 69 | 74 | 76 | 74 | 75 | 89 | 124 | 91 | 82 |
| Finance cost | 13 | 7 | 10 | 12 | 23 | 21 | 22 | 21 | 26 | 31 | 29 | 33 |
| Profit before tax | 201 | 240 | 358 | 380 | 406 | 417 | 436 | 468 | 497 | 326 | 473 | 441 |
| Net Profit | 163 | 193 | 279 | 275 | 300 | 321 | 327 | 380 | 370 | 292 | 352 | 330 |
| EPS | 5.42 | 6.42 | 9.31 | 4.53 | 4.98 | 5.25 | 5.38 | 6.24 | 6.08 | 4.78 | 5.75 | 5.40 |
| Item | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | FY2026 |
|---|---|---|---|---|---|---|
| Equity Capital | 60 | 60 | 61 | 61 | 61 | 61 |
| Reserves | 3,728 | 4,063 | 4,574 | 5,296 | 6,255 | 6,651 |
| Borrowings | 50 | 456 | 394 | 574 | 681 | 683 |
| Net block | 2,391 | 2,588 | 2,454 | 3,760 | 5,130 | 5,473 |
| CWIP | 12 | 6 | 55 | 131 | 50 | 52 |
| Investments | 123 | 0 | 251 | 0 | 145 | 0 |
| Total Assets | 5,674 | 6,514 | 7,202 | 8,994 | 10,902 | 11,576 |
| Line | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|---|
| Cash from operations | 1,438 | 980 | 821 | 1,516 | 1,548 | 1,739 |
| Cash from investing | -416 | -210 | 13 | -284 | -663 | -914 |
| Cash from financing | -242 | -602 | -721 | -750 | -682 | -831 |
| Free cash flow | 1,397 | 1,211 | 702 | 1,452 | 1,417 | 1,576 |
| Net change in cash | 780 | 167 | 113 | 482 | 203 | -6 |
Cash from operations is the number profit has to answer to. Free cash flow is what remains after the business pays for its own growth.
The part no one reads: the auditor's opinion, the contingent liabilities buried in the notes, the covenants, and the claims in the deck placed beside the figures that test them.
Where analysts pressed management on the earnings call, and exactly how management answered — the questions that were hardest to answer are usually the ones that matter.
These are coverage counts, not ratings. Each one asks a fixed set of questions of the filings and reports how many the company answered. A company that discloses nothing counts nothing here — that is a statement about the disclosure, not about the business.
The same read, applied to the companies this one competes with.
Hexaware Technologies Ltd. reported revenue of ₹3,933 cr for July to September 2026, +12.9% on the year and +2.3% on the quarter. It is the highest quarterly revenue in the last 12 quarters on record. Over the last four quarters revenue comes to ₹14,869 cr, +13.4% on the four before.
Operating profit (EBITDA) was ₹566 cr, a margin of 14.4%, −286 bps on the year and −134 bps on the quarter. Over the last 8 quarters the margin has ranged from 10.9% to 17.3%, averaging 14.8%. Operating costs grew +16.8%, faster than revenue at +12.9%, so operating profit grew less than sales.
Net profit was ₹429 cr, +15.9% on the year and +30.0% on the quarter, with earnings per share of ₹7.05. Profit before other income, one-offs and tax fell 7.0%, so 23 points of the headline growth came from outside the core business. The tax rate of 21% is in line with its recent average. Profit over the last four quarters totals ₹1,403 cr, +0.4% on the four before.
Of the 9 companies in Information Technology that have reported Q2 FY27 so far, Hexaware Technologies Ltd. ranks 4th on revenue growth; the sector median is +11.6%. Its margin moved −286 bps on the year against a sector median of −12 bps.
On earnings per share of ₹22.98 over the last four quarters, the stock at ₹583.00 trades at 25.4 times trailing earnings.
Written from the quarterly statements. The filing read adds the balance sheet and cash flow filed with this quarter, the auditor's review, segment results, one-off items line by line and what management said on the call.
Headline profit grew much faster than core profit. What made up the difference?
Source: Quarterly statements
Operating margin slipped on the year.
Source: Quarterly statements
Could not run on this quarter: Exceptional items that recur, Cash behind the profit, Receivables against sales, Inventory against sales, Borrowing while holding cash, Auditor's review or audit report, IPO money used as stated, Related-party transactions, Exits, postponements, restatements, Promoter pledges and allotments, Earlier promises against delivery. Most need the filing read (balance sheet, cash flow, auditor, disclosures).
Net profit a year ago, each driver's change, and net profit now. Blue added profit, red took it away.
This quarter's filing carries a balance sheet and a cash flow statement. The cash, receivables and borrowing checks run once the filing read is in.
| Q3 FY24 | Q4 FY24 | Q1 FY25 | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 | Q2 FY27 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | ₹2,616 cr | ₹2,749 cr | ₹2,936 cr | ₹3,136 cr | ₹3,154 cr | ₹3,208 cr | ₹3,261 cr | ₹3,484 cr | ₹3,478 cr | ₹3,613 cr | ₹3,845 cr | ₹3,933 cr |
| YoY | — | — | — | — | +21% | +17% | +11% | +11% | +10% | +13% | +18% | +13% |
| EBITDA margin | 12.7% | 15.2% | 14.7% | 15.7% | 15.5% | 16.5% | 12.4% | 17.3% | 10.9% | 15.8% | 15.7% | 14.4% |
| Other income, % of PBT | 4% | 3% | 8% | 3% | 6% | 1% | 34% | 2% | 31% | 5% | −11% | 17% |
| Exceptional items | — | — | — | — | — | — | — | — | — | — | — | — |
| Tax rate | 20% | 22% | 28% | 26% | 23% | 25% | 19% | 26% | 10% | 26% | 25% | 21% |
| Net profit | ₹193 cr | ₹279 cr | ₹275 cr | ₹300 cr | ₹321 cr | ₹327 cr | ₹380 cr | ₹370 cr | ₹292 cr | ₹352 cr | ₹330 cr | ₹429 cr |
| YoY | — | — | — | — | +66% | +17% | +38% | +23% | −9% | +8% | −13% | +16% |
| Core profit YoY | — | — | — | — | +71% | +24% | −12% | +23% | −43% | +4% | +59% | −7% |
| EPS | ₹6.42 | ₹9.31 | ₹4.53 | ₹4.98 | ₹5.25 | ₹5.38 | ₹6.24 | ₹6.08 | ₹4.78 | ₹5.75 | ₹5.40 | ₹7.05 |
| Flags | · | · | · | · | 1 | ✓ | 2 | ✓ | 3 | ✓ | ✓ | 1 |
Each quarter is read with the same rules. Balance-sheet and cash checks run on half-year and annual quarters; filing-read checks run where a read exists.