HGS

Hinduja Global Solutions Limited

Digital services and customer operations provider with media and broadband vertical

Services›Services›Commercial Services & Supplies›Business Process Outsourcing (BPO)/ Knowledge Process Outsourcing (KPO)

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Key metrics

Price as of 2026-10-16

Stock price
₹357.75
Market cap
1,664 Cr
Stock P/E
Loss (TTM EPS ₹-9.34)
P/B
0.20
Dividend yield
0.1%
ROE (FY26)
0.4%
ROCE (FY26)
2.9%
Operating margin (FY26)
-9.4%
Debt / equity (FY26)
0.16
OCF / EBITDA (3Y)
149.2%

Full years shown; sign in free for the trailing twelve months. Learn about these metrics →

Price & valuation

Share price and valuation multiples (P/E, P/B and more) over time.

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Compare with peers

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What you need to know

HGS (Hinduja Global Solutions) provides outsourced customer-experience, digital and business-process services to clients in India, the US, the UK and other markets, with a growing AI-led offering.

Company snapshot

5thBy market cap

Ranked among 7 companies in Business Process Outsourcing (BPO)/ Knowledge Process Outsourcing (KPO).

Segment mix

Reportable segments as of 2024-12-31 (Consolidated). Revenue share = segment revenue ÷ total revenue.

Largest segment: 72.4% of revenue

SegmentRevenue shareRevenuePBTAssets
Business Process Management
72.4%
2,347 Cr419 Cr—
Media and Communications
27.6%
896 Cr-69 Cr—

What we see

Positives
  • ✓149% of operating profit came in as cash over the last three years — profits are backed by real cash.
Concerns
  • ✗Net margin is very thin at 0.1% — little room for error if costs rise.
2 more signals from the filings.Sign in free to see them all

Statement tables · Consolidated

Switches quarterly, P&L, balance sheet, and cash flow. Key metrics and ratios stay on consolidated when available.

Amounts in ₹ Cr · tap + to expand rows

Quarterly results

Quarterly · ₹ Cr · tap + rows to expand

MetricSept 2023Dec 2023Mar 2024Jun 2024Sept 2024Dec 2024Mar 2025Jun 2025Sept 2025Dec 2025Mar 2026Jun 2026
Sales1,180 Cr1,204 Cr1,099 Cr1,092 Cr1,087 Cr1,064 Cr1,161 Cr1,056 Cr1,091 Cr1,075 Cr1,085 Cr1,050 Cr
Operating expenses (approx.)1,082 Cr1,088 Cr1,032 Cr1,075 Cr1,053 Cr1,001 Cr1,019 Cr1,028 Cr1,065 Cr1,058 Cr1,057 Cr1,085 Cr
EBITDA98 Cr115 Cr66 Cr17 Cr34 Cr64 Cr143 Cr29 Cr26 Cr17 Cr27 Cr-34 Cr
OPM %8.3%9.6%6.0%1.5%3.2%6.0%12.3%2.7%2.4%1.6%2.5%-3.3%
Other income108 Cr91 Cr159 Cr127 Cr120 Cr171 Cr137 Cr131 Cr132 Cr117 Cr170 Cr151 Cr
Interest46 Cr49 Cr51 Cr56 Cr62 Cr56 Cr55 Cr58 Cr54 Cr47 Cr48 Cr46 Cr
Depreciation135 Cr142 Cr133 Cr131 Cr133 Cr138 Cr121 Cr128 Cr118 Cr123 Cr135 Cr124 Cr
Profit before tax25 Cr16 Cr41 Cr174 Cr-41 Cr41 Cr103 Cr41 Cr-14 Cr39 Cr9 Cr-53 Cr
Tax %24.8%49.5%-112.3%7.4%-24.2%120.8%101.6%72.9%-91.6%12.7%246.2%-25.6%
Net profit18 Cr8 Cr88 Cr162 Cr-51 Cr-9 Cr-2 Cr11 Cr-27 Cr34 Cr-14 Cr-66 Cr
EPS (₹)₹3.93₹1.82₹18.52₹34.72₹-8.87₹-0.57₹0.82₹3.75₹-4.20₹9.15₹-1.78₹-12.51

Profit & loss (annual)

Annual · last column is TTM · ₹ Cr · tap + to expand

MetricMar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026TTM
Sales3,711 Cr3,849 Cr4,817 Cr4,987 Cr5,589 Cr3,264 Cr4,505 Cr4,616 Cr4,404 Cr4,307 CrSign in free for the trailing twelve months
Operating expenses (approx.)3,293 Cr3,443 Cr4,376 Cr4,320 Cr4,815 Cr3,150 Cr4,261 Cr4,260 Cr4,147 Cr4,208 CrSign in free for the trailing twelve months
EBITDA418 Cr406 Cr441 Cr667 Cr773 Cr113 Cr244 Cr356 Cr257 Cr99 CrSign in free for the trailing twelve months
OPM %11.3%10.5%9.2%13.4%13.8%3.5%5.4%7.7%5.8%2.3%Sign in free for the trailing twelve months
Other income23 Cr36 Cr45 Cr57 Cr82 Cr150 Cr518 Cr472 Cr555 Cr550 CrSign in free for the trailing twelve months
Interest43 Cr35 Cr41 Cr94 Cr88 Cr28 Cr137 Cr184 Cr229 Cr207 CrSign in free for the trailing twelve months
Depreciation143 Cr141 Cr197 Cr291 Cr308 Cr121 Cr455 Cr534 Cr523 Cr505 CrSign in free for the trailing twelve months
Profit before tax255 Cr254 Cr248 Cr349 Cr444 Cr7,155 Cr206 Cr110 Cr278 Cr76 CrSign in free for the trailing twelve months
Tax %29.6%24.5%28.9%41.1%24.3%14.7%-70.1%-18.7%63.8%93.5%Sign in free for the trailing twelve months
Net profit179 Cr192 Cr176 Cr206 Cr336 Cr6,104 Cr351 Cr131 Cr101 Cr5 CrSign in free for the trailing twelve months
EPS (₹)₹86.58₹92.44₹85.08₹96.85₹161.00₹1460.73₹66.79₹27.52₹26.10₹6.92Sign in free for the trailing twelve months
Dividend payout %————11.2%7.3%31.1%8.4%28.2%20.2%Sign in free for the trailing twelve months
Sign in free for the trailing twelve months

The latest four quarters added up, next to each full year

Balance sheet

Annual · ₹ Cr · tap + rows to expand

MetricMar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Equity capital21 Cr21 Cr21 Cr21 Cr21 Cr42 Cr53 Cr47 Cr47 Cr47 Cr
Reserves1,317 Cr1,462 Cr1,623 Cr1,699 Cr2,064 Cr7,767 Cr8,511 Cr7,441 Cr7,662 Cr8,270 Cr
Borrowings604 Cr448 Cr539 Cr499 Cr957 Cr3 Cr321 Cr1,306 Cr1,187 Cr1,294 Cr
Other liabilities538 Cr696 Cr778 Cr1,841 Cr1,303 Cr1,905 Cr2,325 Cr2,176 Cr2,130 Cr1,834 Cr
Total liabilities2,479 Cr2,626 Cr2,969 Cr4,072 Cr4,345 Cr9,717 Cr11,364 Cr11,125 Cr11,172 Cr11,564 Cr
Fixed assets (net)551 Cr555 Cr593 Cr1,312 Cr1,170 Cr268 Cr525 Cr297 Cr388 Cr391 Cr
CWIP32 Cr1 Cr5 Cr5 Cr3 Cr3 Cr13 Cr8 Cr9 Cr16 Cr
Investments5 Cr11 Cr15 Cr10 Cr5 Cr2,470 Cr2,776 Cr3,322 Cr3,665 Cr4,165 Cr
Loans & advances——0 Cr432 Cr521 Cr1,612 Cr2,814 Cr2,226 Cr1,930 Cr1,881 Cr
Inventories——0 Cr0 Cr0 Cr0 Cr17 Cr17 Cr26 Cr31 Cr
Trade receivables463 Cr649 Cr1,166 Cr989 Cr1,231 Cr616 Cr733 Cr745 Cr764 Cr872 Cr
Cash & bank310 Cr462 Cr323 Cr531 Cr530 Cr2,048 Cr1,112 Cr675 Cr752 Cr569 Cr
Other assets1,118 Cr948 Cr867 Cr792 Cr886 Cr2,699 Cr3,375 Cr3,836 Cr3,639 Cr3,639 Cr
Total assets2,479 Cr2,626 Cr2,969 Cr4,072 Cr4,345 Cr9,717 Cr11,364 Cr11,125 Cr11,172 Cr11,564 Cr

Cash flows

Annual · ₹ Cr · tap + rows to expand · last column includes FCF

MetricMar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Cash from operating activity409 Cr341 Cr170 Cr884 Cr692 Cr589 Cr124 Cr192 Cr457 Cr413 Cr
Cash from investing-113 Cr-60 Cr-244 Cr-416 Cr-209 Cr1,951 Cr-191 Cr174 Cr502 Cr-137 Cr
Cash from financing-246 Cr-134 Cr-83 Cr-298 Cr-476 Cr-1,033 Cr-982 Cr-808 Cr-898 Cr-511 Cr
Net cash flow50 Cr147 Cr-156 Cr170 Cr-0.79 Cr1,518 Cr-964 Cr-438 Cr77 Cr-183 Cr
Free cash flow (OCF − Capex)227 Cr209 Cr-24 Cr766 Cr534 Cr352 Cr-170 Cr8 Cr214 Cr280 Cr

Ratios

MetricMar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
ROCE %15.3%15.0%13.2%19.9%17.5%91.9%3.8%3.3%5.6%2.9%
ROE %13.4%13.0%10.7%11.7%16.1%78.2%4.0%1.7%1.5%0.4%
Debtor days45618872806959596374
Inventory days——00001123
Days payable15181821255234234230
Cash conversion cycle30447052551727372347
OCF / EBITDA %97.9%84.1%38.6%132.5%89.4%520.0%50.9%54.1%177.7%n.m.
OCF / EBITDA % (3 years)——72.8%92.2%92.8%139.3%124.3%127.0%90.3%149.2%
Debt / equity0.450.300.330.290.460.00040.040.170.150.16
Current ratio1.731.632.051.952.093.662.692.333.353.34
Net debt / EBITDA0.70—0.49-0.050.55-18.03-3.241.771.697.33