Hexaware Tech shares fall for second straight day as JPMorgan, HSBC downgrade, cut price target

Shares of Hexaware Technologies Ltd. fell another 8% on Friday, February 6, extending their losses from Thursday, when the stock had declined another 9% after reporting weak results for the fourth quarter of calendar year 2025. The stock has recovered some of those losses at the time of writing this, trading with losses of 4.5%.Friday’s fall comes after brokerages JPMorgan and HSBC downgraded the stock and also cut their respective price targets on the stock.

JPMorgan has downgraded the stock to “neutral” from its earlier rating of “overweight” and cut its price target to ₹640 from its earlier target of ₹780.
Similarly, the stock was also downgraded by HSBC to “hold” from its earlier rating of “buy” and its price target was cut to ₹735 from ₹970 earlier.
Downgrades have also come from brokerages like Nuvama and Avendus Spark.Hexaware Tech’s revenue in constant currency terms declined 1.4%, in-line with expectations, but margins were a miss on expectations, declining by 60 basis points.

The management now expects revenue growth in 2026 to be better than 2025’s growth of 7.6% with EBIT margin outlook seen between 13% to 14%.

15 analysts have coverage on Hexaware Tech, of which eight have  a “buy” rating, five say “hold” and two have a “sell” rating. The consensus estimates of price targets is projecting a potential upside of up to 20% for the stock.

Shares of Hexaware Tech are now trading 4.3% lower at ₹614, having made an intraday low of ₹572.5. At the lows of the day, the stock was down 20% from its issue price of ₹708.