Quick Ratios
Quarterly Results
Profit & Loss
Balance Sheet
Cash Flow
Ratios
Mkt Cap
Market Capitalization
₹1,920Cr
Rev Gr TTM
Revenue Growth TTM
0.97%
Peer Comparison
Compare up to 10 companies side by side across valuation, profitability, and growth.

HGS
VS
| Quarter | Mar 2023 | Jun 2023 | Sep 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Mar 2025 | Jun 2025 | Sep 2025 |
|---|
|
Growth YoY Revenue Growth YoY% | -3.6 | -1.3 | 1.1 | 7.6 | 2.7 | -3.7 | -7.9 | -11.6 | 5.7 | -3.3 | 0.4 | 1.1 |
| 1,034 | 1,057 | 1,082 | 1,088 | 1,032 | 1,075 | 1,053 | 1,001 | 1,019 | 1,028 | 1,065 | 1,058 |
Operating Profit Operating ProfitCr |
| 3.4 | 6.8 | 8.3 | 9.6 | 6.0 | 1.5 | 3.2 | 6.0 | 12.3 | 2.7 | 2.4 | 1.6 |
Other Income Other IncomeCr | 98 | 114 | 108 | 91 | 159 | 127 | 120 | 171 | 137 | 131 | 132 | 112 |
Interest Expense Interest ExpenseCr | 24 | 39 | 46 | 49 | 51 | 56 | 62 | 56 | 55 | 58 | 54 | 47 |
Depreciation DepreciationCr | 114 | 124 | 135 | 142 | 133 | 131 | 133 | 138 | 121 | 128 | 118 | 123 |
| -3 | 28 | 25 | 16 | 41 | -44 | -41 | 41 | 103 | -26 | -14 | -41 |
| -28 | 12 | 6 | 8 | -47 | 13 | 10 | 50 | 105 | 20 | 13 | 15 |
|
Growth YoY PAT Growth YoY% | -99.5 | -51.4 | -92.3 | -84.2 | 242.6 | 870.7 | -374.1 | -205.0 | -101.9 | -93.1 | 46.6 | 499.9 |
| 2.4 | 1.5 | 1.6 | 0.7 | 8.0 | 14.8 | -4.7 | -0.8 | -0.1 | 1.1 | -2.5 | 3.2 |
| 4.9 | 3.3 | 3.9 | 1.8 | 18.5 | 34.7 | -8.9 | -0.6 | 0.8 | 3.8 | -4.2 | 28.6 |
| Financial Year | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | TTM |
|---|
|
| 12.1 | 18.3 | 11.7 | 3.7 | 16.1 | 11.5 | -47.8 | 64.3 | 5.4 | 2.5 | -4.6 | -0.5 |
| 2,495 | 3,010 | 3,293 | 3,443 | 4,052 | 4,320 | 2,524 | 4,010 | 4,261 | 4,260 | 4,147 | 4,170 |
Operating Profit Operating ProfitCr |
| 11.1 | 9.3 | 11.3 | 10.6 | 9.3 | 13.4 | 3.0 | 6.2 | 5.4 | 7.7 | 5.8 | 4.9 |
Other Income Other IncomeCr | 25 | 26 | 23 | 24 | 44 | 36 | -38 | 128 | 534 | 472 | 555 | 512 |
Interest Expense Interest ExpenseCr | 39 | 40 | 43 | 35 | 40 | 94 | 35 | 157 | 137 | 184 | 229 | 213 |
Depreciation DepreciationCr | 105 | 136 | 143 | 141 | 178 | 291 | 117 | 345 | 455 | 534 | 523 | 491 |
| 193 | 160 | 255 | 254 | 243 | 317 | -113 | -110 | 186 | 110 | 60 | 22 |
| 28 | 60 | 75 | 55 | 71 | 133 | -54 | -71 | -102 | -21 | 178 | 153 |
|
| -2.7 | -39.2 | 78.5 | 11.1 | -13.2 | 6.5 | -131.8 | 33.5 | 839.1 | -54.5 | -189.8 | 114.3 |
| 5.9 | 3.0 | 4.8 | 5.2 | 3.9 | 3.7 | -2.3 | -0.9 | 6.4 | 2.8 | -2.7 | 0.4 |
| 39.9 | 24.3 | 43.3 | 48.3 | 42.5 | 48.4 | 80.5 | 1,440.7 | 63.7 | 27.5 | 26.1 | 29.0 |
| Financial Year | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Sep 2025 |
|---|
Equity Capital Equity CapitalCr | 21 | 21 | 21 | 21 | 21 | 21 | 21 | 42 | 53 | 47 | 47 | 47 |
| 1,054 | 1,168 | 1,316 | 1,499 | 1,623 | 1,699 | 2,064 | 8,023 | 8,494 | 7,441 | 7,662 | 7,918 |
Current Liabilities Current LiabilitiesCr | 423 | 679 | 698 | 854 | 813 | 1,094 | 1,177 | 2,745 | 1,907 | 2,747 | 2,326 | 2,348 |
Non Current Liabilities Non Current LiabilitiesCr | 576 | 593 | 444 | 253 | 504 | 1,246 | 1,083 | 662 | 755 | 735 | 991 | 876 |
Total Liabilities Total LiabilitiesCr |
Current Assets Current AssetsCr | 1,100 | 1,274 | 1,208 | 1,380 | 1,618 | 2,053 | 2,508 | 6,199 | 5,079 | 6,396 | 7,470 | 8,004 |
Non Current Assets Non Current AssetsCr | 973 | 1,186 | 1,271 | 1,246 | 1,351 | 2,019 | 1,837 | 5,438 | 6,285 | 4,728 | 3,702 | 3,319 |
Total Assets Total AssetsCr |
| Financial Year | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 |
|---|
Operating Cash Flow Operating Cash FlowCr | 191 | 146 | 409 | 343 | 170 | 884 | 692 | 530 | 111 | 192 | 457 |
Investing Cash Flow Investing Cash FlowCr | -68 | -197 | -113 | -60 | -244 | -404 | -209 | 1,921 | -88 | 174 | 502 |
Financing Cash Flow Financing Cash FlowCr | -90 | -69 | -246 | -136 | -83 | -310 | -476 | -867 | -1,108 | -808 | -898 |
|
Free Cash Flow Free Cash FlowCr | 29 | -106 | 229 | 222 | -16 | 771 | 539 | 99 | 173 | 263 | 238 |
| 115.9 | 145.4 | 228.3 | 172.4 | 98.7 | 480.2 | -1,180.6 | -1,359.0 | 38.6 | 146.7 | -388.0 |
CFO To EBITDA CFO To EBITDA% | 61.1 | 47.0 | 97.9 | 84.5 | 40.8 | 132.5 | 891.3 | 201.2 | 45.6 | 54.1 | 177.7 |
| Financial Year | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 |
|---|
Valuation Ratios Valuation Ratios |
Market Cap Market CapitalizationCr | 1,176 | 785 | 1,211 | 1,697 | 1,444 | 1,043 | 3,591 | 4,279 | 5,407 | 3,439 | 2,165 |
Price To Earnings Price To Earnings | 7.5 | 7.8 | 6.7 | 8.5 | 8.2 | 5.2 | 10.7 | 0.7 | 16.3 | 25.8 | 17.8 |
Price To Sales Price To Sales | 0.4 | 0.2 | 0.3 | 0.4 | 0.3 | 0.2 | 1.4 | 1.0 | 1.2 | 0.8 | 0.5 |
Price To Book Price To Book | 1.1 | 0.7 | 0.9 | 1.1 | 0.9 | 0.6 | 1.7 | 0.5 | 0.6 | 0.5 | 0.3 |
| 4.5 | 3.8 | 3.5 | 4.1 | 3.9 | 1.5 | 54.6 | 8.0 | 21.3 | 13.1 | 12.6 |
Profitability Ratios Profitability Ratios |
| 100.0 | 100.0 | 100.0 | 100.0 | 100.0 | 100.0 | 100.0 | 99.0 | 99.1 | 99.1 | 98.6 |
| 11.1 | 9.3 | 11.3 | 10.6 | 9.3 | 13.4 | 3.0 | 6.2 | 5.4 | 7.7 | 5.8 |
| 5.9 | 3.0 | 4.8 | 5.2 | 3.9 | 3.7 | -2.3 | -0.9 | 6.4 | 2.8 | -2.7 |
| 13.9 | 10.3 | 15.3 | 14.7 | 13.0 | 18.6 | -2.4 | 0.5 | 3.4 | 3.1 | 3.0 |
| 15.4 | 8.4 | 13.4 | 13.1 | 10.5 | 10.7 | -2.8 | -0.5 | 3.4 | 1.8 | -1.5 |
| 8.0 | 4.1 | 7.2 | 7.6 | 5.8 | 4.5 | -1.4 | -0.3 | 2.5 | 1.2 | -1.1 |
Operational Ratios Operational Ratios |
Solvency Ratios Solvency Ratios |
Liquidity Ratios Liquidity Ratios |
### **Overview**
Hinduja Global Solutions Ltd (HGS) is a global provider of business process management (BPM), digital transformation, and integrated digital media services. Operating across nine countries with a rapidly expanding tech-led footprint, HGS serves over 1,000 global brands. As of September 30, 2025, the company employs **18,017 people** and operates **30 global delivery centers**, including a newly consolidated 1,500-seat facility in Manila. With a revenue of **$586.1 million (₹4,958.8 crore)** for FY2025, HGS is strategically transitioning from a traditional BPM player to an **AI-powered Intelligent Experience Company**, aligning with the evolving digital and automation-driven services landscape.
---
### **Core Business Segments & Evolution**
HGS operates across three primary service pillars:
1. **Tech Services** (AI, cloud, cybersecurity, data platforms)
2. **Digital Operations** (AI-driven process automation, outcome-based delivery)
3. **Customer Experience (CX)** (omnichannel engagement powered by AI and human insight)
Additionally, HGS’s **Digital Media arm**, **NXT DIGITAL**, is positioned as **India’s premier integrated digital delivery platform**, serving over **6 million customers** via satellite, cable, and broadband across 1,500+ cities.
---
### **Strategic Transformation: "HGS 2.0" – The Intelligent Experience Company**
#### **Vision: AI-Powered Intelligent Experiences**
HGS defines **“intelligent experiences”** as the seamless integration of **AI-augmented customer interactions (intelligent interactions)** with **backend fulfillment processes (intelligent operations)** to deliver consistent, predictable outcomes. The goal is to move beyond effort-based models to **outcome-driven, scalable, transaction-fee-based digital operations**, powered by **Agentic AI**—autonomous systems that make dynamic decisions without manual intervention.
#### **Long-Term Roadmap**
- Target **mid-20s EBITDA margins** within 5 years through digital acceleration and automation.
- Shift revenue mix toward high-margin **digital and AI-enabled services**, with **80–90% of growth driven by existing clients**.
- Transition from people-led to **platform-led delivery** using proprietary AI tools, automation, and industry-specific accelerators.
---
### **Digital Innovation & AI Leadership**
#### **HGS Agent X: Core of AI-Led Transformation**
- **HGS Agent X** is a proprietary, cloud-based AI platform with **over 12 modular capabilities**, including:
- Speech AI & natural language processing
- Voice biometrics and deepfake detection
- Real-time agent assistance and sentiment analysis
- AI-driven knowledge assistant and workflow automation
- Deployed across **20+ global clients** and **5,000+ active users**, with **40% training optimization**, **25% productivity gains**, and **89% reduction in agent attrition**.
- Recognized by **ISG Provider Lens** in the **Leader Quadrant** for Intelligent Agent Experience and CX (AI & Analytics).
- Now being expanded globally (UK, Philippines, APAC) and into **industry-specific use cases** (e.g., anti-money laundering, loan processing).
#### **AI & Generative AI Initiatives**
- Operates **dedicated AI Labs** in Bengaluru, Manila, and New York.
- Combines **third-party LLMs with domain-specific data** to deliver **hyper-personalized customer journeys**.
- Developing **solution accelerators** for:
- Video/AI-based workplace safety
- Conversational commerce and Gen AI co-pilots
- Social care spam detection and inventory optimization
#### **Agentic AI & Digital Ops Strategy**
HGS is positioning its **Agentic AI** offerings across three revenue models:
1. **Strategy & Implementation Services** (project-based advisory)
2. **Packaged AI Solutions** (IP-based, license-fee models)
3. **Digital Ops** (prebuilt blueprints on transaction-fee basis)
This enables **repeatable, scalable revenue** with higher margins and reduced dependency on manual labor.
---
### **Digital Media & Enterprise Connectivity (CelerityX)**
#### **NXT DIGITAL: A National Digital Backbone**
- India’s only **Headend-In-The-Sky (HITS) platform**, covering **4,500+ pin codes** and 1,500+ cities—including **Sikkim, Andaman & Nicobar Islands, and Kargil**.
- Operates **200,000 km of owned and partner fiber networks** and **125+ NXTHUBs**, enabling rapid last-mile delivery.
- Offers bundled digital services via **ONEDigital**, integrating broadband (up to 1,000 Mbps), digital TV (~650 channels), OTT, VoIP, Wi-Fi, and CCTV.
- **'ONE Broadband'** serves **over 1 million residential customers**, making HGS India’s **4th largest private ISP**.
#### **CelerityX: Enterprise Division Driving B2B Growth**
- A dedicated **enterprise broadband and networking solutions brand** under OIL (OneOTT Intertainment Ltd).
- Key offerings:
- **NetX**: Transparent, multi-ISP marketplace with real-time monitoring and trouble ticketing.
- **OneX**: Zero-trust network-as-a-service (NaaS), serving **3,000+ cooperative and rural banks**.
- **SkyX**: Satellite broadband (BoS) using partnerships like Thaicom, delivering high-uptime connectivity in remote areas (e.g., Kashmir, Arunachal Pradesh).
- **Six major new client wins in Q2 2025**, including high-profile BFSI and media clients.
- Recently deployed **3,000+ high-speed broadband links** and **managed Wi-Fi, cybersecurity, SD-WAN, and disaster recovery** solutions.
- Recognized during live coverage of the Shree Ram Mandir event in Ayodhya for **mission-critical connectivity delivery**.
---
### **Strategic Growth Initiatives**
#### **Geographic Expansion**
- New **1,500-seat intelligent experience hub in Manila**, expandable to **3,000 employees**.
- **Waterloo, Canada launch** (150+ jobs) focused on automation, AI, and bilingual support.
- Expansion in **South Africa, Colombia, and Australia**, with strong traction in **offshoring to India**.
#### **Vertical Focus & Consultative Sales**
- Dedicated **GTM teams** for **BFSI, Retail & CPG, TMT, and UK Public Sector**.
- Targeting **mid-market enterprises** ($500M–$3B revenue) with **AI-led solutions** in:
- Anti-money laundering
- Loan processing automation
- Customer 360 and digital trust & safety
- Shifting to a **consultative, solution-orchestrator model** for non-linear growth.
#### **Packaged Solutions & IP Development**
- Developing **modular, pre-configured solutions** for rapid deployment.
- Co-creating **12 proprietary solutions** with high-growth clients.
- Focus on **repeatable, high-margin IP** in **Digital Operations, security, and cloud migration**.
---
### **Synergies Across HGS Ecosystem**
- **Integration of BPM, Tech Services, and Digital Media**: Leveraging infrastructure (fiber, satellite), sales channels (LMOs), and AI from BPM to serve both B2C and B2B markets.
- **Shared Services Model**: Joint RPA and automation in SAP, intercompany procurement, and vendor payments, reducing costs and improving supply chain transparency.
- **Employee Reskilling**: **DigiRise AI training program** to upskill 18,000+ employees in AI, analytics, and digital tools.
---
### **Cybersecurity & New Market Entry**
- Launched **HGS CyberSecurity**, a suite of **7 AI/ML-powered solutions**:
- Secure AI, Cloud Security, SOC-as-a-Service, vCISO, Digital Forensics
- First-time entry into **cybersecurity market**, addressing rising client demand for end-to-end secure digital solutions.
---
### **Leadership & Governance**
- **Mr. Vynsley Fernandes** (MD & CEO, NXT DIGITAL) leads the media vertical, overseeing HITS, OneOTT, IndusInd Media, and IN Entertainment.
- **Mr. Venkatesh Korla** (President & CEO, HGS Americas) leads U.S. operations and founded Element Solutions (acquired in 2018), now the foundation of HGS Digital.
- Current **CEO is preparing to retire**; search underway for new leadership to drive the **AI-led transformation**.