Hinduja Global Solutions Limited (HGS)

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Hinduja Global Solutions Limited (HGS) · mywealthgrid

About

HGS is a BPO and KPO services provider with a ₹1,900 Cr market cap, serving enterprises across voice, back-office, and knowledge-intensive processes. The company is struggling operationally—recent quarterly results show net losses in most periods since mid-2025, and the stock is down 24.43% over one year, reflecting investor concerns about deteriorating profitability.

Face value: ₹10

Market cap

₹1,707 Cr

P/E

—

P/B

0.2×

Dividend yield

1.4%

ROE

0.4%

ROCE

1.6%

Debt / equity

0.16

OPM

2.3%

EPS (TTM)

₹-9.3

Book value

₹1,787.7

52-week high

—

52-week low

Key insights

Company research notes and source-linked reviews

Key risks

Margin erosion to unprofitability: Operating margin fell from 2.3% to -6.64% in Jun 2026 (standalone), -3.28% (consolidated); verify whether this reflects client losses, pricing pressure, or wage inflation
Loss-making trend: Net profit was negative in 5 of 8 recent quarters, with Jun 2026 showing -₹62.05 Cr; only Dec 2025 returned to profit (₹34.35 Cr); sustained losses erode equity
Low capital efficiency: ROE of 0.4% despite low debt (D/E 0.16) suggests assets are underutilized or returns are weak; verify whether this reflects idle capacity or operational dysfunction
Sector competition: BPO margins face pressure from supply abundance and automation; verify contract renewal rates, client concentration, and attrition

Generated analysis · source review pending

Growth drivers

Margin recovery to historical 2.3% OPM would restore profitability; identify root causes of collapse (client losses, mix shift, cost overruns) and how they will be addressed
One profitable quarter (Dec 2025, ₹34.35 Cr) within a loss-making trend suggests issues may be operational rather than structural; verify whether specific client wins or cost actions are underway
Revenue stable at ₹450 Cr (standalone quarterly) and ₹1,050–1,091 Cr (cumulative periods); growth requires new client wins or service-mix shift to higher-margin KPO; verify pipeline and win rates
Low leverage (D/E 0.16) provides capacity to invest in growth, automation, or acquisition; verify management's planned capex or M&A strategy

Generated analysis · source review pending

2,528 historical price candles were omitted because the exchange source has not been verified.

₹367.1+0.3%1Y

Quick read

rule-based

Pros

+High promoter holding of 68% with no pledge

Cons

−Low return on equity of 1.2% (3-yr avg)
−Thin operating margin of 2.3%
−Profit declined 37.4% a year over the last 5 years
−Revenue shrank over the last 5 years (-5.1% a year)
−Weak interest coverage of 0.7×

Research score

Structured signal from quality, growth, valuation and momentum.

24/100

Business quality: 18
Growth: 4
Valuation

Revenue & net profit

₹ crore, by fiscal year

RevenuePAT

Margins

% of revenue, by fiscal year

OPMPAT margin

Peers

Comparable companies from the narrowest available industry classification.

Screen this industry

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Financials

Reported profit and loss, balance sheet, cash flow and growth history.

Annual Quarterly

Consolidated Standalone

Consolidated figures · ₹ crore

₹ Cr	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
	3,849	4,817	4,987	5,589	3,264	4,505	4,616	4,404	4,307
COGS	0	0	0	0	0	40	40	61	127
Gross profit	—	—	—	—	—	—	—	4,343	4,180
	3,443	4,376	4,320	4,815	3,150	4,221	4,220	4,086	4,081
	406	441	667	773	113	244	356	257	99
OPM %	10.6%	9.2%	13.4%	13.8%	3.5%	5.4%	7.7%	5.8%	2.3%
Depreciation	141	197	291	308	121	455	534	523	505
Interest	35	41	94	88	28	137	184	229	207
	24	45	58	66	6,173	597	472	773	688
Profit before tax	254	248	339	444	6,138	249	110	278	76
Tax	62	72	133	108	34	-102	-21	178	71
Tax %	24.5%	28.9%	39.3%	24.3%	0.6%	-41.1%	-18.7%	63.8%	93.5%
	192	176	206	336	6,104	351	131	101	5
PAT margin %	5%	3.7%	4.1%	6%	187%	7.8%	2.8%	2.3%	0.1%
EPS (₹)	92.4	85.1	96.9	161	1,460.7	66.8	27.5	26.1	6.9
EPS adjusted (₹)	—	—	48.4	80.5	1,460.2	66.4	28.6	26.1	6.9
	10.8%	11.8%	20.7%	24.8%	15.1%	22.5%	25.4%	0%	72.3%
Annual report	Annual report for Mar 2018	Annual report for Mar 2019	Annual report for Mar 2020	Annual report for Mar 2021	Annual report for Mar 2022	Annual report for Mar 2023	Annual report for Mar 2024	Annual report for Mar 2025	—

₹ Cr	Mar 2016	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Equity capital	0	21	21	42	53	47	47	47
Reserves	17	—	2,064	8,033	8,511	7,441	7,662	8,270
Minority interest	—	—	—	155	156	155	147	120
	12	—	394	819	321	1,306	1,187	1,294
	7	—	1,866	2,588	2,325	2,176	2,130	1,834
Total equity & liabilities	37	—	4,345	11,637	11,364	11,125	11,172	11,564
	13	1,733	1,578	2,174	2,080	2,734	1,881	2,874
CWIP	0	—	3	9	13	8	9	16
Investments	0	—	5	2,484	2,776	3,322	3,665	4,165
	23	—	2,759	6,970	6,496	5,061	5,617	4,509
Total assets	37	—	4,345	11,637	11,364	11,125	11,172	11,564

Segment results

As reported in NSE results XBRL. Segment result is before tax and finance costs. ROCE uses that annual result divided by segment assets less liabilities.

Source XBRL ↗

Latest reported period · 31 Mar 2026 · ₹ crore

Segment	Revenue	Result	Assets	Liabilities	Capital employed	ROCE %
Business Process Management	3,064.79	457.98	9,231.21	1,012.82	8,218.39	5.57
Media and Communications	1,242.57	-175.46

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Ratios

Annual operating, return, leverage and working-capital ratios.

Consolidated Standalone

Consolidated figures

Ratio	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Margins
Gross margin %	—	—	—	—	—	—	98.6%	97%
EBITDA margin %	9.2%	13.4%	13.8%	3.5%	5.4%	7.7%	5.8%	2.3%
EBIT margin %	5.1%	7.5%	8.3%	-0.2%	-4.7%	-3.9%	-6%	-9.4%
PAT margin %	3.7%	4.1%	6%	187%	7.8%	2.8%	2.3%	0.1%
Working capital
Receivable days	—	—	80	79	59	59	63	74
Inventory days	—	—	0	1	1	1	156	88
Payable days	—	—	29	73	36	25	3,058	1,006
NWC days	—	—	51	8	25	35	-2,839	-844
Leverage
Current ratio	—	—	2.09	2.24	2.69	2.33	3.35	3.34
Debt to EBITDA	—	—	0.51	7.23	1.31	3.67	4.61	13.08
Debt to equity	—	—	0.19	0.1	0.04	0.17	0.15	0.16
Interest coverage	7.1	4.6	6.2	5.2	2.2	1.6	1.3	0.7
Asset turnover	—	—	1.29	0.28	0.4	0.41	0.39	0.37
Return ratios
Return on assets %	—	—	7.7%	52.5%	3.1%	1.2%	0.9%	0%
Return on capital employed %	—	—	17.3%	2.4%	3.3%	3.3%	3.4%	1.6%
Return on equity %	—	—	16.1%	75.6%	4.1%	1.8%	1.3%	0.1%

Derived from reported annual statements. ROCE uses EBIT over capital employed (total assets less current liabilities). Day counts average the opening and closing balance; receivables turn on revenue, inventory and payables on cost of goods sold.

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Shareholding

Quarterly ownership, named holders, insider transactions and disclosed deals.

Quarterly Annual

Every quarter filed · % of equity

Holder (%)	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
	67.71%	67.71%	67.71%	67.99%	67.99%	67.99%	67.99%	67.99%	67.99%	67.99%	67.99%	67.99%
	12.41%	12.39%	12.5%	12.51%	12.88%	11.98%	11.93%	11.84%	11.83%	11.82%	11.77%	11.73%
	0.28%	0.27%	0.23%	0.23%	0.23%	0.23%	0.01%	0.01%	0.01%	0.01%	0.01%	0.01%
	0%	0%	0%	0%	0%	0%	0%	0%	0%	0.05%	0.05%	0.05%
	19.6%	19.63%	19.56%	19.27%	18.9%	19.8%	20.07%	20.16%	20.17%	20.13%	20.18%	20.22%
No. of shareholders	—	—	—	—	—	—	—	—	62,220	60,795	59,089	58,132

Promoter holding up 0.28 percentage points since Sep 2023.

1 disclosure

Person	Deal	Shares	Value	Holding	Filed
Hinduja Group Ltd.Promoters	PledgePledge Creation	45,00,000	₹228.15 cr	37.85% → 0.38%	27 Sept 20257(2)

Disclosed under SEBI’s insider-trading regulations, which require a filing only above ₹10 lakh in a quarter — smaller dealings are in no disclosure. Holdings are the filer’s own percentages, not recomputed.

38 deals · 5 Oct 2021 – 6 Sept 2024

Date	Client	Type	Venue	Side	Quantity	Price	Value
6 Sept 2024	AVIATOR GLOBAL INVESTMENT FUND	Block	NSE	Sell	4,70,000	₹881.90	₹41.45 Cr
6 Sept 2024	ALLSTARS INVESTMENTS LIMITED	Block	NSE	Buy	4,70,000	₹881.90	₹41.45 Cr
6 Sept 2024	AVIATOR GLOBAL INVESTMENT FUND	Bulk	NSE	Sell	4,70,000	₹881.90	₹41.45 Cr
6 Sept 2024	ALLSTARS INVESTMENTS LIMITED	Bulk	NSE	Buy	4,70,000	₹881.90	₹41.45 Cr
4 Sept 2024	AVIATOR GLOBAL INVESTMENT FUND	Bulk	NSE	Sell	3,00,000	₹887.56	₹26.63 Cr
23 Aug 2024	LEGENDS GLOBAL OPPORTUNITIES (SINGAPORE) PTE. LTD.	Bulk	NSE	Buy	7,11,154	₹885.11	₹62.94 Cr
23 Aug 2024	NEW LEAINA INVESTMENTS LIMITED	Bulk	NSE	Sell	3,64,547	₹906.84	₹33.06 Cr
20 Aug 2024	RELIANCE VALUE SERVICES PRIVATE LIMITED	Bulk	NSE	Sell	2,36,287	₹730.36	₹17.26 Cr
4 Jun 2024	HINDUJA GROUP LIMITED	Block	NSE	Buy	11,60,000	₹804.00	₹93.26 Cr
4 Jun 2024	AASIA EXPORTS	Block	NSE	Sell	11,60,000	₹804.00	₹93.26 Cr

1–10 of 38

1 / 4

Mr. Ashok P. HindujaNon-Executive - Non Independent Director-Chairperson related to Promoter
Ms. Bhumika BatraNon-Executive - Independent Director
Mr. Ganesh NatarajanNon-Executive - Independent Director
Mr. Pradeep UdhasNon-Executive - Independent Director
Mr. Munesh Narinder KhannaNon-Executive - Independent Director
Mr. Vynsley FernandesExecutive Director
Mr. Amit SahariaNon-Executive - Non Independent Director
Mr. Mahesh Kumar NutalapatiChief Financial Officer
Mr. Venkatesh KorlaChief Executive Officer
Mr. Narendra SinghCompany Secretary and Compliance Officer

Current officeholders as filed with BSE. A person holding two offices is listed once per office.

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F&O

Current futures and options contracts with compact option-chain pages.

Not in the F&O segment

Only about 210 stocks have listed futures and options. Contracts appear here for those, refreshed after each close.

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Fund holders

Mutual-fund schemes that disclosed a holding in the company.

Portfolio month

Schemes holding

across 1 fund houses

Held by these funds

of the company's equity

All mutual funds

shareholding pattern, Jun 2026

Portfolios as of

August 2026

compared with July 2026

1 schemes

		Shares
(Investment Manager for Motilal Oswal Mutual Fund)	Motilal Oswal Mutual Fund	44	0	0%	0%	-0

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Documents

Annual reports, exchange filings, offer documents, ratings and earnings-call material.

Announcements

Annual reports

Investor Presentation and earnings call

Aug 2026Transcript AI Summary PPT REC
Jun 2026Transcript AI Summary PPT

Documents link to external sources (exchange filings, company investor pages).

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Events

Upcoming dates and the company’s corporate-action history.

49

Final dividend18 Sept 2026 · ex-date₹5
Final dividend19 Sept 2024 · ex-date₹7
Final dividend13 Sept 2023 · ex-date₹2.5
Interim dividend6 Mar 2023 · ex-date₹2.5
Interim dividend7 Dec 2022 · ex-date₹5
Final dividend23 Sept 2022 · ex-date₹25
Interim dividend24 Aug 2022 · ex-date₹5
Interim dividend22 Feb 2022 · ex-date₹28
Interim dividend17 Jan 2022 · ex-date₹150
Interim dividend24 Nov 2021 · ex-date₹10
Special dividend20 Sept 2021 · ex-date₹15
Final dividend20 Sept 2021 · ex-date₹7
Interim dividend18 Aug 2021 · ex-date₹7
Interim dividend17 Feb 2021 · ex-date₹6
Interim dividend19 Nov 2020 · ex-date₹6
Interim dividend22 Sept 2020 · ex-date₹6
Interim dividend20 Feb 2020 · ex-date₹15
Interim dividend21 Nov 2019 · ex-date₹2.5
Final dividend25 Sept 2019 · ex-date₹2.5
Interim dividend13 Aug 2019 · ex-date₹2.5
Interim dividend18 Feb 2019 · ex-date₹2.5
Interim dividend16 Nov 2018 · ex-date₹2.5
Final dividend26 Sept 2018 · ex-date₹2.5
Interim dividend23 Aug 2018 · ex-date₹2.5
Interim dividend22 Feb 2018 · ex-date₹2.5
Interim dividend17 Nov 2017 · ex-date₹2.5
Final dividend25 Sept 2017 · ex-date₹2.5
Interim dividend21 Aug 2017 · ex-date₹2.5
Interim dividend22 Feb 2017 · ex-date₹2.5
Interim dividend22 Nov 2016 · ex-date₹2.5
Final dividend19 Sept 2016 · ex-date₹1.25
Interim dividend18 Aug 2016 · ex-date₹2.5
Interim dividend17 Feb 2016 · ex-date₹3.75
Interim dividend19 Nov 2015 · ex-date₹5
Final dividend23 Sept 2015 · ex-date₹5
Interim dividend24 Aug 2015 · ex-date₹5
Interim dividend18 Feb 2015 · ex-date₹5
Interim dividend27 Nov 2014 · ex-date₹5
Interim dividend25 Aug 2014 · ex-date₹5
Final dividend24 Jun 2014 · ex-date₹10
Interim dividend24 Feb 2014 · ex-date₹5
Interim dividend21 Nov 2013 · ex-date₹5
Dividend dividend5 Aug 2013 · ex-date₹20
Dividend dividend3 Aug 2012 · ex-date₹20
Dividend dividend21 Jul 2011 · ex-date₹20
Dividend dividend21 Jul 2010 · ex-date₹20
Dividend dividend20 Jul 2009 · ex-date₹15
Dividend dividend17 Sept 2008 · ex-date₹10
Dividend dividend14 Sept 2007 · ex-date₹5

1

Board meeting to consider results7 Aug 2026

1

Bonus 1:122 Feb 2022 · ex-date

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Announcements

Latest exchange announcements, filings and downloadable documents.

1 month 3 months 6 months 1 year All

32 announcementsExport CSV

29 Sept 2026, 6:34 pmInsider Trading / SAST

Closure of Trading Window

Closure of Trading Window PDF

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Ratio	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Margins
Gross margin %	—	—	—	—	—	—	98.6%	97%
EBITDA margin %	9.2%	13.4%	13.8%	3.5%	5.4%	7.7%	5.8%	2.3%
EBIT margin %	5.1%	7.5%	8.3%	-0.2%	-4.7%	-3.9%	-6%	-9.4%
PAT margin %	3.7%	4.1%	6%	187%	7.8%	2.8%	2.3%	0.1%
Working capital
Receivable days	—	—	80	79	59	59	63	74
Inventory days	—	—	0	1	1	1	156	88
Payable days	—	—	29	73	36	25	3,058	1,006
NWC days	—	—	51	8	25	35	-2,839	-844
Leverage
Current ratio	—	—	2.09	2.24	2.69	2.33	3.35	3.34
Debt to EBITDA	—	—	0.51	7.23	1.31	3.67	4.61	13.08
Debt to equity	—	—	0.19	0.1	0.04	0.17	0.15	0.16
Interest coverage	7.1	4.6	6.2	5.2	2.2	1.6	1.3	0.7
Asset turnover	—	—	1.29	0.28	0.4	0.41	0.39	0.37
Return ratios
Return on assets %	—	—	7.7%	52.5%	3.1%	1.2%	0.9%	0%
Return on capital employed %	—	—	17.3%	2.4%	3.3%	3.3%	3.4%	1.6%
Return on equity %	—	—	16.1%	75.6%	4.1%	1.8%	1.3%	0.1%

Company	Mkt Cap	EV	Revenue	EBITDA	OPM	PAT	NPM	ROCE	ROE	WC Days
Firstsource Solutions LimitedFSLFSL	₹17,453 Cr	₹19,390 Cr	₹10,064 Cr	₹1,660 Cr	16.3%	₹671 Cr	7.1%	19.9%	15.9%	54
Eclerx Services LimitedECLERXECLERX	₹16,965 Cr	₹16,965 Cr	₹4,335 Cr	₹1,096 Cr	25.5%	₹729 Cr	17.2%	34.3%	29%	78
Rpsg Ventures LimitedRPSGVENTRPSGVENT	₹2,747 Cr	₹9,778 Cr	₹11,928 Cr	₹1,741 Cr	14.2%	₹-130 Cr	0%	10.2%	-5.3%	-636
One Point One Solutions LimitedONEPOINTONEPOINT	₹1,955 Cr	₹2,115 Cr	₹403 Cr	₹93 Cr	23.2%	₹45 Cr	12.2%	10.3%	9%	99
Hinduja Global Solutions LimitedHGSHGS	₹1,707 Cr	₹3,001 Cr	₹4,301 Cr	₹36 Cr	2.3%	₹-43 Cr	0.1%	1.6%	0.4%	-844
Alldigi Tech LimitedALLDIGIALLDIGI	₹1,150 Cr	₹1,150 Cr	₹605 Cr	₹167 Cr	27.1%	₹85 Cr	13.7%	31.2%	32.2%	-6
NSB BPO Solutions LtdNSBBPONSBBPO	₹121 Cr	—	₹160 Cr	₹19 Cr	12%	₹10 Cr	5.9%	—	—	—
We Win LimitedWEWINWEWIN	₹53 Cr	₹56 Cr	₹94 Cr	₹6 Cr	6.2%	₹4 Cr	4.8%	12.1%	15%	48
Informed Technologies India LtdINFORTECINFORTEC	₹32 Cr	₹32 Cr	₹1 Cr	₹-2 Cr	-134.7%	₹2 Cr	20.7%	2.3%	1.2%	47
PlatinumOne Business Services LtdPOBSPOBS	₹24 Cr	—	₹32 Cr	₹5 Cr	14.5%	₹4 Cr	11.2%	—	—	—
BNR Udyog LtdBNRUDYBNRUDY	₹11 Cr	—	₹2 Cr	₹1 Cr	-77.6%	₹1 Cr	-39.6%	-8.8%	-5.6%	—
G-Tech Info-Training LtdGTEITGTEIT	₹3 Cr	₹3 Cr	₹0 Cr	₹-0 Cr	—	₹0 Cr	—	8%	8%	—

Date	Category	Subject	Filing
29 Sept 2026, 6:34 pm	Insider Trading / SAST Closure of Trading Window	Closure of Trading Window	PDF
28 Sept 2026, 5:05 pm	AGM/EGM AGM	Shareholder Meeting / Postal Ballot-Scrutinizer''s Report	PDF
28 Sept 2026, 2:48 pm	AGM/EGM AGM	Shareholder Meeting / Postal Ballot-Scrutinizer''s Report	PDF
9 Sept 2026, 3:52 pm	Company Update Newspaper Publication	Announcement under Regulation 30 (LODR)-Newspaper Publication	PDF
9 Sept 2026, 3:39 pm	Company Update General	Intimation Under Regulation 30 Of Securities And Exchange Board Of India (Listing Obligations And Disclosure Requirements) Regulations, 2015	PDF
4 Sept 2026, 4:40 pm	Company Update General	Letter Sent To Members	PDF
3 Sept 2026, 4:42 pm	Company Update General	Hinduja Global Solutions Ltd - 532859 - Intimation On Tax Deduction On Dividend	PDF
3 Sept 2026, 4:25 pm	Company Update Newspaper Publication	Announcement under Regulation 30 (LODR)-Newspaper Publication	PDF

₹ Cr	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
	2,225	6,086	5,321	2,439	12,439	692	590	124	192	457	413
	-3,009	-1,668	-926	-3,486	-5,848	-209	1,951	-191	174	502	-137
	-1,046	-3,129	-2,109	-1,183	-4,198	-476	-1,033	-982	-808	-898	-511
Net cash flow	-1,831	1,289	2,286	-2,231	2,392	7	1,508	-1,049	-442	61	-236
Free cash flow	—	—	—	—	—	534	352	-170	8	214	280
CFO / Operating profit %	—	—	—	552.9%	—	89.4%	520%	50.9%	54.1%	177.7%	417.2%

Hinduja Global Solutions Limited

About

Key insights

Key risks

Growth drivers

Quick read

Pros

Cons

Research score

Revenue & net profit

Margins

Peers

Financials

Segment results

Ratios

Shareholding

F&O

Not in the F&O segment

Fund holders

Documents

Announcements

Annual reports

Investor Presentation and earnings call

Events

49

1

1

Announcements

49

1

1

Not in the F&O segment

Announcements

Annual reports

Investor Presentation and earnings call

Segment results

Compounded sales growth

Compounded profit growth

Return on equity

Business Process Management · revenue

Hinduja Global Solutions Limited

About

Key insights

Key risks

Growth drivers

Quick read

Pros

Cons

Research score

Revenue & net profit

Margins

Peers

Financials

Profit & loss

Balance sheet

Segment results

Ratios

Ratio timeline

Shareholding

Quarterly record

Insider dealing

Bulk & block deals

Board and management

F&O

Not in the F&O segment

Fund holders

Documents

Announcements

Annual reports

Investor Presentation and earnings call

Events

Dividends49

Board meetings1

Bonus issues1

Announcements

Dividends49

Board meetings1

Bonus issues1

Ratio timeline

Not in the F&O segment

Announcements

Annual reports

Investor Presentation and earnings call

Quarterly record

Insider dealing

Bulk & block deals

Board and management

Profit & loss

Balance sheet

Segment results

Cash flow

Compounded returns

Compounded sales growth

Compounded profit growth

Return on equity

Business Process Management · revenue

49

1

1

49

1

1