Hinduja Global Solutions financials and balance sheet

NSE: HGSBSE: 532859Commercial Services & SuppliesSmall Cap

Formerly HTMT Global Solutions

₹337.95₹6.65 (1.93%)BSE ₹334.65

Share price at the NSE close on 23 Oct 2026. Previous close ₹344.60.

52-week range of traded prices to 23 Oct 2026

₹331.10Low, 23 Oct 2026₹545.00High, 27 Oct 2025

Market cap: ₹1,572 Cr1,193rd largest listed
P/E: Lossover the last 12 months
P/B: 0.2
Dividend yield: 1.48%
ROE: −0.5%
ROE without one-offs: −1.6%
ROCE: −4.8%
Debt to equity: 0.15
Volume, NSE: 19,94464.3% delivered

10 years at a glance

Consolidated: the company and its subsidiaries together. ₹ crore, years to March.Hinduja Global Solutions annual reports

Revenue, net profit and borrowings, ₹ crore

Revenue
Net profit
Borrowings

Operating and net margin, per cent

Operating margin
Net margin

From Apr 2019 leases sit on the balance sheet: rent is charged as depreciation and interest instead, so operating profit and total assets step up with nothing about the business having changed. Borrowings here leave lease liabilities out. Lease payments were 15.0% of operating profit in the first full year.

The years either side of a change of basis do not compare. From the year to Mar 2020, the company's revenue for that year, ₹4,987 Cr, differs from its quarters added, ₹5,132 Cr. From the year to Mar 2022, the company's revenue for that year, ₹3,264 Cr, differs from its quarters added, ₹4,801 Cr; the company reports a discontinued business.

Results for the year to Mar 2026

Consolidated: the company and its subsidiaries together. ₹ crore.

From revenue to net profit

Revenue4,307
Materials and goods−127
Employee costs−2,441
Other expenses−1,640
Operating profit99
Depreciation−505
Other income+550
One-off items−9.3
Finance costs−207
Profit before tax−72
Tax−71
Discontinued businesses+148
Net profit4.9

What the company owns

Plant, investments and other assets₹5,931 Cr
Current investments₹4,040 Cr
Receivables₹872 Cr
Cash and bank₹690 Cr
Inventory₹31 Cr

What pays for it: net worth and liabilities

Net worth₹8,436 Cr
Other liabilities₹1,482 Cr
Borrowings₹1,294 Cr
Owed to suppliers₹351 Cr

Hinduja Global Solutions business segments, year to Mar 2026

A reportable segment is a line of business the company must report on its own. Consolidated, ₹ crore, as the company reports them. A segment at a loss has no share of profit. That year's accounts report a discontinued business, which these segments may include.Hinduja Global Solutions segment results by quarter

Revenue by segment

₹4,307 CrTotal

Business Process Management₹3,065 Cr71.2% of total
Media and Communications₹1,243 Cr28.8% of total

Profit by segment

Business Process Management₹458 Cr100.0% of total

Segment results by year

Consolidated, ₹ crore, years to March.

Business Process Management
Revenue, ₹ crore
3,568
3,551
3,150
3,065
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26
Profit, ₹ crore
386
350
546
458
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26
Media and Communications
Revenue, ₹ crore
937
1,065
1,254
1,243
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26
Profit, ₹ crore
−42
−56
−39
−175
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26

₹ crore	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Revenue of all businesses	–	–	–	–	4,505	4,616	4,404	4,307
Company revenue, as in its results	4,817	4,987	5,589	3,264	4,505	4,616	4,404	4,307
Revenue	–	–	–	–	3,568	3,551	3,150	3,065
Revenue growth	–	–	–	–	–	−0.5%	−11.3%	−2.7%
Profit	–	–	–	–	386	350	546	458
Profit growth	–	–	–	–	–	−9.2%	56.1%	−16.2%
Margin	–	–	–	–	10.8%	9.9%	17.3%	14.9%
Return on capital	–	–	–	–	5.3%	5.1%	7.6%	5.6%
Assets	–	–	–	–	8,838	8,158	8,290	9,231
Liabilities	–	–	–	–	1,553	1,232	1,136	1,013
Capital employed	–	–	–	–	7,285	6,927	7,154	8,218
Revenue	–	–	–	–	937	1,065	1,254	1,243
Revenue growth	–	–	–	–	–	13.6%	17.8%	−0.9%
Profit	–	–	–	–	−42	−56	−39	−175
Margin	–	–	–	–	−4.5%	−5.3%	−3.1%	−14.1%
Return on capital	–	–	–	–	−4.2%	−3.8%	−2.6%	−14.3%
Assets	–	–	–	–	1,935	2,157	2,358	1,844
Liabilities	–	–	–	–	927	692	842	616
Capital employed	–	–	–	–	1,008	1,465	1,516	1,227
	–	–	–	–	0	–	–	–
Profit	–	–	–	–	0	–	–	–
Assets	–	–	–	–	591	–	–	–
Liabilities	–	–	–	–	165	–	–	–

Profit is before tax and finance costs, the way companies report their segments.

Profit and loss

Consolidated, ₹ crore, years to March.Hinduja Global Solutions quarterly results

₹ crore	Mar 2017	Mar 2018	Mar 2019Filed 13 Jun	Mar 2020Filed 7 Aug	Mar 2021Filed 19 Jun	Mar 2022Filed 30 May	Mar 2023Filed 27 May	Mar 2024Filed 1 Jun	Mar 2025Filed 16 Jun	Mar 2026Filed 29 May
Revenue from operations	3,711	3,849	4,817	4,987	5,589	3,264	4,505	4,616	4,404	4,307
	3,293	3,443	4,376	4,320	4,815	3,150	4,261	4,260	4,147	4,208
Materials and goods bought	–	–	0	0	0	0	40	40	61	127
Employee costs	2,457	2,596	3,251	3,328	3,806	2,523	2,757	2,629	2,479	2,441
Other expenses	836	847	1,125	992	1,010	627	1,464	1,590	1,608	1,640
Operating profit before depreciation	418	406	441	667	773	113	244	356	257	99
Operating margin	11.3%	10.5%	9.2%	13.4%	13.8%	3.5%	5.4%	7.7%	5.8%	2.3%
Materials, % of revenue	–	–	0.0%	0.0%	0.0%	0.0%	0.9%	0.9%	1.4%	3.0%
Employee costs, % of revenue	66.2%	67.4%	67.5%	66.7%	68.1%	77.3%	61.2%	57.0%	56.3%	56.7%
Other expenses, % of revenue	22.5%	22.0%	23.4%	19.9%	18.1%	19.2%	32.5%	34.5%	36.5%	38.1%
Depreciation and amortisation	143	141	197	291	308	121	455	534	523	505
Operating profit after depreciation	275	265	244	376	466	−8	−211	−178	−266	−406
Other income	23	36	45	57	82	150	518	472	555	550
Finance costs	43	35	41	94	88	28	137	184	229	207
Profit before one-off items and tax	255	266	248	338	459	115	169	110	60	−63
One-off items	0	−12	0	−21	−15	−77	33	0	0	−9
Profit before tax	255	254	248	317	444	37	202	110	60	−72
	75	62	72	133	108	34	−102	−21	178	71
Current tax	88	–	72	125	130	19	−309	53	59	42
Deferred tax	−12	–	0	8	−23	15	207	−73	118	28
Profit from discontinued businesses	–	–	–	22	–	6,100	46	–	219	148
	179	192	176	206	336	6,104	351	131	101	5
Belonging to the company's shareholders	179	192	177	202	336	6,104	348	133	121	32
Belonging to outside owners of subsidiaries	–	–	−1	4	0	0	2	−2	−21	−27
Other comprehensive income	–	–	11	−5	54	73	309	64	131	576
Total comprehensive income	–	–	188	200	390	6,176	660	195	232	581
Net margin	4.8%	5.0%	3.7%	–	6.0%	–	–	2.8%	–	–

Materials, employee costs and other expenses are shown for the years they add up to operating expenses; for the years to Mar 2017 and Mar 2018 they do not, so they are left blank. Net margin is left blank for the years to Mar 2020, Mar 2022, Mar 2023, Mar 2025 and Mar 2026: the profit includes the result of a business the company has discontinued, which the revenue does not, so the two make no margin.

Balance sheet

Consolidated, ₹ crore, at 31 March.

₹ crore	Mar 2019Filed 13 Jun	Mar 2020Filed 7 Aug	Mar 2021Filed 19 Jun	Mar 2022Filed 30 May	Mar 2023Filed 27 May	Mar 2024Filed 1 Jun	Mar 2025Filed 16 Jun	Mar 2026Filed 29 May
	1,651	1,732	2,085	7,808	8,719	7,642	7,855	8,436
	1,644	1,719	2,085	7,808	8,563	7,488	7,708	8,317
Share capital	21	21	21	42	53	47	47	47
Reserves	1,623	1,699	2,064	7,767	8,511	7,441	7,662	8,270
Belonging to outside owners of subsidiaries	8	12	0	0	156	155	147	120
	539	499	957	3	321	1,306	1,187	1,294
Repayable after a year	379	302	856	0	94	134	330	228
Repayable within a year	160	197	101	3	226	1,172	857	1,066
	813	1,094	1,177	1,617	1,890	2,747	2,326	2,398
Trade payables	241	282	384	466	417	296	509	351
Other financial liabilities	265	452	467	284	997	947	679	572
Other liabilities	82	75	119	119	132	180	185	291
Provisions	53	58	81	248	30	34	37	46
Tax owed	11	30	25	496	88	117	59	72
	504	1,246	1,083	291	755	735	991	730
Other financial liabilities	29	782	4	231	526	473	423	381
Other liabilities	8	2	10	0	1	0	0	0
Provisions	76	133	210	29	57	60	216	68
Deferred tax	14	27	3	32	76	69	22	52
	2,969	4,072	4,345	9,717	11,364	11,125	11,172	11,564
Held for sale or for a demerger	–	–	52	54	–	–	–	–
	1,302	1,936	1,837	3,748	6,285	4,728	3,374	3,554
Plant in use, after depreciation	593	1,312	1,170	268	525	297	388	391
Plant being built	5	5	3	3	13	8	9	16
Intangible assets	104	82	69	412	606	1,477	498	1,390
Goodwill	336	339	340	316	949	960	995	1,092
Intangible assets being developed	0	–	0	0	0	5	0	3
Property held to earn rent	0	–	0	0	23	23	22	22
Investments	15	5	0	2,467	2,744	1,139	221	103
Loans given	85	0	0	0	4	2	2	2
Other financial assets	68	61	71	38	772	60	79	89
Deferred tax	42	105	70	65	187	258	102	42
Other assets	55	28	115	180	462	500	1,058	404
	1,667	2,136	2,456	5,914	5,079	6,396	7,799	8,010
Inventories	0	0	0	0	17	17	26	31
Trade receivables	1,166	989	1,231	616	733	745	764	872
Cash and cash equivalents	323	531	530	2,048	1,112	675	752	569
Other bank balances	4	4	6	1,473	98	207	104	121
Current investments	0	6	5	3	9	2,160	3,423	4,040
Loans given	0	432	521	1,612	2,814	2,226	1,930	1,881
Other financial assets	28	16	48	20	90	171	176	135
Tax paid in advance	61	83	0	0	0	0	328	0
Other assets	84	75	116	141	206	197	296	361
Net debt	212	−42	416	−3,521	−899	−1,736	−3,092	−3,436

Borrowings are counted again inside the liabilities due within a year and after a year. No balance sheet is on record for the years to Mar 2017 and Mar 2018, so its lines and the ratios worked from it are blank there.

Cash flow

Consolidated, ₹ crore, years to March.

₹ crore	Mar 2021Filed 19 Jun	Mar 2022Filed 30 May	Mar 2023Filed 27 May	Mar 2024Filed 1 Jun	Mar 2025Filed 16 Jun	Mar 2026Filed 29 May
	692	589	124	192	457	413
	824	1,227	310	335	420	450
	−16	233	−94	−147	87	−257
Receivables	−259	−114	−51	6	−44	−101
Inventories	0	0	−4	0	−9	−5
Payables	104	124	67	−120	232	−163
Other working capital	139	223	−105	−33	−91	11
Tax paid	−132	−638	−186	−64	37	−37
Capital spending	158	237	295	185	244	133
Free cash flow	534	352	−170	8	214	280
	−209	1,951	−191	174	502	−137
Plant and property sold	0	46	312	255	25	6
Companies bought	0	−212	−391	−119	−127	−85
Interest received	35	−6	271	261	414	370
Dividends received	0	0	0	2	1	1
	−476	−1,033	−982	−808	−898	−511
Borrowings raised	584	0	251	2,413	4,613	3,340
Borrowings repaid	−784	−388	−735	−1,428	−4,732	−3,233
Interest paid	−89	−67	−142	−177	−229	−206
Lease payments	−116	−117	−284	−351	0	−411
Dividends paid	37	445	109	11	28	1
Shares bought back	0	0	0	1,254	0	0
Shares issued	0	0	0	0	0	0
Net change in cash	7	1,508	−1,049	−442	61	−236

Capital spending is part of cash from investing, and dividends paid, shares bought back and shares issued are part of cash from financing. Each is shown as an amount on a line of its own, and the section's other items are in its total only. No cash flow statement is on record for the years to Mar 2017, Mar 2018, Mar 2019 and Mar 2020.

Consolidated, ₹ per share, years to March.Hinduja Global Solutions dividend history

₹ per share	Mar 2017	Mar 2018	Mar 2019Filed 13 Jun	Mar 2020Filed 7 Aug	Mar 2021Filed 19 Jun	Mar 2022Filed 30 May	Mar 2023Filed 27 May	Mar 2024Filed 1 Jun	Mar 2025Filed 16 Jun	Mar 2026Filed 29 May
	₹43.29	₹46.22	₹42.54	₹48.43	₹80.50	₹1,460.73	₹66.79	₹27.52	₹26.10	₹6.92
As stated that year	₹86.58	₹92.44	₹85.08	₹96.85	₹161.00	₹1,460.73	₹66.79	₹27.52	₹26.10	₹6.92
	₹43.22	₹46.10	₹42.48	₹48.40	₹80.41	₹1,459.92	₹66.79	₹27.52	₹26.10	₹6.92
As stated that year	₹86.44	₹92.20	₹84.96	₹96.79	₹160.82	₹1,459.92	₹66.79	₹27.52	₹26.10	₹6.92
	₹5.00	₹6.25	₹3.75	₹10.00	₹20.00	₹136.50	₹15.00	₹7.00	–	₹5.00
As declared that year	₹10.00	₹12.50	₹7.50	₹20.00	₹40.00	–	₹15.00	₹7.00	–	₹5.00
	–	–	₹394.36	₹412.03	₹499.32	₹1,868.26	₹1,630.47	₹1,609.56	₹1,656.95	₹1,787.73
On that year's share count	–	–	₹788.71	₹824.06	₹998.63	₹1,868.26	₹1,630.47	₹1,609.56	₹1,656.95	₹1,787.73
Dividend payout	11.6%	13.5%	8.8%	20.7%	24.9%	9.3%	22.6%	24.4%	–	72.3%
Shareholder yield	–	–	–	–	1.0%	10.4%	2.0%	36.8%	1.3%	0.1%
Market cap at the year end (₹ crore)	1,209	1,686	1,289	1,053	3,604	4,279	5,408	3,436	2,166	1,604

Every year is restated for later splits and bonuses, so they do not break the line. The figure the company stated that year is under each line it differs from. The dividend as declared is blank for the year to Mar 2022: its payments were declared on different share counts, a split or bonus between them, so they do not add to one figure.

Ratios

Consolidated, years to March.Hinduja Global Solutions PE ratio and valuation

Ratio	Mar 2017	Mar 2018	Mar 2019Filed 13 Jun	Mar 2020Filed 7 Aug	Mar 2021Filed 19 Jun	Mar 2022Filed 30 May	Mar 2023Filed 27 May	Mar 2024Filed 1 Jun	Mar 2025Filed 16 Jun	Mar 2026Filed 29 May
Revenue growth	11.5%	3.7%	25.1%	–	12.1%	–	38.0%	2.5%	−4.6%	−2.2%
Operating profit growth	33.5%	−2.9%	8.6%	–	16.0%	–	115.3%	45.8%	−27.7%	−61.5%
Net profit growth	77.4%	7.2%	−8.2%	16.6%	63.4%	–	−94.3%	−62.6%	−23.2%	−95.1%
Earnings per share growth	77.7%	6.8%	−8.0%	13.8%	66.2%	–	−95.4%	−58.8%	−5.1%	−73.5%
	–	–	10.8%	12.0%	17.7%	123.4%	4.3%	1.7%	1.6%	0.4%
Change in return on equity	–	–	–	1.2 pts	5.7 pts	105.7 pts	−119.1 pts	−2.6 pts	−0.1 pts	−1.2 pts
Return on capital employed	–	–	11.2%	16.8%	15.3%	−0.1%	−2.3%	−2.0%	−2.9%	−4.2%
Cash conversion	–	–	–	–	205.8%	9.7%	35.4%	146.7%	453.9%	8,353.0%
Interest cover	6.4	7.6	6.0	4.0	5.3	–	–	–	–	–
Debt to equity	–	–	0.33	0.29	0.46	0.00	0.04	0.17	0.15	0.15
Receivable days	–	–	88	72	80	69	59	59	63	74
Inventory days	–	–	–	–	–	–	153	152	156	88
Payable days	–	–	–	–	–	–	3,827	2,699	3,058	1,006
Cash conversion cycle, days	–	–	–	–	–	–	−3,615	−2,488	−2,839	−844
Working capital days	–	–	52	51	55	87	178	141	170	165
Asset turnover	–	–	1.62	1.42	1.33	0.46	0.43	0.41	0.40	0.38
Assets per rupee of net worth	–	–	1.81	2.09	2.21	1.42	1.29	1.40	1.47	1.42
Sales per rupee of plant	–	–	8.12	3.80	4.78	12.18	8.59	15.53	11.36	11.01
Capital spending to depreciation	–	–	–	–	0.51	1.96	0.65	0.35	0.47	0.26
Plant being built, % of plant in use	–	–	0.8%	0.4%	0.3%	1.1%	2.5%	2.7%	2.3%	4.0%

From the net margin, from asset turnover and from borrowing are left blank for the years to Mar 2020, Mar 2021, Mar 2022, Mar 2023, Mar 2024, Mar 2025 and Mar 2026: the profit of this year or the year before includes a business the company has discontinued while its revenue does not, so the change in return on equity is not split into margin, turnover and borrowing. Revenue growth and operating profit growth are left blank for the year to Mar 2020: between the two periods the company restated its earlier figures, so the two are on different bases and the change is not worked out. Interest cover is left blank for the years to Mar 2022, Mar 2023, Mar 2024, Mar 2025 and Mar 2026: operating profit after depreciation is a loss, and a loss covers no interest bill. Revenue growth and operating profit growth are left blank for the year to Mar 2022: between the two periods the company restated its earlier figures and the company began reporting a business as discontinued, so the two are on different bases and the change is not worked out. Net profit growth and earnings per share growth are left blank for the year to Mar 2022: between the two periods the company began reporting a business as discontinued, so the two are on different bases and the change is not worked out. No balance sheet is on record for the years to Mar 2017 and Mar 2018, so its lines and the ratios worked from it are blank there.

Growth and returns over 3, 5 and 10 years

Consolidated: the company and its subsidiaries together. Each window ends with the year to Mar 2026.

Return on assets, latest year: 0.3%
Cash from operations against operating profit: 417.1%

Measure	10 years	5 years	3 years
Revenue growth, yearly rate	2.6%	−5.1%	−1.5%
Profit growth, yearly rate	−10.8%	−37.4%	−54.8%
Return on equity, average	–	26.3%	1.2%
Return on capital employed, average	–	−2.3%	−3.0%
Operating margin, average	8.3%	4.9%	5.3%
Asset turnover, average	–	0.42	0.39
Cash conversion cycle, days, average	–	−2,446	−2,057
Debt to equity, average	–	0.10	0.16

Where the cash came from and went

Consolidated: the company and its subsidiaries together. ₹ crore, added up over each window, which ends with the year to Mar 2026.

₹ crore	5 years	3 years	Latest year
Cash from operations	1,776	1,062	413
Cash from investing	2,299	539	−137
Cash from financing	−4,234	−2,218	−511
Capital spending	1,093	561	133
Dividends paid	594	40	1
Shares bought back	1,254	1,254	0
Shares issued for cash	0	0	0
Borrowings raised	10,617	10,366	3,340
Borrowings repaid	10,516	9,393	3,233

Accounting checks

Consolidated, years to March. Published tests of whether reported profit is backed by cash and the balance sheet.

Check	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Piotroski score, out of 9Published threshold 3 points out of 9	–	–	–	–	5	5	2	5	5	5
Altman Z-scorePublished threshold 1.1	–	–	5.64	4.50	5.27	9.85	7.94	6.81	8.11	8.43
Beneish M-scorePublished threshold −1.78	–	–	–	–	−2.72	−3.24	−1.70	−2.76	−2.70	−2.54
Profit not backed by cash, % of assetsPublished threshold 10 per cent of average total assets	–	–	–	–	−3.48	50.67	3.96	−2.09	−7.70	−2.38
Cash from operations to profit, 3 yearsPublished threshold 0.7 times	–	–	–	–	–	–	0.21	0.14	1.33	4.49
Receivables growth less revenue growthOur threshold 0 percentage points	–	–	–	−18.69	12.30	−8.31	−19.10	−0.88	7.26	16.24
Inventory growth less cost-of-goods growthOur threshold 0 percentage points	–	–	–	–	–	–	–	−0.99	4.13	−90.63
Other current assets growth less revenue growthOur threshold 5 per cent of revenue	–	–	–	0.01	−0.18	−0.07	2.99	1.55	9.82	−7.06
Assets under construction, years of additionsOur threshold 2 years of additions	–	–	–	0.00	0.02	–	0.02	0.03	0.01	0.03
Effective tax ratePublished threshold 17.16 per cent	29.63	24.50	28.91	42.00	24.31	91.80	−50.50	−18.72	296.89	–
Tax charged less tax paid, % of profitOur threshold 10 percentage points	–	–	–	–	–	−1,615.99	−142.50	−76.62	235.26	–

A threshold marked as ours has no published figure; it is the line we read the check against.

Credit ratings

An agency's view of the chance the company repays a borrowing on time, from AAA, the highest, down to D, in default.

Date	Agency	Borrowing rated	Rating	Outlook	Amount, ₹ Cr
22 Sep 2026	CRISIL Ratings Limited (opens in a new tab)	Bank FacilitiesLong-term scale	Crisil ANo Rating Change	Stable	360
22 Sep 2026	CRISIL Ratings Limited (opens in a new tab)	Bank FacilitiesShort-term scale	Crisil A1No Rating Change		44

The latest rating on each borrowing. The agency's name opens its reasoning for the rating.