Financial Results - Standalone (₹ Crore)
Quarter Ended September 30, 2026
- Revenue from Operations: ₹453.23
- Other Income: ₹63.05
- Total Income: ₹516.28
- Total Expenses: ₹538.17
- Loss Before Tax: ₹(21.89)
- Tax Expense: ₹2.02
- Loss After Tax: ₹(23.91)
- Other Comprehensive Income: ₹0.40
- Total Comprehensive Income: ₹(23.51)
- Basic EPS: ₹(5.14)
Half-Year Ended September 30, 2026
- Revenue from Operations: ₹901.59
- Other Income: ₹114.31
- Total Income: ₹1,015.90
- Total Expenses: ₹1,099.21
- Loss Before Tax: ₹(83.31)
- Tax Expense: ₹2.65
- Loss After Tax: ₹(85.96)
- Other Comprehensive Income: ₹16.34
- Total Comprehensive Income: ₹(69.62)
- Basic EPS: ₹(18.48)
Financial Results - Consolidated (₹ Crore)
Quarter Ended September 30, 2026
- Revenue from Operations: ₹1,076.15
- Other Income: ₹138.32
- Total Income: ₹1,214.47
- Total Expenses: ₹1,224.09
- Loss Before Tax: ₹(9.62)
- Tax Expense: ₹2.81
- Loss After Tax: ₹(12.43)
- Other Comprehensive Income: ₹81.53
- Total Comprehensive Income: ₹69.10
- Basic EPS: ₹(0.62)
- Profit attributable to Owners: ₹(2.91)
- Profit attributable to Non-controlling interests: ₹(9.52)
Half-Year Ended September 30, 2026
- Revenue from Operations: ₹2,126.51
- Other Income: ₹289.12
- Total Income: ₹2,415.63
- Total Expenses: ₹2,478.02
- Loss Before Tax: ₹(62.39)
- Tax Expense: ₹16.30
- Loss After Tax: ₹(78.69)
- Other Comprehensive Income: ₹113.18
- Total Comprehensive Income: ₹34.49
- Basic EPS: ₹(13.13)
- Profit attributable to Owners: ₹(61.10)
- Profit attributable to Non-controlling interests: ₹(17.59)
Segment Information - Consolidated
Business Process Management
- Q2 Revenue: ₹764.29 crore
- H1 Revenue: ₹1,509.27 crore
- Q2 Segment Results: ₹(23.31) crore
- H1 Segment Results: ₹(110.41) crore
Media and Communications
- Q2 Revenue: ₹311.86 crore
- H1 Revenue: ₹617.24 crore
- Q2 Segment Results: ₹(73.76) crore
- H1 Segment Results: ₹(144.70) crore
Key Balance Sheet Figures (Consolidated)
As at September 30, 2026
- Total Assets: ₹11,582.54 crore
- Property, Plant and Equipment: ₹365.87 crore
- Right of use assets: ₹930.31 crore
- Goodwill: ₹1,115.43 crore
- Cash and cash equivalents: ₹528.14 crore
- Total Equity: ₹8,447.32 crore
- Total Liabilities: ₹3,135.22 crore
- Borrowings: ₹1,406.40 crore (Current ₹1,142.90 crore + Non-current ₹263.50 crore)
- Lease liabilities: ₹608.25 crore (Current ₹222.86 crore + Non-current ₹385.39 crore)
GAAR Tax Proceedings
The Company is involved in GAAR-related income tax proceedings regarding the demerger of NXT Digital's DMC business. Key details:
- Potential tax demand: ₹281.59 crore
- GAAR panel directive issued: October 30, 2025, characterizing treatment as "impermissible avoidance arrangement"
- Writ petition filed with Bombay High Court: November 7, 2025
- Bombay High Court granted interim stay on GAAR Panel directive: December 19, 2025
- Matter currently sub-judice
- Based on management assessment and external legal advice, no adjustment considered necessary in financial results
- Final financial impact will be known only upon completion of proceedings
Subsidiary Structure
The consolidated results include 40 entities:
- Parent: Hinduja Global Solutions Limited
- 39 subsidiaries including HGS International (Mauritius), HGS Canada Inc., C-Cubed B.V., Customer Contact Centre Inc. (Philippines), HGS UK Limited, and various media companies
- 16 subsidiaries reviewed by other auditors with total assets of ₹9,980.47 crore
- 20 subsidiaries not reviewed by auditors with total assets of ₹274.53 crore
Dividend Information
- Final dividend of ₹5 per share (par value ₹10) recommended for FY2025-26
- Approved by shareholders in AGM held on September 25, 2026
Foreign Exchange Impact
Standalone
- Q2 Gain/(Loss) on forex fluctuations: ₹15.62 crore
- H1 Gain/(Loss) on forex fluctuations: ₹25.21 crore
Consolidated
- Q2 Gain/(Loss) on forex fluctuations: ₹17.67 crore
- H1 Gain/(Loss) on forex fluctuations: ₹54.96 crore
Labour Codes Impact
The Government notified Labour Codes on November 21, 2025. The Company has:
- Recognized financial impact of ₹8.70 crore in standalone results for year ended March 31, 2026
- Recognized financial impact of ₹9.29 crore in consolidated results for year ended March 31, 2026
- Central Rules notified on May 8, 2026, but State Rules and operational clarifications pending
- Company continues to monitor finalization and will record additional impact as required
Business Highlights from Press Release
- Launched GangaFiber broadband services under Project Ganga initiative in Uttar Pradesh
- Q2 Total EBITDA: ₹158.8 crore (13.1% margin)
- H1 Total EBITDA: ₹275.1 crore (11.4% margin)
- Added 20 new logos for digital CX/tech solutions and 7 clients for HRO/Payroll Processing
- 453 active CX/Digital clients and 896 HRO/Payroll processing clients/brands
- Digital Media business has customer base of over 4.8 million
- Employee headcount: 16,320 as of September 30, 2026
- Presence in 10 countries with 23 global delivery centers
Audit and Review
- Financial results reviewed by Audit Committee and approved by Board on November 12, 2026
- Statutory auditors Haribhakti & Co. LLP issued unmodified review reports
- Meeting duration: 2:15 p.m. to 6:10 p.m. IST
Cash Flow Information
Standalone Cash Flows (H1 FY2027)
- Net cash from operating activities: ₹272.91 crore
- Net cash used in investing activities: ₹(77.87) crore
- Net cash used in financing activities: ₹(211.86) crore
- Net decrease in cash: ₹(16.83) crore
Consolidated Cash Flows (H1 FY2027)
- Net cash from operating activities: ₹108.76 crore
- Net cash used in investing activities: ₹(131.50) crore
- Net cash used in financing activities: ₹(169.68) crore
- Net decrease in cash: ₹(92.42) crore