HGS reports ₹1,085 cr Q4 revenue, but the broadband MoU is the bigger story
The IT services firm posted a 15.7% EBITDA margin on ₹1,085 cr in Q4. Its broadband unit signed a state-level MoU to connect over 2 million Uttar Pradesh households.
— 5 earlier stories on Hinduja Global Solutions Ltd. →What's new
- Q4 revenue was ₹1,085 cr with ₹197 cr EBITDA, a 15.7% margin.
- Full-year revenue hit ₹4,307 cr, but net profit for the quarter was a loss of ₹14 cr.
- HGS's broadband unit ONEOTT signed an MoU with UP for Project Ganga to connect 2M+ households.
Why this matters
The earnings are backward-looking; the market already digested the headline numbers on June 5. The real new development is the broadband expansion in Uttar Pradesh, which diversifies HGS beyond IT services. A ₹1,987 cr market-cap company tying up with a state government is a material strategic shift.
What we're watching
- Whether the UP broadband project translates into near-term revenue or remains a long-term promise.
- The pace of client conversions from the record 79 new signings in FY26.
- How the ₹14 cr Q4 net loss weighs on the full-year picture, given trailing ROE is just 1.6%.
The full read
Hinduja Global Solutions's Q4 results are a mixed bag on paper: ₹1,085 cr revenue, 15.7% EBITDA margin, but a ₹14 cr net loss. The full-year picture is ₹4,307 cr in revenue, but trailing growth is -6.6%, and ROE sits at just 1.6%. The 79 new client signings in FY26 are a record, yet they haven't yet halted the revenue slide. The more consequential move is on the broadband front. ONEOTT, the company's subsidiary, signed an MoU with Uttar Pradesh for Project Ganga, targeting over 2 million households. For a company with a ₹1,987 cr market cap, this is a significant infrastructure partnership that moves HGS beyond its IT services roots. The dividend of ₹5 per share offers some solace. The transcript itself adds little beyond what was already disclosed in the earlier earnings presentation.
Questions answered
- What were the Q4 FY26 headline numbers?
- Revenue was ₹1,085 crore with EBITDA of ₹197 crore, yielding a 15.7% margin. The company posted a net loss of ₹14 crore for the quarter.
- How does the broadband MoU change HGS's business mix?
- ONEOTT Entertainment, HGS's broadband arm, signed a memorandum with the Uttar Pradesh government for Project Ganga. The target is to connect over 2 million households, a significant infrastructure play outside the company's core IT services.
- What does the full-year performance show?
- Full-year FY26 revenue was ₹4,307 crore with EBITDA of ₹649 crore, a 13.4% margin. The company's trailing revenue growth is -6.6%, indicating the new client wins haven't yet reversed a top-line contraction.
- Is the dividend significant?
- The board recommended a final dividend of ₹5 per share. For a company with a net loss in Q4 and a market cap of ₹1,987 crore, it signals a desire to maintain shareholder returns despite mixed operating performance.
- What is the 'Realized AI' methodology mentioned?
- Management discussed its Realized AI methodology and progress on AI-led solutions during the call. This is part of its strategy to offer higher-value services to clients, though the filing provides no specifics on revenue impact.
Hinduja Global Solutions Ltd.
Latest quarter · Mar 2026
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All notes on HGS →- 11 Jun 2026 · 4:08 PM IST HGS reports ₹1,085 cr Q4 revenue, but the broadband MoU is the bigger story
- 27d ago HGS's broadband arm lands Uttar Pradesh's statewide fiber push
- 31d ago Hinduja Global Solutions signs a record 79 clients, but Media still bleeds
- 31d ago HGS broadband arm wires 2 million UP households in state MoU
- 32d ago Hinduja Global keeps dividend at ₹5 despite 95% profit collapse