Synopsis: ICICI Securities has released fresh “Buy” recommendations for two high-growth players in the technology and logistics sectors. On March 3, 2026, the brokerage initiated coverage on Hexaware Technologies with a target price of ₹570, while simultaneously setting a high-conviction target of ₹175 for Shadowfax Technologies following its successful recent listing.
ICICI Securities Sets Buy Target of ₹570 for Hexaware, ₹175 for Shadowfax
1. Hexaware Technologies: Reclaiming Blue-Chip Status
After its re-listing in February 2026, Hexaware Technologies has been under intense institutional scrutiny.
ICICI Securities’ decision to initiate coverage with a “Buy” rating signals a shift in sentiment toward the mid-cap IT giant.
- Target Price: ₹570 (Approx. 25% upside from current levels).
- Key Rationale: The brokerage highlighted Hexaware’s robust 45% growth in digital services and its industry-leading positioning in Generative AI.
- Operational Strength: Despite a challenging global macro environment, the company’s “AI-First” strategy is effectively compressing deal-closure cycles and attracting large-scale enterprise contracts.
2. Shadowfax Technologies: The Quick Commerce Engine
Shadowfax, which made its stock market debut on January 28, 2026, has quickly become a favorite for those looking to play the Indian “Quick Commerce” and hyperlocal delivery boom.
ICICI Securities, acting as a lead manager for the IPO, has now issued a significantly bullish target.
- Target Price: ₹175 (Significant upside from its IPO price band of ₹118–₹124).
- Market Position: Shadowfax has captured a dominant market share in the e-commerce 3PL (Third-Party Logistics) space. The brokerage notes that the company’s “OneNCR” automated sortation mega-hub (launched in February 2026) will be a massive margin booster.
- Earnings Catalyst: The company recently reported a turnaround in its bottom line, with H1 FY26 showing strong revenue momentum and a clear path toward sustained net profitability.
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Quick Comparison: ICICI Securities View
| Metric | Hexaware Technologies | Shadowfax Technologies |
| Current Rating | Buy (Initiated Mar 3) | Buy (Post-Listing Update) |
| Price Target | ₹570 | ₹175 |
| Key Driver | AI & Cloud Modernization | Hyperlocal & Quick Commerce |
| Financial Health | 25%+ Return on Equity | Expanding EBITDA Margins |
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