BIST’s Tech All-Stars: The 2026 Growth Engine

As the Borsa İstanbul Technology Index (XUTEK) closes out the first quarter of 2026, one message is becoming increasingly clear: software and service-driven growth has decisively overtaken hardware. At the center of this transformation stand three dominant players Logo (LOGO) and Hitit (HTTBT). Their financial performance shows they are no longer just stocks on an exchange, but the core engines powering Türkiye’s digital transformation and export expansion.

The Fortress of Recurring Revenue: Logo Yazılım (LOGO)

In a sector where revenue visibility is often the biggest concern, Logo Yazılım has pushed that risk close to zero. Closing 2025 with TRY 5.8 billion in revenue and TRY 1.5 billion in net profit, the company entered 2026 operating with the consistency of a cash-generating machine.

What sets Logo apart is the strength of its revenue model: 86% of its billings come from recurring, subscription-based streams. This means that regardless of market volatility, the company begins each day with predictable cash flow already secured. Its cloud-based solution for micro businesses, Logo İşbaşı, posted 44% growth in USD terms, highlighting that Logo’s reach extends far beyond large enterprises into the broader economy.

The TRY 500 million dividend announced in March further signals a transformation: Logo is no longer just a growth story — it has evolved into a mature, capital-returning technology powerhouse.

The Software Architect of the Skies: Hitit Bilgisayar (HTTBT)

When it comes to pure-play, FX-based technology exports on BIST, Hitit stands in a league of its own — and for good reason. As the world’s third-largest airline reservation system provider, Hitit has positioned itself at the top tier of the global aviation technology ecosystem in 2026.

Its financial structure acts as a natural hedge against inflation: 77% of revenues are FX-denominated, with the majority of operations conducted internationally. With an EBITDA margin of 43% in 2025, Hitit operates at a level comparable to global giants such as Amadeus.

Serving 68 airline partners across six continents, the company continues to expand its global footprint. Its next-generation retailing platform, Hitit Oxygen, was recognized as a global leader under IATA standards — reinforcing its technological credibility.

With analysts pointing to upside potential approaching 90%, HTTBT stands out as one of the most compelling global growth stories in 2026.

Analysis: Why Now?

As of Q1 2026, the Borsa İstanbul Technology Index (XUTEK) is not only standing out for its price performance, but also for a structural transformation within its composition. The weight of the index is increasingly shifting from traditional hardware and low-margin IT services toward high-margin, scalable software and SaaS business models. This transition is fundamentally reshaping the nature of the index — making it less cyclical, more predictable, and more aligned with global growth dynamics.

Three key drivers are emerging:

First, the rise of recurring revenue models, which enhance cash flow visibility and reduce earnings volatility.

Second, the growing share of FX-denominated revenues, as Turkish technology firms expand beyond domestic markets and integrate into global value chains — providing both growth and inflation resilience.

Third, the expansion of high-margin, scalable operations, where software-driven models allow companies to grow revenue without proportionally increasing costs.

As of late March 2026, XUTEK is testing historic highs at 39,720 points, reflecting that this transformation is already being priced in.

However, the more critical point lies beneath the surface.

Despite this strong momentum, Borsa İstanbul as a whole continues to trade at a significant discount in USD terms compared to its global and emerging market peers. Years of currency depreciation have compressed valuations, leaving many fundamentally strong companies relatively undervalued on a dollar basis.

This creates a unique asymmetry: while operational performance is strengthening particularly in export-driven and FX-generating sectors like technology valuations still reflect a more conservative narrative.

As a result, XUTEK is not just a rising index; it is increasingly becoming a representation of a broader re-rating potential within the Turkish equity market.

The Engine Behind the Rally

These three “All-Star” players are doing far more than writing code.

They are building the infrastructure of Borsa İstanbul’s next phase of growth — quietly, consistently, and at scale.

What makes this cycle different is not just the pace of the rally, but the quality of the drivers behind it. This is no longer a story of short-term momentum or speculative spikes. Instead, it is being shaped by companies with predictable cash flows, global revenue streams, and strategic positioning in critical sectors.

Logo brings stability through recurring income.
Hitit delivers global expansion powered by FX revenues.

Together, they form a balanced structure that reflects a deeper transformation within the Turkish equity market one where technology is no longer a side narrative, but a central pillar of growth.

As capital increasingly shifts toward scalable and export-driven business models, the XUTEK index is not just rising it is redefining what growth looks like on Borsa İstanbul.

In 2026, the drivers of this rally are no longer speculative — they are structural: recurring revenue, global expansion, and strategic agility.

And if this trajectory continues, these companies may not just lead the rally they may define the next era of the market.

This content is for informational purposes only and does not constitute investment advice.