Social media platforms serve as accessible outlets for individuals to express their thoughts and experiences, resulting in an influx of user-generated data spanning all age groups. While these platforms enable free expression, they also present significant challenges, including the proliferation of hate speech and offensive content. Such objectionable language disrupts objective discourse and can lead to radicalization of debates, ultimately threatening democratic values. Consequently, organizations have taken steps to monitor and curb abusive behavior, necessitating automated methods for identifying suspicious posts. This paper contributes to Hate Speech and Offensive Content Identification in English and Indo-Aryan Languages (HASOC) 2023 shared tasks track. We, team Z-AGI Labs, conduct a comprehensive comparative analysis of hate speech classification across five distinct languages: Bengali, Assamese, Bodo, Sinhala, and Gujarati. Our study encompasses a wide range of pre-trained models, including Bert variants, XLM-R, and LSTM models, to assess their performance in identifying hate speech across these languages. Results reveal intriguing variations in model performance. Notably, Bert Base Multilingual Cased emerges as a strong performer across languages, achieving an F1 score of 0.67027 for Bengali and 0.70525 for Assamese. At the same time, it significantly outperforms other models with an impressive F1 score of 0.83009 for Bodo. In Sinhala, XLM-R stands out with an F1 score of 0.83493, whereas for Gujarati, a custom LSTM-based model outshined with an F1 score of 0.76601. This study offers valuable insights into the suitability of various pre-trained models for hate speech detection in multilingual settings. By considering the nuances of each, our research contributes to an informed model selection for building robust hate speech detection systems.