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Indian (NIFTY) HR Services Industry Analysis

UpdatedApr 06, 2026
DataAggregated Company Financials
Companies19
  • 7D1.2%
  • 3M-22.5%
  • 1Y-58.1%
  • YTDn/a

Over the last 7 days, the HR Services industry has risen 1.3%, driven by gains from Quess of 2.8%. During this same period, the Innovision underperformed, falling 6.4%. In contrast, the industry has lost 58% in the last 12 months. As for the next few years, earnings are expected to grow by 29% per annum.

Industry Valuation and Performance

Has the Indian HR Services Industry valuation changed over the past few years?

DateMarket CapRevenueEarningsPEAbsolute PEPS
Mon, 06 Apr 2026₹75.3b₹319.6b₹2.4b12.9x31x0.2x
Wed, 04 Mar 2026₹73.2b₹309.9b₹2.1b15.2x35.2x0.2x
Fri, 30 Jan 2026₹80.0b₹306.7b₹1.8b17.3x45.6x0.3x
Sun, 28 Dec 2025₹84.7b₹306.7b₹1.7b18.5x48.7x0.3x
Tue, 25 Nov 2025₹87.5b₹306.7b₹1.7b19x50.1x0.3x
Thu, 23 Oct 2025₹93.7b₹299.2b₹2.9b19.5x32.4x0.3x
Sat, 20 Sep 2025₹100.4b₹299.2b₹2.9b21.8x34.9x0.3x
Mon, 18 Aug 2025₹96.2b₹298.8b₹2.9b19x33.6x0.3x
Wed, 16 Jul 2025₹140.7b₹294.7b₹2.8b18x50.4x0.5x
Fri, 13 Jun 2025₹140.4b₹290.8b₹2.7b22.1x51.4x0.5x
Sun, 11 May 2025₹107.4b₹342.1b₹5.9b20.5x18.2x0.3x
Tue, 08 Apr 2025₹148.4b₹342.0b₹5.9b21x25.2x0.4x
Thu, 06 Mar 2025₹150.9b₹342.0b₹5.9b20.8x25.7x0.4x
Sat, 01 Feb 2025₹161.0b₹341.4b₹5.9b23.9x27.5x0.5x
Mon, 30 Dec 2024₹177.7b₹329.2b₹5.6b32.5x31.9x0.5x
Wed, 27 Nov 2024₹172.4b₹329.2b₹5.6b32.4x30.9x0.5x
Fri, 25 Oct 2024₹179.7b₹317.6b₹5.3b29.4x33.8x0.6x
Sun, 22 Sep 2024₹206.8b₹317.5b₹5.3b31x39.1x0.7x
Tue, 20 Aug 2024₹179.6b₹317.5b₹5.3b23.4x33.9x0.6x
Thu, 18 Jul 2024₹163.0b₹309.1b₹4.8b26.5x34x0.5x
Sat, 15 Jun 2024₹159.7b₹309.1b₹4.8b21.6x33.3x0.5x
Mon, 13 May 2024₹170.0b₹302.4b₹4.8b23.5x35.1x0.6x
Wed, 10 Apr 2024₹156.3b₹297.4b₹4.2b19.1x37.5x0.5x
Fri, 08 Mar 2024₹140.6b₹297.4b₹4.2b19.2x33.7x0.5x
Sun, 04 Feb 2024₹140.4b₹297.4b₹4.2b19.4x33.7x0.5x
Tue, 02 Jan 2024₹148.8b₹289.3b₹4.4b17.5x33.6x0.5x
Thu, 30 Nov 2023₹134.5b₹289.3b₹4.4b16.6x30.4x0.5x
Sat, 28 Oct 2023₹118.4b₹279.7b₹4.1b16.9x28.6x0.4x
Mon, 25 Sep 2023₹121.6b₹279.8b₹4.1b20.7x29.4x0.4x
Wed, 23 Aug 2023₹113.4b₹279.9b₹4.2b16.5x27.2x0.4x
Fri, 21 Jul 2023₹117.4b₹268.2b₹4.2b15.6x28.2x0.4x
Sun, 18 Jun 2023₹111.5b₹260.5b₹3.9b14.1x28.7x0.4x
Tue, 16 May 2023₹99.8b₹251.1b₹4.3b17.8x23.4x0.4x
Thu, 13 Apr 2023₹97.1b₹251.0b₹4.2b17.5x22.9x0.4x
Price to Earnings Ratio

22.9x


Total Market Cap: ₹97.1bTotal Earnings: ₹4.2bTotal Revenue: ₹251.0bTotal Market Cap vs Earnings and Revenue0%0%0%
Indian HR Services Industry Price to Earnings3Y Average 33.7x202420252026
Current Industry PE
  • Investors are relatively neutral on the Indian Human Resource and Employment Services industry at the moment, indicating that they anticipate long term growth rates to remain steady.
  • The industry is trading close to its 3-year average PE ratio of 33.7x.
  • The industry is trading close to its 3-year average PS ratio of 0.44x.
Past Earnings Growth
  • The earnings for companies in the Human Resource and Employment Services industry have declined 17% per year over the last three years.
  • Meanwhile revenues for these companies have grown 8.4% per year.
  • This means that although more sales are being generated, either the cost of doing business or the level of investment back into businesses has increased, which has decreased profits.

Industry Comparison

How does Indian HR Services compare with similar industries?

IN Market0.0067%
Industrials1.06%
Professional Services3.72%
HR Services1.22%
Research and Consulting Services4.79%
Industry PEThere are no additional sub-industries under this industry.
Forecasted GrowthThere are no additional sub-industries under this industry.

Top Stock Gainers and Losers

Which companies have driven the market over the last 7 days?

CompanyLast Price7D1YValuation
QUESS Quess₹178.902.8%
+₹727.2m		-72.4%PE43.1x
DYNAMIC Dynamic Services & Security₹102.0020.4%
+₹406.9m		-28.6%PE10.5x
INNOVISION Innovision₹336.904.3%
+₹333.4m		n/aPE23.1x
INFOLLION Infollion Research Services₹319.1011.7%
+₹324.4m		-24.5%PE22.4x
VINSYS Vinsys IT Services India₹250.007.1%
+₹243.7m		-32.4%PE13.1x

Latest News

DYNAMIC
₹102.00
Dynamic Services & Security
7D
20.4%
1Y
-28.6%
VINSYS
₹250.00
Vinsys IT Services India
7D
7.1%
1Y
-32.4%
QUESS
₹178.90
Quess
7D
2.8%
1Y
-72.4%

QUESS: Interim Dividend And Stock Ownership Plan Will Support Future Share Gains

Analysts have kept their fair value estimate for Quess steady at ₹296.63, with only marginal tweaks to the discount rate, revenue growth, profit margin and future P/E assumptions, leading to no material shift in the overall price target narrative. What's in the News A board meeting is scheduled for March 16, 2026 at 18:00 IST to consider changes in directors and key managerial personnel, a Quess Stock Ownership Plan, and the formation of a Quess Corp Limited Employees Welfare Trust for implementing the Quess Stock Ownership Plan 2026, along with other items if any (company filing).
TEAMLEASE
₹1,170.80
TeamLease Services
7D
0.9%
1Y
-33.7%

TEAMLEASE: Upcoming Leadership Realignment Will Support Future Margin Expansion Potential

Narrative Update on TeamLease Services The analyst fair value estimate for TeamLease Services has been adjusted slightly from ₹3,094.26 to ₹3,093.50. Analysts attribute the revision to updated assumptions for the discount rate, revenue growth, profit margin and future P/E that support the new price target.
EMAPARTNER
₹72.80
EMA Partners India
7D
-2.2%
1Y
-32.4%
SERVICE
₹52.25
Service Care
7D
-9.1%
1Y
-3.3%
543806
₹262.35
Itcons E-Solutions
7D
5.2%
1Y
-53.3%
AISL
₹56.60
ANI Integrated Services
7D
-5.7%
1Y
-47.6%
SPECTSTM
₹58.00
Spectrum Talent Management
7D
12.6%
1Y
-60.6%
INFOLLION
₹319.10
Infollion Research Services
7D
11.7%
1Y
-24.5%

We Don’t Think Infollion Research Services' (NSE:INFOLLION) Earnings Should Make Shareholders Too Comfortable

Oct 28
We Don’t Think Infollion Research Services' (NSE:INFOLLION) Earnings Should Make Shareholders Too Comfortable