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Indian (NIFTY) HR Services Industry Analysis

UpdatedDec 24, 2025
DataAggregated Company Financials
Companies16
  • 7D0.8%
  • 3M-14.9%
  • 1Y-55.3%
  • YTDn/a

Last week, the HR Services industry hasn't moved much but Spectrum Talent Management is up 22% in that time. As for the longer term, the industry has declined 56% in the last year. As for the next few years, earnings are expected to grow by 33% per annum.

Industry Valuation and Performance

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

DateMarket CapRevenueEarningsPEAbsolute PEPS
Wed, 24 Dec 2025₹85.0b₹306.7b₹1.7b18.8x48.6x0.3x
Fri, 21 Nov 2025₹87.8b₹306.4b₹1.7b19.4x50.8x0.3x
Sun, 19 Oct 2025₹92.9b₹299.2b₹2.9b19.2x32.2x0.3x
Tue, 16 Sep 2025₹100.5b₹299.2b₹2.9b21x35x0.3x
Thu, 14 Aug 2025₹96.3b₹298.3b₹2.9b19.1x33.8x0.3x
Sat, 12 Jul 2025₹138.8b₹294.7b₹2.8b18x49.7x0.5x
Mon, 09 Jun 2025₹106.9b₹290.3b₹2.7b23.1x39.1x0.4x
Wed, 07 May 2025₹110.1b₹342.1b₹5.9b21.1x18.7x0.3x
Fri, 04 Apr 2025₹158.5b₹342.0b₹5.9b21.2x27x0.5x
Sun, 02 Mar 2025₹147.4b₹342.0b₹5.9b23.3x25.1x0.4x
Tue, 28 Jan 2025₹161.2b₹329.9b₹5.7b24.5x28.2x0.5x
Thu, 26 Dec 2024₹177.6b₹329.2b₹5.6b31.6x31.8x0.5x
Sat, 23 Nov 2024₹171.0b₹328.9b₹5.6b32.6x30.7x0.5x
Mon, 21 Oct 2024₹190.5b₹317.6b₹5.3b32.4x35.9x0.6x
Wed, 18 Sep 2024₹200.0b₹317.5b₹5.3b30.6x37.8x0.6x
Fri, 16 Aug 2024₹175.4b₹317.5b₹5.3b23.1x33.1x0.6x
Sun, 14 Jul 2024₹164.1b₹309.1b₹4.8b24.9x34.2x0.5x
Tue, 11 Jun 2024₹154.7b₹308.7b₹4.8b22.1x32x0.5x
Thu, 09 May 2024₹167.2b₹297.5b₹4.2b23.9x40x0.6x
Sat, 06 Apr 2024₹155.5b₹297.4b₹4.2b19.4x37.3x0.5x
Mon, 04 Mar 2024₹142.9b₹297.4b₹4.2b19.2x34.3x0.5x
Wed, 31 Jan 2024₹137.5b₹289.3b₹4.4b19.5x31.4x0.5x
Fri, 29 Dec 2023₹148.8b₹289.3b₹4.4b18.6x33.6x0.5x
Sun, 26 Nov 2023₹133.9b₹289.3b₹4.4b15.1x30.2x0.5x
Tue, 24 Oct 2023₹122.0b₹279.7b₹4.1b16.9x29.5x0.4x
Thu, 21 Sep 2023₹122.4b₹279.8b₹4.1b20.6x29.6x0.4x
Sat, 19 Aug 2023₹110.8b₹279.9b₹4.2b15.9x26.6x0.4x
Mon, 17 Jul 2023₹117.7b₹268.2b₹4.2b14.6x28.3x0.4x
Wed, 14 Jun 2023₹111.6b₹260.4b₹3.8b20.7x29.4x0.4x
Fri, 12 May 2023₹101.8b₹251.0b₹4.2b17.7x24x0.4x
Sun, 09 Apr 2023₹98.2b₹251.0b₹4.2b17.7x23.1x0.4x
Tue, 07 Mar 2023₹103.3b₹250.8b₹4.2b15.6x24.4x0.4x
Thu, 02 Feb 2023₹98.1b₹242.6b₹4.2b15.9x23.2x0.4x
Sat, 31 Dec 2022₹110.2b₹240.1b₹4.2b22.9x26.4x0.5x
Price to Earnings Ratio

26.4x


Total Market Cap: ₹110.2bTotal Earnings: ₹4.2bTotal Revenue: ₹240.1bTotal Market Cap vs Earnings and Revenue0%0%0%
Indian HR Services Industry Price to Earnings3Y Average 32.2x202320242025
Current Industry PE
  • Investors are optimistic on the Indian Human Resource and Employment Services industry, and appear confident in long term growth rates.
  • The industry is trading at a PE ratio of 48.7x which is higher than its 3-year average PE of 32.2x.
  • The industry is trading close to its 3-year average PS ratio of 0.45x.
Past Earnings Growth
  • The earnings for companies in the Human Resource and Employment Services industry have declined 25% per year over the last three years.
  • Meanwhile revenues for these companies have grown 8.5% 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 Market1.42%
Industrials1.65%
Professional Services2.80%
HR Services0.82%
Research and Consulting Services2.09%
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₹212.971.6%
+₹499.7m		-67.7%PE65.2x
SPECTSTM Spectrum Talent Management₹94.0510.5%
+₹206.7m		-51.5%PS0.2x
DYNAMIC Dynamic Services & Security₹111.356.9%
+₹169.3m		-69.2%PE11.5x
AARVI Aarvi Encon₹129.507.0%
+₹124.9m		-3.8%PE13.4x
WHITEFORCE Happy Square Outsourcing Services₹76.0015.2%
+₹116.0m		n/aPE17.3x

Latest News

AISL
₹81.50
ANI Integrated Services
7D
-3.4%
1Y
-51.5%
501370
₹129.05
Walchand PeopleFirst
7D
3.2%
1Y
-25.4%
543806
₹438.10
Itcons E-Solutions
7D
3.9%
1Y
-34.6%
TEAMLEASE
₹1,597.80
TeamLease Services
7D
-0.3%
1Y
-45.0%

TEAMLEASE: Leadership Transition Will Support Margin Expansion And Future Upside

Analysts have trimmed their price target on TeamLease Services by roughly 6.5 percent to about ₹3,170, citing expectations of slightly slower revenue growth and a modest de rating in future valuation multiples, partly offset by a small improvement in profit margins. What's in the News Appointment of Ms. Suparna Mitra as Managing Director and Chief Executive Officer for a five year term effective February 2, 2026, succeeding current MD and CEO Mr. Ashok Reddy, who will transition to Executive Vice Chairman to oversee strategy and adjacencies (Key Developments).
QUESS
₹212.97
Quess
7D
1.6%
1Y
-67.7%

QUESS: Upcoming Board Meetings Will Drive Bullish Momentum In Shares

Analysts have modestly increased their price target on Quess to ₹349.11, reflecting slightly lower perceived risk and stable expectations for revenue growth, profitability, and future valuation multiples. What's in the News Board meeting scheduled for December 5, 2025, to review and address fines levied by BSE and NSE on the company (company filing) Board meeting set for October 29, 2025, to consider and approve unaudited standalone and consolidated financial results for the quarter and half year ended September 30, 2025 (company filing) Valuation Changes Fair Value: Unchanged at approximately ₹349.11 per share, indicating stable valuation assumptions.
DYNAMIC
₹111.35
Dynamic Services & Security
7D
6.9%
1Y
-69.2%
SERVICE
₹44.90
Service Care
7D
5.0%
1Y
-39.5%
VINSYS
₹385.25
Vinsys IT Services India
7D
-3.9%
1Y
-5.8%

Vinsys IT Services India (NSE:VINSYS) Has A Pretty Healthy Balance Sheet

Nov 27
Vinsys IT Services India (NSE:VINSYS) Has A Pretty Healthy Balance Sheet
544393
₹34.00
Infonative Solutions
7D
-3.7%
1Y
n/a
SPECTSTM
₹94.05
Spectrum Talent Management
7D
10.5%
1Y
-51.5%
AARVI
₹129.50
Aarvi Encon
7D
7.0%
1Y
-3.8%
EMAPARTNER
₹85.25
EMA Partners India
7D
-1.6%
1Y
n/a
WHITEFORCE
₹76.00
Happy Square Outsourcing Services
7D
15.2%
1Y
n/a
INFOLLION
₹378.60
Infollion Research Services
7D
-2.9%
1Y
-15.4%

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