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Indian (NIFTY) HR Services Industry Analysis

UpdatedApr 26, 2026
DataAggregated Company Financials
Companies19
  • 7D-1.8%
  • 3M-8.8%
  • 1Y-39.4%
  • YTDn/a

Over the last 7 days, the HR Services industry has dropped 1.8%, driven by Quess declining 3.7%. Overall the industry is down 39% in 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
Sun, 26 Apr 2026₹80.9b₹319.8b₹2.4b15.8x33.4x0.3x
Tue, 24 Mar 2026₹74.5b₹319.6b₹2.4b13.7x30.7x0.2x
Thu, 19 Feb 2026₹79.7b₹309.9b₹2.1b15.8x38.4x0.3x
Sat, 17 Jan 2026₹81.8b₹306.7b₹1.7b17x47x0.3x
Mon, 15 Dec 2025₹85.1b₹306.7b₹1.7b19x48.7x0.3x
Wed, 12 Nov 2025₹88.6b₹302.8b₹2.9b19.1x30.3x0.3x
Fri, 10 Oct 2025₹93.7b₹299.1b₹2.9b18.3x32.6x0.3x
Sun, 07 Sep 2025₹98.5b₹298.8b₹2.9b18.5x34.4x0.3x
Tue, 05 Aug 2025₹133.0b₹298.3b₹2.8b24.7x46.9x0.4x
Thu, 03 Jul 2025₹140.3b₹293.7b₹2.8b23.4x51x0.5x
Sat, 31 May 2025₹107.0b₹290.0b₹2.7b22.5x39.9x0.4x
Mon, 28 Apr 2025₹114.4b₹342.1b₹5.9b21.4x19.4x0.3x
Wed, 26 Mar 2025₹158.0b₹342.0b₹5.9b20.6x26.9x0.5x
Fri, 21 Feb 2025₹151.5b₹342.0b₹5.9b24.5x25.8x0.4x
Sun, 19 Jan 2025₹173.4b₹329.2b₹5.6b31.6x31.1x0.5x
Tue, 17 Dec 2024₹179.2b₹329.2b₹5.6b31.3x32.1x0.5x
Thu, 14 Nov 2024₹169.6b₹327.2b₹5.5b33.2x30.9x0.5x
Sat, 12 Oct 2024₹186.7b₹317.5b₹5.3b32.6x35.3x0.6x
Mon, 09 Sep 2024₹195.2b₹317.5b₹5.3b24.4x36.9x0.6x
Wed, 07 Aug 2024₹170.0b₹317.3b₹5.3b25.8x32.1x0.5x
Fri, 05 Jul 2024₹166.2b₹309.1b₹4.8b24.5x34.7x0.5x
Sun, 02 Jun 2024₹152.5b₹307.1b₹4.9b22x31x0.5x
Tue, 30 Apr 2024₹169.3b₹297.4b₹4.2b23.8x40.6x0.6x
Thu, 28 Mar 2024₹140.0b₹297.4b₹4.2b19.1x33.5x0.5x
Sat, 24 Feb 2024₹146.6b₹297.4b₹4.2b20.7x35.2x0.5x
Mon, 22 Jan 2024₹143.6b₹289.3b₹4.4b18.8x32.7x0.5x
Wed, 20 Dec 2023₹142.5b₹289.3b₹4.4b16.3x32.2x0.5x
Fri, 17 Nov 2023₹133.3b₹287.9b₹4.4b14.5x30.1x0.5x
Sun, 15 Oct 2023₹124.8b₹279.7b₹4.1b17.4x30.2x0.4x
Tue, 12 Sep 2023₹126.1b₹279.9b₹4.2b19.3x30.3x0.5x
Thu, 10 Aug 2023₹162.6b₹278.5b₹4.0b19.7x40.7x0.6x
Sat, 08 Jul 2023₹115.9b₹265.3b₹4.0b16.9x28.7x0.4x
Mon, 05 Jun 2023₹104.4b₹260.1b₹3.7b15.9x27.9x0.4x
Wed, 03 May 2023₹95.6b₹251.0b₹4.2b17.1x22.5x0.4x
Price to Earnings Ratio

22.5x


Total Market Cap: ₹95.6bTotal Earnings: ₹4.2bTotal Revenue: ₹251.0bTotal Market Cap vs Earnings and Revenue0%0%0%
Indian HR Services Industry Price to Earnings3Y Average 33.9x202420252026
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 33.9x.
  • 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 Market-0.91%
Industrials0.62%
Professional Services-4.56%
HR Services-1.85%
Research and Consulting Services-3.44%
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
INNOVISION Innovision₹327.853.6%
+₹267.9m		n/aPE21.7x
IPSL Integrated Personnel Services₹250.0010.6%
+₹206.6m		-24.2%PE24x
VINSYS Vinsys IT Services India₹328.002.8%
+₹131.4m		-13.7%PE17.2x
EMAPARTNER EMA Partners India₹85.004.9%
+₹93.0m		-31.7%PE16.1x
WHITEFORCE Happy Square Outsourcing Services₹45.0021.6%
+₹92.8m		n/aPE10.3x

Latest News

EMAPARTNER
₹85.00
EMA Partners India
7D
4.9%
1Y
-31.7%
QUESS
₹190.14
Quess
7D
-3.7%
1Y
-45.7%

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

Analysts have trimmed their price target on Quess from ₹296.63 to ₹269.75, reflecting updated assumptions around discount rates, revenue growth, profit margins, and a lower future P/E multiple. What's in the News A board meeting is scheduled for March 16, 2026 at 18:00 Indian Standard Time to consider changes in directors and key managerial personnel, a Quess Stock Ownership Plan 2026, and the formation of Quess Corp Limited Employees Welfare Trust for plan implementation (Key Developments).
TEAMLEASE
₹1,208.60
TeamLease Services
7D
-2.4%
1Y
-38.1%

TEAMLEASE: Leadership Reshuffle And Board Changes Will Shape Long Term Earnings Quality

Analysts have lowered their fair value estimate for TeamLease Services from ₹1,600 to ₹1,260, citing updated assumptions on discount rate, revenue growth, profit margin, and a reduced future P/E multiple. What's in the News Shareholders are set to vote via postal ballot on March 19, 2026, on regularizing the appointment of Ms. Suparna Mitra as an executive director of TeamLease Services (company filing).
INFOLLION
₹225.80
Infollion Research Services
7D
-10.9%
1Y
-60.5%
INNOVISION
₹327.85
Innovision
7D
3.6%
1Y
n/a
543806
₹340.60
Itcons E-Solutions
7D
-7.0%
1Y
-35.1%
501370
₹117.99
Walchand PeopleFirst
7D
6.7%
1Y
-16.3%
VINSYS
₹328.00
Vinsys IT Services India
7D
2.8%
1Y
-13.7%
DYNAMIC
₹135.70
Dynamic Services & Security
7D
-4.7%
1Y
-23.3%
544393
₹26.17
Infonative Solutions
7D
-5.5%
1Y
-37.2%
IPSL
₹250.00
Integrated Personnel Services
7D
10.6%
1Y
-24.2%
SERVICE
₹54.50
Service Care
7D
-4.9%
1Y
-15.5%
WHITEFORCE
₹45.00
Happy Square Outsourcing Services
7D
21.6%
1Y
n/a
SPECTSTM
₹72.55
Spectrum Talent Management
7D
1.5%
1Y
-46.7%
AARVI
₹128.45
Aarvi Encon
7D
-4.7%
1Y
15.6%
500371
₹28.42
Samtel India
7D
10.3%
1Y
n/a