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Indian (NIFTY) HR Services Industry Analysis

UpdatedFeb 17, 2026
DataAggregated Company Financials
Companies18
  • 7D-2.4%
  • 3M-10.6%
  • 1Y-49.6%
  • YTDn/a

Over the last 7 days, the HR Services industry has dropped 2.6%, driven by TeamLease Services declining 4.5%. Meanwhile, Integrated Personnel Services actually outperformed within the industry, gaining 9.0% in the last week. Overall the industry is down 51% in 12 months. As for the next few years, earnings are expected to grow by 28% per annum.

Industry Valuation and Performance

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

DateMarket CapRevenueEarningsPEAbsolute PEPS
Tue, 17 Feb 2026₹79.8b₹309.9b₹2.1b15.4x38.4x0.3x
Thu, 15 Jan 2026₹82.5b₹306.7b₹1.7b17.5x47.4x0.3x
Sat, 13 Dec 2025₹85.1b₹306.7b₹1.7b19x48.7x0.3x
Mon, 10 Nov 2025₹90.6b₹302.8b₹2.9b19.6x31x0.3x
Wed, 08 Oct 2025₹95.8b₹299.1b₹2.9b18.4x33.3x0.3x
Fri, 05 Sep 2025₹99.6b₹298.8b₹2.9b19.1x34.8x0.3x
Sun, 03 Aug 2025₹134.4b₹298.3b₹2.8b25x47.4x0.5x
Tue, 01 Jul 2025₹135.7b₹294.0b₹2.8b22x48.8x0.5x
Thu, 29 May 2025₹108.4b₹290.0b₹2.7b23.4x40.4x0.4x
Sat, 26 Apr 2025₹114.4b₹342.1b₹5.9b21.4x19.4x0.3x
Mon, 24 Mar 2025₹160.8b₹342.0b₹5.9b20.5x27.4x0.5x
Wed, 19 Feb 2025₹148.6b₹342.0b₹5.9b23.9x25.3x0.4x
Fri, 17 Jan 2025₹171.4b₹329.2b₹5.6b30.5x30.7x0.5x
Sun, 15 Dec 2024₹179.8b₹329.2b₹5.6b32.4x32.2x0.5x
Tue, 12 Nov 2024₹181.0b₹327.2b₹5.5b35.1x32.9x0.6x
Thu, 10 Oct 2024₹189.6b₹317.5b₹5.3b31.5x35.8x0.6x
Sat, 07 Sep 2024₹195.2b₹317.5b₹5.3b24.4x36.9x0.6x
Mon, 05 Aug 2024₹177.7b₹317.3b₹5.3b25.8x33.6x0.6x
Wed, 03 Jul 2024₹165.5b₹309.1b₹4.8b23x34.5x0.5x
Fri, 31 May 2024₹153.3b₹307.1b₹4.9b21.5x31.2x0.5x
Sun, 28 Apr 2024₹169.4b₹297.4b₹4.2b23.6x40.6x0.6x
Tue, 26 Mar 2024₹138.0b₹297.4b₹4.2b18.8x33.1x0.5x
Thu, 22 Feb 2024₹150.0b₹297.4b₹4.2b20.3x36x0.5x
Sat, 20 Jan 2024₹143.0b₹289.3b₹4.4b19x32.3x0.5x
Mon, 18 Dec 2023₹135.7b₹289.3b₹4.4b16.1x30.6x0.5x
Wed, 15 Nov 2023₹131.8b₹287.7b₹4.4b17.1x30x0.5x
Fri, 13 Oct 2023₹124.4b₹279.8b₹4.1b17x30.1x0.4x
Sun, 10 Sep 2023₹125.6b₹279.9b₹4.2b19.2x30.2x0.4x
Tue, 08 Aug 2023₹114.8b₹278.5b₹4.0b19.4x28.8x0.4x
Thu, 06 Jul 2023₹118.1b₹265.3b₹4.0b17x29.2x0.4x
Sat, 03 Jun 2023₹104.4b₹259.9b₹3.8b15.9x27.8x0.4x
Mon, 01 May 2023₹95.6b₹251.0b₹4.2b17.1x22.5x0.4x
Wed, 29 Mar 2023₹93.2b₹251.0b₹4.2b14.7x21.9x0.4x
Fri, 24 Feb 2023₹104.6b₹250.8b₹4.2b13.5x24.7x0.4x
Price to Earnings Ratio

24.7x


Total Market Cap: ₹104.6bTotal Earnings: ₹4.2bTotal Revenue: ₹250.8bTotal Market Cap vs Earnings and Revenue0%0%0%
Indian HR Services Industry Price to Earnings3Y Average 33.2x202420252026
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 38.3x which is higher than its 3-year average PE of 33.2x.
  • 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 21% per year over the last three years.
  • Meanwhile revenues for these companies have grown 7.3% 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-1.11%
Industrials-0.63%
Professional Services-7.24%
HR Services-2.42%
Research and Consulting Services-7.00%
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
IPSL Integrated Personnel Services₹273.009.0%
+₹194.1m		-9.3%PE26.2x
SERVICE Service Care₹57.6015.3%
+₹102.0m		-13.8%PE35.7x
VINSYS Vinsys IT Services India₹321.201.5%
+₹69.7m		-15.3%PE16.9x
544393 Infonative Solutions₹32.508.3%
+₹29.6m		n/aPE10.1x
AARVI Aarvi Encon₹132.621.2%
+₹23.0m		15.2%PE12.3x

Latest News

AISL
₹70.50
ANI Integrated Services
7D
-5.3%
1Y
-44.4%
SERVICE
₹57.60
Service Care
7D
15.3%
1Y
-13.8%
SPECTSTM
₹78.35
Spectrum Talent Management
7D
-18.0%
1Y
-45.7%
AARVI
₹132.62
Aarvi Encon
7D
1.2%
1Y
15.2%
ACEINTEG
₹19.02
Ace Integrated Solutions
7D
-1.1%
1Y
-13.6%
DYNAMIC
₹128.35
Dynamic Services & Security
7D
0.2%
1Y
-44.4%

Dynamic Services & Security (NSE:DYNAMIC) Ticks All The Boxes When It Comes To Earnings Growth

Feb 12
Dynamic Services & Security (NSE:DYNAMIC) Ticks All The Boxes When It Comes To Earnings Growth
TEAMLEASE
₹1,338.70
TeamLease Services
7D
-4.4%
1Y
-34.7%

TEAMLEASE: Leadership Transition Will Support Margin Improvement And Rerating Potential

Narrative update on TeamLease Services Analysts have trimmed their price target for TeamLease Services from ₹2,368.62 to ₹2,084.50, reflecting updated assumptions for slightly lower revenue growth, a modestly higher profit margin, and a reduced forward P/E multiple. What’s in the News Board meeting scheduled on February 4, 2026, at 13:00 IST to consider unaudited standalone and consolidated financial results for the quarter ended December 31, 2025 (company filing).
QUESS
₹207.05
Quess
7D
-1.9%
1Y
-65.1%

QUESS: Leadership Appointments And Interim Dividend Will Support Future Share Gains

Narrative Update on Quess The analyst price target for Quess has been revised from ₹330.88 to ₹297.88 as analysts now assume slightly softer revenue growth, a lower profit margin and a modestly reduced future P/E multiple, partly offset by a lower discount rate. What's in the News The board approved an interim dividend of ₹5 per equity share, equal to 50% of the ₹10 face value, for FY 2025-26, with a record date of February 6, 2026 and payment expected on or before February 16, 2026 (company filing).
VINSYS
₹321.20
Vinsys IT Services India
7D
1.5%
1Y
-15.3%
EMAPARTNER
₹83.75
EMA Partners India
7D
-6.8%
1Y
-30.8%

Returns At EMA Partners India (NSE:EMAPARTNER) Appear To Be Weighed Down

Feb 04
Returns At EMA Partners India (NSE:EMAPARTNER) Appear To Be Weighed Down
500371
₹12.03
Samtel India
7D
9.8%
1Y
n/a
501370
₹116.05
Walchand PeopleFirst
7D
-0.4%
1Y
-18.5%
543806
₹379.85
Itcons E-Solutions
7D
-5.2%
1Y
-17.4%
IPSL
₹273.00
Integrated Personnel Services
7D
9.0%
1Y
-9.3%
544393
₹32.50
Infonative Solutions
7D
8.3%
1Y
n/a
INFOLLION
₹361.00
Infollion Research Services
7D
0.3%
1Y
-2.9%

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