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Indian (NIFTY) HR Services Industry Analysis

UpdatedMar 13, 2026
DataAggregated Company Financials
Companies18
  • 7D-2.9%
  • 3M-19.3%
  • 1Y-54.9%
  • YTDn/a

Over the last 7 days, the HR Services industry has dropped 1.4%, driven by a pullback from Itcons E-Solutions of 26%. In contrast, Spectrum Talent Management has gained 8.5%. However, the industry is down 54% over the past year. As for the next few years, earnings are expected to grow by 30% per annum.

Industry Valuation and Performance

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

DateMarket CapRevenueEarningsPEAbsolute PEPS
Fri, 13 Mar 2026₹70.4b₹309.9b₹2.1b14.4x33.9x0.2x
Sun, 08 Feb 2026₹81.3b₹306.7b₹2.0b16.4x40.3x0.3x
Tue, 06 Jan 2026₹85.0b₹306.7b₹1.7b18.3x48.8x0.3x
Thu, 04 Dec 2025₹85.9b₹306.7b₹1.7b19.3x49.1x0.3x
Sat, 01 Nov 2025₹91.9b₹300.5b₹2.9b18.6x31.7x0.3x
Mon, 29 Sep 2025₹98.2b₹299.1b₹2.9b21.3x34.2x0.3x
Wed, 27 Aug 2025₹97.8b₹298.8b₹2.9b18.7x34.1x0.3x
Fri, 25 Jul 2025₹143.7b₹294.6b₹2.8b24.6x52x0.5x
Sun, 22 Jun 2025₹137.3b₹290.7b₹2.7b22.9x50.2x0.5x
Tue, 20 May 2025₹117.7b₹342.2b₹5.9b23.2x20x0.3x
Thu, 17 Apr 2025₹104.9b₹342.0b₹5.9b18.9x17.8x0.3x
Sat, 15 Mar 2025₹149.4b₹342.0b₹5.9b19.3x25.4x0.4x
Mon, 10 Feb 2025₹165.3b₹341.7b₹5.9b25.8x28.2x0.5x
Wed, 08 Jan 2025₹175.9b₹329.2b₹5.6b32.3x31.5x0.5x
Fri, 06 Dec 2024₹184.3b₹329.2b₹5.6b32.6x33x0.6x
Sun, 03 Nov 2024₹184.3b₹321.9b₹5.5b32.5x33.4x0.6x
Tue, 01 Oct 2024₹195.0b₹317.5b₹5.3b31x36.8x0.6x
Thu, 29 Aug 2024₹193.7b₹317.5b₹5.3b23x36.6x0.6x
Sat, 27 Jul 2024₹186.0b₹309.1b₹4.8b25.3x38.8x0.6x
Mon, 24 Jun 2024₹157.7b₹309.1b₹4.8b24.3x32.9x0.5x
Wed, 22 May 2024₹169.2b₹302.5b₹4.9b22x34.7x0.6x
Fri, 19 Apr 2024₹167.1b₹297.4b₹4.2b20.4x40x0.6x
Sun, 17 Mar 2024₹136.9b₹297.4b₹4.2b18.8x32.8x0.5x
Tue, 13 Feb 2024₹138.7b₹297.4b₹4.2b17.5x33.2x0.5x
Thu, 11 Jan 2024₹147.1b₹289.3b₹4.4b19.7x33.2x0.5x
Sat, 09 Dec 2023₹129.8b₹289.3b₹4.4b16.4x29.3x0.4x
Mon, 06 Nov 2023₹119.7b₹279.8b₹4.1b16.5x28.9x0.4x
Wed, 04 Oct 2023₹122.6b₹279.8b₹4.1b19.1x29.6x0.4x
Fri, 01 Sep 2023₹120.6b₹279.9b₹4.2b16.7x29x0.4x
Sun, 30 Jul 2023₹113.3b₹272.3b₹4.2b16.2x27.1x0.4x
Tue, 27 Jun 2023₹115.5b₹265.3b₹4.0b18.4x28.6x0.4x
Thu, 25 May 2023₹100.3b₹260.3b₹3.7b17.1x26.9x0.4x
Sat, 22 Apr 2023₹96.8b₹251.0b₹4.2b16.8x22.8x0.4x
Mon, 20 Mar 2023₹97.0b₹251.0b₹4.2b16x22.8x0.4x
Price to Earnings Ratio

22.8x


Total Market Cap: ₹97.0bTotal Earnings: ₹4.2bTotal Revenue: ₹251.0bTotal Market Cap vs Earnings and Revenue0%0%0%
Indian HR Services Industry Price to Earnings3Y Average 33.5x202420252026
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 33.5x.
  • 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 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-2.82%
Industrials-2.15%
Professional Services-1.52%
HR Services-2.93%
Research and Consulting Services-3.28%
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
SPECTSTM Spectrum Talent Management₹72.006.8%
+₹106.2m		-43.6%PS0.1x
500371 Samtel India₹17.1010.3%
+₹11.3m		n/aPS2424.1x
544393 Infonative Solutions₹26.741.9%
+₹5.8m		n/aPE8.3x
WHITEFORCE Happy Square Outsourcing Services₹33.200.5%
+₹1.7m		n/aPE7.6x

Latest News

543806
₹274.40
Itcons E-Solutions
7D
-25.0%
1Y
-39.9%
QUESS
₹181.72
Quess
7D
-4.2%
1Y
-70.2%

QUESS: Interim Dividend And Steady Assumptions Will Support Future Share Gains

Analysts have trimmed their fair value estimate for Quess slightly from ₹297.88 to ₹296.63, reflecting a modestly higher discount rate and a small adjustment to future P/E and growth assumptions while keeping profit margin expectations broadly steady. What's in the News Board meeting scheduled for January 28, 2026 at 18:00 IST to review unaudited standalone and consolidated financial results for the quarter and nine months ended December 31, 2025, and to consider an interim dividend for FY 2025-26 (company filing).
TEAMLEASE
₹1,091.50
TeamLease Services
7D
-3.1%
1Y
-45.6%

TEAMLEASE: Upcoming Governance Decisions Will Support Long Term Earnings Quality Reassessment

Analysts have kept their price target for TeamLease Services unchanged at ₹1,600. They cite a slightly lower assumed revenue growth rate and profit margin, which is broadly offset by a higher future P/E multiple in their models.
WHITEFORCE
₹33.20
Happy Square Outsourcing Services
7D
0.5%
1Y
n/a
EMAPARTNER
₹81.00
EMA Partners India
7D
-4.3%
1Y
-32.9%
544393
₹26.74
Infonative Solutions
7D
1.9%
1Y
n/a
544698
₹56.35
PAN HR Solution
7D
-9.0%
1Y
n/a
SERVICE
₹46.50
Service Care
7D
-7.0%
1Y
-27.3%
SPECTSTM
₹72.00
Spectrum Talent Management
7D
6.8%
1Y
-43.6%
DYNAMIC
₹100.00
Dynamic Services & Security
7D
-12.5%
1Y
-24.2%

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
500371
₹17.10
Samtel India
7D
10.3%
1Y
n/a
INFOLLION
₹299.05
Infollion Research Services
7D
-6.8%
1Y
-24.7%

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