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Indian (NIFTY) HR Services Industry Analysis

UpdatedMar 10, 2026
DataAggregated Company Financials
Companies18
  • 7D-4.0%
  • 3M-19.2%
  • 1Y-55.9%
  • YTDn/a

Over the last 7 days, the HR Services industry has dropped 3.6%, driven by TeamLease Services declining 7.7%. However, the industry is down 56% over the past year. Looking forward, earnings are forecast to grow by 29% annually.

Industry Valuation and Performance

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

DateMarket CapRevenueEarningsPEAbsolute PEPS
Tue, 10 Mar 2026₹70.3b₹309.9b₹2.1b14.2x33.8x0.2x
Thu, 05 Feb 2026₹84.1b₹305.8b₹1.9b17.3x44.6x0.3x
Sat, 03 Jan 2026₹85.3b₹306.7b₹1.7b18.3x49x0.3x
Mon, 01 Dec 2025₹88.0b₹306.7b₹1.7b19.7x50.3x0.3x
Wed, 29 Oct 2025₹94.0b₹299.2b₹2.9b19.1x32.5x0.3x
Fri, 26 Sep 2025₹99.3b₹299.2b₹2.9b22.2x34.6x0.3x
Sun, 24 Aug 2025₹99.6b₹298.8b₹2.9b19x34.8x0.3x
Tue, 22 Jul 2025₹144.5b₹294.6b₹2.8b23.9x52.3x0.5x
Thu, 19 Jun 2025₹141.1b₹290.7b₹2.7b22.8x51.6x0.5x
Sat, 17 May 2025₹117.1b₹342.2b₹5.9b23.8x19.9x0.3x
Mon, 14 Apr 2025₹147.4b₹342.0b₹5.9b22.4x25.1x0.4x
Wed, 12 Mar 2025₹151.3b₹342.0b₹5.9b19.3x25.7x0.4x
Fri, 07 Feb 2025₹167.4b₹341.4b₹5.9b26.2x28.6x0.5x
Sun, 05 Jan 2025₹184.7b₹329.2b₹5.6b32.6x33.1x0.6x
Tue, 03 Dec 2024₹183.2b₹329.2b₹5.6b32.6x32.8x0.6x
Thu, 31 Oct 2024₹178.3b₹321.9b₹5.5b30.5x32.3x0.6x
Sat, 28 Sep 2024₹195.2b₹317.5b₹5.3b30.4x36.9x0.6x
Mon, 26 Aug 2024₹186.5b₹317.5b₹5.3b23.8x35.2x0.6x
Wed, 24 Jul 2024₹172.5b₹309.1b₹4.8b25.6x36x0.6x
Fri, 21 Jun 2024₹157.4b₹309.1b₹4.8b24.4x32.8x0.5x
Sun, 19 May 2024₹172.4b₹302.5b₹4.9b22x35.3x0.6x
Tue, 16 Apr 2024₹162.4b₹297.4b₹4.2b20.7x38.9x0.5x
Thu, 14 Mar 2024₹134.0b₹297.4b₹4.2b18.6x32.1x0.5x
Sat, 10 Feb 2024₹140.5b₹297.4b₹4.2b18.1x33.7x0.5x
Mon, 08 Jan 2024₹147.5b₹289.3b₹4.4b18.2x33.3x0.5x
Wed, 06 Dec 2023₹132.5b₹289.3b₹4.4b17.1x29.9x0.5x
Fri, 03 Nov 2023₹119.4b₹279.8b₹4.1b16.5x28.8x0.4x
Sun, 01 Oct 2023₹122.6b₹279.8b₹4.1b20x29.6x0.4x
Tue, 29 Aug 2023₹119.0b₹279.9b₹4.2b16.4x28.6x0.4x
Thu, 27 Jul 2023₹115.5b₹269.3b₹4.2b16.8x27.6x0.4x
Sat, 24 Jun 2023₹114.8b₹265.3b₹4.0b17.6x28.4x0.4x
Mon, 22 May 2023₹100.8b₹260.3b₹3.7b17.2x27x0.4x
Wed, 19 Apr 2023₹97.1b₹251.0b₹4.2b17.7x22.8x0.4x
Fri, 17 Mar 2023₹97.8b₹251.0b₹4.2b16.5x23x0.4x
Price to Earnings Ratio

23x


Total Market Cap: ₹97.8bTotal 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 33.4x.
  • 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-3.45%
Industrials-3.24%
Professional Services-3.78%
HR Services-4.04%
Research and Consulting Services-5.44%
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
AARVI Aarvi Encon₹132.808.4%
+₹152.0m		25.5%PE12.3x
VINSYS Vinsys IT Services India₹321.001.3%
+₹60.9m		-5.5%PE16.9x
500371 Samtel India₹16.1310.3%
+₹10.6m		n/aPS2286.6x
544393 Infonative Solutions₹26.503.3%
+₹10.1m		n/aPE8.2x

Latest News

543806
₹304.30
Itcons E-Solutions
7D
-16.2%
1Y
-32.2%
QUESS
₹189.36
Quess
7D
-1.3%
1Y
-69.7%

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

Analysts have kept Quess's fair value estimate steady at ₹297.88, with only small technical tweaks to inputs such as the discount rate and assumed future P/E. This reflects fine tuning of their models rather than a fundamental shift in view.
TEAMLEASE
₹1,126.30
TeamLease Services
7D
-5.8%
1Y
-43.8%

TEAMLEASE: Incoming CEO Transition Will Support Future Margin Expansion Potential

Analysts have trimmed their fair value estimate for TeamLease Services from about ₹3,165 to roughly ₹3,094, reflecting updated views on slightly softer revenue growth and margins, partly offset by a lower discount rate and a higher assumed future P/E multiple. What's in the News Appointment of Ms. Suparna Mitra as Managing Director & Chief Executive Officer effective February 2, 2026, for a 5-year term, with current MD & CEO Mr. Ashok Reddy transitioning to Executive Vice Chairman to support leadership transition and long-term projects (company announcement).
544393
₹26.50
Infonative Solutions
7D
3.3%
1Y
n/a
AISL
₹68.00
ANI Integrated Services
7D
-7.6%
1Y
-47.2%
SERVICE
₹49.20
Service Care
7D
-5.4%
1Y
-24.3%
SPECTSTM
₹68.95
Spectrum Talent Management
7D
-1.5%
1Y
-46.1%
AARVI
₹132.80
Aarvi Encon
7D
8.4%
1Y
25.5%
DYNAMIC
₹109.90
Dynamic Services & Security
7D
-4.4%
1Y
-24.9%

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
VINSYS
₹321.00
Vinsys IT Services India
7D
1.3%
1Y
-5.5%
500371
₹16.13
Samtel India
7D
10.3%
1Y
n/a
INFOLLION
₹312.00
Infollion Research Services
7D
-2.5%
1Y
-15.7%

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