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Indian (NIFTY) IT Consulting Industry Analysis

UpdatedMar 29, 2026
DataAggregated Company Financials
Companies156
  • 7D0.5%
  • 3M-24.8%
  • 1Y-24.1%
  • YTDn/a

The IT Consulting industry has stayed flat over the last week. As for the longer term, the industry has declined 24% in the last year. Earnings are forecast to grow by 10% annually.

Industry Valuation and Performance

Has the Indian IT Consulting Industry valuation changed over the past few years?

DateMarket CapRevenueEarningsPEAbsolute PEPS
Sun, 29 Mar 2026₹25.0t₹9.0t₹1.3t19.5x19.2x2.8x
Tue, 24 Feb 2026₹27.1t₹8.9t₹1.3t21.6x21.1x3x
Thu, 22 Jan 2026₹32.2t₹8.9t₹1.3t23.2x25.1x3.6x
Sat, 20 Dec 2025₹33.3t₹8.7t₹1.3t24.8x25.5x3.8x
Mon, 17 Nov 2025₹31.5t₹8.7t₹1.3t26.4x24.2x3.6x
Wed, 15 Oct 2025₹30.4t₹8.6t₹1.3t26.3x23.6x3.5x
Fri, 12 Sep 2025₹31.2t₹8.5t₹1.3t26.9x24.2x3.7x
Sun, 10 Aug 2025₹30.0t₹8.5t₹1.3t26.4x23.4x3.5x
Tue, 08 Jul 2025₹33.8t₹8.3t₹1.3t30.4x27x4.1x
Thu, 05 Jun 2025₹32.6t₹8.3t₹1.3t28.8x26x3.9x
Sat, 03 May 2025₹31.9t₹8.3t₹1.2t26x25.6x3.9x
Mon, 31 Mar 2025₹32.9t₹8.2t₹1.3t27.1x26.3x4x
Wed, 26 Feb 2025₹34.7t₹8.3t₹1.3t28.9x27.6x4.2x
Fri, 24 Jan 2025₹38.2t₹8.1t₹1.2t35x30.8x4.7x
Sun, 22 Dec 2024₹38.7t₹8.0t₹1.2t36.7x32.3x4.9x
Tue, 19 Nov 2024₹36.9t₹8.0t₹1.2t34.5x30.8x4.6x
Thu, 17 Oct 2024₹37.8t₹7.9t₹1.2t41.3x32.1x4.8x
Sat, 14 Sep 2024₹39.6t₹7.8t₹1.2t39.7x33.9x5x
Mon, 12 Aug 2024₹36.0t₹7.8t₹1.2t36.8x30.8x4.6x
Wed, 10 Jul 2024₹34.7t₹7.7t₹1.1t36.9x30.3x4.5x
Fri, 07 Jun 2024₹31.9t₹7.7t₹1.1t31.6x27.9x4.1x
Sun, 05 May 2024₹31.4t₹7.8t₹1.1t37.2x27.6x4x
Tue, 02 Apr 2024₹32.8t₹7.7t₹1.1t33.4x29.5x4.3x
Thu, 29 Feb 2024₹35.1t₹7.7t₹1.1t35.2x31.7x4.6x
Sat, 27 Jan 2024₹34.1t₹7.8t₹1.1t41.5x30.1x4.4x
Mon, 25 Dec 2023₹33.6t₹7.8t₹1.1t41.7x29.4x4.3x
Wed, 22 Nov 2023₹30.3t₹7.7t₹1.1t36.9x26.7x3.9x
Fri, 20 Oct 2023₹29.5t₹7.6t₹1.1t37x25.9x3.9x
Sun, 17 Sep 2023₹30.8t₹7.6t₹1.1t36.7x27.5x4.1x
Tue, 15 Aug 2023₹28.9t₹7.6t₹1.1t34.5x25.8x3.8x
Thu, 13 Jul 2023₹27.4t₹7.4t₹1.1t32.2x24.9x3.7x
Sat, 10 Jun 2023₹26.9t₹7.4t₹1.1t32.8x24.5x3.6x
Mon, 08 May 2023₹26.5t₹7.4t₹1.1t25.5x24x3.6x
Wed, 05 Apr 2023₹27.0t₹7.1t₹1.1t23.7x25.1x3.8x
Price to Earnings Ratio

25.1x


Total Market Cap: ₹27.0tTotal Earnings: ₹1.1tTotal Revenue: ₹7.1tTotal Market Cap vs Earnings and Revenue0%0%0%
Indian IT Consulting Industry Price to Earnings3Y Average 27.2x202420252026
Current Industry PE
  • Investors are pessimistic on the Indian IT Consulting and Other Services industry, indicating that they anticipate long term growth rates will be lower than they have historically.
  • The industry is trading at a PE ratio of 19.2x which is lower than its 3-year average PE of 27.2x.
  • The 3-year average PS ratio of 4.0x is higher than the industry's current PS ratio of 2.8x.
Past Earnings Growth
  • The earnings for companies in the IT Consulting and Other Services industry have grown 6.4% per year over the last three years.
  • Revenues for these companies have grown 8.5% per year.
  • This means that more sales are being generated by these companies overall, and subsequently their profits are increasing too.

Industry Comparison

How does Indian IT Consulting compare with similar industries?

IN Market-1.71%
Tech-0.05%
IT0.44%
IT Consulting0.45%
Data Processing Services2.15%
Internet Services and Infrastructure-6.27%
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
HCLTECH HCL Technologies₹1.36k2.3%
+₹83.1b		-14.3%PE20.7x
INFY Infosys₹1.27k1.1%
+₹56.1b		-19.2%PE16.9x
PERSISTENT Persistent Systems₹4.90k3.9%
+₹27.3b		-11.1%PE42.2x
COFORGE Coforge₹1.14k5.1%
+₹18.6b		-29.4%PE33.9x
TECHM Tech Mahindra₹1.39k0.5%
+₹6.0b		-1.9%PE26.7x

Latest News

COFORGE
₹1,144.70
Coforge
7D
5.1%
1Y
-29.4%
SONATSOFTW
₹219.00
Sonata Software
7D
-7.5%
1Y
-36.7%

SONATSOFTW: Upcoming Dividend Decision Will Support Future Undervalued Upside

Analysts have trimmed their price target on Sonata Software from ₹374.14 to ₹344.86 as they reset assumptions around fair value and future P/E, while keeping discount rate, revenue growth, and profit margin expectations broadly similar. What's in the News A board meeting is scheduled for Feb 06, 2026 at 14:30 Indian Standard Time to consider and approve unaudited standalone and consolidated financial results for the quarter and nine months ended Dec 31, 2025.
526299
₹2,112.30
Mphasis
7D
1.0%
1Y
-15.5%
INFY
₹1,269.70
Infosys
7D
1.1%
1Y
-19.2%

INFY: AI Services Mix Reset Will Support 2026 IT Spending Turnaround

Infosys' updated analyst price target edges lower, with fair value moving from ₹1,724.32 to ₹1,667.80 as analysts factor in slightly softer revenue growth assumptions, a modestly lower future P/E, and higher perceived risk from AI driven shifts in the IT services mix. Analyst Commentary Recent Street research on Infosys reflects a mixed setup, with some analysts trimming expectations and others adjusting targets higher while staying cautious on execution and the evolving role of AI in IT services.
HCLTECH
₹1,364.40
HCL Technologies
7D
2.3%
1Y
-14.3%

AI Factory And Data Intelligence Expansion Will Reshape Long Term Prospects

Catalysts About HCL Technologies HCL Technologies is a global IT services and software company providing IT and business services, engineering and R&D, and software products to clients across industries and geographies. What are the underlying business or industry changes driving this perspective?
PERSISTENT
₹4,899.80
Persistent Systems
7D
3.9%
1Y
-11.1%
TCS
₹2,389.80
Tata Consultancy Services
7D
-0.03%
1Y
-33.7%

TCS: AI Collaborations And Special Dividend Will Support Future Upside

Analysts have reduced their price target for Tata Consultancy Services by about ₹100 to reflect slightly softer revenue growth expectations, a marginally lower discount rate, and a small uplift in projected profit margins and future P/E multiples. What's in the News TCS declared a special dividend of ₹46 per equity share, with a record date of January 17, 2026, and dividend payout scheduled for February 3, 2026.
LTM
₹4,200.70
LTM
7D
-2.3%
1Y
-6.5%
HAPPSTMNDS
₹388.95
Happiest Minds Technologies
7D
-5.3%
1Y
-34.8%

HAPPSTMNDS: Potential Control Sale And New Partnership Will Support Long Term Returns

Analysts have trimmed their price target on Happiest Minds Technologies from ₹710 to ₹614, as updated assumptions for discount rate, revenue growth, profit margin and future P/E now point to a more conservative fair value profile. What's in the News Private equity firms EQT AB and Partners Group, along with ITC Infotech, are reported to be exploring an acquisition of a controlling stake in Happiest Minds Technologies from founder and chairman Ashok Soota, who holds about a 44% stake directly and through investment companies.
532175
₹784.60
Cyient
7D
-4.9%
1Y
-37.9%

532175: Data Partnership And Leadership Shift Will Support Stronger Long Term Outlook

Analysts have trimmed their fair value estimate for Cyient from ₹1,601.59 to ₹1,558.62 as they factor in a slightly higher discount rate, a modestly higher revenue growth assumption of 13.28%, an improved profit margin outlook of 11.04% and a lower future P/E of 22.95x. What's in the News Cyient announced a partnership with Prospecta to combine Cyient's engineering and asset lifecycle expertise with Prospecta's cloud-native master data management and data governance platform, targeting unified, AI-ready master data for large industrial operations (Key Developments).
TECHM
₹1,391.60
Tech Mahindra
7D
0.5%
1Y
-1.9%

TECHM: AI And Telecom Partnerships Will Support Medium Term Upside Potential

Analysts have increased Tech Mahindra's fair value estimate from ₹1,577.74 to ₹1,686.33, citing updated assumptions around revenue growth, profit margins, a slightly adjusted discount rate, and a modestly lower future P/E multiple. Analyst Commentary Recent changes to Tech Mahindra's fair value estimate reflect a mix of optimism and caution around how the company can execute on its revenue, profitability, and valuation assumptions over time.
504067
₹526.05
Zensar Technologies
7D
-6.8%
1Y
-25.0%

504067: Long Term Upside Will Depend On US$210 Million Deal Execution

Analysts have adjusted their price target on Zensar Technologies from ₹1,106 to ₹1,000, linking the change to updated assumptions for discount rate, revenue growth, profit margin, and future P/E, while continuing to view the stock from a long-term earnings perspective. What's in the News Zensar Technologies secured a 5.5-year framework deal with an expected revenue of US$210 million from a large financial company, focused on rethinking work delivery and using AI led automation to improve efficiencies across the enterprise (Key Developments).
HEXT
₹443.00
Hexaware Technologies
7D
0.8%
1Y
-36.8%
507685
₹191.45
Wipro
7D
0.2%
1Y
-27.0%

AI Adoption And Vendor Consolidation Will Drive Stronger Long Term Earnings Quality

Catalysts About Wipro Wipro is a global IT services and consulting company that provides technology, engineering and business process solutions to clients across multiple industries and regions. What are the underlying business or industry changes driving this perspective?
501421
₹5,673.45
TechNVision Ventures
7D
-5.5%
1Y
-15.9%
500463
₹461.30
Black Box
7D
-8.5%
1Y
28.3%