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Indian (NIFTY) IT Consulting Industry Analysis

UpdatedJan 11, 2026
DataAggregated Company Financials
Companies155
  • 7D-1.0%
  • 3M6.3%
  • 1Y-18.4%
  • YTDn/a

Over the last 7 days, the IT Consulting industry has dropped 1.0%, driven by a pullback from Tata Consultancy Services of 1.3%. Overall the industry is down 18% in 12 months. Earnings are forecast to grow by 8.6% annually.

Industry Valuation and Performance

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

DateMarket CapRevenueEarningsPEAbsolute PEPS
Sun, 11 Jan 2026₹32.6t₹8.7t₹1.3t24.7x24.9x3.7x
Tue, 09 Dec 2025₹33.2t₹8.7t₹1.3t23.8x25.3x3.8x
Thu, 06 Nov 2025₹30.5t₹8.7t₹1.3t27.5x23.5x3.5x
Sat, 04 Oct 2025₹29.5t₹8.6t₹1.3t25.6x22.8x3.4x
Mon, 01 Sep 2025₹30.6t₹8.5t₹1.3t26.1x23.8x3.6x
Wed, 30 Jul 2025₹30.7t₹8.5t₹1.3t28.8x24x3.6x
Fri, 27 Jun 2025₹34.0t₹8.3t₹1.3t30.5x27.2x4.1x
Sun, 25 May 2025₹33.1t₹8.3t₹1.3t28.8x26.5x4x
Tue, 22 Apr 2025₹30.6t₹8.3t₹1.2t27.3x24.6x3.7x
Thu, 20 Mar 2025₹32.4t₹8.3t₹1.3t25.5x25.8x3.9x
Sat, 15 Feb 2025₹36.5t₹8.1t₹1.2t29.1x29.3x4.5x
Mon, 13 Jan 2025₹39.5t₹8.1t₹1.2t34.7x32.4x4.9x
Wed, 11 Dec 2024₹40.3t₹8.0t₹1.2t38.4x33.6x5.1x
Fri, 08 Nov 2024₹37.5t₹8.0t₹1.2t38.6x31.3x4.7x
Sun, 06 Oct 2024₹37.9t₹7.8t₹1.2t37x32.5x4.8x
Tue, 03 Sep 2024₹39.3t₹7.8t₹1.2t39.8x33.7x5x
Thu, 01 Aug 2024₹37.6t₹7.8t₹1.2t41.1x32.2x4.8x
Sat, 29 Jun 2024₹33.5t₹7.7t₹1.1t35.7x29.3x4.3x
Mon, 27 May 2024₹31.7t₹7.7t₹1.1t35.5x27.9x4.1x
Wed, 24 Apr 2024₹32.0t₹7.7t₹1.1t36.6x28.1x4.1x
Fri, 22 Mar 2024₹33.6t₹7.7t₹1.1t32.9x30.3x4.4x
Sun, 18 Feb 2024₹35.6t₹7.7t₹1.1t35.9x32.1x4.6x
Tue, 16 Jan 2024₹34.9t₹7.8t₹1.1t44x30.7x4.5x
Thu, 14 Dec 2023₹31.5t₹7.8t₹1.1t41.8x27.6x4x
Sat, 11 Nov 2023₹28.8t₹7.7t₹1.1t37x25.4x3.7x
Mon, 09 Oct 2023₹30.2t₹7.6t₹1.1t35.5x26.9x4x
Wed, 06 Sep 2023₹29.8t₹7.6t₹1.1t36.5x26.5x3.9x
Fri, 04 Aug 2023₹28.2t₹7.5t₹1.1t32x25.1x3.7x
Sun, 02 Jul 2023₹27.9t₹7.4t₹1.1t33.6x25.4x3.8x
Tue, 30 May 2023₹27.7t₹7.4t₹1.1t25.6x25x3.7x
Thu, 27 Apr 2023₹26.0t₹7.2t₹1.1t24.9x23.9x3.6x
Sat, 25 Mar 2023₹26.4t₹7.1t₹1.1t23.5x24.5x3.7x
Mon, 20 Feb 2023₹29.3t₹7.1t₹1.1t25.2x27.1x4.1x
Wed, 18 Jan 2023₹28.3t₹7.0t₹1.1t25.7x26.4x4.1x
Price to Earnings Ratio

26.4x


Total Market Cap: ₹28.3tTotal Earnings: ₹1.1tTotal Revenue: ₹7.0tTotal Market Cap vs Earnings and Revenue0%0%0%
Indian IT Consulting Industry Price to Earnings3Y Average 27.5x202420252026
Current Industry PE
  • Investors are relatively neutral on the Indian IT Consulting and Other 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 27.5x.
  • The industry is trading close to its 3-year average PS ratio of 4.1x.
Past Earnings Growth
  • The earnings for companies in the IT Consulting and Other Services industry have grown 7.0% per year over the last three years.
  • Revenues for these companies have grown 7.8% 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-2.80%
Tech-1.59%
IT-1.01%
IT Consulting-1.00%
Internet Services and Infrastructure-3.49%
Data Processing Services-4.77%
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₹1.66k1.3%
+₹57.4b		-16.7%PE25.2x
PERSISTENT Persistent Systems₹6.42k2.0%
+₹19.0b		1.5%PE57.5x
COFORGE Coforge₹1.68k1.9%
+₹10.5b		-10.6%PE51.4x
532175 Cyient₹1.16k5.0%
+₹6.1b		-33.3%PE22.3x
526299 Mphasis₹2.84k1.1%
+₹6.0b		-2.6%PE30.3x

Latest News

TCS
₹3,207.80
Tata Consultancy Services
7D
-1.3%
1Y
-24.8%

TCS: AI Data Centers And Cloud Acquisition Will Shape Measured Future Upside

Analysts have increased their fair value estimate for Tata Consultancy Services from ₹3,476.31 to ₹3,558.47, citing slightly higher assumptions for revenue growth, profit margins and future P/E multiples. What's in the News A board meeting is scheduled on January 12, 2026, to approve audited standalone and consolidated Ind AS financial results for the quarter and nine months ending December 31, 2025, and to consider a third interim dividend for equity shareholders (Board Meeting).
PERSISTENT
₹6,417.00
Persistent Systems
7D
2.0%
1Y
1.5%

PERSISTENT: Elevated P/E And XT Studio Expansion Will Restrain Future Returns

Analysts have raised their fair value estimate for Persistent Systems from ₹3,934.70 to ₹4,274.73, citing updated assumptions related to revenue growth, profit margins and future P/E expectations. What's in the News A board meeting is scheduled for January 19, 2026, to consider audited financial results for the quarter and nine months ended December 31, 2025, for the company and its subsidiaries, a potential issuance of equity shares, an interim dividend, and other matters (Key Developments).
532175
₹1,162.10
Cyient
7D
5.0%
1Y
-33.3%

532175: Higher Discount Rate Will Pressure Future Returns Despite New Initiatives

Analysts have trimmed their fair value estimate for Cyient from ₹1,050 to ₹1,000, citing updated assumptions around slightly higher discount rates, a modestly different revenue growth outlook, and a small adjustment to expected profit margins and future P/E levels. What's in the News A board meeting is scheduled on January 22, 2026 to consider and approve unaudited financial results for the quarter and nine months ended December 31, 2025 (company filing).
526299
₹2,839.30
Mphasis
7D
1.1%
1Y
-2.6%

526299: AI And Quantum Offerings Will Drive Future Earnings Quality

Analysts have nudged their fair value estimate for Mphasis from ₹3,064.34 to ₹3,156.57, citing updated assumptions around revenue growth, profit margins, and future P/E expectations. What's in the News Mphasis has scheduled a board meeting on January 22, 2026, to consider and approve audited standalone and consolidated financial results for the quarter ended December 31, 2025, along with the auditor's report and other matters (company filing).
534535
₹174.75
String Metaverse
7D
-18.8%
1Y
299.8%
TECHM
₹1,582.20
Tech Mahindra
7D
-1.8%
1Y
-7.2%

TECHM: AI Partnerships And Margin Discipline Will Drive Future Earnings Upside

Narrative Update Analysts have raised their fair value estimate for Tech Mahindra from ₹1,947.93 to ₹2,043.82 as they factor in slightly higher growth, stronger profit margins, and a modestly richer future P/E multiple in their models. Analyst Commentary Recent research activity around Tech Mahindra signals that bullish analysts are willing to recognize higher fair value when they see a combination of improving growth assumptions, firmer margins, and support for a richer P/E multiple.
LTIM
₹6,037.00
LTIMindtree
7D
-0.5%
1Y
-1.4%

LTIM: Future Performance Will Reflect AI Partnerships While Remaining Fairly Valued

Analysts have raised their price target on LTIMindtree to ₹6,087.68 from ₹5,867.44, citing small adjustments to fair value estimates, the discount rate, revenue growth, profit margin, and future P/E assumptions in their updated models. What's in the News A board meeting is scheduled for January 19, 2026 to review and approve unaudited standalone and consolidated financial results for the quarter and nine months ended December 31, 2025, along with the statutory auditor's limited review reports (Board Meeting).
504067
₹709.05
Zensar Technologies
7D
1.4%
1Y
-9.1%

504067: Higher Discount Rate Will Weigh On Prospects Despite Margin Optimism

Analysts have inched up their fair value estimate for Zensar Technologies to ₹629.84 from ₹626.36, citing slightly firmer profit margin assumptions and a modestly lower future P/E multiple, partly offset by softer expectations for revenue growth and a higher discount rate. What's in the News A board meeting is scheduled for October 31, 2025, at 16:00 Indian Standard Time to review and approve the unaudited standalone and consolidated financial results for the quarter and half year ended September 30, 2025 (company filing).
507685
₹261.90
Wipro
7D
-2.7%
1Y
-12.9%
SILVERTUC
₹1,667.00
Silver Touch Technologies
7D
33.5%
1Y
139.4%
INFY
₹1,614.10
Infosys
7D
-1.6%
1Y
-17.9%

Capital Investments At Infosys (NSE:INFY) Point To A Promising Future

Dec 31
Capital Investments At Infosys (NSE:INFY) Point To A Promising Future
534758
₹1,655.05
Cigniti Technologies
7D
2.2%
1Y
-1.6%
COFORGE
₹1,681.60
Coforge
7D
1.9%
1Y
-10.6%

COFORGE: Future AI Spending Wave Will Likely Pressure Margins And Returns

Analysts have modestly raised their price target on Coforge from ₹1,226 to ₹1,334, citing a slightly higher required return, somewhat tempered expectations for revenue growth and margins, and a lower assumed future price to earnings multiple that still supports upside from current levels. What's in the News The board will meet on December 26, 2025 to consider raising funds via equity or other eligible securities through routes such as private placement, QIP, or preferential issue, subject to regulatory and shareholder approvals (board meeting, fund-raising proposal).
HCLTECH
₹1,661.40
HCL Technologies
7D
1.3%
1Y
-16.7%
HEXT
₹729.75
Hexaware Technologies
7D
-3.2%
1Y
n/a
500463
₹511.50
Black Box
7D
-8.2%
1Y
-17.3%