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Indian (NIFTY) IT Consulting Industry Analysis

UpdatedApr 22, 2026
DataAggregated Company Financials
Companies157
  • 7D3.7%
  • 3M-16.4%
  • 1Y-11.4%
  • YTDn/a

The IT Consulting industry has gained 3.7% in the last week and STL Networks up 40%. Meanwhile, HCL Technologies actually underperformed within the industry, shrinking 11% in the last week. In the past year, the industry is down 11%. Looking forward, earnings are forecast to grow by 9.9% annually.

Industry Valuation and Performance

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

DateMarket CapRevenueEarningsPEAbsolute PEPS
Wed, 22 Apr 2026₹27.0t₹9.1t₹1.3t21.9x20.6x3x
Fri, 20 Mar 2026₹24.4t₹9.0t₹1.3t18.8x18.9x2.7x
Sun, 15 Feb 2026₹27.8t₹8.9t₹1.3t22x21.8x3.1x
Tue, 13 Jan 2026₹32.7t₹8.7t₹1.3t24.5x24.9x3.7x
Thu, 11 Dec 2025₹32.6t₹8.7t₹1.3t24x24.9x3.7x
Sat, 08 Nov 2025₹30.4t₹8.7t₹1.3t27.1x23.4x3.5x
Mon, 06 Oct 2025₹29.5t₹8.6t₹1.3t25.4x22.8x3.4x
Wed, 03 Sep 2025₹31.0t₹8.5t₹1.3t26.6x24.1x3.6x
Fri, 01 Aug 2025₹30.6t₹8.5t₹1.3t28.2x23.9x3.6x
Sun, 29 Jun 2025₹33.9t₹8.3t₹1.3t30.1x27.1x4.1x
Tue, 27 May 2025₹33.5t₹8.3t₹1.3t29.3x26.8x4x
Thu, 24 Apr 2025₹31.6t₹8.3t₹1.2t28.1x25.4x3.8x
Sat, 22 Mar 2025₹32.9t₹8.2t₹1.3t26.8x26.2x4x
Mon, 17 Feb 2025₹36.5t₹8.1t₹1.2t29.2x29.3x4.5x
Wed, 15 Jan 2025₹38.3t₹8.1t₹1.2t35.3x31.4x4.7x
Fri, 13 Dec 2024₹40.6t₹8.0t₹1.2t38x33.9x5.1x
Sun, 10 Nov 2024₹37.7t₹8.0t₹1.2t37.7x31.5x4.7x
Tue, 08 Oct 2024₹38.1t₹7.8t₹1.2t35.6x32.6x4.9x
Thu, 05 Sep 2024₹38.9t₹7.8t₹1.2t39.4x33.3x5x
Sat, 03 Aug 2024₹36.6t₹7.8t₹1.2t40x31.4x4.7x
Mon, 01 Jul 2024₹33.5t₹7.7t₹1.1t35.2x29.3x4.3x
Wed, 29 May 2024₹31.8t₹7.7t₹1.1t35.4x27.9x4.1x
Fri, 26 Apr 2024₹31.9t₹7.7t₹1.1t36.2x28x4.1x
Sun, 24 Mar 2024₹32.9t₹7.7t₹1.1t32.5x29.6x4.3x
Tue, 20 Feb 2024₹35.5t₹7.7t₹1.1t36.1x32x4.6x
Thu, 18 Jan 2024₹34.6t₹7.8t₹1.1t42.2x30.5x4.4x
Sat, 16 Dec 2023₹33.8t₹7.8t₹1.1t42.4x29.6x4.3x
Mon, 13 Nov 2023₹28.8t₹7.7t₹1.1t37.6x25.4x3.7x
Wed, 11 Oct 2023₹30.4t₹7.6t₹1.1t35.6x27.1x4x
Fri, 08 Sep 2023₹29.9t₹7.6t₹1.1t35.9x26.6x4x
Sun, 06 Aug 2023₹28.6t₹7.5t₹1.1t32.8x25.5x3.8x
Tue, 04 Jul 2023₹27.8t₹7.4t₹1.1t33.5x25.3x3.8x
Thu, 01 Jun 2023₹27.7t₹7.4t₹1.1t28.8x25.1x3.7x
Sat, 29 Apr 2023₹26.4t₹7.4t₹1.1t25.6x24x3.6x
Price to Earnings Ratio

24x


Total Market Cap: ₹26.4tTotal Earnings: ₹1.1tTotal Revenue: ₹7.4tTotal Market Cap vs Earnings and Revenue0%0%0%
Indian IT Consulting Industry Price to Earnings3Y Average 27.1x202420252026
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 20.6x which is lower than its 3-year average PE of 27.1x.
  • The 3-year average PS ratio of 4.0x is higher than the industry's current PS ratio of 3.0x.
Past Earnings Growth
  • The earnings for companies in the IT Consulting and Other Services industry have grown 5.8% per year over the last three years.
  • Revenues for these companies have grown 7.0% 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 Market4.27%
Tech4.43%
IT3.72%
IT Consulting3.70%
Internet Services and Infrastructure13.17%
Data Processing Services4.48%
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
STLNETWORK STL Networks₹31.0739.6%
+₹4.3b		n/aPS1.6x
SONATSOFTW Sonata Software₹268.095.6%
+₹4.0b		-18.2%PE16.8x
504067 Zensar Technologies₹579.803.0%
+₹3.8b		-16.1%PE17.8x
526433 ASM Technologies₹3.19k7.4%
+₹3.2b		125.4%PE77.5x
516038 KS Smart Technologies₹258.709.5%
+₹2.6b		n/an/a

Latest News

PERSISTENT
₹5,073.30
Persistent Systems
7D
-7.6%
1Y
-1.7%
HCLTECH
₹1,285.30
HCL Technologies
7D
-11.4%
1Y
-19.4%
MASTEK
₹1,762.90
Mastek
7D
7.6%
1Y
-20.5%

Analysts Have Made A Financial Statement On Mastek Limited's (NSE:MASTEK) Yearly Report

Apr 22
Analysts Have Made A Financial Statement On Mastek Limited's (NSE:MASTEK) Yearly Report
IVALUE
₹277.81
iValue Infosolutions
7D
10.0%
1Y
n/a
STLNETWORK
₹31.07
STL Networks
7D
39.6%
1Y
n/a
RSYSTEMS
₹288.45
R Systems International
7D
6.9%
1Y
-13.4%

RSYSTEMS: AI Studio Rollout Will Support Future Agentic Automation Upside

Analysts have kept their price target for R Systems International broadly unchanged at around ₹444 per share, reflecting only marginal adjustments to inputs such as the discount rate, revenue growth, profit margin, and future P/E assumptions. What's in the News R Systems International launched EXIQO, an AI Studio aimed at helping enterprises scale production-grade agentic AI across business and technology functions by addressing integration, governance, legacy systems, and talent readiness challenges (Key Developments).
TECHM
₹1,462.60
Tech Mahindra
7D
-1.4%
1Y
1.6%

TECHM: Higher Discount Rate And Richer P/E Will Constrain Future Returns

Analysts have made a modest upward revision to Tech Mahindra's fair value estimate, lifting the implied price target by about ₹9 as they refresh assumptions around growth, margins, discount rate, and future P/E expectations. Analyst Commentary Bearish analysts are treating the latest tweak to Tech Mahindra's fair value as a relatively minor adjustment rather than a strong conviction call, and they are framing it within a broader set of execution and growth risks that they see across IT and technology services names.
504067
₹579.80
Zensar Technologies
7D
3.0%
1Y
-16.1%

504067: Future P/E Compression Will Define Cautious Outlook Despite Large Deal

Analysts have trimmed their price target on Zensar Technologies from ₹554.56 to ₹501.00, citing updated assumptions around discount rates, revenue growth, profit margins, and expected future P/E multiples. What's in the News A board meeting is scheduled on April 24, 2026 to consider audited standalone and consolidated results for the quarter and year ended March 31, 2026 and to consider recommending a dividend for FY 2025-26, if any (Board Meeting).
COFORGE
₹1,235.80
Coforge
7D
-3.7%
1Y
-16.4%
507685
₹204.05
Wipro
7D
-2.7%
1Y
-16.2%
HEXT
₹456.45
Hexaware Technologies
7D
-5.9%
1Y
-31.4%
SONATSOFTW
₹268.09
Sonata Software
7D
5.6%
1Y
-18.2%
TCS
₹2,538.50
Tata Consultancy Services
7D
-0.6%
1Y
-25.6%
526433
₹3,188.05
ASM Technologies
7D
7.4%
1Y
125.4%
INFY
₹1,268.60
Infosys
7D
-2.8%
1Y
-14.0%

INFY: AI Consulting Shift Will Support 2026 IT Spending Turnaround

Infosys' implied fair value price target has been revised from ₹1,667.80 to ₹1,592.15 as analysts factor in a slightly lower assumed future P/E multiple and evolving views on how AI could shift IT services demand, cyclicality and risk across consulting, implementation and managed services. Analyst Commentary Recent Street research on Infosys has shifted toward a more cautious tone as analysts reassess how AI could reshape the mix between consulting, implementation and managed services, and what that might mean for earnings stability and valuation multiples.