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Indian (NIFTY) IT Consulting Industry Analysis

UpdatedJul 22, 2026
DataAggregated Company Financials
Companies158
  • 7D0.9%
  • 3M-8.2%
  • 1Y-25.5%
  • YTDn/a

Last week, the IT Consulting industry hasn't moved much but HCL Technologies is up 6.2% in that time. As for the longer term, the industry has declined 25% in the last year. Earnings are forecast to grow by 8.3% annually.

Industry Valuation and Performance

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

DateMarket CapRevenueEarningsPEAbsolute PEPS
Wed, 22 Jul 2026₹23.8t₹9.5t₹1.4t22.4x17.6x2.5x
Fri, 19 Jun 2026₹23.8t₹9.2t₹1.3t23.2x17.8x2.6x
Sun, 17 May 2026₹23.5t₹9.3t₹1.3t21.3x17.6x2.5x
Tue, 14 Apr 2026₹26.0t₹9.0t₹1.3t21.7x19.9x2.9x
Thu, 12 Mar 2026₹25.4t₹8.9t₹1.3t20.7x19.7x2.8x
Sat, 07 Feb 2026₹30.2t₹8.9t₹1.3t22.4x23.6x3.4x
Mon, 05 Jan 2026₹33.0t₹8.7t₹1.3t25x25.2x3.8x
Wed, 03 Dec 2025₹32.2t₹8.7t₹1.3t24.7x24.6x3.7x
Fri, 31 Oct 2025₹31.0t₹8.7t₹1.3t27.6x23.9x3.6x
Sun, 28 Sep 2025₹29.3t₹8.6t₹1.3t25.8x22.7x3.4x
Tue, 26 Aug 2025₹31.5t₹8.5t₹1.3t26.9x24.5x3.7x
Thu, 24 Jul 2025₹32.0t₹8.4t₹1.3t30x25.3x3.8x
Sat, 21 Jun 2025₹33.9t₹8.4t₹1.3t30.2x27x4.1x
Mon, 19 May 2025₹33.5t₹8.3t₹1.3t28.9x26.8x4x
Wed, 16 Apr 2025₹29.9t₹8.3t₹1.2t27x23.9x3.6x
Fri, 14 Mar 2025₹32.3t₹8.3t₹1.3t25.5x25.7x3.9x
Sun, 09 Feb 2025₹37.6t₹8.2t₹1.3t32.4x30x4.6x
Tue, 07 Jan 2025₹38.5t₹8.0t₹1.2t34.6x31.9x4.8x
Thu, 05 Dec 2024₹39.3t₹8.0t₹1.2t38.1x32.8x4.9x
Sat, 02 Nov 2024₹36.3t₹7.9t₹1.2t37.7x30.3x4.6x
Mon, 30 Sep 2024₹38.3t₹7.8t₹1.2t39.5x32.9x4.9x
Wed, 28 Aug 2024₹38.4t₹7.8t₹1.2t39.7x32.9x4.9x
Fri, 26 Jul 2024₹36.9t₹7.8t₹1.2t37.3x31.6x4.7x
Sun, 23 Jun 2024₹32.7t₹7.7t₹1.1t34.2x28.6x4.2x
Tue, 21 May 2024₹31.6t₹7.7t₹1.1t36.2x27.8x4.1x
Thu, 18 Apr 2024₹31.8t₹7.8t₹1.1t37.1x28.3x4.1x
Sat, 16 Mar 2024₹35.1t₹7.7t₹1.1t33.5x31.6x4.6x
Mon, 12 Feb 2024₹35.1t₹7.7t₹1.1t40.4x31.6x4.6x
Wed, 10 Jan 2024₹32.7t₹7.8t₹1.1t41.6x28.6x4.2x
Fri, 08 Dec 2023₹31.4t₹7.8t₹1.1t38.1x27.5x4x
Sun, 05 Nov 2023₹28.9t₹7.7t₹1.1t37.4x25.5x3.7x
Tue, 03 Oct 2023₹29.7t₹7.6t₹1.1t36.1x26.4x3.9x
Thu, 31 Aug 2023₹28.9t₹7.6t₹1.1t35x25.8x3.8x
Sat, 29 Jul 2023₹27.8t₹7.5t₹1.1t32.2x24.9x3.7x
Price to Earnings Ratio

24.9x


Total Market Cap: ₹27.8tTotal Earnings: ₹1.1tTotal Revenue: ₹7.5tTotal Market Cap vs Earnings and Revenue0%0%0%
Indian IT Consulting Industry Price to Earnings3Y Average 26.5x202420252026
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 17.7x which is lower than its 3-year average PE of 26.5x.
  • The 3-year average PS ratio of 3.9x is higher than the industry's current PS ratio of 2.5x.
Past Earnings Growth
  • The earnings for companies in the IT Consulting and Other Services industry have grown 6.7% per year over the last three years.
  • Revenues for these companies have grown 8.0% 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 Market0.77%
Tech0.24%
IT0.90%
IT Consulting0.86%
Internet Services and Infrastructure10.32%
Data Processing Services1.89%
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₹1.24k6.2%
+₹197.0b		-18.5%PE18.2x
TECHM Tech Mahindra₹1.58k6.2%
+₹81.5b		1.9%PE27.2x
TCS Tata Consultancy Services₹2.22k0.9%
+₹74.2b		-29.7%PE16.1x
PERSISTENT Persistent Systems₹5.22k1.8%
+₹13.4b		-8.7%PE41.8x
526299 Mphasis₹2.38k0.4%
+₹1.6b		-14.2%PE24.4x

Latest News

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Zensar Technologies
7D
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1Y
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507685
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Wipro
7D
-1.3%
1Y
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HCLTECH
₹1,239.50
HCL Technologies
7D
6.2%
1Y
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TATATECH
₹729.00
Tata Technologies
7D
-3.6%
1Y
1.9%
TECHM
₹1,576.30
Tech Mahindra
7D
6.2%
1Y
1.9%
Analysis Article • Jul 19

Tech Mahindra Limited Earnings Missed Analyst Estimates: Here's What Analysts Are Forecasting Now

It's been a good week for Tech Mahindra Limited ( NSE:TECHM ) shareholders, because the company has just released its...
PERSISTENT
₹5,219.00
Persistent Systems
7D
1.8%
1Y
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526433
₹4,148.25
ASM Technologies
7D
-7.1%
1Y
29.8%
INFY
₹1,073.50
Infosys
7D
-1.8%
1Y
-31.7%
Narrative Update • Jul 16

INFY: AI Spending Shift Will Shape Medium Term Upside Potential

Infosys' analyst fair value estimate has been revised lower to ₹1,704.72 from ₹1,773.34, reflecting a series of reduced Street price targets as analysts factor in muted near term growth expectations, an uncertain demand backdrop, and questions about how quickly the company can benefit from AI related spending. Analyst Commentary Recent Street research on Infosys points to a cautious but engaged stance from several firms, with price targets generally reset lower in response to softer near term growth expectations and a less certain demand backdrop.
LTM
₹4,047.10
LTM
7D
-0.4%
1Y
-21.8%
Narrative Update • Jul 16

LTM: Sector Tailwinds And Earnings Momentum Will Support Balanced Future Upside

Analysts have trimmed the fair value estimate for Latam Airlines to ₹4,387.77 from ₹4,858.23, reflecting slightly lower assumptions for revenue growth, profit margins and future P/E multiples, even as recent research highlights supportive sector drivers such as improving air travel penetration, more rational competition and a relatively lighter balance sheet. Analyst Commentary Recent research coverage on Latam Airlines highlights a mix of optimism around sector fundamentals and company positioning, along with clear caution flags that could influence how the stock trades around its fair value range.
500463
₹811.75
Black Box
7D
-6.6%
1Y
57.8%
Narrative Update • Jul 15

500463: Alliance With AI Partner Will Drive Future Re-Rating Potential

Analysts have revised the Black Box price target from ₹625 to ₹1,000, citing updated assumptions around revenue growth, profit margins, and a higher future P/E multiple as key drivers of the change. What’s in the News for Black Box Black Box Limited entered a strategic alliance with AIONOS, an AI native enterprise technology company, to work with enterprises on AI transformation across infrastructure, OT/IoT connectivity, and applied AI platforms, with a focus on measurable business outcomes.
TCS
₹2,221.10
Tata Consultancy Services
7D
0.9%
1Y
-29.7%
HEXT
₹560.05
Hexaware Technologies
7D
0.3%
1Y
-34.9%
Narrative Update • Jul 10

HEXT: AI Partnerships And UK Expansion Will Support A Balanced Outlook

Analysts have lowered their price target for Hexaware Technologies from ₹801.67 to ₹554.00, citing updated assumptions around fair value, discount rate, revenue growth, profit margin and future P/E that together indicate a more conservative valuation framework. What’s in the News for Hexaware Technologies SmartRent, Inc.
COFORGE
₹1,494.00
Coforge
7D
-2.6%
1Y
-19.6%
526299
₹2,380.10
Mphasis
7D
0.4%
1Y
-14.2%
Narrative Update • Jul 08

526299: Dividend And AI Investments Will Drive Future Upside Potential

Analysts have reduced their fair value estimate for Mphasis from ₹3,521 to about ₹3,125, citing updated assumptions for the discount rate, revenue growth, profit margins, and future P/E multiples. What’s in the News for Mphasis Mphasis scheduled a board meeting on July 23, 2026 to consider and approve the audited standalone and consolidated financial results for the quarter ended June 30, 2026, and to take on record the auditor's report.
MASTEK
₹1,746.60
Mastek
7D
1.6%
1Y
-34.3%
Narrative Update • Jul 07

MASTEK: Digital Transformation Wins And Lower P/E Expectations Will Shape Outlook

The analyst price target for Mastek has been revised from ₹2,072 to ₹1,600, with analysts citing updated assumptions on the discount rate, revenue growth, profit margin, and future P/E to support the new view. What's in the News for Mastek Mastek partnered with Yanbu Cement Company to modernise and digitally transform production, sales, and dispatch operations using Industrial IoT, intelligent automation, and integrated enterprise platforms.
511144
₹336.25
Axis Solutions
7D
5.0%
1Y
n/a