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Indian (NIFTY) IT Consulting Industry Analysis

UpdatedApr 12, 2026
DataAggregated Company Financials
Companies157
  • 7D2.7%
  • 3M-19.3%
  • 1Y-10.6%
  • YTDn/a

In the last week, the IT Consulting industry is up 2.7%, with Tata Consultancy Services up 3.0%. However, the industry is down 11% over the past 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
Mon, 13 Apr 2026₹26.4t₹9.0t₹1.3t21.8x20.2x2.9x
Wed, 11 Mar 2026₹25.7t₹8.9t₹1.3t20.9x20x2.9x
Fri, 06 Feb 2026₹30.7t₹8.9t₹1.3t22.5x24x3.5x
Sun, 04 Jan 2026₹33.0t₹8.7t₹1.3t25x25.2x3.8x
Tue, 02 Dec 2025₹32.3t₹8.7t₹1.3t25x24.7x3.7x
Thu, 30 Oct 2025₹31.2t₹8.6t₹1.3t27.6x24.1x3.6x
Sat, 27 Sep 2025₹29.3t₹8.6t₹1.3t25.8x22.7x3.4x
Mon, 25 Aug 2025₹30.7t₹8.5t₹1.3t26.8x24x3.6x
Wed, 23 Jul 2025₹31.9t₹8.4t₹1.3t30.1x25.2x3.8x
Fri, 20 Jun 2025₹33.7t₹8.4t₹1.3t30x26.8x4x
Sun, 18 May 2025₹33.5t₹8.3t₹1.3t28.9x26.8x4x
Tue, 15 Apr 2025₹29.5t₹8.3t₹1.3t25.9x23.6x3.6x
Thu, 13 Mar 2025₹32.5t₹8.3t₹1.3t25.5x25.8x3.9x
Sat, 08 Feb 2025₹37.6t₹8.2t₹1.2t32.4x30.1x4.6x
Mon, 06 Jan 2025₹38.5t₹8.0t₹1.2t35.1x32x4.8x
Wed, 04 Dec 2024₹39.0t₹8.0t₹1.2t37.7x32.6x4.9x
Fri, 01 Nov 2024₹37.2t₹7.9t₹1.2t37x31.1x4.7x
Sun, 29 Sep 2024₹38.3t₹7.8t₹1.2t39.5x32.9x4.9x
Tue, 27 Aug 2024₹38.4t₹7.8t₹1.2t39.4x32.9x4.9x
Thu, 25 Jul 2024₹36.8t₹7.8t₹1.2t37.4x31.6x4.7x
Sat, 22 Jun 2024₹32.7t₹7.7t₹1.1t34.2x28.6x4.2x
Mon, 20 May 2024₹31.6t₹7.7t₹1.1t36.2x27.8x4.1x
Wed, 17 Apr 2024₹32.5t₹7.8t₹1.1t36.3x28.9x4.2x
Fri, 15 Mar 2024₹35.2t₹7.7t₹1.1t33.3x31.8x4.6x
Sun, 11 Feb 2024₹35.1t₹7.7t₹1.1t40.4x31.6x4.6x
Tue, 09 Jan 2024₹32.6t₹7.8t₹1.1t41.9x28.5x4.2x
Thu, 07 Dec 2023₹31.5t₹7.8t₹1.1t37.9x27.5x4x
Sat, 04 Nov 2023₹28.9t₹7.7t₹1.1t37.1x25.5x3.7x
Mon, 02 Oct 2023₹29.7t₹7.6t₹1.1t36.1x26.4x3.9x
Wed, 30 Aug 2023₹28.7t₹7.6t₹1.1t35.2x25.6x3.8x
Fri, 28 Jul 2023₹28.1t₹7.5t₹1.1t32.3x25.1x3.7x
Sun, 25 Jun 2023₹27.1t₹7.4t₹1.1t33x24.6x3.7x
Tue, 23 May 2023₹26.9t₹7.4t₹1.1t28.3x24.2x3.6x
Thu, 20 Apr 2023₹25.5t₹7.2t₹1.1t24.6x23.4x3.5x
Price to Earnings Ratio

23.4x


Total Market Cap: ₹25.5tTotal Earnings: ₹1.1tTotal Revenue: ₹7.2tTotal 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 20.2x 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 2.9x.
Past Earnings Growth
  • The earnings for companies in the IT Consulting and Other Services industry have grown 6.2% 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 Market6.90%
Tech3.70%
IT2.70%
IT Consulting2.68%
Internet Services and Infrastructure8.89%
Data Processing Services3.96%
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
TCS Tata Consultancy Services₹2.52k3.0%
+₹266.3b		-21.9%PE18.6x
HCLTECH HCL Technologies₹1.45k3.5%
+₹132.6b		4.4%PE22.4x
507685 Wipro₹204.855.2%
+₹105.3b		-14.6%PE16.2x
LTM LTM₹4.50k4.6%
+₹59.2b		6.2%PE28.1x
PERSISTENT Persistent Systems₹5.43k3.8%
+₹29.8b		19.4%PE46.8x

Latest News

HEXT
₹480.45
Hexaware Technologies
7D
8.2%
1Y
-24.0%
526299
₹2,325.50
Mphasis
7D
5.3%
1Y
7.6%

526299: Data Center Overhaul And AI Plans Will Support Future Earnings

Analysts have adjusted the Mphasis price target from ₹2,880.86 to ₹2,716.83, reflecting updated views on its fair value, discount rate, revenue growth, profit margin, and future P/E assumptions. What's in the News Mphasis completed a large technology modernization program with Flagstar Bank, N.A., including building a next generation data center and cloud platform and overhauling core technology infrastructure supporting Flagstar's regional banking operations (Key Developments).
TCS
₹2,524.30
Tata Consultancy Services
7D
3.0%
1Y
-21.9%
INFY
₹1,292.50
Infosys
7D
-0.6%
1Y
-8.3%

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.
PERSISTENT
₹5,427.10
Persistent Systems
7D
3.8%
1Y
19.4%
LTM
₹4,503.70
LTM
7D
4.6%
1Y
6.2%
HCLTECH
₹1,451.20
HCL Technologies
7D
3.5%
1Y
4.4%

HCLTECH: Expanded AI Security And Cloud Partnerships Will Drive Future Upside

Analysts have trimmed their price target on HCL Technologies from about ₹1,672 to roughly ₹1,584, citing updated assumptions around slightly softer revenue growth, a modestly higher profit margin outlook, and an adjusted future P/E multiple. What's in the News CrowdStrike and HCLTech expanded their partnership with Continuous Threat Exposure Management services, combining AI driven threat detection and exposure management across endpoints, cloud, identity, applications and data.
HAPPSTMNDS
₹378.80
Happiest Minds Technologies
7D
-3.7%
1Y
-32.4%

HAPPSTMNDS: Potential Control Sale Will Support Long Term Returns

Analysts have kept their fair value estimate for Happiest Minds Technologies steady at ₹614.0, reflecting updated views on discount rate, revenue growth, profit margin and future P/E assumptions without a change in the overall price target. What's in the News Happiest Minds announced a partnership with UnifyApps to use its AI OS architecture and horizontal platform, aiming to help enterprises move GenAI projects from pilots to secure, production grade deployments across workflows, with a focus on governance, interoperability, and scalability.
TECHM
₹1,440.20
Tech Mahindra
7D
-0.09%
1Y
12.3%

TECHM: Higher Discount Rate And Lower P E Multiple Will Pressure Returns

Narrative Update on Tech Mahindra Analysts have reduced the updated fair value estimate for Tech Mahindra from about ₹1,327 to roughly ₹1,205. This reflects recalibrated expectations around discount rates, revenue growth, profit margins and future P/E multiples.
532175
₹909.60
Cyient
7D
12.9%
1Y
-20.6%

532175: Future Returns Will Likely Struggle With Lower Margin And AI Data Execution Risk

Analysts have trimmed their price target on Cyient from ₹930 to about ₹719, reflecting updated assumptions around slightly lower profit margins, a different future P/E of roughly 13.9, modestly adjusted revenue growth expectations and a small change in the discount rate. What's in the News Cyient announced a partnership with Prospecta that combines Cyient's engineering and asset lifecycle expertise with Prospecta's cloud-native master data and governance platform to create AI ready master data at scale and address data fragmentation across operations and decision making (Key Developments).
507685
₹204.85
Wipro
7D
5.2%
1Y
-14.6%
RSYSTEMS
₹261.19
R Systems International
7D
-1.7%
1Y
-18.6%

AI Cost Pressures And Client Risks Will Challenge Margins Yet Support Gradual Upside

Catalysts About R Systems International R Systems International provides software product and platform engineering, with a growing focus on AI, data and cloud led solutions for global clients. What are the underlying business or industry changes driving this perspective?
534535
₹102.80
String Metaverse
7D
-14.5%
1Y
24.5%
542866
₹164.55
Colab Platforms
7D
-1.0%
1Y
196.2%
511447
₹0.50
Sylph Industries
7D
-18.0%
1Y
-29.4%
ACCELYA
₹1,139.80
Accelya Solutions India
7D
-0.6%
1Y
-10.2%

Accelya Solutions India's (NSE:ACCELYA) Performance Is Even Better Than Its Earnings Suggest

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