Investing IdeasBrowse All StocksMarkets
Have your own idea? Try our Stock Screener
Header cover image

Indian (NIFTY) IT Consulting Industry Analysis

UpdatedMar 23, 2026
DataAggregated Company Financials
Companies155
  • 7D0.05%
  • 3M-26.4%
  • 1Y-24.4%
  • YTDn/a

Last week, the IT Consulting industry hasn't moved much but Tech Mahindra is up 3.9% in that time. As for the longer term, the industry has declined 24% in the last year. As for the next few years, earnings are expected to grow by 10% per annum.

Industry Valuation and Performance

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

DateMarket CapRevenueEarningsPEAbsolute PEPS
Mon, 23 Mar 2026₹24.9t₹9.0t₹1.3t19.3x19.2x2.8x
Wed, 18 Feb 2026₹28.1t₹8.9t₹1.3t20.9x22x3.2x
Fri, 16 Jan 2026₹32.4t₹8.8t₹1.3t24.2x25.3x3.7x
Sun, 14 Dec 2025₹33.0t₹8.7t₹1.3t24.9x25.1x3.8x
Tue, 11 Nov 2025₹30.9t₹8.7t₹1.3t26.5x23.7x3.6x
Thu, 09 Oct 2025₹30.5t₹8.6t₹1.3t27.6x23.7x3.6x
Sat, 06 Sep 2025₹30.2t₹8.5t₹1.3t26.2x23.5x3.5x
Mon, 04 Aug 2025₹30.1t₹8.5t₹1.3t28x23.5x3.5x
Wed, 02 Jul 2025₹34.0t₹8.3t₹1.3t29.9x27.2x4.1x
Fri, 30 May 2025₹33.4t₹8.3t₹1.3t28.2x26.7x4x
Sun, 27 Apr 2025₹31.7t₹8.3t₹1.3t26.9x25.3x3.8x
Tue, 25 Mar 2025₹33.3t₹8.2t₹1.3t27.7x26.6x4.1x
Thu, 20 Feb 2025₹36.3t₹8.2t₹1.2t28.8x29.1x4.5x
Sat, 18 Jan 2025₹37.3t₹8.1t₹1.2t35.3x30.4x4.6x
Mon, 16 Dec 2024₹40.9t₹8.0t₹1.2t38.7x34.1x5.1x
Wed, 13 Nov 2024₹38.1t₹8.0t₹1.2t38.2x31.8x4.8x
Fri, 11 Oct 2024₹38.0t₹7.8t₹1.2t40x32.5x4.8x
Sun, 08 Sep 2024₹38.7t₹7.8t₹1.2t39.7x33.1x4.9x
Tue, 06 Aug 2024₹35.5t₹7.8t₹1.2t37.8x30.4x4.5x
Thu, 04 Jul 2024₹34.3t₹7.7t₹1.1t38.1x30.1x4.4x
Sat, 01 Jun 2024₹30.5t₹7.7t₹1.1t34.6x26.7x3.9x
Mon, 29 Apr 2024₹31.8t₹7.7t₹1.1t35.9x28x4.1x
Wed, 27 Mar 2024₹32.7t₹7.7t₹1.1t32.3x29.4x4.2x
Fri, 23 Feb 2024₹35.4t₹7.7t₹1.1t36.4x31.9x4.6x
Sun, 21 Jan 2024₹34.8t₹7.8t₹1.1t41.8x30.5x4.4x
Tue, 19 Dec 2023₹33.7t₹7.8t₹1.1t43.6x29.5x4.3x
Thu, 16 Nov 2023₹29.5t₹7.7t₹1.1t38.6x26x3.8x
Sat, 14 Oct 2023₹29.8t₹7.6t₹1.1t35.2x26.3x3.9x
Mon, 11 Sep 2023₹29.9t₹7.6t₹1.1t36.4x26.6x4x
Wed, 09 Aug 2023₹28.9t₹7.6t₹1.1t33.8x25.7x3.8x
Fri, 07 Jul 2023₹28.1t₹7.4t₹1.1t33.2x25.5x3.8x
Sun, 04 Jun 2023₹27.7t₹7.4t₹1.1t30.1x25.2x3.7x
Tue, 02 May 2023₹26.4t₹7.4t₹1.1t25.6x24x3.6x
Thu, 30 Mar 2023₹26.5t₹7.1t₹1.1t23x24.5x3.7x
Price to Earnings Ratio

24.5x


Total Market Cap: ₹26.5tTotal 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 4.1x 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 6.3% per year over the last three years.
  • Revenues for these companies have grown 8.3% 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-0.17%
Tech0.89%
IT0.045%
IT Consulting0.05%
Data Processing Services-1.80%
Internet Services and Infrastructure-2.16%
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
TECHM Tech Mahindra₹1.38k3.9%
+₹46.1b		-1.7%PE26.5x
INFY Infosys₹1.26k0.6%
+₹30.8b		-21.1%PE16.9x
LTM LTM₹4.30k2.2%
+₹27.4b		-4.9%PE26.8x
HCLTECH HCL Technologies₹1.33k0.6%
+₹22.5b		-14.9%PE20.4x
HEXT Hexaware Technologies₹439.456.8%
+₹17.2b		-39.7%PE19.6x

Latest News

PERSISTENT
₹4,716.70
Persistent Systems
7D
1.7%
1Y
-10.6%

PERSISTENT: AI Partnerships In Drug Discovery Will Support A Higher Future Multiple

Analysts have trimmed their price target for Persistent Systems from ₹8,865 to ₹8,500. This change reflects updated views on discount rates, revenue growth, profit margins and future P/E expectations.
534535
₹121.00
String Metaverse
7D
-5.0%
1Y
33.3%
LTM
₹4,298.80
LTM
7D
2.2%
1Y
-4.9%

LTM: Oil Resilience And AI Tax Mandate Will Support Future Upside

Analysts have trimmed their fair value estimate for LTM to ₹5,951.97 from ₹6,219.67, even as they point to supporting factors like Citi's higher Street price target of ₹58 and expectations that airlines such as Latam are better positioned to handle oil price volatility. Analyst Commentary Recent research points to a more constructive stance on LTM, even as some valuation and execution questions remain on investors' minds.
532175
₹825.05
Cyient
7D
-5.1%
1Y
-37.3%

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
₹1,384.80
Tech Mahindra
7D
3.9%
1Y
-1.7%

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.
INFY
₹1,255.90
Infosys
7D
0.6%
1Y
-21.1%
MASTEK
₹1,449.50
Mastek
7D
-3.2%
1Y
-37.8%
HEXT
₹439.45
Hexaware Technologies
7D
6.8%
1Y
-39.7%
526299
₹2,092.05
Mphasis
7D
-1.0%
1Y
-13.9%

AI Modernization Pipeline Will Shape Banking Exposure And Margin Stability

Catalysts About Mphasis Mphasis is an IT services company that provides application, infrastructure and AI led solutions to global clients, with a large presence in banking, financial services and insurance. What are the underlying business or industry changes driving this perspective?
507685
₹191.05
Wipro
7D
-3.3%
1Y
-27.7%

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?
TCS
₹2,390.60
Tata Consultancy Services
7D
-0.8%
1Y
-33.2%

TCS: AI Partnerships And New Outsourcing Wins Will Support Future Upside

Analysts now see slightly less upside for Tata Consultancy Services, trimming their price target from ₹3,583.72 to ₹3,497.86. They are factoring in a marginally higher discount rate and a modestly lower future P/E, while keeping revenue growth and profit margin expectations broadly steady.
HCLTECH
₹1,333.70
HCL Technologies
7D
0.6%
1Y
-14.9%

HCLTECH: AI Partnerships And New Client Wins Will Support Upside Potential

Analysts have trimmed their price target for HCL Technologies by about ₹27 to roughly ₹1,740. This reflects small tweaks to fair value estimates, discount rate assumptions and expected future P/E levels, while keeping revenue growth and profit margin expectations broadly in line with earlier views.
539895
₹27.80
Spice Lounge Food Works
7D
-4.6%
1Y
151.6%
500463
₹504.40
Black Box
7D
1.6%
1Y
39.8%
SAKSOFT
₹119.57
Saksoft
7D
-6.3%
1Y
-26.6%