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Indian (NIFTY) IT Consulting Industry Analysis

UpdatedApr 15, 2026
DataAggregated Company Financials
Companies157
  • 7D-2.0%
  • 3M-20.0%
  • 1Y-13.1%
  • YTDn/a

Over the last 7 days, the IT Consulting industry has dropped 2.0%, driven by pullbacks in Infosys and Tata Consultancy Services of 4.7% and 2.6%, respectively. In contrast, Black Box has gained 10%. Overall the industry is down 13% in 12 months. 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
Wed, 15 Apr 2026₹26.0t₹9.0t₹1.3t21.7x19.9x2.9x
Fri, 13 Mar 2026₹25.3t₹8.9t₹1.3t20.7x19.6x2.8x
Sun, 08 Feb 2026₹30.2t₹8.9t₹1.3t23x23.7x3.4x
Tue, 06 Jan 2026₹32.5t₹8.7t₹1.3t24.9x24.8x3.7x
Thu, 04 Dec 2025₹32.6t₹8.7t₹1.3t24.4x24.9x3.7x
Sat, 01 Nov 2025₹30.9t₹8.7t₹1.3t28x23.8x3.6x
Mon, 29 Sep 2025₹29.3t₹8.6t₹1.3t25.8x22.7x3.4x
Wed, 27 Aug 2025₹31.4t₹8.5t₹1.3t26.2x24.4x3.7x
Fri, 25 Jul 2025₹31.5t₹8.4t₹1.3t29.2x24.8x3.7x
Sun, 22 Jun 2025₹33.9t₹8.4t₹1.3t30.2x27x4.1x
Tue, 20 May 2025₹33.1t₹8.3t₹1.3t28.5x26.5x4x
Thu, 17 Apr 2025₹30.0t₹8.3t₹1.2t26.9x24x3.6x
Sat, 15 Mar 2025₹32.3t₹8.3t₹1.3t25.5x25.7x3.9x
Mon, 10 Feb 2025₹37.6t₹8.2t₹1.3t32.4x30x4.6x
Wed, 08 Jan 2025₹38.1t₹8.0t₹1.2t34.5x31.7x4.8x
Fri, 06 Dec 2024₹40.1t₹8.0t₹1.2t36.8x33.4x5x
Sun, 03 Nov 2024₹36.3t₹8.0t₹1.2t37.1x30.3x4.6x
Tue, 01 Oct 2024₹38.0t₹7.8t₹1.2t39.2x32.6x4.9x
Thu, 29 Aug 2024₹38.9t₹7.8t₹1.2t39.7x33.3x5x
Sat, 27 Jul 2024₹37.7t₹7.8t₹1.2t40.6x32.3x4.8x
Mon, 24 Jun 2024₹32.7t₹7.7t₹1.1t34.2x28.6x4.2x
Wed, 22 May 2024₹31.4t₹7.7t₹1.1t36.6x27.7x4.1x
Fri, 19 Apr 2024₹31.7t₹7.8t₹1.1t37.6x27.8x4.1x
Sun, 17 Mar 2024₹35.1t₹7.7t₹1.1t33.5x31.6x4.6x
Tue, 13 Feb 2024₹35.2t₹7.7t₹1.1t39.7x31.7x4.6x
Thu, 11 Jan 2024₹32.9t₹7.8t₹1.1t41.9x28.8x4.2x
Sat, 09 Dec 2023₹31.8t₹7.8t₹1.1t38.8x27.8x4.1x
Mon, 06 Nov 2023₹28.9t₹7.7t₹1.1t37.4x25.5x3.7x
Wed, 04 Oct 2023₹29.7t₹7.6t₹1.1t35.3x26.4x3.9x
Fri, 01 Sep 2023₹28.8t₹7.6t₹1.1t35.2x25.7x3.8x
Sun, 30 Jul 2023₹27.8t₹7.5t₹1.1t32.2x24.9x3.7x
Tue, 27 Jun 2023₹27.0t₹7.4t₹1.1t33x24.6x3.7x
Thu, 25 May 2023₹27.4t₹7.4t₹1.1t26x24.8x3.7x
Sat, 22 Apr 2023₹25.8t₹7.2t₹1.1t25.2x23.6x3.6x
Price to Earnings Ratio

23.6x


Total Market Cap: ₹25.8tTotal 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 19.9x 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 Market4.48%
Tech-0.42%
IT-1.95%
IT Consulting-1.96%
Internet Services and Infrastructure5.71%
Data Processing Services0.17%
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
507685 Wipro₹209.803.2%
+₹68.1b		-15.2%PE16.6x
LTM LTM₹4.63k2.3%
+₹31.3b		8.2%PE28.9x
TECHM Tech Mahindra₹1.48k2.2%
+₹28.7b		13.4%PE28.4x
PERSISTENT Persistent Systems₹5.49k2.1%
+₹17.1b		16.6%PE47.3x
HEXT Hexaware Technologies₹485.004.5%
+₹11.9b		-23.1%PE21.6x

Latest News

532175
₹962.35
Cyient
7D
12.0%
1Y
-18.8%
507685
₹209.80
Wipro
7D
3.2%
1Y
-15.2%

507685: AI Native Platforms And Global Hubs Will Shape Measured Future Upside

Analysts have reduced their price target on Wipro from ₹242.17 to ₹221.95. This reflects updated views on slightly lower profit margins and P/E assumptions, along with revised expectations for growth and discount rates.
HEXT
₹485.00
Hexaware Technologies
7D
4.5%
1Y
-23.1%
526299
₹2,409.20
Mphasis
7D
2.6%
1Y
6.3%

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
₹2,554.90
Tata Consultancy Services
7D
-0.2%
1Y
-22.0%
INFY
₹1,305.30
Infosys
7D
-3.0%
1Y
-7.6%

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
₹5,488.50
Persistent Systems
7D
2.1%
1Y
16.6%
LTM
₹4,628.70
LTM
7D
2.3%
1Y
8.2%
HCLTECH
₹1,451.30
HCL Technologies
7D
-0.7%
1Y
1.4%

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.
TECHM
₹1,483.80
Tech Mahindra
7D
2.2%
1Y
13.4%

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.
RSYSTEMS
₹269.76
R Systems International
7D
-4.4%
1Y
-19.1%

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?
500463
₹535.15
Black Box
7D
7.0%
1Y
45.1%

500463: Upcoming Board Review And Margin Outlook Will Shape Bullish Performance

Analysts have trimmed their price target on Black Box by ₹12, reflecting updated assumptions that combine slightly lower revenue growth expectations with higher profit margin estimates and a reduced future P/E multiple. What's in the News Board meeting scheduled for Feb 11, 2026, at 19:45 Indian Standard Time to review draft unaudited standalone and consolidated financial results for the quarter and period ended Dec 31, 2025 (company filing).
534535
₹92.85
String Metaverse
7D
-14.2%
1Y
7.1%
SAHANA
₹860.70
Sahana System
7D
-7.7%
1Y
-43.8%
501421
₹5,793.35
TechNVision Ventures
7D
-6.1%
1Y
41.3%
539895
₹29.50
Spice Lounge Food Works
7D
-8.2%
1Y
196.5%