By Dalal Street Investment Journal (DSIJ)
India’s IT sector enters FY27 after a sharp 2026 correction, with Nifty IT down about 20.8% YTD. The article compares 10 leading IT companies, valuations, deal wins and TCV while examining AI, GCCs, cloud, cybersecurity, policy support and key risks shaping the sector outlook.
India’s information technology industry is one of the country’s largest export-oriented service sectors. According to NASSCOM, the global IT services industry is estimated to have revenues ranging between $1.65 and $1.87 trillion. Additionally, the global technology expenditure exceeds $6.1 trillion. India contributes 13%–15% to the global IT services exports and also owns a market share of 17.58% in the global outsourcing market.
The industry has almost doubled in size over the past eight years. Revenue from India’s IT and BPM sector increased from $167 billion in FY18 to an estimated $315.4 billion in FY26, while export revenue reached $246.4 billion. America continues to be the biggest market for most Indian IT firms, generating nearly 50%-60% of their combined revenue, followed by Europe and Asia Pacific.
1. IT services cover software development, infrastructure management, systems integration and consulting.
2. Business Process Management includes customer support, finance and accounting and other back-office functions.
3. Engineering Research and Development covers product design, embedded systems and semiconductor-related engineering work.
Most Indian information technology companies earn their income through contract-based or multi-year projects. The price can be based on the time and effort involved, project cost, or, more commonly now, business results.
Indian IT stocks have been among the weakest segments of the market in 2026. As of August 19, 2026, the Nifty IT index was down about 20.27% YTD, compared with a 7.9% decline in the Nifty 50. In other words, IT has fallen nearly 2.7 times more than the benchmark, creating a gap of over 12 percentage points.
The broader market has faced pressure from tariff concerns, sustained FII selling, higher crude oil prices, rupee depreciation and weaker earnings. FIIs have withdrawn around ₹3.50 trillion as of August 19, 2026, through cash market transactions, while domestic inflows have provided some support. As per AMFI, SIP inflows stood at nearly ₹32,000 crore in July 2026.
IT companies have faced additional headwinds from AI-driven changes in outsourcing, cautious global technology spending and uncertainty in the U.S. market, their largest revenue source. As of August 19, 2026, the weakness remained broad-based, with TCS down about 29% YTD, Infosys around 32% and Wipro about 33%. Meanwhile, the Nasdaq Composite had gained around 13% until August 18, 2026, suggesting India's IT underperformance was not solely linked to global technology trends.
For investors, the key focus remains on how AI adoption, softer discretionary spending, and evolving outsourcing models could influence future growth and valuations.
The IT sector stocks list below covers 10 major listed technology companies, along with their market capitalization, P/E and one-year return as of August 19, 2026.
Company | Market Cap (₹ crore) | P/E Ratio | 1-Year Return |
8,21,867 | 15.3 | -24.40% | |
4,55,273 | 14.6 | -22.60% | |
3,54,201 | 19.6 | -12.10% | |
1,77,291 | 13.4 | -27.90% | |
1,55,540 | 29.3 | 6.37% | |
LTM Ltd (LTIMindtree) | 1,36,446 | 24.3 | -10.70% |
1,01,854 | 29.8 | 35.20% | |
86,650 | 43.5 | 3.93% | |
79,814 | 41.6 | 7.28% | |
46,207 | 23.9 | -11.30% |
The IT sector outlook for 2026 remains closely linked to global technology spending, with demand increasingly concentrated around AI, cloud, cybersecurity, engineering services and efficiency-led projects rather than a broad revival in discretionary spending.
1. AI and automation
Artificial intelligence is becoming a larger part of enterprise technology spending. Indian IT companies are increasingly working on AI integration, data modernization, automation and related digital projects. At the same time, AI is changing traditional delivery models by reducing the manpower required for some routine technology work.
2. Cloud and cybersecurity
Businesses are constantly trying to modernize old software and migrate their applications and data to cloud-based platforms. The investment in cybersecurity is increasing due to a greater digital footprint.
3. Engineering R&D
Engineering Research and Development is another important growth area. As stated by NASSCOM, the world will invest $2.5 trillion in ER&D, creating opportunities for companies in the domains of automotive engineering, semiconductors, embedded systems design and industrial engineering.
4. Cost Optimization and GCC-Led Technology Demand
Global companies remain focused on improving efficiency and reducing technology costs, supporting outsourcing, automation and vendor consolidation. At the same time, India’s expanding GCC ecosystem is taking on more engineering, digital and technology work, increasing demand for specialized skills and higher-value services.
Together, these indicate that FY27 growth will be more dependent on high-value technology-enabled services and efficiencies rather than outsourcing volumes.
The steep correction in the industry has compressed the valuations of Indian IT stocks. As of August 19, 2026, comparisons of current valuation ratios with historical levels highlight the shift in investor sentiment. P/E measures the relationship between a stock’s price and earnings, while P/B compares its market value with book value.
Company | FY26 P/E | 5-Yr Median P/E | FY26 P/B | 5-Yr Median P/B | FY26 EV/EBITDA | 5-Yr Median EV/EBITDA |
TCS | 15.3 | 29.8 | 7.76 | 13.2 | 10.5 | 20 |
Infosys | 14.6 | 25.7 | 5.6 | 8 | 10.4 | 16 |
HCL Technologies | 19.8 | 23.8 | 4.7 | 5.4 | 11.7 | 14.1 |
Wipro | 13.4 | 20.2 | 2.13 | 3.3 | 8.49 | 12.6 |
Tech Mahindra | 29.2 | 30.3 | 5.27 | 5.1 | 15.9 | 16.8 |
LTM | 24 | 33.5 | 5.67 | 8.3 | 15.1 | 22.2 |
Oracle Financial Services Software | 29.8 | 24.3 | 13 | 7.8 | 20.2 | 15.6 |
Persistent Systems | 43.7 | 52 | 11.1 | 11.6 | 28 | 31 |
Coforge | 41.9 | 45.8 | 6.35 | 9.4 | 22.9 | 24.8 |
Mphasis | 23.8 | 29.2 | 4.31 | 5.7 | 13.8 | 17.5 |
The table demonstrates that the phenomenon of valuation compression has been widespread; however, it is inconsistent. Both TCS and Infosys are trading at multiples much lower than their five-year median values for each metric considered, but HCL Technologies and Tech Mahindra are trading at multiples close to historical medians. Middle-tier companies like Persistent Systems have multiples that remain relatively high, but their FY26 multiples are still below five-year median levels.
What must be understood is that a reduced multiple does not necessarily mean that a stock is cheap. Besides the multiple, investors must evaluate the growth rate, margins, transaction rate, and possible impact of AI on future growth rates.
1. Safe Harbour Reform for IT Services
Budget 2026-27 made provisions for categorizing software development, IT-enabled services, KPO and contract software R&D into one IT Services category. The standard safe harbour margin for this category is 15.5% and the eligibility criteria margin is likely to increase from ₹300 crore to ₹2,000 crore.
2. IndiaAI Mission
The IndiaAI Mission has an approved outlay of ₹10,371.92 crore over five years. By early 2026, the IndiaAI Mission had onboarded more than 38,000 GPUs and 1,050 TPUs, with GPU access available at around ₹65 per hour.
3. Cloud and data-centre incentives
Budget 2026-27 proposed a tax holiday until 2047 for eligible foreign companies providing global cloud services through data centres in India. A 15% safe harbour on cost has also been proposed for certain related-party data-centre arrangements.
4. Data Protection Guidelines
Digital Personal Data Protection Regulations, 2025, are related to issues such as consent, reasonable security practices, data breach reporting and user rights. Any failure to implement reasonable security practices may be liable to a penalty of up to ₹250 crore.
5. India-UK CETA
The India-U.K. Comprehensive Economic and Trade Agreement, which came into effect on July 15, 2026, provides access to 137 sub-sectors of U.K. services, including IT services. The social security agreement that accompanies this deal is estimated to help Indian companies save over ₹4,000 crore.
Both these initiatives will improve the business environment for IT companies.
There are certain factors that could affect the performance of Indian IT companies in FY27, including selective customer spending, pricing impacts by artificial intelligence and profitability.
1. Caution in Discretionary Spending
The use of money by customers in purchasing enterprise technologies is cautious. This is because the focus is on cost optimization and efficiency. Large project approvals may delay growth.
2. AI and Pressure on Pricing
AI has helped increase efficiency, but it has also changed how companies outsource work. Since clients are now choosing to pay for results and require fewer people to complete some of the jobs, IT companies could face pressure on their pricing model unless they increase revenue through other more profitable areas.
3. Margin and Talent Costs
Employee expenses form a large part of the costs in the IT sector. Increased wages, subcontracting and attrition may lead to margin pressures where revenue growth is poor. According to NASSCOM, attrition during Q1 FY26 was at about 15% - 18%.
4. Currency, Regulation and Cybersecurity
Since a substantial proportion of revenues is derived from foreign markets, changes in exchange rates can impact revenues and profits. Moreover, firms face stricter laws regarding information security and any breach will cost them both financially and reputationally.
For investors, deal conversion, margins, AI monetization and client spending remain important indicators alongside headline revenue growth.
Investors looking for exposure to the Indian IT sector can broadly choose between individual stocks, sectoral mutual funds and exchange-traded funds. Each route provides exposure to the same industry, but the level of diversification, control and portfolio concentration differs.
Route | Example | How It Works |
Direct Equity | TCS, Infosys, HCL Technologies | Investors directly select and invest in individual IT companies. |
IT Sector Fund | ICICI Prudential Technology Fund, Tata Digital India Fund, SBI Technology Opportunities Fund | An actively managed mutual fund invests mainly across technology companies. |
IT ETF | Nippon India ETF Nifty IT, ICICI Prudential Nifty IT ETF, Mirae Asset Nifty IT ETF | Passively tracks an IT index such as Nifty IT and trades on the stock exchange |
Direct equity offers greater freedom in stock selection and portfolio weightage, but it is riskier. Sectoral mutual funds give professional management with diversification in the IT sector, while ETFs give passive investing in the IT index. As per the guidelines of SEBI, the minimum investment in the sector or the theme is 80%.
All three routes remain concentrated in the IT sector. Their performance can therefore be influenced by common factors such as global technology spending, currency movements, outsourcing demand and changes brought about by AI.
Quarterly revenue shows what an IT company has already delivered, while deal wins indicate the business that may convert into revenue over the coming quarters. This makes Total Contract Value, or TCV, an important measure of underlying demand in Indian IT.
TCV refers to the aggregate value of contracts signed during a period. However, the big deals do not generate similar revenues right away as contracts may take several years to generate the maximum impact.
Q1 FY27 numbers highlight these trends. TCS reported a TCV of $9.5 billion, including several AI-led transformation wins and an $800 million deal with SKF. Infosys reported $3.6 billion of large-deal TCV, of which 61% was net new. Wipro reported total bookings of $3.4 billion, including $1.6 billion from 13 large deals.
For investors, the quality of TCV matters as much as the headline number. A higher share of net-new deals can indicate fresh business wins, while renewals mainly support revenue visibility. TCV should therefore be read alongside deal duration, ramp-up schedules and revenue conversion. Strong bookings are more meaningful when they begin translating into sustained revenue growth.
AI and the growth of Global Capability Centres are redefining the conventional process of outsourcing for Indian IT firms.
Use of generative AI can automate aspects of software development, testing, application maintenance and customer support, thereby decreasing manpower needs in certain cases. According to NASSCOM, a trend towards outcome-based agreements is expected whereby the clients will pay for the achievement of business outcomes and not resource usage.
GCCs add a further level of pressure on India due to their increasing tendency to bring more IT work in-house. India presently has over 1,700 GCCs, employing 1.9 million professionals with revenues exceeding $64.6 billion. By the year 2030, the system will grow to 2,400 centers with revenues exceeding $105 billion.
The opportunity lies in the type of work these trends create. Enterprises and GCCs still require external expertise in AI implementation, cloud migration, cybersecurity, data modernization and engineering services.
For investors, the key question is whether Indian IT companies can replace slower manpower-led outsourcing growth with higher-value AI, cloud, engineering and digital revenue as client delivery models evolve.
IT stocks are shares of companies that earn revenue from technology services such as software development, cloud migration, consulting, cybersecurity, engineering services, data analytics and artificial intelligence. In India, the sector includes large global IT services companies as well as mid-sized firms focused on specialized technology segments.
The major drivers include technology spending by global clients, deal wins, Total Contract Value, or TCV, discretionary technology budgets, pricing, employee utilization and currency movements. Since a large share of revenue is earned overseas, economic conditions in the U.S. and Europe can also influence demand.
The U.S. happens to be the largest market for most of the top Indian IT service providers. A slowdown in business expenditures in the U.S. will affect discretionary tech spending, while better business sentiment will result in spending on cloud, digital transformation, AI and other tech initiatives.
A weaker rupee can support reported revenue and margins because Indian IT companies earn a significant portion of their revenue in foreign currencies while a large part of their employee costs is incurred in rupees. However, the actual benefit depends on currency hedging, pricing and the geographic mix of revenue.
TCV stands for Total Contract Value, which is basically the sum total of all the contracts that have been entered into during a specified time. High TCV can indicate future revenues for an organization, but investors must look at the contract period and type as well since TCV may not mean growth in revenues.
They can be both a risk and an opportunity. AI can automate parts of coding, testing and application maintenance, while the expansion of Global Capability Centres allows multinational companies to bring more technology work in-house. At the same time, AI implementation, cloud, cybersecurity, data modernization and GCC-related services are creating new areas of demand for Indian IT firms.
The primary risks are poor technology spending globally, delayed discretionary spending, pricing pressure, concentration of clients, foreign exchange risks, high costs for staff and technology risk. It is important to mention how capable the company is in adapting its business model given the disruptive effect of artificial intelligence.
Operating metrics to look out for include revenue growth, growth in constant currency, operating margins, win rate, TCV, acquisition of clients, attrition, employee utilization and management guidance, among others. Investors should also consider how well the valuation reflects these metrics.
SEBI Registered Research Analyst (INH000006396).
Founded in 1986, Dalal Street Investment Journal (DSIJ) brings decades of experience in India’s equity markets. DSIJ's research combines fundamental analysis with price action, guided by disciplined risk management and capital preservation. They follow a structured, data-driven approach designed to help investors and traders make informed decisions beyond short-term market noise.
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Bajaj Financial Securities Limited or its associates may have received compensation from the subject company in the past 12 months. Bajaj Financial Securities Limited or its associates may have managed or co-managed public offering of securities for the subject company in the past 12 months. Bajaj Financial Securities Limited or its associates may have received compensation for investment banking or merchant banking or brokerage services from the subject company in the past 12 months. Bajaj Financial Securities Limited or its associates may have received any compensation for products or services other than investment banking or merchant banking or brokerage services from the subject company in the past 12 months. Bajaj Financial Securities Limited or its associates have not received any compensation or other benefits from the Subject Company or third party in connection with the research report. Research analyst or his/her relative or Bajaj Financial Securities Limited’s associates may have financial interest in the subject company. Bajaj Financial Securities Limited, its associates, research analyst and his/her relative may have other potential/material conflict of interest with respect to any recommendation and related information and opinions at the time of publication of research report or at the time of public appearance.
Research analyst has served as an officer, director or employee of subject Company: No
Bajaj Financial Securities Limited has financial interest in the subject companies: No
Bajaj Financial Securities Limited’s Associates may have actual/beneficial ownership of 1% or more securities of the subject company at the end of the month immediately preceding the date of publication of research report.
Research analyst or his/her relative has actual/beneficial ownership of 1% or more securities of the subject company at the end of the month immediately preceding the date of publication of research report: No
Bajaj Financial Securities Limited has actual/beneficial ownership of 1% or more securities of the subject company at the end of the month immediately preceding the date of publication of research report: No
Subject company may have been client during twelve months preceding the date of distribution of the research report.
There were no instances of non-compliance by Bajaj Financial Securities Limited on any matter related to the capital markets, resulting in significant and material disciplinary action during the last three years. A graph of daily closing prices of the securities is also available at NSE
ANALYST CERTIFICATION
The analyst for this report certifies that all of the views expressed in this report accurately reflect his or her personal views about the subject company or companies and its or their securities, and no part of his or her compensation was, is or will be, directly or indirectly related to specific recommendations or views expressed in this report.
RISK DISCLOSURE ON DERIVATIVES
SEBI study dated January 25, 2023 on “Analysis of Profit and Loss of Individual Traders dealing in equity Futures and Options (F&O) Segment”, wherein Aggregate Level findings are based on annual Profit/Loss incurred by individual traders in equity F&O during FY 2021-22.
BROKERAGE DISCLAIMER
All leveraged intraday positions will be squared off on the same day. There is no restriction on the withdrawal of the unutilised margin amount. Brokerage will not exceed the SEBI prescribed limit. Visit : Pricing
MTF
As subject to the provisions of SEBI Circular CIR/MRD/DP/54/2017 dated June 13, 2017, and the terms and conditions mentioned in the lights and obligations statement issued by the TM (if applicable).
US INVESTING
International investment is not supervised by any regulatory body in India. Thus, any claim or dispute relating to such investment or enforcement of any agreement/contract /claim will not be under laws and regulations of the recognized stock exchanges and investor protection under Indian Securities Law. The account opening process will be carried out on Vested platform and Bajaj Financial Securities Limited will not have any role in it.
IPO
This should not be construed as soliciting investment. Investors’ discretion is required. Kindly consult your financial expert before investing. No need to issue cheques by investors while subscribing to IPO. Investments in securities markets are subject to market risks, read all the related documents carefully before investing.
SCREENERS
Screeners is not Exchange-approved products and any disputes related to the same will not be dealt on the Exchange platform.
SECURITIES
Securities quoted are exemplary and not recommendatory.
IPV
Account would be open after all procedure relating to IPV and client due diligence is completed.
IMAGES
The images used are only for representation purpose. Proper due diligence has been done for the images and the image is not of any artist. The same is captured from royalty free sites.
THIRD PARTY PRODUCT DISCLAIMER
Bajaj Financial Securities Limited is a distributor for Non-Broking Products/Services such as Mutual Funds, Mutual Funds SIP, IPO, Bonds, Insurance, PMS, Global Investing, any other third-party products/services. These are not Exchange Traded Products, and we are only acting as distributors. All disputes with respect to the distribution activity, would not have access to SCORES/ODR, Exchange investor redressal forum or Arbitration mechanism. Please refer to the detailed disclaimer for Third-Party Products.
As per SEBI circular no. SEBI/HO/MIRSD/MIRSD-PoD-1/P/CIR/2023/84 dated June 08, 2023, Stockbrokers are required to upstream the entire client funds lying with them to the Clearing Corporation. Based on client’s request the funds’ release request must be placed with the Clearing Corporation. Based on the internal process and cut-off timelines of the Clearing Corporation the funds will be released to the Stock Broker. In view of this new process, as specified by the regulatory and the cut-off time of Clearing Corporation/Banks processing the funds, Bajaj Financial Securities Limited cannot commit the exact time for releasing funds payout to its client. Clients are requested to note that, Bajaj Financial Securities Limited will not be responsible for any inconvenience caused to clients due to delay in release of funds payout, including fines, delayed charges, defaults, etc.
