Sector analysis · India
IT sector earnings growth, Q3 FY25
The 20 largest Information Technology companies by market cap at the end of Q3 FY25 (31 Dec 2024), compared with Q2 FY25.
The top 20 at Q3 FY25
Q3 FY25 vs Q2 FY25: combined net profit ₹32,452 cr (+3%), median EPS +4% (14 of 20 up), market-cap-weighted price +1%. 20 of 20 reported.
| # | Company | Weight | EPS ₹, base → now | EPS growth | Contribution | Price |
|---|---|---|---|---|---|---|
| 1 | Tata Consultancy Services Limited | 36.4% | 32.92 → 34.22 | +4% | +1.5 pp | −4% |
| 2 | Infosys | 19.2% | 15.67 → 16.39 | +5% | +1.0 pp | 0% |
| 3 | HCL Technologies Limited | 12.8% | 15.61 → 16.92 | +8% | +1.1 pp | +7% |
| 4 | Wipro Limited | 7.8% | 3.07 → 3.20 | +4% | +0.5 pp | +11% |
| 5 | Tech Mahindra Limited | 4.1% | 12.78 → 10.05 | −21% | −0.8 pp | +8% |
| 6 | LTM Limited | 4.1% | 42.24 → 36.63 | −13% | −0.5 pp | −11% |
| 7 | Oracle Financial Services Software Limited | 2.7% | 66.60 → 62.35 | −6% | −0.1 pp | +12% |
| 8 | Persistent Systems Limited | 2.5% | 20.85 → 23.93 | +15% | +0.2 pp | +18% |
| 9 | Coforge Limited | 1.6% | 6.06 → 6.45 | +6% | 0.0 pp | +38% |
| 10 | MphasiS Limited | 1.3% | 22.37 → 22.56 | +1% | 0.0 pp | −5% |
| 11 | L&T Technology Services Limited | 1.2% | 30.20 → 30.45 | +1% | 0.0 pp | −11% |
| 12 | Tata Elxsi | 1.0% | 36.84 → 31.95 | −13% | −0.1 pp | −12% |
| 13 | KPIT Technologies Limited | 1.0% | 7.43 → 6.82 | −8% | −0.1 pp | −10% |
| 14 | Tata Technologies Limited | 0.9% | 3.88 → 4.16 | +7% | 0.0 pp | −19% |
| 15 | Inventurus Knowledge Solutions Limited | 0.8% | 5.37 → 7.56 | +41% one source | +0.1 pp | — |
| 16 | Affle 3i | 0.6% | 6.56 → 7.13 | +9% | 0.0 pp | +12% |
| 17 | Newgen Software Technologies Limited | 0.6% | 5.01 → 6.34 | +27% | +0.1 pp | +27% |
| 18 | Sagility Limited | 0.6% | 0.25 → 0.46 | +84% | +0.3 pp | — |
| 19 | Cyient Limited | 0.5% | 16.14 → 11.02 | −32% | −0.2 pp | −2% |
| 20 | Zensar Technologies Limited | 0.4% | 6.86 → 7.04 | +3% | 0.0 pp | +11% |
| Sector earnings growth | 100% | +3.0 pp |
Who joined and who left
2 joined and 2 left the top 20 since Q2 FY25, as market caps moved.
Joined the top 20 since Q2 FY25
Left the top 20 since Q2 FY25
- Sonata Software Limited
- Birlasoft Ltd
EPS growth by company, Q2 FY24 to Q1 FY27
Each company's EPS growth quarter on quarter, every quarter it was in the top 20.
| Q2 FY24 | Q3 FY24 | Q4 FY24 | Q1 FY25 | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| TCS | +2% | −1% | +12% | −3% | −1% | +4% | −1% | +4% | −5% | −12% | +29% | −3% |
| INFY | +5% | −2% | +31% | −20% | +2% | +5% | +3% | −2% | +6% | −7% | +28% | −9% |
| HCLTECH | +8% | +14% | −8% | +7% | −1% | +8% | −6% | −11% | +10% | −4% | +10% | +3% |
| WIPRO | −3% | +2% | +5% | +6% | +7% | +4% | +7% | −7% | −3% | −4% | +12% | +1% |
| TECHM | −29% | +3% | +29% | +32% | +43% | −21% | +19% | −2% | +5% | −6% | +21% | +8% |
| LTM | +1% | +1% | −6% | +3% | +10% | −13% | +4% | +11% | +12% | −31% | +43% | +5% |
| OFSS | −17% | +77% | −24% | +10% | −6% | −6% | +19% | 0% | −15% | +12% | +38% | +68% |
| PERSISTENT | +15% | +9% | +10% | −3% | +5% | +15% | +6% | +7% | +11% | −8% | +20% | −9% |
| COFORGE | +13% | +36% | −13% | −45% | +52% | +6% | +21% | sources disagree | sources disagree | sources disagree | sources disagree | sources disagree |
| MPHASIS | −1% | −5% | +5% | +3% | +5% | +1% | +4% | −1% | +6% | −6% | +15% | −4% |
| LTTS | +1% | +7% | +1% | −8% | +2% | +1% | −4% | +1% | +4% | −8% | +10% | +7% |
| TATAELXSI | +6% | +3% | −5% | −7% | +25% | −13% | −13% | −16% | +7% | −30% | +102% | −23% |
| KPITTECH | +5% | +10% | +6% | +24% | 0% | −8% | +31% | −30% | −2% | −21% | +22% | −28% |
| TATATECH | outside | +6% | −8% | +3% | −3% | +7% | +12% | −10% | −3% | −96% | +3,044% | −12% |
| IKS | outside | outside | outside | outside | outside | +41% | +14% | +3% | +19% | +2% | +12% | −6% |
| AFFLE | +1% | +9% | +14% | −1% | +6% | +9% | +3% | +2% | +5% | +8% | 0% | +7% |
| NEWGEN | +59% | +43% | outside | outside | +48% | +27% | +21% | −54% | outside | outside | outside | outside |
| SAGILITY | outside | outside | outside | outside | outside | +84% | −15% | −18% | +69% | +6% | −4% | −16% |
| CYIENT | +6% | −18% | +28% | −24% | +24% | −32% | outside | outside | outside | outside | outside | outside |
| ZENSARTECH | outside | outside | +7% | −9% | −2% | +3% | +10% | +3% | 0% | +10% | outside | outside |