Sector analysis · India
IT sector earnings growth, Q4 FY25
The 20 largest Information Technology companies by market cap at the end of Q4 FY25 (31 Mar 2025), compared with Q3 FY25.
The top 20 at Q4 FY25
Q4 FY25 vs Q3 FY25: combined net profit ₹33,139 cr (+2%), median EPS +5% (15 of 20 up), market-cap-weighted price −15%. 20 of 20 reported.
| # | Company | Weight | EPS ₹, base → now | EPS growth | Contribution | Price |
|---|---|---|---|---|---|---|
| 1 | Tata Consultancy Services Limited | 37.5% | 34.22 → 33.79 | −1% | −0.5 pp | −12% |
| 2 | Infosys | 18.8% | 16.39 → 16.93 | +3% | +0.7 pp | −16% |
| 3 | HCL Technologies Limited | 12.4% | 16.92 → 15.87 | −6% | −0.9 pp | −17% |
| 4 | Wipro Limited | 7.9% | 3.20 → 3.41 | +7% | +0.7 pp | −13% |
| 5 | Tech Mahindra Limited | 4.0% | 10.05 → 11.92 | +19% | +0.6 pp | −17% |
| 6 | LTM Limited | 3.8% | 36.63 → 38.09 | +4% | +0.1 pp | −20% |
| 7 | Persistent Systems Limited | 2.5% | 23.93 → 25.39 | +6% | +0.1 pp | −15% |
| 8 | Oracle Financial Services Software Limited | 2.0% | 62.35 → 74.13 | +19% | +0.3 pp | −39% |
| 9 | Coforge Limited | 1.6% | 6.45 → 7.81 | +21% | +0.1 pp | −16% |
| 10 | L&T Technology Services Limited | 1.4% | 30.45 → 29.38 | −4% | 0.0 pp | −5% |
| 11 | MphasiS Limited | 1.4% | 22.56 → 23.49 | +4% | +0.1 pp | −12% |
| 12 | Hexaware Technologies Limited | 1.2% | 5.24 → 5.38 | +3% | 0.0 pp | — |
| 13 | KPIT Technologies Limited | 1.0% | 6.82 → 8.93 | +31% | +0.2 pp | −11% |
| 14 | Tata Elxsi | 0.9% | 31.95 → 27.68 | −13% | −0.1 pp | −23% |
| 15 | Tata Technologies Limited | 0.8% | 4.16 → 4.66 | +12% | +0.1 pp | −24% |
| 16 | Inventurus Knowledge Solutions Limited | 0.8% | 7.56 → 8.61 | +14% one source | +0.1 pp | −20% |
| 17 | Affle 3i | 0.7% | 7.13 → 7.34 | +3% | 0.0 pp | −10% |
| 18 | Sagility Limited | 0.6% | 0.46 → 0.39 | −15% | −0.1 pp | −15% |
| 19 | Zensar Technologies Limited | 0.5% | 7.04 → 7.77 | +10% | +0.1 pp | −7% |
| 20 | Newgen Software Technologies Limited | 0.4% | 6.34 → 7.65 | +21% | +0.1 pp | −41% |
| Sector earnings growth | 100% | +1.5 pp |
Who joined and who left
1 joined and 1 left the top 20 since Q3 FY25, as market caps moved.
Joined the top 20 since Q3 FY25
Left the top 20 since Q3 FY25
- Cyient Limited
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% |
| PERSISTENT | +15% | +9% | +10% | −3% | +5% | +15% | +6% | +7% | +11% | −8% | +20% | −9% |
| OFSS | −17% | +77% | −24% | +10% | −6% | −6% | +19% | 0% | −15% | +12% | +38% | +68% |
| COFORGE | +13% | +36% | −13% | −45% | +52% | +6% | +21% | sources disagree | sources disagree | sources disagree | sources disagree | sources disagree |
| LTTS | +1% | +7% | +1% | −8% | +2% | +1% | −4% | +1% | +4% | −8% | +10% | +7% |
| MPHASIS | −1% | −5% | +5% | +3% | +5% | +1% | +4% | −1% | +6% | −6% | +15% | −4% |
| HEXT | outside | outside | outside | outside | outside | outside | +3% | +16% | −3% | −21% | +20% | −6% |
| KPITTECH | +5% | +10% | +6% | +24% | 0% | −8% | +31% | −30% | −2% | −21% | +22% | −28% |
| TATAELXSI | +6% | +3% | −5% | −7% | +25% | −13% | −13% | −16% | +7% | −30% | +102% | −23% |
| 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% |
| SAGILITY | outside | outside | outside | outside | outside | +84% | −15% | −18% | +69% | +6% | −4% | −16% |
| ZENSARTECH | outside | outside | +7% | −9% | −2% | +3% | +10% | +3% | 0% | +10% | outside | outside |
| NEWGEN | +59% | +43% | outside | outside | +48% | +27% | +21% | −54% | outside | outside | outside | outside |