Sector analysis · India

IT sector earnings growth, Q3 FY26

The 20 largest Information Technology companies by market cap at the end of Q3 FY26 (31 Dec 2025), compared with Q2 FY26.

The top 20 at Q3 FY26

Q3 FY26 vs Q2 FY26: combined net profit ₹29,777 cr (−10%), median EPS −6% (6 of 19 up), market-cap-weighted price +11%. 20 of 20 reported.

Quarter

Q2 FY24 Q3 FY24 Q4 FY24 Q1 FY25 Q2 FY25 Q3 FY25 Q4 FY25 Q1 FY26 Q2 FY26 Q3 FY26 Q4 FY26 Q1 FY27

Compared with

YoY QoQ

Weight is each company's share of the 20 companies' combined market cap. Contribution is the change in its owners' profit divided by their combined base profit, in percentage points, so the column adds up to the sector's earnings growth. EPS cannot be added across companies, which is why contributions use profit.

#	Company	Weight	EPS ₹, base → now	EPS growth	Contribution	Price
1	Tata Consultancy Services LimitedTCS	33.7%	33.37 → 29.45	−12%	−4.3 pp	+11%
2	InfosysINFY	19.0%	17.73 → 16.41	−7%	−2.2 pp	+12%
3	HCL Technologies LimitedHCLTECH	12.8%	15.61 → 15.02	−4%	−0.5 pp	+17%
4	Wipro LimitedWIPRO	8.0%	3.10 → 2.97	−4%	−0.4 pp	+10%
5	LTM LimitedLTM	5.2%	47.27 → 32.74	−31% one-off	−1.3 pp	+18%
6	Tech Mahindra LimitedTECHM	4.5%	12.19 → 11.45	−6%	−0.2 pp	+14%
7	Persistent Systems LimitedPERSISTENT	2.9%	30.15 → 27.86	−8%	−0.1 pp	+30%
8	Oracle Financial Services Software LimitedOFSS	1.9%	62.82 → 70.06	+12%	+0.2 pp	−8%
9	Coforge LimitedCOFORGE	1.6%	— → 7.47	sources disagree one-off	—	+5%
10	MphasiS LimitedMPHASIS	1.5%	24.65 → 23.20	−6%	−0.1 pp	+5%
11	L&T Technology Services LimitedLTTS	1.4%	31.01 → 28.55	−8%	−0.1 pp	+8%
12	Hexaware Technologies LimitedHEXT	1.4%	6.08 → 4.78	−21% one-off	−0.2 pp	+14%
13	Tata ElxsiTATAELXSI	0.9%	24.85 → 17.48	−30% one-off	−0.1 pp	0%
14	KPIT Technologies LimitedKPITTECH	0.9%	6.17 → 4.86	−21% one-off	−0.1 pp	+7%
15	Inventurus Knowledge Solutions LimitedIKS	0.8%	10.53 → 10.69	+2%	0.0 pp	+14%
16	Tata Technologies LimitedTATATECH	0.8%	4.08 → 0.16	−96% one-off	−0.5 pp	−4%
17	Affle 3iAFFLE	0.7%	7.86 → 8.48	+8%	0.0 pp	−8%
18	Sagility LimitedSAGILITY	0.7%	0.54 → 0.57	+6%	+0.1 pp	+22%
19	Netweb Technologies India LimitedNETWEB	0.5%	5.55 → 12.94	+133%	+0.1 pp	−15%
20	Zensar Technologies LimitedZENSARTECH	0.5%	8.01 → 8.79	+10%	+0.1 pp	−8%
	Sector earnings growth	100%			−9.6 pp

Who joined and who left

0 joined and 0 left the top 20 since Q2 FY26, as market caps moved.

Joined the top 20 since Q2 FY26 0

Nobody joined.

Left the top 20 since Q2 FY26 0

Nobody left.

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.

≤ −40%−20%0+20%≥ +40% Blue is growth, red is decline, grey is about zero; the colour stops deepening at ±40%.

sources disagree our two sources disagree, so the figure is left out of the sector totals
outside not in the sector's top 20 that quarter

EPS growth of each company in the sector's top 20, by quarter
Company	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%
LTM	+1%	+1%	−6%	+3%	+10%	−13%	+4%	+11%	+12%	−31%	+43%	+5%
TECHM	−29%	+3%	+29%	+32%	+43%	−21%	+19%	−2%	+5%	−6%	+21%	+8%
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
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%
HEXT	outside	outside	outside	outside	outside	outside	+3%	+16%	−3%	−21%	+20%	−6%
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%
IKS	outside	outside	outside	outside	outside	+41%	+14%	+3%	+19%	+2%	+12%	−6%
TATATECH	outside	+6%	−8%	+3%	−3%	+7%	+12%	−10%	−3%	−96%	+3,044%	−12%
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%
NETWEB	outside	outside	outside	outside	outside	outside	outside	outside	+3%	+133%	−4%	+21%
ZENSARTECH	outside	outside	+7%	−9%	−2%	+3%	+10%	+3%	0%	+10%	outside	outside