Sector analysis · India
IT sector earnings growth, Q4 FY26
The 20 largest Information Technology companies by market cap at the end of Q4 FY26 (31 Mar 2026), compared with Q3 FY26.
The top 20 at Q4 FY26
Q4 FY26 vs Q3 FY26: combined net profit ₹36,878 cr (+24%), median EPS +20% (17 of 19 up), market-cap-weighted price −24%. 20 of 20 reported.
| # | Company | Weight | EPS ₹, base → now | EPS growth | Contribution | Price |
|---|---|---|---|---|---|---|
| 1 | Tata Consultancy Services Limited | 32.8% | 29.45 → 37.92 | +29% | +10.3 pp | −26% |
| 2 | Infosys | 19.5% | 16.41 → 20.96 | +28% | +6.2 pp | −23% |
| 3 | HCL Technologies Limited | 14.0% | 15.02 → 16.54 | +10% | +1.4 pp | −17% |
| 4 | Wipro Limited | 7.6% | 2.97 → 3.34 | +12% | +1.3 pp | −29% |
| 5 | Tech Mahindra Limited | 5.2% | 11.45 → 13.82 | +21% | +0.8 pp | −13% |
| 6 | LTM Limited | 4.6% | 32.74 → 46.96 | +43% | +1.4 pp | −34% |
| 7 | Persistent Systems Limited | 3.0% | 27.86 → 33.55 | +20% | +0.3 pp | −22% |
| 8 | Oracle Financial Services Software Limited | 2.3% | 70.06 → 96.71 | +38% | +0.8 pp | −12% |
| 9 | MphasiS Limited | 1.5% | 23.20 → 26.71 | +15% | +0.2 pp | −26% |
| 10 | Coforge Limited | 1.4% | — → 18.23 | sources disagree | — | −33% |
| 11 | L&T Technology Services Limited | 1.3% | 28.55 → 31.33 | +10% | +0.1 pp | −30% |
| 12 | Hexaware Technologies Limited | 1.0% | 4.78 → 5.75 | +20% one source | +0.2 pp | −44% |
| 13 | Tata Elxsi | 1.0% | 17.48 → 35.37 | +102% | +0.4 pp | −24% |
| 14 | Inventurus Knowledge Solutions Limited | 0.9% | 10.69 → 12.00 | +12% | +0.1 pp | −20% |
| 15 | Tata Technologies Limited | 0.8% | 0.16 → 5.03 | +3,044% | +0.7 pp | −21% |
| 16 | Affle 3i | 0.8% | 8.48 → 8.49 | 0% | 0.0 pp | −19% |
| 17 | Sagility Limited | 0.7% | 0.57 → 0.55 | −4% | 0.0 pp | −23% |
| 18 | Netweb Technologies India Limited | 0.7% | 12.94 → 12.40 | −4% | 0.0 pp | 0% |
| 19 | KPIT Technologies Limited | 0.7% | 4.86 → 5.95 | +22% | +0.1 pp | −46% |
| 20 | Fractal Analytics Limited | 0.5% | 5.97 → 6.85 | +15% | +0.1 pp | — |
| Sector earnings growth | 100% | +24.3 pp |
Who joined and who left
1 joined and 1 left the top 20 since Q3 FY26, as market caps moved.
Joined the top 20 since Q3 FY26
Left the top 20 since Q3 FY26
- Zensar Technologies 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% |
| MPHASIS | −1% | −5% | +5% | +3% | +5% | +1% | +4% | −1% | +6% | −6% | +15% | −4% |
| 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% |
| 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% |
| 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% |
| KPITTECH | +5% | +10% | +6% | +24% | 0% | −8% | +31% | −30% | −2% | −21% | +22% | −28% |
| FRACTAL | outside | outside | outside | outside | outside | outside | outside | outside | outside | outside | +15% | outside |