Sector analysis · India
IT sector earnings growth, Q2 FY26
The 20 largest Information Technology companies by market cap at the end of Q2 FY26 (30 Sep 2025), compared with Q2 FY25.
The top 20 at Q2 FY26
Q2 FY26 vs Q2 FY25: combined net profit ₹32,946 cr (+5%), median EPS +10% (14 of 19 up), market-cap-weighted price −25%. 20 of 20 reported.
| # | Company | Weight | EPS ₹, base → now | EPS growth | Contribution | Price |
|---|---|---|---|---|---|---|
| 1 | Tata Consultancy Services Limited | 33.7% | 32.92 → 33.37 | +1% | +0.5 pp | −32% |
| 2 | Infosys | 19.3% | 15.67 → 17.73 | +13% | +2.7 pp | −23% |
| 3 | HCL Technologies Limited | 12.1% | 15.61 → 15.61 | 0% | 0.0 pp | −23% |
| 4 | Wipro Limited | 8.1% | 3.07 → 3.10 | +1% | +0.1 pp | −12% |
| 5 | LTM Limited | 4.9% | 42.24 → 47.27 | +12% | +0.5 pp | −17% |
| 6 | Tech Mahindra Limited | 4.4% | 12.78 → 12.19 | −5% | −0.2 pp | −11% |
| 7 | Persistent Systems Limited | 2.4% | 20.85 → 30.15 | +45% | +0.5 pp | −12% |
| 8 | Oracle Financial Services Software Limited | 2.4% | 66.60 → 62.82 | −6% | −0.1 pp | −27% |
| 9 | Coforge Limited | 1.7% | — → 11.23 | sources disagree | — | +13% |
| 10 | MphasiS Limited | 1.6% | 22.37 → 24.65 | +10% | +0.1 pp | −12% |
| 11 | L&T Technology Services Limited | 1.4% | 30.20 → 31.01 | +3% | 0.0 pp | −23% |
| 12 | Hexaware Technologies Limited | 1.3% | 3.23 → 6.08 | +88% | +0.6 pp | — |
| 13 | Tata Elxsi | 1.1% | 36.84 → 24.85 | −33% | −0.2 pp | −32% |
| 14 | KPIT Technologies Limited | 1.0% | 7.43 → 6.17 | −17% | −0.1 pp | −33% |
| 15 | Affle 3i | 0.9% | 6.56 → 7.86 | +20% | +0.1 pp | +23% |
| 16 | Tata Technologies Limited | 0.9% | 3.88 → 4.08 | +5% | 0.0 pp | −39% |
| 17 | Inventurus Knowledge Solutions Limited | 0.8% | 5.37 → 10.53 | +96% | +0.3 pp | — |
| 18 | Netweb Technologies India Limited | 0.7% | 4.56 → 5.55 | +22% | 0.0 pp | +45% |
| 19 | Sagility Limited | 0.6% | 0.25 → 0.54 | +116% | +0.4 pp | — |
| 20 | Zensar Technologies Limited | 0.6% | 6.86 → 8.01 | +17% | +0.1 pp | +13% |
| Sector earnings growth | 100% | +5.3 pp |
Who joined and who left
1 joined and 1 left the top 20 since Q1 FY26, as market caps moved.
Joined the top 20 since Q1 FY26
Left the top 20 since Q1 FY26
- Newgen Software Technologies Limited
EPS growth by company, Q2 FY24 to Q1 FY27
Each company's EPS growth year on year, 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 | +9% | +3% | +10% | +10% | +6% | +12% | −2% | +6% | +1% | −14% | +12% | +5% |
| INFY | +5% | −6% | +30% | +7% | +5% | +11% | −12% | +9% | +13% | 0% | +24% | +15% |
| HCLTECH | +10% | +6% | 0% | +21% | +11% | +6% | +8% | −10% | 0% | −11% | +4% | +20% |
| WIPRO | +5% | −7% | −3% | +10% | +21% | +24% | +26% | +11% | +1% | −7% | −2% | +6% |
| LTM | +1% | +17% | −1% | −2% | +8% | −7% | +3% | +11% | +12% | −11% | +23% | +17% |
| TECHM | −62% | −61% | −41% | +26% | +153% | +92% | +76% | +30% | −5% | +14% | +16% | +28% |
| PERSISTENT | +19% | +19% | +24% | +34% | +22% | +29% | +24% | +37% | +45% | +16% | +32% | +13% |
| OFSS | +5% | +69% | +16% | +23% | +38% | −27% | +15% | +4% | −6% | +12% | +30% | +120% |
| COFORGE | sources disagree | sources disagree | sources disagree | −26% | −1% | −22% | +8% | sources disagree | sources disagree | sources disagree | sources disagree | sources disagree |
| MPHASIS | −7% | −10% | −3% | +2% | +8% | +14% | +13% | +9% | +10% | +3% | +14% | +10% |
| LTTS | +12% | +11% | +10% | +1% | +1% | −4% | −9% | +1% | +3% | −6% | +7% | +13% |
| HEXT | outside | outside | outside | outside | outside | outside | +61% | +101% | +88% | −9% | +7% | −13% |
| TATAELXSI | +15% | +6% | −2% | −3% | +15% | −4% | −12% | −22% | −33% | −45% | +28% | +18% |
| KPITTECH | +69% | +54% | +47% | +52% | +45% | +20% | +49% | −16% | −17% | −29% | −33% | −32% |
| AFFLE | +14% | +6% | +33% | +24% | +31% | +30% | +18% | +22% | +20% | +19% | +16% | +21% |
| TATATECH | outside | +15% | −27% | −15% | −2% | −1% | +20% | +5% | +5% | −96% | +8% | +6% |
| IKS | outside | outside | outside | outside | outside | +14% | +246% | +165% | +96% | +41% | +39% | +28% |
| NETWEB | outside | outside | outside | outside | outside | outside | outside | outside | +22% | +141% | +63% | +178% |
| SAGILITY | outside | outside | outside | outside | outside | +204% | +105% | +540% | +116% | +24% | +41% | +44% |
| ZENSARTECH | outside | outside | +45% | +1% | −11% | −1% | +2% | +15% | +17% | +25% | outside | outside |