Computers - Software & Consulting industry

110 companies · ₹25.8 L cr · 28 with AI deep dives · Q1FY27 report

Record TCV meets AI pricing deflation: the sector wins more work but earns less per dollar booked.

Mid cyclemargin range-bound near 21.6%
Revenue YoY
+15.1%
EBITDA margin
21.6%
-10bps YoY
Price, 1 year
-19.0%
32% of names up
P/E vs own 5y
-12.6%
24.8x now

Exhibit 1The quarter in numbers

constant panel of 37 companies above ₹500 cr
aggregate revenue (₹ cr)EBITDA margin (right axis)
Revenue
Jun 26
2.36 L cr
Mar 26
2.28 L cr
QoQ
+3.3%
Jun 25
2.05 L cr
YoY
+15.1%
Peak
2.36 L cr
vs peak
0.0%
EBITDA margin
Jun 26
21.6%
Mar 26
22.5%
QoQ
-90bps
Jun 25
21.7%
YoY
-10bps
Peak
22.5%
vs peak
-90bps

Breadth: 95% of 39 companies grew revenue year on year (was 87% a quarter earlier) and 49% expanded margin (was 63%).

Exhibit 2What it costs

17.52x - 43.05x across the panel today

The median name trades at 24.8x, -12.6% against this industry's own 5-year median of 28.4x, and -41.4% against its own peak of 42.3x.

Exhibit 3Structure

₹25.8 L cr

Tata Consultancy Services Ltd is 32.8% of this industry by market cap. The top 5 are 77.6% and the top 10 are 92.9%.

large 8mid 8small 19micro 7342 above ₹500 cr

Exhibit 4Screen

P/E below the sub-industry median of 24.79x, 5y ROCE above its median of 14.75%, and at least 2 growth triggers stated on the latest earnings call.

Which names clear this screen is premium

The screen runs on stated growth triggers from the latest earnings calls - the same guidance data the stock screener reserves for premium. Premium names every company in this industry that is cheap against its own median and has the triggers behind it.

See plans

Exhibit 5Coverage (25 of 110)

Every company here with a deep dive, topped up by market cap. The rest of the industry is in the appendix.

Mcap
₹8.0 L cr
P/E
16.4x
EV/EBITDA
-
ROCE
54.9%
Margin
26.1%
Rev YoY
+13.9%
Mcap
₹4.2 L cr
P/E
14.6x
EV/EBITDA
-
ROCE
40.2%
Margin
24.8%
Rev YoY
+14.0%
Mcap
₹3.4 L cr
P/E
20.0x
EV/EBITDA
12.3x
ROCE
28.1%
Margin
20.8%
Rev YoY
+13.9%
Mcap
₹1.7 L cr
P/E
13.4x
EV/EBITDA
8.4x
ROCE
18.6%
Margin
22.5%
Rev YoY
+10.6%
Mcap
₹1.5 L cr
P/E
29.8x
EV/EBITDA
17.1x
ROCE
21.1%
Margin
15.5%
Rev YoY
+17.7%
Mcap
₹1.3 L cr
P/E
25.1x
EV/EBITDA
-
ROCE
25.8%
Margin
18.6%
Rev YoY
+18.0%
Mcap
₹85,914 cr
P/E
45.4x
EV/EBITDA
-
ROCE
30.3%
Margin
18.8%
Rev YoY
+29.1%
Mcap
₹79,306 cr
P/E
43.6x
EV/EBITDA
28.6x
ROCE
22.1%
Margin
16.9%
Rev YoY
+49.9%
Mcap
₹44,120 cr
P/E
23.4x
EV/EBITDA
14.0x
ROCE
23.1%
Margin
20.2%
Rev YoY
+17.5%
Mcap
₹31,452 cr
P/E
23.6x
EV/EBITDA
-
ROCE
24.7%
Margin
15.3%
Rev YoY
+17.9%
Mcap
₹21,437 cr
P/E
33.2x
EV/EBITDA
-
ROCE
27.3%
Margin
23.7%
Rev YoY
+14.5%
Mcap
₹15,233 cr
P/E
26.4x
EV/EBITDA
12.2x
ROCE
20.9%
Margin
19.6%
Rev YoY
+8.9%
Mcap
₹13,561 cr
P/E
46.8x
EV/EBITDA
24.7x
ROCE
12.5%
Margin
16.7%
Rev YoY
-
Mcap
₹10,148 cr
P/E
13.2x
EV/EBITDA
-
ROCE
20.9%
Margin
18.8%
Rev YoY
+8.9%
Mcap
₹10,137 cr
P/E
41.9x
EV/EBITDA
30.4x
ROCE
9.8%
Margin
19.7%
Rev YoY
+187.7%
Mcap
₹9,676 cr
P/E
27.3x
EV/EBITDA
14.4x
ROCE
13.8%
Margin
21.3%
Rev YoY
+20.5%
Mcap
₹7,759 cr
P/E
13.7x
EV/EBITDA
8.7x
ROCE
20.0%
Margin
16.6%
Rev YoY
+7.4%
Mcap
₹7,688 cr
P/E
16.7x
EV/EBITDA
10.5x
ROCE
27.6%
Margin
7.2%
Rev YoY
+10.6%
Mcap
₹7,260 cr
P/E
23.3x
EV/EBITDA
-
ROCE
21.7%
Margin
26.6%
Rev YoY
+11.2%
Mcap
₹5,343 cr
P/E
27.4x
EV/EBITDA
17.1x
ROCE
14.8%
Margin
27.5%
Rev YoY
+21.6%
Mcap
₹5,162 cr
P/E
23.6x
EV/EBITDA
14.0x
ROCE
17.2%
Margin
19.6%
Rev YoY
+14.3%
Mcap
₹5,084 cr
P/E
12.3x
EV/EBITDA
8.8x
ROCE
16.6%
Margin
16.6%
Rev YoY
+7.7%
Mcap
₹3,735 cr
P/E
18.2x
EV/EBITDA
12.4x
ROCE
14.3%
Margin
20.6%
Rev YoY
+6.3%
Mcap
₹1,532 cr
P/E
18.1x
EV/EBITDA
-
ROCE
25.1%
Margin
24.1%
Rev YoY
+36.7%
Mcap
₹925 cr
P/E
39.9x
EV/EBITDA
30.1x
ROCE
31.3%
Margin
53.8%
Rev YoY
-

Exhibit 6What managements said

from this industry's latest earnings calls · as of 2026-06-30
tailwindAI revenue is now measurable and growing rapidly across the sector8 managements

A critical mass of managements now disclose discrete AI revenue metrics. TCS: $2.6B annualized AI services, +13.6% QoQ. Infosys: AI-first revenues at 8.2% of total, up from 5.5%…

  • TCS (Q1FY27): “At the end of Q1 FY27, it stands at $2.6 billion in annualized revenue, which is up 13.6%…
7 more themes from this quarter's earnings calls are locked. A free account opens 3 full reports a quarter: every theme with verbatim management quotes, the demand picture, companies running against the tide, and the regulatory & disruption watch. Sign up free →

Exhibit 7Outlook

The outlook and what resolves next quarter

Where these managements said things are heading, and the dated, checkable events that would change it. Free with an account - 3 full reports a quarter.

Create a free account

AppendixThe other 85 companies

1-30
sort: mcap · composite · name
Mcap
₹16,504 cr
P/E
-
EV/EBITDA
-127004.2x
ROCE
2.1%
Margin
-8.9%
Rev YoY
-
Mcap
₹9,844 cr
P/E
152.9x
EV/EBITDA
93.1x
ROCE
24.1%
Margin
19.9%
Rev YoY
+61.8%
Mcap
₹3,977 cr
P/E
-
EV/EBITDA
-1411.0x
ROCE
-1.0%
Margin
-10.4%
Rev YoY
+350.6%
Mcap
₹2,792 cr
P/E
87.9x
EV/EBITDA
63.2x
ROCE
29.5%
Margin
18.9%
Rev YoY
+78.2%
Mcap
₹2,173 cr
P/E
131.6x
EV/EBITDA
71.4x
ROCE
12.4%
Margin
35.1%
Rev YoY
-
Mcap
₹2,063 cr
P/E
49.2x
EV/EBITDA
33.0x
ROCE
31.9%
Margin
18.4%
Rev YoY
+22.3%
Mcap
₹1,976 cr
P/E
15.3x
EV/EBITDA
9.9x
ROCE
22.5%
Margin
19.7%
Rev YoY
-0.2%
Mcap
₹1,696 cr
P/E
17.6x
EV/EBITDA
-
ROCE
51.1%
Margin
32.9%
Rev YoY
-3.5%
Mcap
₹1,636 cr
P/E
102.0x
EV/EBITDA
-
ROCE
2.4%
Margin
10.8%
Rev YoY
-
Mcap
₹1,520 cr
P/E
13.9x
EV/EBITDA
8.1x
ROCE
18.6%
Margin
30.1%
Rev YoY
+9.9%
Mcap
₹1,319 cr
P/E
39.3x
EV/EBITDA
28.9x
ROCE
44.6%
Margin
26.7%
Rev YoY
+18.1%
Mcap
₹885 cr
P/E
63.3x
EV/EBITDA
42.1x
ROCE
12.0%
Margin
41.0%
Rev YoY
+25.6%
Mcap
₹715 cr
P/E
11.8x
EV/EBITDA
9.6x
ROCE
18.4%
Margin
37.9%
Rev YoY
+7.3%
Mcap
₹636 cr
P/E
17.1x
EV/EBITDA
13.0x
ROCE
123.5%
Margin
31.2%
Rev YoY
+10.0%
Mcap
₹624 cr
P/E
20.2x
EV/EBITDA
10.7x
ROCE
12.3%
Margin
33.1%
Rev YoY
+21.4%
Mcap
₹583 cr
P/E
121.4x
EV/EBITDA
17.2x
ROCE
7.0%
Margin
26.0%
Rev YoY
+23.2%
Mcap
₹559 cr
P/E
17.1x
EV/EBITDA
-
ROCE
12.4%
Margin
10.3%
Rev YoY
+2.8%
Mcap
₹555 cr
P/E
33.8x
EV/EBITDA
-
ROCE
24.9%
Margin
16.1%
Rev YoY
-
Mcap
₹490 cr
P/E
15.6x
EV/EBITDA
12.4x
ROCE
29.2%
Margin
19.8%
Rev YoY
-
Mcap
₹463 cr
P/E
12.1x
EV/EBITDA
7.4x
ROCE
11.8%
Margin
8.8%
Rev YoY
+4.3%
Mcap
₹422 cr
P/E
13.6x
EV/EBITDA
9.5x
ROCE
18.6%
Margin
17.0%
Rev YoY
+17.6%
Mcap
₹416 cr
P/E
36.1x
EV/EBITDA
17.2x
ROCE
8.4%
Margin
7.5%
Rev YoY
+1.1%
Mcap
₹364 cr
P/E
9.1x
EV/EBITDA
-
ROCE
24.7%
Margin
33.6%
Rev YoY
-12.0%
Mcap
₹356 cr
P/E
22.5x
EV/EBITDA
24.0x
ROCE
5.5%
Margin
10.5%
Rev YoY
+682.0%
Mcap
₹333 cr
P/E
10.1x
EV/EBITDA
8.3x
ROCE
32.4%
Margin
41.5%
Rev YoY
+17.0%
Mcap
₹278 cr
P/E
10.8x
EV/EBITDA
8.0x
ROCE
19.2%
Margin
23.4%
Rev YoY
+9.1%
Mcap
₹252 cr
P/E
49.1x
EV/EBITDA
26.7x
ROCE
10.0%
Margin
21.0%
Rev YoY
-11.5%
Mcap
₹245 cr
P/E
198.6x
EV/EBITDA
78.0x
ROCE
9.6%
Margin
7.3%
Rev YoY
+33.8%
Mcap
₹240 cr
P/E
11.9x
EV/EBITDA
15.2x
ROCE
5.1%
Margin
10.6%
Rev YoY
+40.8%
Mcap
₹232 cr
P/E
15.3x
EV/EBITDA
-
ROCE
29.3%
Margin
80.7%
Rev YoY
+102.5%

55 more companies

This industry has 85 constituents beyond the covered names. The first page is free; premium opens the rest.

See plans