Computers - Software & Consulting industry

106 companies · ₹26.7 L cr · 42 with AI deep dives · Q2FY27 report

AI revenue scales and bookings rebuild, but AI pass-throughs keep deflating legacy pricing and margins

Mid cyclemargin range-bound near 21.6%

Revenue YoY: +15.1%
EBITDA margin: 21.6%; -10bps YoY
Price, 1 year: -19.1%; 33% of names up
P/E vs own 5y: -16.3%; 24.8x now

Exhibit 1The quarter in numbers

constant panel of 36 companies above ₹500 cr

aggregate revenue (₹ cr)EBITDA margin (right axis)

Metric	Jun 26	Mar 26	QoQ	Jun 25	YoY	Peak	vs peak
Revenue	2.35 L cr	2.28 L cr	+3.3%	2.05 L cr	+15.1%	2.35 L cr	0.0%
EBITDA margin	21.6%	22.5%	-90bps	21.7%	-10bps	22.5%	-90bps

Revenue

Jun 26: 2.35 L cr

Exhibit 4Screen

P/E below the sub-industry median of 24.83x, 5y ROCE above its median of 16.25%, 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.

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Exhibit 5Coverage (25 of 107)

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

Company	Mcap	P/E	EV/EBITDA	ROCE	Margin	Rev YoY	Read
Tata Consultancy Services Ltd	₹9.1 L cr	17.7x	12.7x	63.9%	27.1%	+11.2%	Unlock
Infosys Ltd	₹4.7 L cr

Exhibit 6What managements said

from this industry's latest earnings calls · as of 2026-09-30

headwindAI productivity pass-through is deflating pricing on existing and renewal contracts6 managements

Clients are asking for AI productivity savings both at renewal and mid-contract, so TCV growth does not turn into the same amount of revenue. Timelines differ: Birlasoft expects…

INFY (Q1FY27): “we have not seen as much price increase that we envisaged at the beginning of the year on…”

tailwind8 managements mixed7 managements

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.

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AppendixThe other 82 companies

1-30

sort: mcap · composite · name

Company	Mcap	P/E	EV/EBITDA	ROCE	Margin	Rev YoY	Read
Idream Film Infrastructure Company Ltd	₹13,309 cr	-	-102425.5x	-	-	-