IT Enabled Services industry

110 companies · ₹2.8 L cr · 47 with AI deep dives · Q2FY27 report

Mix-led margin gains and record order books, but GPU/memory scarcity is now gating revenue conversion

Turning upmargin troughed at 15.9% and has risen for 4 quarters to 17.2%, on positive revenue growth

Revenue YoY: +22.8%
EBITDA margin: 17.2%; +130bps YoY
Price, 1 year: -16.2%; 39% of names up
P/E vs own 5y: -7.4%; 24.8x now

Exhibit 1The quarter in numbers

constant panel of 29 companies above ₹500 cr

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

Metric	Jun 26	Mar 26	QoQ	Jun 25	YoY	Peak	vs peak
Revenue	18,910 cr	18,748 cr	+0.9%	15,397 cr	+22.8%	18,910 cr	0.0%
EBITDA margin	17.2%	16.4%	+80bps	15.9%	+130bps	17.3%	-10bps

Revenue

Jun 26: 18,910 cr

Exhibit 4Screen

P/E below the sub-industry median of 24.76x, 5y ROCE above its median of 12.68%, 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 110)

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
L&T Technology Services Ltd	₹42,768 cr	27.8x	20.5x	26.3%	17.6%	+2.0%	Unlock
Inventurus Knowledge Solutions Ltd

Exhibit 6What managements said

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

tailwindAI/data-centre infrastructure orders swell backlogs at hardware-linked names7 managements

Orders tied to data centres, GPU cloud and sovereign AI work are lifting backlogs at Black Box, Dynacons, Netweb, E2E, ESDS, Xtranet and Sasken. Backlogs are also getting longer…

BBOX (Q1FY27): “Secured a $131 mn (~₹1,240 cr) engagement with a new U.S. based global hyperscaler.”

headwind6 managements tailwind8 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 85 companies

1-30

sort: mcap · composite · name

Company	Mcap	P/E	EV/EBITDA	ROCE	Margin	Rev YoY	Read
Genesys International Corporation Ltd	₹1,297 cr	41.9x	11.8x	8.3%	33.4%	+14.8%