IT Enabled Services industry
108 companies · ₹2.8 L cr · 28 with AI deep dives · Q1FY27 report
AI infra orders and broad services recovery lift sector to revenue peak; wage inflation tests the margin path
- Revenue YoY
- +22.8%
- EBITDA margin
- 17.2%
- +130bps YoY
- Price, 1 year
- -15.4%
- 39% of names up
- P/E vs own 5y
- +1.7%
- 25.2x now
Exhibit 1The quarter in numbers
constant panel of 29 companies above ₹500 cr- Jun 26
- 18,910 cr
- Mar 26
- 18,748 cr
- QoQ
- +0.9%
- Jun 25
- 15,397 cr
- YoY
- +22.8%
- Peak
- 18,910 cr
- vs peak
- 0.0%
- Jun 26
- 17.2%
- Mar 26
- 16.4%
- QoQ
- +80bps
- Jun 25
- 15.9%
- YoY
- +130bps
- Peak
- 17.3%
- vs peak
- -10bps
Breadth: 91% of 32 companies grew revenue year on year (was 91% a quarter earlier) and 56% expanded margin (was 56%).
Exhibit 2What it costs
15.2x - 44.86x across the panel todayThe median name trades at 25.2x, +1.7% against this industry's own 5-year median of 24.8x, and -41.9% against its own peak of 43.4x.
Exhibit 3Structure
₹2.8 L crL&T Technology Services Ltd is 13.2% of this industry by market cap. The top 5 are 53.7% and the top 10 are 78.9%.
Exhibit 4Screen
P/E below the sub-industry median of 25.23x, 5y ROCE above its median of 11.78%, 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
- ₹29,768 cr
- P/E
- 40.0x
- EV/EBITDA
- 27.4x
- ROCE
- 31.5%
- Margin
- 34.5%
- Rev YoY
- +20.7%
- Mcap
- ₹28,624 cr
- P/E
- 109.3x
- EV/EBITDA
- 95.2x
- ROCE
- 39.3%
- Margin
- 13.8%
- Rev YoY
- +172.1%
- Mcap
- ₹4,474 cr
- P/E
- 21.4x
- EV/EBITDA
- 12.7x
- ROCE
- 17.1%
- Margin
- 18.8%
- Rev YoY
- +9.9%
- Mcap
- ₹2,854 cr
- P/E
- 14.9x
- EV/EBITDA
- 11.9x
- ROCE
- 17.5%
- Margin
- 16.8%
- Rev YoY
- +30.2%
- Mcap
- ₹2,518 cr
- P/E
- 19.2x
- EV/EBITDA
- 11.5x
- ROCE
- 12.4%
- Margin
- 10.7%
- Rev YoY
- +27.5%
- Mcap
- ₹1,998 cr
- P/E
- 24.6x
- EV/EBITDA
- -
- ROCE
- 9.7%
- Margin
- 17.2%
- Rev YoY
- +19.1%
- Mcap
- ₹1,344 cr
- P/E
- 15.6x
- EV/EBITDA
- 9.4x
- ROCE
- 31.5%
- Margin
- 11.3%
- Rev YoY
- -4.6%
Exhibit 6What managements said
from this industry's latest earnings calls · as of 2026-06-30Black Box reported a $949mn order backlog (+83% YoY, +28% QoQ) with average tenure extending from 12-15 months to 18 months, adding a $131mn new hyperscaler win. Dynacons secured…
- BBOX (Q1FY27): “Order backlog increased by $157 mn sequentially to $949 mn, up 28% QoQ. Avg. tenure of…”
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- Mcap
- ₹3,495 cr
- P/E
- 80.2x
- EV/EBITDA
- 53.7x
- ROCE
- 13.6%
- Margin
- 31.1%
- Rev YoY
- +68.0%
- Mcap
- ₹2,033 cr
- P/E
- 64.6x
- EV/EBITDA
- 17.7x
- ROCE
- 7.5%
- Margin
- 34.3%
- Rev YoY
- +14.8%
- Mcap
- ₹763 cr
- P/E
- 18.6x
- EV/EBITDA
- -
- ROCE
- 54.7%
- Margin
- 17.9%
- Rev YoY
- +21.5%
- Mcap
- ₹352 cr
- P/E
- 44.4x
- EV/EBITDA
- 26.7x
- ROCE
- 5.8%
- Margin
- 21.7%
- Rev YoY
- +46.0%
55 more companies
This industry has 85 constituents beyond the covered names. The first page is free; premium opens the rest.
See plans →