# IT Enabled Services — company-by-company sector analysis

> IT Enabled Services: RPSG Ventures Ltd owns the largest revenue base; Aurum Proptech Ltd has the fastest current growth.

Sector Alpha — machine-written from the numbers. Data as of 2026-07-29. Not investment advice.

## Bottom line

IT Enabled Services has underperformed NIFTY 500 by 13.9% over 52 weeks and 10% over 13 weeks. 3 of 12 covered companies beat NIFTY on Mansfield relative strength, while 5 of 12 beat the sector itself. RPSG Ventures Ltd leads with revenue of ₹11,322 crore, based on 12 of 12 comparable companies through Mar 2026.

### Is the IT Enabled Services sector outperforming NIFTY 500?

IT Enabled Services has underperformed NIFTY 500 by 13.9% over 52 weeks and 10% over 13 weeks. 3 of 12 covered companies beat NIFTY on Mansfield relative strength, while 5 of 12 beat the sector itself.

### Which IT Enabled Services company is largest by revenue?

RPSG Ventures Ltd leads with revenue of ₹11,322 crore, based on 12 of 12 comparable companies through Mar 2026.

### Which IT Enabled Services company is growing fastest?

Aurum Proptech Ltd has the fastest current revenue growth at 64.1%, across 12 of 12 comparable companies.

### Which IT Enabled Services company has the strongest 4-Factor Sector Score?

eClerx Services Ltd ranks first at 74.8/100 with 89.6% evidence confidence. The score prioritizes research; it is not a buy recommendation.

### Which IT Enabled Services company reports the most CAPEX?

Firstsource Solutions Ltd reports the largest latest CAPEX at ₹12 crore, with 3 of 12 companies comparable.

### Which IT Enabled Services company has the least gross debt?

IRIS Regtech Solutions Ltd has the lowest comparable gross debt at ₹2 crore. RPSG Ventures Ltd has the highest at ₹8,243 crore.

### Which IT Enabled Services company has the lowest comparable PEG?

eClerx Services Ltd has the lowest comparable Guarded PEG at 0.67, among 4 of 12 companies that pass the metric’s comparability rules.

### How much history does this IT Enabled Services comparison include?

The page compares up to 20 reported quarters per company for fundamentals, CAPEX, debt and valuation, ending Jun 2026. Missing observations remain blank rather than being estimated.

### How is the 4-Factor Sector Score calculated?

The four visible contributions add directly: growth and earnings up to 35 points, capital efficiency up to 25, valuation up to 20, and relative strength up to 20. Missing or stale evidence moves only the affected contribution toward neutral.

## Sector relative strength

IT Enabled Services has underperformed NIFTY 500 by 13.9% over the last 52 weeks. Over 13 weeks the gap is a lead of 10%. 3 of 12 covered companies currently beat NIFTY on Mansfield relative strength, so leadership inside the sector is selective. Aurum Proptech Ltd is the strongest against the sector itself at +19.7%. Readings are as of 2026-07-19.

13-week sector return versus NIFTY 500: 10%
52-week sector return versus NIFTY 500: -14%
Stocks leading NIFTY: 3/12
Stocks leading sector: 5/12

Central tension: The central tension: the companies with the most scale are not necessarily the companies creating the most change.

Companies: 12
Combined market value: ₹62.9K Cr

## 4-Factor Sector Score

An additive sector-relative research score. The four displayed point contributions always equal the total: Growth & earnings (35), Capital efficiency (25), Valuation (20), and Relative strength (20). Missing or stale evidence is absorbed inside the affected factor, never applied as a hidden adjustment.

1. eClerx Services Ltd (ECLERX): 75/100 — Favorable setup; evidence 90%
   - Growth & earnings 28.3/35 | Capital efficiency 21.8/25 | Valuation 13.0/20 | Relative strength 11.7/20
   - Exact sum: 28.3 + 21.8 + 13 + 11.7 = 74.8
   - Decision use: Confirmed research leader: earnings, capital efficiency and relative strength agree. Move to management, catalyst and risk diligence.
2. Aurum Proptech Ltd (AURUM): 60/100 — Mixed-positive evidence; evidence 66%
   - Growth & earnings 27.0/35 | Capital efficiency 7.7/25 | Valuation 8.5/20 | Relative strength 17.0/20
   - Exact sum: 27 + 7.7 + 8.5 + 17 = 60.2
   - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
3. Alldigi Tech Ltd (ALLDIGI): 60/100 — Mixed-positive evidence; evidence 81%
   - Growth & earnings 18.7/35 | Capital efficiency 17.9/25 | Valuation 10.1/20 | Relative strength 12.8/20
   - Exact sum: 18.7 + 17.9 + 10.1 + 12.8 = 59.5
   - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
4. Firstsource Solutions Ltd (FSL): 59/100 — Mixed-positive evidence; evidence 96%
   - Growth & earnings 22.4/35 | Capital efficiency 16.2/25 | Valuation 12.4/20 | Relative strength 7.8/20
   - Exact sum: 22.4 + 16.2 + 12.4 + 7.8 = 58.8
   - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
5. One Point One Solutions Ltd (ONEPOINT): 55/100 — Mixed-positive evidence; evidence 76%
   - Growth & earnings 21.0/35 | Capital efficiency 12.7/25 | Valuation 9.1/20 | Relative strength 12.3/20
   - Exact sum: 21 + 12.7 + 9.1 + 12.3 = 55.1
   - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
6. Latent View Analytics Ltd (LATENTVIEW): 52/100 — Mixed-positive evidence; evidence 73%
   - Growth & earnings 20.8/35 | Capital efficiency 17.3/25 | Valuation 9.9/20 | Relative strength 3.5/20
   - Exact sum: 20.8 + 17.3 + 9.9 + 3.5 = 51.5
   - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
7. Route Mobile Ltd (ROUTE): 48/100 — Mixed-negative evidence; evidence 83%
   - Growth & earnings 8.4/35 | Capital efficiency 16.4/25 | Valuation 13.6/20 | Relative strength 9.6/20
   - Exact sum: 8.4 + 16.4 + 13.6 + 9.6 = 48
   - Decision use: Cheap but unconfirmed: require improving earnings before treating the valuation as an opportunity.
8. Protean eGov Technologies Ltd (PROTEAN): 46/100 — Mixed-negative evidence; evidence 90%
   - Growth & earnings 19.9/35 | Capital efficiency 12.6/25 | Valuation 9.1/20 | Relative strength 3.9/20
   - Exact sum: 19.9 + 12.6 + 9.1 + 3.9 = 45.5
   - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
9. Happiest Minds Technologies Ltd (HAPPSTMNDS): 45/100 — Mixed-negative evidence; evidence 90%
   - Growth & earnings 20.2/35 | Capital efficiency 10.9/25 | Valuation 6.0/20 | Relative strength 7.6/20
   - Exact sum: 20.2 + 10.9 + 6 + 7.6 = 44.7
   - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
10. IRIS Regtech Solutions Ltd (IRIS): 45/100 — Mixed-negative evidence; evidence 83%
   - Growth & earnings 14.8/35 | Capital efficiency 12.2/25 | Valuation 13.9/20 | Relative strength 3.6/20
   - Exact sum: 14.8 + 12.2 + 13.9 + 3.6 = 44.5
   - Decision use: Cheap but unconfirmed: require improving earnings before treating the valuation as an opportunity.
11. RPSG Ventures Ltd (RPSGVENT): 42/100 — Mixed-negative evidence; evidence 69%
   - Growth & earnings 12.0/35 | Capital efficiency 5.5/25 | Valuation 10.0/20 | Relative strength 14.1/20
   - Exact sum: 12 + 5.5 + 10 + 14.1 = 41.6
   - Decision use: Price leads the evidence: RS versus the benchmark is 8.7%, but earnings trajectory is weak. Wait for revenue and profit confirmation.
12. Hinduja Global Solutions Ltd (HGS): 32/100 — Adverse evidence; evidence 62%
   - Growth & earnings 7.7/35 | Capital efficiency 7.1/25 | Valuation 8.8/20 | Relative strength 8.1/20
   - Exact sum: 7.7 + 7.1 + 8.8 + 8.1 = 31.7
   - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.

## Revenue Scale & Growth Durability

What the numbers say: RPSG Ventures Ltd is the scale leader at ₹11,322 crore, 18.5% ahead of Firstsource Solutions Ltd. Aurum Proptech Ltd's growth is 64.1% from a ₹430 crore base, with 15 reported observations in the 20-quarter window. Treat the growth leader as an acceleration candidate, not as equally proven scale.

Investor read: RPSG Ventures Ltd is the scale benchmark; Aurum Proptech Ltd is the acceleration watch. Promote the challenger only if growth persists and converts into margin and returns.

This conclusion weakens if: RPSG Ventures Ltd's growth falls below Aurum Proptech Ltd's for two consecutive comparable reports while operating margin also compresses.

Evidence: RPSG Ventures Ltd · ₹11,322 crore | 18.5% versus #2 · Firstsource Solutions Ltd | 8/8 recent comparable periods | 12/12 companies · 189 observations

Definition: Revenue is compared on a common reported-currency basis. Growth is year-on-year, so seasonality does not masquerade as progress.

### Revenue — largest
1. RPSG Ventures Ltd (RPSGVENT): ₹11.3K Cr
2. Firstsource Solutions Ltd (FSL): ₹9.6K Cr
3. Route Mobile Ltd (ROUTE): ₹4.5K Cr
4. Hinduja Global Solutions Ltd (HGS): ₹4.3K Cr
5. eClerx Services Ltd (ECLERX): ₹4.1K Cr

### Revenue growth — fastest growers
1. Aurum Proptech Ltd (AURUM): 64%
2. Latent View Analytics Ltd (LATENTVIEW): 25%
3. eClerx Services Ltd (ECLERX): 22%
4. One Point One Solutions Ltd (ONEPOINT): 22%
5. Firstsource Solutions Ltd (FSL): 20%

### 20-quarter Revenue history
- FSL: Sep 2021 ₹1.4K Cr | Dec 2021 ₹1.5K Cr | Mar 2022 ₹1.5K Cr | Jun 2022 ₹1.5K Cr | Sep 2022 ₹1.5K Cr | Dec 2022 ₹1.5K Cr | Mar 2023 ₹1.6K Cr | Jun 2023 ₹1.5K Cr | Sep 2023 ₹1.5K Cr | Dec 2023 ₹1.6K Cr | Mar 2024 ₹1.7K Cr | Jun 2024 ₹1.8K Cr | Sep 2024 ₹1.9K Cr | Dec 2024 ₹2.1K Cr | Mar 2025 ₹2.2K Cr | Jun 2025 ₹2.2K Cr | Sep 2025 ₹2.3K Cr | Dec 2025 ₹2.4K Cr | Mar 2026 ₹2.6K Cr | Jun 2026 —
- ECLERX: Sep 2021 ₹523 Cr | Dec 2021 ₹559 Cr | Mar 2022 ₹592 Cr | Jun 2022 ₹618 Cr | Sep 2022 ₹650 Cr | Dec 2022 ₹687 Cr | Mar 2023 ₹693 Cr | Jun 2023 ₹684 Cr | Sep 2023 ₹722 Cr | Dec 2023 ₹753 Cr | Mar 2024 ₹767 Cr | Jun 2024 ₹782 Cr | Sep 2024 ₹832 Cr | Dec 2024 ₹854 Cr | Mar 2025 ₹898 Cr | Jun 2025 ₹935 Cr | Sep 2025 ₹1.0K Cr | Dec 2025 ₹1.1K Cr | Mar 2026 ₹1.1K Cr | Jun 2026 —
- LATENTVIEW: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 ₹145 Cr | Mar 2023 ₹141 Cr | Jun 2023 ₹148 Cr | Sep 2023 ₹156 Cr | Dec 2023 ₹166 Cr | Mar 2024 ₹172 Cr | Jun 2024 ₹179 Cr | Sep 2024 ₹209 Cr | Dec 2024 ₹228 Cr | Mar 2025 ₹232 Cr | Jun 2025 ₹236 Cr | Sep 2025 ₹258 Cr | Dec 2025 ₹278 Cr | Mar 2026 ₹289 Cr | Jun 2026 —
- HAPPSTMNDS: Sep 2021 ₹265 Cr | Dec 2021 ₹284 Cr | Mar 2022 ₹301 Cr | Jun 2022 ₹329 Cr | Sep 2022 ₹356 Cr | Dec 2022 ₹367 Cr | Mar 2023 ₹378 Cr | Jun 2023 ₹391 Cr | Sep 2023 ₹407 Cr | Dec 2023 ₹410 Cr | Mar 2024 ₹417 Cr | Jun 2024 ₹464 Cr | Sep 2024 ₹522 Cr | Dec 2024 ₹531 Cr | Mar 2025 ₹545 Cr | Jun 2025 ₹550 Cr | Sep 2025 ₹574 Cr | Dec 2025 ₹588 Cr | Mar 2026 ₹604 Cr | Jun 2026 —
- ROUTE: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 ₹986 Cr | Mar 2023 ₹1.0K Cr | Jun 2023 ₹967 Cr | Sep 2023 ₹1.0K Cr | Dec 2023 ₹1.0K Cr | Mar 2024 ₹1.0K Cr | Jun 2024 ₹1.1K Cr | Sep 2024 ₹1.1K Cr | Dec 2024 ₹1.2K Cr | Mar 2025 ₹1.2K Cr | Jun 2025 ₹1.1K Cr | Sep 2025 ₹1.1K Cr | Dec 2025 ₹1.1K Cr | Mar 2026 ₹1.1K Cr | Jun 2026 ₹1.2K Cr
- RPSGVENT: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 ₹1.7K Cr | Mar 2023 ₹1.8K Cr | Jun 2023 ₹2.3K Cr | Sep 2023 ₹1.8K Cr | Dec 2023 ₹1.8K Cr | Mar 2024 ₹2.0K Cr | Jun 2024 ₹2.5K Cr | Sep 2024 ₹2.2K Cr | Dec 2024 ₹2.4K Cr | Mar 2025 ₹2.5K Cr | Jun 2025 ₹3.0K Cr | Sep 2025 ₹2.7K Cr | Dec 2025 ₹2.8K Cr | Mar 2026 ₹2.9K Cr | Jun 2026 —
- PROTEAN: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 ₹157 Cr | Sep 2022 ₹178 Cr | Dec 2022 ₹176 Cr | Mar 2023 ₹232 Cr | Jun 2023 ₹220 Cr | Sep 2023 ₹236 Cr | Dec 2023 ₹204 Cr | Mar 2024 ₹222 Cr | Jun 2024 ₹197 Cr | Sep 2024 ₹220 Cr | Dec 2024 ₹202 Cr | Mar 2025 ₹222 Cr | Jun 2025 ₹211 Cr | Sep 2025 ₹250 Cr | Dec 2025 ₹229 Cr | Mar 2026 ₹308 Cr | Jun 2026 —
- HGS: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 ₹1.1K Cr | Mar 2023 ₹1.1K Cr | Jun 2023 ₹1.1K Cr | Sep 2023 ₹1.2K Cr | Dec 2023 ₹1.2K Cr | Mar 2024 ₹1.1K Cr | Jun 2024 ₹1.1K Cr | Sep 2024 ₹1.1K Cr | Dec 2024 ₹1.1K Cr | Mar 2025 ₹1.2K Cr | Jun 2025 ₹1.1K Cr | Sep 2025 ₹1.1K Cr | Dec 2025 ₹1.1K Cr | Mar 2026 ₹1.1K Cr | Jun 2026 —
- AURUM: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 ₹39 Cr | Mar 2023 ₹45 Cr | Jun 2023 ₹44 Cr | Sep 2023 ₹53 Cr | Dec 2023 ₹57 Cr | Mar 2024 ₹60 Cr | Jun 2024 ₹65 Cr | Sep 2024 ₹64 Cr | Dec 2024 ₹65 Cr | Mar 2025 ₹68 Cr | Jun 2025 ₹65 Cr | Sep 2025 ₹82 Cr | Dec 2025 ₹112 Cr | Mar 2026 ₹124 Cr | Jun 2026 ₹112 Cr
- ONEPOINT: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 ₹35 Cr | Mar 2023 ₹36 Cr | Jun 2023 ₹36 Cr | Sep 2023 ₹40 Cr | Dec 2023 ₹42 Cr | Mar 2024 ₹52 Cr | Jun 2024 ₹61 Cr | Sep 2024 ₹62 Cr | Dec 2024 ₹66 Cr | Mar 2025 ₹67 Cr | Jun 2025 ₹69 Cr | Sep 2025 ₹71 Cr | Dec 2025 ₹77 Cr | Mar 2026 ₹96 Cr | Jun 2026 —
- ALLDIGI: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 ₹100 Cr | Mar 2023 ₹108 Cr | Jun 2023 ₹108 Cr | Sep 2023 ₹112 Cr | Dec 2023 ₹120 Cr | Mar 2024 ₹130 Cr | Jun 2024 ₹129 Cr | Sep 2024 ₹131 Cr | Dec 2024 ₹139 Cr | Mar 2025 ₹146 Cr | Jun 2025 ₹144 Cr | Sep 2025 ₹147 Cr | Dec 2025 ₹153 Cr | Mar 2026 ₹155 Cr | Jun 2026 ₹150 Cr
- IRIS: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 ₹17 Cr | Dec 2022 ₹19 Cr | Mar 2023 ₹21 Cr | Jun 2023 ₹21 Cr | Sep 2023 ₹24 Cr | Dec 2023 ₹27 Cr | Mar 2024 ₹30 Cr | Jun 2024 ₹28 Cr | Sep 2024 ₹27 Cr | Dec 2024 ₹33 Cr | Mar 2025 ₹30 Cr | Jun 2025 ₹25 Cr | Sep 2025 ₹29 Cr | Dec 2025 ₹36 Cr | Mar 2026 ₹39 Cr | Jun 2026 —

### 20-quarter Revenue growth history
- FSL: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 -0.9% | Sep 2022 4.1% | Dec 2022 2.8% | Mar 2023 0.8% | Jun 2023 3.9% | Sep 2023 3.5% | Dec 2023 6.1% | Mar 2024 7.3% | Jun 2024 17% | Sep 2024 25% | Dec 2024 32% | Mar 2025 29% | Jun 2025 24% | Sep 2025 20% | Dec 2025 16% | Mar 2026 20% | Jun 2026 —
- ECLERX: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 27% | Sep 2022 24% | Dec 2022 23% | Mar 2023 17% | Jun 2023 11% | Sep 2023 11% | Dec 2023 9.6% | Mar 2024 11% | Jun 2024 14% | Sep 2024 15% | Dec 2024 13% | Mar 2025 17% | Jun 2025 20% | Sep 2025 21% | Dec 2025 25% | Mar 2026 23% | Jun 2026 —
- LATENTVIEW: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 14% | Mar 2024 22% | Jun 2024 21% | Sep 2024 34% | Dec 2024 37% | Mar 2025 35% | Jun 2025 32% | Sep 2025 23% | Dec 2025 22% | Mar 2026 25% | Jun 2026 —
- HAPPSTMNDS: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 34% | Sep 2022 34% | Dec 2022 29% | Mar 2023 26% | Jun 2023 19% | Sep 2023 14% | Dec 2023 12% | Mar 2024 10% | Jun 2024 19% | Sep 2024 28% | Dec 2024 30% | Mar 2025 31% | Jun 2025 19% | Sep 2025 10.0% | Dec 2025 11% | Mar 2026 11% | Jun 2026 —
- ROUTE: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 3.9% | Mar 2024 0.8% | Jun 2024 14% | Sep 2024 9.7% | Dec 2024 16% | Mar 2025 16% | Jun 2025 -4.7% | Sep 2025 0.5% | Dec 2025 -6.5% | Mar 2026 -3.7% | Jun 2026 9.6%
- RPSGVENT: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 7.3% | Mar 2024 13% | Jun 2024 9.6% | Sep 2024 21% | Dec 2024 29% | Mar 2025 26% | Jun 2025 18% | Sep 2025 23% | Dec 2025 16% | Mar 2026 15% | Jun 2026 —
- PROTEAN: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 16% | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 40% | Sep 2023 33% | Dec 2023 16% | Mar 2024 -4.3% | Jun 2024 -10% | Sep 2024 -6.8% | Dec 2024 -1.0% | Mar 2025 0.0% | Jun 2025 7.1% | Sep 2025 14% | Dec 2025 13% | Mar 2026 39% | Jun 2026 —
- HGS: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 7.6% | Mar 2024 2.7% | Jun 2024 -3.6% | Sep 2024 -7.9% | Dec 2024 -12% | Mar 2025 5.6% | Jun 2025 -3.3% | Sep 2025 0.4% | Dec 2025 1.0% | Mar 2026 -6.6% | Jun 2026 —
- AURUM: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 48% | Mar 2024 33% | Jun 2024 48% | Sep 2024 21% | Dec 2024 14% | Mar 2025 13% | Jun 2025 0.0% | Sep 2025 28% | Dec 2025 72% | Mar 2026 82% | Jun 2026 72%
- ONEPOINT: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 20% | Mar 2024 44% | Jun 2024 69% | Sep 2024 55% | Dec 2024 57% | Mar 2025 29% | Jun 2025 13% | Sep 2025 15% | Dec 2025 17% | Mar 2026 43% | Jun 2026 —
- ALLDIGI: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 20% | Mar 2024 20% | Jun 2024 19% | Sep 2024 17% | Dec 2024 16% | Mar 2025 12% | Jun 2025 12% | Sep 2025 12% | Dec 2025 10% | Mar 2026 6.2% | Jun 2026 4.2%
- IRIS: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 41% | Dec 2023 45% | Mar 2024 48% | Jun 2024 34% | Sep 2024 12% | Dec 2024 20% | Mar 2025 -2.0% | Jun 2025 -8.9% | Sep 2025 6.1% | Dec 2025 8.4% | Mar 2026 32% | Jun 2026 —

## Operating Economics & Margin Trend

What the numbers say: Alldigi Tech Ltd leads opm at 28%; Aurum Proptech Ltd leads margin change at +9 percentage points.

Investor read: Alldigi Tech Ltd sets the level benchmark; use the change leader as an inflection watch only after another comparable report confirms it.

This conclusion weakens if: The next two comparable reports reverse the current margin change signal.

Evidence: Alldigi Tech Ltd · 28% | 7.7% versus #2 · Aurum Proptech Ltd | 5/8 recent comparable periods | 12/12 companies · 227 observations

Definition: Operating margin compares operating profit with revenue. Improvement is measured in percentage points, not percentage growth.

### OPM — highest
1. Alldigi Tech Ltd (ALLDIGI): 28%
2. Aurum Proptech Ltd (AURUM): 26%
3. eClerx Services Ltd (ECLERX): 26%
4. Latent View Analytics Ltd (LATENTVIEW): 23%
5. One Point One Solutions Ltd (ONEPOINT): 23%

### Margin change — fastest expanders
1. Aurum Proptech Ltd (AURUM): +9.0 pp
2. One Point One Solutions Ltd (ONEPOINT): +5.0 pp
3. Protean eGov Technologies Ltd (PROTEAN): +4.0 pp
4. Alldigi Tech Ltd (ALLDIGI): +3.0 pp
5. eClerx Services Ltd (ECLERX): +2.0 pp

### 20-quarter OPM history
- FSL: Sep 2021 17% | Dec 2021 16% | Mar 2022 16% | Jun 2022 12% | Sep 2022 13% | Dec 2022 14% | Mar 2023 16% | Jun 2023 16% | Sep 2023 15% | Dec 2023 15% | Mar 2024 15% | Jun 2024 15% | Sep 2024 15% | Dec 2024 15% | Mar 2025 15% | Jun 2025 16% | Sep 2025 16% | Dec 2025 16% | Mar 2026 17% | Jun 2026 —
- ECLERX: Sep 2021 32% | Dec 2021 31% | Mar 2022 31% | Jun 2022 23% | Sep 2022 28% | Dec 2022 28% | Mar 2023 30% | Jun 2023 24% | Sep 2023 28% | Dec 2023 28% | Mar 2024 26% | Jun 2024 21% | Sep 2024 26% | Dec 2024 24% | Mar 2025 24% | Jun 2025 24% | Sep 2025 27% | Dec 2025 26% | Mar 2026 26% | Jun 2026 —
- LATENTVIEW: Sep 2021 28% | Dec 2021 30% | Mar 2022 31% | Jun 2022 29% | Sep 2022 28% | Dec 2022 29% | Mar 2023 21% | Jun 2023 19% | Sep 2023 20% | Dec 2023 22% | Mar 2024 24% | Jun 2024 21% | Sep 2024 22% | Dec 2024 22% | Mar 2025 24% | Jun 2025 21% | Sep 2025 22% | Dec 2025 22% | Mar 2026 23% | Jun 2026 —
- HAPPSTMNDS: Sep 2021 23% | Dec 2021 24% | Mar 2022 24% | Jun 2022 26% | Sep 2022 25% | Dec 2022 24% | Mar 2023 24% | Jun 2023 23% | Sep 2023 20% | Dec 2023 20% | Mar 2024 20% | Jun 2024 18% | Sep 2024 18% | Dec 2024 18% | Mar 2025 15% | Jun 2025 17% | Sep 2025 17% | Dec 2025 18% | Mar 2026 17% | Jun 2026 —
- ROUTE: Sep 2021 13% | Dec 2021 11% | Mar 2022 9.0% | Jun 2022 12% | Sep 2022 12% | Dec 2022 13% | Mar 2023 13% | Jun 2023 13% | Sep 2023 13% | Dec 2023 12% | Mar 2024 12% | Jun 2024 11% | Sep 2024 12% | Dec 2024 11% | Mar 2025 10% | Jun 2025 9.0% | Sep 2025 12% | Dec 2025 13% | Mar 2026 12% | Jun 2026 9.0%
- RPSGVENT: Sep 2021 12% | Dec 2021 14% | Mar 2022 13% | Jun 2022 15% | Sep 2022 8.9% | Dec 2022 10% | Mar 2023 9.0% | Jun 2023 27% | Sep 2023 12% | Dec 2023 10% | Mar 2024 11% | Jun 2024 22% | Sep 2024 10% | Dec 2024 11% | Mar 2025 13% | Jun 2025 20% | Sep 2025 11% | Dec 2025 12% | Mar 2026 13% | Jun 2026 —
- PROTEAN: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 14% | Sep 2022 16% | Dec 2022 18% | Mar 2023 15% | Jun 2023 15% | Sep 2023 15% | Dec 2023 -2.0% | Mar 2024 10% | Jun 2024 8.0% | Sep 2024 14% | Dec 2024 8.0% | Mar 2025 8.0% | Jun 2025 8.0% | Sep 2025 12% | Dec 2025 14% | Mar 2026 12% | Jun 2026 —
- HGS: Sep 2021 8.3% | Dec 2021 5.5% | Mar 2022 3.3% | Jun 2022 4.4% | Sep 2022 6.4% | Dec 2022 7.0% | Mar 2023 3.0% | Jun 2023 7.0% | Sep 2023 8.0% | Dec 2023 10% | Mar 2024 6.0% | Jun 2024 2.0% | Sep 2024 3.0% | Dec 2024 6.0% | Mar 2025 12% | Jun 2025 3.0% | Sep 2025 2.0% | Dec 2025 2.0% | Mar 2026 3.0% | Jun 2026 —
- AURUM: Sep 2021 — | Dec 2021 -51% | Mar 2022 -93% | Jun 2022 -46% | Sep 2022 -21% | Dec 2022 -1.6% | Mar 2023 -4.0% | Jun 2023 -4.0% | Sep 2023 -14% | Dec 2023 -4.0% | Mar 2024 24% | Jun 2024 12% | Sep 2024 17% | Dec 2024 18% | Mar 2025 21% | Jun 2025 17% | Sep 2025 26% | Dec 2025 24% | Mar 2026 23% | Jun 2026 26%
- ONEPOINT: Sep 2021 24% | Dec 2021 19% | Mar 2022 23% | Jun 2022 24% | Sep 2022 24% | Dec 2022 22% | Mar 2023 24% | Jun 2023 23% | Sep 2023 34% | Dec 2023 35% | Mar 2024 28% | Jun 2024 28% | Sep 2024 27% | Dec 2024 24% | Mar 2025 18% | Jun 2025 22% | Sep 2025 24% | Dec 2025 24% | Mar 2026 23% | Jun 2026 —
- ALLDIGI: Sep 2021 24% | Dec 2021 26% | Mar 2022 28% | Jun 2022 23% | Sep 2022 23% | Dec 2022 21% | Mar 2023 22% | Jun 2023 23% | Sep 2023 23% | Dec 2023 26% | Mar 2024 27% | Jun 2024 24% | Sep 2024 23% | Dec 2024 23% | Mar 2025 24% | Jun 2025 25% | Sep 2025 24% | Dec 2025 30% | Mar 2026 28% | Jun 2026 28%
- IRIS: Sep 2021 11% | Dec 2021 15% | Mar 2022 13% | Jun 2022 13% | Sep 2022 10% | Dec 2022 14% | Mar 2023 14% | Jun 2023 12% | Sep 2023 12% | Dec 2023 13% | Mar 2024 21% | Jun 2024 14% | Sep 2024 18% | Dec 2024 16% | Mar 2025 19% | Jun 2025 1.0% | Sep 2025 0.5% | Dec 2025 13% | Mar 2026 14% | Jun 2026 —

### 20-quarter Margin change history
- FSL: Sep 2021 +0.9 pp | Dec 2021 +0.8 pp | Mar 2022 −0.2 pp | Jun 2022 −3.8 pp | Sep 2022 −3.8 pp | Dec 2022 −2.3 pp | Mar 2023 +0.1 pp | Jun 2023 +3.7 pp | Sep 2023 +2.1 pp | Dec 2023 +1.0 pp | Mar 2024 −1.0 pp | Jun 2024 −1.0 pp | Sep 2024 0.0 pp | Dec 2024 0.0 pp | Mar 2025 0.0 pp | Jun 2025 +1.0 pp | Sep 2025 +1.0 pp | Dec 2025 +1.0 pp | Mar 2026 +2.0 pp | Jun 2026 —
- ECLERX: Sep 2021 +3.3 pp | Dec 2021 +2.4 pp | Mar 2022 −1.5 pp | Jun 2022 −5.8 pp | Sep 2022 −3.7 pp | Dec 2022 −2.8 pp | Mar 2023 −0.8 pp | Jun 2023 +0.8 pp | Sep 2023 +0.1 pp | Dec 2023 0.0 pp | Mar 2024 −4.0 pp | Jun 2024 −3.0 pp | Sep 2024 −2.0 pp | Dec 2024 −4.0 pp | Mar 2025 −2.0 pp | Jun 2025 +3.0 pp | Sep 2025 +1.0 pp | Dec 2025 +2.0 pp | Mar 2026 +2.0 pp | Jun 2026 —
- LATENTVIEW: Sep 2021 — | Dec 2021 −4.7 pp | Mar 2022 −5.0 pp | Jun 2022 −1.8 pp | Sep 2022 +0.3 pp | Dec 2022 −0.9 pp | Mar 2023 −9.5 pp | Jun 2023 −10.0 pp | Sep 2023 −8.2 pp | Dec 2023 −7.0 pp | Mar 2024 +3.0 pp | Jun 2024 +2.0 pp | Sep 2024 +2.0 pp | Dec 2024 0.0 pp | Mar 2025 0.0 pp | Jun 2025 0.0 pp | Sep 2025 0.0 pp | Dec 2025 0.0 pp | Mar 2026 −1.0 pp | Jun 2026 —
- HAPPSTMNDS: Sep 2021 −1.4 pp | Dec 2021 −2.6 pp | Mar 2022 −1.4 pp | Jun 2022 +3.1 pp | Sep 2022 +2.6 pp | Dec 2022 +0.1 pp | Mar 2023 +0.2 pp | Jun 2023 −3.4 pp | Sep 2023 −5.5 pp | Dec 2023 −4.0 pp | Mar 2024 −4.0 pp | Jun 2024 −5.0 pp | Sep 2024 −2.0 pp | Dec 2024 −2.0 pp | Mar 2025 −5.0 pp | Jun 2025 −1.0 pp | Sep 2025 −1.0 pp | Dec 2025 0.0 pp | Mar 2026 +2.0 pp | Jun 2026 —
- ROUTE: Sep 2021 +0.9 pp | Dec 2021 −0.8 pp | Mar 2022 −4.8 pp | Jun 2022 −0.4 pp | Sep 2022 −0.7 pp | Dec 2022 +2.2 pp | Mar 2023 +4.0 pp | Jun 2023 +1.4 pp | Sep 2023 +0.8 pp | Dec 2023 −1.0 pp | Mar 2024 −1.0 pp | Jun 2024 −2.0 pp | Sep 2024 −1.0 pp | Dec 2024 −1.0 pp | Mar 2025 −2.0 pp | Jun 2025 −2.0 pp | Sep 2025 0.0 pp | Dec 2025 +2.0 pp | Mar 2026 +2.0 pp | Jun 2026 0.0 pp
- RPSGVENT: Sep 2021 +1.1 pp | Dec 2021 +2.9 pp | Mar 2022 −2.6 pp | Jun 2022 +1.5 pp | Sep 2022 −3.5 pp | Dec 2022 −4.2 pp | Mar 2023 −3.8 pp | Jun 2023 +12.2 pp | Sep 2023 +3.1 pp | Dec 2023 0.0 pp | Mar 2024 +2.0 pp | Jun 2024 −5.0 pp | Sep 2024 −2.0 pp | Dec 2024 +1.0 pp | Mar 2025 +2.0 pp | Jun 2025 −2.0 pp | Sep 2025 +1.0 pp | Dec 2025 +1.0 pp | Mar 2026 0.0 pp | Jun 2026 —
- PROTEAN: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 +10.8 pp | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 +1.2 pp | Sep 2023 −1.5 pp | Dec 2023 −20.0 pp | Mar 2024 −5.0 pp | Jun 2024 −7.0 pp | Sep 2024 −1.0 pp | Dec 2024 +10.0 pp | Mar 2025 −2.0 pp | Jun 2025 0.0 pp | Sep 2025 −2.0 pp | Dec 2025 +6.0 pp | Mar 2026 +4.0 pp | Jun 2026 —
- HGS: Sep 2021 −5.7 pp | Dec 2021 +3.4 pp | Mar 2022 +1.0 pp | Jun 2022 −10.6 pp | Sep 2022 −1.9 pp | Dec 2022 +1.5 pp | Mar 2023 −0.3 pp | Jun 2023 +2.6 pp | Sep 2023 +1.6 pp | Dec 2023 +3.0 pp | Mar 2024 +3.0 pp | Jun 2024 −5.0 pp | Sep 2024 −5.0 pp | Dec 2024 −4.0 pp | Mar 2025 +6.0 pp | Jun 2025 +1.0 pp | Sep 2025 −1.0 pp | Dec 2025 −4.0 pp | Mar 2026 −9.0 pp | Jun 2026 —
- AURUM: Sep 2021 −3,117.5 pp | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 +3,153.9 pp | Dec 2022 +49.0 pp | Mar 2023 +89.3 pp | Jun 2023 +42.2 pp | Sep 2023 +7.1 pp | Dec 2023 −2.4 pp | Mar 2024 +28.0 pp | Jun 2024 +16.0 pp | Sep 2024 +31.0 pp | Dec 2024 +22.0 pp | Mar 2025 −3.0 pp | Jun 2025 +5.0 pp | Sep 2025 +9.0 pp | Dec 2025 +6.0 pp | Mar 2026 +2.0 pp | Jun 2026 +9.0 pp
- ONEPOINT: Sep 2021 +19.2 pp | Dec 2021 +1.9 pp | Mar 2022 +16.0 pp | Jun 2022 +5.7 pp | Sep 2022 +0.1 pp | Dec 2022 +2.8 pp | Mar 2023 +0.8 pp | Jun 2023 −1.0 pp | Sep 2023 +9.5 pp | Dec 2023 +13.1 pp | Mar 2024 +4.0 pp | Jun 2024 +5.0 pp | Sep 2024 −7.0 pp | Dec 2024 −11.0 pp | Mar 2025 −10.0 pp | Jun 2025 −6.0 pp | Sep 2025 −3.0 pp | Dec 2025 0.0 pp | Mar 2026 +5.0 pp | Jun 2026 —
- ALLDIGI: Sep 2021 +3.8 pp | Dec 2021 +1.3 pp | Mar 2022 −0.9 pp | Jun 2022 +0.8 pp | Sep 2022 −1.5 pp | Dec 2022 −5.5 pp | Mar 2023 −5.6 pp | Jun 2023 +0.1 pp | Sep 2023 +0.0 pp | Dec 2023 +5.0 pp | Mar 2024 +5.0 pp | Jun 2024 +1.0 pp | Sep 2024 0.0 pp | Dec 2024 −3.0 pp | Mar 2025 −3.0 pp | Jun 2025 +1.0 pp | Sep 2025 +1.0 pp | Dec 2025 +7.0 pp | Mar 2026 +4.0 pp | Jun 2026 +3.0 pp
- IRIS: Sep 2021 −18.3 pp | Dec 2021 −15.3 pp | Mar 2022 −0.7 pp | Jun 2022 +8.9 pp | Sep 2022 −1.5 pp | Dec 2022 −1.1 pp | Mar 2023 +0.4 pp | Jun 2023 −1.6 pp | Sep 2023 +1.9 pp | Dec 2023 −1.5 pp | Mar 2024 +7.3 pp | Jun 2024 +1.7 pp | Sep 2024 +5.7 pp | Dec 2024 +3.0 pp | Mar 2025 −2.6 pp | Jun 2025 −12.6 pp | Sep 2025 −17.1 pp | Dec 2025 −2.9 pp | Mar 2026 −4.9 pp | Jun 2026 —

## Profit Scale & Acceleration

What the numbers say: eClerx Services Ltd leads with ₹707 crore of TTM profit, 4.9% above Firstsource Solutions Ltd. IRIS Regtech Solutions Ltd shows ≥100% on the scoring scale (855% uncapped) growth from a ₹127 crore profit base. Compare the size of the base and persistence before ranking acceleration above profit scale.

Investor read: eClerx Services Ltd sets the level benchmark; use the change leader as an inflection watch only after another comparable report confirms it.

This conclusion weakens if: The next two comparable reports reverse the current profit growth signal.

Evidence: eClerx Services Ltd · ₹707 crore | 4.9% versus #2 · Firstsource Solutions Ltd | 7/8 recent comparable periods | 12/12 companies · 189 observations

Definition: Net profit is the residual after operating costs, interest and tax. Growth off a loss or near-zero base is excluded from the fastest-grower rank.

### Net profit — largest
1. eClerx Services Ltd (ECLERX): ₹707 Cr
2. Firstsource Solutions Ltd (FSL): ₹674 Cr
3. Route Mobile Ltd (ROUTE): ₹267 Cr
4. Happiest Minds Technologies Ltd (HAPPSTMNDS): ₹212 Cr
5. Latent View Analytics Ltd (LATENTVIEW): ₹203 Cr

### Profit growth — fastest growers
1. IRIS Regtech Solutions Ltd (IRIS): 100%
2. eClerx Services Ltd (ECLERX): 30%
3. Alldigi Tech Ltd (ALLDIGI): 30%
4. Latent View Analytics Ltd (LATENTVIEW): 17%
5. One Point One Solutions Ltd (ONEPOINT): 15%

### 20-quarter Net profit history
- FSL: Sep 2021 ₹135 Cr | Dec 2021 ₹135 Cr | Mar 2022 ₹132 Cr | Jun 2022 ₹85 Cr | Sep 2022 ₹129 Cr | Dec 2022 ₹158 Cr | Mar 2023 ₹141 Cr | Jun 2023 ₹126 Cr | Sep 2023 ₹127 Cr | Dec 2023 ₹129 Cr | Mar 2024 ₹134 Cr | Jun 2024 ₹135 Cr | Sep 2024 ₹138 Cr | Dec 2024 ₹160 Cr | Mar 2025 ₹161 Cr | Jun 2025 ₹169 Cr | Sep 2025 ₹180 Cr | Dec 2025 ₹120 Cr | Mar 2026 ₹205 Cr | Jun 2026 —
- ECLERX: Sep 2021 ₹101 Cr | Dec 2021 ₹107 Cr | Mar 2022 ₹119 Cr | Jun 2022 ₹99 Cr | Sep 2022 ₹126 Cr | Dec 2022 ₹131 Cr | Mar 2023 ₹132 Cr | Jun 2023 ₹107 Cr | Sep 2023 ₹136 Cr | Dec 2023 ₹139 Cr | Mar 2024 ₹130 Cr | Jun 2024 ₹112 Cr | Sep 2024 ₹140 Cr | Dec 2024 ₹137 Cr | Mar 2025 ₹153 Cr | Jun 2025 ₹142 Cr | Sep 2025 ₹183 Cr | Dec 2025 ₹192 Cr | Mar 2026 ₹190 Cr | Jun 2026 —
- LATENTVIEW: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 ₹52 Cr | Mar 2023 ₹34 Cr | Jun 2023 ₹33 Cr | Sep 2023 ₹34 Cr | Dec 2023 ₹47 Cr | Mar 2024 ₹45 Cr | Jun 2024 ₹39 Cr | Sep 2024 ₹41 Cr | Dec 2024 ₹43 Cr | Mar 2025 ₹51 Cr | Jun 2025 ₹51 Cr | Sep 2025 ₹46 Cr | Dec 2025 ₹51 Cr | Mar 2026 ₹55 Cr | Jun 2026 —
- HAPPSTMNDS: Sep 2021 ₹44 Cr | Dec 2021 ₹49 Cr | Mar 2022 ₹52 Cr | Jun 2022 ₹56 Cr | Sep 2022 ₹59 Cr | Dec 2022 ₹58 Cr | Mar 2023 ₹58 Cr | Jun 2023 ₹58 Cr | Sep 2023 ₹58 Cr | Dec 2023 ₹60 Cr | Mar 2024 ₹72 Cr | Jun 2024 ₹51 Cr | Sep 2024 ₹50 Cr | Dec 2024 ₹50 Cr | Mar 2025 ₹34 Cr | Jun 2025 ₹57 Cr | Sep 2025 ₹54 Cr | Dec 2025 ₹40 Cr | Mar 2026 ₹61 Cr | Jun 2026 —
- ROUTE: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 ₹85 Cr | Mar 2023 ₹104 Cr | Jun 2023 ₹92 Cr | Sep 2023 ₹88 Cr | Dec 2023 ₹114 Cr | Mar 2024 ₹95 Cr | Jun 2024 ₹81 Cr | Sep 2024 ₹107 Cr | Dec 2024 ₹85 Cr | Mar 2025 ₹60 Cr | Jun 2025 ₹59 Cr | Sep 2025 ₹-19 Cr | Dec 2025 ₹103 Cr | Mar 2026 ₹114 Cr | Jun 2026 ₹69 Cr
- RPSGVENT: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 ₹-7 Cr | Mar 2023 ₹-132 Cr | Jun 2023 ₹362 Cr | Sep 2023 ₹-15 Cr | Dec 2023 ₹-55 Cr | Mar 2024 ₹-95 Cr | Jun 2024 ₹270 Cr | Sep 2024 ₹-73 Cr | Dec 2024 ₹-46 Cr | Mar 2025 ₹12 Cr | Jun 2025 ₹251 Cr | Sep 2025 ₹-41 Cr | Dec 2025 ₹-136 Cr | Mar 2026 ₹-72 Cr | Jun 2026 —
- PROTEAN: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 ₹21 Cr | Sep 2022 ₹26 Cr | Dec 2022 ₹28 Cr | Mar 2023 ₹32 Cr | Jun 2023 ₹32 Cr | Sep 2023 ₹33 Cr | Dec 2023 ₹15 Cr | Mar 2024 ₹19 Cr | Jun 2024 ₹21 Cr | Sep 2024 ₹28 Cr | Dec 2024 ₹23 Cr | Mar 2025 ₹20 Cr | Jun 2025 ₹24 Cr | Sep 2025 ₹24 Cr | Dec 2025 ₹22 Cr | Mar 2026 ₹30 Cr | Jun 2026 —
- HGS: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 ₹52 Cr | Mar 2023 ₹26 Cr | Jun 2023 ₹17 Cr | Sep 2023 ₹18 Cr | Dec 2023 ₹8 Cr | Mar 2024 ₹88 Cr | Jun 2024 ₹162 Cr | Sep 2024 ₹-51 Cr | Dec 2024 ₹-9 Cr | Mar 2025 ₹-2 Cr | Jun 2025 ₹11 Cr | Sep 2025 ₹-27 Cr | Dec 2025 ₹34 Cr | Mar 2026 ₹-14 Cr | Jun 2026 —
- AURUM: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 ₹-11 Cr | Mar 2023 ₹-10 Cr | Jun 2023 ₹-16 Cr | Sep 2023 ₹-24 Cr | Dec 2023 ₹-21 Cr | Mar 2024 ₹-5 Cr | Jun 2024 ₹-11 Cr | Sep 2024 ₹-12 Cr | Dec 2024 ₹-9 Cr | Mar 2025 ₹-10 Cr | Jun 2025 ₹-10 Cr | Sep 2025 ₹-8 Cr | Dec 2025 ₹3 Cr | Mar 2026 ₹16 Cr | Jun 2026 ₹45 Cr
- ONEPOINT: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 ₹2 Cr | Mar 2023 ₹3 Cr | Jun 2023 ₹3 Cr | Sep 2023 ₹6 Cr | Dec 2023 ₹6 Cr | Mar 2024 ₹7 Cr | Jun 2024 ₹8 Cr | Sep 2024 ₹8 Cr | Dec 2024 ₹8 Cr | Mar 2025 ₹9 Cr | Jun 2025 ₹9 Cr | Sep 2025 ₹10 Cr | Dec 2025 ₹9 Cr | Mar 2026 ₹10 Cr | Jun 2026 —
- ALLDIGI: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 ₹7 Cr | Mar 2023 ₹12 Cr | Jun 2023 ₹16 Cr | Sep 2023 ₹16 Cr | Dec 2023 ₹11 Cr | Mar 2024 ₹21 Cr | Jun 2024 ₹32 Cr | Sep 2024 ₹12 Cr | Dec 2024 ₹20 Cr | Mar 2025 ₹19 Cr | Jun 2025 ₹15 Cr | Sep 2025 ₹18 Cr | Dec 2025 ₹21 Cr | Mar 2026 ₹29 Cr | Jun 2026 ₹18 Cr
- IRIS: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 ₹1 Cr | Dec 2022 ₹1 Cr | Mar 2023 ₹2 Cr | Jun 2023 ₹1 Cr | Sep 2023 ₹1 Cr | Dec 2023 ₹2 Cr | Mar 2024 ₹5 Cr | Jun 2024 ₹3 Cr | Sep 2024 ₹4 Cr | Dec 2024 ₹4 Cr | Mar 2025 ₹3 Cr | Jun 2025 ₹0 Cr | Sep 2025 ₹117 Cr | Dec 2025 ₹5 Cr | Mar 2026 ₹4 Cr | Jun 2026 —

### 20-quarter Profit growth history
- FSL: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 -37% | Sep 2022 -4.4% | Dec 2022 17% | Mar 2023 6.8% | Jun 2023 48% | Sep 2023 -1.6% | Dec 2023 -18% | Mar 2024 -5.0% | Jun 2024 7.1% | Sep 2024 8.7% | Dec 2024 24% | Mar 2025 20% | Jun 2025 25% | Sep 2025 30% | Dec 2025 -25% | Mar 2026 27% | Jun 2026 —
- ECLERX: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 8.8% | Sep 2022 25% | Dec 2022 22% | Mar 2023 11% | Jun 2023 8.1% | Sep 2023 7.9% | Dec 2023 6.1% | Mar 2024 -1.5% | Jun 2024 4.7% | Sep 2024 2.9% | Dec 2024 -1.4% | Mar 2025 18% | Jun 2025 27% | Sep 2025 31% | Dec 2025 40% | Mar 2026 24% | Jun 2026 —
- LATENTVIEW: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 -9.6% | Mar 2024 32% | Jun 2024 18% | Sep 2024 21% | Dec 2024 -8.5% | Mar 2025 13% | Jun 2025 31% | Sep 2025 12% | Dec 2025 19% | Mar 2026 7.8% | Jun 2026 —
- HAPPSTMNDS: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 56% | Sep 2022 34% | Dec 2022 18% | Mar 2023 12% | Jun 2023 3.6% | Sep 2023 -1.7% | Dec 2023 3.5% | Mar 2024 24% | Jun 2024 -12% | Sep 2024 -14% | Dec 2024 -17% | Mar 2025 -53% | Jun 2025 12% | Sep 2025 8.0% | Dec 2025 -20% | Mar 2026 79% | Jun 2026 —
- ROUTE: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 34% | Mar 2024 -8.7% | Jun 2024 -12% | Sep 2024 22% | Dec 2024 -25% | Mar 2025 -37% | Jun 2025 -27% | Sep 2025 -118% | Dec 2025 21% | Mar 2026 90% | Jun 2026 17%
- RPSGVENT: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 -25% | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 -7.0% | Sep 2025 — | Dec 2025 — | Mar 2026 -700% | Jun 2026 —
- PROTEAN: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 110% | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 52% | Sep 2023 27% | Dec 2023 -46% | Mar 2024 -41% | Jun 2024 -34% | Sep 2024 -15% | Dec 2024 53% | Mar 2025 5.3% | Jun 2025 14% | Sep 2025 -14% | Dec 2025 -4.4% | Mar 2026 50% | Jun 2026 —
- HGS: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 -85% | Mar 2024 238% | Jun 2024 853% | Sep 2024 -383% | Dec 2024 -213% | Mar 2025 -102% | Jun 2025 -93% | Sep 2025 — | Dec 2025 — | Mar 2026 — | Jun 2026 —
- ONEPOINT: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 180% | Mar 2024 133% | Jun 2024 167% | Sep 2024 33% | Dec 2024 33% | Mar 2025 29% | Jun 2025 13% | Sep 2025 25% | Dec 2025 13% | Mar 2026 11% | Jun 2026 —
- ALLDIGI: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 57% | Mar 2024 75% | Jun 2024 100% | Sep 2024 -25% | Dec 2024 82% | Mar 2025 -9.5% | Jun 2025 -53% | Sep 2025 50% | Dec 2025 5.0% | Mar 2026 53% | Jun 2026 20%
- IRIS: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 37% | Dec 2023 19% | Mar 2024 199% | Jun 2024 211% | Sep 2024 184% | Dec 2024 104% | Mar 2025 -39% | Jun 2025 -92% | Sep 2025 2,904% | Dec 2025 48% | Mar 2026 44% | Jun 2026 —

## Capacity Spending & Returns On It

What the numbers say: Firstsource Solutions Ltd reports ₹12 crore of CAPEX; Protean eGov Technologies Ltd has the highest covered intensity at 1.3%. Coverage is only 3 of 12 companies and 8 reported observations, so this is partial evidence—not a complete sector rank.

Investor read: Use the CAPEX rank as a diligence queue. Verify commissioning, utilization, cash conversion and post-investment ROCE before treating spend as value creation.

This conclusion weakens if: CAPEX rises without higher utilization, operating cash flow or incremental returns.

Evidence: Firstsource Solutions Ltd · ₹12 crore | 300% versus #2 · Protean eGov Technologies Ltd | 2/2 recent comparable periods | 3/12 companies · 8 observations

Definition: CAPEX is cash spent on property, plant, equipment and other reported capital assets. CAPEX intensity divides that spend by revenue; high intensity is a reinvestment signal, not proof that the reinvestment will earn attractive returns.

### CAPEX — largest spenders
1. Firstsource Solutions Ltd (FSL): ₹12 Cr
2. Protean eGov Technologies Ltd (PROTEAN): ₹3 Cr
3. Aurum Proptech Ltd (AURUM): ₹2 Cr

### CAPEX intensity — highest reinvestment intensity
1. Protean eGov Technologies Ltd (PROTEAN): 1.3%
2. Firstsource Solutions Ltd (FSL): 0.8%

### 20-quarter CAPEX history
- FSL: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 ₹15 Cr | Mar 2023 ₹12 Cr | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 — | Jun 2026 —
- PROTEAN: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 ₹2 Cr | Sep 2022 ₹17 Cr | Dec 2022 — | Mar 2023 — | Jun 2023 ₹2 Cr | Sep 2023 ₹3 Cr | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 — | Jun 2026 —
- AURUM: Sep 2021 — | Dec 2021 ₹2 Cr | Mar 2022 ₹2 Cr | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 — | Jun 2026 —

### 20-quarter CAPEX intensity history
- FSL: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 1.0% | Mar 2023 0.8% | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 — | Jun 2026 —
- PROTEAN: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 1.3% | Sep 2022 9.6% | Dec 2022 — | Mar 2023 — | Jun 2023 0.9% | Sep 2023 1.3% | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 — | Jun 2026 —

## Debt Load & Balance-Sheet Headroom

What the numbers say: Hinduja Global Solutions Ltd has the clearest covered balance-sheet capacity with ₹2,762 crore net cash and gross debt of ₹1,968 crore. Absolute debt alone does not identify the strongest balance sheet because company scale differs; net debt and debt-to-equity carry more information.

Investor read: Prioritize net-cash capacity and leverage relative to operating scale, not the smallest absolute rupee debt.

This conclusion weakens if: Net debt rises faster than revenue and profit for two consecutive reported periods.

Evidence: IRIS Regtech Solutions Ltd · ₹2 crore | 93.9% versus #2 · Latent View Analytics Ltd | Not enough history | 12/12 companies · 173 observations

Definition: Gross debt shows contractual borrowings. Net debt subtracts reported cash; a negative value means net cash. Lower debt can create capacity, but should be read against the scale and capital intensity of the business.

### Gross debt — lowest gross debt
1. IRIS Regtech Solutions Ltd (IRIS): ₹2 Cr
2. Latent View Analytics Ltd (LATENTVIEW): ₹33 Cr
3. Route Mobile Ltd (ROUTE): ₹42 Cr
4. Protean eGov Technologies Ltd (PROTEAN): ₹87 Cr
5. Alldigi Tech Ltd (ALLDIGI): ₹171 Cr

### Net debt — lowest net debt
1. Hinduja Global Solutions Ltd (HGS): ₹-2.8K Cr
2. eClerx Services Ltd (ECLERX): ₹-653 Cr
3. Protean eGov Technologies Ltd (PROTEAN): ₹-238 Cr
4. Alldigi Tech Ltd (ALLDIGI): ₹27 Cr
5. Happiest Minds Technologies Ltd (HAPPSTMNDS): ₹71 Cr

### 20-quarter Gross debt history
- FSL: Sep 2021 ₹1.3K Cr | Dec 2021 ₹1.3K Cr | Mar 2022 ₹1.8K Cr | Jun 2022 ₹1.8K Cr | Sep 2022 ₹1.5K Cr | Dec 2022 ₹1.4K Cr | Mar 2023 ₹1.4K Cr | Jun 2023 ₹1.4K Cr | Sep 2023 ₹1.5K Cr | Dec 2023 ₹1.5K Cr | Mar 2024 ₹1.5K Cr | Jun 2024 ₹1.5K Cr | Sep 2024 ₹2.3K Cr | Dec 2024 ₹2.3K Cr | Mar 2025 ₹2.6K Cr | Jun 2025 ₹2.6K Cr | Sep 2025 ₹2.4K Cr | Dec 2025 ₹2.4K Cr | Mar 2026 ₹2.9K Cr | Jun 2026 —
- ECLERX: Sep 2021 ₹176 Cr | Dec 2021 ₹176 Cr | Mar 2022 ₹163 Cr | Jun 2022 ₹163 Cr | Sep 2022 ₹176 Cr | Dec 2022 ₹176 Cr | Mar 2023 ₹194 Cr | Jun 2023 ₹194 Cr | Sep 2023 ₹215 Cr | Dec 2023 ₹215 Cr | Mar 2024 ₹266 Cr | Jun 2024 ₹266 Cr | Sep 2024 ₹290 Cr | Dec 2024 ₹290 Cr | Mar 2025 ₹358 Cr | Jun 2025 ₹358 Cr | Sep 2025 ₹395 Cr | Dec 2025 ₹395 Cr | Mar 2026 ₹385 Cr | Jun 2026 —
- LATENTVIEW: Sep 2021 — | Dec 2021 — | Mar 2022 ₹26 Cr | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 ₹21 Cr | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 ₹24 Cr | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 ₹29 Cr | Jun 2025 — | Sep 2025 ₹25 Cr | Dec 2025 — | Mar 2026 ₹33 Cr | Jun 2026 —
- HAPPSTMNDS: Sep 2021 ₹206 Cr | Dec 2021 ₹206 Cr | Mar 2022 ₹250 Cr | Jun 2022 ₹88 Cr | Sep 2022 ₹393 Cr | Dec 2022 ₹393 Cr | Mar 2023 ₹534 Cr | Jun 2023 ₹175 Cr | Sep 2023 ₹530 Cr | Dec 2023 ₹530 Cr | Mar 2024 ₹512 Cr | Jun 2024 ₹516 Cr | Sep 2024 ₹1.3K Cr | Dec 2024 ₹236 Cr | Mar 2025 ₹1.2K Cr | Jun 2025 ₹1.3K Cr | Sep 2025 ₹1.3K Cr | Dec 2025 ₹462 Cr | Mar 2026 ₹1.5K Cr | Jun 2026 —
- ROUTE: Sep 2021 — | Dec 2021 — | Mar 2022 ₹16 Cr | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 ₹140 Cr | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 ₹378 Cr | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 ₹468 Cr | Jun 2025 — | Sep 2025 ₹21 Cr | Dec 2025 — | Mar 2026 ₹42 Cr | Jun 2026 —
- RPSGVENT: Sep 2021 — | Dec 2021 — | Mar 2022 ₹2.8K Cr | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 ₹3.4K Cr | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 ₹4.2K Cr | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 ₹6.2K Cr | Jun 2025 — | Sep 2025 ₹6.4K Cr | Dec 2025 — | Mar 2026 ₹8.2K Cr | Jun 2026 —
- PROTEAN: Sep 2021 — | Dec 2021 — | Mar 2022 ₹12 Cr | Jun 2022 ₹12 Cr | Sep 2022 — | Dec 2022 — | Mar 2023 ₹8 Cr | Jun 2023 ₹12 Cr | Sep 2023 ₹20 Cr | Dec 2023 ₹20 Cr | Mar 2024 ₹21 Cr | Jun 2024 ₹21 Cr | Sep 2024 ₹20 Cr | Dec 2024 ₹20 Cr | Mar 2025 ₹69 Cr | Jun 2025 ₹69 Cr | Sep 2025 ₹67 Cr | Dec 2025 ₹67 Cr | Mar 2026 ₹87 Cr | Jun 2026 —
- HGS: Sep 2021 ₹1.1K Cr | Dec 2021 ₹1.1K Cr | Mar 2022 ₹1.4K Cr | Jun 2022 ₹312 Cr | Sep 2022 ₹1.4K Cr | Dec 2022 ₹1.4K Cr | Mar 2023 ₹998 Cr | Jun 2023 ₹998 Cr | Sep 2023 ₹1.7K Cr | Dec 2023 ₹1.7K Cr | Mar 2024 ₹2.1K Cr | Jun 2024 ₹2.1K Cr | Sep 2024 ₹2.2K Cr | Dec 2024 ₹2.2K Cr | Mar 2025 ₹1.9K Cr | Jun 2025 ₹1.9K Cr | Sep 2025 ₹1.9K Cr | Dec 2025 ₹1.9K Cr | Mar 2026 ₹2.0K Cr | Jun 2026 —
- AURUM: Sep 2021 — | Dec 2021 ₹2 Cr | Mar 2022 ₹8 Cr | Jun 2022 ₹8 Cr | Sep 2022 ₹50 Cr | Dec 2022 ₹50 Cr | Mar 2023 ₹99 Cr | Jun 2023 ₹99 Cr | Sep 2023 ₹232 Cr | Dec 2023 ₹232 Cr | Mar 2024 ₹323 Cr | Jun 2024 ₹319 Cr | Sep 2024 ₹194 Cr | Dec 2024 ₹194 Cr | Mar 2025 ₹273 Cr | Jun 2025 ₹273 Cr | Sep 2025 ₹281 Cr | Dec 2025 ₹281 Cr | Mar 2026 ₹225 Cr | Jun 2026 ₹225 Cr
- ONEPOINT: Sep 2021 ₹96 Cr | Dec 2021 ₹96 Cr | Mar 2022 ₹53 Cr | Jun 2022 ₹53 Cr | Sep 2022 ₹64 Cr | Dec 2022 ₹64 Cr | Mar 2023 ₹59 Cr | Jun 2023 ₹59 Cr | Sep 2023 ₹56 Cr | Dec 2023 ₹56 Cr | Mar 2024 ₹58 Cr | Jun 2024 ₹58 Cr | Sep 2024 ₹81 Cr | Dec 2024 ₹81 Cr | Mar 2025 ₹47 Cr | Jun 2025 ₹47 Cr | Sep 2025 ₹53 Cr | Dec 2025 ₹53 Cr | Mar 2026 ₹220 Cr | Jun 2026 —
- ALLDIGI: Sep 2021 ₹17 Cr | Dec 2021 ₹17 Cr | Mar 2022 ₹43 Cr | Jun 2022 ₹43 Cr | Sep 2022 ₹46 Cr | Dec 2022 ₹46 Cr | Mar 2023 ₹44 Cr | Jun 2023 ₹44 Cr | Sep 2023 ₹52 Cr | Dec 2023 ₹52 Cr | Mar 2024 ₹45 Cr | Jun 2024 ₹45 Cr | Sep 2024 ₹41 Cr | Dec 2024 ₹41 Cr | Mar 2025 ₹63 Cr | Jun 2025 ₹63 Cr | Sep 2025 ₹82 Cr | Dec 2025 ₹82 Cr | Mar 2026 ₹171 Cr | Jun 2026 ₹171 Cr
- IRIS: Sep 2021 — | Dec 2021 — | Mar 2022 ₹7 Cr | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 ₹6 Cr | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 ₹6 Cr | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 ₹4 Cr | Jun 2025 — | Sep 2025 ₹2 Cr | Dec 2025 — | Mar 2026 ₹2 Cr | Jun 2026 —

### 20-quarter Net debt history
- FSL: Sep 2021 ₹1.0K Cr | Dec 2021 ₹1.0K Cr | Mar 2022 ₹1.6K Cr | Jun 2022 ₹1.6K Cr | Sep 2022 ₹1.3K Cr | Dec 2022 ₹1.2K Cr | Mar 2023 ₹1.2K Cr | Jun 2023 ₹1.2K Cr | Sep 2023 ₹1.3K Cr | Dec 2023 ₹1.3K Cr | Mar 2024 ₹1.3K Cr | Jun 2024 ₹1.3K Cr | Sep 2024 ₹2.0K Cr | Dec 2024 ₹2.0K Cr | Mar 2025 ₹2.4K Cr | Jun 2025 ₹2.4K Cr | Sep 2025 ₹2.1K Cr | Dec 2025 ₹2.1K Cr | Mar 2026 ₹2.6K Cr | Jun 2026 —
- ECLERX: Sep 2021 ₹-722 Cr | Dec 2021 ₹-722 Cr | Mar 2022 ₹-516 Cr | Jun 2022 ₹-525 Cr | Sep 2022 ₹-666 Cr | Dec 2022 ₹-666 Cr | Mar 2023 ₹-495 Cr | Jun 2023 ₹-496 Cr | Sep 2023 ₹-696 Cr | Dec 2023 ₹-696 Cr | Mar 2024 ₹-819 Cr | Jun 2024 ₹-819 Cr | Sep 2024 ₹-546 Cr | Dec 2024 ₹-546 Cr | Mar 2025 ₹-662 Cr | Jun 2025 ₹-668 Cr | Sep 2025 ₹-856 Cr | Dec 2025 ₹-856 Cr | Mar 2026 ₹-653 Cr | Jun 2026 —
- HAPPSTMNDS: Sep 2021 ₹-342 Cr | Dec 2021 ₹-342 Cr | Mar 2022 ₹-372 Cr | Jun 2022 ₹-567 Cr | Sep 2022 ₹-53 Cr | Dec 2022 ₹-53 Cr | Mar 2023 ₹6 Cr | Jun 2023 ₹-680 Cr | Sep 2023 ₹-607 Cr | Dec 2023 ₹-607 Cr | Mar 2024 ₹-714 Cr | Jun 2024 ₹-714 Cr | Sep 2024 ₹-134 Cr | Dec 2024 ₹-1.5K Cr | Mar 2025 ₹582 Cr | Jun 2025 ₹582 Cr | Sep 2025 ₹-130 Cr | Dec 2025 ₹-1.2K Cr | Mar 2026 ₹71 Cr | Jun 2026 —
- PROTEAN: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 ₹-277 Cr | Sep 2022 — | Dec 2022 — | Mar 2023 ₹-135 Cr | Jun 2023 ₹-145 Cr | Sep 2023 ₹-116 Cr | Dec 2023 ₹-116 Cr | Mar 2024 ₹-144 Cr | Jun 2024 ₹-144 Cr | Sep 2024 ₹-195 Cr | Dec 2024 ₹-195 Cr | Mar 2025 ₹-231 Cr | Jun 2025 ₹-231 Cr | Sep 2025 ₹-150 Cr | Dec 2025 ₹-150 Cr | Mar 2026 ₹-238 Cr | Jun 2026 —
- HGS: Sep 2021 ₹258 Cr | Dec 2021 ₹258 Cr | Mar 2022 ₹-2.2K Cr | Jun 2022 ₹-3.2K Cr | Sep 2022 ₹-942 Cr | Dec 2022 ₹-942 Cr | Mar 2023 ₹-121 Cr | Jun 2023 ₹-221 Cr | Sep 2023 ₹854 Cr | Dec 2023 ₹854 Cr | Mar 2024 ₹-790 Cr | Jun 2024 ₹-935 Cr | Sep 2024 ₹-2.0K Cr | Dec 2024 ₹-2.0K Cr | Mar 2025 ₹-2.3K Cr | Jun 2025 ₹-2.3K Cr | Sep 2025 ₹-2.8K Cr | Dec 2025 ₹-2.8K Cr | Mar 2026 ₹-2.8K Cr | Jun 2026 —
- AURUM: Sep 2021 — | Dec 2021 ₹-133 Cr | Mar 2022 ₹-94 Cr | Jun 2022 ₹-103 Cr | Sep 2022 ₹-76 Cr | Dec 2022 ₹-76 Cr | Mar 2023 ₹32 Cr | Jun 2023 ₹26 Cr | Sep 2023 ₹190 Cr | Dec 2023 ₹190 Cr | Mar 2024 ₹282 Cr | Jun 2024 ₹271 Cr | Sep 2024 ₹116 Cr | Dec 2024 ₹116 Cr | Mar 2025 ₹213 Cr | Jun 2025 ₹205 Cr | Sep 2025 ₹120 Cr | Dec 2025 ₹120 Cr | Mar 2026 ₹84 Cr | Jun 2026 ₹84 Cr
- ONEPOINT: Sep 2021 ₹94 Cr | Dec 2021 ₹94 Cr | Mar 2022 ₹52 Cr | Jun 2022 ₹52 Cr | Sep 2022 ₹62 Cr | Dec 2022 ₹62 Cr | Mar 2023 ₹58 Cr | Jun 2023 ₹57 Cr | Sep 2023 ₹55 Cr | Dec 2023 ₹55 Cr | Mar 2024 ₹40 Cr | Jun 2024 ₹40 Cr | Sep 2024 ₹64 Cr | Dec 2024 ₹64 Cr | Mar 2025 ₹34 Cr | Jun 2025 ₹34 Cr | Sep 2025 ₹33 Cr | Dec 2025 ₹33 Cr | Mar 2026 ₹159 Cr | Jun 2026 —
- ALLDIGI: Sep 2021 ₹-163 Cr | Dec 2021 ₹-163 Cr | Mar 2022 ₹-85 Cr | Jun 2022 ₹-86 Cr | Sep 2022 ₹-109 Cr | Dec 2022 ₹-109 Cr | Mar 2023 ₹-93 Cr | Jun 2023 ₹-93 Cr | Sep 2023 ₹-99 Cr | Dec 2023 ₹-99 Cr | Mar 2024 ₹-93 Cr | Jun 2024 ₹-93 Cr | Sep 2024 ₹-121 Cr | Dec 2024 ₹-121 Cr | Mar 2025 ₹-101 Cr | Jun 2025 ₹-101 Cr | Sep 2025 ₹-55 Cr | Dec 2025 ₹-55 Cr | Mar 2026 ₹27 Cr | Jun 2026 ₹27 Cr

## Return On Capital Employed

What the numbers say: eClerx Services Ltd leads ROCE at 34.8%, 6.9 percentage points above Alldigi Tech Ltd. Aurum Proptech Ltd has the strongest latest improvement at +17.5 percentage points. Read the leader beside the density of its reported history: a sparse high return is a candidate; a repeated high return is evidence of durability.

Investor read: eClerx Services Ltd sets the level benchmark; use the change leader as an inflection watch only after another comparable report confirms it.

This conclusion weakens if: The next two comparable reports reverse the current roce change signal.

Evidence: eClerx Services Ltd · 34.8% | 24.7% versus #2 · Alldigi Tech Ltd | 2/8 recent comparable periods | 12/12 companies · 124 observations

Definition: ROCE asks how much operating return the business earns on the capital employed. Direction matters, but a single exceptional year should not be mistaken for durability.

### ROCE — highest
1. eClerx Services Ltd (ECLERX): 35%
2. Alldigi Tech Ltd (ALLDIGI): 28%
3. Route Mobile Ltd (ROUTE): 17%
4. Firstsource Solutions Ltd (FSL): 17%
5. Latent View Analytics Ltd (LATENTVIEW): 16%

### ROCE change — fastest improvers
1. Aurum Proptech Ltd (AURUM): +17.5 pp
2. eClerx Services Ltd (ECLERX): +4.5 pp
3. Firstsource Solutions Ltd (FSL): +3.2 pp
4. Happiest Minds Technologies Ltd (HAPPSTMNDS): +1.8 pp
5. Latent View Analytics Ltd (LATENTVIEW): +1.0 pp

### 20-quarter ROCE history
- FSL: Sep 2021 19% | Dec 2021 — | Mar 2022 17% | Jun 2022 — | Sep 2022 14% | Dec 2022 13% | Mar 2023 14% | Jun 2023 — | Sep 2023 15% | Dec 2023 17% | Mar 2024 16% | Jun 2024 18% | Sep 2024 15% | Dec 2024 17% | Mar 2025 16% | Jun 2025 19% | Sep 2025 17% | Dec 2025 17% | Mar 2026 19% | Jun 2026 —
- ECLERX: Sep 2021 25% | Dec 2021 — | Mar 2022 32% | Jun 2022 — | Sep 2022 31% | Dec 2022 — | Mar 2023 33% | Jun 2023 — | Sep 2023 29% | Dec 2023 34% | Mar 2024 26% | Jun 2024 32% | Sep 2024 28% | Dec 2024 32% | Mar 2025 25% | Jun 2025 30% | Sep 2025 25% | Dec 2025 34% | Mar 2026 29% | Jun 2026 —
- HAPPSTMNDS: Sep 2021 28% | Dec 2021 — | Mar 2022 30% | Jun 2022 30% | Sep 2022 29% | Dec 2022 — | Mar 2023 30% | Jun 2023 28% | Sep 2023 19% | Dec 2023 28% | Mar 2024 17% | Jun 2024 27% | Sep 2024 15% | Dec 2024 15% | Mar 2025 12% | Jun 2025 19% | Sep 2025 13% | Dec 2025 13% | Mar 2026 14% | Jun 2026 —
- PROTEAN: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 12% | Jun 2023 12% | Sep 2023 13% | Dec 2023 18% | Mar 2024 8.5% | Jun 2024 12% | Sep 2024 5.4% | Dec 2024 13% | Mar 2025 6.0% | Jun 2025 12% | Sep 2025 5.7% | Dec 2025 12% | Mar 2026 6.4% | Jun 2026 —
- HGS: Sep 2021 14% | Dec 2021 — | Mar 2022 3.0% | Jun 2022 — | Sep 2022 -1.0% | Dec 2022 — | Mar 2023 -1.3% | Jun 2023 — | Sep 2023 -1.9% | Dec 2023 2.5% | Mar 2024 -1.7% | Jun 2024 5.1% | Sep 2024 -3.2% | Dec 2024 5.2% | Mar 2025 -2.7% | Jun 2025 4.2% | Sep 2025 -2.4% | Dec 2025 4.4% | Mar 2026 -6.6% | Jun 2026 —
- AURUM: Sep 2021 -2.8% | Dec 2021 -5.2% | Mar 2022 -9.5% | Jun 2022 — | Sep 2022 -14% | Dec 2022 — | Mar 2023 -18% | Jun 2023 — | Sep 2023 -21% | Dec 2023 -20% | Mar 2024 -17% | Jun 2024 -12% | Sep 2024 -9.9% | Dec 2024 -3.8% | Mar 2025 -7.5% | Jun 2025 -3.1% | Sep 2025 -4.5% | Dec 2025 0.5% | Mar 2026 -1.9% | Jun 2026 14%
- ONEPOINT: Sep 2021 -3.1% | Dec 2021 — | Mar 2022 7.9% | Jun 2022 — | Sep 2022 13% | Dec 2022 — | Mar 2023 16% | Jun 2023 — | Sep 2023 18% | Dec 2023 34% | Mar 2024 16% | Jun 2024 28% | Sep 2024 9.0% | Dec 2024 17% | Mar 2025 7.8% | Jun 2025 16% | Sep 2025 6.9% | Dec 2025 12% | Mar 2026 5.9% | Jun 2026 —
- ALLDIGI: Sep 2021 21% | Dec 2021 — | Mar 2022 24% | Jun 2022 — | Sep 2022 23% | Dec 2022 — | Mar 2023 23% | Jun 2023 — | Sep 2023 22% | Dec 2023 28% | Mar 2024 29% | Jun 2024 41% | Sep 2024 29% | Dec 2024 38% | Mar 2025 28% | Jun 2025 33% | Sep 2025 28% | Dec 2025 34% | Mar 2026 25% | Jun 2026 30%

### 20-quarter ROCE change history
- FSL: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 −4.5 pp | Dec 2022 — | Mar 2023 −3.3 pp | Jun 2023 — | Sep 2023 +1.0 pp | Dec 2023 +4.1 pp | Mar 2024 +2.0 pp | Jun 2024 — | Sep 2024 −0.6 pp | Dec 2024 +0.3 pp | Mar 2025 +0.3 pp | Jun 2025 +1.5 pp | Sep 2025 +2.5 pp | Dec 2025 +0.1 pp | Mar 2026 +3.2 pp | Jun 2026 —
- ECLERX: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 +5.3 pp | Dec 2022 — | Mar 2023 +0.4 pp | Jun 2023 — | Sep 2023 −1.3 pp | Dec 2023 — | Mar 2024 −6.8 pp | Jun 2024 — | Sep 2024 −1.6 pp | Dec 2024 −2.2 pp | Mar 2025 −1.0 pp | Jun 2025 −1.9 pp | Sep 2025 −2.6 pp | Dec 2025 +2.4 pp | Mar 2026 +4.5 pp | Jun 2026 —
- HAPPSTMNDS: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 +1.2 pp | Dec 2022 — | Mar 2023 −0.1 pp | Jun 2023 −2.2 pp | Sep 2023 −10.5 pp | Dec 2023 — | Mar 2024 −13.0 pp | Jun 2024 −1.2 pp | Sep 2024 −4.1 pp | Dec 2024 −13.3 pp | Mar 2025 −4.1 pp | Jun 2025 −7.5 pp | Sep 2025 −1.4 pp | Dec 2025 −1.4 pp | Mar 2026 +1.8 pp | Jun 2026 —
- PROTEAN: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 −3.0 pp | Jun 2024 −0.1 pp | Sep 2024 −7.7 pp | Dec 2024 −5.6 pp | Mar 2025 −2.5 pp | Jun 2025 +0.1 pp | Sep 2025 +0.3 pp | Dec 2025 −0.5 pp | Mar 2026 +0.4 pp | Jun 2026 —
- HGS: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 −14.5 pp | Dec 2022 — | Mar 2023 −4.3 pp | Jun 2023 — | Sep 2023 −0.9 pp | Dec 2023 — | Mar 2024 −0.4 pp | Jun 2024 — | Sep 2024 −1.3 pp | Dec 2024 +2.7 pp | Mar 2025 −1.0 pp | Jun 2025 −0.9 pp | Sep 2025 +0.8 pp | Dec 2025 −0.8 pp | Mar 2026 −3.9 pp | Jun 2026 —
- AURUM: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 −10.9 pp | Dec 2022 — | Mar 2023 −8.3 pp | Jun 2023 — | Sep 2023 −7.3 pp | Dec 2023 — | Mar 2024 +0.9 pp | Jun 2024 — | Sep 2024 +11.1 pp | Dec 2024 +16.3 pp | Mar 2025 +9.4 pp | Jun 2025 +9.3 pp | Sep 2025 +5.4 pp | Dec 2025 +4.3 pp | Mar 2026 +5.6 pp | Jun 2026 +17.5 pp
- ONEPOINT: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 +16.1 pp | Dec 2022 — | Mar 2023 +8.4 pp | Jun 2023 — | Sep 2023 +5.3 pp | Dec 2023 — | Mar 2024 −0.6 pp | Jun 2024 — | Sep 2024 −9.3 pp | Dec 2024 −16.4 pp | Mar 2025 −7.9 pp | Jun 2025 −12.5 pp | Sep 2025 −2.1 pp | Dec 2025 −4.8 pp | Mar 2026 −1.9 pp | Jun 2026 —
- ALLDIGI: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 +1.7 pp | Dec 2022 — | Mar 2023 −1.1 pp | Jun 2023 — | Sep 2023 −1.0 pp | Dec 2023 — | Mar 2024 +6.7 pp | Jun 2024 — | Sep 2024 +7.5 pp | Dec 2024 +10.4 pp | Mar 2025 −1.5 pp | Jun 2025 −7.3 pp | Sep 2025 −1.6 pp | Dec 2025 −3.8 pp | Mar 2026 −2.8 pp | Jun 2026 −3.5 pp

## Valuation Against Growth & Quality

What the numbers say: eClerx Services Ltd has the lowest comparable Guarded PEG at 0.67×, 13% below Firstsource Solutions Ltd. Only 4 of 12 companies pass the guard, so no broad “cheapest stock” conclusion is defensible unless the current multiple, own-history position and growth durability agree.

Investor read: Treat valuation as permission to investigate, never as a standalone reason to buy.

This conclusion weakens if: The next two comparable reports reverse the current p/e signal.

Evidence: eClerx Services Ltd · 0.67× | 13% versus #2 · Firstsource Solutions Ltd | 0/8 recent comparable periods | 4/12 companies · 38 observations

Definition: PEG is shown only when earnings are positive and three-year EPS growth is between 5% and 60%. It is recomputed consistently as the trailing P/E divided by that growth rate — reported earnings, never an expected-earnings multiple. On Indian companies it is shown only where the two data sources reconciled. A missing PEG is more honest than a low-base fiction.

### Guarded PEG — lowest PEG
1. eClerx Services Ltd (ECLERX): 0.7
2. Firstsource Solutions Ltd (FSL): 0.8
3. Protean eGov Technologies Ltd (PROTEAN): 4.0
4. Happiest Minds Technologies Ltd (HAPPSTMNDS): 6.9

### P/E — lowest P/E
1. IRIS Regtech Solutions Ltd (IRIS): 4.1
2. Route Mobile Ltd (ROUTE): 10.1
3. Alldigi Tech Ltd (ALLDIGI): 13.6
4. Protean eGov Technologies Ltd (PROTEAN): 23.2
5. Firstsource Solutions Ltd (FSL): 24.0

### 20-quarter Guarded PEG history
- FSL: Sep 2021 0.7 | Dec 2021 0.8 | Mar 2022 — | Jun 2022 0.5 | Sep 2022 — | Dec 2022 — | Mar 2023 2.0 | Jun 2023 — | Sep 2023 1.6 | Dec 2023 1.7 | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 2.2 | Jun 2025 3.3 | Sep 2025 2.2 | Dec 2025 1.6 | Mar 2026 0.8 | Jun 2026 —
- ECLERX: Sep 2021 0.5 | Dec 2021 0.4 | Mar 2022 — | Jun 2022 0.3 | Sep 2022 0.5 | Dec 2022 0.5 | Mar 2023 0.6 | Jun 2023 0.8 | Sep 2023 0.9 | Dec 2023 1.7 | Mar 2024 1.9 | Jun 2024 3.1 | Sep 2024 4.5 | Dec 2024 — | Mar 2025 — | Jun 2025 3.9 | Sep 2025 2.6 | Dec 2025 0.9 | Mar 2026 0.7 | Jun 2026 —
- HAPPSTMNDS: Sep 2021 5.3 | Dec 2021 — | Mar 2022 2.2 | Jun 2022 4.9 | Sep 2022 2.2 | Dec 2022 1.8 | Mar 2023 4.5 | Jun 2023 2.3 | Sep 2023 3.1 | Dec 2023 6.9 | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 — | Jun 2026 —
- PROTEAN: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 3.3 | Dec 2025 4.0 | Mar 2026 — | Jun 2026 —

### 20-quarter P/E history
- FSL: Sep 2021 29.1 | Dec 2021 25.4 | Mar 2022 17.8 | Jun 2022 13.0 | Sep 2022 15.0 | Dec 2022 14.8 | Mar 2023 14.6 | Jun 2023 17.3 | Sep 2023 21.2 | Dec 2023 23.5 | Mar 2024 26.6 | Jun 2024 28.7 | Sep 2024 42.9 | Dec 2024 48.5 | Mar 2025 42.9 | Jun 2025 46.0 | Sep 2025 40.0 | Dec 2025 36.6 | Mar 2026 21.4 | Jun 2026 —
- ECLERX: Sep 2021 24.7 | Dec 2021 25.2 | Mar 2022 20.0 | Jun 2022 15.8 | Sep 2022 17.1 | Dec 2022 14.4 | Mar 2023 13.8 | Jun 2023 16.7 | Sep 2023 18.1 | Dec 2023 25.3 | Mar 2024 22.6 | Jun 2024 23.1 | Sep 2024 28.4 | Dec 2024 34.0 | Mar 2025 25.8 | Jun 2025 31.1 | Sep 2025 34.7 | Dec 2025 36.3 | Mar 2026 20.8 | Jun 2026 —
- LATENTVIEW: Sep 2021 — | Dec 2021 5.1 | Mar 2022 3.8 | Jun 2022 10.5 | Sep 2022 58.3 | Dec 2022 55.1 | Mar 2023 41.2 | Jun 2023 45.8 | Sep 2023 53.2 | Dec 2023 60.5 | Mar 2024 70.6 | Jun 2024 64.9 | Sep 2024 59.3 | Dec 2024 58.4 | Mar 2025 45.7 | Jun 2025 48.6 | Sep 2025 45.0 | Dec 2025 49.9 | Mar 2026 27.1 | Jun 2026 —
- HAPPSTMNDS: Sep 2021 138.9 | Dec 2021 117.1 | Mar 2022 96.9 | Jun 2022 68.8 | Sep 2022 72.3 | Dec 2022 59.7 | Mar 2023 49.1 | Jun 2023 61.0 | Sep 2023 54.1 | Dec 2023 56.1 | Mar 2024 47.7 | Jun 2024 52.2 | Sep 2024 52.6 | Dec 2024 48.0 | Mar 2025 42.6 | Jun 2025 51.6 | Sep 2025 41.2 | Dec 2025 35.9 | Mar 2026 28.6 | Jun 2026 —
- ROUTE: Sep 2021 81.8 | Dec 2021 68.9 | Mar 2022 58.3 | Jun 2022 45.9 | Sep 2022 41.9 | Dec 2022 32.7 | Mar 2023 31.5 | Jun 2023 30.4 | Sep 2023 28.3 | Dec 2023 27.3 | Mar 2024 26.6 | Jun 2024 31.5 | Sep 2024 27.7 | Dec 2024 24.2 | Mar 2025 17.0 | Jun 2025 19.0 | Sep 2025 16.5 | Dec 2025 15.0 | Mar 2026 9.0 | Jun 2026 10.2
- RPSGVENT: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 9.8 | Sep 2022 12.7 | Dec 2022 12.9 | Mar 2023 31.4 | Jun 2023 39.5 | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 17.7 | Jun 2026 —
- PROTEAN: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 45.3 | Mar 2024 36.4 | Jun 2024 46.8 | Sep 2024 87.8 | Dec 2024 96.3 | Mar 2025 59.5 | Jun 2025 37.7 | Sep 2025 38.2 | Dec 2025 34.4 | Mar 2026 20.9 | Jun 2026 —
- HGS: Sep 2021 18.4 | Dec 2021 29.0 | Mar 2022 35.3 | Jun 2022 27.6 | Sep 2022 66.6 | Dec 2022 21.1 | Mar 2023 14.9 | Jun 2023 17.3 | Sep 2023 17.6 | Dec 2023 64.5 | Mar 2024 52.8 | Jun 2024 29.3 | Sep 2024 58.8 | Dec 2024 54.9 | Mar 2025 17.8 | Jun 2025 -97.2 | Sep 2025 — | Dec 2025 46.8 | Mar 2026 — | Jun 2026 —
- AURUM: Sep 2021 9.3 | Dec 2021 9.4 | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 -65.2 | Mar 2026 616.1 | Jun 2026 30.1
- ONEPOINT: Sep 2021 -15.0 | Dec 2021 142.2 | Mar 2022 138.8 | Jun 2022 56.7 | Sep 2022 27.3 | Dec 2022 35.3 | Mar 2023 47.8 | Jun 2023 45.5 | Sep 2023 69.2 | Dec 2023 70.5 | Mar 2024 59.1 | Jun 2024 56.6 | Sep 2024 56.5 | Dec 2024 41.8 | Mar 2025 35.4 | Jun 2025 38.5 | Sep 2025 32.5 | Dec 2025 41.8 | Mar 2026 29.7 | Jun 2026 —
- ALLDIGI: Sep 2021 30.5 | Dec 2021 35.3 | Mar 2022 26.7 | Jun 2022 18.7 | Sep 2022 13.7 | Dec 2022 12.9 | Mar 2023 13.7 | Jun 2023 16.9 | Sep 2023 17.9 | Dec 2023 19.4 | Mar 2024 20.1 | Jun 2024 27.5 | Sep 2024 24.1 | Dec 2024 23.9 | Mar 2025 20.2 | Jun 2025 20.0 | Sep 2025 21.2 | Dec 2025 17.3 | Mar 2026 14.4 | Jun 2026 13.8
- IRIS: Sep 2021 49.8 | Dec 2021 82.4 | Mar 2022 186.1 | Jun 2022 158.1 | Sep 2022 59.0 | Dec 2022 51.5 | Mar 2023 38.8 | Jun 2023 34.5 | Sep 2023 44.0 | Dec 2023 47.1 | Mar 2024 39.9 | Jun 2024 46.1 | Sep 2024 60.9 | Dec 2024 69.8 | Mar 2025 51.4 | Jun 2025 43.0 | Sep 2025 60.2 | Dec 2025 67.2 | Mar 2026 42.9 | Jun 2026 —

## Enterprise Value & Book Value

What the numbers say: Route Mobile Ltd leads ev/ebitda at 3.3×; Hinduja Global Solutions Ltd leads p/bv at 0.24×.

Investor read: Treat valuation as permission to investigate, never as a standalone reason to buy.

This conclusion weakens if: The next two comparable reports reverse the current p/bv signal.

Evidence: Route Mobile Ltd · 3.3× | 8.3% versus #2 · Hinduja Global Solutions Ltd | 0/8 recent comparable periods | 12/12 companies · 214 observations

Definition: EV/EBITDA includes debt in enterprise value and is useful across different capital structures. P/BV prices the company against its own book. Both are market multiples on reported figures, not intrinsic-value estimates and not forecasts.

### EV/EBITDA — lowest EV/EBITDA
1. Route Mobile Ltd (ROUTE): 3.3
2. Hinduja Global Solutions Ltd (HGS): 3.6
3. RPSG Ventures Ltd (RPSGVENT): 4.6
4. Alldigi Tech Ltd (ALLDIGI): 7.0
5. Protean eGov Technologies Ltd (PROTEAN): 11.3

### P/BV — lowest P/BV
1. Hinduja Global Solutions Ltd (HGS): 0.2
2. RPSG Ventures Ltd (RPSGVENT): 1.2
3. Route Mobile Ltd (ROUTE): 1.3
4. Protean eGov Technologies Ltd (PROTEAN): 2.2
5. IRIS Regtech Solutions Ltd (IRIS): 2.5

### 20-quarter EV/EBITDA history
- FSL: Sep 2021 17.0 | Dec 2021 15.1 | Mar 2022 10.9 | Jun 2022 8.4 | Sep 2022 9.6 | Dec 2022 9.4 | Mar 2023 9.6 | Jun 2023 11.1 | Sep 2023 12.8 | Dec 2023 14.2 | Mar 2024 15.4 | Jun 2024 16.2 | Sep 2024 23.4 | Dec 2024 26.5 | Mar 2025 23.2 | Jun 2025 23.5 | Sep 2025 21.1 | Dec 2025 19.1 | Mar 2026 11.7 | Jun 2026 —
- ECLERX: Sep 2021 14.2 | Dec 2021 14.1 | Mar 2022 11.3 | Jun 2022 9.1 | Sep 2022 9.7 | Dec 2022 8.2 | Mar 2023 7.8 | Jun 2023 9.7 | Sep 2023 10.8 | Dec 2023 15.1 | Mar 2024 13.4 | Jun 2024 13.8 | Sep 2024 16.2 | Dec 2024 19.9 | Mar 2025 15.1 | Jun 2025 18.2 | Sep 2025 20.6 | Dec 2025 21.4 | Mar 2026 12.2 | Jun 2026 —
- LATENTVIEW: Sep 2021 — | Dec 2021 88.8 | Mar 2022 66.0 | Jun 2022 45.8 | Sep 2022 41.6 | Dec 2022 40.0 | Mar 2023 29.7 | Jun 2023 32.6 | Sep 2023 39.0 | Dec 2023 44.5 | Mar 2024 51.1 | Jun 2024 46.8 | Sep 2024 42.8 | Dec 2024 40.6 | Mar 2025 29.9 | Jun 2025 30.6 | Sep 2025 29.4 | Dec 2025 32.4 | Mar 2026 17.2 | Jun 2026 —
- HAPPSTMNDS: Sep 2021 90.6 | Dec 2021 75.1 | Mar 2022 60.7 | Jun 2022 43.5 | Sep 2022 46.9 | Dec 2022 38.7 | Mar 2023 31.4 | Jun 2023 37.4 | Sep 2023 33.3 | Dec 2023 32.1 | Mar 2024 25.9 | Jun 2024 27.6 | Sep 2024 26.5 | Dec 2024 23.9 | Mar 2025 19.8 | Jun 2025 19.9 | Sep 2025 17.8 | Dec 2025 16.1 | Mar 2026 13.1 | Jun 2026 —
- ROUTE: Sep 2021 55.6 | Dec 2021 51.3 | Mar 2022 41.6 | Jun 2022 31.4 | Sep 2022 26.8 | Dec 2022 20.2 | Mar 2023 18.7 | Jun 2023 18.5 | Sep 2023 17.6 | Dec 2023 17.4 | Mar 2024 17.1 | Jun 2024 19.4 | Sep 2024 17.0 | Dec 2024 13.8 | Mar 2025 9.2 | Jun 2025 10.3 | Sep 2025 7.7 | Dec 2025 6.2 | Mar 2026 3.1 | Jun 2026 3.3
- RPSGVENT: Sep 2021 4.8 | Dec 2021 4.0 | Mar 2022 3.5 | Jun 2022 2.8 | Sep 2022 3.5 | Dec 2022 3.2 | Mar 2023 3.2 | Jun 2023 4.0 | Sep 2023 3.6 | Dec 2023 4.0 | Mar 2024 4.0 | Jun 2024 4.1 | Sep 2024 5.6 | Dec 2024 6.2 | Mar 2025 5.4 | Jun 2025 4.5 | Sep 2025 5.2 | Dec 2025 4.7 | Mar 2026 4.6 | Jun 2026 —
- PROTEAN: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 29.7 | Mar 2024 23.5 | Jun 2024 28.8 | Sep 2024 52.9 | Dec 2024 56.3 | Mar 2025 35.5 | Jun 2025 22.6 | Sep 2025 22.4 | Dec 2025 19.6 | Mar 2026 11.3 | Jun 2026 —
- HGS: Sep 2021 10.3 | Dec 2021 12.9 | Mar 2022 9.5 | Jun 2022 8.3 | Sep 2022 7.6 | Dec 2022 8.2 | Mar 2023 4.2 | Jun 2023 3.8 | Sep 2023 6.1 | Dec 2023 8.3 | Mar 2024 5.8 | Jun 2024 4.5 | Sep 2024 6.5 | Dec 2024 6.2 | Mar 2025 4.6 | Jun 2025 4.6 | Sep 2025 4.2 | Dec 2025 3.7 | Mar 2026 3.6 | Jun 2026 —
- AURUM: Sep 2021 24.0 | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 203.2 | Dec 2023 218.6 | Mar 2024 98.2 | Jun 2024 22.9 | Sep 2024 29.3 | Dec 2024 16.6 | Mar 2025 10.0 | Jun 2025 26.0 | Sep 2025 20.2 | Dec 2025 18.4 | Mar 2026 13.5 | Jun 2026 14.6
- ONEPOINT: Sep 2021 9.1 | Dec 2021 12.3 | Mar 2022 10.5 | Jun 2022 6.0 | Sep 2022 6.6 | Dec 2022 9.6 | Mar 2023 11.3 | Jun 2023 12.7 | Sep 2023 19.1 | Dec 2023 23.7 | Mar 2024 21.8 | Jun 2024 23.6 | Sep 2024 29.6 | Dec 2024 21.7 | Mar 2025 17.9 | Jun 2025 18.4 | Sep 2025 15.1 | Dec 2025 19.1 | Mar 2026 13.7 | Jun 2026 —
- ALLDIGI: Sep 2021 7.2 | Dec 2021 11.4 | Mar 2022 9.4 | Jun 2022 6.2 | Sep 2022 7.7 | Dec 2022 7.3 | Mar 2023 7.2 | Jun 2023 8.2 | Sep 2023 8.8 | Dec 2023 9.3 | Mar 2024 9.6 | Jun 2024 13.9 | Sep 2024 12.0 | Dec 2024 11.0 | Mar 2025 10.2 | Jun 2025 9.7 | Sep 2025 9.5 | Dec 2025 8.3 | Mar 2026 6.8 | Jun 2026 7.0
- IRIS: Sep 2021 17.9 | Dec 2021 27.3 | Mar 2022 24.8 | Jun 2022 19.6 | Sep 2022 16.5 | Dec 2022 15.0 | Mar 2023 13.4 | Jun 2023 13.4 | Sep 2023 17.7 | Dec 2023 20.3 | Mar 2024 17.4 | Jun 2024 25.1 | Sep 2024 37.1 | Dec 2024 45.7 | Mar 2025 35.2 | Jun 2025 26.8 | Sep 2025 33.9 | Dec 2025 34.9 | Mar 2026 22.6 | Jun 2026 —

### 20-quarter P/BV history
- FSL: Sep 2021 4.9 | Dec 2021 4.3 | Mar 2022 3.1 | Jun 2022 2.5 | Sep 2022 2.2 | Dec 2022 2.2 | Mar 2023 2.4 | Jun 2023 2.9 | Sep 2023 3.5 | Dec 2023 3.5 | Mar 2024 3.8 | Jun 2024 4.4 | Sep 2024 6.1 | Dec 2024 6.7 | Mar 2025 6.2 | Jun 2025 7.3 | Sep 2025 6.1 | Dec 2025 5.5 | Mar 2026 3.5 | Jun 2026 —
- ECLERX: Sep 2021 5.3 | Dec 2021 5.3 | Mar 2022 4.5 | Jun 2022 4.5 | Sep 2022 4.2 | Dec 2022 3.7 | Mar 2023 4.1 | Jun 2023 5.2 | Sep 2023 5.2 | Dec 2023 6.4 | Mar 2024 5.9 | Jun 2024 6.9 | Sep 2024 6.5 | Dec 2024 8.5 | Mar 2025 6.5 | Jun 2025 7.7 | Sep 2025 8.6 | Dec 2025 8.5 | Mar 2026 5.2 | Jun 2026 —
- LATENTVIEW: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 6.5 | Sep 2022 6.5 | Dec 2022 6.7 | Mar 2023 6.3 | Jun 2023 6.9 | Sep 2023 7.0 | Dec 2023 7.3 | Mar 2024 8.2 | Jun 2024 8.5 | Sep 2024 7.1 | Dec 2024 7.1 | Mar 2025 5.4 | Jun 2025 6.2 | Sep 2025 5.6 | Dec 2025 5.9 | Mar 2026 3.3 | Jun 2026 —
- HAPPSTMNDS: Sep 2021 38.7 | Dec 2021 32.5 | Mar 2022 28.0 | Jun 2022 23.4 | Sep 2022 19.6 | Dec 2022 17.4 | Mar 2023 20.6 | Jun 2023 17.1 | Sep 2023 15.3 | Dec 2023 9.8 | Mar 2024 8.1 | Jun 2024 8.4 | Sep 2024 8.2 | Dec 2024 7.0 | Mar 2025 6.0 | Jun 2025 6.7 | Sep 2025 5.2 | Dec 2025 4.5 | Mar 2026 3.6 | Jun 2026 —
- ROUTE: Sep 2021 17.7 | Dec 2021 14.2 | Mar 2022 13.3 | Jun 2022 11.1 | Sep 2022 5.2 | Dec 2022 4.5 | Mar 2023 5.2 | Jun 2023 6.0 | Sep 2023 5.5 | Dec 2023 5.0 | Mar 2024 5.0 | Jun 2024 6.2 | Sep 2024 4.5 | Dec 2024 3.7 | Mar 2025 2.5 | Jun 2025 2.9 | Sep 2025 2.1 | Dec 2025 1.7 | Mar 2026 1.1 | Jun 2026 1.2
- RPSGVENT: Sep 2021 1.2 | Dec 2021 0.9 | Mar 2022 0.8 | Jun 2022 0.6 | Sep 2022 0.5 | Dec 2022 0.5 | Mar 2023 0.4 | Jun 2023 0.5 | Sep 2023 0.7 | Dec 2023 0.8 | Mar 2024 0.7 | Jun 2024 0.9 | Sep 2024 1.3 | Dec 2024 1.3 | Mar 2025 1.1 | Jun 2025 1.1 | Sep 2025 1.0 | Dec 2025 1.0 | Mar 2026 1.0 | Jun 2026 —
- PROTEAN: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 5.5 | Mar 2024 4.6 | Jun 2024 5.0 | Sep 2024 8.4 | Dec 2024 8.5 | Mar 2025 5.7 | Jun 2025 3.8 | Sep 2025 3.6 | Dec 2025 3.1 | Mar 2026 1.9 | Jun 2026 —
- HGS: Sep 2021 2.9 | Dec 2021 3.1 | Mar 2022 2.0 | Jun 2022 2.1 | Sep 2022 0.6 | Dec 2022 0.7 | Mar 2023 0.5 | Jun 2023 0.6 | Sep 2023 0.6 | Dec 2023 0.6 | Mar 2024 0.5 | Jun 2024 0.5 | Sep 2024 0.5 | Dec 2024 0.4 | Mar 2025 0.3 | Jun 2025 0.3 | Sep 2025 0.3 | Dec 2025 0.3 | Mar 2026 0.2 | Jun 2026 —
- AURUM: Sep 2021 2.5 | Dec 2021 4.7 | Mar 2022 3.8 | Jun 2022 3.3 | Sep 2022 4.2 | Dec 2022 4.0 | Mar 2023 4.2 | Jun 2023 5.2 | Sep 2023 4.0 | Dec 2023 4.7 | Mar 2024 4.7 | Jun 2024 5.0 | Sep 2024 3.6 | Dec 2024 2.3 | Mar 2025 1.7 | Jun 2025 3.1 | Sep 2025 1.8 | Dec 2025 2.7 | Mar 2026 2.4 | Jun 2026 3.0
- ONEPOINT: Sep 2021 1.4 | Dec 2021 4.9 | Mar 2022 5.0 | Jun 2022 3.4 | Sep 2022 3.8 | Dec 2022 6.0 | Mar 2023 7.5 | Jun 2023 8.6 | Sep 2023 12.2 | Dec 2023 13.1 | Mar 2024 14.3 | Jun 2024 18.7 | Sep 2024 10.6 | Dec 2024 3.7 | Mar 2025 3.2 | Jun 2025 7.1 | Sep 2025 2.8 | Dec 2025 3.6 | Mar 2026 2.6 | Jun 2026 —
- ALLDIGI: Sep 2021 2.4 | Dec 2021 4.0 | Mar 2022 3.5 | Jun 2022 2.5 | Sep 2022 3.3 | Dec 2022 3.3 | Mar 2023 3.5 | Jun 2023 4.0 | Sep 2023 4.0 | Dec 2023 3.8 | Mar 2024 4.3 | Jun 2024 7.7 | Sep 2024 6.5 | Dec 2024 5.5 | Mar 2025 5.4 | Jun 2025 5.7 | Sep 2025 5.4 | Dec 2025 5.0 | Mar 2026 4.4 | Jun 2026 4.7
- IRIS: Sep 2021 7.9 | Dec 2021 10.5 | Mar 2022 7.5 | Jun 2022 5.9 | Sep 2022 5.4 | Dec 2022 5.1 | Mar 2023 5.0 | Jun 2023 5.3 | Sep 2023 6.3 | Dec 2023 7.2 | Mar 2024 6.4 | Jun 2024 12.7 | Sep 2024 15.7 | Dec 2024 15.4 | Mar 2025 12.9 | Jun 2025 13.3 | Sep 2025 8.8 | Dec 2025 3.2 | Mar 2026 2.4 | Jun 2026 —

## Market action

Aurum Proptech Ltd has the strongest one-year price move in IT Enabled Services at +11.3%. It also leads on Mansfield relative strength against NIFTY at +23.1%. 3 of 12 covered companies are above zero on that measure. Every line covers 313 weekly closes through 2026-07-24.

### Strongest one-year price performers
1. Aurum Proptech Ltd (AURUM): 11%
2. One Point One Solutions Ltd (ONEPOINT): 7.5%
3. eClerx Services Ltd (ECLERX): 0.2%
4. RPSG Ventures Ltd (RPSGVENT): -0.4%
5. Alldigi Tech Ltd (ALLDIGI): -14%

### Strongest relative strength versus NIFTY 500
1. Aurum Proptech Ltd (AURUM): 23%
2. RPSG Ventures Ltd (RPSGVENT): 8.7%
3. One Point One Solutions Ltd (ONEPOINT): 6.0%
4. eClerx Services Ltd (ECLERX): -0.6%
5. Alldigi Tech Ltd (ALLDIGI): -3.1%

## What can make this comparison misleading?
- A high growth rate can be a low-base artefact. The page keeps level and change separate for that reason.
- A high ROCE can be temporary or flattered by a small capital base. Read it beside margin, cash conversion and reinvestment.
- The 4-Factor Sector Score ranks research priority, not portfolio action. Management quality, catalysts and risks need equally fresh evidence before capital is deployed.
- An “all companies” line chart preserves completeness, but rank changes should be checked against reporting dates before drawing a conclusion.
- 4 companies draw at least one figure from a second data feed with too little overlapping history to cross-check against the primary source; they are marked unverified wherever those figures appear.
- 3 companies are missing from the second-feed metrics by decision, not by absence: the two sources disagree, so nothing from the second is drawn. Read those rows as narrower evidence, never as a weaker business.

## Every company
- Firstsource Solutions Ltd (FSL) — market value ₹17.9K Cr; latest fundamentals Mar 2026
- eClerx Services Ltd (ECLERX) — market value ₹17.5K Cr; latest fundamentals Mar 2026
- Latent View Analytics Ltd (LATENTVIEW) — market value ₹6.1K Cr; latest fundamentals Mar 2026; second-feed figures WITHHELD
- Happiest Minds Technologies Ltd (HAPPSTMNDS) — market value ₹5.7K Cr; latest fundamentals Mar 2026
- Route Mobile Ltd (ROUTE) — market value ₹3.6K Cr; latest fundamentals Jun 2026; second-feed figures WITHHELD
- RPSG Ventures Ltd (RPSGVENT) — market value ₹3.0K Cr; latest fundamentals Mar 2026; second-feed figures WITHHELD
- Protean eGov Technologies Ltd (PROTEAN) — market value ₹2.4K Cr; latest fundamentals Mar 2026
- Hinduja Global Solutions Ltd (HGS) — market value ₹2.0K Cr; latest fundamentals Mar 2026; includes UNVERIFIED second-feed figures
- Aurum Proptech Ltd (AURUM) — market value ₹1.6K Cr; latest fundamentals Jun 2026; includes UNVERIFIED second-feed figures
- One Point One Solutions Ltd (ONEPOINT) — market value ₹1.4K Cr; latest fundamentals Mar 2026; includes UNVERIFIED second-feed figures
- Alldigi Tech Ltd (ALLDIGI) — market value ₹1.3K Cr; latest fundamentals Jun 2026; includes UNVERIFIED second-feed figures
- IRIS Regtech Solutions Ltd (IRIS) — market value ₹503 Cr; latest fundamentals Mar 2026

## Source standing of each company

Cross-checked: 4. Unverified: 5. Withheld: 3. Graded companies: 12.

4 of 12 companies draw at least one figure from a second data feed that could not be cross-checked against the primary source, because the two do not share enough reported history to compare. Those figures are marked unverified wherever they appear.

3 of 12 companies have a second data feed that is known to disagree with the primary source, so nothing from it is drawn: Latent View Analytics Ltd (LATENTVIEW) — its two data sources disagree by up to 4% on reported income across 14 comparable periods, so its derived ratios are withheld; Route Mobile Ltd (ROUTE) — its two data sources disagree by up to 9% on reported income across 14 comparable periods, so its derived ratios are withheld; RPSG Ventures Ltd (RPSGVENT) — its two data sources disagree by up to 311% on reported income across 14 comparable periods, so its derived ratios are withheld.

- WITHHELD | LATENTVIEW | Latent View Analytics Ltd | diff_gt_2pct | disagreement up to 3.97% over 14 comparable periods
- WITHHELD | ROUTE | Route Mobile Ltd | diff_gt_2pct | disagreement up to 9% over 14 comparable periods
- WITHHELD | RPSGVENT | RPSG Ventures Ltd | diff_gt_2pct | disagreement up to 310.71% over 14 comparable periods

- UNVERIFIED | HGS | Hinduja Global Solutions Ltd | too little overlapping reported history to cross-check the second feed
- UNVERIFIED | AURUM | Aurum Proptech Ltd | too little overlapping reported history to cross-check the second feed
- UNVERIFIED | ONEPOINT | One Point One Solutions Ltd | too little overlapping reported history to cross-check the second feed
- UNVERIFIED | ALLDIGI | Alldigi Tech Ltd | too little overlapping reported history to cross-check the second feed

## Methodology and freshness

Fundamentals through Jun 2026; prices through 2026-07-24.
Up to 20 quarters per company. Reported history is normalized to Indian rupees crore. Missing values are not interpolated. Derived metrics are calculated only when their inputs are comparable.

## Frequently asked questions

### What is the Nifty IT Enabled Services index?

The Nifty IT Enabled Services index tracks India's listed IT Enabled Services companies as a single basket. This page follows the same 12 companies and equal-weights them, so every company's weekly return counts once whatever it is worth, and the reading belongs to the IT Enabled Services sector rather than to its largest constituent. Figures are as of Jun 2026.

### Which are the best IT Enabled Services stocks in India?

Ranked by this page's four-factor score, eClerx Services Ltd places first among 12 listed IT Enabled Services companies, followed by Aurum Proptech Ltd. That is a ranking of published data — earnings, quality, valuation and market behaviour as of Jun 2026 — and not a recommendation; Sector Alpha is not registered with SEBI as an investment adviser.

### How many IT Enabled Services stocks are listed in India?

This comparison covers 12 listed IT Enabled Services companies in India, each above the size floor the site applies, with 20 quarters of reported figures per company where the filings exist. The full ranked list is on this page, as of Jun 2026.

### Which IT Enabled Services company is the biggest?

RPSG Ventures Ltd is the largest, with trailing-twelve-month revenue of ₹11,322 crore, ahead of Firstsource Solutions Ltd at ₹9,556 crore. That covers 12 of 12 companies with comparable reporting through Mar 2026.

### Which IT Enabled Services company is growing fastest?

Aurum Proptech Ltd has the fastest revenue growth at 64.1% year on year, across 12 of 12 comparable companies. Fast growth off a small base is not the same as proven scale — check whether the rate holds across several quarters on the chart above before treating it as a trend.

### Which IT Enabled Services company has the best profit margins?

Alldigi Tech Ltd has the highest operating margin at 28%, from 12 of 12 comparable companies. Aurum Proptech Ltd shows the biggest recent improvement, at +9 percentage points. A high margin matters most when it is holding or rising, not when it is peaking.

### Which IT Enabled Services company makes the most profit?

eClerx Services Ltd earns the most, at ₹707 crore of trailing-twelve-month net profit, from 12 of 12 comparable companies. IRIS Regtech Solutions Ltd has the fastest profit growth at 100%, though growth off a small or recovering profit base overstates how much has actually changed.

### Which IT Enabled Services company earns the highest return on capital?

eClerx Services Ltd leads on return on capital employed at 34.8%, across 12 of 12 companies. Read it beside the length of its reported history: a high return that repeats for years is evidence of a durable business, while a single high reading can be a small capital base or one good year.

### Which IT Enabled Services stock is the cheapest?

On guarded PEG — where a LOWER number is cheaper — eClerx Services Ltd screens cheapest at 0.67×. Only 4 of 12 companies pass the comparability guard, so this is not a sector-wide "cheapest stock" verdict. Cheap on a multiple is a reason to investigate, never a reason to buy on its own.

### Which IT Enabled Services company has the strongest balance sheet?

IRIS Regtech Solutions Ltd carries the lowest comparable gross debt at ₹2 crore, from 12 of 12 companies. Absolute rupee debt alone does not settle it, because company scale differs — net debt and debt-to-equity in the chart above carry more information, and a very low-debt balance sheet can also mean under-investment.

### Is the IT Enabled Services sector beating the market?

IT Enabled Services has underperformed NIFTY 500 by 13.9% over the last 52 weeks and 10% over 13 weeks, measured on an equal-weight index of its current members. Inside the sector, 3 of 12 covered companies are beating the market on their own. Sector strength does not transfer evenly to every stock in it.

### Which IT Enabled Services stock has the strongest price momentum?

Aurum Proptech Ltd has the strongest relative strength against NIFTY 500. Relative strength answers last, after growth, quality and valuation: price can move well before the fundamentals confirm it, and sometimes without them confirming at all.

### Which IT Enabled Services company scores highest for research priority?

eClerx Services Ltd scores 74.8 out of 100 with 89.6% evidence confidence, from 28.3 points on growth and earnings, 21.8 on capital efficiency, 13 on valuation and 11.7 on relative strength. This ranks what deserves work next. It is not a buy recommendation, and management quality, catalysts and risk still need separate research.

### How many IT Enabled Services companies does this comparison cover, and over what period?

It compares 12 listed companies over up to 20 reported quarters of fundamentals and 10 fiscal years of capital allocation, ending Jun 2026, plus weekly price and relative-strength history. Membership is the full sector list — nothing is dropped for having thin data.

### What is the total market cap of the IT Enabled Services sector?

The 12 IT Enabled Services companies on this page carry ₹62,925 crore of combined market value. Firstsource Solutions Ltd is the largest at ₹17,929 crore, about 28% of the sector's total on its own. Market value moves with price, so this reading is dated 2026-07-29.

### What is the IT Enabled Services sector's P/E ratio?

The median price-to-earnings ratio across the 12 IT Enabled Services companies on this page is 24.8×, measured on the 11 that report a comparable figure. A sector-level history for this multiple is not held here, so this is a cross-section of today, not a comparison with the sector’s own past. Figures are as of 2026-07-29.

### How is the IT Enabled Services sector performing?

3 of the 12 covered IT Enabled Services companies are beating NIFTY 500 on Mansfield relative strength. The sector itself is 13.9% behind NIFTY 500 over 52 weeks on an equal-weight index of its current members. Readings are as of 2026-07-29.

### Why are some values on this page blank?

A blank means that company did not report a comparable figure for that period, so nothing is shown. Missing observations are never interpolated, carried forward, or replaced with a similar-looking accounting line, and a company with missing evidence has its research score pulled toward neutral rather than being scored as bad.

### Is this investment advice?

No. Every figure here is a deterministic calculation from reported company filings and market data, published for research. It contains no recommendation to buy or sell any security, does not account for your circumstances, and is not a substitute for advice from a licensed adviser.

Narrative sector analysis: https://www.sectoralpha.in/sectors/it-enabled-services