Sector Alpha Week of 2026-07-29
20-quarter listed-company comparison

IT - ER&D Stocks in India

IT - ER&D: Persistent Systems Ltd owns the largest revenue base AND the fastest current growth.

Nifty IT - ER&D Index — Constituents & Performance

The IT - ER&D companies below are the listed Indian IT - ER&D universe this page tracks — the same constituent set people search for as the Nifty IT - ER&D index. Every figure is equal-weighted across those companies, so one large constituent cannot set the reading. Each number carries its own as-of date.

The sector itself · before any single company

How has IT - ER&D moved against NIFTY 500?

The line below covers 5.1 years. Over the most recent two of them this sector is 36% behind NIFTY 500. Earnings across its companies fell 4% on average over the last four reported quarters.

TURNING · ahead 2w~Price down, no fundamental support3 of 7 companies ahead of NIFTY 500 by 5% or more over three months

RS ↑2w · 2/7 >200d (+0) · 3/7 lead (+1) · EPS 3/6↑

200500202620252024202320222021 405336 TRAILING 12-MONTH EPS · 100 AT THE START0100125Dec 22Jun 23Dec 23Jun 24Dec 24Jun 25Dec 25Jun 26Sep 2022 · trailing 12-month earnings per share at 100, against 100 at the start · no comparable year yet · 3 reporting · thin coverageDec 2022 · trailing 12-month earnings per share at 109, against 100 at the start · no comparable year yet · 3 reporting · thin coverageMar 2023 · trailing 12-month earnings per share at 116, against 100 at the start · no comparable year yet · 3 reporting · thin coverageJun 2023 · trailing 12-month earnings per share at 118, against 100 at the start · up 33.1% on a year ago · 3 reporting · thin coverageSep 2023 · trailing 12-month earnings per share at 103, against 100 at the start · up 19.0% on a year ago · 6 reportingDec 2023 · trailing 12-month earnings per share at 111, against 100 at the start · up 16.7% on a year ago · 6 reportingMar 2024 · trailing 12-month earnings per share at 110, against 100 at the start · up 16.3% on a year ago · 6 reportingJun 2024 · trailing 12-month earnings per share at 104, against 100 at the start · up 23.3% on a year ago · 6 reportingSep 2024 · trailing 12-month earnings per share at 104, against 100 at the start · up 1.2% on a year ago · 6 reportingDec 2024 · trailing 12-month earnings per share at 102, against 100 at the start · down 2.1% on a year ago · 6 reportingMar 2025 · trailing 12-month earnings per share at 99, against 100 at the start · down 1.7% on a year ago · 6 reportingJun 2025 · trailing 12-month earnings per share at 106, against 100 at the start · up 6.5% on a year ago · 6 reportingSep 2025 · trailing 12-month earnings per share at 120, against 100 at the start · up 6.7% on a year ago · 6 reportingDec 2025 · trailing 12-month earnings per share at 125, against 100 at the start · down 4.2% on a year ago · 6 reportingMar 2026 · trailing 12-month earnings per share at 124, against 100 at the start · down 9.2% on a year ago · 6 reportingJun 2026 · trailing 12-month earnings per share at 85, against 100 at the start · down 7.5% on a year ago · 4 reportingNot reported yet — earnings trail price by a quarter or two85No earnings on file this far back — the price series reaches further than the filings doNO EARNINGS ON FILE
200500202620252024202320222021 405336 TRAILING 12-MONTH EPS · 100 AT THE START0100125Jun 23Jun 24Jun 25Jun 26Sep 2022 · trailing 12-month earnings per share at 100, against 100 at the start · no comparable year yet · 3 reporting · thin coverageDec 2022 · trailing 12-month earnings per share at 109, against 100 at the start · no comparable year yet · 3 reporting · thin coverageMar 2023 · trailing 12-month earnings per share at 116, against 100 at the start · no comparable year yet · 3 reporting · thin coverageJun 2023 · trailing 12-month earnings per share at 118, against 100 at the start · up 33.1% on a year ago · 3 reporting · thin coverageSep 2023 · trailing 12-month earnings per share at 103, against 100 at the start · up 19.0% on a year ago · 6 reportingDec 2023 · trailing 12-month earnings per share at 111, against 100 at the start · up 16.7% on a year ago · 6 reportingMar 2024 · trailing 12-month earnings per share at 110, against 100 at the start · up 16.3% on a year ago · 6 reportingJun 2024 · trailing 12-month earnings per share at 104, against 100 at the start · up 23.3% on a year ago · 6 reportingSep 2024 · trailing 12-month earnings per share at 104, against 100 at the start · up 1.2% on a year ago · 6 reportingDec 2024 · trailing 12-month earnings per share at 102, against 100 at the start · down 2.1% on a year ago · 6 reportingMar 2025 · trailing 12-month earnings per share at 99, against 100 at the start · down 1.7% on a year ago · 6 reportingJun 2025 · trailing 12-month earnings per share at 106, against 100 at the start · up 6.5% on a year ago · 6 reportingSep 2025 · trailing 12-month earnings per share at 120, against 100 at the start · up 6.7% on a year ago · 6 reportingDec 2025 · trailing 12-month earnings per share at 125, against 100 at the start · down 4.2% on a year ago · 6 reportingMar 2026 · trailing 12-month earnings per share at 124, against 100 at the start · down 9.2% on a year ago · 6 reportingJun 2026 · trailing 12-month earnings per share at 85, against 100 at the start · down 7.5% on a year ago · 4 reportingNot reported yet — earnings trail price by a quarter or twoNo earnings on file this far back — the price series reaches further than the filings do
IT - ER&D, equal-weighted, based at 200 NIFTY 500, same base, same start trailing 12-month earnings per share rising falling
Strength anatomy MixedHow much of the sector is participating, how recently, and whether the movers score well.
Together3 of 7 stocks moving
Fresh1 crossed in the last 4 weeks
Backed by scoresmovers score +9 vs the sector average
Down the cap ladder — bar is now, tick is four weeks ago
Large 1/2+1
Mid 1/20
Small 1/30

Participation is not spreading downward this month; the larger companies are still carrying most of it.

Both lines start at 200 in the same week, so the distance between them is the whole story: the sector line is an equal-weighted index of its 7 companies. The bars underneath are trailing 12-month earnings per share, one bar per reported quarter, each member rebased to 100 at the start and the sector taking the median — so a price line pulling away from flat bars is a re-rating, not earnings. A bar turns red when that figure is lower than the quarter before. Rules are fixed and applied identically everywhere on this site: ahead by 5% or more over three months, or behind by 20% or more over a year while earnings grew 20% or more. Hover any point to read both values and the gap. This is a description of what the numbers did, not advice.

Sector relative strength · before individual stocks

Is IT - ER&D outperforming NIFTY 500?

The 52-week comparison of IT - ER&D against NIFTY 500 is not available from the current market series. 1 of 7 covered companies currently beats NIFTY on Mansfield relative strength, so leadership inside the sector is selective. Persistent Systems Ltd is the strongest against the sector itself at +16.4%. Readings are as of 2026-07-19.

—Sector vs NIFTY 500 · 13 weeks
—Sector vs NIFTY 500 · 52 weeks
1/7Stocks leading NIFTY 500
4/7Stocks leading sector

Sector metric: 26.6 as of 2026-07-19 · NARROWING · rising.

The central tension: current leadership is concentrated, so durability matters more than rank.

Start with scale. Then earnings trajectory. Then business quality. Only after those three agree should price leadership carry much weight.

Bottom line

The 52-week sector comparison is unavailable. 1 of 7 covered companies currently have positive Mansfield relative strength versus NIFTY 500. Persistent Systems Ltd leads with revenue of ₹14,749 crore, based on 7 of 7 comparable companies through Mar 2026. Persistent Systems Ltd has the fastest current revenue growth at 23.6%, across 7 of 7 comparable companies.

Is the IT - ER&D sector outperforming NIFTY 500?

The 52-week sector comparison is unavailable. 1 of 7 covered companies currently have positive Mansfield relative strength versus NIFTY 500.

Which IT - ER&D company is largest by revenue?

Persistent Systems Ltd leads with revenue of ₹14,749 crore, based on 7 of 7 comparable companies through Mar 2026.

Which IT - ER&D company is growing fastest?

Persistent Systems Ltd has the fastest current revenue growth at 23.6%, across 7 of 7 comparable companies.

Which IT - ER&D company has the strongest 4-Factor Sector Score?

Persistent Systems Ltd ranks first at 74.4/100 with 89.6% evidence confidence. The score prioritizes research; it is not a buy recommendation.

Which IT - ER&D company reports the most CAPEX?

Persistent Systems Ltd reports the largest latest CAPEX at ₹25 crore, with 2 of 7 companies comparable.

Which IT - ER&D company has the least gross debt?

Onward Technologies Ltd has the lowest comparable gross debt at ₹40 crore. Tata Technologies Ltd has the highest at ₹938 crore.

Which IT - ER&D company has the lowest comparable PEG?

Persistent Systems Ltd has the lowest comparable Guarded PEG at 1.23, among 4 of 7 companies that pass the metric’s comparability rules.

How much history does this IT - ER&D 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.

Companies
7
complete canonical membership
Combined market value
₹2.0 L Cr
Persistent Systems Ltd
Revenue growing
7/7
positive TTM year-on-year growth
Beating NIFTY 500
1/7
positive Mansfield relative strength
Global company selection
00 · research priority, made explicit

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.

Growth & earnings · 35%Capital efficiency · 25%Valuation · 20%Relative strength · 20%
Persistent Systems Ltd has the strongest current balance of earnings trajectory, business quality, valuation and price confirmation, with 89.6% evidence confidence.
Tata Technologies Ltd has stronger price confirmation than earnings confirmation; that is a research prompt, not permission to chase.

Missing observations are not scored as bad. Their missing weight lowers confidence and pulls the final score toward neutral. PEG is guarded: positive earnings, positive 5–60% three-year EPS growth, and a positive P/E are required.

1. Persistent Systems Ltd · PERSISTENT

74.4/100 · Favorable setup · 90% evidence

Exact sum: 29.2 + 20.4 + 10.6 + 14.2 = 74.4

Decision use: Confirmed research leader: earnings, capital efficiency and relative strength agree. Move to management, catalyst and risk diligence.

29.2/35Growth & earnings

Revenue 23.6% · PAT 33.1% · OPM change 1 pp

88% evidence

20.4/25Capital efficiency

ROCE 34.4% · debt/equity 0.06×

100% evidence

10.6/20Valuation

P/E 42.6× · PEG 1.23

100% evidence

14.2/20Relative strength

RS sector 16.4% · RS bench -5.3% · 1Y -6.6%

70% evidence

2. Onward Technologies Ltd · ONWARDTEC

57.8/100 · Mixed-positive evidence · 74% evidence

Exact sum: 21.9 + 13.4 + 11.5 + 11 = 57.8

Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.

21.9/35Growth & earnings

Revenue 10.7% · PAT 30.3% · OPM change -1 pp

95% evidence

13.4/25Capital efficiency

ROCE 22.9% · debt/equity 0.16×

95% evidence

11.5/20Valuation

P/E 14.4× · PEG —

15% evidence

11.0/20Relative strength

RS sector 0.6% · RS bench -1.4% · 1Y -21.7%

70% evidence

3. L&T Technology Services Ltd · LTTS

52.5/100 · Mixed-positive evidence · 94% evidence

Exact sum: 19.1 + 16 + 6.5 + 10.9 = 52.5

Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.

19.1/35Growth & earnings

Revenue 10.1% · PAT 4.4% · OPM change 2 pp

100% evidence

16.0/25Capital efficiency

ROCE 26.7% · debt/equity 0.09×

100% evidence

6.5/20Valuation

P/E 27× · PEG 3.84

100% evidence

10.9/20Relative strength

RS sector 2.4% · RS bench -12.3% · 1Y -22.4%

70% evidence

4. Tata Elxsi Ltd · TATAELXSI

49.1/100 · Mixed-negative evidence · 80% evidence

Exact sum: 19 + 20.1 + 8.5 + 1.5 = 49.1

Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.

19.0/35Growth & earnings

Revenue 9.6% · PAT 41.1% · OPM change 0.2 pp

95% evidence

20.1/25Capital efficiency

ROCE 60% · debt/equity 0.05×

95% evidence

8.5/20Valuation

P/E 216× · PEG —

15% evidence

1.5/20Relative strength

RS sector -17% · RS bench -29.4% · 1Y -43.2%

100% evidence

5. Tata Technologies Ltd · TATATECH

43.4/100 · Mixed-negative evidence · 91% evidence

Exact sum: 13.2 + 10.2 + 4 + 16 = 43.4

Decision use: Price leads the evidence: RS versus the benchmark is 14%, but earnings trajectory is weak. Wait for revenue and profit confirmation.

13.2/35Growth & earnings

Revenue 15.2% · PAT -18.5% · OPM change 0 pp

95% evidence

10.2/25Capital efficiency

ROCE 20.9% · debt/equity 0.24×

95% evidence

4.0/20Valuation

P/E 44.4× · PEG 4.06

100% evidence

16.0/20Relative strength

RS sector 6.7% · RS bench 14% · 1Y 6.4%

70% evidence

6. KPIT Technologies Ltd · KPITTECH

34.8/100 · Adverse evidence · 90% evidence

Exact sum: 8.3 + 14.8 + 8.7 + 3 = 34.8

Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.

8.3/35Growth & earnings

Revenue 10.5% · PAT -24.2% · OPM change -3 pp

88% evidence

14.8/25Capital efficiency

ROCE 26.3% · debt/equity 0.24×

100% evidence

8.7/20Valuation

P/E 23.6× · PEG 6.64

100% evidence

3.0/20Relative strength

RS sector -23.3% · RS bench -43.7% · 1Y -56.5%

70% evidence

7. Cyient Ltd · CYIENT

33.9/100 · Adverse evidence · 77% evidence

Exact sum: 8.7 + 10.6 + 8.6 + 6 = 33.9

Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.

8.7/35Growth & earnings

Revenue 3.2% · PAT -36.9% · OPM change 0 pp

95% evidence

10.6/25Capital efficiency

ROCE 12.3% · debt/equity 0.08×

80% evidence

8.6/20Valuation

P/E 22.9× · PEG —

50% evidence

6.0/20Relative strength

RS sector -9.7% · RS bench -18.6% · 1Y -33.2%

70% evidence

01 · compare level, then change

Revenue Scale & Growth Durability

Persistent Systems Ltd has the highest Revenue among the 7 IT - ER&D companies compared here, at ₹14,749 crore. L&T Technology Services Ltd is next at ₹11,565 crore. The same company also holds the highest Revenue growth, at 23.6%. 7 of 7 companies report a comparable reading, the latest through Mar 2026.

What the numbers say: Persistent Systems Ltd is the scale leader at ₹14,749 crore, 27.5% ahead of L&T Technology Services Ltd. Persistent Systems Ltd's growth is 23.6% from a ₹14,749 crore base, with 19 reported observations in the 20-quarter window. Treat the growth leader as an acceleration candidate, not as equally proven scale.

LeaderPersistent Systems Ltd · ₹14,749 crore
Gap27.5% versus #2 · L&T Technology Services Ltd
Persistence8/8 recent comparable periods
Coverage7/7 companies · 128 observations

Investor read: Persistent Systems Ltd is the scale benchmark; Persistent Systems Ltd is the acceleration watch. Promote the challenger only if growth persists and converts into margin and returns.

This conclusion weakens if: Persistent Systems Ltd's growth falls below Persistent Systems Ltd's for two consecutive comparable reports while operating margin also compresses.

Revenue is compared on a common reported-currency basis. Growth is year-on-year, so seasonality does not masquerade as progress.
Revenuelargest
1Persistent Systems Ltd PERSISTENT₹14.7K Cr
2L&T Technology Services Ltd LTTS₹11.6K Cr
3Cyient Ltd CYIENT₹7.6K Cr
4KPIT Technologies Ltd KPITTECH₹6.5K Cr
5Tata Technologies Ltd TATATECH₹5.9K Cr
Revenue growthfastest growers
1Persistent Systems Ltd PERSISTENT24%
2Tata Technologies Ltd TATATECH15%
3Onward Technologies Ltd ONWARDTEC⚠ unverified11%
4KPIT Technologies Ltd KPITTECH11%
5L&T Technology Services Ltd LTTS10%
Revenue · company comparison
7/7 level · 7/7 change

Solid lines show level; dotted lines show change when “Both” is selected. Missing reports break the line rather than being invented.

All-company data · latest reported quarter

Each figure is the company’s latest single reported quarter. The rankings above use trailing-twelve-month or current-market values, so a company can legitimately show a different number in each.

CompanyRevenueRevenue growthReported
Persistent Systems Ltd PERSISTENT₹4.1K Cr25%Mar 2026
L&T Technology Services Ltd LTTS₹2.9K Cr11%Jun 2026
Cyient Ltd CYIENT₹2.1K Cr21%Jun 2026
KPIT Technologies Ltd KPITTECH₹1.7K Cr12%Mar 2026
Tata Technologies Ltd TATATECH₹1.7K Cr34%Jun 2026
Tata Elxsi Ltd TATAELXSI⚠ unverified₹1.0K Cr14%Jun 2026
Onward Technologies Ltd ONWARDTEC⚠ unverified₹149 Cr12%Jun 2026
Full 20-quarter history · every available company

Revenue · reported quarter history

Cyient Ltd · CYIENT

—
—
—
—
—
₹1.6K Cr
₹1.8K Cr
₹1.7K Cr
₹1.8K Cr
₹1.8K Cr
₹1.9K Cr
₹1.7K Cr
₹1.8K Cr
₹1.9K Cr
₹1.9K Cr
₹1.7K Cr
₹1.8K Cr
₹1.8K Cr
₹1.9K Cr
₹2.1K Cr

KPIT Technologies Ltd · KPITTECH

₹591 Cr
₹622 Cr
₹652 Cr
₹691 Cr
₹746 Cr
₹917 Cr
₹1.0K Cr
₹1.1K Cr
₹1.2K Cr
₹1.3K Cr
₹1.3K Cr
₹1.4K Cr
₹1.5K Cr
₹1.5K Cr
₹1.5K Cr
₹1.5K Cr
₹1.6K Cr
₹1.6K Cr
₹1.7K Cr
—

L&T Technology Services Ltd · LTTS

₹1.6K Cr
₹1.7K Cr
₹1.7K Cr
₹1.9K Cr
₹2.0K Cr
₹2.2K Cr
₹2.4K Cr
₹2.3K Cr
₹2.4K Cr
₹2.4K Cr
₹2.5K Cr
₹2.5K Cr
₹2.6K Cr
₹2.7K Cr
₹2.6K Cr
₹2.6K Cr
₹3.0K Cr
₹2.8K Cr
₹2.9K Cr
₹2.9K Cr

Onward Technologies Ltd · ONWARDTEC⚠ unverified

—
—
—
—
—
₹116 Cr
₹121 Cr
₹120 Cr
₹120 Cr
₹114 Cr
₹118 Cr
₹118 Cr
₹123 Cr
₹123 Cr
₹127 Cr
₹133 Cr
₹139 Cr
₹135 Cr
₹137 Cr
₹149 Cr

Persistent Systems Ltd · PERSISTENT

₹1.4K Cr
₹1.5K Cr
₹1.6K Cr
₹1.9K Cr
₹2.0K Cr
₹2.2K Cr
₹2.3K Cr
₹2.3K Cr
₹2.4K Cr
₹2.5K Cr
₹2.6K Cr
₹2.7K Cr
₹2.9K Cr
₹3.1K Cr
₹3.2K Cr
₹3.3K Cr
₹3.6K Cr
₹3.8K Cr
₹4.1K Cr
—

Tata Elxsi Ltd · TATAELXSI⚠ unverified

₹595 Cr
₹635 Cr
₹691 Cr
₹726 Cr
₹763 Cr
₹818 Cr
₹844 Cr
₹850 Cr
₹882 Cr
₹914 Cr
₹917 Cr
₹926 Cr
₹955 Cr
₹939 Cr
₹940 Cr
₹892 Cr
₹918 Cr
₹953 Cr
₹1.0K Cr
₹1.0K Cr

Tata Technologies Ltd · TATATECH

₹882 Cr
₹1.0K Cr
₹922 Cr
₹894 Cr
₹994 Cr
₹1.1K Cr
₹1.4K Cr
₹1.3K Cr
₹1.3K Cr
₹1.3K Cr
₹1.3K Cr
₹1.3K Cr
₹1.3K Cr
₹1.3K Cr
₹1.3K Cr
₹1.2K Cr
₹1.3K Cr
₹1.4K Cr
₹1.6K Cr
₹1.7K Cr

Revenue growth · reported quarter history

Cyient Ltd · CYIENT

—
—
—
—
—
—
—
—
—
13%
6.3%
-0.6%
4.0%
5.8%
2.6%
2.2%
-3.7%
-4.1%
0.9%
21%

KPIT Technologies Ltd · KPITTECH

—
—
—
22%
26%
47%
56%
59%
61%
37%
30%
24%
23%
18%
16%
13%
8.0%
9.4%
12%
—

L&T Technology Services Ltd · LTTS

—
—
—
—
26%
28%
38%
23%
20%
12%
7.0%
7.0%
7.8%
9.5%
3.9%
7.2%
16%
5.1%
8.3%
11%

Onward Technologies Ltd · ONWARDTEC⚠ unverified

—
—
—
—
—
—
—
—
—
-1.7%
-2.8%
-1.7%
2.5%
7.9%
7.6%
13%
13%
9.8%
7.9%
12%

Persistent Systems Ltd · PERSISTENT

—
—
—
53%
52%
45%
38%
24%
18%
15%
15%
18%
20%
23%
25%
22%
24%
23%
25%
—

Tata Elxsi Ltd · TATAELXSI⚠ unverified

—
—
—
—
28%
29%
22%
17%
16%
12%
8.7%
8.9%
8.3%
2.7%
2.5%
-3.7%
-3.9%
1.5%
8.3%
14%

Tata Technologies Ltd · TATATECH

—
—
—
29%
13%
8.7%
52%
41%
28%
15%
-7.2%
0.9%
2.1%
2.2%
-1.2%
-2.0%
2.1%
3.7%
22%
34%
02 · compare level, then change

Operating Economics & Margin Trend

Tata Elxsi Ltd has the highest OPM among the 7 IT - ER&D companies compared here, at 21.1%. L&T Technology Services Ltd is next at 19%. L&T Technology Services Ltd has the highest Margin change at +2 percentage points, so level and change sit with different companies. 7 of 7 companies report a comparable reading, the latest through Jun 2026.

What the numbers say: Tata Elxsi Ltd leads opm at 21.1%; L&T Technology Services Ltd leads margin change at +2 percentage points.

LeaderTata Elxsi Ltd · 21.1%
Gap11.1% versus #2 · L&T Technology Services Ltd
Persistence2/8 recent comparable periods
Coverage7/7 companies · 138 observations

Investor read: Tata Elxsi 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.

Operating margin compares operating profit with revenue. Improvement is measured in percentage points, not percentage growth.
OPMhighest
1Tata Elxsi Ltd TATAELXSI⚠ unverified21%
2L&T Technology Services Ltd LTTS19%
3Persistent Systems Ltd PERSISTENT19%
4KPIT Technologies Ltd KPITTECH18%
5Tata Technologies Ltd TATATECH16%
Margin changefastest expanders
1L&T Technology Services Ltd LTTS+2.0 pp
2Persistent Systems Ltd PERSISTENT+1.0 pp
3Tata Elxsi Ltd TATAELXSI⚠ unverified+0.2 pp
4Cyient Ltd CYIENT0.0 pp
5Tata Technologies Ltd TATATECH0.0 pp
Operating margin · company comparison
7/7 level · 7/7 change

Solid lines show level; dotted lines show change when “Both” is selected. Missing reports break the line rather than being invented.

All-company data · latest reported quarter

Each figure is the company’s latest single reported quarter. The rankings above use trailing-twelve-month or current-market values, so a company can legitimately show a different number in each.

CompanyOPMMargin changeReported
Tata Elxsi Ltd TATAELXSI⚠ unverified21%+0.2 ppJun 2026
Persistent Systems Ltd PERSISTENT19%+1.0 ppMar 2026
L&T Technology Services Ltd LTTS19%+2.0 ppJun 2026
KPIT Technologies Ltd KPITTECH18%−3.0 ppMar 2026
Tata Technologies Ltd TATATECH16%0.0 ppJun 2026
Cyient Ltd CYIENT13%0.0 ppJun 2026
Onward Technologies Ltd ONWARDTEC⚠ unverified12%−1.0 ppJun 2026
Full 20-quarter history · every available company

OPM · reported quarter history

Cyient Ltd · CYIENT

19%
18%
18%
15%
15%
18%
18%
19%
18%
18%
18%
16%
16%
14%
16%
13%
12%
13%
12%
13%

KPIT Technologies Ltd · KPITTECH

18%
18%
19%
19%
19%
19%
18%
19%
20%
21%
21%
21%
20%
21%
21%
19%
19%
19%
18%
—

L&T Technology Services Ltd · LTTS

22%
22%
22%
20%
19%
20%
20%
20%
20%
20%
20%
19%
18%
19%
16%
17%
16%
18%
18%
19%

Onward Technologies Ltd · ONWARDTEC⚠ unverified

10.0%
13%
7.3%
3.1%
2.9%
6.0%
13%
14%
13%
9.0%
8.0%
10%
6.0%
9.0%
11%
13%
14%
15%
11%
12%

Persistent Systems Ltd · PERSISTENT

17%
17%
17%
18%
18%
19%
18%
16%
17%
18%
18%
17%
17%
18%
18%
18%
19%
19%
19%
—

Tata Elxsi Ltd · TATAELXSI⚠ unverified

31%
33%
32%
33%
30%
30%
30%
30%
30%
30%
29%
27%
28%
26%
23%
21%
21%
23%
25%
21%

Tata Technologies Ltd · TATATECH

15%
19%
15%
17%
20%
18%
17%
20%
17%
18%
18%
18%
18%
18%
18%
16%
16%
14%
16%
16%

Margin change · reported quarter history

Cyient Ltd · CYIENT

+2.9 pp
+2.2 pp
+3.8 pp
−2.2 pp
−4.0 pp
+0.1 pp
+0.0 pp
+3.6 pp
+3.4 pp
0.0 pp
0.0 pp
−3.0 pp
−2.0 pp
−4.0 pp
−2.0 pp
−3.0 pp
−4.0 pp
−1.0 pp
−4.0 pp
0.0 pp

KPIT Technologies Ltd · KPITTECH

+3.3 pp
+2.4 pp
+2.4 pp
+2.1 pp
+0.9 pp
+0.6 pp
−0.6 pp
−0.4 pp
+1.5 pp
+2.0 pp
+3.0 pp
+2.0 pp
0.0 pp
0.0 pp
0.0 pp
−2.0 pp
−1.0 pp
−2.0 pp
−3.0 pp
—

L&T Technology Services Ltd · LTTS

+4.0 pp
+2.1 pp
+1.3 pp
−0.6 pp
−2.6 pp
−1.8 pp
−1.7 pp
−0.3 pp
+0.8 pp
0.0 pp
0.0 pp
−1.0 pp
−2.0 pp
−1.0 pp
−4.0 pp
−2.0 pp
−2.0 pp
−1.0 pp
+2.0 pp
+2.0 pp

Onward Technologies Ltd · ONWARDTEC⚠ unverified

+0.5 pp
+5.7 pp
+1.5 pp
+5.8 pp
−7.1 pp
−6.5 pp
+5.4 pp
+10.9 pp
+10.1 pp
+3.0 pp
−4.6 pp
−4.0 pp
−7.0 pp
0.0 pp
+3.0 pp
+3.0 pp
+8.0 pp
+6.0 pp
0.0 pp
−1.0 pp

Persistent Systems Ltd · PERSISTENT

+0.1 pp
−0.1 pp
+0.3 pp
+1.4 pp
+1.4 pp
+2.2 pp
+0.8 pp
−1.8 pp
−1.0 pp
−1.0 pp
0.0 pp
+1.0 pp
0.0 pp
0.0 pp
0.0 pp
+1.0 pp
+2.0 pp
+1.0 pp
+1.0 pp
—

Tata Elxsi Ltd · TATAELXSI⚠ unverified

+3.4 pp
+3.1 pp
+0.0 pp
+6.0 pp
−1.2 pp
−3.0 pp
−2.7 pp
−3.2 pp
+0.2 pp
−0.6 pp
−1.0 pp
−2.3 pp
−2.0 pp
−3.3 pp
−6.0 pp
−6.3 pp
−6.8 pp
−3.0 pp
+1.8 pp
+0.2 pp

Tata Technologies Ltd · TATATECH

—
—
—
+3.9 pp
+4.4 pp
−0.9 pp
+2.2 pp
+3.1 pp
−2.7 pp
−0.3 pp
+1.0 pp
−2.0 pp
+1.0 pp
0.0 pp
0.0 pp
−2.0 pp
−2.0 pp
−4.0 pp
−2.0 pp
0.0 pp
03 · compare level, then change

Profit Scale & Acceleration

Persistent Systems Ltd has the highest Net profit among the 7 IT - ER&D companies compared here, at ₹1,864 crore. L&T Technology Services Ltd is next at ₹1,322 crore. Tata Elxsi Ltd has the highest Profit growth at 41.1%, so level and change sit with different companies. 7 of 7 companies report a comparable reading, the latest through Mar 2026.

What the numbers say: Persistent Systems Ltd leads with ₹1,864 crore of TTM profit, 41% above L&T Technology Services Ltd. Tata Elxsi Ltd shows 41.1% growth from a ₹103 crore profit base. Compare the size of the base and persistence before ranking acceleration above profit scale.

LeaderPersistent Systems Ltd · ₹1,864 crore
Gap41% versus #2 · L&T Technology Services Ltd
Persistence8/8 recent comparable periods
Coverage7/7 companies · 128 observations

Investor read: Persistent Systems 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.

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 profitlargest
1Persistent Systems Ltd PERSISTENT₹1.9K Cr
2L&T Technology Services Ltd LTTS₹1.3K Cr
3KPIT Technologies Ltd KPITTECH₹637 Cr
4Tata Technologies Ltd TATATECH₹558 Cr
5Cyient Ltd CYIENT₹415 Cr
Profit growthfastest growers
1Tata Elxsi Ltd TATAELXSI⚠ unverified41%
2Persistent Systems Ltd PERSISTENT33%
3Onward Technologies Ltd ONWARDTEC⚠ unverified30%
4L&T Technology Services Ltd LTTS4.4%
5Tata Technologies Ltd TATATECH-19%
Net profit · company comparison
7/7 level · 7/7 change

Solid lines show level; dotted lines show change when “Both” is selected. Missing reports break the line rather than being invented.

All-company data · latest reported quarter

Each figure is the company’s latest single reported quarter. The rankings above use trailing-twelve-month or current-market values, so a company can legitimately show a different number in each.

CompanyNet profitProfit growthReported
Persistent Systems Ltd PERSISTENT₹529 Cr34%Mar 2026
L&T Technology Services Ltd LTTS₹357 Cr13%Jun 2026
Tata Technologies Ltd TATATECH₹181 Cr6.5%Jun 2026
Tata Elxsi Ltd TATAELXSI⚠ unverified₹171 Cr19%Jun 2026
KPIT Technologies Ltd KPITTECH₹163 Cr-33%Mar 2026
Cyient Ltd CYIENT₹109 Cr-31%Jun 2026
Onward Technologies Ltd ONWARDTEC⚠ unverified₹11 Cr-15%Jun 2026
Full 20-quarter history · every available company

Net profit · reported quarter history

Cyient Ltd · CYIENT

—
—
—
—
—
₹156 Cr
₹163 Cr
₹169 Cr
₹184 Cr
₹153 Cr
₹197 Cr
₹148 Cr
₹187 Cr
₹128 Cr
₹186 Cr
₹157 Cr
₹143 Cr
₹97 Cr
₹66 Cr
₹109 Cr

KPIT Technologies Ltd · KPITTECH

₹65 Cr
₹70 Cr
₹79 Cr
₹85 Cr
₹83 Cr
₹104 Cr
₹112 Cr
₹134 Cr
₹141 Cr
₹157 Cr
₹166 Cr
₹204 Cr
₹204 Cr
₹187 Cr
₹245 Cr
₹172 Cr
₹169 Cr
₹133 Cr
₹163 Cr
—

L&T Technology Services Ltd · LTTS

₹231 Cr
₹250 Cr
₹263 Cr
₹275 Cr
₹283 Cr
₹298 Cr
₹341 Cr
₹312 Cr
₹316 Cr
₹337 Cr
₹341 Cr
₹314 Cr
₹320 Cr
₹320 Cr
₹310 Cr
₹316 Cr
₹329 Cr
₹303 Cr
₹333 Cr
₹357 Cr

Onward Technologies Ltd · ONWARDTEC⚠ unverified

—
—
—
—
—
₹2 Cr
₹7 Cr
₹11 Cr
₹10 Cr
₹7 Cr
₹7 Cr
₹7 Cr
₹4 Cr
₹6 Cr
₹10 Cr
₹13 Cr
₹12 Cr
₹10 Cr
₹10 Cr
₹11 Cr

Persistent Systems Ltd · PERSISTENT

₹162 Cr
₹176 Cr
₹201 Cr
₹212 Cr
₹220 Cr
₹238 Cr
₹252 Cr
₹229 Cr
₹263 Cr
₹286 Cr
₹315 Cr
₹306 Cr
₹325 Cr
₹373 Cr
₹396 Cr
₹425 Cr
₹471 Cr
₹439 Cr
₹529 Cr
—

Tata Elxsi Ltd · TATAELXSI⚠ unverified

₹125 Cr
₹151 Cr
₹160 Cr
₹185 Cr
₹174 Cr
₹195 Cr
₹202 Cr
₹189 Cr
₹200 Cr
₹206 Cr
₹197 Cr
₹184 Cr
₹229 Cr
₹199 Cr
₹172 Cr
₹144 Cr
₹155 Cr
₹109 Cr
₹220 Cr
₹171 Cr

Tata Technologies Ltd · TATATECH

₹104 Cr
₹155 Cr
₹106 Cr
₹116 Cr
₹143 Cr
₹148 Cr
₹217 Cr
₹192 Cr
₹160 Cr
₹170 Cr
₹157 Cr
₹162 Cr
₹157 Cr
₹169 Cr
₹189 Cr
₹170 Cr
₹166 Cr
₹7 Cr
₹204 Cr
₹181 Cr

Profit growth · reported quarter history

Cyient Ltd · CYIENT

—
—
—
—
—
—
—
—
—
-1.9%
21%
-12%
1.6%
-16%
-5.6%
6.1%
-24%
-24%
-65%
-31%

KPIT Technologies Ltd · KPITTECH

—
—
—
42%
28%
49%
42%
58%
70%
51%
48%
52%
45%
19%
48%
-16%
-17%
-29%
-33%
—

L&T Technology Services Ltd · LTTS

—
—
—
—
23%
19%
30%
13%
12%
13%
0.0%
0.6%
1.3%
-5.0%
-9.1%
0.6%
2.8%
-5.3%
7.4%
13%

Onward Technologies Ltd · ONWARDTEC⚠ unverified

—
—
—
—
—
—
—
—
—
250%
-3.3%
-36%
-60%
-14%
43%
86%
200%
67%
0.0%
-15%

Persistent Systems Ltd · PERSISTENT

—
—
—
40%
36%
35%
25%
8.0%
20%
20%
25%
34%
24%
30%
26%
39%
45%
18%
34%
—

Tata Elxsi Ltd · TATAELXSI⚠ unverified

—
—
—
—
39%
29%
26%
2.2%
15%
5.6%
-2.5%
-2.7%
15%
-3.4%
-13%
-22%
-32%
-45%
28%
19%

Tata Technologies Ltd · TATATECH

—
—
—
61%
38%
-4.3%
105%
66%
12%
15%
-28%
-16%
-1.9%
-0.6%
20%
4.9%
5.7%
-96%
7.9%
6.5%
04 · compare level, then change

Capacity Spending & Returns On It

Persistent Systems Ltd has the highest CAPEX among the 7 IT - ER&D companies compared here, at ₹25 crore. Tata Technologies Ltd is next at ₹21 crore. Tata Technologies Ltd has the highest CAPEX intensity at 1.5%, so level and change sit with different companies. 2 of 7 companies report a comparable reading, the latest through Mar 2026.

What the numbers say: Persistent Systems Ltd reports ₹25 crore of CAPEX; Tata Technologies Ltd has the highest covered intensity at 1.5%. Coverage is only 2 of 7 companies and 21 reported observations, so this is partial evidence—not a complete sector rank.

LeaderPersistent Systems Ltd · ₹25 crore
Gap19% versus #2 · Tata Technologies Ltd
Persistence8/8 recent comparable periods
Coverage2/7 companies · 21 observations

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.

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.
CAPEXlargest spenders
1Persistent Systems Ltd PERSISTENT₹25 Cr
2Tata Technologies Ltd TATATECH₹21 Cr
CAPEX intensityhighest reinvestment intensity
1Tata Technologies Ltd TATATECH1.5%
2Persistent Systems Ltd PERSISTENT0.6%
Capital expenditure · company comparison
2/7 level · 2/7 change

Solid lines show level; dotted lines show change when “Both” is selected. Missing reports break the line rather than being invented.

Withheld from this chart: Cyient Ltd (CYIENT) — its two data sources disagree by up to 16% on reported income across 14 comparable periods, so its derived ratios are withheld. A figure two sources cannot agree on is not drawn — the gap is a decision, not missing data.

All-company data · latest reported quarter

Each figure is the company’s latest single reported quarter. The rankings above use trailing-twelve-month or current-market values, so a company can legitimately show a different number in each.

CompanyCAPEXCAPEX intensityReported
Persistent Systems Ltd PERSISTENT₹25 Cr0.6%Mar 2026
Tata Technologies Ltd TATATECH₹21 Cr1.5%Jun 2026
Full 20-quarter history · every available company

CAPEX · reported quarter history

Persistent Systems Ltd · PERSISTENT

₹143 Cr
₹64 Cr
₹89 Cr
₹181 Cr
₹102 Cr
₹114 Cr
₹36 Cr
₹74 Cr
₹93 Cr
₹59 Cr
₹132 Cr
₹163 Cr
₹237 Cr
₹17 Cr
₹180 Cr
₹42 Cr
₹61 Cr
₹80 Cr
₹25 Cr
—

Tata Technologies Ltd · TATATECH

—
—
₹36 Cr
—
—
—
₹21 Cr
—
—
—
—
—
—
—
—
—
—
—
—
—

CAPEX intensity · reported quarter history

Persistent Systems Ltd · PERSISTENT

11%
4.3%
5.4%
9.6%
5.0%
5.3%
1.6%
3.2%
3.9%
2.4%
5.1%
6.0%
8.2%
0.6%
5.6%
1.3%
1.7%
2.1%
0.6%
—

Tata Technologies Ltd · TATATECH

—
—
3.9%
—
—
—
1.5%
—
—
—
—
—
—
—
—
—
—
—
—
—
Annual capital allocation · 10-year view
6/7 capacity base · 7/7 OCF · 6/7 CAPEX · 6/7 FCF

Capacity base is net fixed assets plus capital work in progress, straight off the reported balance sheet. It is not cash spent, so it answers a narrower question than CAPEX — but it is reported for companies whose cash-flow CAPEX is not published, which is why it leads here. Missing years remain blank; annual values are never relabelled as quarters.

Full annual capacity base, operating cash flow, CAPEX and free cash flow history

Capacity base · net fixed assets + CWIP · fiscal-year history

Cyient Ltd · CYIENT

₹777 Cr
₹850 Cr
₹1.1K Cr
₹1.5K Cr
₹1.4K Cr
₹1.4K Cr
₹2.9K Cr
₹2.9K Cr
₹3.0K Cr
₹3.1K Cr

KPIT Technologies Ltd · KPITTECH

—
₹0 Cr
₹421 Cr
₹531 Cr
₹589 Cr
₹641 Cr
₹1.7K Cr
₹2.0K Cr
₹2.0K Cr
₹4.0K Cr

L&T Technology Services Ltd · LTTS

₹616 Cr
₹709 Cr
₹780 Cr
₹1.2K Cr
₹1.3K Cr
₹1.3K Cr
₹1.3K Cr
₹1.6K Cr
₹2.3K Cr
₹2.3K Cr

Onward Technologies Ltd · ONWARDTEC⚠ unverified

₹18 Cr
₹16 Cr
₹15 Cr
₹28 Cr
₹30 Cr
₹57 Cr
₹54 Cr
₹64 Cr
₹67 Cr
₹89 Cr

Persistent Systems Ltd · PERSISTENT

₹565 Cr
₹517 Cr
₹433 Cr
₹462 Cr
₹469 Cr
₹1.6K Cr
₹2.4K Cr
₹2.3K Cr
₹2.6K Cr
₹2.9K Cr

Tata Technologies Ltd · TATATECH

—
—
₹844 Cr
₹1.1K Cr
₹1.1K Cr
₹1.1K Cr
₹1.1K Cr
₹1.2K Cr
₹1.1K Cr
₹2.1K Cr

Operating cash flow · fiscal-year history

Cyient Ltd · CYIENT

₹420 Cr
₹296 Cr
₹370 Cr
₹582 Cr
₹856 Cr
₹634 Cr
₹554 Cr
₹726 Cr
₹790 Cr
₹787 Cr

KPIT Technologies Ltd · KPITTECH

—
₹0 Cr
₹151 Cr
₹389 Cr
₹628 Cr
₹475 Cr
₹462 Cr
₹1.0K Cr
₹1.4K Cr
₹1.2K Cr

L&T Technology Services Ltd · LTTS

₹388 Cr
₹409 Cr
₹806 Cr
₹638 Cr
₹1.3K Cr
₹1.0K Cr
₹1.3K Cr
₹1.5K Cr
₹1.5K Cr
₹1.5K Cr

Onward Technologies Ltd · ONWARDTEC⚠ unverified

₹14 Cr
₹16 Cr
₹11 Cr
₹29 Cr
₹33 Cr
₹-4 Cr
₹6 Cr
₹62 Cr
₹32 Cr
₹65 Cr

Persistent Systems Ltd · PERSISTENT

₹286 Cr
₹421 Cr
₹432 Cr
₹352 Cr
₹736 Cr
₹845 Cr
₹956 Cr
₹1.3K Cr
₹1.2K Cr
₹1.8K Cr

Tata Elxsi Ltd · TATAELXSI⚠ unverified

—
—
—
—
—
₹483 Cr
₹487 Cr
₹701 Cr
₹812 Cr
₹664 Cr

Tata Technologies Ltd · TATATECH

—
—
₹369 Cr
₹267 Cr
₹1.1K Cr
₹-39 Cr
₹401 Cr
₹294 Cr
₹699 Cr
₹776 Cr

CAPEX · reported cash flow · fiscal-year history

Cyient Ltd · CYIENT

₹205 Cr
₹178 Cr
₹343 Cr
₹557 Cr
₹192 Cr
₹101 Cr
₹1.8K Cr
₹281 Cr
₹392 Cr
₹359 Cr

KPIT Technologies Ltd · KPITTECH

—
—
₹440 Cr
₹218 Cr
₹191 Cr
₹172 Cr
₹1.2K Cr
₹452 Cr
₹234 Cr
₹2.3K Cr

L&T Technology Services Ltd · LTTS

₹43 Cr
₹182 Cr
₹175 Cr
₹586 Cr
₹329 Cr
₹213 Cr
₹239 Cr
₹598 Cr
₹950 Cr
₹334 Cr

Onward Technologies Ltd · ONWARDTEC⚠ unverified

₹11 Cr
₹3 Cr
₹5 Cr
₹24 Cr
₹12 Cr
₹37 Cr
₹10 Cr
₹23 Cr
₹16 Cr
₹38 Cr

Persistent Systems Ltd · PERSISTENT

₹250 Cr
₹110 Cr
₹73 Cr
₹195 Cr
₹183 Cr
₹1.3K Cr
₹988 Cr
₹207 Cr
₹670 Cr
₹679 Cr

Tata Technologies Ltd · TATATECH

—
—
—
₹374 Cr
₹63 Cr
₹64 Cr
₹125 Cr
₹159 Cr
₹100 Cr
₹1.1K Cr

Free cash flow · fiscal-year history

Cyient Ltd · CYIENT

₹215 Cr
₹118 Cr
₹27 Cr
₹25 Cr
₹664 Cr
₹533 Cr
₹-1.2K Cr
₹445 Cr
₹398 Cr
₹428 Cr

KPIT Technologies Ltd · KPITTECH

—
—
₹-289 Cr
₹171 Cr
₹437 Cr
₹303 Cr
₹-760 Cr
₹550 Cr
₹1.2K Cr
₹-1.1K Cr

L&T Technology Services Ltd · LTTS

₹345 Cr
₹227 Cr
₹631 Cr
₹52 Cr
₹1.0K Cr
₹793 Cr
₹1.1K Cr
₹895 Cr
₹531 Cr
₹1.1K Cr

Onward Technologies Ltd · ONWARDTEC⚠ unverified

₹3 Cr
₹13 Cr
₹6 Cr
₹5 Cr
₹21 Cr
₹-41 Cr
₹-4 Cr
₹39 Cr
₹16 Cr
₹27 Cr

Persistent Systems Ltd · PERSISTENT

₹36 Cr
₹311 Cr
₹359 Cr
₹157 Cr
₹553 Cr
₹-493 Cr
₹-32 Cr
₹1.1K Cr
₹487 Cr
₹1.1K Cr

Tata Technologies Ltd · TATATECH

—
—
—
₹-107 Cr
₹1.1K Cr
₹-103 Cr
₹276 Cr
₹135 Cr
₹599 Cr
₹-309 Cr
05 · compare level, then change

Debt Load & Balance-Sheet Headroom

Onward Technologies Ltd has the lowest Gross debt among the 7 IT - ER&D companies compared here, at ₹40 crore. Tata Elxsi Ltd is next at ₹162 crore. L&T Technology Services Ltd has the lowest Net debt at ₹2,499 crore net cash, so level and change sit with different companies.

What the numbers say: L&T Technology Services Ltd has the clearest covered balance-sheet capacity with ₹2,499 crore net cash and gross debt of ₹579 crore. Absolute debt alone does not identify the strongest balance sheet because company scale differs; net debt and debt-to-equity carry more information.

LeaderOnward Technologies Ltd · ₹40 crore
Gap75.3% versus #2 · Tata Elxsi Ltd
Persistence6/8 recent comparable periods
Coverage7/7 companies · 119 observations

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.

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 debtlowest gross debt
1Onward Technologies Ltd ONWARDTEC⚠ unverified₹40 Cr
2Tata Elxsi Ltd TATAELXSI⚠ unverified₹162 Cr
3Cyient Ltd CYIENT₹431 Cr
4Persistent Systems Ltd PERSISTENT₹477 Cr
5L&T Technology Services Ltd LTTS₹579 Cr
Net debtlowest net debt
1L&T Technology Services Ltd LTTS₹-2.5K Cr
2Persistent Systems Ltd PERSISTENT₹-1.6K Cr
3Tata Elxsi Ltd TATAELXSI⚠ unverified₹-1.5K Cr
4Tata Technologies Ltd TATATECH₹-639 Cr
5KPIT Technologies Ltd KPITTECH₹-552 Cr
Debt and balance-sheet capacity · company comparison
7/7 level · 6/7 change

Solid lines show level; dotted lines show change when “Both” is selected. Missing reports break the line rather than being invented.

All-company data · latest reported quarter

Each figure is the company’s latest single reported quarter. The rankings above use trailing-twelve-month or current-market values, so a company can legitimately show a different number in each.

CompanyGross debtNet debtReported
Tata Technologies Ltd TATATECH₹938 Cr₹-639 CrJun 2026
KPIT Technologies Ltd KPITTECH₹838 Cr₹-552 CrMar 2026
L&T Technology Services Ltd LTTS₹579 Cr₹-2.5K CrJun 2026
Persistent Systems Ltd PERSISTENT₹477 Cr₹-1.6K CrMar 2026
Cyient Ltd CYIENT₹431 Cr—Jun 2026
Tata Elxsi Ltd TATAELXSI⚠ unverified₹162 Cr₹-1.5K CrJun 2026
Onward Technologies Ltd ONWARDTEC⚠ unverified₹40 Cr₹-88 CrJun 2026
Full 20-quarter history · every available company

Gross debt · reported quarter history

Cyient Ltd · CYIENT

—
—
₹573 Cr
—
—
—
₹1.2K Cr
—
—
—
₹788 Cr
—
—
—
₹513 Cr
—
₹436 Cr
—
₹431 Cr
—

KPIT Technologies Ltd · KPITTECH

₹210 Cr
₹210 Cr
₹227 Cr
₹227 Cr
₹186 Cr
₹186 Cr
₹287 Cr
₹287 Cr
₹376 Cr
₹376 Cr
₹329 Cr
₹329 Cr
₹349 Cr
₹349 Cr
₹345 Cr
₹345 Cr
₹529 Cr
₹529 Cr
₹838 Cr
—

L&T Technology Services Ltd · LTTS

₹506 Cr
₹517 Cr
₹477 Cr
₹466 Cr
₹461 Cr
₹462 Cr
₹454 Cr
₹454 Cr
₹551 Cr
₹551 Cr
₹659 Cr
₹659 Cr
₹644 Cr
₹644 Cr
₹578 Cr
₹578 Cr
₹630 Cr
₹630 Cr
₹578 Cr
₹579 Cr

Onward Technologies Ltd · ONWARDTEC⚠ unverified

₹10 Cr
₹10 Cr
₹19 Cr
₹19 Cr
₹19 Cr
₹19 Cr
₹17 Cr
₹17 Cr
₹15 Cr
₹15 Cr
₹28 Cr
₹28 Cr
₹34 Cr
₹34 Cr
₹32 Cr
₹32 Cr
₹39 Cr
₹39 Cr
₹40 Cr
₹40 Cr

Persistent Systems Ltd · PERSISTENT

₹119 Cr
₹295 Cr
₹578 Cr
₹757 Cr
₹752 Cr
₹728 Cr
₹655 Cr
₹590 Cr
₹555 Cr
₹508 Cr
₹451 Cr
₹484 Cr
₹577 Cr
₹474 Cr
₹311 Cr
₹334 Cr
₹404 Cr
₹430 Cr
₹477 Cr
—

Tata Elxsi Ltd · TATAELXSI⚠ unverified

₹101 Cr
₹101 Cr
₹139 Cr
₹139 Cr
₹187 Cr
₹187 Cr
₹182 Cr
₹182 Cr
₹237 Cr
₹237 Cr
₹224 Cr
₹224 Cr
₹206 Cr
₹206 Cr
₹192 Cr
₹192 Cr
₹169 Cr
₹169 Cr
₹162 Cr
₹162 Cr

Tata Technologies Ltd · TATATECH

—
—
₹261 Cr
₹261 Cr
—
₹253 Cr
₹255 Cr
₹255 Cr
₹260 Cr
—
₹257 Cr
₹257 Cr
₹260 Cr
₹260 Cr
₹237 Cr
₹237 Cr
₹247 Cr
₹247 Cr
₹938 Cr
—

Net debt · reported quarter history

KPIT Technologies Ltd · KPITTECH

₹-712 Cr
₹-712 Cr
₹-773 Cr
₹-773 Cr
₹-707 Cr
₹-707 Cr
₹-299 Cr
₹-301 Cr
₹-218 Cr
₹-218 Cr
₹-527 Cr
₹-528 Cr
₹-639 Cr
₹-639 Cr
₹-1.2K Cr
₹-1.2K Cr
₹-606 Cr
₹-606 Cr
₹-552 Cr
—

L&T Technology Services Ltd · LTTS

₹-1.5K Cr
₹-191 Cr
₹-1.6K Cr
₹-79 Cr
₹-1.8K Cr
₹-291 Cr
₹-2.3K Cr
₹-2.3K Cr
₹-1.6K Cr
₹-1.6K Cr
₹-2.0K Cr
₹-2.0K Cr
₹-2.0K Cr
₹-2.0K Cr
₹-1.9K Cr
₹-1.9K Cr
₹-1.7K Cr
₹-1.7K Cr
₹-2.5K Cr
₹-2.5K Cr

Onward Technologies Ltd · ONWARDTEC⚠ unverified

₹-41 Cr
₹-41 Cr
₹-31 Cr
₹-31 Cr
₹-15 Cr
₹-15 Cr
₹-31 Cr
₹-31 Cr
₹-8 Cr
₹-8 Cr
₹-56 Cr
₹-57 Cr
₹11 Cr
₹11 Cr
₹-60 Cr
₹-59 Cr
₹-28 Cr
₹-28 Cr
₹-88 Cr
₹-88 Cr

Persistent Systems Ltd · PERSISTENT

₹-1.4K Cr
₹-1.2K Cr
₹-706 Cr
₹-183 Cr
₹-342 Cr
₹-360 Cr
₹-311 Cr
₹-188 Cr
₹-302 Cr
₹-637 Cr
₹-608 Cr
₹-568 Cr
₹-348 Cr
₹-596 Cr
₹-806 Cr
₹-1.0K Cr
₹-1.3K Cr
₹-1.8K Cr
₹-1.6K Cr
—

Tata Elxsi Ltd · TATAELXSI⚠ unverified

₹-779 Cr
₹-779 Cr
₹-817 Cr
₹-817 Cr
₹-775 Cr
₹-775 Cr
₹-999 Cr
₹-999 Cr
₹-942 Cr
₹-942 Cr
₹-1.2K Cr
₹-1.1K Cr
₹-1.1K Cr
₹-1.1K Cr
₹-1.4K Cr
₹-1.4K Cr
₹-1.1K Cr
₹-1.1K Cr
₹-1.5K Cr
₹-1.5K Cr

Tata Technologies Ltd · TATATECH

—
—
₹-1.1K Cr
₹-1.1K Cr
—
₹-676 Cr
₹-773 Cr
₹-773 Cr
₹-593 Cr
—
₹-739 Cr
₹-739 Cr
₹-738 Cr
₹-738 Cr
₹-1.2K Cr
₹-1.2K Cr
₹-776 Cr
₹-776 Cr
₹-639 Cr
—
06 · compare level, then change

Return On Capital Employed

Tata Elxsi Ltd has the highest ROCE among the 7 IT - ER&D companies compared here, at 60%. Persistent Systems Ltd is next at 34.4%. Persistent Systems Ltd has the highest ROCE change at +3 percentage points, so level and change sit with different companies. 7 of 7 companies report a comparable reading, the latest through Jun 2026.

What the numbers say: Tata Elxsi Ltd leads ROCE at 60%, 25.6 percentage points above Persistent Systems Ltd. Persistent Systems Ltd has the strongest latest improvement at +3 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.

LeaderTata Elxsi Ltd · 60%
Gap74.4% versus #2 · Persistent Systems Ltd
Persistence1/8 recent comparable periods
Coverage7/7 companies · 93 observations

Investor read: Tata Elxsi 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.

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.
ROCEhighest
1Tata Elxsi Ltd TATAELXSI⚠ unverified60%
2Persistent Systems Ltd PERSISTENT34%
3L&T Technology Services Ltd LTTS27%
4KPIT Technologies Ltd KPITTECH26%
5Onward Technologies Ltd ONWARDTEC⚠ unverified23%
ROCE changefastest improvers
1Persistent Systems Ltd PERSISTENT+3.0 pp
2Onward Technologies Ltd ONWARDTEC⚠ unverified+2.8 pp
3L&T Technology Services Ltd LTTS−1.8 pp
4Cyient Ltd CYIENT−5.0 pp
5Tata Elxsi Ltd TATAELXSI⚠ unverified−5.1 pp
Return on capital · company comparison
7/7 level · 7/7 change

Solid lines show level; dotted lines show change when “Both” is selected. Missing reports break the line rather than being invented.

Withheld from this chart: Cyient Ltd (CYIENT) — its two data sources disagree by up to 16% on reported income across 14 comparable periods, so its derived ratios are withheld. A figure two sources cannot agree on is not drawn — the gap is a decision, not missing data.

All-company data · latest reported quarter

Each figure is the company’s latest single reported quarter. The rankings above use trailing-twelve-month or current-market values, so a company can legitimately show a different number in each.

CompanyROCEROCE changeReported
Persistent Systems Ltd PERSISTENT28%+3.0 ppMar 2026
L&T Technology Services Ltd LTTS27%−1.8 ppJun 2026
Tata Elxsi Ltd TATAELXSI⚠ unverified24%−5.1 ppJun 2026
KPIT Technologies Ltd KPITTECH24%−6.7 ppMar 2026
Onward Technologies Ltd ONWARDTEC⚠ unverified22%+2.8 ppJun 2026
Tata Technologies Ltd TATATECH14%−6.7 ppJun 2026
Full 20-quarter history · every available company

ROCE · reported quarter history

KPIT Technologies Ltd · KPITTECH

17%
—
20%
—
24%
—
22%
—
27%
38%
30%
39%
32%
42%
30%
38%
27%
30%
24%
—

L&T Technology Services Ltd · LTTS

24%
25%
24%
25%
27%
27%
31%
—
31%
36%
28%
34%
26%
32%
28%
28%
18%
27%
23%
27%

Onward Technologies Ltd · ONWARDTEC⚠ unverified

4.9%
—
8.5%
—
8.3%
—
8.6%
—
19%
26%
17%
20%
12%
16%
12%
19%
17%
24%
19%
22%

Persistent Systems Ltd · PERSISTENT

20%
20%
20%
22%
24%
25%
27%
28%
27%
26%
25%
24%
25%
24%
25%
25%
27%
27%
28%
—

Tata Elxsi Ltd · TATAELXSI⚠ unverified

42%
—
41%
—
44%
—
39%
—
40%
—
35%
—
35%
—
29%
—
27%
—
24%
—

Tata Technologies Ltd · TATATECH

—
—
22%
—
—
22%
23%
—
26%
32%
24%
28%
24%
28%
20%
26%
19%
21%
14%
—

ROCE change · reported quarter history

KPIT Technologies Ltd · KPITTECH

—
—
—
—
+7.0 pp
—
+1.5 pp
—
+3.3 pp
—
+8.0 pp
—
+4.5 pp
+3.6 pp
+0.3 pp
−1.1 pp
−5.0 pp
−11.3 pp
−6.7 pp
—

L&T Technology Services Ltd · LTTS

—
—
—
—
+3.0 pp
+2.2 pp
+7.2 pp
—
+3.9 pp
+8.3 pp
−3.7 pp
—
−4.8 pp
−3.7 pp
+0.8 pp
−6.0 pp
−8.3 pp
−4.9 pp
−5.8 pp
−1.8 pp

Onward Technologies Ltd · ONWARDTEC⚠ unverified

—
—
—
—
+3.4 pp
—
+0.1 pp
—
+11.0 pp
—
+8.1 pp
—
−7.3 pp
−9.9 pp
−4.5 pp
−1.7 pp
+5.4 pp
+7.4 pp
+6.6 pp
+2.8 pp

Persistent Systems Ltd · PERSISTENT

—
—
—
—
+3.4 pp
+4.7 pp
+6.6 pp
+6.0 pp
+3.5 pp
+1.1 pp
−2.0 pp
−3.4 pp
−2.6 pp
−2.0 pp
+0.5 pp
+0.9 pp
+2.5 pp
+3.0 pp
+3.0 pp
—

Tata Elxsi Ltd · TATAELXSI⚠ unverified

—
—
—
—
+2.0 pp
—
−2.1 pp
—
−4.6 pp
—
−3.8 pp
—
−4.2 pp
—
−5.6 pp
—
−8.6 pp
—
−5.1 pp
—

Tata Technologies Ltd · TATATECH

—
—
—
—
—
—
+0.3 pp
—
—
+10.6 pp
+1.7 pp
—
−2.3 pp
−4.4 pp
−3.8 pp
−1.8 pp
−5.0 pp
−7.3 pp
−6.7 pp
—
07 · compare level, then change

Valuation Against Growth & Quality

Persistent Systems Ltd has the lowest Guarded PEG among the 7 IT - ER&D companies compared here, at 1.23×. L&T Technology Services Ltd is next at 3.84×. Onward Technologies Ltd has the lowest P/E at 14.4×, so level and change sit with different companies. 4 of 7 companies report a comparable reading, the latest through Mar 2026.

What the numbers say: Persistent Systems Ltd has the lowest comparable Guarded PEG at 1.23×, 68% below L&T Technology Services Ltd. Only 4 of 7 companies pass the guard, so no broad “cheapest stock” conclusion is defensible unless the current multiple, own-history position and growth durability agree.

LeaderPersistent Systems Ltd · 1.23×
Gap68% versus #2 · L&T Technology Services Ltd
Persistence0/8 recent comparable periods
Coverage4/7 companies · 48 observations

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.

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 PEGlowest PEG
1Persistent Systems Ltd PERSISTENT1.2
2L&T Technology Services Ltd LTTS3.8
3Tata Technologies Ltd TATATECH4.1
4KPIT Technologies Ltd KPITTECH6.6
P/Elowest P/E
1Onward Technologies Ltd ONWARDTEC⚠ unverified14.4
2Cyient Ltd CYIENT22.9
3KPIT Technologies Ltd KPITTECH23.6
4L&T Technology Services Ltd LTTS27.0
5Persistent Systems Ltd PERSISTENT42.6
Valuation · company comparison
4/7 level · 7/7 change

Solid lines show level; dotted lines show change when “Both” is selected. Missing reports break the line rather than being invented.

All-company data · latest reported quarter

Each figure is the company’s latest single reported quarter. The rankings above use trailing-twelve-month or current-market values, so a company can legitimately show a different number in each.

CompanyGuarded PEGP/EReported
KPIT Technologies Ltd KPITTECH6.623.8Mar 2026
Tata Technologies Ltd TATATECH4.149.6Jun 2026
L&T Technology Services Ltd LTTS3.826.1Jun 2026
Persistent Systems Ltd PERSISTENT1.242.6Mar 2026
Tata Elxsi Ltd TATAELXSI⚠ unverified—245.9Jun 2026
Cyient Ltd CYIENT—20.8Jun 2026
Onward Technologies Ltd ONWARDTEC⚠ unverified—13.9Jun 2026
Full 20-quarter history · every available company

Guarded PEG · reported quarter history

KPIT Technologies Ltd · KPITTECH

2.1
—
—
—
—
1.3
1.7
1.9
1.6
1.6
1.4
1.4
1.3
1.1
1.2
1.0
1.9
6.6
—
—

L&T Technology Services Ltd · LTTS

—
3.8
1.9
0.8
1.7
1.2
1.2
1.7
3.4
2.7
3.0
3.1
—
—
—
—
—
—
—
3.8

Persistent Systems Ltd · PERSISTENT

1.2
1.2
1.0
—
0.7
0.9
0.9
1.2
1.7
2.4
2.4
4.2
3.4
3.6
2.7
2.3
1.8
1.7
1.2
—

Tata Technologies Ltd · TATATECH

—
—
—
—
—
—
—
—
—
5.3
—
—
—
—
2.1
—
7.3
—
4.1
—

P/E · reported quarter history

Cyient Ltd · CYIENT

29.9
25.9
21.4
16.5
16.7
18.2
21.0
30.4
31.0
36.4
30.9
28.0
30.2
30.8
22.1
23.6
20.1
22.0
15.6
20.8

KPIT Technologies Ltd · KPITTECH

56.5
77.6
66.0
49.9
60.8
60.8
72.4
78.0
73.2
85.0
75.5
75.7
69.1
55.2
47.2
41.4
41.2
42.9
23.8
—

L&T Technology Services Ltd · LTTS

66.8
71.2
58.3
34.5
37.3
35.8
31.4
36.5
38.7
43.9
44.5
40.3
43.4
37.9
36.7
36.7
35.2
38.9
27.6
26.1

Onward Technologies Ltd · ONWARDTEC⚠ unverified

23.2
25.3
27.8
22.2
34.2
67.0
85.3
101.3
58.5
46.4
28.8
26.6
31.3
30.3
24.4
30.1
20.1
15.2
10.8
13.9

Persistent Systems Ltd · PERSISTENT

56.1
65.6
57.0
37.6
33.0
36.6
39.5
41.3
46.2
56.5
59.5
61.0
71.5
80.0
64.5
66.8
50.6
58.9
42.6
—

Tata Elxsi Ltd · TATAELXSI⚠ unverified

358.2
358.2
515.1
475.9
522.4
383.8
363.8
463.3
441.2
534.4
475.3
427.4
476.9
420.4
318.4
387.4
323.8
326.5
254.0
245.9

Tata Technologies Ltd · TATATECH

—
—
—
—
—
—
—
—
—
76.7
56.0
61.0
70.0
56.4
42.7
42.9
39.5
38.3
33.3
49.6
08 · compare level, then change

Enterprise Value & Book Value

Onward Technologies Ltd has the lowest EV/EBITDA among the 7 IT - ER&D companies compared here, at 7.1×. Cyient Ltd is next at 8.2×. Cyient Ltd has the lowest P/BV at 1.64×, so level and change sit with different companies. 7 of 7 companies report a comparable reading, the latest through Jun 2026.

What the numbers say: Onward Technologies Ltd leads ev/ebitda at 7.1×; Cyient Ltd leads p/bv at 1.64×.

LeaderOnward Technologies Ltd · 7.1×
Gap13.4% versus #2 · Cyient Ltd
Persistence0/8 recent comparable periods
Coverage7/7 companies · 129 observations

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.

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/EBITDAlowest EV/EBITDA
1Onward Technologies Ltd ONWARDTEC⚠ unverified7.1
2Cyient Ltd CYIENT8.2
3KPIT Technologies Ltd KPITTECH13.0
4L&T Technology Services Ltd LTTS15.7
5Persistent Systems Ltd PERSISTENT27.6
P/BVlowest P/BV
1Cyient Ltd CYIENT1.6
2Onward Technologies Ltd ONWARDTEC⚠ unverified2.6
3KPIT Technologies Ltd KPITTECH4.5
4L&T Technology Services Ltd LTTS5.6
5Tata Technologies Ltd TATATECH7.4
Enterprise and book valuation · company comparison
7/7 level · 7/7 change

Solid lines show level; dotted lines show change when “Both” is selected. Missing reports break the line rather than being invented.

All-company data · latest reported quarter

Each figure is the company’s latest single reported quarter. The rankings above use trailing-twelve-month or current-market values, so a company can legitimately show a different number in each.

CompanyEV/EBITDAP/BVReported
Tata Elxsi Ltd TATAELXSI⚠ unverified137.688.5Jun 2026
Tata Technologies Ltd TATATECH29.17.7Jun 2026
Persistent Systems Ltd PERSISTENT27.610.8Mar 2026
L&T Technology Services Ltd LTTS15.75.4Jun 2026
KPIT Technologies Ltd KPITTECH13.05.5Mar 2026
Cyient Ltd CYIENT8.21.7Jun 2026
Onward Technologies Ltd ONWARDTEC⚠ unverified7.12.6Jun 2026
Full 20-quarter history · every available company

EV/EBITDA · reported quarter history

Cyient Ltd · CYIENT

14.5
12.8
10.7
8.5
9.8
10.0
10.1
15.8
16.3
19.6
16.6
14.8
15.7
15.4
10.6
11.1
9.5
9.8
6.6
8.2

KPIT Technologies Ltd · KPITTECH

26.4
39.9
35.5
27.3
33.6
33.6
39.6
43.1
41.0
47.8
42.7
42.5
39.3
31.4
27.1
24.5
23.6
24.4
13.0
—

L&T Technology Services Ltd · LTTS

39.3
42.2
35.1
20.9
22.8
22.1
19.1
22.1
23.9
26.8
27.5
24.3
26.1
22.8
22.1
22.8
20.5
22.7
15.9
15.7

Onward Technologies Ltd · ONWARDTEC⚠ unverified

12.5
16.6
17.9
14.2
16.1
24.5
24.2
34.5
27.0
24.5
15.7
15.2
16.9
15.2
12.2
15.8
11.5
8.6
6.2
7.1

Persistent Systems Ltd · PERSISTENT

32.2
38.9
34.5
23.1
20.3
22.1
23.5
24.4
27.2
33.4
35.1
36.5
44.1
49.8
40.8
42.6
32.3
38.2
27.6
—

Tata Elxsi Ltd · TATAELXSI⚠ unverified

200.8
200.8
289.1
267.0
293.2
215.2
204.0
259.9
247.5
300.0
266.7
239.8
267.6
235.8
178.4
217.2
181.4
183.0
142.2
137.6

Tata Technologies Ltd · TATATECH

—
—
—
—
—
—
—
—
—
52.1
37.7
38.6
43.5
34.6
26.2
26.7
24.5
24.2
20.5
29.1

P/BV · reported quarter history

Cyient Ltd · CYIENT

4.0
3.9
3.4
2.8
2.8
2.8
3.5
4.8
5.4
6.3
5.5
4.8
5.0
4.2
2.7
2.7
2.4
2.2
1.6
1.7

KPIT Technologies Ltd · KPITTECH

8.4
13.2
12.8
11.3
13.0
13.9
19.4
22.8
19.1
22.3
21.9
27.1
21.4
16.0
14.3
16.2
11.4
10.2
5.5
—

L&T Technology Services Ltd · LTTS

14.7
15.4
13.6
7.7
8.5
8.7
8.6
8.4
9.8
11.6
12.1
9.8
10.6
8.8
8.5
7.6
7.1
7.7
5.5
5.4

Onward Technologies Ltd · ONWARDTEC⚠ unverified

5.1
4.6
6.7
5.7
3.5
4.2
3.9
6.5
7.1
7.4
5.2
4.3
4.6
3.5
2.7
3.6
2.9
2.7
2.2
2.6

Persistent Systems Ltd · PERSISTENT

10.3
12.1
11.6
7.4
7.0
8.4
10.5
9.7
11.2
12.9
13.9
13.2
16.9
17.8
15.3
14.7
12.1
13.8
10.8
—

Tata Elxsi Ltd · TATAELXSI⚠ unverified

129.0
129.0
185.5
171.3
188.1
138.2
131.0
166.8
158.9
192.4
171.1
153.9
171.7
151.4
114.6
139.5
116.6
117.6
91.5
88.5

Tata Technologies Ltd · TATATECH

—
—
—
—
—
—
—
—
—
—
14.5
12.9
14.1
11.3
8.6
8.1
7.6
7.5
6.1
7.7
09 · let price answer last

Market action

Tata Technologies Ltd has the strongest one-year price move in IT - ER&D at +6.4%. It also leads on Mansfield relative strength against NIFTY at +14%. 1 of 7 covered companies is above zero on that measure. Every line covers 313 weekly closes through 2026-07-17.

Every price line is indexed to 100 over the chosen window. Mansfield relative strength compares a price ratio with its own 52-week average; zero separates leadership from lagging.
Price and relative strength

Price is rebased to 100 inside the selected window. Pair ratio rebases each selected company against one chosen denominator.

Before the conclusion · check the blind spots

What can make this comparison misleading?

This IT - ER&D comparison names 7 specific ways its own evidence can mislead, all listed below. All 7 companies here report on comparable dates, so no rank carries a stale marker. 2 draw at least one figure from a second feed with too little overlap to cross-check. 1 has second-feed figures withheld because the two sources disagree.

Keep these limits visible

  • 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.
  • 2 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.
  • 1 company is 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.
  • Thin comparisons: Capital expenditure have fewer than three usable current readings.
10 · the complete set

Which companies are included?

All 7 companies in the canonical IT - ER&D membership are listed below, largest market value first — nothing is silently dropped, even where a company reports too little to rank. The charts above default to a selective view; this register is the complete set, with each company's own latest reporting date beside it.

AHEAD means the company is beating the index by 5% or more over three months. LAGGING, FUNDAMENTALS UP means it is 20% or more behind over a year while its trailing twelve-month earnings grew 20% or more. Both rules are fixed and applied the same way in every sector.

CompanyMarket valuePricePriced toLatest fundamentalsSource standing
Persistent Systems Ltd PERSISTENTAHEAD₹82.0K Cr₹5,2002026-07-19Mar 2026Cross-checked
L&T Technology Services Ltd LTTS₹36.3K Cr₹3,4182026-07-19Jun 2026Cross-checked
Tata Technologies Ltd TATATECHAHEAD₹28.9K Cr₹7112026-07-19Jun 2026Cross-checked
Tata Elxsi Ltd TATAELXSI⚠ unverified₹22.0K Cr₹3,5382026-07-19Jun 2026Includes unverified figures
KPIT Technologies Ltd KPITTECH₹16.0K Cr₹5832026-07-19Mar 2026Cross-checked
Cyient Ltd CYIENT₹9.3K Cr₹8402026-07-19Jun 2026Second feed withheld
Onward Technologies Ltd ONWARDTECAHEAD⚠ unverified₹646 Cr₹2912026-07-19Jun 2026Includes unverified figures
How each company's sources stand: 2 of 7 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. 1 of 7 companies has a second data feed that is known to disagree with the primary source, so nothing from it is drawn: Cyient Ltd (CYIENT) — its two data sources disagree by up to 16% on reported income across 14 comparable periods, so its derived ratios are withheld.
Evidence and freshness

How was this comparison built?

This comparison is built from the reported filings of 7 IT - ER&D companies, normalized to a common ₹ scale and a shared quarter axis of up to 20 quarters each. Fundamentals run through Jun 2026 and market data through 2026-07-24. A second data feed fills gaps only after identity and scale reconciliation, and missing observations are never interpolated.

FundamentalsThrough Jun 2026 · up to 20 quarters per company
Market dataThrough 2026-07-24 · weekly price and relative-strength history
Derived metricsGrowth, changes, CAPEX intensity, net debt, guarded PEG and P/BV÷ROE are calculated only when their inputs are comparable.
Score confidenceMissing and stale evidence reduces confidence and pulls the 0–100 research-priority score toward neutral.
Source standing4 cross-checked · 2 unverified · 1 withheld, of 7 graded companies.

A second feed is read only after its reported income is matched against the primary source on at least three overlapping periods. Where the two agree the figures fill silently. Where there is too little shared history to compare, the figures are still drawn — they are the only evidence there is — and marked ⚠ unverified everywhere they appear. Where the two are known to disagree, nothing from the second feed is drawn and the affected company is named under the chart it is missing from. Every company's standing is listed in the register above.

Questions investors ask · short, speakable answers

IT - ER&D company comparison FAQs

These 18 answers restate the IT - ER&D comparison above in question form. Every one is computed from the same 7 companies and the same reported filings as the rankings and charts, current through Jun 2026. Price and relative-strength answers run through 2026-07-24. Nothing here is estimated, and none of it is a recommendation.

What is the Nifty IT - ER&D index?

The Nifty IT - ER&D index tracks India's listed IT - ER&D companies as a single basket. This page follows the same 7 companies and equal-weights them, so every company's weekly return counts once whatever it is worth, and the reading belongs to the IT - ER&D sector rather than to its largest constituent. Figures are as of Jun 2026.

Which are the best IT - ER&D stocks in India?

Ranked by this page's four-factor score, Persistent Systems Ltd places first among 7 listed IT - ER&D companies, followed by Onward Technologies 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 - ER&D stocks are listed in India?

This comparison covers 7 listed IT - ER&D 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 - ER&D company is the biggest?

Persistent Systems Ltd is the largest, with trailing-twelve-month revenue of ₹14,749 crore, ahead of L&T Technology Services Ltd at ₹11,565 crore. That covers 7 of 7 companies with comparable reporting through Mar 2026.

Which IT - ER&D company is growing fastest?

Persistent Systems Ltd has the fastest revenue growth at 23.6% year on year, across 7 of 7 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 - ER&D company has the best profit margins?

Tata Elxsi Ltd has the highest operating margin at 21.1%, from 7 of 7 comparable companies. L&T Technology Services Ltd shows the biggest recent improvement, at +2 percentage points. A high margin matters most when it is holding or rising, not when it is peaking.

Which IT - ER&D company makes the most profit?

Persistent Systems Ltd earns the most, at ₹1,864 crore of trailing-twelve-month net profit, from 7 of 7 comparable companies. Tata Elxsi Ltd has the fastest profit growth at 41.1%, though growth off a small or recovering profit base overstates how much has actually changed.

Which IT - ER&D company earns the highest return on capital?

Tata Elxsi Ltd leads on return on capital employed at 60%, across 7 of 7 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 - ER&D stock is the cheapest?

On guarded PEG — where a LOWER number is cheaper — Persistent Systems Ltd screens cheapest at 1.23×. Only 4 of 7 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 - ER&D company has the strongest balance sheet?

Onward Technologies Ltd carries the lowest comparable gross debt at ₹40 crore, from 7 of 7 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.

Which IT - ER&D stock has the strongest price momentum?

Tata Technologies 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 - ER&D company scores highest for research priority?

Persistent Systems Ltd scores 74.4 out of 100 with 89.6% evidence confidence, from 29.2 points on growth and earnings, 20.4 on capital efficiency, 10.6 on valuation and 14.2 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 - ER&D companies does this comparison cover, and over what period?

It compares 7 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 - ER&D sector?

The 7 IT - ER&D companies on this page carry ₹1,95,175 crore of combined market value. Persistent Systems Ltd is the largest at ₹82,038 crore, about 42% 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 - ER&D sector's P/E ratio?

The median price-to-earnings ratio across the 7 IT - ER&D companies on this page is 27×, measured on the 7 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 - ER&D sector performing?

1 of the 7 covered IT - ER&D companies are beating NIFTY 500 on Mansfield relative strength. A 52-week sector-versus-index comparison is not available from the current market series for this sector, so it is not quoted. 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.

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