# IT - ER&D — company-by-company sector analysis

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

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

## 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.

## Sector relative strength

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.

13-week sector return versus NIFTY 500: —
52-week sector return versus NIFTY 500: —
Stocks leading NIFTY: 1/7
Stocks leading sector: 4/7

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

Companies: 7
Combined market value: ₹2.0 L 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. Persistent Systems Ltd (PERSISTENT): 74/100 — Favorable setup; evidence 90%
   - Growth & earnings 29.2/35 | Capital efficiency 20.4/25 | Valuation 10.6/20 | Relative strength 14.2/20
   - 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.
2. Onward Technologies Ltd (ONWARDTEC): 58/100 — Mixed-positive evidence; evidence 74%
   - Growth & earnings 21.9/35 | Capital efficiency 13.4/25 | Valuation 11.5/20 | Relative strength 11.0/20
   - 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.
3. L&T Technology Services Ltd (LTTS): 53/100 — Mixed-positive evidence; evidence 94%
   - Growth & earnings 19.1/35 | Capital efficiency 16.0/25 | Valuation 6.5/20 | Relative strength 10.9/20
   - 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.
4. Tata Elxsi Ltd (TATAELXSI): 49/100 — Mixed-negative evidence; evidence 80%
   - Growth & earnings 19.0/35 | Capital efficiency 20.1/25 | Valuation 8.5/20 | Relative strength 1.5/20
   - 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.
5. Tata Technologies Ltd (TATATECH): 43/100 — Mixed-negative evidence; evidence 91%
   - Growth & earnings 13.2/35 | Capital efficiency 10.2/25 | Valuation 4.0/20 | Relative strength 16.0/20
   - 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.
6. KPIT Technologies Ltd (KPITTECH): 35/100 — Adverse evidence; evidence 90%
   - Growth & earnings 8.3/35 | Capital efficiency 14.8/25 | Valuation 8.7/20 | Relative strength 3.0/20
   - 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.
7. Cyient Ltd (CYIENT): 34/100 — Adverse evidence; evidence 77%
   - Growth & earnings 8.7/35 | Capital efficiency 10.6/25 | Valuation 8.6/20 | Relative strength 6.0/20
   - 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.

## Revenue Scale & Growth Durability

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.

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.

Evidence: Persistent Systems Ltd · ₹14,749 crore | 27.5% versus #2 · L&T Technology Services Ltd | 8/8 recent comparable periods | 7/7 companies · 128 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. Persistent Systems Ltd (PERSISTENT): ₹14.7K Cr
2. L&T Technology Services Ltd (LTTS): ₹11.6K Cr
3. Cyient Ltd (CYIENT): ₹7.6K Cr
4. KPIT Technologies Ltd (KPITTECH): ₹6.5K Cr
5. Tata Technologies Ltd (TATATECH): ₹5.9K Cr

### Revenue growth — fastest growers
1. Persistent Systems Ltd (PERSISTENT): 24%
2. Tata Technologies Ltd (TATATECH): 15%
3. Onward Technologies Ltd (ONWARDTEC): 11%
4. KPIT Technologies Ltd (KPITTECH): 11%
5. L&T Technology Services Ltd (LTTS): 10%

### 20-quarter Revenue history
- PERSISTENT: Sep 2021 ₹1.4K Cr | Dec 2021 ₹1.5K Cr | Mar 2022 ₹1.6K Cr | Jun 2022 ₹1.9K Cr | Sep 2022 ₹2.0K Cr | Dec 2022 ₹2.2K Cr | Mar 2023 ₹2.3K Cr | Jun 2023 ₹2.3K Cr | Sep 2023 ₹2.4K Cr | Dec 2023 ₹2.5K Cr | Mar 2024 ₹2.6K Cr | Jun 2024 ₹2.7K Cr | Sep 2024 ₹2.9K Cr | Dec 2024 ₹3.1K Cr | Mar 2025 ₹3.2K Cr | Jun 2025 ₹3.3K Cr | Sep 2025 ₹3.6K Cr | Dec 2025 ₹3.8K Cr | Mar 2026 ₹4.1K Cr | Jun 2026 —
- LTTS: Sep 2021 ₹1.6K Cr | Dec 2021 ₹1.7K Cr | Mar 2022 ₹1.7K Cr | Jun 2022 ₹1.9K Cr | Sep 2022 ₹2.0K Cr | Dec 2022 ₹2.2K Cr | Mar 2023 ₹2.4K Cr | Jun 2023 ₹2.3K Cr | Sep 2023 ₹2.4K Cr | Dec 2023 ₹2.4K Cr | Mar 2024 ₹2.5K Cr | Jun 2024 ₹2.5K Cr | Sep 2024 ₹2.6K Cr | Dec 2024 ₹2.7K Cr | Mar 2025 ₹2.6K Cr | Jun 2025 ₹2.6K Cr | Sep 2025 ₹3.0K Cr | Dec 2025 ₹2.8K Cr | Mar 2026 ₹2.9K Cr | Jun 2026 ₹2.9K Cr
- TATATECH: Sep 2021 ₹882 Cr | Dec 2021 ₹1.0K Cr | Mar 2022 ₹922 Cr | Jun 2022 ₹894 Cr | Sep 2022 ₹994 Cr | Dec 2022 ₹1.1K Cr | Mar 2023 ₹1.4K Cr | Jun 2023 ₹1.3K Cr | Sep 2023 ₹1.3K Cr | Dec 2023 ₹1.3K Cr | Mar 2024 ₹1.3K Cr | Jun 2024 ₹1.3K Cr | Sep 2024 ₹1.3K Cr | Dec 2024 ₹1.3K Cr | Mar 2025 ₹1.3K Cr | Jun 2025 ₹1.2K Cr | Sep 2025 ₹1.3K Cr | Dec 2025 ₹1.4K Cr | Mar 2026 ₹1.6K Cr | Jun 2026 ₹1.7K Cr
- TATAELXSI: Sep 2021 ₹595 Cr | Dec 2021 ₹635 Cr | Mar 2022 ₹691 Cr | Jun 2022 ₹726 Cr | Sep 2022 ₹763 Cr | Dec 2022 ₹818 Cr | Mar 2023 ₹844 Cr | Jun 2023 ₹850 Cr | Sep 2023 ₹882 Cr | Dec 2023 ₹914 Cr | Mar 2024 ₹917 Cr | Jun 2024 ₹926 Cr | Sep 2024 ₹955 Cr | Dec 2024 ₹939 Cr | Mar 2025 ₹940 Cr | Jun 2025 ₹892 Cr | Sep 2025 ₹918 Cr | Dec 2025 ₹953 Cr | Mar 2026 ₹1.0K Cr | Jun 2026 ₹1.0K Cr
- KPITTECH: Sep 2021 ₹591 Cr | Dec 2021 ₹622 Cr | Mar 2022 ₹652 Cr | Jun 2022 ₹691 Cr | Sep 2022 ₹746 Cr | Dec 2022 ₹917 Cr | Mar 2023 ₹1.0K Cr | Jun 2023 ₹1.1K Cr | Sep 2023 ₹1.2K Cr | Dec 2023 ₹1.3K Cr | Mar 2024 ₹1.3K Cr | Jun 2024 ₹1.4K Cr | Sep 2024 ₹1.5K Cr | Dec 2024 ₹1.5K Cr | Mar 2025 ₹1.5K Cr | Jun 2025 ₹1.5K Cr | Sep 2025 ₹1.6K Cr | Dec 2025 ₹1.6K Cr | Mar 2026 ₹1.7K Cr | Jun 2026 —
- CYIENT: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 ₹1.6K Cr | Mar 2023 ₹1.8K Cr | Jun 2023 ₹1.7K Cr | Sep 2023 ₹1.8K Cr | Dec 2023 ₹1.8K Cr | Mar 2024 ₹1.9K Cr | Jun 2024 ₹1.7K Cr | Sep 2024 ₹1.8K Cr | Dec 2024 ₹1.9K Cr | Mar 2025 ₹1.9K Cr | Jun 2025 ₹1.7K Cr | Sep 2025 ₹1.8K Cr | Dec 2025 ₹1.8K Cr | Mar 2026 ₹1.9K Cr | Jun 2026 ₹2.1K Cr
- ONWARDTEC: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 ₹116 Cr | Mar 2023 ₹121 Cr | Jun 2023 ₹120 Cr | Sep 2023 ₹120 Cr | Dec 2023 ₹114 Cr | Mar 2024 ₹118 Cr | Jun 2024 ₹118 Cr | Sep 2024 ₹123 Cr | Dec 2024 ₹123 Cr | Mar 2025 ₹127 Cr | Jun 2025 ₹133 Cr | Sep 2025 ₹139 Cr | Dec 2025 ₹135 Cr | Mar 2026 ₹137 Cr | Jun 2026 ₹149 Cr

### 20-quarter Revenue growth history
- PERSISTENT: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 53% | Sep 2022 52% | Dec 2022 45% | Mar 2023 38% | Jun 2023 24% | Sep 2023 18% | Dec 2023 15% | Mar 2024 15% | Jun 2024 18% | Sep 2024 20% | Dec 2024 23% | Mar 2025 25% | Jun 2025 22% | Sep 2025 24% | Dec 2025 23% | Mar 2026 25% | Jun 2026 —
- LTTS: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 26% | Dec 2022 28% | Mar 2023 38% | Jun 2023 23% | Sep 2023 20% | Dec 2023 12% | Mar 2024 7.0% | Jun 2024 7.0% | Sep 2024 7.8% | Dec 2024 9.5% | Mar 2025 3.9% | Jun 2025 7.2% | Sep 2025 16% | Dec 2025 5.1% | Mar 2026 8.3% | Jun 2026 11%
- TATATECH: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 29% | Sep 2022 13% | Dec 2022 8.7% | Mar 2023 52% | Jun 2023 41% | Sep 2023 28% | Dec 2023 15% | Mar 2024 -7.2% | Jun 2024 0.9% | Sep 2024 2.1% | Dec 2024 2.2% | Mar 2025 -1.2% | Jun 2025 -2.0% | Sep 2025 2.1% | Dec 2025 3.7% | Mar 2026 22% | Jun 2026 34%
- TATAELXSI: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 28% | Dec 2022 29% | Mar 2023 22% | Jun 2023 17% | Sep 2023 16% | Dec 2023 12% | Mar 2024 8.7% | Jun 2024 8.9% | Sep 2024 8.3% | Dec 2024 2.7% | Mar 2025 2.5% | Jun 2025 -3.7% | Sep 2025 -3.9% | Dec 2025 1.5% | Mar 2026 8.3% | Jun 2026 14%
- KPITTECH: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 22% | Sep 2022 26% | Dec 2022 47% | Mar 2023 56% | Jun 2023 59% | Sep 2023 61% | Dec 2023 37% | Mar 2024 30% | Jun 2024 24% | Sep 2024 23% | Dec 2024 18% | Mar 2025 16% | Jun 2025 13% | Sep 2025 8.0% | Dec 2025 9.4% | Mar 2026 12% | Jun 2026 —
- CYIENT: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 13% | Mar 2024 6.3% | Jun 2024 -0.6% | Sep 2024 4.0% | Dec 2024 5.8% | Mar 2025 2.6% | Jun 2025 2.2% | Sep 2025 -3.7% | Dec 2025 -4.1% | Mar 2026 0.9% | Jun 2026 21%
- ONWARDTEC: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 -1.7% | Mar 2024 -2.8% | Jun 2024 -1.7% | Sep 2024 2.5% | Dec 2024 7.9% | Mar 2025 7.6% | Jun 2025 13% | Sep 2025 13% | Dec 2025 9.8% | Mar 2026 7.9% | Jun 2026 12%

## Operating Economics & Margin Trend

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

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.

Evidence: Tata Elxsi Ltd · 21.1% | 11.1% versus #2 · L&T Technology Services Ltd | 2/8 recent comparable periods | 7/7 companies · 138 observations

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

### OPM — highest
1. Tata Elxsi Ltd (TATAELXSI): 21%
2. L&T Technology Services Ltd (LTTS): 19%
3. Persistent Systems Ltd (PERSISTENT): 19%
4. KPIT Technologies Ltd (KPITTECH): 18%
5. Tata Technologies Ltd (TATATECH): 16%

### Margin change — fastest expanders
1. L&T Technology Services Ltd (LTTS): +2.0 pp
2. Persistent Systems Ltd (PERSISTENT): +1.0 pp
3. Tata Elxsi Ltd (TATAELXSI): +0.2 pp
4. Cyient Ltd (CYIENT): 0.0 pp
5. Tata Technologies Ltd (TATATECH): 0.0 pp

### 20-quarter OPM history
- PERSISTENT: Sep 2021 17% | Dec 2021 17% | Mar 2022 17% | Jun 2022 18% | Sep 2022 18% | Dec 2022 19% | Mar 2023 18% | Jun 2023 16% | Sep 2023 17% | Dec 2023 18% | Mar 2024 18% | Jun 2024 17% | Sep 2024 17% | Dec 2024 18% | Mar 2025 18% | Jun 2025 18% | Sep 2025 19% | Dec 2025 19% | Mar 2026 19% | Jun 2026 —
- LTTS: Sep 2021 22% | Dec 2021 22% | Mar 2022 22% | Jun 2022 20% | Sep 2022 19% | Dec 2022 20% | Mar 2023 20% | Jun 2023 20% | Sep 2023 20% | Dec 2023 20% | Mar 2024 20% | Jun 2024 19% | Sep 2024 18% | Dec 2024 19% | Mar 2025 16% | Jun 2025 17% | Sep 2025 16% | Dec 2025 18% | Mar 2026 18% | Jun 2026 19%
- TATATECH: Sep 2021 15% | Dec 2021 19% | Mar 2022 15% | Jun 2022 17% | Sep 2022 20% | Dec 2022 18% | Mar 2023 17% | Jun 2023 20% | Sep 2023 17% | Dec 2023 18% | Mar 2024 18% | Jun 2024 18% | Sep 2024 18% | Dec 2024 18% | Mar 2025 18% | Jun 2025 16% | Sep 2025 16% | Dec 2025 14% | Mar 2026 16% | Jun 2026 16%
- TATAELXSI: Sep 2021 31% | Dec 2021 33% | Mar 2022 32% | Jun 2022 33% | Sep 2022 30% | Dec 2022 30% | Mar 2023 30% | Jun 2023 30% | Sep 2023 30% | Dec 2023 30% | Mar 2024 29% | Jun 2024 27% | Sep 2024 28% | Dec 2024 26% | Mar 2025 23% | Jun 2025 21% | Sep 2025 21% | Dec 2025 23% | Mar 2026 25% | Jun 2026 21%
- KPITTECH: Sep 2021 18% | Dec 2021 18% | Mar 2022 19% | Jun 2022 19% | Sep 2022 19% | Dec 2022 19% | Mar 2023 18% | Jun 2023 19% | Sep 2023 20% | Dec 2023 21% | Mar 2024 21% | Jun 2024 21% | Sep 2024 20% | Dec 2024 21% | Mar 2025 21% | Jun 2025 19% | Sep 2025 19% | Dec 2025 19% | Mar 2026 18% | Jun 2026 —
- CYIENT: Sep 2021 19% | Dec 2021 18% | Mar 2022 18% | Jun 2022 15% | Sep 2022 15% | Dec 2022 18% | Mar 2023 18% | Jun 2023 19% | Sep 2023 18% | Dec 2023 18% | Mar 2024 18% | Jun 2024 16% | Sep 2024 16% | Dec 2024 14% | Mar 2025 16% | Jun 2025 13% | Sep 2025 12% | Dec 2025 13% | Mar 2026 12% | Jun 2026 13%
- ONWARDTEC: Sep 2021 10.0% | Dec 2021 13% | Mar 2022 7.3% | Jun 2022 3.1% | Sep 2022 2.9% | Dec 2022 6.0% | Mar 2023 13% | Jun 2023 14% | Sep 2023 13% | Dec 2023 9.0% | Mar 2024 8.0% | Jun 2024 10% | Sep 2024 6.0% | Dec 2024 9.0% | Mar 2025 11% | Jun 2025 13% | Sep 2025 14% | Dec 2025 15% | Mar 2026 11% | Jun 2026 12%

### 20-quarter Margin change history
- PERSISTENT: Sep 2021 +0.1 pp | Dec 2021 −0.1 pp | Mar 2022 +0.3 pp | Jun 2022 +1.4 pp | Sep 2022 +1.4 pp | Dec 2022 +2.2 pp | Mar 2023 +0.8 pp | Jun 2023 −1.8 pp | Sep 2023 −1.0 pp | Dec 2023 −1.0 pp | Mar 2024 0.0 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 +2.0 pp | Dec 2025 +1.0 pp | Mar 2026 +1.0 pp | Jun 2026 —
- LTTS: Sep 2021 +4.0 pp | Dec 2021 +2.1 pp | Mar 2022 +1.3 pp | Jun 2022 −0.6 pp | Sep 2022 −2.6 pp | Dec 2022 −1.8 pp | Mar 2023 −1.7 pp | Jun 2023 −0.3 pp | Sep 2023 +0.8 pp | Dec 2023 0.0 pp | Mar 2024 0.0 pp | Jun 2024 −1.0 pp | Sep 2024 −2.0 pp | Dec 2024 −1.0 pp | Mar 2025 −4.0 pp | Jun 2025 −2.0 pp | Sep 2025 −2.0 pp | Dec 2025 −1.0 pp | Mar 2026 +2.0 pp | Jun 2026 +2.0 pp
- TATATECH: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 +3.9 pp | Sep 2022 +4.4 pp | Dec 2022 −0.9 pp | Mar 2023 +2.2 pp | Jun 2023 +3.1 pp | Sep 2023 −2.7 pp | Dec 2023 −0.3 pp | Mar 2024 +1.0 pp | Jun 2024 −2.0 pp | Sep 2024 +1.0 pp | Dec 2024 0.0 pp | Mar 2025 0.0 pp | Jun 2025 −2.0 pp | Sep 2025 −2.0 pp | Dec 2025 −4.0 pp | Mar 2026 −2.0 pp | Jun 2026 0.0 pp
- TATAELXSI: Sep 2021 +3.4 pp | Dec 2021 +3.1 pp | Mar 2022 +0.0 pp | Jun 2022 +6.0 pp | Sep 2022 −1.2 pp | Dec 2022 −3.0 pp | Mar 2023 −2.7 pp | Jun 2023 −3.2 pp | Sep 2023 +0.2 pp | Dec 2023 −0.6 pp | Mar 2024 −1.0 pp | Jun 2024 −2.3 pp | Sep 2024 −2.0 pp | Dec 2024 −3.3 pp | Mar 2025 −6.0 pp | Jun 2025 −6.3 pp | Sep 2025 −6.8 pp | Dec 2025 −3.0 pp | Mar 2026 +1.8 pp | Jun 2026 +0.2 pp
- KPITTECH: Sep 2021 +3.3 pp | Dec 2021 +2.4 pp | Mar 2022 +2.4 pp | Jun 2022 +2.1 pp | Sep 2022 +0.9 pp | Dec 2022 +0.6 pp | Mar 2023 −0.6 pp | Jun 2023 −0.4 pp | Sep 2023 +1.5 pp | Dec 2023 +2.0 pp | Mar 2024 +3.0 pp | Jun 2024 +2.0 pp | Sep 2024 0.0 pp | Dec 2024 0.0 pp | Mar 2025 0.0 pp | Jun 2025 −2.0 pp | Sep 2025 −1.0 pp | Dec 2025 −2.0 pp | Mar 2026 −3.0 pp | Jun 2026 —
- CYIENT: Sep 2021 +2.9 pp | Dec 2021 +2.2 pp | Mar 2022 +3.8 pp | Jun 2022 −2.2 pp | Sep 2022 −4.0 pp | Dec 2022 +0.1 pp | Mar 2023 +0.0 pp | Jun 2023 +3.6 pp | Sep 2023 +3.4 pp | Dec 2023 0.0 pp | Mar 2024 0.0 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 −4.0 pp | Dec 2025 −1.0 pp | Mar 2026 −4.0 pp | Jun 2026 0.0 pp
- ONWARDTEC: Sep 2021 +0.5 pp | Dec 2021 +5.7 pp | Mar 2022 +1.5 pp | Jun 2022 +5.8 pp | Sep 2022 −7.1 pp | Dec 2022 −6.5 pp | Mar 2023 +5.4 pp | Jun 2023 +10.9 pp | Sep 2023 +10.1 pp | Dec 2023 +3.0 pp | Mar 2024 −4.6 pp | Jun 2024 −4.0 pp | Sep 2024 −7.0 pp | Dec 2024 0.0 pp | Mar 2025 +3.0 pp | Jun 2025 +3.0 pp | Sep 2025 +8.0 pp | Dec 2025 +6.0 pp | Mar 2026 0.0 pp | Jun 2026 −1.0 pp

## Profit Scale & Acceleration

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.

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.

Evidence: Persistent Systems Ltd · ₹1,864 crore | 41% versus #2 · L&T Technology Services Ltd | 8/8 recent comparable periods | 7/7 companies · 128 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. Persistent Systems Ltd (PERSISTENT): ₹1.9K Cr
2. L&T Technology Services Ltd (LTTS): ₹1.3K Cr
3. KPIT Technologies Ltd (KPITTECH): ₹637 Cr
4. Tata Technologies Ltd (TATATECH): ₹558 Cr
5. Cyient Ltd (CYIENT): ₹415 Cr

### Profit growth — fastest growers
1. Tata Elxsi Ltd (TATAELXSI): 41%
2. Persistent Systems Ltd (PERSISTENT): 33%
3. Onward Technologies Ltd (ONWARDTEC): 30%
4. L&T Technology Services Ltd (LTTS): 4.4%
5. Tata Technologies Ltd (TATATECH): -19%

### 20-quarter Net profit history
- PERSISTENT: Sep 2021 ₹162 Cr | Dec 2021 ₹176 Cr | Mar 2022 ₹201 Cr | Jun 2022 ₹212 Cr | Sep 2022 ₹220 Cr | Dec 2022 ₹238 Cr | Mar 2023 ₹252 Cr | Jun 2023 ₹229 Cr | Sep 2023 ₹263 Cr | Dec 2023 ₹286 Cr | Mar 2024 ₹315 Cr | Jun 2024 ₹306 Cr | Sep 2024 ₹325 Cr | Dec 2024 ₹373 Cr | Mar 2025 ₹396 Cr | Jun 2025 ₹425 Cr | Sep 2025 ₹471 Cr | Dec 2025 ₹439 Cr | Mar 2026 ₹529 Cr | Jun 2026 —
- LTTS: Sep 2021 ₹231 Cr | Dec 2021 ₹250 Cr | Mar 2022 ₹263 Cr | Jun 2022 ₹275 Cr | Sep 2022 ₹283 Cr | Dec 2022 ₹298 Cr | Mar 2023 ₹341 Cr | Jun 2023 ₹312 Cr | Sep 2023 ₹316 Cr | Dec 2023 ₹337 Cr | Mar 2024 ₹341 Cr | Jun 2024 ₹314 Cr | Sep 2024 ₹320 Cr | Dec 2024 ₹320 Cr | Mar 2025 ₹310 Cr | Jun 2025 ₹316 Cr | Sep 2025 ₹329 Cr | Dec 2025 ₹303 Cr | Mar 2026 ₹333 Cr | Jun 2026 ₹357 Cr
- TATATECH: Sep 2021 ₹104 Cr | Dec 2021 ₹155 Cr | Mar 2022 ₹106 Cr | Jun 2022 ₹116 Cr | Sep 2022 ₹143 Cr | Dec 2022 ₹148 Cr | Mar 2023 ₹217 Cr | Jun 2023 ₹192 Cr | Sep 2023 ₹160 Cr | Dec 2023 ₹170 Cr | Mar 2024 ₹157 Cr | Jun 2024 ₹162 Cr | Sep 2024 ₹157 Cr | Dec 2024 ₹169 Cr | Mar 2025 ₹189 Cr | Jun 2025 ₹170 Cr | Sep 2025 ₹166 Cr | Dec 2025 ₹7 Cr | Mar 2026 ₹204 Cr | Jun 2026 ₹181 Cr
- TATAELXSI: Sep 2021 ₹125 Cr | Dec 2021 ₹151 Cr | Mar 2022 ₹160 Cr | Jun 2022 ₹185 Cr | Sep 2022 ₹174 Cr | Dec 2022 ₹195 Cr | Mar 2023 ₹202 Cr | Jun 2023 ₹189 Cr | Sep 2023 ₹200 Cr | Dec 2023 ₹206 Cr | Mar 2024 ₹197 Cr | Jun 2024 ₹184 Cr | Sep 2024 ₹229 Cr | Dec 2024 ₹199 Cr | Mar 2025 ₹172 Cr | Jun 2025 ₹144 Cr | Sep 2025 ₹155 Cr | Dec 2025 ₹109 Cr | Mar 2026 ₹220 Cr | Jun 2026 ₹171 Cr
- KPITTECH: Sep 2021 ₹65 Cr | Dec 2021 ₹70 Cr | Mar 2022 ₹79 Cr | Jun 2022 ₹85 Cr | Sep 2022 ₹83 Cr | Dec 2022 ₹104 Cr | Mar 2023 ₹112 Cr | Jun 2023 ₹134 Cr | Sep 2023 ₹141 Cr | Dec 2023 ₹157 Cr | Mar 2024 ₹166 Cr | Jun 2024 ₹204 Cr | Sep 2024 ₹204 Cr | Dec 2024 ₹187 Cr | Mar 2025 ₹245 Cr | Jun 2025 ₹172 Cr | Sep 2025 ₹169 Cr | Dec 2025 ₹133 Cr | Mar 2026 ₹163 Cr | Jun 2026 —
- CYIENT: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 ₹156 Cr | Mar 2023 ₹163 Cr | Jun 2023 ₹169 Cr | Sep 2023 ₹184 Cr | Dec 2023 ₹153 Cr | Mar 2024 ₹197 Cr | Jun 2024 ₹148 Cr | Sep 2024 ₹187 Cr | Dec 2024 ₹128 Cr | Mar 2025 ₹186 Cr | Jun 2025 ₹157 Cr | Sep 2025 ₹143 Cr | Dec 2025 ₹97 Cr | Mar 2026 ₹66 Cr | Jun 2026 ₹109 Cr
- ONWARDTEC: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 ₹2 Cr | Mar 2023 ₹7 Cr | Jun 2023 ₹11 Cr | Sep 2023 ₹10 Cr | Dec 2023 ₹7 Cr | Mar 2024 ₹7 Cr | Jun 2024 ₹7 Cr | Sep 2024 ₹4 Cr | Dec 2024 ₹6 Cr | Mar 2025 ₹10 Cr | Jun 2025 ₹13 Cr | Sep 2025 ₹12 Cr | Dec 2025 ₹10 Cr | Mar 2026 ₹10 Cr | Jun 2026 ₹11 Cr

### 20-quarter Profit growth history
- PERSISTENT: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 40% | Sep 2022 36% | Dec 2022 35% | Mar 2023 25% | Jun 2023 8.0% | Sep 2023 20% | Dec 2023 20% | Mar 2024 25% | Jun 2024 34% | Sep 2024 24% | Dec 2024 30% | Mar 2025 26% | Jun 2025 39% | Sep 2025 45% | Dec 2025 18% | Mar 2026 34% | Jun 2026 —
- LTTS: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 23% | Dec 2022 19% | Mar 2023 30% | Jun 2023 13% | Sep 2023 12% | Dec 2023 13% | Mar 2024 0.0% | Jun 2024 0.6% | Sep 2024 1.3% | Dec 2024 -5.0% | Mar 2025 -9.1% | Jun 2025 0.6% | Sep 2025 2.8% | Dec 2025 -5.3% | Mar 2026 7.4% | Jun 2026 13%
- TATATECH: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 61% | Sep 2022 38% | Dec 2022 -4.3% | Mar 2023 105% | Jun 2023 66% | Sep 2023 12% | Dec 2023 15% | Mar 2024 -28% | Jun 2024 -16% | Sep 2024 -1.9% | Dec 2024 -0.6% | Mar 2025 20% | Jun 2025 4.9% | Sep 2025 5.7% | Dec 2025 -96% | Mar 2026 7.9% | Jun 2026 6.5%
- TATAELXSI: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 39% | Dec 2022 29% | Mar 2023 26% | Jun 2023 2.2% | Sep 2023 15% | Dec 2023 5.6% | Mar 2024 -2.5% | Jun 2024 -2.7% | Sep 2024 15% | Dec 2024 -3.4% | Mar 2025 -13% | Jun 2025 -22% | Sep 2025 -32% | Dec 2025 -45% | Mar 2026 28% | Jun 2026 19%
- KPITTECH: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 42% | Sep 2022 28% | Dec 2022 49% | Mar 2023 42% | Jun 2023 58% | Sep 2023 70% | Dec 2023 51% | Mar 2024 48% | Jun 2024 52% | Sep 2024 45% | Dec 2024 19% | Mar 2025 48% | Jun 2025 -16% | Sep 2025 -17% | Dec 2025 -29% | Mar 2026 -33% | Jun 2026 —
- CYIENT: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 -1.9% | Mar 2024 21% | Jun 2024 -12% | Sep 2024 1.6% | Dec 2024 -16% | Mar 2025 -5.6% | Jun 2025 6.1% | Sep 2025 -24% | Dec 2025 -24% | Mar 2026 -65% | Jun 2026 -31%
- ONWARDTEC: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 250% | Mar 2024 -3.3% | Jun 2024 -36% | Sep 2024 -60% | Dec 2024 -14% | Mar 2025 43% | Jun 2025 86% | Sep 2025 200% | Dec 2025 67% | Mar 2026 0.0% | Jun 2026 -15%

## Capacity Spending & Returns On It

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.

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: Persistent Systems Ltd · ₹25 crore | 19% versus #2 · Tata Technologies Ltd | 8/8 recent comparable periods | 2/7 companies · 21 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. Persistent Systems Ltd (PERSISTENT): ₹25 Cr
2. Tata Technologies Ltd (TATATECH): ₹21 Cr

### CAPEX intensity — highest reinvestment intensity
1. Tata Technologies Ltd (TATATECH): 1.5%
2. Persistent Systems Ltd (PERSISTENT): 0.6%

### 20-quarter CAPEX history
- PERSISTENT: Sep 2021 ₹143 Cr | Dec 2021 ₹64 Cr | Mar 2022 ₹89 Cr | Jun 2022 ₹181 Cr | Sep 2022 ₹102 Cr | Dec 2022 ₹114 Cr | Mar 2023 ₹36 Cr | Jun 2023 ₹74 Cr | Sep 2023 ₹93 Cr | Dec 2023 ₹59 Cr | Mar 2024 ₹132 Cr | Jun 2024 ₹163 Cr | Sep 2024 ₹237 Cr | Dec 2024 ₹17 Cr | Mar 2025 ₹180 Cr | Jun 2025 ₹42 Cr | Sep 2025 ₹61 Cr | Dec 2025 ₹80 Cr | Mar 2026 ₹25 Cr | Jun 2026 —
- TATATECH: Sep 2021 — | Dec 2021 — | Mar 2022 ₹36 Cr | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 ₹21 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 —

### 20-quarter CAPEX intensity history
- PERSISTENT: Sep 2021 11% | Dec 2021 4.3% | Mar 2022 5.4% | Jun 2022 9.6% | Sep 2022 5.0% | Dec 2022 5.3% | Mar 2023 1.6% | Jun 2023 3.2% | Sep 2023 3.9% | Dec 2023 2.4% | Mar 2024 5.1% | Jun 2024 6.0% | Sep 2024 8.2% | Dec 2024 0.6% | Mar 2025 5.6% | Jun 2025 1.3% | Sep 2025 1.7% | Dec 2025 2.1% | Mar 2026 0.6% | Jun 2026 —
- TATATECH: Sep 2021 — | Dec 2021 — | Mar 2022 3.9% | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 1.5% | 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 —

## Debt Load & Balance-Sheet Headroom

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.

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: Onward Technologies Ltd · ₹40 crore | 75.3% versus #2 · Tata Elxsi Ltd | 6/8 recent comparable periods | 7/7 companies · 119 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. Onward Technologies Ltd (ONWARDTEC): ₹40 Cr
2. Tata Elxsi Ltd (TATAELXSI): ₹162 Cr
3. Cyient Ltd (CYIENT): ₹431 Cr
4. Persistent Systems Ltd (PERSISTENT): ₹477 Cr
5. L&T Technology Services Ltd (LTTS): ₹579 Cr

### Net debt — lowest net debt
1. L&T Technology Services Ltd (LTTS): ₹-2.5K Cr
2. Persistent Systems Ltd (PERSISTENT): ₹-1.6K Cr
3. Tata Elxsi Ltd (TATAELXSI): ₹-1.5K Cr
4. Tata Technologies Ltd (TATATECH): ₹-639 Cr
5. KPIT Technologies Ltd (KPITTECH): ₹-552 Cr

### 20-quarter Gross debt history
- PERSISTENT: Sep 2021 ₹119 Cr | Dec 2021 ₹295 Cr | Mar 2022 ₹578 Cr | Jun 2022 ₹757 Cr | Sep 2022 ₹752 Cr | Dec 2022 ₹728 Cr | Mar 2023 ₹655 Cr | Jun 2023 ₹590 Cr | Sep 2023 ₹555 Cr | Dec 2023 ₹508 Cr | Mar 2024 ₹451 Cr | Jun 2024 ₹484 Cr | Sep 2024 ₹577 Cr | Dec 2024 ₹474 Cr | Mar 2025 ₹311 Cr | Jun 2025 ₹334 Cr | Sep 2025 ₹404 Cr | Dec 2025 ₹430 Cr | Mar 2026 ₹477 Cr | Jun 2026 —
- LTTS: Sep 2021 ₹506 Cr | Dec 2021 ₹517 Cr | Mar 2022 ₹477 Cr | Jun 2022 ₹466 Cr | Sep 2022 ₹461 Cr | Dec 2022 ₹462 Cr | Mar 2023 ₹454 Cr | Jun 2023 ₹454 Cr | Sep 2023 ₹551 Cr | Dec 2023 ₹551 Cr | Mar 2024 ₹659 Cr | Jun 2024 ₹659 Cr | Sep 2024 ₹644 Cr | Dec 2024 ₹644 Cr | Mar 2025 ₹578 Cr | Jun 2025 ₹578 Cr | Sep 2025 ₹630 Cr | Dec 2025 ₹630 Cr | Mar 2026 ₹578 Cr | Jun 2026 ₹579 Cr
- TATATECH: Sep 2021 — | Dec 2021 — | Mar 2022 ₹261 Cr | Jun 2022 ₹261 Cr | Sep 2022 — | Dec 2022 ₹253 Cr | Mar 2023 ₹255 Cr | Jun 2023 ₹255 Cr | Sep 2023 ₹260 Cr | Dec 2023 — | Mar 2024 ₹257 Cr | Jun 2024 ₹257 Cr | Sep 2024 ₹260 Cr | Dec 2024 ₹260 Cr | Mar 2025 ₹237 Cr | Jun 2025 ₹237 Cr | Sep 2025 ₹247 Cr | Dec 2025 ₹247 Cr | Mar 2026 ₹938 Cr | Jun 2026 —
- TATAELXSI: Sep 2021 ₹101 Cr | Dec 2021 ₹101 Cr | Mar 2022 ₹139 Cr | Jun 2022 ₹139 Cr | Sep 2022 ₹187 Cr | Dec 2022 ₹187 Cr | Mar 2023 ₹182 Cr | Jun 2023 ₹182 Cr | Sep 2023 ₹237 Cr | Dec 2023 ₹237 Cr | Mar 2024 ₹224 Cr | Jun 2024 ₹224 Cr | Sep 2024 ₹206 Cr | Dec 2024 ₹206 Cr | Mar 2025 ₹192 Cr | Jun 2025 ₹192 Cr | Sep 2025 ₹169 Cr | Dec 2025 ₹169 Cr | Mar 2026 ₹162 Cr | Jun 2026 ₹162 Cr
- KPITTECH: Sep 2021 ₹210 Cr | Dec 2021 ₹210 Cr | Mar 2022 ₹227 Cr | Jun 2022 ₹227 Cr | Sep 2022 ₹186 Cr | Dec 2022 ₹186 Cr | Mar 2023 ₹287 Cr | Jun 2023 ₹287 Cr | Sep 2023 ₹376 Cr | Dec 2023 ₹376 Cr | Mar 2024 ₹329 Cr | Jun 2024 ₹329 Cr | Sep 2024 ₹349 Cr | Dec 2024 ₹349 Cr | Mar 2025 ₹345 Cr | Jun 2025 ₹345 Cr | Sep 2025 ₹529 Cr | Dec 2025 ₹529 Cr | Mar 2026 ₹838 Cr | Jun 2026 —
- CYIENT: Sep 2021 — | Dec 2021 — | Mar 2022 ₹573 Cr | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 ₹1.2K Cr | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 ₹788 Cr | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 ₹513 Cr | Jun 2025 — | Sep 2025 ₹436 Cr | Dec 2025 — | Mar 2026 ₹431 Cr | Jun 2026 —
- ONWARDTEC: Sep 2021 ₹10 Cr | Dec 2021 ₹10 Cr | Mar 2022 ₹19 Cr | Jun 2022 ₹19 Cr | Sep 2022 ₹19 Cr | Dec 2022 ₹19 Cr | Mar 2023 ₹17 Cr | Jun 2023 ₹17 Cr | Sep 2023 ₹15 Cr | Dec 2023 ₹15 Cr | Mar 2024 ₹28 Cr | Jun 2024 ₹28 Cr | Sep 2024 ₹34 Cr | Dec 2024 ₹34 Cr | Mar 2025 ₹32 Cr | Jun 2025 ₹32 Cr | Sep 2025 ₹39 Cr | Dec 2025 ₹39 Cr | Mar 2026 ₹40 Cr | Jun 2026 ₹40 Cr

### 20-quarter Net debt history
- PERSISTENT: Sep 2021 ₹-1.4K Cr | Dec 2021 ₹-1.2K Cr | Mar 2022 ₹-706 Cr | Jun 2022 ₹-183 Cr | Sep 2022 ₹-342 Cr | Dec 2022 ₹-360 Cr | Mar 2023 ₹-311 Cr | Jun 2023 ₹-188 Cr | Sep 2023 ₹-302 Cr | Dec 2023 ₹-637 Cr | Mar 2024 ₹-608 Cr | Jun 2024 ₹-568 Cr | Sep 2024 ₹-348 Cr | Dec 2024 ₹-596 Cr | Mar 2025 ₹-806 Cr | Jun 2025 ₹-1.0K Cr | Sep 2025 ₹-1.3K Cr | Dec 2025 ₹-1.8K Cr | Mar 2026 ₹-1.6K Cr | Jun 2026 —
- LTTS: Sep 2021 ₹-1.5K Cr | Dec 2021 ₹-191 Cr | Mar 2022 ₹-1.6K Cr | Jun 2022 ₹-79 Cr | Sep 2022 ₹-1.8K Cr | Dec 2022 ₹-291 Cr | Mar 2023 ₹-2.3K Cr | Jun 2023 ₹-2.3K Cr | Sep 2023 ₹-1.6K Cr | Dec 2023 ₹-1.6K Cr | Mar 2024 ₹-2.0K Cr | Jun 2024 ₹-2.0K Cr | Sep 2024 ₹-2.0K Cr | Dec 2024 ₹-2.0K Cr | Mar 2025 ₹-1.9K Cr | Jun 2025 ₹-1.9K Cr | Sep 2025 ₹-1.7K Cr | Dec 2025 ₹-1.7K Cr | Mar 2026 ₹-2.5K Cr | Jun 2026 ₹-2.5K Cr
- TATATECH: Sep 2021 — | Dec 2021 — | Mar 2022 ₹-1.1K Cr | Jun 2022 ₹-1.1K Cr | Sep 2022 — | Dec 2022 ₹-676 Cr | Mar 2023 ₹-773 Cr | Jun 2023 ₹-773 Cr | Sep 2023 ₹-593 Cr | Dec 2023 — | Mar 2024 ₹-739 Cr | Jun 2024 ₹-739 Cr | Sep 2024 ₹-738 Cr | Dec 2024 ₹-738 Cr | Mar 2025 ₹-1.2K Cr | Jun 2025 ₹-1.2K Cr | Sep 2025 ₹-776 Cr | Dec 2025 ₹-776 Cr | Mar 2026 ₹-639 Cr | Jun 2026 —
- TATAELXSI: Sep 2021 ₹-779 Cr | Dec 2021 ₹-779 Cr | Mar 2022 ₹-817 Cr | Jun 2022 ₹-817 Cr | Sep 2022 ₹-775 Cr | Dec 2022 ₹-775 Cr | Mar 2023 ₹-999 Cr | Jun 2023 ₹-999 Cr | Sep 2023 ₹-942 Cr | Dec 2023 ₹-942 Cr | Mar 2024 ₹-1.2K Cr | Jun 2024 ₹-1.1K Cr | Sep 2024 ₹-1.1K Cr | Dec 2024 ₹-1.1K Cr | Mar 2025 ₹-1.4K Cr | Jun 2025 ₹-1.4K Cr | Sep 2025 ₹-1.1K Cr | Dec 2025 ₹-1.1K Cr | Mar 2026 ₹-1.5K Cr | Jun 2026 ₹-1.5K Cr
- KPITTECH: Sep 2021 ₹-712 Cr | Dec 2021 ₹-712 Cr | Mar 2022 ₹-773 Cr | Jun 2022 ₹-773 Cr | Sep 2022 ₹-707 Cr | Dec 2022 ₹-707 Cr | Mar 2023 ₹-299 Cr | Jun 2023 ₹-301 Cr | Sep 2023 ₹-218 Cr | Dec 2023 ₹-218 Cr | Mar 2024 ₹-527 Cr | Jun 2024 ₹-528 Cr | Sep 2024 ₹-639 Cr | Dec 2024 ₹-639 Cr | Mar 2025 ₹-1.2K Cr | Jun 2025 ₹-1.2K Cr | Sep 2025 ₹-606 Cr | Dec 2025 ₹-606 Cr | Mar 2026 ₹-552 Cr | Jun 2026 —
- ONWARDTEC: Sep 2021 ₹-41 Cr | Dec 2021 ₹-41 Cr | Mar 2022 ₹-31 Cr | Jun 2022 ₹-31 Cr | Sep 2022 ₹-15 Cr | Dec 2022 ₹-15 Cr | Mar 2023 ₹-31 Cr | Jun 2023 ₹-31 Cr | Sep 2023 ₹-8 Cr | Dec 2023 ₹-8 Cr | Mar 2024 ₹-56 Cr | Jun 2024 ₹-57 Cr | Sep 2024 ₹11 Cr | Dec 2024 ₹11 Cr | Mar 2025 ₹-60 Cr | Jun 2025 ₹-59 Cr | Sep 2025 ₹-28 Cr | Dec 2025 ₹-28 Cr | Mar 2026 ₹-88 Cr | Jun 2026 ₹-88 Cr

## Return On Capital Employed

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.

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.

Evidence: Tata Elxsi Ltd · 60% | 74.4% versus #2 · Persistent Systems Ltd | 1/8 recent comparable periods | 7/7 companies · 93 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. Tata Elxsi Ltd (TATAELXSI): 60%
2. Persistent Systems Ltd (PERSISTENT): 34%
3. L&T Technology Services Ltd (LTTS): 27%
4. KPIT Technologies Ltd (KPITTECH): 26%
5. Onward Technologies Ltd (ONWARDTEC): 23%

### ROCE change — fastest improvers
1. Persistent Systems Ltd (PERSISTENT): +3.0 pp
2. Onward Technologies Ltd (ONWARDTEC): +2.8 pp
3. L&T Technology Services Ltd (LTTS): −1.8 pp
4. Cyient Ltd (CYIENT): −5.0 pp
5. Tata Elxsi Ltd (TATAELXSI): −5.1 pp

### 20-quarter ROCE history
- PERSISTENT: Sep 2021 20% | Dec 2021 20% | Mar 2022 20% | Jun 2022 22% | Sep 2022 24% | Dec 2022 25% | Mar 2023 27% | Jun 2023 28% | Sep 2023 27% | Dec 2023 26% | Mar 2024 25% | Jun 2024 24% | Sep 2024 25% | Dec 2024 24% | Mar 2025 25% | Jun 2025 25% | Sep 2025 27% | Dec 2025 27% | Mar 2026 28% | Jun 2026 —
- LTTS: Sep 2021 24% | Dec 2021 25% | Mar 2022 24% | Jun 2022 25% | Sep 2022 27% | Dec 2022 27% | Mar 2023 31% | Jun 2023 — | Sep 2023 31% | Dec 2023 36% | Mar 2024 28% | Jun 2024 34% | Sep 2024 26% | Dec 2024 32% | Mar 2025 28% | Jun 2025 28% | Sep 2025 18% | Dec 2025 27% | Mar 2026 23% | Jun 2026 27%
- TATATECH: Sep 2021 — | Dec 2021 — | Mar 2022 22% | Jun 2022 — | Sep 2022 — | Dec 2022 22% | Mar 2023 23% | Jun 2023 — | Sep 2023 26% | Dec 2023 32% | Mar 2024 24% | Jun 2024 28% | Sep 2024 24% | Dec 2024 28% | Mar 2025 20% | Jun 2025 26% | Sep 2025 19% | Dec 2025 21% | Mar 2026 14% | Jun 2026 —
- TATAELXSI: Sep 2021 42% | Dec 2021 — | Mar 2022 41% | Jun 2022 — | Sep 2022 44% | Dec 2022 — | Mar 2023 39% | Jun 2023 — | Sep 2023 40% | Dec 2023 — | Mar 2024 35% | Jun 2024 — | Sep 2024 35% | Dec 2024 — | Mar 2025 29% | Jun 2025 — | Sep 2025 27% | Dec 2025 — | Mar 2026 24% | Jun 2026 —
- KPITTECH: Sep 2021 17% | Dec 2021 — | Mar 2022 20% | Jun 2022 — | Sep 2022 24% | Dec 2022 — | Mar 2023 22% | Jun 2023 — | Sep 2023 27% | Dec 2023 38% | Mar 2024 30% | Jun 2024 39% | Sep 2024 32% | Dec 2024 42% | Mar 2025 30% | Jun 2025 38% | Sep 2025 27% | Dec 2025 30% | Mar 2026 24% | Jun 2026 —
- ONWARDTEC: Sep 2021 4.9% | Dec 2021 — | Mar 2022 8.5% | Jun 2022 — | Sep 2022 8.3% | Dec 2022 — | Mar 2023 8.6% | Jun 2023 — | Sep 2023 19% | Dec 2023 26% | Mar 2024 17% | Jun 2024 20% | Sep 2024 12% | Dec 2024 16% | Mar 2025 12% | Jun 2025 19% | Sep 2025 17% | Dec 2025 24% | Mar 2026 19% | Jun 2026 22%

### 20-quarter ROCE change history
- PERSISTENT: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 +3.4 pp | Dec 2022 +4.7 pp | Mar 2023 +6.6 pp | Jun 2023 +6.0 pp | Sep 2023 +3.5 pp | Dec 2023 +1.1 pp | Mar 2024 −2.0 pp | Jun 2024 −3.4 pp | Sep 2024 −2.6 pp | Dec 2024 −2.0 pp | Mar 2025 +0.5 pp | Jun 2025 +0.9 pp | Sep 2025 +2.5 pp | Dec 2025 +3.0 pp | Mar 2026 +3.0 pp | Jun 2026 —
- LTTS: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 +3.0 pp | Dec 2022 +2.2 pp | Mar 2023 +7.2 pp | Jun 2023 — | Sep 2023 +3.9 pp | Dec 2023 +8.3 pp | Mar 2024 −3.7 pp | Jun 2024 — | Sep 2024 −4.8 pp | Dec 2024 −3.7 pp | Mar 2025 +0.8 pp | Jun 2025 −6.0 pp | Sep 2025 −8.3 pp | Dec 2025 −4.9 pp | Mar 2026 −5.8 pp | Jun 2026 −1.8 pp
- TATATECH: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 +0.3 pp | Jun 2023 — | Sep 2023 — | Dec 2023 +10.6 pp | Mar 2024 +1.7 pp | Jun 2024 — | Sep 2024 −2.3 pp | Dec 2024 −4.4 pp | Mar 2025 −3.8 pp | Jun 2025 −1.8 pp | Sep 2025 −5.0 pp | Dec 2025 −7.3 pp | Mar 2026 −6.7 pp | Jun 2026 —
- TATAELXSI: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 +2.0 pp | Dec 2022 — | Mar 2023 −2.1 pp | Jun 2023 — | Sep 2023 −4.6 pp | Dec 2023 — | Mar 2024 −3.8 pp | Jun 2024 — | Sep 2024 −4.2 pp | Dec 2024 — | Mar 2025 −5.6 pp | Jun 2025 — | Sep 2025 −8.6 pp | Dec 2025 — | Mar 2026 −5.1 pp | Jun 2026 —
- KPITTECH: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 +7.0 pp | Dec 2022 — | Mar 2023 +1.5 pp | Jun 2023 — | Sep 2023 +3.3 pp | Dec 2023 — | Mar 2024 +8.0 pp | Jun 2024 — | Sep 2024 +4.5 pp | Dec 2024 +3.6 pp | Mar 2025 +0.3 pp | Jun 2025 −1.1 pp | Sep 2025 −5.0 pp | Dec 2025 −11.3 pp | Mar 2026 −6.7 pp | Jun 2026 —
- ONWARDTEC: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 +3.4 pp | Dec 2022 — | Mar 2023 +0.1 pp | Jun 2023 — | Sep 2023 +11.0 pp | Dec 2023 — | Mar 2024 +8.1 pp | Jun 2024 — | Sep 2024 −7.3 pp | Dec 2024 −9.9 pp | Mar 2025 −4.5 pp | Jun 2025 −1.7 pp | Sep 2025 +5.4 pp | Dec 2025 +7.4 pp | Mar 2026 +6.6 pp | Jun 2026 +2.8 pp

## Valuation Against Growth & Quality

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.

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: Persistent Systems Ltd · 1.23× | 68% versus #2 · L&T Technology Services Ltd | 0/8 recent comparable periods | 4/7 companies · 48 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. Persistent Systems Ltd (PERSISTENT): 1.2
2. L&T Technology Services Ltd (LTTS): 3.8
3. Tata Technologies Ltd (TATATECH): 4.1
4. KPIT Technologies Ltd (KPITTECH): 6.6

### P/E — lowest P/E
1. Onward Technologies Ltd (ONWARDTEC): 14.4
2. Cyient Ltd (CYIENT): 22.9
3. KPIT Technologies Ltd (KPITTECH): 23.6
4. L&T Technology Services Ltd (LTTS): 27.0
5. Persistent Systems Ltd (PERSISTENT): 42.6

### 20-quarter Guarded PEG history
- PERSISTENT: Sep 2021 1.2 | Dec 2021 1.2 | Mar 2022 1.0 | Jun 2022 — | Sep 2022 0.7 | Dec 2022 0.9 | Mar 2023 0.9 | Jun 2023 1.2 | Sep 2023 1.7 | Dec 2023 2.4 | Mar 2024 2.4 | Jun 2024 4.2 | Sep 2024 3.4 | Dec 2024 3.6 | Mar 2025 2.7 | Jun 2025 2.3 | Sep 2025 1.8 | Dec 2025 1.7 | Mar 2026 1.2 | Jun 2026 —
- LTTS: Sep 2021 — | Dec 2021 3.8 | Mar 2022 1.9 | Jun 2022 0.8 | Sep 2022 1.7 | Dec 2022 1.2 | Mar 2023 1.2 | Jun 2023 1.7 | Sep 2023 3.4 | Dec 2023 2.7 | Mar 2024 3.0 | Jun 2024 3.1 | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 — | Jun 2026 3.8
- TATATECH: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 5.3 | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 2.1 | Jun 2025 — | Sep 2025 7.3 | Dec 2025 — | Mar 2026 4.1 | Jun 2026 —
- KPITTECH: Sep 2021 2.1 | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 1.3 | Mar 2023 1.7 | Jun 2023 1.9 | Sep 2023 1.6 | Dec 2023 1.6 | Mar 2024 1.4 | Jun 2024 1.4 | Sep 2024 1.3 | Dec 2024 1.1 | Mar 2025 1.2 | Jun 2025 1.0 | Sep 2025 1.9 | Dec 2025 6.6 | Mar 2026 — | Jun 2026 —

### 20-quarter P/E history
- PERSISTENT: Sep 2021 56.1 | Dec 2021 65.6 | Mar 2022 57.0 | Jun 2022 37.6 | Sep 2022 33.0 | Dec 2022 36.6 | Mar 2023 39.5 | Jun 2023 41.3 | Sep 2023 46.2 | Dec 2023 56.5 | Mar 2024 59.5 | Jun 2024 61.0 | Sep 2024 71.5 | Dec 2024 80.0 | Mar 2025 64.5 | Jun 2025 66.8 | Sep 2025 50.6 | Dec 2025 58.9 | Mar 2026 42.6 | Jun 2026 —
- LTTS: Sep 2021 66.8 | Dec 2021 71.2 | Mar 2022 58.3 | Jun 2022 34.5 | Sep 2022 37.3 | Dec 2022 35.8 | Mar 2023 31.4 | Jun 2023 36.5 | Sep 2023 38.7 | Dec 2023 43.9 | Mar 2024 44.5 | Jun 2024 40.3 | Sep 2024 43.4 | Dec 2024 37.9 | Mar 2025 36.7 | Jun 2025 36.7 | Sep 2025 35.2 | Dec 2025 38.9 | Mar 2026 27.6 | Jun 2026 26.1
- TATATECH: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 76.7 | Mar 2024 56.0 | Jun 2024 61.0 | Sep 2024 70.0 | Dec 2024 56.4 | Mar 2025 42.7 | Jun 2025 42.9 | Sep 2025 39.5 | Dec 2025 38.3 | Mar 2026 33.3 | Jun 2026 49.6
- TATAELXSI: Sep 2021 358.2 | Dec 2021 358.2 | Mar 2022 515.1 | Jun 2022 475.9 | Sep 2022 522.4 | Dec 2022 383.8 | Mar 2023 363.8 | Jun 2023 463.3 | Sep 2023 441.2 | Dec 2023 534.4 | Mar 2024 475.3 | Jun 2024 427.4 | Sep 2024 476.9 | Dec 2024 420.4 | Mar 2025 318.4 | Jun 2025 387.4 | Sep 2025 323.8 | Dec 2025 326.5 | Mar 2026 254.0 | Jun 2026 245.9
- KPITTECH: Sep 2021 56.5 | Dec 2021 77.6 | Mar 2022 66.0 | Jun 2022 49.9 | Sep 2022 60.8 | Dec 2022 60.8 | Mar 2023 72.4 | Jun 2023 78.0 | Sep 2023 73.2 | Dec 2023 85.0 | Mar 2024 75.5 | Jun 2024 75.7 | Sep 2024 69.1 | Dec 2024 55.2 | Mar 2025 47.2 | Jun 2025 41.4 | Sep 2025 41.2 | Dec 2025 42.9 | Mar 2026 23.8 | Jun 2026 —
- CYIENT: Sep 2021 29.9 | Dec 2021 25.9 | Mar 2022 21.4 | Jun 2022 16.5 | Sep 2022 16.7 | Dec 2022 18.2 | Mar 2023 21.0 | Jun 2023 30.4 | Sep 2023 31.0 | Dec 2023 36.4 | Mar 2024 30.9 | Jun 2024 28.0 | Sep 2024 30.2 | Dec 2024 30.8 | Mar 2025 22.1 | Jun 2025 23.6 | Sep 2025 20.1 | Dec 2025 22.0 | Mar 2026 15.6 | Jun 2026 20.8
- ONWARDTEC: Sep 2021 23.2 | Dec 2021 25.3 | Mar 2022 27.8 | Jun 2022 22.2 | Sep 2022 34.2 | Dec 2022 67.0 | Mar 2023 85.3 | Jun 2023 101.3 | Sep 2023 58.5 | Dec 2023 46.4 | Mar 2024 28.8 | Jun 2024 26.6 | Sep 2024 31.3 | Dec 2024 30.3 | Mar 2025 24.4 | Jun 2025 30.1 | Sep 2025 20.1 | Dec 2025 15.2 | Mar 2026 10.8 | Jun 2026 13.9

## Enterprise Value & Book Value

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

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: Onward Technologies Ltd · 7.1× | 13.4% versus #2 · Cyient Ltd | 0/8 recent comparable periods | 7/7 companies · 129 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. Onward Technologies Ltd (ONWARDTEC): 7.1
2. Cyient Ltd (CYIENT): 8.2
3. KPIT Technologies Ltd (KPITTECH): 13.0
4. L&T Technology Services Ltd (LTTS): 15.7
5. Persistent Systems Ltd (PERSISTENT): 27.6

### P/BV — lowest P/BV
1. Cyient Ltd (CYIENT): 1.6
2. Onward Technologies Ltd (ONWARDTEC): 2.6
3. KPIT Technologies Ltd (KPITTECH): 4.5
4. L&T Technology Services Ltd (LTTS): 5.6
5. Tata Technologies Ltd (TATATECH): 7.4

### 20-quarter EV/EBITDA history
- PERSISTENT: Sep 2021 32.2 | Dec 2021 38.9 | Mar 2022 34.5 | Jun 2022 23.1 | Sep 2022 20.3 | Dec 2022 22.1 | Mar 2023 23.5 | Jun 2023 24.4 | Sep 2023 27.2 | Dec 2023 33.4 | Mar 2024 35.1 | Jun 2024 36.5 | Sep 2024 44.1 | Dec 2024 49.8 | Mar 2025 40.8 | Jun 2025 42.6 | Sep 2025 32.3 | Dec 2025 38.2 | Mar 2026 27.6 | Jun 2026 —
- LTTS: Sep 2021 39.3 | Dec 2021 42.2 | Mar 2022 35.1 | Jun 2022 20.9 | Sep 2022 22.8 | Dec 2022 22.1 | Mar 2023 19.1 | Jun 2023 22.1 | Sep 2023 23.9 | Dec 2023 26.8 | Mar 2024 27.5 | Jun 2024 24.3 | Sep 2024 26.1 | Dec 2024 22.8 | Mar 2025 22.1 | Jun 2025 22.8 | Sep 2025 20.5 | Dec 2025 22.7 | Mar 2026 15.9 | Jun 2026 15.7
- TATATECH: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 52.1 | Mar 2024 37.7 | Jun 2024 38.6 | Sep 2024 43.5 | Dec 2024 34.6 | Mar 2025 26.2 | Jun 2025 26.7 | Sep 2025 24.5 | Dec 2025 24.2 | Mar 2026 20.5 | Jun 2026 29.1
- TATAELXSI: Sep 2021 200.8 | Dec 2021 200.8 | Mar 2022 289.1 | Jun 2022 267.0 | Sep 2022 293.2 | Dec 2022 215.2 | Mar 2023 204.0 | Jun 2023 259.9 | Sep 2023 247.5 | Dec 2023 300.0 | Mar 2024 266.7 | Jun 2024 239.8 | Sep 2024 267.6 | Dec 2024 235.8 | Mar 2025 178.4 | Jun 2025 217.2 | Sep 2025 181.4 | Dec 2025 183.0 | Mar 2026 142.2 | Jun 2026 137.6
- KPITTECH: Sep 2021 26.4 | Dec 2021 39.9 | Mar 2022 35.5 | Jun 2022 27.3 | Sep 2022 33.6 | Dec 2022 33.6 | Mar 2023 39.6 | Jun 2023 43.1 | Sep 2023 41.0 | Dec 2023 47.8 | Mar 2024 42.7 | Jun 2024 42.5 | Sep 2024 39.3 | Dec 2024 31.4 | Mar 2025 27.1 | Jun 2025 24.5 | Sep 2025 23.6 | Dec 2025 24.4 | Mar 2026 13.0 | Jun 2026 —
- CYIENT: Sep 2021 14.5 | Dec 2021 12.8 | Mar 2022 10.7 | Jun 2022 8.5 | Sep 2022 9.8 | Dec 2022 10.0 | Mar 2023 10.1 | Jun 2023 15.8 | Sep 2023 16.3 | Dec 2023 19.6 | Mar 2024 16.6 | Jun 2024 14.8 | Sep 2024 15.7 | Dec 2024 15.4 | Mar 2025 10.6 | Jun 2025 11.1 | Sep 2025 9.5 | Dec 2025 9.8 | Mar 2026 6.6 | Jun 2026 8.2
- ONWARDTEC: Sep 2021 12.5 | Dec 2021 16.6 | Mar 2022 17.9 | Jun 2022 14.2 | Sep 2022 16.1 | Dec 2022 24.5 | Mar 2023 24.2 | Jun 2023 34.5 | Sep 2023 27.0 | Dec 2023 24.5 | Mar 2024 15.7 | Jun 2024 15.2 | Sep 2024 16.9 | Dec 2024 15.2 | Mar 2025 12.2 | Jun 2025 15.8 | Sep 2025 11.5 | Dec 2025 8.6 | Mar 2026 6.2 | Jun 2026 7.1

### 20-quarter P/BV history
- PERSISTENT: Sep 2021 10.3 | Dec 2021 12.1 | Mar 2022 11.6 | Jun 2022 7.4 | Sep 2022 7.0 | Dec 2022 8.4 | Mar 2023 10.5 | Jun 2023 9.7 | Sep 2023 11.2 | Dec 2023 12.9 | Mar 2024 13.9 | Jun 2024 13.2 | Sep 2024 16.9 | Dec 2024 17.8 | Mar 2025 15.3 | Jun 2025 14.7 | Sep 2025 12.1 | Dec 2025 13.8 | Mar 2026 10.8 | Jun 2026 —
- LTTS: Sep 2021 14.7 | Dec 2021 15.4 | Mar 2022 13.6 | Jun 2022 7.7 | Sep 2022 8.5 | Dec 2022 8.7 | Mar 2023 8.6 | Jun 2023 8.4 | Sep 2023 9.8 | Dec 2023 11.6 | Mar 2024 12.1 | Jun 2024 9.8 | Sep 2024 10.6 | Dec 2024 8.8 | Mar 2025 8.5 | Jun 2025 7.6 | Sep 2025 7.1 | Dec 2025 7.7 | Mar 2026 5.5 | Jun 2026 5.4
- TATATECH: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 14.5 | Jun 2024 12.9 | Sep 2024 14.1 | Dec 2024 11.3 | Mar 2025 8.6 | Jun 2025 8.1 | Sep 2025 7.6 | Dec 2025 7.5 | Mar 2026 6.1 | Jun 2026 7.7
- TATAELXSI: Sep 2021 129.0 | Dec 2021 129.0 | Mar 2022 185.5 | Jun 2022 171.3 | Sep 2022 188.1 | Dec 2022 138.2 | Mar 2023 131.0 | Jun 2023 166.8 | Sep 2023 158.9 | Dec 2023 192.4 | Mar 2024 171.1 | Jun 2024 153.9 | Sep 2024 171.7 | Dec 2024 151.4 | Mar 2025 114.6 | Jun 2025 139.5 | Sep 2025 116.6 | Dec 2025 117.6 | Mar 2026 91.5 | Jun 2026 88.5
- KPITTECH: Sep 2021 8.4 | Dec 2021 13.2 | Mar 2022 12.8 | Jun 2022 11.3 | Sep 2022 13.0 | Dec 2022 13.9 | Mar 2023 19.4 | Jun 2023 22.8 | Sep 2023 19.1 | Dec 2023 22.3 | Mar 2024 21.9 | Jun 2024 27.1 | Sep 2024 21.4 | Dec 2024 16.0 | Mar 2025 14.3 | Jun 2025 16.2 | Sep 2025 11.4 | Dec 2025 10.2 | Mar 2026 5.5 | Jun 2026 —
- CYIENT: Sep 2021 4.0 | Dec 2021 3.9 | Mar 2022 3.4 | Jun 2022 2.8 | Sep 2022 2.8 | Dec 2022 2.8 | Mar 2023 3.5 | Jun 2023 4.8 | Sep 2023 5.4 | Dec 2023 6.3 | Mar 2024 5.5 | Jun 2024 4.8 | Sep 2024 5.0 | Dec 2024 4.2 | Mar 2025 2.7 | Jun 2025 2.7 | Sep 2025 2.4 | Dec 2025 2.2 | Mar 2026 1.6 | Jun 2026 1.7
- ONWARDTEC: Sep 2021 5.1 | Dec 2021 4.6 | Mar 2022 6.7 | Jun 2022 5.7 | Sep 2022 3.5 | Dec 2022 4.2 | Mar 2023 3.9 | Jun 2023 6.5 | Sep 2023 7.1 | Dec 2023 7.4 | Mar 2024 5.2 | Jun 2024 4.3 | Sep 2024 4.6 | Dec 2024 3.5 | Mar 2025 2.7 | Jun 2025 3.6 | Sep 2025 2.9 | Dec 2025 2.7 | Mar 2026 2.2 | Jun 2026 2.6

## 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.

### Strongest one-year price performers
1. Tata Technologies Ltd (TATATECH): 6.4%
2. Persistent Systems Ltd (PERSISTENT): -6.6%
3. Onward Technologies Ltd (ONWARDTEC): -22%
4. L&T Technology Services Ltd (LTTS): -22%
5. Cyient Ltd (CYIENT): -33%

### Strongest relative strength versus NIFTY 500
1. Tata Technologies Ltd (TATATECH): 14%
2. Onward Technologies Ltd (ONWARDTEC): -1.4%
3. Persistent Systems Ltd (PERSISTENT): -5.3%
4. L&T Technology Services Ltd (LTTS): -12%
5. Cyient Ltd (CYIENT): -19%

## 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.
- 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.

## Every company
- Persistent Systems Ltd (PERSISTENT) — market value ₹82.0K Cr; latest fundamentals Mar 2026
- L&T Technology Services Ltd (LTTS) — market value ₹36.3K Cr; latest fundamentals Jun 2026
- Tata Technologies Ltd (TATATECH) — market value ₹28.9K Cr; latest fundamentals Jun 2026
- Tata Elxsi Ltd (TATAELXSI) — market value ₹22.0K Cr; latest fundamentals Jun 2026; includes UNVERIFIED second-feed figures
- KPIT Technologies Ltd (KPITTECH) — market value ₹16.0K Cr; latest fundamentals Mar 2026
- Cyient Ltd (CYIENT) — market value ₹9.3K Cr; latest fundamentals Jun 2026; second-feed figures WITHHELD
- Onward Technologies Ltd (ONWARDTEC) — market value ₹646 Cr; latest fundamentals Jun 2026; includes UNVERIFIED second-feed figures

## Source standing of each company

Cross-checked: 4. Unverified: 2. Withheld: 1. Graded companies: 7.

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.

- WITHHELD | CYIENT | Cyient Ltd | diff_gt_2pct | disagreement up to 16.21% over 14 comparable periods

- UNVERIFIED | TATAELXSI | Tata Elxsi Ltd | too little overlapping reported history to cross-check the second feed
- UNVERIFIED | ONWARDTEC | Onward Technologies 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 - 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.

Narrative sector analysis: https://www.sectoralpha.in/sectors/it-er-d