# IT - Software — company-by-company sector analysis

> IT - Software: Tata Consultancy Services Ltd owns the largest revenue base; String Metaverse Ltd has 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. 19 of 56 covered companies currently have positive Mansfield relative strength versus NIFTY 500. Tata Consultancy Services Ltd leads with revenue of ₹2,75,859 crore, based on 55 of 63 comparable companies through Jun 2026. String Metaverse Ltd has the fastest current revenue growth at 100%, across 53 of 63 comparable companies.

### Is the IT - Software sector outperforming NIFTY 500?

The 52-week sector comparison is unavailable. 19 of 56 covered companies currently have positive Mansfield relative strength versus NIFTY 500.

### Which IT - Software company is largest by revenue?

Tata Consultancy Services Ltd leads with revenue of ₹2,75,859 crore, based on 55 of 63 comparable companies through Jun 2026.

### Which IT - Software company is growing fastest?

String Metaverse Ltd has the fastest current revenue growth at 100%, across 53 of 63 comparable companies.

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

Silver Touch Technologies Ltd ranks first at 72.2/100 with 88.6% evidence confidence. The score prioritizes research; it is not a buy recommendation.

### Which IT - Software company reports the most CAPEX?

Tata Consultancy Services Ltd reports the largest latest CAPEX at ₹753 crore, with 17 of 63 companies comparable.

### Which IT - Software company has the least gross debt?

Hypersoft Technologies Ltd has the lowest comparable gross debt at ₹0 crore. Wipro Ltd has the highest at ₹21,282 crore.

### Which IT - Software company has the lowest comparable PEG?

R Systems International Ltd has the lowest comparable Guarded PEG at 0.26, among 21 of 63 companies that pass the metric’s comparability rules.

### How much history does this IT - Software 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 - Software against NIFTY 500 is not available from the current market series. 19 of 56 covered companies currently beat NIFTY on Mansfield relative strength, so leadership inside the sector is selective. Hypersoft Technologies Ltd is the strongest against the sector itself at +92.4%. Readings are as of 2026-07-19.

13-week sector return versus NIFTY 500: —
52-week sector return versus NIFTY 500: —
Stocks leading NIFTY: 19/56
Stocks leading sector: 17/52

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

Companies: 63
Combined market value: ₹23.2 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. Silver Touch Technologies Ltd (SILVERTUC): 72/100 — Favorable setup; evidence 89%
   - Growth & earnings 27.7/35 | Capital efficiency 18.4/25 | Valuation 10.3/20 | Relative strength 15.8/20
   - Exact sum: 27.7 + 18.4 + 10.3 + 15.8 = 72.2
   - Decision use: Confirmed research leader: earnings, capital efficiency and relative strength agree. Move to management, catalyst and risk diligence.
2. NINtec Systems Ltd (NINSYS): 71/100 — Favorable setup; evidence 76%
   - Growth & earnings 20.8/35 | Capital efficiency 21.6/25 | Valuation 9.0/20 | Relative strength 19.7/20
   - Exact sum: 20.8 + 21.6 + 9 + 19.7 = 71.1
   - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
3. Coforge Ltd (COFORGE): 69/100 — Favorable setup; evidence 96%
   - Growth & earnings 29.3/35 | Capital efficiency 15.9/25 | Valuation 12.7/20 | Relative strength 10.9/20
   - Exact sum: 29.3 + 15.9 + 12.7 + 10.9 = 68.8
   - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
4. InfoBeans Technologies Ltd (INFOBEAN): 68/100 — Favorable setup; evidence 81%
   - Growth & earnings 27.1/35 | Capital efficiency 17.2/25 | Valuation 9.7/20 | Relative strength 14.2/20
   - Exact sum: 27.1 + 17.2 + 9.7 + 14.2 = 68.2
   - Decision use: Confirmed research leader: earnings, capital efficiency and relative strength agree. Move to management, catalyst and risk diligence.
5. Softtech Engineers Ltd (SOFTTECH): 65/100 — Favorable setup; evidence 76%
   - Growth & earnings 27.8/35 | Capital efficiency 11.8/25 | Valuation 8.7/20 | Relative strength 17.0/20
   - Exact sum: 27.8 + 11.8 + 8.7 + 17 = 65.3
   - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
6. Cigniti Technologies Ltd (CIGNITITEC): 65/100 — Mixed-positive evidence; evidence 79%
   - Growth & earnings 23.4/35 | Capital efficiency 16.7/25 | Valuation 16.0/20 | Relative strength 8.8/20
   - Exact sum: 23.4 + 16.7 + 16 + 8.8 = 64.9
   - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
7. Sasken Technologies Ltd (SASKEN): 65/100 — Mixed-positive evidence; evidence 96%
   - Growth & earnings 25.9/35 | Capital efficiency 10.9/25 | Valuation 9.3/20 | Relative strength 18.4/20
   - Exact sum: 25.9 + 10.9 + 9.3 + 18.4 = 64.5
   - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
8. Sahana Systems Ltd (SAHANA): 64/100 — Mixed-positive evidence; evidence 70%
   - Growth & earnings 21.8/35 | Capital efficiency 18.7/25 | Valuation 14.5/20 | Relative strength 9.2/20
   - Exact sum: 21.8 + 18.7 + 14.5 + 9.2 = 64.2
   - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
9. Saksoft Ltd (SAKSOFT): 64/100 — Mixed-positive evidence; evidence 90%
   - Growth & earnings 24.1/35 | Capital efficiency 18.6/25 | Valuation 13.4/20 | Relative strength 7.7/20
   - Exact sum: 24.1 + 18.6 + 13.4 + 7.7 = 63.8
   - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
10. Tech Mahindra Ltd (TECHM): 63/100 — Mixed-positive evidence; evidence 94%
   - Growth & earnings 21.1/35 | Capital efficiency 16.3/25 | Valuation 10.9/20 | Relative strength 15.1/20
   - Exact sum: 21.1 + 16.3 + 10.9 + 15.1 = 63.4
   - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
11. Hypersoft Technologies Ltd (539724): 63/100 — Mixed-positive evidence; evidence 66%
   - Growth & earnings 23.5/35 | Capital efficiency 14.0/25 | Valuation 8.6/20 | Relative strength 16.9/20
   - Exact sum: 23.5 + 14 + 8.6 + 16.9 = 63
   - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
12. ASM Technologies Ltd (526433): 61/100 — Mixed-positive evidence; evidence 66%
   - Growth & earnings 23.7/35 | Capital efficiency 13.7/25 | Valuation 8.8/20 | Relative strength 14.9/20
   - Exact sum: 23.7 + 13.7 + 8.8 + 14.9 = 61.1
   - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
13. BLS E-Services Ltd (BLSE): 61/100 — Mixed-positive evidence; evidence 72%
   - Growth & earnings 19.4/35 | Capital efficiency 13.3/25 | Valuation 9.2/20 | Relative strength 19.1/20
   - Exact sum: 19.4 + 13.3 + 9.2 + 19.1 = 61
   - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
14. Datamatics Global Services Ltd (DATAMATICS): 61/100 — Mixed-positive evidence; evidence 90%
   - Growth & earnings 20.9/35 | Capital efficiency 17.1/25 | Valuation 8.5/20 | Relative strength 14.0/20
   - Exact sum: 20.9 + 17.1 + 8.5 + 14 = 60.5
   - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
15. String Metaverse Ltd (534535): 58/100 — Mixed-positive evidence; evidence 79%
   - Growth & earnings 26.3/35 | Capital efficiency 16.8/25 | Valuation 14.7/20 | Relative strength 0.4/20
   - Exact sum: 26.3 + 16.8 + 14.7 + 0.4 = 58.2
   - Decision use: Acceleration candidate, not a confirmed leader: earnings are strong but sector-relative strength is -64.4% and the one-year return is -76.8%. Do not upgrade until sector-relative strength is above zero and another reported period confirms growth.
16. R Systems International Ltd (RSYSTEMS): 58/100 — Mixed-positive evidence; evidence 96%
   - Growth & earnings 24.0/35 | Capital efficiency 13.0/25 | Valuation 18.5/20 | Relative strength 2.0/20
   - Exact sum: 24 + 13 + 18.5 + 2 = 57.5
   - Decision use: Acceleration candidate, not a confirmed leader: earnings are strong but sector-relative strength is -28.5% and the one-year return is -43%. Do not upgrade until sector-relative strength is above zero and another reported period confirms growth.
17. AvenuesAI Ltd (CCAVENUE): 57/100 — Mixed-positive evidence; evidence 83%
   - Growth & earnings 20.6/35 | Capital efficiency 10.3/25 | Valuation 14.9/20 | Relative strength 11.3/20
   - Exact sum: 20.6 + 10.3 + 14.9 + 11.3 = 57.1
   - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
18. Ksolves India Ltd (KSOLVES): 56/100 — Mixed-positive evidence; evidence 87%
   - Growth & earnings 17.7/35 | Capital efficiency 18.3/25 | Valuation 13.7/20 | Relative strength 6.2/20
   - Exact sum: 17.7 + 18.3 + 13.7 + 6.2 = 55.9
   - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
19. RNIT AI Solutions Ltd (AUTOPALIND): 55/100 — Thin evidence · provisional; evidence 52%
   - Growth & earnings 20.6/35 | Capital efficiency 14.6/25 | Valuation 9.4/20 | Relative strength 10.0/20
   - Exact sum: 20.6 + 14.6 + 9.4 + 10 = 54.6
   - Decision use: Fill the missing evidence before acting; the ranking is deliberately pulled toward neutral.
20. Xchanging Solutions Ltd (XCHANGING): 55/100 — Mixed-positive evidence; evidence 77%
   - Growth & earnings 21.1/35 | Capital efficiency 14.9/25 | Valuation 13.3/20 | Relative strength 5.2/20
   - Exact sum: 21.1 + 14.9 + 13.3 + 5.2 = 54.5
   - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
21. Tanla Platforms Ltd (TANLA): 54/100 — Mixed-positive evidence; evidence 91%
   - Growth & earnings 14.5/35 | Capital efficiency 17.1/25 | Valuation 13.2/20 | Relative strength 9.3/20
   - Exact sum: 14.5 + 17.1 + 13.2 + 9.3 = 54.1
   - Decision use: Cheap but unconfirmed: require improving earnings before treating the valuation as an opportunity.
22. IZMO Ltd (IZMO): 54/100 — Mixed-positive evidence; evidence 77%
   - Growth & earnings 16.3/35 | Capital efficiency 15.0/25 | Valuation 6.6/20 | Relative strength 16.0/20
   - Exact sum: 16.3 + 15 + 6.6 + 16 = 53.9
   - Decision use: Price leads the evidence: RS versus the benchmark is 40.5%, but earnings trajectory is weak. Wait for revenue and profit confirmation.
23. Infosys Ltd (INFY): 54/100 — Mixed-positive evidence; evidence 83%
   - Growth & earnings 18.1/35 | Capital efficiency 18.9/25 | Valuation 14.2/20 | Relative strength 2.4/20
   - Exact sum: 18.1 + 18.9 + 14.2 + 2.4 = 53.6
   - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
24. Seshaasai Technologies Ltd (STYL): 53/100 — Mixed-positive evidence; evidence 70%
   - Growth & earnings 13.5/35 | Capital efficiency 16.8/25 | Valuation 12.7/20 | Relative strength 10.0/20
   - Exact sum: 13.5 + 16.8 + 12.7 + 10 = 53
   - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
25. HCL Technologies Ltd (HCLTECH): 53/100 — Mixed-positive evidence; evidence 77%
   - Growth & earnings 12.8/35 | Capital efficiency 18.6/25 | Valuation 9.6/20 | Relative strength 11.8/20
   - Exact sum: 12.8 + 18.6 + 9.6 + 11.8 = 52.8
   - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
26. Expleo Solutions Ltd (EXPLEOSOL): 53/100 — Mixed-positive evidence; evidence 77%
   - Growth & earnings 15.6/35 | Capital efficiency 17.1/25 | Valuation 13.8/20 | Relative strength 6.2/20
   - Exact sum: 15.6 + 17.1 + 13.8 + 6.2 = 52.7
   - Decision use: Cheap but unconfirmed: require improving earnings before treating the valuation as an opportunity.
27. Subex Ltd (SUBEXLTD): 52/100 — Thin evidence · provisional; evidence 53%
   - Growth & earnings 19.8/35 | Capital efficiency 10.8/25 | Valuation 9.9/20 | Relative strength 11.9/20
   - Exact sum: 19.8 + 10.8 + 9.9 + 11.9 = 52.4
   - Decision use: Fill the missing evidence before acting; the ranking is deliberately pulled toward neutral.
28. Sonata Software Ltd (SONATSOFTW): 51/100 — Mixed-positive evidence; evidence 93%
   - Growth & earnings 11.7/35 | Capital efficiency 14.9/25 | Valuation 14.5/20 | Relative strength 10.2/20
   - Exact sum: 11.7 + 14.9 + 14.5 + 10.2 = 51.3
   - Decision use: Cheap but unconfirmed: require improving earnings before treating the valuation as an opportunity.
29. Dynacons Systems & Solutions Ltd (DSSL): 51/100 — Mixed-positive evidence; evidence 83%
   - Growth & earnings 16.0/35 | Capital efficiency 14.2/25 | Valuation 7.7/20 | Relative strength 13.3/20
   - Exact sum: 16 + 14.2 + 7.7 + 13.3 = 51.2
   - Decision use: Price leads the evidence: RS versus the benchmark is 14%, but earnings trajectory is weak. Wait for revenue and profit confirmation.
30. Tata Consultancy Services Ltd (TCS): 51/100 — Mixed-positive evidence; evidence 91%
   - Growth & earnings 11.6/35 | Capital efficiency 20.3/25 | Valuation 11.8/20 | Relative strength 7.2/20
   - Exact sum: 11.6 + 20.3 + 11.8 + 7.2 = 50.9
   - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
31. Zensar Technologies Ltd (ZENSARTECH): 51/100 — Mixed-positive evidence; evidence 93%
   - Growth & earnings 17.0/35 | Capital efficiency 15.8/25 | Valuation 14.5/20 | Relative strength 3.2/20
   - Exact sum: 17 + 15.8 + 14.5 + 3.2 = 50.5
   - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
32. Capillary Technologies India Ltd (CAPILLARY): 50/100 — Thin evidence · provisional; evidence 59%
   - Growth & earnings 21.6/35 | Capital efficiency 9.3/25 | Valuation 8.7/20 | Relative strength 10.0/20
   - Exact sum: 21.6 + 9.3 + 8.7 + 10 = 49.6
   - Decision use: Fill the missing evidence before acting; the ranking is deliberately pulled toward neutral.
33. Blue Cloud Softech Solutions Ltd (539607): 49/100 — Mixed-negative evidence; evidence 66%
   - Growth & earnings 20.3/35 | Capital efficiency 10.5/25 | Valuation 9.6/20 | Relative strength 8.9/20
   - Exact sum: 20.3 + 10.5 + 9.6 + 8.9 = 49.3
   - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
34. Wipro Ltd (WIPRO): 49/100 — Mixed-negative evidence; evidence 91%
   - Growth & earnings 14.0/35 | Capital efficiency 13.7/25 | Valuation 13.2/20 | Relative strength 8.3/20
   - Exact sum: 14 + 13.7 + 13.2 + 8.3 = 49.2
   - Decision use: Cheap but unconfirmed: require improving earnings before treating the valuation as an opportunity.
35. LTM Ltd (LTM): 49/100 — Mixed-negative evidence; evidence 100%
   - Growth & earnings 17.0/35 | Capital efficiency 17.0/25 | Valuation 11.7/20 | Relative strength 2.9/20
   - Exact sum: 17 + 17 + 11.7 + 2.9 = 48.6
   - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
36. Unicommerce eSolutions Ltd (UNIECOM): 47/100 — Mixed-negative evidence; evidence 70%
   - Growth & earnings 15.1/35 | Capital efficiency 17.6/25 | Valuation 9.2/20 | Relative strength 5.4/20
   - Exact sum: 15.1 + 17.6 + 9.2 + 5.4 = 47.3
   - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
37. XT Global Infotech Ltd (XTGLOBAL): 47/100 — Mixed-negative evidence; evidence 61%
   - Growth & earnings 18.7/35 | Capital efficiency 9.6/25 | Valuation 9.5/20 | Relative strength 9.5/20
   - Exact sum: 18.7 + 9.6 + 9.5 + 9.5 = 47.3
   - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
38. Mastek Ltd (MASTEK): 47/100 — Mixed-negative evidence; evidence 83%
   - Growth & earnings 14.2/35 | Capital efficiency 13.8/25 | Valuation 12.8/20 | Relative strength 6.4/20
   - Exact sum: 14.2 + 13.8 + 12.8 + 6.4 = 47.2
   - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
39. Mphasis Ltd (MPHASIS): 47/100 — Mixed-negative evidence; evidence 94%
   - Growth & earnings 15.2/35 | Capital efficiency 15.6/25 | Valuation 5.6/20 | Relative strength 10.3/20
   - Exact sum: 15.2 + 15.6 + 5.6 + 10.3 = 46.7
   - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
40. Mindteck (India) Ltd (MINDTECK): 47/100 — Mixed-negative evidence; evidence 77%
   - Growth & earnings 14.6/35 | Capital efficiency 13.3/25 | Valuation 11.6/20 | Relative strength 7.2/20
   - Exact sum: 14.6 + 13.3 + 11.6 + 7.2 = 46.7
   - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
41. Aurionpro Solutions Ltd (AURIONPRO): 47/100 — Mixed-negative evidence; evidence 89%
   - Growth & earnings 17.6/35 | Capital efficiency 13.1/25 | Valuation 10.0/20 | Relative strength 5.9/20
   - Exact sum: 17.6 + 13.1 + 10 + 5.9 = 46.6
   - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
42. Birlasoft Ltd (BSOFT): 46/100 — Mixed-negative evidence; evidence 96%
   - Growth & earnings 15.1/35 | Capital efficiency 14.9/25 | Valuation 14.4/20 | Relative strength 1.2/20
   - Exact sum: 15.1 + 14.9 + 14.4 + 1.2 = 45.6
   - Decision use: Cheap but unconfirmed: require improving earnings before treating the valuation as an opportunity.
43. Hexaware Technologies Ltd (HEXT): 46/100 — Mixed-negative evidence; evidence 90%
   - Growth & earnings 14.7/35 | Capital efficiency 16.9/25 | Valuation 8.0/20 | Relative strength 5.9/20
   - Exact sum: 14.7 + 16.9 + 8 + 5.9 = 45.5
   - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
44. TechNVision Ventures Ltd (TECHNVISN): 45/100 — Mixed-negative evidence; evidence 62%
   - Growth & earnings 17.0/35 | Capital efficiency 7.8/25 | Valuation 8.5/20 | Relative strength 11.7/20
   - Exact sum: 17 + 7.8 + 8.5 + 11.7 = 45
   - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
45. Magellanic Cloud Ltd (MCLOUD): 42/100 — Mixed-negative evidence; evidence 77%
   - Growth & earnings 13.2/35 | Capital efficiency 13.5/25 | Valuation 12.0/20 | Relative strength 3.4/20
   - Exact sum: 13.2 + 13.5 + 12 + 3.4 = 42.1
   - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
46. 63 Moons Technologies Ltd (63MOONS): 42/100 — Mixed-negative evidence; evidence 63%
   - Growth & earnings 16.6/35 | Capital efficiency 8.4/25 | Valuation 10.0/20 | Relative strength 6.6/20
   - Exact sum: 16.6 + 8.4 + 10 + 6.6 = 41.6
   - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
47. Allied Digital Services Ltd (ADSL): 40/100 — Mixed-negative evidence; evidence 62%
   - Growth & earnings 18.2/35 | Capital efficiency 7.0/25 | Valuation 10.2/20 | Relative strength 4.6/20
   - Exact sum: 18.2 + 7 + 10.2 + 4.6 = 40
   - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
48. Innovana Thinklabs Ltd (INNOVANA): 39/100 — Mixed-negative evidence; evidence 77%
   - Growth & earnings 10.3/35 | Capital efficiency 10.5/25 | Valuation 9.5/20 | Relative strength 9.0/20
   - Exact sum: 10.3 + 10.5 + 9.5 + 9 = 39.3
   - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
49. Kellton Tech Solutions Ltd (KELLTONTEC): 36/100 — Mixed-negative evidence; evidence 81%
   - Growth & earnings 10.3/35 | Capital efficiency 9.5/25 | Valuation 11.5/20 | Relative strength 5.1/20
   - Exact sum: 10.3 + 9.5 + 11.5 + 5.1 = 36.4
   - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
50. Moschip Technologies Ltd (MOSCHIP): 34/100 — Adverse evidence; evidence 87%
   - Growth & earnings 8.2/35 | Capital efficiency 8.2/25 | Valuation 3.6/20 | Relative strength 13.6/20
   - Exact sum: 8.2 + 8.2 + 3.6 + 13.6 = 33.6
   - Decision use: Price leads the evidence: RS versus the benchmark is 14.8%, but earnings trajectory is weak. Wait for revenue and profit confirmation.
51. Quick Heal Technologies Ltd (QUICKHEAL): 28/100 — Adverse evidence; evidence 65%
   - Growth & earnings 7.5/35 | Capital efficiency 6.8/25 | Valuation 10.0/20 | Relative strength 3.6/20
   - Exact sum: 7.5 + 6.8 + 10 + 3.6 = 27.9
   - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
52. Covance Softsol Ltd (544361): 68/100 — Thin evidence · provisional; evidence 50%
   - Growth & earnings 25.7/35 | Capital efficiency 19.2/25 | Valuation 10.5/20 | Relative strength 12.4/20
   - Exact sum: 25.7 + 19.2 + 10.5 + 12.4 = 67.8
   - Decision use: Fill the missing evidence before acting; the ranking is deliberately pulled toward neutral.
53. TAC Infosec Ltd (TAC): 54/100 — Thin evidence · provisional; evidence 50%
   - Growth & earnings 18.2/35 | Capital efficiency 20.8/25 | Valuation 9.0/20 | Relative strength 6.1/20
   - Exact sum: 18.2 + 20.8 + 9 + 6.1 = 54.1
   - Decision use: Fill the missing evidence before acting; the ranking is deliberately pulled toward neutral.
54. Kody Technolab Ltd (KODYTECH): 54/100 — Thin evidence · provisional; evidence 48%
   - Growth & earnings 15.3/35 | Capital efficiency 14.2/25 | Valuation 8.8/20 | Relative strength 15.4/20
   - Exact sum: 15.3 + 14.2 + 8.8 + 15.4 = 53.7
   - Decision use: Fill the missing evidence before acting; the ranking is deliberately pulled toward neutral.
55. Unified Data- Tech Solutions Ltd (UNIFIED): 53/100 — Thin evidence · provisional; evidence 23%
   - Growth & earnings 15.8/35 | Capital efficiency 17.9/25 | Valuation 9.7/20 | Relative strength 10.0/20
   - Exact sum: 15.8 + 17.9 + 9.7 + 10 = 53.4
   - Decision use: Fill the missing evidence before acting; the ranking is deliberately pulled toward neutral.
56. Meta Infotech Ltd (META): 53/100 — Thin evidence · provisional; evidence 21%
   - Growth & earnings 17.1/35 | Capital efficiency 14.6/25 | Valuation 11.1/20 | Relative strength 10.0/20
   - Exact sum: 17.1 + 14.6 + 11.1 + 10 = 52.8
   - Decision use: Fill the missing evidence before acting; the ranking is deliberately pulled toward neutral.
57. Exato Technologies Ltd (544626): 52/100 — Thin evidence · provisional; evidence 34%
   - Growth & earnings 17.1/35 | Capital efficiency 15.0/25 | Valuation 9.5/20 | Relative strength 10.0/20
   - Exact sum: 17.1 + 15 + 9.5 + 10 = 51.6
   - Decision use: Fill the missing evidence before acting; the ranking is deliberately pulled toward neutral.
58. Excelsoft Technologies Ltd (EXCELSOFT): 49/100 — Thin evidence · provisional; evidence 43%
   - Growth & earnings 12.8/35 | Capital efficiency 15.5/25 | Valuation 10.3/20 | Relative strength 10.0/20
   - Exact sum: 12.8 + 15.5 + 10.3 + 10 = 48.6
   - Decision use: Fill the missing evidence before acting; the ranking is deliberately pulled toward neutral.
59. ERP Soft Systems Ltd (530909): 47/100 — Thin evidence · provisional; evidence 42%
   - Growth & earnings 20.3/35 | Capital efficiency 9.8/25 | Valuation 8.9/20 | Relative strength 7.6/20
   - Exact sum: 20.3 + 9.8 + 8.9 + 7.6 = 46.6
   - Decision use: Fill the missing evidence before acting; the ranking is deliberately pulled toward neutral.
60. Trident Techlabs Ltd (TECHLABS): 45/100 — Thin evidence · provisional; evidence 40%
   - Growth & earnings 16.2/35 | Capital efficiency 14.9/25 | Valuation 10.8/20 | Relative strength 3.3/20
   - Exact sum: 16.2 + 14.9 + 10.8 + 3.3 = 45.2
   - Decision use: Fill the missing evidence before acting; the ranking is deliberately pulled toward neutral.
61. Veefin Solutions Ltd (VEEFIN): 44/100 — Thin evidence · provisional; evidence 34%
   - Growth & earnings 17.0/35 | Capital efficiency 10.9/25 | Valuation 9.3/20 | Relative strength 6.7/20
   - Exact sum: 17 + 10.9 + 9.3 + 6.7 = 43.9
   - Decision use: Fill the missing evidence before acting; the ranking is deliberately pulled toward neutral.
62. IDream Film Infrastructure Company Ltd (504375): 40/100 — Thin evidence · provisional; evidence 32%
   - Growth & earnings 13.5/35 | Capital efficiency 4.0/25 | Valuation 10.0/20 | Relative strength 12.5/20
   - Exact sum: 13.5 + 4 + 10 + 12.5 = 40
   - Decision use: Fill the missing evidence before acting; the ranking is deliberately pulled toward neutral.
63. Orient Technologies Ltd (ORIENTTECH): 37/100 — Thin evidence · provisional; evidence 45%
   - Growth & earnings 15.6/35 | Capital efficiency 5.0/25 | Valuation 9.1/20 | Relative strength 7.4/20
   - Exact sum: 15.6 + 5 + 9.1 + 7.4 = 37.1
   - Decision use: Fill the missing evidence before acting; the ranking is deliberately pulled toward neutral.

## Revenue Scale & Growth Durability

What the numbers say: Tata Consultancy Services Ltd is the scale leader at ₹2,75,859 crore, 49.5% ahead of Infosys Ltd. String Metaverse Ltd's growth is stored at the ≥100% scoring cap; the uncapped TTM change is 161.8% from a ₹1,068 crore base, with 13 reported observations in the 20-quarter window. Treat the growth leader as an acceleration candidate, not as equally proven scale.

Investor read: Tata Consultancy Services Ltd is the scale benchmark; String Metaverse Ltd is the acceleration watch. Promote the challenger only if growth persists and converts into margin and returns.

This conclusion weakens if: Tata Consultancy Services Ltd's growth falls below String Metaverse Ltd's for two consecutive comparable reports while operating margin also compresses.

Evidence: Tata Consultancy Services Ltd · ₹2,75,859 crore | 49.5% versus #2 · Infosys Ltd | 8/8 recent comparable periods | 55/63 companies · 850 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. Tata Consultancy Services Ltd (TCS): ₹2.8 L Cr
2. Infosys Ltd (INFY): ₹1.8 L Cr
3. HCL Technologies Ltd (HCLTECH): ₹1.3 L Cr
4. Wipro Ltd (WIPRO): ₹95.0K Cr
5. Tech Mahindra Ltd (TECHM): ₹59.2K Cr

### Revenue growth — fastest growers
1. String Metaverse Ltd (534535): 100%
2. Hypersoft Technologies Ltd (539724): 100%
3. 63 Moons Technologies Ltd (63MOONS): 100%
4. BLS E-Services Ltd (BLSE): 100%
5. AvenuesAI Ltd (CCAVENUE): 100%

### 20-quarter Revenue history
- 504375: Dec 2021 — | Mar 2022 — | Jun 2022 — | Aug 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 ₹0 Cr | Jun 2023 ₹0 Cr | Sep 2023 ₹0 Cr | Dec 2023 ₹0 Cr | Mar 2024 ₹0 Cr | Jun 2024 ₹0 Cr | Sep 2024 ₹0 Cr | Dec 2024 ₹0 Cr | Mar 2025 ₹0 Cr | Jun 2025 ₹0 Cr | Sep 2025 ₹0 Cr | Dec 2025 ₹0 Cr | Mar 2026 ₹0 Cr | Jun 2026 —
- 526433: Dec 2021 — | Mar 2022 — | Jun 2022 — | Aug 2022 — | Sep 2022 — | Dec 2022 ₹54 Cr | Mar 2023 ₹52 Cr | Jun 2023 ₹51 Cr | Sep 2023 ₹50 Cr | Dec 2023 ₹56 Cr | Mar 2024 ₹45 Cr | Jun 2024 ₹53 Cr | Sep 2024 ₹57 Cr | Dec 2024 ₹65 Cr | Mar 2025 ₹115 Cr | Jun 2025 ₹123 Cr | Sep 2025 ₹154 Cr | Dec 2025 ₹116 Cr | Mar 2026 ₹135 Cr | Jun 2026 —
- 530909: Dec 2021 — | Mar 2022 — | Jun 2022 — | Aug 2022 — | Sep 2022 ₹1 Cr | Dec 2022 ₹8 Cr | Mar 2023 ₹5 Cr | Jun 2023 ₹4 Cr | Sep 2023 ₹3 Cr | Dec 2023 ₹3 Cr | Mar 2024 ₹2 Cr | Jun 2024 ₹3 Cr | Sep 2024 ₹2 Cr | Dec 2024 ₹3 Cr | Mar 2025 ₹3 Cr | Jun 2025 ₹3 Cr | Sep 2025 ₹2 Cr | Dec 2025 ₹2 Cr | Mar 2026 — | Jun 2026 —
- 534535: Dec 2021 — | Mar 2022 — | Jun 2022 — | Aug 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 ₹0 Cr | Jun 2023 ₹0 Cr | Sep 2023 ₹0 Cr | Dec 2023 ₹0 Cr | Mar 2024 ₹0 Cr | Jun 2024 ₹50 Cr | Sep 2024 ₹88 Cr | Dec 2024 ₹116 Cr | Mar 2025 ₹154 Cr | Jun 2025 ₹199 Cr | Sep 2025 ₹232 Cr | Dec 2025 ₹278 Cr | Mar 2026 ₹359 Cr | Jun 2026 —
- 539607: Dec 2021 — | Mar 2022 — | Jun 2022 — | Aug 2022 — | Sep 2022 ₹0 Cr | Dec 2022 ₹0 Cr | Mar 2023 ₹29 Cr | Jun 2023 ₹34 Cr | Sep 2023 ₹87 Cr | Dec 2023 ₹168 Cr | Mar 2024 ₹213 Cr | Jun 2024 ₹231 Cr | Sep 2024 ₹235 Cr | Dec 2024 ₹147 Cr | Mar 2025 ₹184 Cr | Jun 2025 ₹206 Cr | Sep 2025 ₹253 Cr | Dec 2025 ₹265 Cr | Mar 2026 ₹278 Cr | Jun 2026 —
- 539724: Dec 2021 — | Mar 2022 — | Jun 2022 — | Aug 2022 — | Sep 2022 — | Dec 2022 ₹0 Cr | Mar 2023 ₹0 Cr | Jun 2023 ₹0 Cr | Sep 2023 ₹0 Cr | Dec 2023 ₹0 Cr | Mar 2024 ₹0 Cr | Jun 2024 ₹0 Cr | Sep 2024 ₹0 Cr | Dec 2024 ₹0 Cr | Mar 2025 ₹8 Cr | Jun 2025 ₹10 Cr | Sep 2025 ₹11 Cr | Dec 2025 ₹7 Cr | Mar 2026 ₹38 Cr | Jun 2026 —
- 544361: Dec 2021 — | Mar 2022 — | Jun 2022 — | Aug 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 ₹14 Cr | Mar 2024 ₹18 Cr | Jun 2024 ₹23 Cr | Sep 2024 ₹20 Cr | Dec 2024 ₹34 Cr | Mar 2025 ₹24 Cr | Jun 2025 ₹33 Cr | Sep 2025 ₹33 Cr | Dec 2025 ₹37 Cr | Mar 2026 ₹43 Cr | Jun 2026 —
- 544626: Dec 2021 — | Mar 2022 — | Jun 2022 — | Aug 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 ₹29 Cr | Mar 2025 ₹59 Cr | Jun 2025 — | Sep 2025 ₹42 Cr | Dec 2025 ₹36 Cr | Mar 2026 ₹61 Cr | Jun 2026 —
- TCS: Dec 2021 ₹48.9K Cr | Mar 2022 ₹50.6K Cr | Jun 2022 ₹52.8K Cr | Aug 2022 — | Sep 2022 ₹55.3K Cr | Dec 2022 ₹58.2K Cr | Mar 2023 ₹59.2K Cr | Jun 2023 ₹59.4K Cr | Sep 2023 ₹59.7K Cr | Dec 2023 ₹60.6K Cr | Mar 2024 ₹61.2K Cr | Jun 2024 ₹62.6K Cr | Sep 2024 ₹64.3K Cr | Dec 2024 ₹64.0K Cr | Mar 2025 ₹64.5K Cr | Jun 2025 ₹63.4K Cr | Sep 2025 ₹65.8K Cr | Dec 2025 ₹67.1K Cr | Mar 2026 ₹70.7K Cr | Jun 2026 ₹72.3K Cr
- INFY: Dec 2021 — | Mar 2022 — | Jun 2022 — | Aug 2022 — | Sep 2022 — | Dec 2022 ₹38.3K Cr | Mar 2023 ₹37.4K Cr | Jun 2023 ₹37.9K Cr | Sep 2023 ₹39.0K Cr | Dec 2023 ₹38.8K Cr | Mar 2024 ₹37.9K Cr | Jun 2024 ₹39.3K Cr | Sep 2024 ₹41.0K Cr | Dec 2024 ₹41.8K Cr | Mar 2025 ₹40.9K Cr | Jun 2025 ₹42.3K Cr | Sep 2025 ₹44.5K Cr | Dec 2025 ₹45.5K Cr | Mar 2026 ₹46.4K Cr | Jun 2026 ₹48.2K Cr
- HCLTECH: Dec 2021 — | Mar 2022 — | Jun 2022 — | Aug 2022 — | Sep 2022 — | Dec 2022 ₹26.7K Cr | Mar 2023 ₹26.6K Cr | Jun 2023 ₹26.3K Cr | Sep 2023 ₹26.7K Cr | Dec 2023 ₹28.4K Cr | Mar 2024 ₹28.5K Cr | Jun 2024 ₹28.1K Cr | Sep 2024 ₹28.9K Cr | Dec 2024 ₹29.9K Cr | Mar 2025 ₹30.2K Cr | Jun 2025 ₹30.3K Cr | Sep 2025 ₹31.9K Cr | Dec 2025 ₹33.9K Cr | Mar 2026 ₹34.0K Cr | Jun 2026 ₹34.6K Cr
- WIPRO: Dec 2021 ₹20.3K Cr | Mar 2022 ₹20.9K Cr | Jun 2022 ₹21.5K Cr | Aug 2022 — | Sep 2022 ₹22.5K Cr | Dec 2022 ₹23.2K Cr | Mar 2023 ₹23.2K Cr | Jun 2023 ₹22.8K Cr | Sep 2023 ₹22.5K Cr | Dec 2023 ₹22.2K Cr | Mar 2024 ₹22.2K Cr | Jun 2024 ₹22.0K Cr | Sep 2024 ₹22.3K Cr | Dec 2024 ₹22.3K Cr | Mar 2025 ₹22.5K Cr | Jun 2025 ₹22.1K Cr | Sep 2025 ₹22.7K Cr | Dec 2025 ₹23.6K Cr | Mar 2026 ₹24.2K Cr | Jun 2026 ₹24.5K Cr
- TECHM: Dec 2021 ₹11.5K Cr | Mar 2022 ₹12.1K Cr | Jun 2022 ₹12.7K Cr | Aug 2022 — | Sep 2022 ₹13.1K Cr | Dec 2022 ₹13.7K Cr | Mar 2023 ₹13.7K Cr | Jun 2023 ₹13.2K Cr | Sep 2023 ₹12.9K Cr | Dec 2023 ₹13.1K Cr | Mar 2024 ₹12.9K Cr | Jun 2024 ₹13.0K Cr | Sep 2024 ₹13.3K Cr | Dec 2024 ₹13.3K Cr | Mar 2025 ₹13.4K Cr | Jun 2025 ₹13.4K Cr | Sep 2025 ₹14.0K Cr | Dec 2025 ₹14.4K Cr | Mar 2026 ₹15.1K Cr | Jun 2026 ₹15.7K Cr
- LTM: Dec 2021 ₹4.1K Cr | Mar 2022 ₹14.7K Cr | Jun 2022 ₹4.5K Cr | Aug 2022 — | Sep 2022 ₹4.8K Cr | Dec 2022 ₹8.6K Cr | Mar 2023 ₹8.7K Cr | Jun 2023 ₹8.7K Cr | Sep 2023 ₹8.9K Cr | Dec 2023 ₹9.0K Cr | Mar 2024 ₹8.9K Cr | Jun 2024 ₹9.1K Cr | Sep 2024 ₹9.4K Cr | Dec 2024 ₹9.7K Cr | Mar 2025 ₹9.8K Cr | Jun 2025 ₹9.8K Cr | Sep 2025 ₹10.4K Cr | Dec 2025 ₹10.8K Cr | Mar 2026 ₹11.3K Cr | Jun 2026 ₹11.6K Cr
- COFORGE: Dec 2021 ₹1.7K Cr | Mar 2022 ₹1.7K Cr | Jun 2022 ₹1.8K Cr | Aug 2022 — | Sep 2022 ₹2.0K Cr | Dec 2022 ₹2.1K Cr | Mar 2023 ₹2.2K Cr | Jun 2023 ₹2.2K Cr | Sep 2023 ₹2.3K Cr | Dec 2023 ₹2.3K Cr | Mar 2024 ₹2.3K Cr | Jun 2024 ₹2.4K Cr | Sep 2024 ₹3.0K Cr | Dec 2024 ₹3.3K Cr | Mar 2025 ₹3.4K Cr | Jun 2025 ₹3.7K Cr | Sep 2025 ₹4.0K Cr | Dec 2025 ₹4.2K Cr | Mar 2026 ₹4.5K Cr | Jun 2026 —
- MPHASIS: Dec 2021 ₹3.1K Cr | Mar 2022 ₹3.3K Cr | Jun 2022 ₹3.4K Cr | Aug 2022 — | Sep 2022 ₹3.5K Cr | Dec 2022 ₹3.5K Cr | Mar 2023 ₹3.4K Cr | Jun 2023 ₹3.3K Cr | Sep 2023 ₹3.3K Cr | Dec 2023 ₹3.3K Cr | Mar 2024 ₹3.4K Cr | Jun 2024 ₹3.4K Cr | Sep 2024 ₹3.5K Cr | Dec 2024 ₹3.6K Cr | Mar 2025 ₹3.7K Cr | Jun 2025 ₹3.7K Cr | Sep 2025 ₹3.9K Cr | Dec 2025 ₹4.0K Cr | Mar 2026 ₹4.2K Cr | Jun 2026 ₹4.4K Cr
- HEXT: Dec 2021 — | Mar 2022 — | Jun 2022 — | Aug 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 ₹2.6K Cr | Jun 2023 ₹2.6K Cr | Sep 2023 ₹2.7K Cr | Dec 2023 ₹2.6K Cr | Mar 2024 ₹2.7K Cr | Jun 2024 ₹2.9K Cr | Sep 2024 ₹3.1K Cr | Dec 2024 ₹3.2K Cr | Mar 2025 ₹3.2K Cr | Jun 2025 ₹3.3K Cr | Sep 2025 ₹3.5K Cr | Dec 2025 ₹3.5K Cr | Mar 2026 ₹3.6K Cr | Jun 2026 —
- ZENSARTECH: Dec 2021 ₹1.1K Cr | Mar 2022 ₹1.2K Cr | Jun 2022 ₹1.2K Cr | Aug 2022 — | Sep 2022 ₹1.2K Cr | Dec 2022 ₹1.2K Cr | Mar 2023 ₹1.2K Cr | Jun 2023 ₹1.2K Cr | Sep 2023 ₹1.2K Cr | Dec 2023 ₹1.2K Cr | Mar 2024 ₹1.2K Cr | Jun 2024 ₹1.3K Cr | Sep 2024 ₹1.3K Cr | Dec 2024 ₹1.3K Cr | Mar 2025 ₹1.4K Cr | Jun 2025 ₹1.4K Cr | Sep 2025 ₹1.4K Cr | Dec 2025 ₹1.4K Cr | Mar 2026 ₹1.5K Cr | Jun 2026 —
- SONATSOFTW: Dec 2021 ₹1.9K Cr | Mar 2022 ₹1.5K Cr | Jun 2022 ₹1.8K Cr | Aug 2022 — | Sep 2022 ₹1.5K Cr | Dec 2022 ₹2.3K Cr | Mar 2023 ₹1.9K Cr | Jun 2023 ₹2.0K Cr | Sep 2023 ₹1.9K Cr | Dec 2023 ₹2.5K Cr | Mar 2024 ₹2.2K Cr | Jun 2024 ₹2.5K Cr | Sep 2024 ₹2.2K Cr | Dec 2024 ₹2.8K Cr | Mar 2025 ₹2.6K Cr | Jun 2025 ₹3.0K Cr | Sep 2025 ₹2.1K Cr | Dec 2025 ₹3.1K Cr | Mar 2026 ₹2.5K Cr | Jun 2026 —
- TANLA: Dec 2021 ₹885 Cr | Mar 2022 ₹853 Cr | Jun 2022 ₹800 Cr | Aug 2022 — | Sep 2022 ₹851 Cr | Dec 2022 ₹870 Cr | Mar 2023 ₹833 Cr | Jun 2023 ₹911 Cr | Sep 2023 ₹1.0K Cr | Dec 2023 ₹1.0K Cr | Mar 2024 ₹1.0K Cr | Jun 2024 ₹1.0K Cr | Sep 2024 ₹1.0K Cr | Dec 2024 ₹1.0K Cr | Mar 2025 ₹1.0K Cr | Jun 2025 ₹1.0K Cr | Sep 2025 ₹1.1K Cr | Dec 2025 ₹1.1K Cr | Mar 2026 ₹1.2K Cr | Jun 2026 ₹1.2K Cr
- BSOFT: Dec 2021 ₹1.1K Cr | Mar 2022 ₹1.1K Cr | Jun 2022 ₹1.2K Cr | Aug 2022 — | Sep 2022 ₹1.2K Cr | Dec 2022 ₹1.2K Cr | Mar 2023 ₹1.2K Cr | Jun 2023 ₹1.3K Cr | Sep 2023 ₹1.3K Cr | Dec 2023 ₹1.3K Cr | Mar 2024 ₹1.4K Cr | Jun 2024 ₹1.3K Cr | Sep 2024 ₹1.4K Cr | Dec 2024 ₹1.4K Cr | Mar 2025 ₹1.3K Cr | Jun 2025 ₹1.3K Cr | Sep 2025 ₹1.3K Cr | Dec 2025 ₹1.3K Cr | Mar 2026 ₹1.3K Cr | Jun 2026 —
- STYL: Dec 2021 — | Mar 2022 — | Jun 2022 — | Aug 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 ₹360 Cr | Sep 2024 ₹395 Cr | Dec 2024 ₹339 Cr | Mar 2025 ₹366 Cr | Jun 2025 ₹311 Cr | Sep 2025 ₹352 Cr | Dec 2025 ₹374 Cr | Mar 2026 ₹404 Cr | Jun 2026 ₹376 Cr
- CCAVENUE: Dec 2021 ₹397 Cr | Mar 2022 ₹369 Cr | Jun 2022 ₹418 Cr | Aug 2022 — | Sep 2022 ₹477 Cr | Dec 2022 ₹415 Cr | Mar 2023 ₹653 Cr | Jun 2023 ₹742 Cr | Sep 2023 ₹787 Cr | Dec 2023 ₹907 Cr | Mar 2024 ₹716 Cr | Jun 2024 ₹745 Cr | Sep 2024 ₹1.0K Cr | Dec 2024 ₹1.1K Cr | Mar 2025 ₹1.2K Cr | Jun 2025 ₹1.3K Cr | Sep 2025 ₹2.0K Cr | Dec 2025 ₹2.4K Cr | Mar 2026 ₹2.5K Cr | Jun 2026 —
- MASTEK: Dec 2021 — | Mar 2022 — | Jun 2022 — | Aug 2022 — | Sep 2022 — | Dec 2022 ₹659 Cr | Mar 2023 ₹709 Cr | Jun 2023 ₹725 Cr | Sep 2023 ₹766 Cr | Dec 2023 ₹784 Cr | Mar 2024 ₹780 Cr | Jun 2024 ₹813 Cr | Sep 2024 ₹867 Cr | Dec 2024 ₹870 Cr | Mar 2025 ₹905 Cr | Jun 2025 ₹915 Cr | Sep 2025 ₹940 Cr | Dec 2025 ₹906 Cr | Mar 2026 ₹938 Cr | Jun 2026 ₹985 Cr
- DATAMATICS: Dec 2021 ₹301 Cr | Mar 2022 ₹313 Cr | Jun 2022 ₹327 Cr | Aug 2022 — | Sep 2022 ₹343 Cr | Dec 2022 ₹373 Cr | Mar 2023 ₹416 Cr | Jun 2023 ₹391 Cr | Sep 2023 ₹377 Cr | Dec 2023 ₹369 Cr | Mar 2024 ₹413 Cr | Jun 2024 ₹394 Cr | Sep 2024 ₹407 Cr | Dec 2024 ₹425 Cr | Mar 2025 ₹497 Cr | Jun 2025 ₹468 Cr | Sep 2025 ₹490 Cr | Dec 2025 ₹510 Cr | Mar 2026 ₹519 Cr | Jun 2026 —
- AURIONPRO: Dec 2021 ₹130 Cr | Mar 2022 ₹137 Cr | Jun 2022 ₹146 Cr | Aug 2022 — | Sep 2022 ₹155 Cr | Dec 2022 ₹168 Cr | Mar 2023 ₹191 Cr | Jun 2023 ₹199 Cr | Sep 2023 ₹211 Cr | Dec 2023 ₹231 Cr | Mar 2024 ₹247 Cr | Jun 2024 ₹262 Cr | Sep 2024 ₹278 Cr | Dec 2024 ₹306 Cr | Mar 2025 ₹327 Cr | Jun 2025 ₹337 Cr | Sep 2025 ₹358 Cr | Dec 2025 ₹371 Cr | Mar 2026 ₹346 Cr | Jun 2026 —
- MOSCHIP: Dec 2021 ₹38 Cr | Mar 2022 ₹37 Cr | Jun 2022 ₹42 Cr | Aug 2022 — | Sep 2022 ₹49 Cr | Dec 2022 ₹54 Cr | Mar 2023 ₹54 Cr | Jun 2023 ₹57 Cr | Sep 2023 ₹72 Cr | Dec 2023 ₹90 Cr | Mar 2024 ₹75 Cr | Jun 2024 ₹80 Cr | Sep 2024 ₹126 Cr | Dec 2024 ₹126 Cr | Mar 2025 ₹135 Cr | Jun 2025 ₹136 Cr | Sep 2025 ₹147 Cr | Dec 2025 ₹149 Cr | Mar 2026 ₹153 Cr | Jun 2026 ₹116 Cr
- CAPILLARY: Dec 2021 — | Mar 2022 — | Jun 2022 — | Aug 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 ₹144 Cr | Sep 2024 ₹144 Cr | Dec 2024 ₹159 Cr | Mar 2025 ₹152 Cr | Jun 2025 ₹180 Cr | Sep 2025 ₹179 Cr | Dec 2025 ₹184 Cr | Mar 2026 ₹191 Cr | Jun 2026 —
- CIGNITITEC: Dec 2021 ₹325 Cr | Mar 2022 ₹344 Cr | Jun 2022 ₹378 Cr | Aug 2022 — | Sep 2022 ₹417 Cr | Dec 2022 ₹428 Cr | Mar 2023 ₹425 Cr | Jun 2023 ₹440 Cr | Sep 2023 ₹452 Cr | Dec 2023 ₹468 Cr | Mar 2024 ₹456 Cr | Jun 2024 ₹468 Cr | Sep 2024 ₹499 Cr | Dec 2024 ₹516 Cr | Mar 2025 ₹530 Cr | Jun 2025 ₹534 Cr | Sep 2025 ₹567 Cr | Dec 2025 ₹579 Cr | Mar 2026 — | Jun 2026 —
- 63MOONS: Dec 2021 — | Mar 2022 — | Jun 2022 — | Aug 2022 — | Sep 2022 — | Dec 2022 ₹93 Cr | Mar 2023 ₹112 Cr | Jun 2023 ₹115 Cr | Sep 2023 ₹159 Cr | Dec 2023 ₹135 Cr | Mar 2024 ₹10 Cr | Jun 2024 ₹12 Cr | Sep 2024 ₹10 Cr | Dec 2024 ₹12 Cr | Mar 2025 ₹14 Cr | Jun 2025 ₹30 Cr | Sep 2025 ₹21 Cr | Dec 2025 ₹27 Cr | Mar 2026 ₹134 Cr | Jun 2026 —
- TECHNVISN: Dec 2021 — | Mar 2022 — | Jun 2022 — | Aug 2022 — | Sep 2022 — | Dec 2022 ₹37 Cr | Mar 2023 ₹42 Cr | Jun 2023 ₹31 Cr | Sep 2023 ₹50 Cr | Dec 2023 ₹60 Cr | Mar 2024 ₹52 Cr | Jun 2024 ₹52 Cr | Sep 2024 ₹55 Cr | Dec 2024 ₹81 Cr | Mar 2025 ₹39 Cr | Jun 2025 ₹57 Cr | Sep 2025 ₹71 Cr | Dec 2025 ₹74 Cr | Mar 2026 ₹67 Cr | Jun 2026 —
- RSYSTEMS: Dec 2021 ₹329 Cr | Mar 2022 ₹343 Cr | Jun 2022 ₹375 Cr | Aug 2022 — | Sep 2022 ₹398 Cr | Dec 2022 ₹400 Cr | Mar 2023 ₹404 Cr | Jun 2023 ₹407 Cr | Sep 2023 ₹457 Cr | Dec 2023 ₹416 Cr | Mar 2024 ₹417 Cr | Jun 2024 ₹432 Cr | Sep 2024 ₹444 Cr | Dec 2024 ₹449 Cr | Mar 2025 ₹442 Cr | Jun 2025 ₹462 Cr | Sep 2025 ₹499 Cr | Dec 2025 ₹555 Cr | Mar 2026 ₹575 Cr | Jun 2026 —
- SASKEN: Dec 2021 ₹106 Cr | Mar 2022 ₹109 Cr | Jun 2022 ₹101 Cr | Aug 2022 — | Sep 2022 ₹120 Cr | Dec 2022 ₹123 Cr | Mar 2023 ₹103 Cr | Jun 2023 ₹98 Cr | Sep 2023 ₹103 Cr | Dec 2023 ₹96 Cr | Mar 2024 ₹109 Cr | Jun 2024 ₹123 Cr | Sep 2024 ₹135 Cr | Dec 2024 ₹145 Cr | Mar 2025 ₹148 Cr | Jun 2025 ₹274 Cr | Sep 2025 ₹255 Cr | Dec 2025 ₹250 Cr | Mar 2026 ₹334 Cr | Jun 2026 —
- BLSE: Dec 2021 — | Mar 2022 — | Jun 2022 — | Aug 2022 — | Sep 2022 — | Dec 2022 ₹69 Cr | Mar 2023 ₹73 Cr | Jun 2023 ₹75 Cr | Sep 2023 ₹81 Cr | Dec 2023 ₹72 Cr | Mar 2024 ₹74 Cr | Jun 2024 ₹75 Cr | Sep 2024 ₹77 Cr | Dec 2024 ₹128 Cr | Mar 2025 ₹239 Cr | Jun 2025 ₹244 Cr | Sep 2025 ₹270 Cr | Dec 2025 ₹281 Cr | Mar 2026 ₹323 Cr | Jun 2026 —
- SILVERTUC: Dec 2021 ₹35 Cr | Mar 2022 ₹41 Cr | Jun 2022 ₹34 Cr | Aug 2022 — | Sep 2022 ₹42 Cr | Dec 2022 ₹46 Cr | Mar 2023 ₹44 Cr | Jun 2023 ₹43 Cr | Sep 2023 ₹52 Cr | Dec 2023 ₹53 Cr | Mar 2024 ₹79 Cr | Jun 2024 ₹57 Cr | Sep 2024 ₹75 Cr | Dec 2024 ₹74 Cr | Mar 2025 ₹86 Cr | Jun 2025 ₹63 Cr | Sep 2025 ₹86 Cr | Dec 2025 ₹96 Cr | Mar 2026 ₹101 Cr | Jun 2026 —
- SAKSOFT: Dec 2021 ₹125 Cr | Mar 2022 ₹131 Cr | Jun 2022 ₹151 Cr | Aug 2022 — | Sep 2022 ₹167 Cr | Dec 2022 ₹172 Cr | Mar 2023 ₹182 Cr | Jun 2023 ₹183 Cr | Sep 2023 ₹190 Cr | Dec 2023 ₹193 Cr | Mar 2024 ₹195 Cr | Jun 2024 ₹201 Cr | Sep 2024 ₹215 Cr | Dec 2024 ₹227 Cr | Mar 2025 ₹240 Cr | Jun 2025 ₹249 Cr | Sep 2025 ₹258 Cr | Dec 2025 ₹251 Cr | Mar 2026 ₹249 Cr | Jun 2026 —
- KODYTECH: Dec 2021 — | Mar 2022 — | Jun 2022 — | Aug 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 ₹32 Cr | Jun 2025 — | Sep 2025 ₹32 Cr | Dec 2025 — | Mar 2026 ₹49 Cr | Jun 2026 —
- IZMO: Dec 2021 — | Mar 2022 — | Jun 2022 — | Aug 2022 — | Sep 2022 — | Dec 2022 ₹40 Cr | Mar 2023 ₹44 Cr | Jun 2023 ₹41 Cr | Sep 2023 ₹45 Cr | Dec 2023 ₹50 Cr | Mar 2024 ₹50 Cr | Jun 2024 ₹48 Cr | Sep 2024 ₹59 Cr | Dec 2024 ₹59 Cr | Mar 2025 ₹60 Cr | Jun 2025 ₹57 Cr | Sep 2025 ₹60 Cr | Dec 2025 ₹59 Cr | Mar 2026 ₹109 Cr | Jun 2026 —
- NINSYS: Dec 2021 — | Mar 2022 — | Jun 2022 ₹6 Cr | Aug 2022 — | Sep 2022 ₹7 Cr | Dec 2022 — | Mar 2023 ₹10 Cr | Jun 2023 ₹13 Cr | Sep 2023 ₹15 Cr | Dec 2023 ₹23 Cr | Mar 2024 ₹32 Cr | Jun 2024 ₹33 Cr | Sep 2024 ₹34 Cr | Dec 2024 ₹35 Cr | Mar 2025 ₹38 Cr | Jun 2025 ₹39 Cr | Sep 2025 ₹42 Cr | Dec 2025 ₹43 Cr | Mar 2026 ₹46 Cr | Jun 2026 —
- DSSL: Dec 2021 — | Mar 2022 — | Jun 2022 — | Aug 2022 — | Sep 2022 ₹246 Cr | Dec 2022 ₹172 Cr | Mar 2023 ₹227 Cr | Jun 2023 ₹296 Cr | Sep 2023 ₹220 Cr | Dec 2023 ₹227 Cr | Mar 2024 ₹282 Cr | Jun 2024 ₹321 Cr | Sep 2024 ₹306 Cr | Dec 2024 ₹311 Cr | Mar 2025 ₹329 Cr | Jun 2025 ₹329 Cr | Sep 2025 ₹352 Cr | Dec 2025 ₹341 Cr | Mar 2026 ₹402 Cr | Jun 2026 —
- MCLOUD: Dec 2021 — | Mar 2022 — | Jun 2022 — | Aug 2022 — | Sep 2022 — | Dec 2022 ₹133 Cr | Mar 2023 ₹115 Cr | Jun 2023 ₹138 Cr | Sep 2023 ₹154 Cr | Dec 2023 ₹131 Cr | Mar 2024 ₹137 Cr | Jun 2024 ₹132 Cr | Sep 2024 ₹157 Cr | Dec 2024 ₹151 Cr | Mar 2025 ₹156 Cr | Jun 2025 ₹164 Cr | Sep 2025 ₹164 Cr | Dec 2025 ₹164 Cr | Mar 2026 ₹206 Cr | Jun 2026 —
- INFOBEAN: Dec 2021 — | Mar 2022 — | Jun 2022 — | Aug 2022 — | Sep 2022 — | Dec 2022 ₹98 Cr | Mar 2023 ₹92 Cr | Jun 2023 ₹92 Cr | Sep 2023 ₹91 Cr | Dec 2023 ₹89 Cr | Mar 2024 ₹97 Cr | Jun 2024 ₹97 Cr | Sep 2024 ₹98 Cr | Dec 2024 ₹96 Cr | Mar 2025 ₹103 Cr | Jun 2025 ₹112 Cr | Sep 2025 ₹125 Cr | Dec 2025 ₹134 Cr | Mar 2026 ₹142 Cr | Jun 2026 ₹153 Cr
- EXPLEOSOL: Dec 2021 — | Mar 2022 — | Jun 2022 — | Aug 2022 — | Sep 2022 — | Dec 2022 ₹240 Cr | Mar 2023 ₹231 Cr | Jun 2023 ₹225 Cr | Sep 2023 ₹234 Cr | Dec 2023 ₹250 Cr | Mar 2024 ₹255 Cr | Jun 2024 ₹252 Cr | Sep 2024 ₹259 Cr | Dec 2024 ₹258 Cr | Mar 2025 ₹256 Cr | Jun 2025 ₹260 Cr | Sep 2025 ₹283 Cr | Dec 2025 ₹279 Cr | Mar 2026 ₹286 Cr | Jun 2026 —
- ORIENTTECH: Dec 2021 — | Mar 2022 — | Jun 2022 — | Aug 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 ₹200 Cr | Mar 2026 ₹184 Cr | Jun 2026 —
- TAC: Dec 2021 — | Mar 2022 — | Jun 2022 — | Aug 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 ₹5 Cr | Dec 2023 — | Mar 2024 ₹7 Cr | Jun 2024 — | Sep 2024 ₹12 Cr | Dec 2024 — | Mar 2025 ₹18 Cr | Jun 2025 — | Sep 2025 ₹29 Cr | Dec 2025 — | Mar 2026 ₹28 Cr | Jun 2026 —
- UNIECOM: Dec 2021 — | Mar 2022 — | Jun 2022 — | Aug 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 ₹26 Cr | Mar 2024 ₹27 Cr | Jun 2024 ₹27 Cr | Sep 2024 ₹29 Cr | Dec 2024 ₹33 Cr | Mar 2025 ₹45 Cr | Jun 2025 ₹45 Cr | Sep 2025 ₹51 Cr | Dec 2025 ₹56 Cr | Mar 2026 ₹52 Cr | Jun 2026 —
- EXCELSOFT: Dec 2021 — | Mar 2022 — | Jun 2022 — | Aug 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 ₹54 Cr | Dec 2024 ₹55 Cr | Mar 2025 ₹70 Cr | Jun 2025 ₹56 Cr | Sep 2025 ₹65 Cr | Dec 2025 ₹71 Cr | Mar 2026 ₹81 Cr | Jun 2026 —
- QUICKHEAL: Dec 2021 — | Mar 2022 — | Jun 2022 — | Aug 2022 — | Sep 2022 — | Dec 2022 ₹67 Cr | Mar 2023 ₹49 Cr | Jun 2023 ₹51 Cr | Sep 2023 ₹78 Cr | Dec 2023 ₹82 Cr | Mar 2024 ₹80 Cr | Jun 2024 ₹70 Cr | Sep 2024 ₹73 Cr | Dec 2024 ₹71 Cr | Mar 2025 ₹65 Cr | Jun 2025 ₹57 Cr | Sep 2025 ₹84 Cr | Dec 2025 ₹72 Cr | Mar 2026 ₹49 Cr | Jun 2026 —
- SAHANA: Dec 2021 — | Mar 2022 — | Jun 2022 — | Aug 2022 — | Sep 2022 ₹7 Cr | Dec 2022 — | Mar 2023 ₹17 Cr | Jun 2023 — | Sep 2023 ₹24 Cr | Dec 2023 — | Mar 2024 ₹45 Cr | Jun 2024 — | Sep 2024 ₹53 Cr | Dec 2024 — | Mar 2025 ₹115 Cr | Jun 2025 — | Sep 2025 ₹114 Cr | Dec 2025 — | Mar 2026 ₹217 Cr | Jun 2026 —
- KELLTONTEC: Dec 2021 — | Mar 2022 — | Jun 2022 — | Aug 2022 — | Sep 2022 — | Dec 2022 ₹231 Cr | Mar 2023 ₹243 Cr | Jun 2023 ₹249 Cr | Sep 2023 ₹241 Cr | Dec 2023 ₹245 Cr | Mar 2024 ₹248 Cr | Jun 2024 ₹262 Cr | Sep 2024 ₹271 Cr | Dec 2024 ₹279 Cr | Mar 2025 ₹286 Cr | Jun 2025 ₹295 Cr | Sep 2025 ₹300 Cr | Dec 2025 ₹308 Cr | Mar 2026 ₹314 Cr | Jun 2026 ₹316 Cr
- XCHANGING: Dec 2021 — | Mar 2022 — | Jun 2022 — | Aug 2022 — | Sep 2022 — | Dec 2022 ₹41 Cr | Mar 2023 ₹46 Cr | Jun 2023 ₹44 Cr | Sep 2023 ₹43 Cr | Dec 2023 ₹42 Cr | Mar 2024 ₹44 Cr | Jun 2024 ₹44 Cr | Sep 2024 ₹44 Cr | Dec 2024 ₹46 Cr | Mar 2025 ₹51 Cr | Jun 2025 ₹50 Cr | Sep 2025 ₹53 Cr | Dec 2025 ₹49 Cr | Mar 2026 ₹51 Cr | Jun 2026 —
- INNOVANA: Dec 2021 — | Mar 2022 — | Jun 2022 — | Aug 2022 — | Sep 2022 — | Dec 2022 ₹24 Cr | Mar 2023 ₹26 Cr | Jun 2023 ₹28 Cr | Sep 2023 ₹25 Cr | Dec 2023 ₹26 Cr | Mar 2024 ₹22 Cr | Jun 2024 ₹25 Cr | Sep 2024 ₹23 Cr | Dec 2024 ₹29 Cr | Mar 2025 ₹27 Cr | Jun 2025 ₹32 Cr | Sep 2025 ₹33 Cr | Dec 2025 ₹35 Cr | Mar 2026 ₹33 Cr | Jun 2026 —
- SUBEXLTD: Dec 2021 — | Mar 2022 — | Jun 2022 — | Aug 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 ₹47 Cr | Jun 2023 ₹67 Cr | Sep 2023 ₹77 Cr | Dec 2023 ₹82 Cr | Mar 2024 ₹84 Cr | Jun 2024 ₹68 Cr | Sep 2024 ₹74 Cr | Dec 2024 ₹73 Cr | Mar 2025 ₹71 Cr | Jun 2025 ₹66 Cr | Sep 2025 ₹69 Cr | Dec 2025 ₹71 Cr | Mar 2026 ₹73 Cr | Jun 2026 —
- VEEFIN: Dec 2021 — | Mar 2022 — | Jun 2022 — | Aug 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 ₹104 Cr | Mar 2026 — | Jun 2026 —
- UNIFIED: Dec 2021 — | Mar 2022 — | Jun 2022 — | Aug 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 ₹106 Cr | Dec 2024 — | Mar 2025 ₹114 Cr | Jun 2025 — | Sep 2025 ₹149 Cr | Dec 2025 — | Mar 2026 — | Jun 2026 —
- ADSL: Dec 2021 — | Mar 2022 — | Jun 2022 — | Aug 2022 — | Sep 2022 — | Dec 2022 ₹174 Cr | Mar 2023 ₹166 Cr | Jun 2023 ₹169 Cr | Sep 2023 ₹170 Cr | Dec 2023 ₹171 Cr | Mar 2024 ₹177 Cr | Jun 2024 ₹179 Cr | Sep 2024 ₹203 Cr | Dec 2024 ₹221 Cr | Mar 2025 ₹204 Cr | Jun 2025 ₹219 Cr | Sep 2025 ₹234 Cr | Dec 2025 ₹247 Cr | Mar 2026 ₹268 Cr | Jun 2026 —
- KSOLVES: Dec 2021 — | Mar 2022 — | Jun 2022 — | Aug 2022 — | Sep 2022 — | Dec 2022 ₹21 Cr | Mar 2023 ₹23 Cr | Jun 2023 ₹24 Cr | Sep 2023 ₹26 Cr | Dec 2023 ₹28 Cr | Mar 2024 ₹30 Cr | Jun 2024 ₹32 Cr | Sep 2024 ₹35 Cr | Dec 2024 ₹38 Cr | Mar 2025 ₹33 Cr | Jun 2025 ₹38 Cr | Sep 2025 ₹40 Cr | Dec 2025 ₹42 Cr | Mar 2026 ₹43 Cr | Jun 2026 ₹41 Cr
- MINDTECK: Dec 2021 — | Mar 2022 — | Jun 2022 — | Aug 2022 — | Sep 2022 — | Dec 2022 ₹83 Cr | Mar 2023 ₹89 Cr | Jun 2023 ₹93 Cr | Sep 2023 ₹98 Cr | Dec 2023 ₹96 Cr | Mar 2024 ₹98 Cr | Jun 2024 ₹108 Cr | Sep 2024 ₹108 Cr | Dec 2024 ₹104 Cr | Mar 2025 ₹104 Cr | Jun 2025 ₹101 Cr | Sep 2025 ₹102 Cr | Dec 2025 ₹100 Cr | Mar 2026 ₹104 Cr | Jun 2026 —
- SOFTTECH: Dec 2021 — | Mar 2022 — | Jun 2022 — | Aug 2022 — | Sep 2022 — | Dec 2022 ₹18 Cr | Mar 2023 ₹18 Cr | Jun 2023 ₹19 Cr | Sep 2023 ₹19 Cr | Dec 2023 ₹18 Cr | Mar 2024 ₹22 Cr | Jun 2024 ₹20 Cr | Sep 2024 ₹23 Cr | Dec 2024 ₹22 Cr | Mar 2025 ₹31 Cr | Jun 2025 ₹27 Cr | Sep 2025 ₹27 Cr | Dec 2025 ₹32 Cr | Mar 2026 ₹47 Cr | Jun 2026 —
- AUTOPALIND: Dec 2021 — | Mar 2022 — | Jun 2022 — | Aug 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 ₹0 Cr | Sep 2023 ₹0 Cr | Dec 2023 ₹0 Cr | Mar 2024 ₹0 Cr | Jun 2024 ₹5 Cr | Sep 2024 ₹7 Cr | Dec 2024 ₹8 Cr | Mar 2025 ₹12 Cr | Jun 2025 ₹6 Cr | Sep 2025 ₹14 Cr | Dec 2025 ₹14 Cr | Mar 2026 ₹18 Cr | Jun 2026 —
- XTGLOBAL: Dec 2021 — | Mar 2022 — | Jun 2022 — | Aug 2022 — | Sep 2022 — | Dec 2022 ₹63 Cr | Mar 2023 ₹58 Cr | Jun 2023 ₹53 Cr | Sep 2023 ₹58 Cr | Dec 2023 ₹56 Cr | Mar 2024 ₹50 Cr | Jun 2024 ₹49 Cr | Sep 2024 ₹49 Cr | Dec 2024 ₹49 Cr | Mar 2025 ₹87 Cr | Jun 2025 ₹92 Cr | Sep 2025 ₹94 Cr | Dec 2025 ₹92 Cr | Mar 2026 — | Jun 2026 —
- TECHLABS: Dec 2021 — | Mar 2022 — | Jun 2022 — | Aug 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 ₹9 Cr | Jun 2023 — | Sep 2023 ₹8 Cr | Dec 2023 — | Mar 2024 ₹64 Cr | Jun 2024 — | Sep 2024 ₹21 Cr | Dec 2024 — | Mar 2025 ₹56 Cr | Jun 2025 — | Sep 2025 ₹64 Cr | Dec 2025 — | Mar 2026 — | Jun 2026 —
- META: Dec 2021 — | Mar 2022 — | Jun 2022 — | Aug 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 ₹184 Cr | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 ₹210 Cr | Dec 2025 — | Mar 2026 — | Jun 2026 —

### 20-quarter Revenue growth history
- 504375: Dec 2021 — | Mar 2022 — | Jun 2022 — | Aug 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 -100% | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 — | Jun 2026 —
- 526433: Dec 2021 — | Mar 2022 — | Jun 2022 — | Aug 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 3.4% | Mar 2024 -13% | Jun 2024 3.9% | Sep 2024 14% | Dec 2024 16% | Mar 2025 156% | Jun 2025 132% | Sep 2025 170% | Dec 2025 78% | Mar 2026 17% | Jun 2026 —
- 530909: Dec 2021 — | Mar 2022 — | Jun 2022 — | Aug 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 397% | Dec 2023 -66% | Mar 2024 -54% | Jun 2024 -27% | Sep 2024 -45% | Dec 2024 -11% | Mar 2025 31% | Jun 2025 21% | Sep 2025 40% | Dec 2025 -7.5% | Mar 2026 — | Jun 2026 —
- 534535: Dec 2021 — | Mar 2022 — | Jun 2022 — | Aug 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 298% | Sep 2025 164% | Dec 2025 140% | Mar 2026 133% | Jun 2026 —
- 539607: Dec 2021 — | Mar 2022 — | Jun 2022 — | Aug 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 634% | Jun 2024 579% | Sep 2024 170% | Dec 2024 -13% | Mar 2025 -14% | Jun 2025 -11% | Sep 2025 7.7% | Dec 2025 80% | Mar 2026 51% | Jun 2026 —
- 539724: Dec 2021 — | Mar 2022 — | Jun 2022 — | Aug 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 0.0% | Mar 2024 -9.5% | Jun 2024 -44% | Sep 2024 -96% | Dec 2024 9.1% | Mar 2025 3,989% | Jun 2025 6,993% | Sep 2025 — | Dec 2025 5,942% | Mar 2026 393% | Jun 2026 —
- 544361: Dec 2021 — | Mar 2022 — | Jun 2022 — | Aug 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 151% | Mar 2025 37% | Jun 2025 43% | Sep 2025 65% | Dec 2025 8.0% | Mar 2026 76% | Jun 2026 —
- 544626: Dec 2021 — | Mar 2022 — | Jun 2022 — | Aug 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 22% | Mar 2026 4.0% | Jun 2026 —
- TCS: Dec 2021 — | Mar 2022 — | Jun 2022 — | Aug 2022 — | Sep 2022 18% | Dec 2022 19% | Mar 2023 17% | Jun 2023 13% | Sep 2023 7.9% | Dec 2023 4.0% | Mar 2024 3.5% | Jun 2024 5.4% | Sep 2024 7.7% | Dec 2024 5.6% | Mar 2025 5.3% | Jun 2025 1.3% | Sep 2025 2.4% | Dec 2025 4.9% | Mar 2026 9.7% | Jun 2026 14%
- INFY: Dec 2021 — | Mar 2022 — | Jun 2022 — | Aug 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 1.3% | Mar 2024 1.3% | Jun 2024 3.6% | Sep 2024 5.1% | Dec 2024 7.6% | Mar 2025 7.9% | Jun 2025 7.5% | Sep 2025 8.6% | Dec 2025 8.9% | Mar 2026 13% | Jun 2026 14%
- HCLTECH: Dec 2021 — | Mar 2022 — | Jun 2022 — | Aug 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 6.5% | Mar 2024 7.1% | Jun 2024 6.7% | Sep 2024 8.2% | Dec 2024 5.1% | Mar 2025 6.1% | Jun 2025 8.2% | Sep 2025 11% | Dec 2025 13% | Mar 2026 12% | Jun 2026 14%
- WIPRO: Dec 2021 — | Mar 2022 — | Jun 2022 — | Aug 2022 — | Sep 2022 15% | Dec 2022 14% | Mar 2023 11% | Jun 2023 6.1% | Sep 2023 -0.1% | Dec 2023 -4.4% | Mar 2024 -4.2% | Jun 2024 -3.8% | Sep 2024 -1.0% | Dec 2024 0.5% | Mar 2025 1.3% | Jun 2025 0.8% | Sep 2025 1.8% | Dec 2025 5.5% | Mar 2026 7.7% | Jun 2026 11%
- TECHM: Dec 2021 — | Mar 2022 — | Jun 2022 — | Aug 2022 — | Sep 2022 21% | Dec 2022 20% | Mar 2023 13% | Jun 2023 3.6% | Sep 2023 -2.0% | Dec 2023 -4.6% | Mar 2024 -6.2% | Jun 2024 -1.2% | Sep 2024 3.5% | Dec 2024 1.4% | Mar 2025 4.0% | Jun 2025 2.7% | Sep 2025 5.1% | Dec 2025 8.3% | Mar 2026 13% | Jun 2026 18%
- LTM: Dec 2021 — | Mar 2022 — | Jun 2022 — | Aug 2022 — | Sep 2022 28% | Dec 2022 108% | Mar 2023 -41% | Jun 2023 92% | Sep 2023 84% | Dec 2023 4.6% | Mar 2024 2.3% | Jun 2024 5.1% | Sep 2024 5.9% | Dec 2024 7.1% | Mar 2025 9.9% | Jun 2025 7.6% | Sep 2025 10% | Dec 2025 12% | Mar 2026 16% | Jun 2026 18%
- COFORGE: Dec 2021 — | Mar 2022 — | Jun 2022 25% | Aug 2022 — | Sep 2022 25% | Dec 2022 24% | Mar 2023 25% | Jun 2023 21% | Sep 2023 16% | Dec 2023 13% | Mar 2024 6.8% | Jun 2024 6.1% | Sep 2024 33% | Dec 2024 40% | Mar 2025 48% | Jun 2025 57% | Sep 2025 32% | Dec 2025 30% | Mar 2026 30% | Jun 2026 —
- MPHASIS: Dec 2021 — | Mar 2022 — | Jun 2022 27% | Aug 2022 — | Sep 2022 23% | Dec 2022 12% | Mar 2023 2.5% | Jun 2023 -4.7% | Sep 2023 -6.9% | Dec 2023 -4.8% | Mar 2024 1.5% | Jun 2024 5.2% | Sep 2024 7.9% | Dec 2024 6.7% | Mar 2025 8.7% | Jun 2025 9.1% | Sep 2025 10% | Dec 2025 12% | Mar 2026 14% | Jun 2026 17%
- HEXT: Dec 2021 — | Mar 2022 — | Jun 2022 — | Aug 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 7.6% | Jun 2024 15% | Sep 2024 18% | Dec 2024 21% | Mar 2025 17% | Jun 2025 11% | Sep 2025 11% | Dec 2025 10% | Mar 2026 13% | Jun 2026 —
- ZENSARTECH: Dec 2021 — | Mar 2022 — | Jun 2022 28% | Aug 2022 — | Sep 2022 18% | Dec 2022 8.6% | Mar 2023 5.1% | Jun 2023 2.0% | Sep 2023 0.5% | Dec 2023 0.5% | Mar 2024 1.4% | Jun 2024 5.0% | Sep 2024 5.4% | Dec 2024 10% | Mar 2025 10% | Jun 2025 7.5% | Sep 2025 8.6% | Dec 2025 7.9% | Mar 2026 6.7% | Jun 2026 —
- SONATSOFTW: Dec 2021 — | Mar 2022 — | Jun 2022 40% | Aug 2022 — | Sep 2022 55% | Dec 2022 22% | Mar 2023 31% | Jun 2023 13% | Sep 2023 28% | Dec 2023 10% | Mar 2024 15% | Jun 2024 25% | Sep 2024 13% | Dec 2024 14% | Mar 2025 19% | Jun 2025 17% | Sep 2025 -2.4% | Dec 2025 8.4% | Mar 2026 -3.1% | Jun 2026 —
- TANLA: Dec 2021 — | Mar 2022 — | Jun 2022 28% | Aug 2022 — | Sep 2022 1.1% | Dec 2022 -1.7% | Mar 2023 -2.3% | Jun 2023 14% | Sep 2023 19% | Dec 2023 15% | Mar 2024 21% | Jun 2024 10.0% | Sep 2024 -0.8% | Dec 2024 -0.3% | Mar 2025 1.8% | Jun 2025 3.9% | Sep 2025 7.7% | Dec 2025 12% | Mar 2026 15% | Jun 2026 18%
- BSOFT: Dec 2021 — | Mar 2022 — | Jun 2022 22% | Aug 2022 — | Sep 2022 18% | Dec 2022 14% | Mar 2023 11% | Jun 2023 9.5% | Sep 2023 9.9% | Dec 2023 9.9% | Mar 2024 11% | Jun 2024 5.1% | Sep 2024 4.4% | Dec 2024 1.5% | Mar 2025 -3.4% | Jun 2025 -3.2% | Sep 2025 -2.9% | Dec 2025 -1.1% | Mar 2026 2.4% | Jun 2026 —
- STYL: Dec 2021 — | Mar 2022 — | Jun 2022 — | Aug 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 -14% | Sep 2025 -11% | Dec 2025 10% | Mar 2026 10% | Jun 2026 21%
- CCAVENUE: Dec 2021 — | Mar 2022 — | Jun 2022 94% | Aug 2022 — | Sep 2022 53% | Dec 2022 4.5% | Mar 2023 77% | Jun 2023 78% | Sep 2023 65% | Dec 2023 119% | Mar 2024 9.7% | Jun 2024 0.4% | Sep 2024 29% | Dec 2024 18% | Mar 2025 62% | Jun 2025 72% | Sep 2025 93% | Dec 2025 123% | Mar 2026 114% | Jun 2026 —
- MASTEK: Dec 2021 — | Mar 2022 — | Jun 2022 — | Aug 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 19% | Mar 2024 10% | Jun 2024 12% | Sep 2024 13% | Dec 2024 11% | Mar 2025 16% | Jun 2025 13% | Sep 2025 8.4% | Dec 2025 4.1% | Mar 2026 3.7% | Jun 2026 7.7%
- DATAMATICS: Dec 2021 — | Mar 2022 — | Jun 2022 14% | Aug 2022 — | Sep 2022 15% | Dec 2022 24% | Mar 2023 33% | Jun 2023 20% | Sep 2023 9.9% | Dec 2023 -1.1% | Mar 2024 -0.7% | Jun 2024 0.8% | Sep 2024 8.0% | Dec 2024 15% | Mar 2025 20% | Jun 2025 19% | Sep 2025 20% | Dec 2025 20% | Mar 2026 4.4% | Jun 2026 —
- AURIONPRO: Dec 2021 — | Mar 2022 — | Jun 2022 26% | Aug 2022 — | Sep 2022 27% | Dec 2022 29% | Mar 2023 39% | Jun 2023 36% | Sep 2023 36% | Dec 2023 38% | Mar 2024 29% | Jun 2024 32% | Sep 2024 32% | Dec 2024 32% | Mar 2025 32% | Jun 2025 29% | Sep 2025 29% | Dec 2025 21% | Mar 2026 5.8% | Jun 2026 —
- MOSCHIP: Dec 2021 — | Mar 2022 — | Jun 2022 24% | Aug 2022 — | Sep 2022 29% | Dec 2022 41% | Mar 2023 45% | Jun 2023 36% | Sep 2023 47% | Dec 2023 67% | Mar 2024 40% | Jun 2024 41% | Sep 2024 75% | Dec 2024 41% | Mar 2025 79% | Jun 2025 69% | Sep 2025 17% | Dec 2025 18% | Mar 2026 14% | Jun 2026 -14%
- CAPILLARY: Dec 2021 — | Mar 2022 — | Jun 2022 — | Aug 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 25% | Sep 2025 24% | Dec 2025 16% | Mar 2026 26% | Jun 2026 —
- CIGNITITEC: Dec 2021 — | Mar 2022 48% | Jun 2022 43% | Aug 2022 — | Sep 2022 35% | Dec 2022 32% | Mar 2023 24% | Jun 2023 16% | Sep 2023 8.4% | Dec 2023 9.4% | Mar 2024 7.3% | Jun 2024 6.4% | Sep 2024 10% | Dec 2024 10% | Mar 2025 16% | Jun 2025 14% | Sep 2025 14% | Dec 2025 12% | Mar 2026 — | Jun 2026 —
- 63MOONS: Dec 2021 — | Mar 2022 — | Jun 2022 — | Aug 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 45% | Mar 2024 -91% | Jun 2024 -90% | Sep 2024 -94% | Dec 2024 -91% | Mar 2025 40% | Jun 2025 150% | Sep 2025 110% | Dec 2025 125% | Mar 2026 857% | Jun 2026 —
- TECHNVISN: Dec 2021 — | Mar 2022 — | Jun 2022 — | Aug 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 60% | Mar 2024 23% | Jun 2024 68% | Sep 2024 10% | Dec 2024 35% | Mar 2025 -24% | Jun 2025 8.0% | Sep 2025 29% | Dec 2025 -8.1% | Mar 2026 71% | Jun 2026 —
- RSYSTEMS: Dec 2021 — | Mar 2022 — | Jun 2022 37% | Aug 2022 — | Sep 2022 30% | Dec 2022 22% | Mar 2023 18% | Jun 2023 8.5% | Sep 2023 15% | Dec 2023 4.0% | Mar 2024 3.2% | Jun 2024 6.1% | Sep 2024 -2.8% | Dec 2024 7.9% | Mar 2025 6.0% | Jun 2025 6.9% | Sep 2025 12% | Dec 2025 24% | Mar 2026 30% | Jun 2026 —
- SASKEN: Dec 2021 — | Mar 2022 — | Jun 2022 -8.2% | Aug 2022 — | Sep 2022 10% | Dec 2022 16% | Mar 2023 -5.5% | Jun 2023 -3.0% | Sep 2023 -14% | Dec 2023 -22% | Mar 2024 5.8% | Jun 2024 26% | Sep 2024 31% | Dec 2024 51% | Mar 2025 36% | Jun 2025 123% | Sep 2025 89% | Dec 2025 72% | Mar 2026 126% | Jun 2026 —
- BLSE: Dec 2021 — | Mar 2022 — | Jun 2022 — | Aug 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 4.4% | Mar 2024 1.4% | Jun 2024 0.0% | Sep 2024 -4.9% | Dec 2024 78% | Mar 2025 223% | Jun 2025 225% | Sep 2025 251% | Dec 2025 120% | Mar 2026 35% | Jun 2026 —
- SILVERTUC: Dec 2021 — | Mar 2022 — | Jun 2022 21% | Aug 2022 — | Sep 2022 14% | Dec 2022 31% | Mar 2023 7.3% | Jun 2023 26% | Sep 2023 24% | Dec 2023 15% | Mar 2024 80% | Jun 2024 33% | Sep 2024 44% | Dec 2024 40% | Mar 2025 8.9% | Jun 2025 11% | Sep 2025 15% | Dec 2025 30% | Mar 2026 17% | Jun 2026 —
- SAKSOFT: Dec 2021 — | Mar 2022 — | Jun 2022 37% | Aug 2022 — | Sep 2022 45% | Dec 2022 38% | Mar 2023 39% | Jun 2023 21% | Sep 2023 14% | Dec 2023 12% | Mar 2024 7.1% | Jun 2024 9.8% | Sep 2024 13% | Dec 2024 18% | Mar 2025 23% | Jun 2025 24% | Sep 2025 20% | Dec 2025 11% | Mar 2026 3.8% | Jun 2026 —
- KODYTECH: Dec 2021 — | Mar 2022 — | Jun 2022 — | Aug 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 53% | Jun 2026 —
- IZMO: Dec 2021 — | Mar 2022 — | Jun 2022 — | Aug 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 25% | Mar 2024 14% | Jun 2024 17% | Sep 2024 31% | Dec 2024 18% | Mar 2025 20% | Jun 2025 19% | Sep 2025 1.7% | Dec 2025 0.0% | Mar 2026 82% | Jun 2026 —
- NINSYS: Dec 2021 — | Mar 2022 — | Jun 2022 — | Aug 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 105% | Sep 2023 126% | Dec 2023 — | Mar 2024 207% | Jun 2024 150% | Sep 2024 129% | Dec 2024 52% | Mar 2025 19% | Jun 2025 18% | Sep 2025 23% | Dec 2025 23% | Mar 2026 23% | Jun 2026 —
- DSSL: Dec 2021 — | Mar 2022 — | Jun 2022 — | Aug 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 -11% | Dec 2023 32% | Mar 2024 24% | Jun 2024 8.5% | Sep 2024 39% | Dec 2024 37% | Mar 2025 17% | Jun 2025 2.5% | Sep 2025 15% | Dec 2025 9.7% | Mar 2026 22% | Jun 2026 —
- MCLOUD: Dec 2021 — | Mar 2022 — | Jun 2022 — | Aug 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 -1.5% | Mar 2024 19% | Jun 2024 -4.4% | Sep 2024 2.0% | Dec 2024 15% | Mar 2025 14% | Jun 2025 24% | Sep 2025 4.5% | Dec 2025 8.6% | Mar 2026 32% | Jun 2026 —
- INFOBEAN: Dec 2021 — | Mar 2022 — | Jun 2022 — | Aug 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 -9.2% | Mar 2024 5.4% | Jun 2024 5.4% | Sep 2024 7.7% | Dec 2024 7.9% | Mar 2025 6.2% | Jun 2025 15% | Sep 2025 28% | Dec 2025 40% | Mar 2026 38% | Jun 2026 37%
- EXPLEOSOL: Dec 2021 — | Mar 2022 — | Jun 2022 — | Aug 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 4.2% | Mar 2024 10% | Jun 2024 12% | Sep 2024 11% | Dec 2024 3.2% | Mar 2025 0.4% | Jun 2025 3.2% | Sep 2025 9.3% | Dec 2025 8.1% | Mar 2026 12% | Jun 2026 —
- TAC: Dec 2021 — | Mar 2022 — | Jun 2022 — | Aug 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 140% | Dec 2024 — | Mar 2025 157% | Jun 2025 — | Sep 2025 142% | Dec 2025 — | Mar 2026 56% | Jun 2026 —
- UNIECOM: Dec 2021 — | Mar 2022 — | Jun 2022 — | Aug 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 26% | Mar 2025 71% | Jun 2025 64% | Sep 2025 75% | Dec 2025 72% | Mar 2026 14% | Jun 2026 —
- EXCELSOFT: Dec 2021 — | Mar 2022 — | Jun 2022 — | Aug 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 20% | Dec 2025 29% | Mar 2026 16% | Jun 2026 —
- QUICKHEAL: Dec 2021 — | Mar 2022 — | Jun 2022 — | Aug 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 23% | Mar 2024 63% | Jun 2024 37% | Sep 2024 -6.4% | Dec 2024 -13% | Mar 2025 -19% | Jun 2025 -19% | Sep 2025 15% | Dec 2025 1.4% | Mar 2026 -25% | Jun 2026 —
- SAHANA: Dec 2021 — | Mar 2022 — | Jun 2022 — | Aug 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 243% | Dec 2023 — | Mar 2024 165% | Jun 2024 — | Sep 2024 121% | Dec 2024 — | Mar 2025 156% | Jun 2025 — | Sep 2025 115% | Dec 2025 — | Mar 2026 89% | Jun 2026 —
- KELLTONTEC: Dec 2021 — | Mar 2022 — | Jun 2022 — | Aug 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 6.1% | Mar 2024 2.1% | Jun 2024 5.2% | Sep 2024 12% | Dec 2024 14% | Mar 2025 15% | Jun 2025 13% | Sep 2025 11% | Dec 2025 10% | Mar 2026 9.8% | Jun 2026 7.1%
- XCHANGING: Dec 2021 — | Mar 2022 — | Jun 2022 — | Aug 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 2.4% | Mar 2024 -4.4% | Jun 2024 0.0% | Sep 2024 2.3% | Dec 2024 9.5% | Mar 2025 16% | Jun 2025 14% | Sep 2025 20% | Dec 2025 6.5% | Mar 2026 0.0% | Jun 2026 —
- INNOVANA: Dec 2021 — | Mar 2022 — | Jun 2022 — | Aug 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 7.6% | Mar 2024 -17% | Jun 2024 -9.6% | Sep 2024 -10% | Dec 2024 12% | Mar 2025 22% | Jun 2025 28% | Sep 2025 43% | Dec 2025 21% | Mar 2026 23% | Jun 2026 —
- SUBEXLTD: Dec 2021 — | Mar 2022 — | Jun 2022 — | Aug 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 77% | Jun 2024 1.3% | Sep 2024 -3.5% | Dec 2024 -11% | Mar 2025 -16% | Jun 2025 -2.6% | Sep 2025 -7.1% | Dec 2025 -2.6% | Mar 2026 3.3% | Jun 2026 —
- UNIFIED: Dec 2021 — | Mar 2022 — | Jun 2022 — | Aug 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 41% | Dec 2025 — | Mar 2026 — | Jun 2026 —
- ADSL: Dec 2021 — | Mar 2022 — | Jun 2022 — | Aug 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 -1.7% | Mar 2024 6.3% | Jun 2024 6.0% | Sep 2024 19% | Dec 2024 29% | Mar 2025 16% | Jun 2025 22% | Sep 2025 15% | Dec 2025 12% | Mar 2026 31% | Jun 2026 —
- KSOLVES: Dec 2021 — | Mar 2022 — | Jun 2022 — | Aug 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 38% | Mar 2024 34% | Jun 2024 33% | Sep 2024 34% | Dec 2024 33% | Mar 2025 9.5% | Jun 2025 19% | Sep 2025 14% | Dec 2025 12% | Mar 2026 29% | Jun 2026 10%
- MINDTECK: Dec 2021 — | Mar 2022 — | Jun 2022 — | Aug 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 16% | Mar 2024 10% | Jun 2024 16% | Sep 2024 10% | Dec 2024 8.3% | Mar 2025 6.1% | Jun 2025 -6.5% | Sep 2025 -5.6% | Dec 2025 -3.9% | Mar 2026 0.0% | Jun 2026 —
- SOFTTECH: Dec 2021 — | Mar 2022 — | Jun 2022 — | Aug 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 4.1% | Mar 2024 22% | Jun 2024 5.0% | Sep 2024 20% | Dec 2024 17% | Mar 2025 39% | Jun 2025 37% | Sep 2025 17% | Dec 2025 51% | Mar 2026 50% | Jun 2026 —
- AUTOPALIND: Dec 2021 — | Mar 2022 — | Jun 2022 — | Aug 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 36% | Sep 2025 92% | Dec 2025 72% | Mar 2026 42% | Jun 2026 —
- XTGLOBAL: Dec 2021 — | Mar 2022 — | Jun 2022 — | Aug 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 -12% | Mar 2024 -13% | Jun 2024 -7.4% | Sep 2024 -16% | Dec 2024 -12% | Mar 2025 73% | Jun 2025 87% | Sep 2025 94% | Dec 2025 89% | Mar 2026 — | Jun 2026 —
- TECHLABS: Dec 2021 — | Mar 2022 — | Jun 2022 — | Aug 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 611% | Jun 2024 — | Sep 2024 163% | Dec 2024 — | Mar 2025 -13% | Jun 2025 — | Sep 2025 205% | Dec 2025 — | Mar 2026 — | Jun 2026 —
- META: Dec 2021 — | Mar 2022 — | Jun 2022 — | Aug 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 14% | Dec 2025 — | Mar 2026 — | Jun 2026 —

## Operating Economics & Margin Trend

What the numbers say: TAC Infosec Ltd leads opm at 45%; 63 Moons Technologies Ltd leads margin change at +397 percentage points.

Investor read: TAC Infosec 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: TAC Infosec Ltd · 45% | 11.9% versus #2 · RNIT AI Solutions Ltd | 2/4 recent comparable periods | 62/63 companies · 945 observations

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

### OPM — highest
1. TAC Infosec Ltd (TAC): 45%
2. RNIT AI Solutions Ltd (AUTOPALIND): 40%
3. Xchanging Solutions Ltd (XCHANGING): 37%
4. Ksolves India Ltd (KSOLVES): 30%
5. NINtec Systems Ltd (NINSYS): 30%

### Margin change — fastest expanders
1. 63 Moons Technologies Ltd (63MOONS): +397.0 pp
2. Subex Ltd (SUBEXLTD): +31.0 pp
3. Covance Softsol Ltd (544361): +19.7 pp
4. NINtec Systems Ltd (NINSYS): +8.1 pp
5. Blue Cloud Softech Solutions Ltd (539607): +8.0 pp

### 20-quarter OPM history
- 504375: Dec 2021 — | Mar 2022 — | Jun 2022 — | Aug 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 0.0% | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 — | Jun 2026 —
- 526433: Dec 2021 11% | Mar 2022 5.5% | Jun 2022 11% | Aug 2022 — | Sep 2022 9.4% | Dec 2022 9.6% | Mar 2023 4.0% | Jun 2023 5.0% | Sep 2023 4.0% | Dec 2023 1.0% | Mar 2024 3.0% | Jun 2024 7.0% | Sep 2024 11% | Dec 2024 18% | Mar 2025 22% | Jun 2025 21% | Sep 2025 20% | Dec 2025 17% | Mar 2026 18% | Jun 2026 —
- 530909: Dec 2021 1.5% | Mar 2022 4.7% | Jun 2022 3.3% | Aug 2022 — | Sep 2022 3.2% | Dec 2022 1.8% | Mar 2023 3.1% | Jun 2023 4.0% | Sep 2023 2.3% | Dec 2023 1.4% | Mar 2024 2.2% | Jun 2024 1.6% | Sep 2024 3.0% | Dec 2024 2.8% | Mar 2025 5.8% | Jun 2025 2.2% | Sep 2025 3.0% | Dec 2025 1.7% | Mar 2026 — | Jun 2026 —
- 534535: Dec 2021 — | Mar 2022 — | Jun 2022 — | Aug 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 13% | Sep 2024 9.0% | Dec 2024 10% | Mar 2025 10% | Jun 2025 11% | Sep 2025 11% | Dec 2025 11% | Mar 2026 10% | Jun 2026 —
- 539607: Dec 2021 73% | Mar 2022 17% | Jun 2022 13% | Aug 2022 — | Sep 2022 10% | Dec 2022 4.0% | Mar 2023 2.0% | Jun 2023 3.0% | Sep 2023 3.0% | Dec 2023 5.0% | Mar 2024 6.0% | Jun 2024 8.0% | Sep 2024 7.0% | Dec 2024 11% | Mar 2025 9.0% | Jun 2025 10% | Sep 2025 9.0% | Dec 2025 12% | Mar 2026 17% | Jun 2026 —
- 539724: Dec 2021 24% | Mar 2022 -150% | Jun 2022 -24% | Aug 2022 — | Sep 2022 21% | Dec 2022 -155% | Mar 2023 14% | Jun 2023 -12% | Sep 2023 14% | Dec 2023 -145% | Mar 2024 -95% | Jun 2024 -29% | Sep 2024 -500% | Dec 2024 -683% | Mar 2025 17% | Jun 2025 11% | Sep 2025 12% | Dec 2025 -24% | Mar 2026 7.5% | Jun 2026 —
- 544361: Dec 2021 — | Mar 2022 — | Jun 2022 — | Aug 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 -11% | Mar 2024 17% | Jun 2024 28% | Sep 2024 18% | Dec 2024 3.2% | Mar 2025 3.4% | Jun 2025 34% | Sep 2025 26% | Dec 2025 33% | Mar 2026 23% | Jun 2026 —
- 544626: Dec 2021 — | Mar 2022 — | Jun 2022 — | Aug 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 13% | Mar 2025 14% | Jun 2025 — | Sep 2025 16% | Dec 2025 19% | Mar 2026 10% | Jun 2026 —
- TCS: Dec 2021 27% | Mar 2022 27% | Jun 2022 25% | Aug 2022 — | Sep 2022 26% | Dec 2022 27% | Mar 2023 27% | Jun 2023 25% | Sep 2023 26% | Dec 2023 27% | Mar 2024 28% | Jun 2024 27% | Sep 2024 26% | Dec 2024 27% | Mar 2025 26% | Jun 2025 27% | Sep 2025 27% | Dec 2025 27% | Mar 2026 27% | Jun 2026 26%
- INFY: Dec 2021 26% | Mar 2022 24% | Jun 2022 23% | Aug 2022 — | Sep 2022 24% | Dec 2022 24% | Mar 2023 24% | Jun 2023 24% | Sep 2023 24% | Dec 2023 24% | Mar 2024 23% | Jun 2024 24% | Sep 2024 24% | Dec 2024 24% | Mar 2025 24% | Jun 2025 24% | Sep 2025 24% | Dec 2025 23% | Mar 2026 24% | Jun 2026 24%
- HCLTECH: Dec 2021 24% | Mar 2022 22% | Jun 2022 21% | Aug 2022 — | Sep 2022 22% | Dec 2022 24% | Mar 2023 22% | Jun 2023 20% | Sep 2023 22% | Dec 2023 24% | Mar 2024 21% | Jun 2024 21% | Sep 2024 22% | Dec 2024 23% | Mar 2025 21% | Jun 2025 20% | Sep 2025 20% | Dec 2025 22% | Mar 2026 20% | Jun 2026 20%
- WIPRO: Dec 2021 21% | Mar 2022 20% | Jun 2022 18% | Aug 2022 — | Sep 2022 17% | Dec 2022 20% | Mar 2023 19% | Jun 2023 18% | Sep 2023 18% | Dec 2023 19% | Mar 2024 20% | Jun 2024 20% | Sep 2024 20% | Dec 2024 20% | Mar 2025 21% | Jun 2025 19% | Sep 2025 19% | Dec 2025 18% | Mar 2026 20% | Jun 2026 19%
- TECHM: Dec 2021 18% | Mar 2022 17% | Jun 2022 15% | Aug 2022 — | Sep 2022 15% | Dec 2022 16% | Mar 2023 13% | Jun 2023 10% | Sep 2023 7.0% | Dec 2023 9.0% | Mar 2024 9.0% | Jun 2024 12% | Sep 2024 13% | Dec 2024 14% | Mar 2025 14% | Jun 2025 14% | Sep 2025 15% | Dec 2025 16% | Mar 2026 17% | Jun 2026 17%
- LTM: Dec 2021 20% | Mar 2022 20% | Jun 2022 20% | Aug 2022 — | Sep 2022 20% | Dec 2022 16% | Mar 2023 18% | Jun 2023 19% | Sep 2023 18% | Dec 2023 18% | Mar 2024 17% | Jun 2024 18% | Sep 2024 18% | Dec 2024 16% | Mar 2025 16% | Jun 2025 17% | Sep 2025 19% | Dec 2025 19% | Mar 2026 17% | Jun 2026 18%
- COFORGE: Dec 2021 18% | Mar 2022 18% | Jun 2022 16% | Aug 2022 — | Sep 2022 17% | Dec 2022 17% | Mar 2023 14% | Jun 2023 14% | Sep 2023 15% | Dec 2023 17% | Mar 2024 17% | Jun 2024 13% | Sep 2024 14% | Dec 2024 13% | Mar 2025 15% | Jun 2025 16% | Sep 2025 18% | Dec 2025 17% | Mar 2026 20% | Jun 2026 —
- MPHASIS: Dec 2021 18% | Mar 2022 18% | Jun 2022 18% | Aug 2022 — | Sep 2022 18% | Dec 2022 18% | Mar 2023 18% | Jun 2023 18% | Sep 2023 18% | Dec 2023 18% | Mar 2024 19% | Jun 2024 18% | Sep 2024 18% | Dec 2024 19% | Mar 2025 19% | Jun 2025 19% | Sep 2025 18% | Dec 2025 19% | Mar 2026 19% | Jun 2026 18%
- HEXT: Dec 2021 — | Mar 2022 — | Jun 2022 — | Aug 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 14% | Jun 2023 14% | Sep 2023 14% | Dec 2023 13% | Mar 2024 15% | Jun 2024 15% | Sep 2024 16% | Dec 2024 16% | Mar 2025 16% | Jun 2025 12% | Sep 2025 17% | Dec 2025 11% | Mar 2026 16% | Jun 2026 —
- ZENSARTECH: Dec 2021 14% | Mar 2022 14% | Jun 2022 11% | Aug 2022 — | Sep 2022 8.5% | Dec 2022 11% | Mar 2023 14% | Jun 2023 19% | Sep 2023 19% | Dec 2023 17% | Mar 2024 17% | Jun 2024 15% | Sep 2024 15% | Dec 2024 16% | Mar 2025 16% | Jun 2025 15% | Sep 2025 15% | Dec 2025 17% | Mar 2026 16% | Jun 2026 —
- SONATSOFTW: Dec 2021 7.1% | Mar 2022 7.4% | Jun 2022 8.0% | Aug 2022 — | Sep 2022 10% | Dec 2022 7.0% | Mar 2023 8.0% | Jun 2023 9.0% | Sep 2023 10% | Dec 2023 8.0% | Mar 2024 7.0% | Jun 2024 7.0% | Sep 2024 8.0% | Dec 2024 6.0% | Mar 2025 7.0% | Jun 2025 5.0% | Sep 2025 8.0% | Dec 2025 6.0% | Mar 2026 8.0% | Jun 2026 —
- TANLA: Dec 2021 23% | Mar 2022 22% | Jun 2022 16% | Aug 2022 — | Sep 2022 16% | Dec 2022 17% | Mar 2023 20% | Jun 2023 20% | Sep 2023 20% | Dec 2023 19% | Mar 2024 16% | Jun 2024 19% | Sep 2024 18% | Dec 2024 16% | Mar 2025 16% | Jun 2025 16% | Sep 2025 16% | Dec 2025 17% | Mar 2026 16% | Jun 2026 16%
- BSOFT: Dec 2021 15% | Mar 2022 16% | Jun 2022 15% | Aug 2022 — | Sep 2022 15% | Dec 2022 1.0% | Mar 2023 14% | Jun 2023 15% | Sep 2023 16% | Dec 2023 16% | Mar 2024 16% | Jun 2024 15% | Sep 2024 12% | Dec 2024 12% | Mar 2025 13% | Jun 2025 12% | Sep 2025 16% | Dec 2025 18% | Mar 2026 18% | Jun 2026 —
- STYL: Dec 2021 — | Mar 2022 — | Jun 2022 — | Aug 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 22% | Sep 2024 26% | Dec 2024 23% | Mar 2025 27% | Jun 2025 23% | Sep 2025 27% | Dec 2025 26% | Mar 2026 29% | Jun 2026 23%
- CCAVENUE: Dec 2021 9.5% | Mar 2022 11% | Jun 2022 9.9% | Aug 2022 — | Sep 2022 8.2% | Dec 2022 11% | Mar 2023 7.0% | Jun 2023 7.0% | Sep 2023 9.0% | Dec 2023 7.0% | Mar 2024 9.0% | Jun 2024 9.0% | Sep 2024 8.0% | Dec 2024 7.0% | Mar 2025 6.0% | Jun 2025 6.0% | Sep 2025 5.0% | Dec 2025 4.0% | Mar 2026 4.0% | Jun 2026 —
- MASTEK: Dec 2021 21% | Mar 2022 21% | Jun 2022 19% | Aug 2022 — | Sep 2022 17% | Dec 2022 17% | Mar 2023 18% | Jun 2023 18% | Sep 2023 16% | Dec 2023 17% | Mar 2024 16% | Jun 2024 15% | Sep 2024 16% | Dec 2024 16% | Mar 2025 15% | Jun 2025 15% | Sep 2025 15% | Dec 2025 17% | Mar 2026 16% | Jun 2026 15%
- DATAMATICS: Dec 2021 17% | Mar 2022 16% | Jun 2022 15% | Aug 2022 — | Sep 2022 15% | Dec 2022 16% | Mar 2023 20% | Jun 2023 17% | Sep 2023 16% | Dec 2023 14% | Mar 2024 16% | Jun 2024 13% | Sep 2024 12% | Dec 2024 13% | Mar 2025 15% | Jun 2025 16% | Sep 2025 18% | Dec 2025 19% | Mar 2026 21% | Jun 2026 —
- AURIONPRO: Dec 2021 23% | Mar 2022 22% | Jun 2022 22% | Aug 2022 — | Sep 2022 22% | Dec 2022 22% | Mar 2023 21% | Jun 2023 22% | Sep 2023 22% | Dec 2023 22% | Mar 2024 21% | Jun 2024 21% | Sep 2024 20% | Dec 2024 21% | Mar 2025 20% | Jun 2025 20% | Sep 2025 20% | Dec 2025 20% | Mar 2026 19% | Jun 2026 —
- MOSCHIP: Dec 2021 16% | Mar 2022 15% | Jun 2022 15% | Aug 2022 — | Sep 2022 11% | Dec 2022 14% | Mar 2023 14% | Jun 2023 14% | Sep 2023 14% | Dec 2023 9.8% | Mar 2024 9.8% | Jun 2024 11% | Sep 2024 13% | Dec 2024 14% | Mar 2025 11% | Jun 2025 12% | Sep 2025 11% | Dec 2025 10% | Mar 2026 7.3% | Jun 2026 8.2%
- CAPILLARY: Dec 2021 — | Mar 2022 — | Jun 2022 — | Aug 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 -5.7% | Sep 2024 -5.7% | Dec 2024 14% | Mar 2025 18% | Jun 2025 0.2% | Sep 2025 10% | Dec 2025 14% | Mar 2026 16% | Jun 2026 —
- CIGNITITEC: Dec 2021 12% | Mar 2022 9.5% | Jun 2022 12% | Aug 2022 — | Sep 2022 15% | Dec 2022 15% | Mar 2023 16% | Jun 2023 14% | Sep 2023 14% | Dec 2023 14% | Mar 2024 7.0% | Jun 2024 11% | Sep 2024 13% | Dec 2024 16% | Mar 2025 17% | Jun 2025 17% | Sep 2025 17% | Dec 2025 18% | Mar 2026 — | Jun 2026 —
- 63MOONS: Dec 2021 -76% | Mar 2022 -84% | Jun 2022 -94% | Aug 2022 — | Sep 2022 -70% | Dec 2022 16% | Mar 2023 25% | Jun 2023 23% | Sep 2023 43% | Dec 2023 47% | Mar 2024 -707% | Jun 2024 -477% | Sep 2024 -610% | Dec 2024 -520% | Mar 2025 -454% | Jun 2025 -180% | Sep 2025 -423% | Dec 2025 -237% | Mar 2026 -57% | Jun 2026 —
- TECHNVISN: Dec 2021 43% | Mar 2022 11% | Jun 2022 1.9% | Aug 2022 — | Sep 2022 3.7% | Dec 2022 -9.7% | Mar 2023 8.6% | Jun 2023 -21% | Sep 2023 6.8% | Dec 2023 17% | Mar 2024 18% | Jun 2024 6.1% | Sep 2024 -3.4% | Dec 2024 2.1% | Mar 2025 1.7% | Jun 2025 2.3% | Sep 2025 3.2% | Dec 2025 6.4% | Mar 2026 -4.1% | Jun 2026 —
- RSYSTEMS: Dec 2021 14% | Mar 2022 12% | Jun 2022 12% | Aug 2022 — | Sep 2022 14% | Dec 2022 14% | Mar 2023 13% | Jun 2023 13% | Sep 2023 18% | Dec 2023 15% | Mar 2024 13% | Jun 2024 14% | Sep 2024 15% | Dec 2024 16% | Mar 2025 16% | Jun 2025 15% | Sep 2025 14% | Dec 2025 17% | Mar 2026 18% | Jun 2026 —
- SASKEN: Dec 2021 30% | Mar 2022 28% | Jun 2022 27% | Aug 2022 — | Sep 2022 25% | Dec 2022 24% | Mar 2023 14% | Jun 2023 9.0% | Sep 2023 14% | Dec 2023 5.0% | Mar 2024 2.0% | Jun 2024 4.0% | Sep 2024 3.0% | Dec 2024 4.0% | Mar 2025 5.0% | Jun 2025 5.0% | Sep 2025 6.0% | Dec 2025 10% | Mar 2026 10% | Jun 2026 —
- BLSE: Dec 2021 — | Mar 2022 — | Jun 2022 — | Aug 2022 — | Sep 2022 — | Dec 2022 13% | Mar 2023 17% | Jun 2023 11% | Sep 2023 15% | Dec 2023 14% | Mar 2024 15% | Jun 2024 16% | Sep 2024 18% | Dec 2024 12% | Mar 2025 8.0% | Jun 2025 7.0% | Sep 2025 7.0% | Dec 2025 6.0% | Mar 2026 6.0% | Jun 2026 —
- SILVERTUC: Dec 2021 14% | Mar 2022 7.0% | Jun 2022 8.1% | Aug 2022 — | Sep 2022 12% | Dec 2022 10% | Mar 2023 16% | Jun 2023 8.0% | Sep 2023 12% | Dec 2023 14% | Mar 2024 14% | Jun 2024 12% | Sep 2024 12% | Dec 2024 13% | Mar 2025 18% | Jun 2025 14% | Sep 2025 16% | Dec 2025 20% | Mar 2026 21% | Jun 2026 —
- SAKSOFT: Dec 2021 18% | Mar 2022 16% | Jun 2022 15% | Aug 2022 — | Sep 2022 16% | Dec 2022 16% | Mar 2023 18% | Jun 2023 19% | Sep 2023 18% | Dec 2023 17% | Mar 2024 17% | Jun 2024 17% | Sep 2024 17% | Dec 2024 17% | Mar 2025 15% | Jun 2025 18% | Sep 2025 20% | Dec 2025 18% | Mar 2026 18% | Jun 2026 —
- KODYTECH: Dec 2021 — | Mar 2022 — | Jun 2022 — | Aug 2022 — | Sep 2022 -73% | Dec 2022 — | Mar 2023 58% | Jun 2023 — | Sep 2023 20% | Dec 2023 — | Mar 2024 32% | Jun 2024 — | Sep 2024 35% | Dec 2024 — | Mar 2025 34% | Jun 2025 — | Sep 2025 26% | Dec 2025 — | Mar 2026 29% | Jun 2026 —
- IZMO: Dec 2021 20% | Mar 2022 21% | Jun 2022 7.4% | Aug 2022 — | Sep 2022 14% | Dec 2022 24% | Mar 2023 28% | Jun 2023 20% | Sep 2023 20% | Dec 2023 21% | Mar 2024 24% | Jun 2024 20% | Sep 2024 16% | Dec 2024 14% | Mar 2025 19% | Jun 2025 17% | Sep 2025 22% | Dec 2025 24% | Mar 2026 14% | Jun 2026 —
- NINSYS: Dec 2021 — | Mar 2022 16% | Jun 2022 24% | Aug 2022 — | Sep 2022 21% | Dec 2022 — | Mar 2023 12% | Jun 2023 28% | Sep 2023 29% | Dec 2023 22% | Mar 2024 22% | Jun 2024 23% | Sep 2024 24% | Dec 2024 25% | Mar 2025 22% | Jun 2025 22% | Sep 2025 25% | Dec 2025 26% | Mar 2026 30% | Jun 2026 —
- DSSL: Dec 2021 3.8% | Mar 2022 5.7% | Jun 2022 5.5% | Aug 2022 — | Sep 2022 6.0% | Dec 2022 7.0% | Mar 2023 8.0% | Jun 2023 7.0% | Sep 2023 9.0% | Dec 2023 8.0% | Mar 2024 7.0% | Jun 2024 8.0% | Sep 2024 8.0% | Dec 2024 9.0% | Mar 2025 9.0% | Jun 2025 10% | Sep 2025 11% | Dec 2025 12% | Mar 2026 9.0% | Jun 2026 —
- MCLOUD: Dec 2021 6.5% | Mar 2022 4.6% | Jun 2022 23% | Aug 2022 — | Sep 2022 26% | Dec 2022 25% | Mar 2023 28% | Jun 2023 28% | Sep 2023 26% | Dec 2023 39% | Mar 2024 39% | Jun 2024 40% | Sep 2024 33% | Dec 2024 37% | Mar 2025 29% | Jun 2025 35% | Sep 2025 33% | Dec 2025 32% | Mar 2026 26% | Jun 2026 —
- INFOBEAN: Dec 2021 29% | Mar 2022 27% | Jun 2022 22% | Aug 2022 — | Sep 2022 21% | Dec 2022 19% | Mar 2023 12% | Jun 2023 13% | Sep 2023 12% | Dec 2023 12% | Mar 2024 18% | Jun 2024 16% | Sep 2024 19% | Dec 2024 15% | Mar 2025 19% | Jun 2025 21% | Sep 2025 25% | Dec 2025 22% | Mar 2026 20% | Jun 2026 21%
- EXPLEOSOL: Dec 2021 16% | Mar 2022 15% | Jun 2022 17% | Aug 2022 — | Sep 2022 19% | Dec 2022 30% | Mar 2023 19% | Jun 2023 15% | Sep 2023 14% | Dec 2023 15% | Mar 2024 13% | Jun 2024 15% | Sep 2024 16% | Dec 2024 15% | Mar 2025 16% | Jun 2025 11% | Sep 2025 17% | Dec 2025 16% | Mar 2026 15% | Jun 2026 —
- ORIENTTECH: Dec 2021 — | Mar 2022 — | Jun 2022 — | Aug 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 9.1% | Sep 2023 8.2% | Dec 2023 10% | Mar 2024 9.7% | Jun 2024 8.9% | Sep 2024 8.4% | Dec 2024 7.9% | Mar 2025 7.4% | Jun 2025 7.3% | Sep 2025 7.6% | Dec 2025 1.4% | Mar 2026 2.4% | Jun 2026 —
- TAC: Dec 2021 — | Mar 2022 — | Jun 2022 — | Aug 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 42% | Dec 2023 — | Mar 2024 67% | Jun 2024 — | Sep 2024 50% | Dec 2024 — | Mar 2025 51% | Jun 2025 — | Sep 2025 62% | Dec 2025 — | Mar 2026 45% | Jun 2026 —
- UNIECOM: Dec 2021 — | Mar 2022 — | Jun 2022 — | Aug 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 10% | Sep 2023 14% | Dec 2023 18% | Mar 2024 14% | Jun 2024 15% | Sep 2024 19% | Dec 2024 25% | Mar 2025 18% | Jun 2025 19% | Sep 2025 18% | Dec 2025 19% | Mar 2026 13% | Jun 2026 —
- EXCELSOFT: Dec 2021 — | Mar 2022 — | Jun 2022 — | Aug 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 26% | Dec 2024 33% | Mar 2025 41% | Jun 2025 18% | Sep 2025 27% | Dec 2025 28% | Mar 2026 30% | Jun 2026 —
- QUICKHEAL: Dec 2021 26% | Mar 2022 34% | Jun 2022 1.7% | Aug 2022 — | Sep 2022 28% | Dec 2022 -17% | Mar 2023 -33% | Jun 2023 -29% | Sep 2023 14% | Dec 2023 14% | Mar 2024 13% | Jun 2024 4.0% | Sep 2024 4.0% | Dec 2024 -5.0% | Mar 2025 -13% | Jun 2025 -17% | Sep 2025 11% | Dec 2025 1.0% | Mar 2026 -60% | Jun 2026 —
- SAHANA: Dec 2021 — | Mar 2022 — | Jun 2022 — | Aug 2022 — | Sep 2022 30% | Dec 2022 — | Mar 2023 44% | Jun 2023 — | Sep 2023 26% | Dec 2023 — | Mar 2024 38% | Jun 2024 — | Sep 2024 38% | Dec 2024 — | Mar 2025 32% | Jun 2025 — | Sep 2025 33% | Dec 2025 — | Mar 2026 29% | Jun 2026 —
- KELLTONTEC: Dec 2021 12% | Mar 2022 12% | Jun 2022 12% | Aug 2022 — | Sep 2022 11% | Dec 2022 11% | Mar 2023 7.0% | Jun 2023 11% | Sep 2023 11% | Dec 2023 8.0% | Mar 2024 13% | Jun 2024 12% | Sep 2024 12% | Dec 2024 12% | Mar 2025 10% | Jun 2025 12% | Sep 2025 12% | Dec 2025 13% | Mar 2026 8.0% | Jun 2026 11%
- XCHANGING: Dec 2021 32% | Mar 2022 31% | Jun 2022 34% | Aug 2022 — | Sep 2022 31% | Dec 2022 19% | Mar 2023 29% | Jun 2023 32% | Sep 2023 27% | Dec 2023 27% | Mar 2024 22% | Jun 2024 24% | Sep 2024 24% | Dec 2024 31% | Mar 2025 34% | Jun 2025 33% | Sep 2025 32% | Dec 2025 33% | Mar 2026 37% | Jun 2026 —
- INNOVANA: Dec 2021 — | Mar 2022 35% | Jun 2022 23% | Aug 2022 — | Sep 2022 29% | Dec 2022 51% | Mar 2023 42% | Jun 2023 48% | Sep 2023 45% | Dec 2023 49% | Mar 2024 34% | Jun 2024 49% | Sep 2024 54% | Dec 2024 57% | Mar 2025 56% | Jun 2025 50% | Sep 2025 43% | Dec 2025 35% | Mar 2026 9.7% | Jun 2026 —
- SUBEXLTD: Dec 2021 9.2% | Mar 2022 1.3% | Jun 2022 0.9% | Aug 2022 — | Sep 2022 0.4% | Dec 2022 6.9% | Mar 2023 -78% | Jun 2023 -22% | Sep 2023 -6.0% | Dec 2023 0.7% | Mar 2024 3.7% | Jun 2024 -8.9% | Sep 2024 2.6% | Dec 2024 3.4% | Mar 2025 -18% | Jun 2025 5.9% | Sep 2025 9.1% | Dec 2025 13% | Mar 2026 13% | Jun 2026 —
- VEEFIN: Dec 2021 — | Mar 2022 — | Jun 2022 — | Aug 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 17% | Dec 2023 — | Mar 2024 59% | Jun 2024 — | Sep 2024 31% | Dec 2024 — | Mar 2025 31% | Jun 2025 — | Sep 2025 18% | Dec 2025 20% | Mar 2026 — | Jun 2026 —
- UNIFIED: Dec 2021 — | Mar 2022 — | Jun 2022 — | Aug 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 21% | Dec 2024 — | Mar 2025 13% | Jun 2025 — | Sep 2025 13% | Dec 2025 — | Mar 2026 — | Jun 2026 —
- ADSL: Dec 2021 11% | Mar 2022 17% | Jun 2022 9.2% | Aug 2022 — | Sep 2022 15% | Dec 2022 17% | Mar 2023 11% | Jun 2023 11% | Sep 2023 12% | Dec 2023 12% | Mar 2024 14% | Jun 2024 11% | Sep 2024 9.5% | Dec 2024 11% | Mar 2025 -4.6% | Jun 2025 8.6% | Sep 2025 9.1% | Dec 2025 11% | Mar 2026 -3.8% | Jun 2026 —
- KSOLVES: Dec 2021 41% | Mar 2022 42% | Jun 2022 43% | Aug 2022 — | Sep 2022 44% | Dec 2022 41% | Mar 2023 41% | Jun 2023 43% | Sep 2023 43% | Dec 2023 42% | Mar 2024 43% | Jun 2024 38% | Sep 2024 38% | Dec 2024 37% | Mar 2025 26% | Jun 2025 26% | Sep 2025 30% | Dec 2025 32% | Mar 2026 29% | Jun 2026 30%
- MINDTECK: Dec 2021 7.2% | Mar 2022 6.1% | Jun 2022 8.1% | Aug 2022 — | Sep 2022 7.3% | Dec 2022 9.1% | Mar 2023 8.0% | Jun 2023 8.0% | Sep 2023 9.0% | Dec 2023 9.0% | Mar 2024 8.0% | Jun 2024 8.0% | Sep 2024 8.0% | Dec 2024 9.0% | Mar 2025 8.0% | Jun 2025 10% | Sep 2025 7.0% | Dec 2025 10% | Mar 2026 10% | Jun 2026 —
- SOFTTECH: Dec 2021 25% | Mar 2022 27% | Jun 2022 31% | Aug 2022 — | Sep 2022 30% | Dec 2022 30% | Mar 2023 28% | Jun 2023 25% | Sep 2023 30% | Dec 2023 27% | Mar 2024 26% | Jun 2024 30% | Sep 2024 25% | Dec 2024 27% | Mar 2025 15% | Jun 2025 27% | Sep 2025 26% | Dec 2025 24% | Mar 2026 21% | Jun 2026 —
- AUTOPALIND: Dec 2021 — | Mar 2022 — | Jun 2022 — | Aug 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 29% | Sep 2024 32% | Dec 2024 27% | Mar 2025 35% | Jun 2025 36% | Sep 2025 40% | Dec 2025 42% | Mar 2026 40% | Jun 2026 —
- XTGLOBAL: Dec 2021 16% | Mar 2022 12% | Jun 2022 14% | Aug 2022 — | Sep 2022 10% | Dec 2022 11% | Mar 2023 4.9% | Jun 2023 8.0% | Sep 2023 15% | Dec 2023 12% | Mar 2024 7.8% | Jun 2024 9.7% | Sep 2024 11% | Dec 2024 16% | Mar 2025 5.0% | Jun 2025 7.1% | Sep 2025 7.3% | Dec 2025 9.5% | Mar 2026 — | Jun 2026 —
- TECHLABS: Dec 2021 — | Mar 2022 — | Jun 2022 — | Aug 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 -91% | Jun 2023 — | Sep 2023 -18% | Dec 2023 — | Mar 2024 27% | Jun 2024 — | Sep 2024 29% | Dec 2024 — | Mar 2025 23% | Jun 2025 — | Sep 2025 27% | Dec 2025 — | Mar 2026 — | Jun 2026 —
- META: Dec 2021 — | Mar 2022 — | Jun 2022 — | Aug 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 10% | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 8.0% | Dec 2025 — | Mar 2026 — | Jun 2026 —

### 20-quarter Margin change history
- 526433: Dec 2021 +3.6 pp | Mar 2022 −4.3 pp | Jun 2022 −1.3 pp | Aug 2022 — | Sep 2022 −6.7 pp | Dec 2022 −1.6 pp | Mar 2023 −1.5 pp | Jun 2023 −5.6 pp | Sep 2023 −5.4 pp | Dec 2023 −8.6 pp | Mar 2024 −1.0 pp | Jun 2024 +2.0 pp | Sep 2024 +7.0 pp | Dec 2024 +17.0 pp | Mar 2025 +19.0 pp | Jun 2025 +14.0 pp | Sep 2025 +9.0 pp | Dec 2025 −1.0 pp | Mar 2026 −4.0 pp | Jun 2026 —
- 530909: Dec 2021 −0.4 pp | Mar 2022 +2.1 pp | Jun 2022 +1.8 pp | Aug 2022 — | Sep 2022 +1.9 pp | Dec 2022 +0.3 pp | Mar 2023 −1.6 pp | Jun 2023 +0.7 pp | Sep 2023 −1.0 pp | Dec 2023 −0.4 pp | Mar 2024 −0.9 pp | Jun 2024 −2.4 pp | Sep 2024 +0.7 pp | Dec 2024 +1.4 pp | Mar 2025 +3.6 pp | Jun 2025 +0.7 pp | Sep 2025 −0.0 pp | Dec 2025 −1.1 pp | Mar 2026 — | Jun 2026 —
- 534535: Dec 2021 — | Mar 2022 — | Jun 2022 — | Aug 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 −2.0 pp | Sep 2025 +2.0 pp | Dec 2025 +1.0 pp | Mar 2026 0.0 pp | Jun 2026 —
- 539607: Dec 2021 +40.0 pp | Mar 2022 −45.8 pp | Jun 2022 −7.5 pp | Aug 2022 — | Sep 2022 +10.0 pp | Dec 2022 −69.3 pp | Mar 2023 −14.7 pp | Jun 2023 −9.5 pp | Sep 2023 −7.0 pp | Dec 2023 +1.0 pp | Mar 2024 +4.0 pp | Jun 2024 +5.0 pp | Sep 2024 +4.0 pp | Dec 2024 +6.0 pp | Mar 2025 +3.0 pp | Jun 2025 +2.0 pp | Sep 2025 +2.0 pp | Dec 2025 +1.0 pp | Mar 2026 +8.0 pp | Jun 2026 —
- 539724: Dec 2021 +23.7 pp | Mar 2022 −131.3 pp | Jun 2022 −12.7 pp | Aug 2022 — | Sep 2022 +13.7 pp | Dec 2022 −178.2 pp | Mar 2023 +164.3 pp | Jun 2023 +11.8 pp | Sep 2023 −6.3 pp | Dec 2023 +9.1 pp | Mar 2024 −109.0 pp | Jun 2024 −16.6 pp | Sep 2024 −514.3 pp | Dec 2024 −537.9 pp | Mar 2025 +112.0 pp | Jun 2025 +39.7 pp | Sep 2025 +512.4 pp | Dec 2025 +659.7 pp | Mar 2026 −9.8 pp | Jun 2026 —
- 544361: Dec 2021 — | Mar 2022 — | Jun 2022 — | Aug 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 +13.8 pp | Mar 2025 −13.3 pp | Jun 2025 +6.1 pp | Sep 2025 +7.8 pp | Dec 2025 +30.1 pp | Mar 2026 +19.7 pp | Jun 2026 —
- 544626: Dec 2021 — | Mar 2022 — | Jun 2022 — | Aug 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 +6.2 pp | Mar 2026 −3.9 pp | Jun 2026 —
- TCS: Dec 2021 −1.6 pp | Mar 2022 −1.9 pp | Jun 2022 −2.5 pp | Aug 2022 — | Sep 2022 −1.7 pp | Dec 2022 −0.5 pp | Mar 2023 −0.4 pp | Jun 2023 −0.4 pp | Sep 2023 −0.3 pp | Dec 2023 0.0 pp | Mar 2024 +1.0 pp | Jun 2024 +2.0 pp | Sep 2024 0.0 pp | Dec 2024 0.0 pp | Mar 2025 −2.0 pp | Jun 2025 0.0 pp | Sep 2025 +1.0 pp | Dec 2025 0.0 pp | Mar 2026 +1.0 pp | Jun 2026 −1.0 pp
- INFY: Dec 2021 −2.3 pp | Mar 2022 −3.3 pp | Jun 2022 −3.8 pp | Aug 2022 — | Sep 2022 −2.1 pp | Dec 2022 −2.3 pp | Mar 2023 −0.3 pp | Jun 2023 +1.2 pp | Sep 2023 −0.4 pp | Dec 2023 0.0 pp | Mar 2024 −1.0 pp | Jun 2024 0.0 pp | Sep 2024 0.0 pp | Dec 2024 0.0 pp | Mar 2025 +1.0 pp | Jun 2025 0.0 pp | Sep 2025 0.0 pp | Dec 2025 −1.0 pp | Mar 2026 0.0 pp | Jun 2026 0.0 pp
- HCLTECH: Dec 2021 −5.0 pp | Mar 2022 −0.8 pp | Jun 2022 −4.0 pp | Aug 2022 — | Sep 2022 −2.3 pp | Dec 2022 −0.2 pp | Mar 2023 −0.4 pp | Jun 2023 −1.2 pp | Sep 2023 +0.0 pp | Dec 2023 0.0 pp | Mar 2024 −1.0 pp | Jun 2024 +1.0 pp | Sep 2024 0.0 pp | Dec 2024 −1.0 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 0.0 pp
- WIPRO: Dec 2021 −5.7 pp | Mar 2022 −5.0 pp | Jun 2022 −4.8 pp | Aug 2022 — | Sep 2022 −3.8 pp | Dec 2022 −0.6 pp | Mar 2023 −0.8 pp | Jun 2023 +0.1 pp | Sep 2023 +0.6 pp | Dec 2023 −1.0 pp | Mar 2024 +1.0 pp | Jun 2024 +2.0 pp | Sep 2024 +2.0 pp | Dec 2024 +1.0 pp | Mar 2025 +1.0 pp | Jun 2025 −1.0 pp | Sep 2025 −1.0 pp | Dec 2025 −2.0 pp | Mar 2026 −1.0 pp | Jun 2026 0.0 pp
- TECHM: Dec 2021 −1.7 pp | Mar 2022 −2.3 pp | Jun 2022 −3.6 pp | Aug 2022 — | Sep 2022 −3.5 pp | Dec 2022 −2.0 pp | Mar 2023 −4.2 pp | Jun 2023 −4.8 pp | Sep 2023 −7.8 pp | Dec 2023 −7.0 pp | Mar 2024 −4.0 pp | Jun 2024 +2.0 pp | Sep 2024 +6.0 pp | Dec 2024 +5.0 pp | Mar 2025 +5.0 pp | Jun 2025 +2.0 pp | Sep 2025 +2.0 pp | Dec 2025 +2.0 pp | Mar 2026 +3.0 pp | Jun 2026 +3.0 pp
- LTM: Dec 2021 −3.1 pp | Mar 2022 −2.2 pp | Jun 2022 +0.8 pp | Aug 2022 — | Sep 2022 +0.4 pp | Dec 2022 −4.1 pp | Mar 2023 −1.7 pp | Jun 2023 −0.5 pp | Sep 2023 −1.9 pp | Dec 2023 +2.0 pp | Mar 2024 −1.0 pp | Jun 2024 −1.0 pp | Sep 2024 0.0 pp | Dec 2024 −2.0 pp | Mar 2025 −1.0 pp | Jun 2025 −1.0 pp | Sep 2025 +1.0 pp | Dec 2025 +3.0 pp | Mar 2026 +1.0 pp | Jun 2026 +1.0 pp
- COFORGE: Dec 2021 +1.4 pp | Mar 2022 +1.3 pp | Jun 2022 +1.3 pp | Aug 2022 — | Sep 2022 −0.3 pp | Dec 2022 −1.3 pp | Mar 2023 −3.9 pp | Jun 2023 −1.8 pp | Sep 2023 −2.2 pp | Dec 2023 0.0 pp | Mar 2024 +3.0 pp | Jun 2024 −1.0 pp | Sep 2024 −1.0 pp | Dec 2024 −4.0 pp | Mar 2025 −2.0 pp | Jun 2025 +3.0 pp | Sep 2025 +4.0 pp | Dec 2025 +4.0 pp | Mar 2026 +5.0 pp | Jun 2026 —
- MPHASIS: Dec 2021 −1.1 pp | Mar 2022 −0.9 pp | Jun 2022 −0.6 pp | Aug 2022 — | Sep 2022 +0.2 pp | Dec 2022 +0.3 pp | Mar 2023 +0.4 pp | Jun 2023 +0.4 pp | Sep 2023 +0.5 pp | Dec 2023 0.0 pp | Mar 2024 +1.0 pp | Jun 2024 0.0 pp | Sep 2024 0.0 pp | Dec 2024 +1.0 pp | Mar 2025 0.0 pp | Jun 2025 +1.0 pp | Sep 2025 0.0 pp | Dec 2025 0.0 pp | Mar 2026 0.0 pp | Jun 2026 −1.0 pp
- HEXT: Dec 2021 — | Mar 2022 — | Jun 2022 — | Aug 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 +1.3 pp | Jun 2024 +1.3 pp | Sep 2024 +2.1 pp | Dec 2024 +3.0 pp | Mar 2025 +1.0 pp | Jun 2025 −3.0 pp | Sep 2025 +1.0 pp | Dec 2025 −5.0 pp | Mar 2026 0.0 pp | Jun 2026 —
- ZENSARTECH: Dec 2021 −5.5 pp | Mar 2022 −5.4 pp | Jun 2022 −7.1 pp | Aug 2022 — | Sep 2022 −6.8 pp | Dec 2022 −3.4 pp | Mar 2023 −0.2 pp | Jun 2023 +7.7 pp | Sep 2023 +10.5 pp | Dec 2023 +6.0 pp | Mar 2024 +3.0 pp | Jun 2024 −4.0 pp | Sep 2024 −4.0 pp | Dec 2024 −1.0 pp | Mar 2025 −1.0 pp | Jun 2025 0.0 pp | Sep 2025 0.0 pp | Dec 2025 +1.0 pp | Mar 2026 0.0 pp | Jun 2026 —
- SONATSOFTW: Dec 2021 −0.9 pp | Mar 2022 −2.2 pp | Jun 2022 0.0 pp | Aug 2022 — | Sep 2022 −2.4 pp | Dec 2022 −0.1 pp | Mar 2023 +0.6 pp | Jun 2023 +1.0 pp | Sep 2023 −0.3 pp | Dec 2023 +1.0 pp | Mar 2024 −1.0 pp | Jun 2024 −2.0 pp | Sep 2024 −2.0 pp | Dec 2024 −2.0 pp | Mar 2025 0.0 pp | Jun 2025 −2.0 pp | Sep 2025 0.0 pp | Dec 2025 0.0 pp | Mar 2026 +1.0 pp | Jun 2026 —
- TANLA: Dec 2021 +3.5 pp | Mar 2022 +0.9 pp | Jun 2022 −5.2 pp | Aug 2022 — | Sep 2022 −4.8 pp | Dec 2022 −5.9 pp | Mar 2023 −1.6 pp | Jun 2023 +3.7 pp | Sep 2023 +3.6 pp | Dec 2023 +2.0 pp | Mar 2024 −4.0 pp | Jun 2024 −1.0 pp | Sep 2024 −2.0 pp | Dec 2024 −3.0 pp | Mar 2025 0.0 pp | Jun 2025 −3.0 pp | Sep 2025 −2.0 pp | Dec 2025 +1.0 pp | Mar 2026 0.0 pp | Jun 2026 0.0 pp
- BSOFT: Dec 2021 −1.2 pp | Mar 2022 −1.0 pp | Jun 2022 −1.3 pp | Aug 2022 — | Sep 2022 −0.2 pp | Dec 2022 −14.2 pp | Mar 2023 −1.9 pp | Jun 2023 +0.3 pp | Sep 2023 +1.2 pp | Dec 2023 +15.0 pp | Mar 2024 +2.0 pp | Jun 2024 0.0 pp | Sep 2024 −4.0 pp | Dec 2024 −4.0 pp | Mar 2025 −3.0 pp | Jun 2025 −3.0 pp | Sep 2025 +4.0 pp | Dec 2025 +6.0 pp | Mar 2026 +5.0 pp | Jun 2026 —
- STYL: Dec 2021 — | Mar 2022 — | Jun 2022 — | Aug 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 +1.0 pp | Sep 2025 +1.0 pp | Dec 2025 +3.0 pp | Mar 2026 +2.0 pp | Jun 2026 0.0 pp
- CCAVENUE: Dec 2021 −6.9 pp | Mar 2022 −6.3 pp | Jun 2022 −3.1 pp | Aug 2022 — | Sep 2022 −2.9 pp | Dec 2022 +1.5 pp | Mar 2023 −4.5 pp | Jun 2023 −2.9 pp | Sep 2023 +0.8 pp | Dec 2023 −4.0 pp | Mar 2024 +2.0 pp | Jun 2024 +2.0 pp | Sep 2024 −1.0 pp | Dec 2024 0.0 pp | Mar 2025 −3.0 pp | Jun 2025 −3.0 pp | Sep 2025 −3.0 pp | Dec 2025 −3.0 pp | Mar 2026 −2.0 pp | Jun 2026 —
- MASTEK: Dec 2021 −2.4 pp | Mar 2022 −1.2 pp | Jun 2022 −2.7 pp | Aug 2022 — | Sep 2022 −4.0 pp | Dec 2022 −4.1 pp | Mar 2023 −2.8 pp | Jun 2023 −1.2 pp | Sep 2023 −1.2 pp | Dec 2023 0.0 pp | Mar 2024 −2.0 pp | Jun 2024 −3.0 pp | Sep 2024 0.0 pp | Dec 2024 −1.0 pp | Mar 2025 −1.0 pp | Jun 2025 0.0 pp | Sep 2025 −1.0 pp | Dec 2025 +1.0 pp | Mar 2026 +1.0 pp | Jun 2026 0.0 pp
- DATAMATICS: Dec 2021 +4.0 pp | Mar 2022 +1.8 pp | Jun 2022 +0.3 pp | Aug 2022 — | Sep 2022 −1.6 pp | Dec 2022 −0.8 pp | Mar 2023 +3.6 pp | Jun 2023 +2.4 pp | Sep 2023 +1.0 pp | Dec 2023 −2.0 pp | Mar 2024 −4.0 pp | Jun 2024 −4.0 pp | Sep 2024 −4.0 pp | Dec 2024 −1.0 pp | Mar 2025 −1.0 pp | Jun 2025 +3.0 pp | Sep 2025 +6.0 pp | Dec 2025 +6.0 pp | Mar 2026 +6.0 pp | Jun 2026 —
- AURIONPRO: Dec 2021 +1.4 pp | Mar 2022 +65.8 pp | Jun 2022 +1.3 pp | Aug 2022 — | Sep 2022 +0.3 pp | Dec 2022 −1.1 pp | Mar 2023 −1.0 pp | Jun 2023 −0.4 pp | Sep 2023 −0.2 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 −1.0 pp | Jun 2025 −1.0 pp | Sep 2025 0.0 pp | Dec 2025 −1.0 pp | Mar 2026 −1.0 pp | Jun 2026 —
- MOSCHIP: Dec 2021 +7.3 pp | Mar 2022 +4.5 pp | Jun 2022 +0.5 pp | Aug 2022 — | Sep 2022 −4.4 pp | Dec 2022 −2.2 pp | Mar 2023 −1.5 pp | Jun 2023 −1.1 pp | Sep 2023 +3.5 pp | Dec 2023 −4.2 pp | Mar 2024 −4.1 pp | Jun 2024 −2.5 pp | Sep 2024 −1.6 pp | Dec 2024 +3.7 pp | Mar 2025 +0.9 pp | Jun 2025 +1.1 pp | Sep 2025 −1.1 pp | Dec 2025 −3.4 pp | Mar 2026 −3.4 pp | Jun 2026 −3.9 pp
- CAPILLARY: Dec 2021 — | Mar 2022 — | Jun 2022 — | Aug 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 +5.9 pp | Sep 2025 +15.7 pp | Dec 2025 0.0 pp | Mar 2026 −2.0 pp | Jun 2026 —
- CIGNITITEC: Dec 2021 −1.8 pp | Mar 2022 −4.8 pp | Jun 2022 +2.6 pp | Aug 2022 — | Sep 2022 +4.2 pp | Dec 2022 +2.6 pp | Mar 2023 +6.5 pp | Jun 2023 +2.2 pp | Sep 2023 −0.6 pp | Dec 2023 −1.0 pp | Mar 2024 −9.0 pp | Jun 2024 −3.0 pp | Sep 2024 −1.0 pp | Dec 2024 +2.0 pp | Mar 2025 +10.0 pp | Jun 2025 +6.0 pp | Sep 2025 +4.0 pp | Dec 2025 +2.0 pp | Mar 2026 — | Jun 2026 —
- 63MOONS: Dec 2021 −35.5 pp | Mar 2022 −25.7 pp | Jun 2022 −26.8 pp | Aug 2022 — | Sep 2022 −8.1 pp | Dec 2022 +92.0 pp | Mar 2023 +109.1 pp | Jun 2023 +117.4 pp | Sep 2023 +113.4 pp | Dec 2023 +31.0 pp | Mar 2024 −732.0 pp | Jun 2024 −500.0 pp | Sep 2024 −653.0 pp | Dec 2024 −567.0 pp | Mar 2025 +253.0 pp | Jun 2025 +297.0 pp | Sep 2025 +187.0 pp | Dec 2025 +283.0 pp | Mar 2026 +397.0 pp | Jun 2026 —
- TECHNVISN: Dec 2021 +10.4 pp | Mar 2022 +35.4 pp | Jun 2022 +16.5 pp | Aug 2022 — | Sep 2022 +1.7 pp | Dec 2022 −52.8 pp | Mar 2023 −2.6 pp | Jun 2023 −22.5 pp | Sep 2023 +3.1 pp | Dec 2023 +27.2 pp | Mar 2024 +9.6 pp | Jun 2024 +26.7 pp | Sep 2024 −10.2 pp | Dec 2024 −15.4 pp | Mar 2025 −16.5 pp | Jun 2025 −3.8 pp | Sep 2025 +6.7 pp | Dec 2025 +4.3 pp | Mar 2026 −5.7 pp | Jun 2026 —
- RSYSTEMS: Dec 2021 −2.3 pp | Mar 2022 −0.3 pp | Jun 2022 −1.1 pp | Aug 2022 — | Sep 2022 −2.3 pp | Dec 2022 +0.3 pp | Mar 2023 +0.9 pp | Jun 2023 +0.8 pp | Sep 2023 +4.4 pp | Dec 2023 +1.0 pp | Mar 2024 0.0 pp | Jun 2024 +1.0 pp | Sep 2024 −3.0 pp | Dec 2024 +1.0 pp | Mar 2025 +3.0 pp | Jun 2025 +1.0 pp | Sep 2025 −1.0 pp | Dec 2025 +1.0 pp | Mar 2026 +2.0 pp | Jun 2026 —
- SASKEN: Dec 2021 −1.1 pp | Mar 2022 −4.2 pp | Jun 2022 −2.3 pp | Aug 2022 — | Sep 2022 −6.5 pp | Dec 2022 −6.0 pp | Mar 2023 −14.4 pp | Jun 2023 −18.1 pp | Sep 2023 −11.1 pp | Dec 2023 −18.7 pp | Mar 2024 −12.0 pp | Jun 2024 −5.0 pp | Sep 2024 −11.0 pp | Dec 2024 −1.0 pp | Mar 2025 +3.0 pp | Jun 2025 +1.0 pp | Sep 2025 +3.0 pp | Dec 2025 +6.0 pp | Mar 2026 +5.0 pp | Jun 2026 —
- BLSE: Dec 2021 — | Mar 2022 — | Jun 2022 — | Aug 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 +1.0 pp | Mar 2024 −2.0 pp | Jun 2024 +5.0 pp | Sep 2024 +3.0 pp | Dec 2024 −2.0 pp | Mar 2025 −7.0 pp | Jun 2025 −9.0 pp | Sep 2025 −11.0 pp | Dec 2025 −6.0 pp | Mar 2026 −2.0 pp | Jun 2026 —
- SILVERTUC: Dec 2021 — | Mar 2022 +3.4 pp | Jun 2022 +1.5 pp | Aug 2022 — | Sep 2022 +2.5 pp | Dec 2022 −3.7 pp | Mar 2023 +9.0 pp | Jun 2023 −0.1 pp | Sep 2023 +0.3 pp | Dec 2023 +4.0 pp | Mar 2024 −2.0 pp | Jun 2024 +4.0 pp | Sep 2024 0.0 pp | Dec 2024 −1.0 pp | Mar 2025 +4.0 pp | Jun 2025 +2.0 pp | Sep 2025 +4.0 pp | Dec 2025 +7.0 pp | Mar 2026 +3.0 pp | Jun 2026 —
- SAKSOFT: Dec 2021 −0.3 pp | Mar 2022 −0.0 pp | Jun 2022 −0.0 pp | Aug 2022 — | Sep 2022 −1.1 pp | Dec 2022 −1.7 pp | Mar 2023 +2.1 pp | Jun 2023 +3.8 pp | Sep 2023 +2.3 pp | Dec 2023 +1.0 pp | Mar 2024 −1.0 pp | Jun 2024 −2.0 pp | Sep 2024 −1.0 pp | Dec 2024 0.0 pp | Mar 2025 −2.0 pp | Jun 2025 +1.0 pp | Sep 2025 +3.0 pp | Dec 2025 +1.0 pp | Mar 2026 +3.0 pp | Jun 2026 —
- KODYTECH: Dec 2021 — | Mar 2022 — | Jun 2022 — | Aug 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 +93.0 pp | Dec 2023 — | Mar 2024 −25.1 pp | Jun 2024 — | Sep 2024 +15.2 pp | Dec 2024 — | Mar 2025 +1.5 pp | Jun 2025 — | Sep 2025 −8.9 pp | Dec 2025 — | Mar 2026 −5.0 pp | Jun 2026 —
- IZMO: Dec 2021 −0.6 pp | Mar 2022 −8.4 pp | Jun 2022 −6.7 pp | Aug 2022 — | Sep 2022 −0.8 pp | Dec 2022 +4.0 pp | Mar 2023 +6.8 pp | Jun 2023 +12.6 pp | Sep 2023 +6.1 pp | Dec 2023 −3.0 pp | Mar 2024 −4.0 pp | Jun 2024 0.0 pp | Sep 2024 −4.0 pp | Dec 2024 −7.0 pp | Mar 2025 −5.0 pp | Jun 2025 −3.0 pp | Sep 2025 +6.0 pp | Dec 2025 +10.0 pp | Mar 2026 −5.0 pp | Jun 2026 —
- NINSYS: Dec 2021 — | Mar 2022 +4.9 pp | Jun 2022 — | Aug 2022 — | Sep 2022 −0.4 pp | Dec 2022 — | Mar 2023 −3.9 pp | Jun 2023 +3.8 pp | Sep 2023 +7.8 pp | Dec 2023 — | Mar 2024 +9.3 pp | Jun 2024 −4.9 pp | Sep 2024 −4.7 pp | Dec 2024 +3.3 pp | Mar 2025 +0.3 pp | Jun 2025 −1.1 pp | Sep 2025 +0.3 pp | Dec 2025 +0.3 pp | Mar 2026 +8.1 pp | Jun 2026 —
- DSSL: Dec 2021 +0.7 pp | Mar 2022 +1.0 pp | Jun 2022 +1.3 pp | Aug 2022 — | Sep 2022 +1.4 pp | Dec 2022 +3.2 pp | Mar 2023 +2.3 pp | Jun 2023 +1.5 pp | Sep 2023 +3.0 pp | Dec 2023 +1.0 pp | Mar 2024 −1.0 pp | Jun 2024 +1.0 pp | Sep 2024 −1.0 pp | Dec 2024 +1.0 pp | Mar 2025 +2.0 pp | Jun 2025 +2.0 pp | Sep 2025 +3.0 pp | Dec 2025 +3.0 pp | Mar 2026 0.0 pp | Jun 2026 —
- MCLOUD: Dec 2021 +21.1 pp | Mar 2022 −3.3 pp | Jun 2022 +20.3 pp | Aug 2022 — | Sep 2022 +29.2 pp | Dec 2022 +18.5 pp | Mar 2023 +23.4 pp | Jun 2023 +5.0 pp | Sep 2023 +0.2 pp | Dec 2023 +14.0 pp | Mar 2024 +11.0 pp | Jun 2024 +12.0 pp | Sep 2024 +7.0 pp | Dec 2024 −2.0 pp | Mar 2025 −10.0 pp | Jun 2025 −5.0 pp | Sep 2025 0.0 pp | Dec 2025 −5.0 pp | Mar 2026 −3.0 pp | Jun 2026 —
- INFOBEAN: Dec 2021 +5.2 pp | Mar 2022 +6.1 pp | Jun 2022 −2.0 pp | Aug 2022 — | Sep 2022 +6.2 pp | Dec 2022 −9.8 pp | Mar 2023 −14.6 pp | Jun 2023 −9.4 pp | Sep 2023 −8.6 pp | Dec 2023 −7.0 pp | Mar 2024 +6.0 pp | Jun 2024 +3.0 pp | Sep 2024 +7.0 pp | Dec 2024 +3.0 pp | Mar 2025 +1.0 pp | Jun 2025 +5.0 pp | Sep 2025 +6.0 pp | Dec 2025 +7.0 pp | Mar 2026 +1.0 pp | Jun 2026 0.0 pp
- EXPLEOSOL: Dec 2021 −2.8 pp | Mar 2022 −5.5 pp | Jun 2022 +0.8 pp | Aug 2022 — | Sep 2022 +2.2 pp | Dec 2022 +13.8 pp | Mar 2023 +3.7 pp | Jun 2023 −2.4 pp | Sep 2023 −5.1 pp | Dec 2023 −15.0 pp | Mar 2024 −6.0 pp | Jun 2024 0.0 pp | Sep 2024 +2.0 pp | Dec 2024 0.0 pp | Mar 2025 +3.0 pp | Jun 2025 −4.0 pp | Sep 2025 +1.0 pp | Dec 2025 +1.0 pp | Mar 2026 −1.0 pp | Jun 2026 —
- ORIENTTECH: Dec 2021 — | Mar 2022 — | Jun 2022 — | Aug 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 −0.2 pp | Sep 2024 +0.2 pp | Dec 2024 −2.5 pp | Mar 2025 −2.3 pp | Jun 2025 −1.6 pp | Sep 2025 −0.9 pp | Dec 2025 −6.5 pp | Mar 2026 −5.0 pp | Jun 2026 —
- TAC: Dec 2021 — | Mar 2022 — | Jun 2022 — | Aug 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 +8.0 pp | Dec 2024 — | Mar 2025 −16.0 pp | Jun 2025 — | Sep 2025 +12.0 pp | Dec 2025 — | Mar 2026 −6.0 pp | Jun 2026 —
- UNIECOM: Dec 2021 — | Mar 2022 — | Jun 2022 — | Aug 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 +4.9 pp | Sep 2024 +5.6 pp | Dec 2024 +7.9 pp | Mar 2025 +4.5 pp | Jun 2025 +3.4 pp | Sep 2025 −1.7 pp | Dec 2025 −6.0 pp | Mar 2026 −4.8 pp | Jun 2026 —
- EXCELSOFT: Dec 2021 — | Mar 2022 — | Jun 2022 — | Aug 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 +1.0 pp | Dec 2025 −5.0 pp | Mar 2026 −11.0 pp | Jun 2026 —
- QUICKHEAL: Dec 2021 +2.2 pp | Mar 2022 −17.5 pp | Jun 2022 −7.8 pp | Aug 2022 — | Sep 2022 −16.5 pp | Dec 2022 −42.7 pp | Mar 2023 −66.6 pp | Jun 2023 −30.7 pp | Sep 2023 −14.1 pp | Dec 2023 +31.0 pp | Mar 2024 +46.0 pp | Jun 2024 +33.0 pp | Sep 2024 −10.0 pp | Dec 2024 −19.0 pp | Mar 2025 −26.0 pp | Jun 2025 −21.0 pp | Sep 2025 +7.0 pp | Dec 2025 +6.0 pp | Mar 2026 −47.0 pp | Jun 2026 —
- SAHANA: Dec 2021 — | Mar 2022 — | Jun 2022 — | Aug 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 −4.0 pp | Dec 2023 — | Mar 2024 −6.0 pp | Jun 2024 — | Sep 2024 +12.0 pp | Dec 2024 — | Mar 2025 −6.0 pp | Jun 2025 — | Sep 2025 −5.0 pp | Dec 2025 — | Mar 2026 −3.0 pp | Jun 2026 —
- KELLTONTEC: Dec 2021 −3.6 pp | Mar 2022 −1.8 pp | Jun 2022 −0.7 pp | Aug 2022 — | Sep 2022 −1.9 pp | Dec 2022 −0.8 pp | Mar 2023 −5.3 pp | Jun 2023 −1.0 pp | Sep 2023 −0.2 pp | Dec 2023 −3.0 pp | Mar 2024 +6.0 pp | Jun 2024 +1.0 pp | Sep 2024 +1.0 pp | Dec 2024 +4.0 pp | Mar 2025 −3.0 pp | Jun 2025 0.0 pp | Sep 2025 0.0 pp | Dec 2025 +1.0 pp | Mar 2026 −2.0 pp | Jun 2026 −1.0 pp
- XCHANGING: Dec 2021 +1.6 pp | Mar 2022 +5.7 pp | Jun 2022 +5.3 pp | Aug 2022 — | Sep 2022 +0.6 pp | Dec 2022 −13.0 pp | Mar 2023 −2.3 pp | Jun 2023 −1.7 pp | Sep 2023 −4.4 pp | Dec 2023 +8.0 pp | Mar 2024 −7.0 pp | Jun 2024 −8.0 pp | Sep 2024 −3.0 pp | Dec 2024 +4.0 pp | Mar 2025 +12.0 pp | Jun 2025 +9.0 pp | Sep 2025 +8.0 pp | Dec 2025 +2.0 pp | Mar 2026 +3.0 pp | Jun 2026 —
- INNOVANA: Dec 2021 — | Mar 2022 +20.6 pp | Jun 2022 — | Aug 2022 — | Sep 2022 −21.3 pp | Dec 2022 — | Mar 2023 +7.3 pp | Jun 2023 +24.9 pp | Sep 2023 +15.5 pp | Dec 2023 −2.4 pp | Mar 2024 −8.0 pp | Jun 2024 +1.1 pp | Sep 2024 +9.0 pp | Dec 2024 +8.5 pp | Mar 2025 +21.8 pp | Jun 2025 +0.9 pp | Sep 2025 −10.4 pp | Dec 2025 −22.3 pp | Mar 2026 −46.5 pp | Jun 2026 —
- SUBEXLTD: Dec 2021 −12.5 pp | Mar 2022 −22.8 pp | Jun 2022 −19.3 pp | Aug 2022 — | Sep 2022 −11.1 pp | Dec 2022 −2.2 pp | Mar 2023 −79.1 pp | Jun 2023 −22.8 pp | Sep 2023 −6.4 pp | Dec 2023 −6.2 pp | Mar 2024 +81.5 pp | Jun 2024 +13.1 pp | Sep 2024 +8.5 pp | Dec 2024 +2.7 pp | Mar 2025 −22.1 pp | Jun 2025 +14.8 pp | Sep 2025 +6.6 pp | Dec 2025 +9.3 pp | Mar 2026 +31.0 pp | Jun 2026 —
- VEEFIN: Dec 2021 — | Mar 2022 — | Jun 2022 — | Aug 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 +14.1 pp | Dec 2024 — | Mar 2025 −27.8 pp | Jun 2025 — | Sep 2025 −12.4 pp | Dec 2025 — | Mar 2026 — | Jun 2026 —
- UNIFIED: Dec 2021 — | Mar 2022 — | Jun 2022 — | Aug 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 −8.0 pp | Dec 2025 — | Mar 2026 — | Jun 2026 —
- ADSL: Dec 2021 −3.6 pp | Mar 2022 +6.3 pp | Jun 2022 −2.7 pp | Aug 2022 — | Sep 2022 −0.6 pp | Dec 2022 +5.6 pp | Mar 2023 −6.1 pp | Jun 2023 +1.4 pp | Sep 2023 −3.2 pp | Dec 2023 −4.9 pp | Mar 2024 +2.5 pp | Jun 2024 +0.1 pp | Sep 2024 −2.6 pp | Dec 2024 −0.7 pp | Mar 2025 −18.3 pp | Jun 2025 −2.1 pp | Sep 2025 −0.3 pp | Dec 2025 −0.8 pp | Mar 2026 +0.8 pp | Jun 2026 —
- KSOLVES: Dec 2021 −6.0 pp | Mar 2022 −8.0 pp | Jun 2022 −3.6 pp | Aug 2022 — | Sep 2022 +1.7 pp | Dec 2022 −0.7 pp | Mar 2023 −0.9 pp | Jun 2023 −0.3 pp | Sep 2023 −0.5 pp | Dec 2023 +1.7 pp | Mar 2024 +1.7 pp | Jun 2024 −4.8 pp | Sep 2024 −5.3 pp | Dec 2024 −4.9 pp | Mar 2025 −16.9 pp | Jun 2025 −11.7 pp | Sep 2025 −7.5 pp | Dec 2025 −5.0 pp | Mar 2026 +3.6 pp | Jun 2026 +3.9 pp
- MINDTECK: Dec 2021 +0.7 pp | Mar 2022 −4.1 pp | Jun 2022 +1.7 pp | Aug 2022 — | Sep 2022 −0.8 pp | Dec 2022 +1.8 pp | Mar 2023 +1.9 pp | Jun 2023 −0.1 pp | Sep 2023 +1.7 pp | Dec 2023 −0.1 pp | Mar 2024 0.0 pp | Jun 2024 0.0 pp | Sep 2024 −1.0 pp | Dec 2024 0.0 pp | Mar 2025 0.0 pp | Jun 2025 +2.0 pp | Sep 2025 −1.0 pp | Dec 2025 +1.0 pp | Mar 2026 +2.0 pp | Jun 2026 —
- SOFTTECH: Dec 2021 — | Mar 2022 +6.9 pp | Jun 2022 −0.6 pp | Aug 2022 — | Sep 2022 +6.7 pp | Dec 2022 +4.9 pp | Mar 2023 +0.5 pp | Jun 2023 −5.6 pp | Sep 2023 +0.3 pp | Dec 2023 −3.7 pp | Mar 2024 −1.5 pp | Jun 2024 +5.2 pp | Sep 2024 −5.5 pp | Dec 2024 +0.4 pp | Mar 2025 −11.0 pp | Jun 2025 −3.2 pp | Sep 2025 +1.2 pp | Dec 2025 −3.0 pp | Mar 2026 +6.2 pp | Jun 2026 —
- AUTOPALIND: Dec 2021 — | Mar 2022 — | Jun 2022 — | Aug 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 +6.4 pp | Sep 2025 +7.8 pp | Dec 2025 +14.8 pp | Mar 2026 +5.1 pp | Jun 2026 —
- XTGLOBAL: Dec 2021 +8.1 pp | Mar 2022 −4.1 pp | Jun 2022 +3.4 pp | Aug 2022 — | Sep 2022 −3.8 pp | Dec 2022 −4.8 pp | Mar 2023 −7.0 pp | Jun 2023 −5.9 pp | Sep 2023 +4.6 pp | Dec 2023 +1.0 pp | Mar 2024 +2.8 pp | Jun 2024 +1.7 pp | Sep 2024 −3.7 pp | Dec 2024 +3.9 pp | Mar 2025 −2.8 pp | Jun 2025 −2.6 pp | Sep 2025 −3.8 pp | Dec 2025 −6.6 pp | Mar 2026 — | Jun 2026 —
- TECHLABS: Dec 2021 — | Mar 2022 — | Jun 2022 — | Aug 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 +118.0 pp | Jun 2024 — | Sep 2024 +47.0 pp | Dec 2024 — | Mar 2025 −4.0 pp | Jun 2025 — | Sep 2025 −2.0 pp | Dec 2025 — | Mar 2026 — | Jun 2026 —
- META: Dec 2021 — | Mar 2022 — | Jun 2022 — | Aug 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 −2.0 pp | Dec 2025 — | Mar 2026 — | Jun 2026 —

## Profit Scale & Acceleration

What the numbers say: Tata Consultancy Services Ltd leads with ₹50,055 crore of TTM profit, 65.1% above Infosys Ltd. Capillary Technologies India Ltd shows ≥100% on the scoring scale (271.4% uncapped) growth from a ₹52 crore profit base. Compare the size of the base and persistence before ranking acceleration above profit scale.

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

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

Evidence: Tata Consultancy Services Ltd · ₹50,055 crore | 65.1% versus #2 · Infosys Ltd | 6/8 recent comparable periods | 55/63 companies · 850 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. Tata Consultancy Services Ltd (TCS): ₹50.1K Cr
2. Infosys Ltd (INFY): ₹30.3K Cr
3. HCL Technologies Ltd (HCLTECH): ₹17.4K Cr
4. Wipro Ltd (WIPRO): ₹13.3K Cr
5. LTM Ltd (LTM): ₹5.2K Cr

### Profit growth — fastest growers
1. Capillary Technologies India Ltd (CAPILLARY): 271%
2. ASM Technologies Ltd (526433): 100%
3. ERP Soft Systems Ltd (530909): 100% — older report
4. String Metaverse Ltd (534535): 100%
5. Hypersoft Technologies Ltd (539724): 100%

### 20-quarter Net profit history
- 504375: Dec 2021 — | Mar 2022 — | Jun 2022 — | Aug 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 ₹-0 Cr | Jun 2023 ₹-0 Cr | Sep 2023 ₹-0 Cr | Dec 2023 ₹-0 Cr | Mar 2024 ₹-0 Cr | Jun 2024 ₹-0 Cr | Sep 2024 ₹-0 Cr | Dec 2024 ₹-0 Cr | Mar 2025 ₹-0 Cr | Jun 2025 ₹-0 Cr | Sep 2025 ₹-0 Cr | Dec 2025 ₹3 Cr | Mar 2026 ₹-3 Cr | Jun 2026 —
- 526433: Dec 2021 — | Mar 2022 — | Jun 2022 — | Aug 2022 — | Sep 2022 — | Dec 2022 ₹1 Cr | Mar 2023 ₹0 Cr | Jun 2023 ₹0 Cr | Sep 2023 ₹-3 Cr | Dec 2023 ₹-1 Cr | Mar 2024 ₹-3 Cr | Jun 2024 ₹3 Cr | Sep 2024 ₹2 Cr | Dec 2024 ₹5 Cr | Mar 2025 ₹15 Cr | Jun 2025 ₹16 Cr | Sep 2025 ₹19 Cr | Dec 2025 ₹9 Cr | Mar 2026 ₹17 Cr | Jun 2026 —
- 530909: Dec 2021 — | Mar 2022 — | Jun 2022 — | Aug 2022 — | Sep 2022 ₹0 Cr | Dec 2022 ₹0 Cr | Mar 2023 ₹0 Cr | Jun 2023 ₹0 Cr | Sep 2023 ₹0 Cr | Dec 2023 ₹0 Cr | Mar 2024 ₹0 Cr | Jun 2024 ₹0 Cr | Sep 2024 ₹0 Cr | Dec 2024 ₹0 Cr | Mar 2025 ₹0 Cr | Jun 2025 ₹0 Cr | Sep 2025 ₹0 Cr | Dec 2025 ₹0 Cr | Mar 2026 — | Jun 2026 —
- 534535: Dec 2021 — | Mar 2022 — | Jun 2022 — | Aug 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 ₹0 Cr | Jun 2023 ₹-1 Cr | Sep 2023 ₹0 Cr | Dec 2023 ₹0 Cr | Mar 2024 ₹-1 Cr | Jun 2024 ₹5 Cr | Sep 2024 ₹7 Cr | Dec 2024 ₹10 Cr | Mar 2025 ₹13 Cr | Jun 2025 ₹18 Cr | Sep 2025 ₹22 Cr | Dec 2025 ₹28 Cr | Mar 2026 ₹35 Cr | Jun 2026 —
- 539607: Dec 2021 — | Mar 2022 — | Jun 2022 — | Aug 2022 — | Sep 2022 ₹0 Cr | Dec 2022 ₹0 Cr | Mar 2023 ₹1 Cr | Jun 2023 ₹1 Cr | Sep 2023 ₹3 Cr | Dec 2023 ₹4 Cr | Mar 2024 ₹9 Cr | Jun 2024 ₹10 Cr | Sep 2024 ₹11 Cr | Dec 2024 ₹9 Cr | Mar 2025 ₹13 Cr | Jun 2025 ₹14 Cr | Sep 2025 ₹15 Cr | Dec 2025 ₹19 Cr | Mar 2026 ₹12 Cr | Jun 2026 —
- 539724: Dec 2021 — | Mar 2022 — | Jun 2022 — | Aug 2022 — | Sep 2022 — | Dec 2022 ₹-0 Cr | Mar 2023 ₹0 Cr | Jun 2023 ₹-0 Cr | Sep 2023 ₹0 Cr | Dec 2023 ₹-0 Cr | Mar 2024 ₹-1 Cr | Jun 2024 ₹-0 Cr | Sep 2024 ₹-0 Cr | Dec 2024 ₹-1 Cr | Mar 2025 ₹1 Cr | Jun 2025 ₹1 Cr | Sep 2025 ₹1 Cr | Dec 2025 ₹-2 Cr | Mar 2026 ₹3 Cr | Jun 2026 —
- 544361: Dec 2021 — | Mar 2022 — | Jun 2022 — | Aug 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 ₹1 Cr | Mar 2024 ₹-1 Cr | Jun 2024 ₹9 Cr | Sep 2024 ₹4 Cr | Dec 2024 ₹1 Cr | Mar 2025 ₹-2 Cr | Jun 2025 ₹8 Cr | Sep 2025 ₹8 Cr | Dec 2025 ₹13 Cr | Mar 2026 ₹6 Cr | Jun 2026 —
- 544626: Dec 2021 — | Mar 2022 — | Jun 2022 — | Aug 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 ₹2 Cr | Mar 2025 ₹6 Cr | Jun 2025 — | Sep 2025 ₹5 Cr | Dec 2025 ₹5 Cr | Mar 2026 ₹4 Cr | Jun 2026 —
- TCS: Dec 2021 ₹9.8K Cr | Mar 2022 ₹9.9K Cr | Jun 2022 ₹9.5K Cr | Aug 2022 — | Sep 2022 ₹10.4K Cr | Dec 2022 ₹10.9K Cr | Mar 2023 ₹11.4K Cr | Jun 2023 ₹11.1K Cr | Sep 2023 ₹11.4K Cr | Dec 2023 ₹11.1K Cr | Mar 2024 ₹12.5K Cr | Jun 2024 ₹12.1K Cr | Sep 2024 ₹12.0K Cr | Dec 2024 ₹12.4K Cr | Mar 2025 ₹12.3K Cr | Jun 2025 ₹12.8K Cr | Sep 2025 ₹12.1K Cr | Dec 2025 ₹10.7K Cr | Mar 2026 ₹13.8K Cr | Jun 2026 ₹13.4K Cr
- INFY: Dec 2021 — | Mar 2022 — | Jun 2022 — | Aug 2022 — | Sep 2022 — | Dec 2022 ₹6.6K Cr | Mar 2023 ₹6.1K Cr | Jun 2023 ₹5.9K Cr | Sep 2023 ₹6.2K Cr | Dec 2023 ₹6.1K Cr | Mar 2024 ₹8.0K Cr | Jun 2024 ₹6.4K Cr | Sep 2024 ₹6.5K Cr | Dec 2024 ₹6.8K Cr | Mar 2025 ₹7.0K Cr | Jun 2025 ₹6.9K Cr | Sep 2025 ₹7.4K Cr | Dec 2025 ₹6.7K Cr | Mar 2026 ₹8.5K Cr | Jun 2026 ₹7.8K Cr
- HCLTECH: Dec 2021 — | Mar 2022 — | Jun 2022 — | Aug 2022 — | Sep 2022 — | Dec 2022 ₹4.1K Cr | Mar 2023 ₹4.0K Cr | Jun 2023 ₹3.5K Cr | Sep 2023 ₹3.8K Cr | Dec 2023 ₹4.4K Cr | Mar 2024 ₹4.0K Cr | Jun 2024 ₹4.3K Cr | Sep 2024 ₹4.2K Cr | Dec 2024 ₹4.6K Cr | Mar 2025 ₹4.3K Cr | Jun 2025 ₹3.8K Cr | Sep 2025 ₹4.2K Cr | Dec 2025 ₹4.1K Cr | Mar 2026 ₹4.5K Cr | Jun 2026 ₹4.6K Cr
- WIPRO: Dec 2021 ₹3.0K Cr | Mar 2022 ₹3.1K Cr | Jun 2022 ₹2.6K Cr | Aug 2022 — | Sep 2022 ₹2.7K Cr | Dec 2022 ₹3.1K Cr | Mar 2023 ₹3.1K Cr | Jun 2023 ₹2.9K Cr | Sep 2023 ₹2.7K Cr | Dec 2023 ₹2.7K Cr | Mar 2024 ₹2.9K Cr | Jun 2024 ₹3.0K Cr | Sep 2024 ₹3.2K Cr | Dec 2024 ₹3.4K Cr | Mar 2025 ₹3.6K Cr | Jun 2025 ₹3.3K Cr | Sep 2025 ₹3.3K Cr | Dec 2025 ₹3.1K Cr | Mar 2026 ₹3.5K Cr | Jun 2026 ₹3.4K Cr
- TECHM: Dec 2021 ₹1.4K Cr | Mar 2022 ₹1.5K Cr | Jun 2022 ₹1.1K Cr | Aug 2022 — | Sep 2022 ₹1.3K Cr | Dec 2022 ₹1.3K Cr | Mar 2023 ₹1.1K Cr | Jun 2023 ₹704 Cr | Sep 2023 ₹505 Cr | Dec 2023 ₹524 Cr | Mar 2024 ₹664 Cr | Jun 2024 ₹865 Cr | Sep 2024 ₹1.3K Cr | Dec 2024 ₹989 Cr | Mar 2025 ₹1.1K Cr | Jun 2025 ₹1.1K Cr | Sep 2025 ₹1.2K Cr | Dec 2025 ₹1.1K Cr | Mar 2026 ₹1.4K Cr | Jun 2026 ₹1.5K Cr
- LTM: Dec 2021 ₹612 Cr | Mar 2022 ₹2.3K Cr | Jun 2022 ₹634 Cr | Aug 2022 — | Sep 2022 ₹679 Cr | Dec 2022 ₹1.0K Cr | Mar 2023 ₹1.1K Cr | Jun 2023 ₹1.2K Cr | Sep 2023 ₹1.2K Cr | Dec 2023 ₹1.2K Cr | Mar 2024 ₹1.1K Cr | Jun 2024 ₹1.1K Cr | Sep 2024 ₹1.3K Cr | Dec 2024 ₹1.1K Cr | Mar 2025 ₹1.1K Cr | Jun 2025 ₹1.3K Cr | Sep 2025 ₹1.4K Cr | Dec 2025 ₹960 Cr | Mar 2026 ₹1.4K Cr | Jun 2026 ₹1.5K Cr
- COFORGE: Dec 2021 ₹197 Cr | Mar 2022 ₹225 Cr | Jun 2022 ₹172 Cr | Aug 2022 — | Sep 2022 ₹221 Cr | Dec 2022 ₹236 Cr | Mar 2023 ₹117 Cr | Jun 2023 ₹176 Cr | Sep 2023 ₹188 Cr | Dec 2023 ₹243 Cr | Mar 2024 ₹229 Cr | Jun 2024 ₹139 Cr | Sep 2024 ₹234 Cr | Dec 2024 ₹256 Cr | Mar 2025 ₹307 Cr | Jun 2025 ₹356 Cr | Sep 2025 ₹425 Cr | Dec 2025 ₹297 Cr | Mar 2026 ₹666 Cr | Jun 2026 —
- MPHASIS: Dec 2021 ₹358 Cr | Mar 2022 ₹392 Cr | Jun 2022 ₹402 Cr | Aug 2022 — | Sep 2022 ₹418 Cr | Dec 2022 ₹412 Cr | Mar 2023 ₹405 Cr | Jun 2023 ₹396 Cr | Sep 2023 ₹392 Cr | Dec 2023 ₹374 Cr | Mar 2024 ₹393 Cr | Jun 2024 ₹405 Cr | Sep 2024 ₹423 Cr | Dec 2024 ₹428 Cr | Mar 2025 ₹446 Cr | Jun 2025 ₹442 Cr | Sep 2025 ₹469 Cr | Dec 2025 ₹442 Cr | Mar 2026 ₹510 Cr | Jun 2026 ₹490 Cr
- HEXT: Dec 2021 — | Mar 2022 — | Jun 2022 — | Aug 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 ₹255 Cr | Jun 2023 ₹255 Cr | Sep 2023 ₹296 Cr | Dec 2023 ₹193 Cr | Mar 2024 ₹279 Cr | Jun 2024 ₹275 Cr | Sep 2024 ₹300 Cr | Dec 2024 ₹321 Cr | Mar 2025 ₹327 Cr | Jun 2025 ₹380 Cr | Sep 2025 ₹370 Cr | Dec 2025 ₹292 Cr | Mar 2026 ₹352 Cr | Jun 2026 —
- ZENSARTECH: Dec 2021 ₹91 Cr | Mar 2022 ₹130 Cr | Jun 2022 ₹75 Cr | Aug 2022 — | Sep 2022 ₹57 Cr | Dec 2022 ₹76 Cr | Mar 2023 ₹119 Cr | Jun 2023 ₹156 Cr | Sep 2023 ₹174 Cr | Dec 2023 ₹162 Cr | Mar 2024 ₹173 Cr | Jun 2024 ₹158 Cr | Sep 2024 ₹156 Cr | Dec 2024 ₹160 Cr | Mar 2025 ₹176 Cr | Jun 2025 ₹182 Cr | Sep 2025 ₹182 Cr | Dec 2025 ₹200 Cr | Mar 2026 ₹211 Cr | Jun 2026 —
- SONATSOFTW: Dec 2021 ₹98 Cr | Mar 2022 ₹101 Cr | Jun 2022 ₹108 Cr | Aug 2022 — | Sep 2022 ₹113 Cr | Dec 2022 ₹118 Cr | Mar 2023 ₹114 Cr | Jun 2023 ₹120 Cr | Sep 2023 ₹124 Cr | Dec 2023 ₹-46 Cr | Mar 2024 ₹110 Cr | Jun 2024 ₹106 Cr | Sep 2024 ₹106 Cr | Dec 2024 ₹105 Cr | Mar 2025 ₹108 Cr | Jun 2025 ₹109 Cr | Sep 2025 ₹120 Cr | Dec 2025 ₹104 Cr | Mar 2026 ₹130 Cr | Jun 2026 —
- TANLA: Dec 2021 ₹158 Cr | Mar 2022 ₹141 Cr | Jun 2022 ₹100 Cr | Aug 2022 — | Sep 2022 ₹110 Cr | Dec 2022 ₹117 Cr | Mar 2023 ₹120 Cr | Jun 2023 ₹135 Cr | Sep 2023 ₹143 Cr | Dec 2023 ₹140 Cr | Mar 2024 ₹130 Cr | Jun 2024 ₹141 Cr | Sep 2024 ₹130 Cr | Dec 2024 ₹119 Cr | Mar 2025 ₹117 Cr | Jun 2025 ₹118 Cr | Sep 2025 ₹125 Cr | Dec 2025 ₹131 Cr | Mar 2026 ₹134 Cr | Jun 2026 ₹142 Cr
- BSOFT: Dec 2021 ₹114 Cr | Mar 2022 ₹133 Cr | Jun 2022 ₹121 Cr | Aug 2022 — | Sep 2022 ₹115 Cr | Dec 2022 ₹-16 Cr | Mar 2023 ₹112 Cr | Jun 2023 ₹138 Cr | Sep 2023 ₹145 Cr | Dec 2023 ₹161 Cr | Mar 2024 ₹180 Cr | Jun 2024 ₹150 Cr | Sep 2024 ₹128 Cr | Dec 2024 ₹117 Cr | Mar 2025 ₹122 Cr | Jun 2025 ₹106 Cr | Sep 2025 ₹116 Cr | Dec 2025 ₹120 Cr | Mar 2026 ₹176 Cr | Jun 2026 —
- STYL: Dec 2021 — | Mar 2022 — | Jun 2022 — | Aug 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 ₹40 Cr | Sep 2024 ₹65 Cr | Dec 2024 ₹54 Cr | Mar 2025 ₹63 Cr | Jun 2025 ₹37 Cr | Sep 2025 ₹58 Cr | Dec 2025 ₹64 Cr | Mar 2026 ₹82 Cr | Jun 2026 ₹60 Cr
- CCAVENUE: Dec 2021 ₹24 Cr | Mar 2022 ₹28 Cr | Jun 2022 ₹23 Cr | Aug 2022 — | Sep 2022 ₹40 Cr | Dec 2022 ₹35 Cr | Mar 2023 ₹38 Cr | Jun 2023 ₹25 Cr | Sep 2023 ₹41 Cr | Dec 2023 ₹43 Cr | Mar 2024 ₹46 Cr | Jun 2024 ₹69 Cr | Sep 2024 ₹47 Cr | Dec 2024 ₹64 Cr | Mar 2025 ₹55 Cr | Jun 2025 ₹58 Cr | Sep 2025 ₹68 Cr | Dec 2025 ₹80 Cr | Mar 2026 ₹89 Cr | Jun 2026 —
- MASTEK: Dec 2021 — | Mar 2022 — | Jun 2022 — | Aug 2022 — | Sep 2022 — | Dec 2022 ₹67 Cr | Mar 2023 ₹73 Cr | Jun 2023 ₹74 Cr | Sep 2023 ₹65 Cr | Dec 2023 ₹78 Cr | Mar 2024 ₹94 Cr | Jun 2024 ₹72 Cr | Sep 2024 ₹129 Cr | Dec 2024 ₹95 Cr | Mar 2025 ₹81 Cr | Jun 2025 ₹92 Cr | Sep 2025 ₹97 Cr | Dec 2025 ₹108 Cr | Mar 2026 ₹106 Cr | Jun 2026 ₹106 Cr
- DATAMATICS: Dec 2021 ₹37 Cr | Mar 2022 ₹46 Cr | Jun 2022 ₹43 Cr | Aug 2022 — | Sep 2022 ₹40 Cr | Dec 2022 ₹45 Cr | Mar 2023 ₹58 Cr | Jun 2023 ₹55 Cr | Sep 2023 ₹49 Cr | Dec 2023 ₹41 Cr | Mar 2024 ₹52 Cr | Jun 2024 ₹44 Cr | Sep 2024 ₹42 Cr | Dec 2024 ₹75 Cr | Mar 2025 ₹45 Cr | Jun 2025 ₹50 Cr | Sep 2025 ₹63 Cr | Dec 2025 ₹36 Cr | Mar 2026 ₹45 Cr | Jun 2026 —
- AURIONPRO: Dec 2021 ₹20 Cr | Mar 2022 ₹22 Cr | Jun 2022 ₹24 Cr | Aug 2022 — | Sep 2022 ₹25 Cr | Dec 2022 ₹26 Cr | Mar 2023 ₹27 Cr | Jun 2023 ₹32 Cr | Sep 2023 ₹34 Cr | Dec 2023 ₹38 Cr | Mar 2024 ₹39 Cr | Jun 2024 ₹45 Cr | Sep 2024 ₹46 Cr | Dec 2024 ₹48 Cr | Mar 2025 ₹51 Cr | Jun 2025 ₹51 Cr | Sep 2025 ₹56 Cr | Dec 2025 ₹44 Cr | Mar 2026 ₹61 Cr | Jun 2026 —
- MOSCHIP: Dec 2021 ₹2 Cr | Mar 2022 ₹1 Cr | Jun 2022 ₹2 Cr | Aug 2022 — | Sep 2022 ₹1 Cr | Dec 2022 ₹2 Cr | Mar 2023 ₹2 Cr | Jun 2023 ₹3 Cr | Sep 2023 ₹4 Cr | Dec 2023 ₹2 Cr | Mar 2024 ₹1 Cr | Jun 2024 ₹4 Cr | Sep 2024 ₹10 Cr | Dec 2024 ₹11 Cr | Mar 2025 ₹9 Cr | Jun 2025 ₹11 Cr | Sep 2025 ₹12 Cr | Dec 2025 ₹4 Cr | Mar 2026 ₹8 Cr | Jun 2026 ₹2 Cr
- CAPILLARY: Dec 2021 — | Mar 2022 — | Jun 2022 — | Aug 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 ₹-3 Cr | Sep 2024 ₹-3 Cr | Dec 2024 ₹10 Cr | Mar 2025 ₹10 Cr | Jun 2025 ₹1 Cr | Sep 2025 ₹0 Cr | Dec 2025 ₹8 Cr | Mar 2026 ₹43 Cr | Jun 2026 —
- CIGNITITEC: Dec 2021 ₹27 Cr | Mar 2022 ₹23 Cr | Jun 2022 ₹31 Cr | Aug 2022 — | Sep 2022 ₹42 Cr | Dec 2022 ₹47 Cr | Mar 2023 ₹49 Cr | Jun 2023 ₹45 Cr | Sep 2023 ₹46 Cr | Dec 2023 ₹48 Cr | Mar 2024 ₹27 Cr | Jun 2024 ₹10 Cr | Sep 2024 ₹53 Cr | Dec 2024 ₹64 Cr | Mar 2025 ₹73 Cr | Jun 2025 ₹66 Cr | Sep 2025 ₹83 Cr | Dec 2025 ₹80 Cr | Mar 2026 — | Jun 2026 —
- 63MOONS: Dec 2021 — | Mar 2022 — | Jun 2022 — | Aug 2022 — | Sep 2022 — | Dec 2022 ₹20 Cr | Mar 2023 ₹-26 Cr | Jun 2023 ₹37 Cr | Sep 2023 ₹79 Cr | Dec 2023 ₹89 Cr | Mar 2024 ₹4 Cr | Jun 2024 ₹-11 Cr | Sep 2024 ₹-24 Cr | Dec 2024 ₹-23 Cr | Mar 2025 ₹11 Cr | Jun 2025 ₹-3 Cr | Sep 2025 ₹-45 Cr | Dec 2025 ₹-32 Cr | Mar 2026 ₹25 Cr | Jun 2026 —
- TECHNVISN: Dec 2021 — | Mar 2022 — | Jun 2022 — | Aug 2022 — | Sep 2022 — | Dec 2022 ₹-4 Cr | Mar 2023 ₹3 Cr | Jun 2023 ₹-7 Cr | Sep 2023 ₹3 Cr | Dec 2023 ₹9 Cr | Mar 2024 ₹9 Cr | Jun 2024 ₹2 Cr | Sep 2024 ₹-3 Cr | Dec 2024 ₹1 Cr | Mar 2025 ₹-1 Cr | Jun 2025 ₹0 Cr | Sep 2025 ₹1 Cr | Dec 2025 ₹4 Cr | Mar 2026 ₹-4 Cr | Jun 2026 —
- RSYSTEMS: Dec 2021 ₹33 Cr | Mar 2022 ₹30 Cr | Jun 2022 ₹32 Cr | Aug 2022 — | Sep 2022 ₹37 Cr | Dec 2022 ₹41 Cr | Mar 2023 ₹36 Cr | Jun 2023 ₹14 Cr | Sep 2023 ₹44 Cr | Dec 2023 ₹46 Cr | Mar 2024 ₹27 Cr | Jun 2024 ₹25 Cr | Sep 2024 ₹40 Cr | Dec 2024 ₹39 Cr | Mar 2025 ₹39 Cr | Jun 2025 ₹76 Cr | Sep 2025 ₹35 Cr | Dec 2025 ₹36 Cr | Mar 2026 ₹65 Cr | Jun 2026 —
- SASKEN: Dec 2021 ₹30 Cr | Mar 2022 ₹27 Cr | Jun 2022 ₹15 Cr | Aug 2022 — | Sep 2022 ₹36 Cr | Dec 2022 ₹31 Cr | Mar 2023 ₹17 Cr | Jun 2023 ₹26 Cr | Sep 2023 ₹18 Cr | Dec 2023 ₹18 Cr | Mar 2024 ₹17 Cr | Jun 2024 ₹18 Cr | Sep 2024 ₹12 Cr | Dec 2024 ₹9 Cr | Mar 2025 ₹12 Cr | Jun 2025 ₹10 Cr | Sep 2025 ₹10 Cr | Dec 2025 ₹9 Cr | Mar 2026 ₹29 Cr | Jun 2026 —
- BLSE: Dec 2021 — | Mar 2022 — | Jun 2022 — | Aug 2022 — | Sep 2022 — | Dec 2022 ₹-12 Cr | Mar 2023 ₹25 Cr | Jun 2023 ₹6 Cr | Sep 2023 ₹9 Cr | Dec 2023 ₹8 Cr | Mar 2024 ₹11 Cr | Jun 2024 ₹13 Cr | Sep 2024 ₹15 Cr | Dec 2024 ₹14 Cr | Mar 2025 ₹17 Cr | Jun 2025 ₹18 Cr | Sep 2025 ₹18 Cr | Dec 2025 ₹15 Cr | Mar 2026 ₹18 Cr | Jun 2026 —
- SILVERTUC: Dec 2021 ₹3 Cr | Mar 2022 ₹1 Cr | Jun 2022 ₹1 Cr | Aug 2022 — | Sep 2022 ₹2 Cr | Dec 2022 ₹2 Cr | Mar 2023 ₹4 Cr | Jun 2023 ₹1 Cr | Sep 2023 ₹4 Cr | Dec 2023 ₹5 Cr | Mar 2024 ₹6 Cr | Jun 2024 ₹3 Cr | Sep 2024 ₹4 Cr | Dec 2024 ₹5 Cr | Mar 2025 ₹9 Cr | Jun 2025 ₹4 Cr | Sep 2025 ₹7 Cr | Dec 2025 ₹11 Cr | Mar 2026 ₹13 Cr | Jun 2026 —
- SAKSOFT: Dec 2021 ₹15 Cr | Mar 2022 ₹18 Cr | Jun 2022 ₹18 Cr | Aug 2022 — | Sep 2022 ₹19 Cr | Dec 2022 ₹20 Cr | Mar 2023 ₹25 Cr | Jun 2023 ₹25 Cr | Sep 2023 ₹25 Cr | Dec 2023 ₹23 Cr | Mar 2024 ₹23 Cr | Jun 2024 ₹26 Cr | Sep 2024 ₹26 Cr | Dec 2024 ₹27 Cr | Mar 2025 ₹30 Cr | Jun 2025 ₹32 Cr | Sep 2025 ₹36 Cr | Dec 2025 ₹29 Cr | Mar 2026 ₹36 Cr | Jun 2026 —
- KODYTECH: Dec 2021 — | Mar 2022 — | Jun 2022 — | Aug 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 ₹7 Cr | Jun 2025 — | Sep 2025 ₹4 Cr | Dec 2025 — | Mar 2026 ₹12 Cr | Jun 2026 —
- IZMO: Dec 2021 — | Mar 2022 — | Jun 2022 — | Aug 2022 — | Sep 2022 — | Dec 2022 ₹7 Cr | Mar 2023 ₹8 Cr | Jun 2023 ₹5 Cr | Sep 2023 ₹5 Cr | Dec 2023 ₹7 Cr | Mar 2024 ₹9 Cr | Jun 2024 ₹6 Cr | Sep 2024 ₹30 Cr | Dec 2024 ₹6 Cr | Mar 2025 ₹7 Cr | Jun 2025 ₹6 Cr | Sep 2025 ₹13 Cr | Dec 2025 ₹12 Cr | Mar 2026 ₹17 Cr | Jun 2026 —
- NINSYS: Dec 2021 — | Mar 2022 — | Jun 2022 ₹1 Cr | Aug 2022 — | Sep 2022 ₹1 Cr | Dec 2022 — | Mar 2023 ₹2 Cr | Jun 2023 ₹3 Cr | Sep 2023 ₹3 Cr | Dec 2023 ₹4 Cr | Mar 2024 ₹6 Cr | Jun 2024 ₹6 Cr | Sep 2024 ₹7 Cr | Dec 2024 ₹7 Cr | Mar 2025 ₹7 Cr | Jun 2025 ₹8 Cr | Sep 2025 ₹8 Cr | Dec 2025 ₹8 Cr | Mar 2026 ₹9 Cr | Jun 2026 —
- DSSL: Dec 2021 — | Mar 2022 — | Jun 2022 — | Aug 2022 — | Sep 2022 ₹9 Cr | Dec 2022 ₹8 Cr | Mar 2023 ₹12 Cr | Jun 2023 ₹14 Cr | Sep 2023 ₹13 Cr | Dec 2023 ₹13 Cr | Mar 2024 ₹14 Cr | Jun 2024 ₹18 Cr | Sep 2024 ₹18 Cr | Dec 2024 ₹18 Cr | Mar 2025 ₹18 Cr | Jun 2025 ₹20 Cr | Sep 2025 ₹23 Cr | Dec 2025 ₹24 Cr | Mar 2026 ₹19 Cr | Jun 2026 —
- MCLOUD: Dec 2021 — | Mar 2022 — | Jun 2022 — | Aug 2022 — | Sep 2022 — | Dec 2022 ₹17 Cr | Mar 2023 ₹18 Cr | Jun 2023 ₹19 Cr | Sep 2023 ₹22 Cr | Dec 2023 ₹23 Cr | Mar 2024 ₹39 Cr | Jun 2024 ₹27 Cr | Sep 2024 ₹24 Cr | Dec 2024 ₹29 Cr | Mar 2025 ₹23 Cr | Jun 2025 ₹28 Cr | Sep 2025 ₹28 Cr | Dec 2025 ₹29 Cr | Mar 2026 ₹30 Cr | Jun 2026 —
- INFOBEAN: Dec 2021 — | Mar 2022 — | Jun 2022 — | Aug 2022 — | Sep 2022 — | Dec 2022 ₹9 Cr | Mar 2023 ₹5 Cr | Jun 2023 ₹3 Cr | Sep 2023 ₹4 Cr | Dec 2023 ₹6 Cr | Mar 2024 ₹9 Cr | Jun 2024 ₹8 Cr | Sep 2024 ₹13 Cr | Dec 2024 ₹7 Cr | Mar 2025 ₹10 Cr | Jun 2025 ₹23 Cr | Sep 2025 ₹23 Cr | Dec 2025 ₹19 Cr | Mar 2026 ₹21 Cr | Jun 2026 ₹22 Cr
- EXPLEOSOL: Dec 2021 — | Mar 2022 — | Jun 2022 — | Aug 2022 — | Sep 2022 — | Dec 2022 ₹55 Cr | Mar 2023 ₹29 Cr | Jun 2023 ₹20 Cr | Sep 2023 ₹21 Cr | Dec 2023 ₹34 Cr | Mar 2024 ₹16 Cr | Jun 2024 ₹24 Cr | Sep 2024 ₹35 Cr | Dec 2024 ₹20 Cr | Mar 2025 ₹24 Cr | Jun 2025 ₹20 Cr | Sep 2025 ₹40 Cr | Dec 2025 ₹22 Cr | Mar 2026 ₹42 Cr | Jun 2026 —
- ORIENTTECH: Dec 2021 — | Mar 2022 — | Jun 2022 — | Aug 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 ₹-15 Cr | Mar 2026 ₹-5 Cr | Jun 2026 —
- TAC: Dec 2021 — | Mar 2022 — | Jun 2022 — | Aug 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 ₹2 Cr | Dec 2023 — | Mar 2024 ₹4 Cr | Jun 2024 — | Sep 2024 ₹7 Cr | Dec 2024 — | Mar 2025 ₹8 Cr | Jun 2025 — | Sep 2025 ₹16 Cr | Dec 2025 — | Mar 2026 ₹11 Cr | Jun 2026 —
- UNIECOM: Dec 2021 — | Mar 2022 — | Jun 2022 — | Aug 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 ₹4 Cr | Mar 2024 ₹3 Cr | Jun 2024 ₹4 Cr | Sep 2024 ₹4 Cr | Dec 2024 ₹6 Cr | Mar 2025 ₹3 Cr | Jun 2025 ₹4 Cr | Sep 2025 ₹6 Cr | Dec 2025 ₹7 Cr | Mar 2026 ₹3 Cr | Jun 2026 —
- EXCELSOFT: Dec 2021 — | Mar 2022 — | Jun 2022 — | Aug 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 ₹9 Cr | Dec 2024 ₹10 Cr | Mar 2025 ₹20 Cr | Jun 2025 ₹6 Cr | Sep 2025 ₹11 Cr | Dec 2025 ₹10 Cr | Mar 2026 ₹17 Cr | Jun 2026 —
- QUICKHEAL: Dec 2021 — | Mar 2022 — | Jun 2022 — | Aug 2022 — | Sep 2022 — | Dec 2022 ₹-9 Cr | Mar 2023 ₹-7 Cr | Jun 2023 ₹-13 Cr | Sep 2023 ₹13 Cr | Dec 2023 ₹10 Cr | Mar 2024 ₹14 Cr | Jun 2024 ₹4 Cr | Sep 2024 ₹4 Cr | Dec 2024 ₹0 Cr | Mar 2025 ₹-3 Cr | Jun 2025 ₹-6 Cr | Sep 2025 ₹8 Cr | Dec 2025 ₹7 Cr | Mar 2026 ₹-20 Cr | Jun 2026 —
- SAHANA: Dec 2021 — | Mar 2022 — | Jun 2022 — | Aug 2022 — | Sep 2022 ₹2 Cr | Dec 2022 — | Mar 2023 ₹4 Cr | Jun 2023 — | Sep 2023 ₹5 Cr | Dec 2023 — | Mar 2024 ₹14 Cr | Jun 2024 — | Sep 2024 ₹14 Cr | Dec 2024 — | Mar 2025 ₹25 Cr | Jun 2025 — | Sep 2025 ₹28 Cr | Dec 2025 — | Mar 2026 ₹47 Cr | Jun 2026 —
- KELLTONTEC: Dec 2021 — | Mar 2022 — | Jun 2022 — | Aug 2022 — | Sep 2022 — | Dec 2022 ₹17 Cr | Mar 2023 ₹-176 Cr | Jun 2023 ₹15 Cr | Sep 2023 ₹17 Cr | Dec 2023 ₹8 Cr | Mar 2024 ₹24 Cr | Jun 2024 ₹20 Cr | Sep 2024 ₹20 Cr | Dec 2024 ₹21 Cr | Mar 2025 ₹19 Cr | Jun 2025 ₹23 Cr | Sep 2025 ₹24 Cr | Dec 2025 ₹25 Cr | Mar 2026 ₹20 Cr | Jun 2026 ₹22 Cr
- XCHANGING: Dec 2021 — | Mar 2022 — | Jun 2022 — | Aug 2022 — | Sep 2022 — | Dec 2022 ₹7 Cr | Mar 2023 ₹11 Cr | Jun 2023 ₹-9 Cr | Sep 2023 ₹14 Cr | Dec 2023 ₹-4 Cr | Mar 2024 ₹12 Cr | Jun 2024 ₹11 Cr | Sep 2024 ₹10 Cr | Dec 2024 ₹14 Cr | Mar 2025 ₹15 Cr | Jun 2025 ₹14 Cr | Sep 2025 ₹16 Cr | Dec 2025 ₹13 Cr | Mar 2026 ₹16 Cr | Jun 2026 —
- INNOVANA: Dec 2021 — | Mar 2022 — | Jun 2022 — | Aug 2022 — | Sep 2022 — | Dec 2022 ₹11 Cr | Mar 2023 ₹10 Cr | Jun 2023 ₹10 Cr | Sep 2023 ₹11 Cr | Dec 2023 ₹11 Cr | Mar 2024 ₹9 Cr | Jun 2024 ₹10 Cr | Sep 2024 ₹11 Cr | Dec 2024 ₹12 Cr | Mar 2025 ₹12 Cr | Jun 2025 ₹13 Cr | Sep 2025 ₹13 Cr | Dec 2025 ₹9 Cr | Mar 2026 ₹2 Cr | Jun 2026 —
- SUBEXLTD: Dec 2021 — | Mar 2022 — | Jun 2022 — | Aug 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 ₹-47 Cr | Jun 2023 ₹-19 Cr | Sep 2023 ₹-11 Cr | Dec 2023 ₹-5 Cr | Mar 2024 ₹-157 Cr | Jun 2024 ₹-11 Cr | Sep 2024 ₹1 Cr | Dec 2024 ₹-3 Cr | Mar 2025 ₹-18 Cr | Jun 2025 ₹13 Cr | Sep 2025 ₹3 Cr | Dec 2025 ₹3 Cr | Mar 2026 ₹10 Cr | Jun 2026 —
- VEEFIN: Dec 2021 — | Mar 2022 — | Jun 2022 — | Aug 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 ₹8 Cr | Mar 2026 — | Jun 2026 —
- UNIFIED: Dec 2021 — | Mar 2022 — | Jun 2022 — | Aug 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 ₹22 Cr | Dec 2024 — | Mar 2025 ₹12 Cr | Jun 2025 — | Sep 2025 ₹17 Cr | Dec 2025 — | Mar 2026 — | Jun 2026 —
- ADSL: Dec 2021 — | Mar 2022 — | Jun 2022 — | Aug 2022 — | Sep 2022 — | Dec 2022 ₹19 Cr | Mar 2023 ₹-37 Cr | Jun 2023 ₹9 Cr | Sep 2023 ₹11 Cr | Dec 2023 ₹12 Cr | Mar 2024 ₹14 Cr | Jun 2024 ₹10 Cr | Sep 2024 ₹12 Cr | Dec 2024 ₹18 Cr | Mar 2025 ₹-8 Cr | Jun 2025 ₹14 Cr | Sep 2025 ₹15 Cr | Dec 2025 ₹14 Cr | Mar 2026 ₹-3 Cr | Jun 2026 —
- KSOLVES: Dec 2021 — | Mar 2022 — | Jun 2022 — | Aug 2022 — | Sep 2022 — | Dec 2022 ₹6 Cr | Mar 2023 ₹7 Cr | Jun 2023 ₹8 Cr | Sep 2023 ₹8 Cr | Dec 2023 ₹9 Cr | Mar 2024 ₹9 Cr | Jun 2024 ₹9 Cr | Sep 2024 ₹9 Cr | Dec 2024 ₹10 Cr | Mar 2025 ₹6 Cr | Jun 2025 ₹6 Cr | Sep 2025 ₹8 Cr | Dec 2025 ₹10 Cr | Mar 2026 ₹10 Cr | Jun 2026 ₹9 Cr
- MINDTECK: Dec 2021 — | Mar 2022 — | Jun 2022 — | Aug 2022 — | Sep 2022 — | Dec 2022 ₹6 Cr | Mar 2023 ₹5 Cr | Jun 2023 ₹6 Cr | Sep 2023 ₹7 Cr | Dec 2023 ₹7 Cr | Mar 2024 ₹6 Cr | Jun 2024 ₹6 Cr | Sep 2024 ₹8 Cr | Dec 2024 ₹8 Cr | Mar 2025 ₹7 Cr | Jun 2025 ₹9 Cr | Sep 2025 ₹8 Cr | Dec 2025 ₹5 Cr | Mar 2026 ₹10 Cr | Jun 2026 —
- SOFTTECH: Dec 2021 — | Mar 2022 — | Jun 2022 — | Aug 2022 — | Sep 2022 — | Dec 2022 ₹1 Cr | Mar 2023 ₹0 Cr | Jun 2023 ₹1 Cr | Sep 2023 ₹1 Cr | Dec 2023 ₹1 Cr | Mar 2024 ₹1 Cr | Jun 2024 ₹1 Cr | Sep 2024 ₹0 Cr | Dec 2024 ₹0 Cr | Mar 2025 ₹0 Cr | Jun 2025 ₹1 Cr | Sep 2025 ₹0 Cr | Dec 2025 ₹1 Cr | Mar 2026 ₹3 Cr | Jun 2026 —
- AUTOPALIND: Dec 2021 — | Mar 2022 — | Jun 2022 — | Aug 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 ₹-0 Cr | Sep 2023 ₹-0 Cr | Dec 2023 ₹-0 Cr | Mar 2024 ₹-0 Cr | Jun 2024 ₹1 Cr | Sep 2024 ₹2 Cr | Dec 2024 ₹1 Cr | Mar 2025 ₹3 Cr | Jun 2025 ₹1 Cr | Sep 2025 ₹3 Cr | Dec 2025 ₹4 Cr | Mar 2026 ₹4 Cr | Jun 2026 —
- XTGLOBAL: Dec 2021 — | Mar 2022 — | Jun 2022 — | Aug 2022 — | Sep 2022 — | Dec 2022 ₹4 Cr | Mar 2023 ₹3 Cr | Jun 2023 ₹1 Cr | Sep 2023 ₹5 Cr | Dec 2023 ₹5 Cr | Mar 2024 ₹1 Cr | Jun 2024 ₹2 Cr | Sep 2024 ₹3 Cr | Dec 2024 ₹4 Cr | Mar 2025 ₹1 Cr | Jun 2025 ₹4 Cr | Sep 2025 ₹3 Cr | Dec 2025 ₹4 Cr | Mar 2026 — | Jun 2026 —
- TECHLABS: Dec 2021 — | Mar 2022 — | Jun 2022 — | Aug 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 ₹-10 Cr | Jun 2023 — | Sep 2023 ₹-3 Cr | Dec 2023 — | Mar 2024 ₹12 Cr | Jun 2024 — | Sep 2024 ₹3 Cr | Dec 2024 — | Mar 2025 ₹8 Cr | Jun 2025 — | Sep 2025 ₹11 Cr | Dec 2025 — | Mar 2026 — | Jun 2026 —
- META: Dec 2021 — | Mar 2022 — | Jun 2022 — | Aug 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 ₹11 Cr | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 ₹10 Cr | Dec 2025 — | Mar 2026 — | Jun 2026 —

### 20-quarter Profit growth history
- 526433: Dec 2021 — | Mar 2022 — | Jun 2022 — | Aug 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 -190% | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 433% | Sep 2025 850% | Dec 2025 80% | Mar 2026 13% | Jun 2026 —
- 530909: Dec 2021 — | Mar 2022 — | Jun 2022 — | Aug 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 400% | Dec 2023 -82% | Mar 2024 -70% | Jun 2024 -80% | Sep 2024 -40% | Dec 2024 100% | Mar 2025 300% | Jun 2025 150% | Sep 2025 67% | Dec 2025 -25% | Mar 2026 — | Jun 2026 —
- 534535: Dec 2021 — | Mar 2022 — | Jun 2022 — | Aug 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 260% | Sep 2025 214% | Dec 2025 180% | Mar 2026 169% | Jun 2026 —
- 539607: Dec 2021 — | Mar 2022 — | Jun 2022 — | Aug 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 800% | Jun 2024 900% | Sep 2024 267% | Dec 2024 125% | Mar 2025 44% | Jun 2025 40% | Sep 2025 36% | Dec 2025 111% | Mar 2026 -7.7% | Jun 2026 —
- 539724: Dec 2021 — | Mar 2022 — | Jun 2022 — | Aug 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 -1,833% | Jun 2024 — | Sep 2024 -175% | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 159% | Jun 2026 —
- 544361: Dec 2021 — | Mar 2022 — | Jun 2022 — | Aug 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 81% | Mar 2025 — | Jun 2025 -18% | Sep 2025 110% | Dec 2025 1,241% | Mar 2026 — | Jun 2026 —
- 544626: Dec 2021 — | Mar 2022 — | Jun 2022 — | Aug 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 87% | Mar 2026 -24% | Jun 2026 —
- TCS: Dec 2021 — | Mar 2022 — | Jun 2022 — | Aug 2022 — | Sep 2022 8.4% | Dec 2022 11% | Mar 2023 15% | Jun 2023 17% | Sep 2023 9.1% | Dec 2023 2.0% | Mar 2024 9.3% | Jun 2024 8.9% | Sep 2024 5.1% | Dec 2024 12% | Mar 2025 -1.7% | Jun 2025 5.9% | Sep 2025 1.5% | Dec 2025 -14% | Mar 2026 12% | Jun 2026 4.7%
- INFY: Dec 2021 — | Mar 2022 — | Jun 2022 — | Aug 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 -7.2% | Mar 2024 30% | Jun 2024 7.2% | Sep 2024 4.8% | Dec 2024 12% | Mar 2025 -12% | Jun 2025 8.6% | Sep 2025 13% | Dec 2025 -2.3% | Mar 2026 21% | Jun 2026 12%
- HCLTECH: Dec 2021 — | Mar 2022 — | Jun 2022 — | Aug 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 6.2% | Mar 2024 0.4% | Jun 2024 21% | Sep 2024 11% | Dec 2024 5.6% | Mar 2025 7.9% | Jun 2025 -9.7% | Sep 2025 -0.0% | Dec 2025 -11% | Mar 2026 4.2% | Jun 2026 20%
- WIPRO: Dec 2021 — | Mar 2022 — | Jun 2022 — | Aug 2022 — | Sep 2022 -9.3% | Dec 2022 3.2% | Mar 2023 0.2% | Jun 2023 13% | Sep 2023 0.3% | Dec 2023 -12% | Mar 2024 -7.6% | Jun 2024 5.2% | Sep 2024 21% | Dec 2024 25% | Mar 2025 26% | Jun 2025 9.9% | Sep 2025 1.1% | Dec 2025 -6.6% | Mar 2026 -1.8% | Jun 2026 0.6%
- TECHM: Dec 2021 — | Mar 2022 — | Jun 2022 — | Aug 2022 — | Sep 2022 -4.0% | Dec 2022 -6.1% | Mar 2023 -25% | Jun 2023 -38% | Sep 2023 -61% | Dec 2023 -59% | Mar 2024 -41% | Jun 2024 23% | Sep 2024 149% | Dec 2024 89% | Mar 2025 72% | Jun 2025 31% | Sep 2025 -4.5% | Dec 2025 13% | Mar 2026 19% | Jun 2026 32%
- LTM: Dec 2021 — | Mar 2022 — | Jun 2022 — | Aug 2022 — | Sep 2022 23% | Dec 2022 64% | Mar 2023 -51% | Jun 2023 82% | Sep 2023 71% | Dec 2023 17% | Mar 2024 -1.2% | Jun 2024 -1.5% | Sep 2024 7.8% | Dec 2024 -7.0% | Mar 2025 2.5% | Jun 2025 11% | Sep 2025 10% | Dec 2025 -12% | Mar 2026 23% | Jun 2026 17%
- COFORGE: Dec 2021 — | Mar 2022 — | Jun 2022 31% | Aug 2022 — | Sep 2022 36% | Dec 2022 20% | Mar 2023 -48% | Jun 2023 2.3% | Sep 2023 -15% | Dec 2023 3.0% | Mar 2024 96% | Jun 2024 -21% | Sep 2024 24% | Dec 2024 5.4% | Mar 2025 34% | Jun 2025 156% | Sep 2025 82% | Dec 2025 16% | Mar 2026 117% | Jun 2026 —
- MPHASIS: Dec 2021 — | Mar 2022 — | Jun 2022 18% | Aug 2022 — | Sep 2022 23% | Dec 2022 15% | Mar 2023 3.3% | Jun 2023 -1.5% | Sep 2023 -6.2% | Dec 2023 -9.2% | Mar 2024 -3.0% | Jun 2024 2.3% | Sep 2024 7.9% | Dec 2024 14% | Mar 2025 13% | Jun 2025 9.1% | Sep 2025 11% | Dec 2025 3.3% | Mar 2026 14% | Jun 2026 11%
- HEXT: Dec 2021 — | Mar 2022 — | Jun 2022 — | Aug 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 9.4% | Jun 2024 7.8% | Sep 2024 1.4% | Dec 2024 66% | Mar 2025 17% | Jun 2025 38% | Sep 2025 23% | Dec 2025 -9.0% | Mar 2026 7.7% | Jun 2026 —
- ZENSARTECH: Dec 2021 — | Mar 2022 — | Jun 2022 -26% | Aug 2022 — | Sep 2022 -39% | Dec 2022 -16% | Mar 2023 -8.5% | Jun 2023 108% | Sep 2023 205% | Dec 2023 113% | Mar 2024 45% | Jun 2024 1.3% | Sep 2024 -10% | Dec 2024 -1.2% | Mar 2025 1.7% | Jun 2025 15% | Sep 2025 17% | Dec 2025 25% | Mar 2026 20% | Jun 2026 —
- SONATSOFTW: Dec 2021 — | Mar 2022 — | Jun 2022 24% | Aug 2022 — | Sep 2022 24% | Dec 2022 20% | Mar 2023 13% | Jun 2023 11% | Sep 2023 9.7% | Dec 2023 -139% | Mar 2024 -3.5% | Jun 2024 -12% | Sep 2024 -15% | Dec 2024 — | Mar 2025 -1.8% | Jun 2025 2.8% | Sep 2025 13% | Dec 2025 -1.0% | Mar 2026 20% | Jun 2026 —
- TANLA: Dec 2021 — | Mar 2022 — | Jun 2022 -3.9% | Aug 2022 — | Sep 2022 -19% | Dec 2022 -26% | Mar 2023 -15% | Jun 2023 35% | Sep 2023 30% | Dec 2023 20% | Mar 2024 8.3% | Jun 2024 4.4% | Sep 2024 -9.1% | Dec 2024 -15% | Mar 2025 -10% | Jun 2025 -16% | Sep 2025 -3.9% | Dec 2025 10% | Mar 2026 15% | Jun 2026 20%
- BSOFT: Dec 2021 — | Mar 2022 — | Jun 2022 6.1% | Aug 2022 — | Sep 2022 12% | Dec 2022 -114% | Mar 2023 -16% | Jun 2023 14% | Sep 2023 26% | Dec 2023 — | Mar 2024 61% | Jun 2024 8.7% | Sep 2024 -12% | Dec 2024 -27% | Mar 2025 -32% | Jun 2025 -29% | Sep 2025 -9.4% | Dec 2025 2.6% | Mar 2026 44% | Jun 2026 —
- STYL: Dec 2021 — | Mar 2022 — | Jun 2022 — | Aug 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 -7.5% | Sep 2025 -11% | Dec 2025 19% | Mar 2026 30% | Jun 2026 62%
- CCAVENUE: Dec 2021 — | Mar 2022 — | Jun 2022 77% | Aug 2022 — | Sep 2022 122% | Dec 2022 46% | Mar 2023 36% | Jun 2023 8.7% | Sep 2023 2.5% | Dec 2023 23% | Mar 2024 21% | Jun 2024 176% | Sep 2024 15% | Dec 2024 49% | Mar 2025 20% | Jun 2025 -16% | Sep 2025 45% | Dec 2025 25% | Mar 2026 62% | Jun 2026 —
- MASTEK: Dec 2021 — | Mar 2022 — | Jun 2022 — | Aug 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 16% | Mar 2024 29% | Jun 2024 -2.7% | Sep 2024 98% | Dec 2024 22% | Mar 2025 -14% | Jun 2025 28% | Sep 2025 -25% | Dec 2025 14% | Mar 2026 31% | Jun 2026 15%
- DATAMATICS: Dec 2021 — | Mar 2022 — | Jun 2022 7.5% | Aug 2022 — | Sep 2022 14% | Dec 2022 22% | Mar 2023 26% | Jun 2023 28% | Sep 2023 23% | Dec 2023 -8.9% | Mar 2024 -10% | Jun 2024 -20% | Sep 2024 -14% | Dec 2024 83% | Mar 2025 -13% | Jun 2025 14% | Sep 2025 50% | Dec 2025 -52% | Mar 2026 0.0% | Jun 2026 —
- AURIONPRO: Dec 2021 — | Mar 2022 — | Jun 2022 60% | Aug 2022 — | Sep 2022 32% | Dec 2022 30% | Mar 2023 23% | Jun 2023 33% | Sep 2023 36% | Dec 2023 46% | Mar 2024 44% | Jun 2024 41% | Sep 2024 35% | Dec 2024 26% | Mar 2025 31% | Jun 2025 13% | Sep 2025 22% | Dec 2025 -8.3% | Mar 2026 20% | Jun 2026 —
- MOSCHIP: Dec 2021 — | Mar 2022 — | Jun 2022 0.0% | Aug 2022 — | Sep 2022 -50% | Dec 2022 -7.0% | Mar 2023 52% | Jun 2023 61% | Sep 2023 263% | Dec 2023 18% | Mar 2024 -43% | Jun 2024 24% | Sep 2024 168% | Dec 2024 405% | Mar 2025 901% | Jun 2025 174% | Sep 2025 25% | Dec 2025 -61% | Mar 2026 -8.7% | Jun 2026 -78%
- CAPILLARY: Dec 2021 — | Mar 2022 — | Jun 2022 — | Aug 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 -20% | Mar 2026 330% | Jun 2026 —
- CIGNITITEC: Dec 2021 — | Mar 2022 -8.0% | Jun 2022 55% | Aug 2022 — | Sep 2022 91% | Dec 2022 74% | Mar 2023 113% | Jun 2023 45% | Sep 2023 9.5% | Dec 2023 2.1% | Mar 2024 -45% | Jun 2024 -78% | Sep 2024 15% | Dec 2024 33% | Mar 2025 170% | Jun 2025 560% | Sep 2025 57% | Dec 2025 25% | Mar 2026 — | Jun 2026 —
- 63MOONS: Dec 2021 — | Mar 2022 — | Jun 2022 — | Aug 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 345% | Mar 2024 — | Jun 2024 -130% | Sep 2024 -130% | Dec 2024 -126% | Mar 2025 175% | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 127% | Jun 2026 —
- TECHNVISN: Dec 2021 — | Mar 2022 — | Jun 2022 — | Aug 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 196% | Jun 2024 — | Sep 2024 -201% | Dec 2024 -85% | Mar 2025 -109% | Jun 2025 -99% | Sep 2025 — | Dec 2025 173% | Mar 2026 — | Jun 2026 —
- RSYSTEMS: Dec 2021 — | Mar 2022 — | Jun 2022 -30% | Aug 2022 — | Sep 2022 -2.6% | Dec 2022 24% | Mar 2023 20% | Jun 2023 -56% | Sep 2023 19% | Dec 2023 12% | Mar 2024 -25% | Jun 2024 79% | Sep 2024 -9.1% | Dec 2024 -15% | Mar 2025 44% | Jun 2025 204% | Sep 2025 -13% | Dec 2025 -7.7% | Mar 2026 67% | Jun 2026 —
- SASKEN: Dec 2021 — | Mar 2022 — | Jun 2022 -56% | Aug 2022 — | Sep 2022 -2.7% | Dec 2022 4.2% | Mar 2023 -37% | Jun 2023 73% | Sep 2023 -50% | Dec 2023 -42% | Mar 2024 0.0% | Jun 2024 -31% | Sep 2024 -33% | Dec 2024 -50% | Mar 2025 -29% | Jun 2025 -44% | Sep 2025 -17% | Dec 2025 0.0% | Mar 2026 142% | Jun 2026 —
- BLSE: Dec 2021 — | Mar 2022 — | Jun 2022 — | Aug 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 -56% | Jun 2024 117% | Sep 2024 67% | Dec 2024 75% | Mar 2025 55% | Jun 2025 38% | Sep 2025 20% | Dec 2025 7.1% | Mar 2026 5.9% | Jun 2026 —
- SILVERTUC: Dec 2021 — | Mar 2022 — | Jun 2022 0.0% | Aug 2022 — | Sep 2022 0.0% | Dec 2022 -33% | Mar 2023 300% | Jun 2023 0.0% | Sep 2023 100% | Dec 2023 150% | Mar 2024 50% | Jun 2024 200% | Sep 2024 0.0% | Dec 2024 0.0% | Mar 2025 50% | Jun 2025 33% | Sep 2025 75% | Dec 2025 120% | Mar 2026 44% | Jun 2026 —
- SAKSOFT: Dec 2021 — | Mar 2022 — | Jun 2022 0.0% | Aug 2022 — | Sep 2022 46% | Dec 2022 33% | Mar 2023 39% | Jun 2023 39% | Sep 2023 32% | Dec 2023 15% | Mar 2024 -8.0% | Jun 2024 4.0% | Sep 2024 4.0% | Dec 2024 17% | Mar 2025 30% | Jun 2025 23% | Sep 2025 38% | Dec 2025 7.4% | Mar 2026 20% | Jun 2026 —
- KODYTECH: Dec 2021 — | Mar 2022 — | Jun 2022 — | Aug 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 71% | Jun 2026 —
- IZMO: Dec 2021 — | Mar 2022 — | Jun 2022 — | Aug 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 0.0% | Mar 2024 13% | Jun 2024 20% | Sep 2024 500% | Dec 2024 -14% | Mar 2025 -22% | Jun 2025 0.0% | Sep 2025 -57% | Dec 2025 100% | Mar 2026 143% | Jun 2026 —
- NINSYS: Dec 2021 — | Mar 2022 — | Jun 2022 — | Aug 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 120% | Sep 2023 174% | Dec 2023 — | Mar 2024 195% | Jun 2024 113% | Sep 2024 98% | Dec 2024 74% | Mar 2025 30% | Jun 2025 34% | Sep 2025 21% | Dec 2025 15% | Mar 2026 19% | Jun 2026 —
- DSSL: Dec 2021 — | Mar 2022 — | Jun 2022 — | Aug 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 44% | Dec 2023 63% | Mar 2024 17% | Jun 2024 29% | Sep 2024 38% | Dec 2024 38% | Mar 2025 29% | Jun 2025 11% | Sep 2025 28% | Dec 2025 33% | Mar 2026 5.6% | Jun 2026 —
- MCLOUD: Dec 2021 — | Mar 2022 — | Jun 2022 — | Aug 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 35% | Mar 2024 117% | Jun 2024 42% | Sep 2024 9.1% | Dec 2024 26% | Mar 2025 -41% | Jun 2025 3.7% | Sep 2025 17% | Dec 2025 0.0% | Mar 2026 30% | Jun 2026 —
- INFOBEAN: Dec 2021 — | Mar 2022 — | Jun 2022 — | Aug 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 -33% | Mar 2024 80% | Jun 2024 167% | Sep 2024 225% | Dec 2024 17% | Mar 2025 11% | Jun 2025 188% | Sep 2025 77% | Dec 2025 171% | Mar 2026 110% | Jun 2026 -4.4%
- EXPLEOSOL: Dec 2021 — | Mar 2022 — | Jun 2022 — | Aug 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 -38% | Mar 2024 -45% | Jun 2024 20% | Sep 2024 67% | Dec 2024 -41% | Mar 2025 50% | Jun 2025 -17% | Sep 2025 14% | Dec 2025 10% | Mar 2026 75% | Jun 2026 —
- TAC: Dec 2021 — | Mar 2022 — | Jun 2022 — | Aug 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 250% | Dec 2024 — | Mar 2025 100% | Jun 2025 — | Sep 2025 129% | Dec 2025 — | Mar 2026 38% | Jun 2026 —
- UNIECOM: Dec 2021 — | Mar 2022 — | Jun 2022 — | Aug 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 62% | Mar 2025 16% | Jun 2025 11% | Sep 2025 29% | Dec 2025 17% | Mar 2026 1.5% | Jun 2026 —
- EXCELSOFT: Dec 2021 — | Mar 2022 — | Jun 2022 — | Aug 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 22% | Dec 2025 0.0% | Mar 2026 -15% | Jun 2026 —
- QUICKHEAL: Dec 2021 — | Mar 2022 — | Jun 2022 — | Aug 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 -69% | Dec 2024 -100% | Mar 2025 -121% | Jun 2025 -250% | Sep 2025 100% | Dec 2025 — | Mar 2026 — | Jun 2026 —
- SAHANA: Dec 2021 — | Mar 2022 — | Jun 2022 — | Aug 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 150% | Dec 2023 — | Mar 2024 250% | Jun 2024 — | Sep 2024 180% | Dec 2024 — | Mar 2025 79% | Jun 2025 — | Sep 2025 100% | Dec 2025 — | Mar 2026 88% | Jun 2026 —
- KELLTONTEC: Dec 2021 — | Mar 2022 — | Jun 2022 — | Aug 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 -53% | Mar 2024 — | Jun 2024 33% | Sep 2024 18% | Dec 2024 163% | Mar 2025 -21% | Jun 2025 15% | Sep 2025 20% | Dec 2025 19% | Mar 2026 5.3% | Jun 2026 -4.4%
- XCHANGING: Dec 2021 — | Mar 2022 — | Jun 2022 — | Aug 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 -157% | Mar 2024 9.1% | Jun 2024 — | Sep 2024 -29% | Dec 2024 — | Mar 2025 25% | Jun 2025 27% | Sep 2025 60% | Dec 2025 -7.1% | Mar 2026 6.7% | Jun 2026 —
- INNOVANA: Dec 2021 — | Mar 2022 — | Jun 2022 — | Aug 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 5.4% | Mar 2024 -11% | Jun 2024 3.0% | Sep 2024 -0.5% | Dec 2024 4.7% | Mar 2025 30% | Jun 2025 27% | Sep 2025 15% | Dec 2025 -24% | Mar 2026 -84% | Jun 2026 —
- SUBEXLTD: Dec 2021 — | Mar 2022 — | Jun 2022 — | Aug 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 361% | Dec 2025 — | Mar 2026 — | Jun 2026 —
- UNIFIED: Dec 2021 — | Mar 2022 — | Jun 2022 — | Aug 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 -23% | Dec 2025 — | Mar 2026 — | Jun 2026 —
- ADSL: Dec 2021 — | Mar 2022 — | Jun 2022 — | Aug 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 -38% | Mar 2024 — | Jun 2024 21% | Sep 2024 1.2% | Dec 2024 51% | Mar 2025 -154% | Jun 2025 39% | Sep 2025 33% | Dec 2025 -21% | Mar 2026 — | Jun 2026 —
- KSOLVES: Dec 2021 — | Mar 2022 — | Jun 2022 — | Aug 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 45% | Mar 2024 28% | Jun 2024 18% | Sep 2024 12% | Dec 2024 15% | Mar 2025 -38% | Jun 2025 -28% | Sep 2025 -8.5% | Dec 2025 -5.0% | Mar 2026 65% | Jun 2026 43%
- MINDTECK: Dec 2021 — | Mar 2022 — | Jun 2022 — | Aug 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 27% | Mar 2024 20% | Jun 2024 0.0% | Sep 2024 14% | Dec 2024 14% | Mar 2025 17% | Jun 2025 50% | Sep 2025 0.0% | Dec 2025 -38% | Mar 2026 43% | Jun 2026 —
- SOFTTECH: Dec 2021 — | Mar 2022 — | Jun 2022 — | Aug 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 -56% | Mar 2024 846% | Jun 2024 14% | Sep 2024 -60% | Dec 2024 -49% | Mar 2025 -94% | Jun 2025 95% | Sep 2025 -15% | Dec 2025 277% | Mar 2026 3,786% | Jun 2026 —
- AUTOPALIND: Dec 2021 — | Mar 2022 — | Jun 2022 — | Aug 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 9.3% | Sep 2025 103% | Dec 2025 150% | Mar 2026 27% | Jun 2026 —
- XTGLOBAL: Dec 2021 — | Mar 2022 — | Jun 2022 — | Aug 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 18% | Mar 2024 -68% | Jun 2024 94% | Sep 2024 -47% | Dec 2024 -20% | Mar 2025 52% | Jun 2025 72% | Sep 2025 27% | Dec 2025 0.5% | Mar 2026 — | Jun 2026 —
- TECHLABS: Dec 2021 — | Mar 2022 — | Jun 2022 — | Aug 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 -33% | Jun 2025 — | Sep 2025 267% | Dec 2025 — | Mar 2026 — | Jun 2026 —
- META: Dec 2021 — | Mar 2022 — | Jun 2022 — | Aug 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 -9.1% | Dec 2025 — | Mar 2026 — | Jun 2026 —

## Capacity Spending & Returns On It

What the numbers say: Tata Consultancy Services Ltd reports ₹753 crore of CAPEX; Kody Technolab Ltd has the highest covered intensity at 73.5%. Coverage is only 17 of 63 companies and 130 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: Tata Consultancy Services Ltd · ₹753 crore | 122.8% versus #2 · Wipro Ltd | 8/8 recent comparable periods | 17/63 companies · 130 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. Tata Consultancy Services Ltd (TCS): ₹753 Cr
2. Wipro Ltd (WIPRO): ₹338 Cr
3. LTM Ltd (LTM): ₹235 Cr
4. Mphasis Ltd (MPHASIS): ₹113 Cr
5. Sahana Systems Ltd (SAHANA): ₹45 Cr

### CAPEX intensity — highest reinvestment intensity
1. Kody Technolab Ltd (KODYTECH): 74%
2. Sahana Systems Ltd (SAHANA): 21%
3. Excelsoft Technologies Ltd (EXCELSOFT): 15%
4. Seshaasai Technologies Ltd (STYL): 6.1%
5. Capillary Technologies India Ltd (CAPILLARY): 5.0%

### 20-quarter CAPEX history
- TCS: Dec 2021 ₹610 Cr | Mar 2022 ₹745 Cr | Jun 2022 ₹726 Cr | Aug 2022 — | Sep 2022 ₹598 Cr | Dec 2022 ₹692 Cr | Mar 2023 ₹516 Cr | Jun 2023 ₹336 Cr | Sep 2023 ₹431 Cr | Dec 2023 ₹604 Cr | Mar 2024 ₹831 Cr | Jun 2024 ₹805 Cr | Sep 2024 ₹686 Cr | Dec 2024 ₹685 Cr | Mar 2025 ₹1.8K Cr | Jun 2025 ₹790 Cr | Sep 2025 ₹1.6K Cr | Dec 2025 ₹143 Cr | Mar 2026 ₹1.7K Cr | Jun 2026 ₹753 Cr
- WIPRO: Dec 2021 ₹563 Cr | Mar 2022 ₹419 Cr | Jun 2022 ₹486 Cr | Aug 2022 — | Sep 2022 ₹388 Cr | Dec 2022 ₹308 Cr | Mar 2023 ₹302 Cr | Jun 2023 ₹221 Cr | Sep 2023 ₹198 Cr | Dec 2023 ₹208 Cr | Mar 2024 ₹425 Cr | Jun 2024 ₹262 Cr | Sep 2024 ₹240 Cr | Dec 2024 ₹285 Cr | Mar 2025 ₹688 Cr | Jun 2025 ₹274 Cr | Sep 2025 ₹337 Cr | Dec 2025 ₹467 Cr | Mar 2026 ₹482 Cr | Jun 2026 ₹338 Cr
- LTM: Dec 2021 ₹285 Cr | Mar 2022 ₹463 Cr | Jun 2022 ₹205 Cr | Aug 2022 — | Sep 2022 ₹194 Cr | Dec 2022 ₹303 Cr | Mar 2023 ₹238 Cr | Jun 2023 ₹198 Cr | Sep 2023 ₹202 Cr | Dec 2023 ₹140 Cr | Mar 2024 ₹304 Cr | Jun 2024 ₹243 Cr | Sep 2024 ₹249 Cr | Dec 2024 ₹211 Cr | Mar 2025 ₹247 Cr | Jun 2025 ₹272 Cr | Sep 2025 ₹187 Cr | Dec 2025 ₹164 Cr | Mar 2026 ₹308 Cr | Jun 2026 ₹235 Cr
- COFORGE: Dec 2021 ₹21 Cr | Mar 2022 ₹30 Cr | Jun 2022 — | Aug 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 — | Jun 2026 —
- MPHASIS: Dec 2021 ₹32 Cr | Mar 2022 ₹49 Cr | Jun 2022 ₹28 Cr | Aug 2022 — | Sep 2022 ₹26 Cr | Dec 2022 ₹36 Cr | Mar 2023 ₹23 Cr | Jun 2023 ₹17 Cr | Sep 2023 ₹21 Cr | Dec 2023 ₹25 Cr | Mar 2024 ₹32 Cr | Jun 2024 ₹29 Cr | Sep 2024 ₹20 Cr | Dec 2024 ₹4 Cr | Mar 2025 ₹9 Cr | Jun 2025 ₹8 Cr | Sep 2025 ₹37 Cr | Dec 2025 ₹160 Cr | Mar 2026 ₹113 Cr | Jun 2026 —
- HEXT: Dec 2021 — | Mar 2022 — | Jun 2022 — | Aug 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 ₹16 Cr | Jun 2023 ₹16 Cr | Sep 2023 ₹7 Cr | Dec 2023 ₹25 Cr | Mar 2024 ₹29 Cr | Jun 2024 ₹36 Cr | Sep 2024 ₹25 Cr | Dec 2024 ₹44 Cr | Mar 2025 ₹44 Cr | Jun 2025 ₹44 Cr | Sep 2025 ₹42 Cr | Dec 2025 ₹38 Cr | Mar 2026 ₹41 Cr | Jun 2026 —
- TANLA: Dec 2021 — | Mar 2022 — | Jun 2022 — | Aug 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 ₹43 Cr | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 ₹15 Cr | Sep 2024 ₹37 Cr | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 — | Jun 2026 —
- STYL: Dec 2021 — | Mar 2022 — | Jun 2022 — | Aug 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 ₹28 Cr | Sep 2024 ₹24 Cr | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 — | Jun 2026 —
- AURIONPRO: Dec 2021 — | Mar 2022 — | Jun 2022 — | Aug 2022 — | Sep 2022 — | Dec 2022 ₹12 Cr | Mar 2023 ₹21 Cr | Jun 2023 — | Sep 2023 — | Dec 2023 ₹9 Cr | Mar 2024 ₹9 Cr | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 — | Jun 2026 —
- CAPILLARY: Dec 2021 — | Mar 2022 — | Jun 2022 — | Aug 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 ₹12 Cr | Sep 2024 ₹12 Cr | Dec 2024 — | Mar 2025 — | Jun 2025 ₹9 Cr | Sep 2025 ₹9 Cr | Dec 2025 — | Mar 2026 — | Jun 2026 —
- KODYTECH: Dec 2021 — | Mar 2022 — | Jun 2022 — | Aug 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 ₹4 Cr | Jun 2024 — | Sep 2024 ₹2 Cr | Dec 2024 — | Mar 2025 ₹5 Cr | Jun 2025 — | Sep 2025 ₹6 Cr | Dec 2025 — | Mar 2026 ₹36 Cr | Jun 2026 —
- NINSYS: Dec 2021 ₹0 Cr | Mar 2022 ₹0 Cr | Jun 2022 — | Aug 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 — | Jun 2026 —
- TAC: Dec 2021 — | Mar 2022 — | Jun 2022 — | Aug 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 ₹0 Cr | Dec 2023 — | Mar 2024 ₹1 Cr | Jun 2024 — | Sep 2024 ₹0 Cr | Dec 2024 — | Mar 2025 ₹0 Cr | Jun 2025 — | Sep 2025 ₹2 Cr | Dec 2025 — | Mar 2026 ₹0 Cr | Jun 2026 —
- UNIECOM: Dec 2021 — | Mar 2022 — | Jun 2022 ₹0 Cr | Aug 2022 — | Sep 2022 ₹0 Cr | Dec 2022 ₹0 Cr | Mar 2023 ₹0 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 —
- EXCELSOFT: Dec 2021 — | Mar 2022 — | Jun 2022 — | Aug 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 ₹1 Cr | Sep 2024 ₹1 Cr | Dec 2024 — | Mar 2025 — | Jun 2025 ₹11 Cr | Sep 2025 ₹10 Cr | Dec 2025 — | Mar 2026 — | Jun 2026 —
- SAHANA: Dec 2021 — | Mar 2022 — | Jun 2022 — | Aug 2022 ₹0 Cr | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 ₹1 Cr | Dec 2024 — | Mar 2025 ₹12 Cr | Jun 2025 — | Sep 2025 ₹1 Cr | Dec 2025 — | Mar 2026 ₹45 Cr | Jun 2026 —
- INNOVANA: Dec 2021 — | Mar 2022 ₹16 Cr | Jun 2022 — | Aug 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 — | Jun 2026 —

### 20-quarter CAPEX intensity history
- TCS: Dec 2021 1.2% | Mar 2022 1.5% | Jun 2022 1.4% | Aug 2022 — | Sep 2022 1.1% | Dec 2022 1.2% | Mar 2023 0.9% | Jun 2023 0.6% | Sep 2023 0.7% | Dec 2023 1.0% | Mar 2024 1.4% | Jun 2024 1.3% | Sep 2024 1.1% | Dec 2024 1.1% | Mar 2025 2.8% | Jun 2025 1.2% | Sep 2025 2.5% | Dec 2025 0.2% | Mar 2026 2.3% | Jun 2026 1.0%
- WIPRO: Dec 2021 2.8% | Mar 2022 2.0% | Jun 2022 2.3% | Aug 2022 — | Sep 2022 1.7% | Dec 2022 1.3% | Mar 2023 1.3% | Jun 2023 1.0% | Sep 2023 0.9% | Dec 2023 0.9% | Mar 2024 1.9% | Jun 2024 1.2% | Sep 2024 1.1% | Dec 2024 1.3% | Mar 2025 3.1% | Jun 2025 1.2% | Sep 2025 1.5% | Dec 2025 2.0% | Mar 2026 2.0% | Jun 2026 1.4%
- LTM: Dec 2021 6.9% | Mar 2022 3.1% | Jun 2022 4.5% | Aug 2022 — | Sep 2022 4.0% | Dec 2022 3.5% | Mar 2023 2.7% | Jun 2023 2.3% | Sep 2023 2.3% | Dec 2023 1.6% | Mar 2024 3.4% | Jun 2024 2.7% | Sep 2024 2.6% | Dec 2024 2.2% | Mar 2025 2.5% | Jun 2025 2.8% | Sep 2025 1.8% | Dec 2025 1.5% | Mar 2026 2.7% | Jun 2026 2.0%
- COFORGE: Dec 2021 1.3% | Mar 2022 1.7% | Jun 2022 — | Aug 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 — | Jun 2026 —
- MPHASIS: Dec 2021 1.0% | Mar 2022 1.5% | Jun 2022 0.8% | Aug 2022 — | Sep 2022 0.7% | Dec 2022 1.0% | Mar 2023 0.7% | Jun 2023 0.5% | Sep 2023 0.6% | Dec 2023 0.7% | Mar 2024 0.9% | Jun 2024 0.8% | Sep 2024 0.6% | Dec 2024 0.1% | Mar 2025 0.2% | Jun 2025 0.2% | Sep 2025 0.9% | Dec 2025 4.0% | Mar 2026 2.7% | Jun 2026 —
- HEXT: Dec 2021 — | Mar 2022 — | Jun 2022 — | Aug 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 0.6% | Jun 2023 0.6% | Sep 2023 0.3% | Dec 2023 1.0% | Mar 2024 1.1% | Jun 2024 1.2% | Sep 2024 0.8% | Dec 2024 1.4% | Mar 2025 1.4% | Jun 2025 1.3% | Sep 2025 1.2% | Dec 2025 1.1% | Mar 2026 1.1% | Jun 2026 —
- TANLA: Dec 2021 — | Mar 2022 — | Jun 2022 — | Aug 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 4.7% | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 1.5% | Sep 2024 3.7% | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 — | Jun 2026 —
- STYL: Dec 2021 — | Mar 2022 — | Jun 2022 — | Aug 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 7.8% | Sep 2024 6.1% | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 — | Jun 2026 —
- AURIONPRO: Dec 2021 — | Mar 2022 — | Jun 2022 — | Aug 2022 — | Sep 2022 — | Dec 2022 7.1% | Mar 2023 11% | Jun 2023 — | Sep 2023 — | Dec 2023 3.9% | Mar 2024 3.6% | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 — | Jun 2026 —
- CAPILLARY: Dec 2021 — | Mar 2022 — | Jun 2022 — | Aug 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 8.3% | Sep 2024 8.3% | Dec 2024 — | Mar 2025 — | Jun 2025 5.0% | Sep 2025 5.0% | Dec 2025 — | Mar 2026 — | Jun 2026 —
- KODYTECH: Dec 2021 — | Mar 2022 — | Jun 2022 — | Aug 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 16% | Jun 2025 — | Sep 2025 19% | Dec 2025 — | Mar 2026 74% | Jun 2026 —
- TAC: Dec 2021 — | Mar 2022 — | Jun 2022 — | Aug 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 0.0% | Dec 2023 — | Mar 2024 14% | Jun 2024 — | Sep 2024 0.0% | Dec 2024 — | Mar 2025 0.0% | Jun 2025 — | Sep 2025 6.9% | Dec 2025 — | Mar 2026 0.0% | Jun 2026 —
- EXCELSOFT: Dec 2021 — | Mar 2022 — | Jun 2022 — | Aug 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 1.9% | Dec 2024 — | Mar 2025 — | Jun 2025 20% | Sep 2025 15% | Dec 2025 — | Mar 2026 — | Jun 2026 —
- SAHANA: Dec 2021 — | Mar 2022 — | Jun 2022 — | Aug 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 1.9% | Dec 2024 — | Mar 2025 10% | Jun 2025 — | Sep 2025 0.9% | Dec 2025 — | Mar 2026 21% | Jun 2026 —

## Debt Load & Balance-Sheet Headroom

What the numbers say: Tata Consultancy Services Ltd has the clearest covered balance-sheet capacity with ₹33,722 crore net cash and gross debt of ₹11,309 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: Hypersoft Technologies Ltd · ₹0 crore | null versus #2 · Covance Softsol Ltd | Not enough history | 63/63 companies · 760 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. Hypersoft Technologies Ltd (539724): ₹0 Cr
2. Covance Softsol Ltd (544361): ₹0 Cr
3. Quick Heal Technologies Ltd (QUICKHEAL): ₹0 Cr
4. Unified Data- Tech Solutions Ltd (UNIFIED): ₹0 Cr — older report
5. TAC Infosec Ltd (TAC): ₹1 Cr

### Net debt — lowest net debt
1. Tata Consultancy Services Ltd (TCS): ₹-33.7K Cr
2. Wipro Ltd (WIPRO): ₹-18.2K Cr
3. LTM Ltd (LTM): ₹-12.5K Cr
4. Tech Mahindra Ltd (TECHM): ₹-6.2K Cr
5. Zensar Technologies Ltd (ZENSARTECH): ₹-2.5K Cr

### 20-quarter Gross debt history
- 504375: Dec 2021 — | Mar 2022 ₹4 Cr | Jun 2022 — | Aug 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 ₹4 Cr | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 ₹4 Cr | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 ₹4 Cr | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 ₹7 Cr | Jun 2026 —
- 526433: Dec 2021 — | Mar 2022 ₹51 Cr | Jun 2022 — | Aug 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 ₹74 Cr | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 ₹82 Cr | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 ₹86 Cr | Jun 2025 — | Sep 2025 ₹53 Cr | Dec 2025 — | Mar 2026 ₹128 Cr | Jun 2026 —
- 530909: Dec 2021 — | Mar 2022 ₹2 Cr | Jun 2022 — | Aug 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 ₹2 Cr | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 ₹2 Cr | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 ₹2 Cr | Jun 2025 — | Sep 2025 ₹2 Cr | Dec 2025 — | Mar 2026 — | Jun 2026 —
- 534535: Dec 2021 — | Mar 2022 — | Jun 2022 — | Aug 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 ₹4 Cr | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 ₹0 Cr | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 ₹0 Cr | Jun 2025 — | Sep 2025 ₹0 Cr | Dec 2025 — | Mar 2026 ₹6 Cr | Jun 2026 —
- 539607: Dec 2021 — | Mar 2022 ₹0 Cr | Jun 2022 — | Aug 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 ₹0 Cr | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 ₹68 Cr | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 ₹94 Cr | Jun 2025 — | Sep 2025 ₹87 Cr | Dec 2025 — | Mar 2026 ₹269 Cr | Jun 2026 —
- 539724: Dec 2021 — | Mar 2022 ₹0 Cr | Jun 2022 — | Aug 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 ₹0 Cr | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 ₹0 Cr | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 ₹0 Cr | Jun 2025 — | Sep 2025 ₹0 Cr | Dec 2025 — | Mar 2026 ₹0 Cr | Jun 2026 —
- 544361: Dec 2021 — | Mar 2022 — | Jun 2022 — | Aug 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 ₹73 Cr | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 ₹73 Cr | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 ₹0 Cr | Jun 2026 —
- 544626: Dec 2021 — | Mar 2022 — | Jun 2022 — | Aug 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 ₹6 Cr | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 ₹17 Cr | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 ₹32 Cr | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 ₹21 Cr | Jun 2026 —
- TCS: Dec 2021 ₹8.0K Cr | Mar 2022 ₹7.8K Cr | Jun 2022 ₹7.7K Cr | Aug 2022 — | Sep 2022 ₹7.5K Cr | Dec 2022 ₹7.7K Cr | Mar 2023 ₹7.7K Cr | Jun 2023 ₹7.7K Cr | Sep 2023 ₹7.8K Cr | Dec 2023 ₹7.5K Cr | Mar 2024 ₹8.0K Cr | Jun 2024 ₹8.9K Cr | Sep 2024 ₹9.0K Cr | Dec 2024 ₹9.4K Cr | Mar 2025 ₹9.4K Cr | Jun 2025 ₹9.6K Cr | Sep 2025 ₹10.9K Cr | Dec 2025 ₹10.8K Cr | Mar 2026 ₹11.3K Cr | Jun 2026 ₹11.3K Cr
- INFY: Dec 2021 — | Mar 2022 ₹5.5K Cr | Jun 2022 — | Aug 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 ₹8.3K Cr | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 ₹8.4K Cr | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 ₹8.2K Cr | Jun 2025 — | Sep 2025 ₹8.8K Cr | Dec 2025 — | Mar 2026 ₹9.2K Cr | Jun 2026 —
- HCLTECH: Dec 2021 — | Mar 2022 ₹6.3K Cr | Jun 2022 — | Aug 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 ₹4.8K Cr | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 ₹5.8K Cr | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 ₹6.3K Cr | Jun 2025 — | Sep 2025 ₹6.8K Cr | Dec 2025 — | Mar 2026 ₹5.2K Cr | Jun 2026 —
- WIPRO: Dec 2021 ₹15.8K Cr | Mar 2022 ₹17.6K Cr | Jun 2022 ₹19.8K Cr | Aug 2022 — | Sep 2022 ₹19.5K Cr | Dec 2022 ₹18.3K Cr | Mar 2023 ₹17.5K Cr | Jun 2023 ₹17.5K Cr | Sep 2023 ₹17.9K Cr | Dec 2023 ₹17.9K Cr | Mar 2024 ₹16.5K Cr | Jun 2024 ₹16.9K Cr | Sep 2024 ₹19.3K Cr | Dec 2024 ₹19.4K Cr | Mar 2025 ₹19.2K Cr | Jun 2025 ₹15.9K Cr | Sep 2025 ₹16.2K Cr | Dec 2025 ₹19.8K Cr | Mar 2026 ₹20.3K Cr | Jun 2026 ₹21.3K Cr
- TECHM: Dec 2021 ₹2.6K Cr | Mar 2022 ₹2.6K Cr | Jun 2022 ₹2.6K Cr | Aug 2022 — | Sep 2022 ₹2.8K Cr | Dec 2022 ₹2.8K Cr | Mar 2023 ₹2.7K Cr | Jun 2023 ₹2.7K Cr | Sep 2023 ₹2.6K Cr | Dec 2023 ₹2.6K Cr | Mar 2024 ₹2.5K Cr | Jun 2024 ₹2.5K Cr | Sep 2024 ₹2.0K Cr | Dec 2024 ₹2.0K Cr | Mar 2025 ₹2.0K Cr | Jun 2025 ₹2.0K Cr | Sep 2025 ₹2.0K Cr | Dec 2025 ₹2.0K Cr | Mar 2026 ₹2.2K Cr | Jun 2026 ₹2.2K Cr
- LTM: Dec 2021 ₹796 Cr | Mar 2022 ₹258 Cr | Jun 2022 ₹835 Cr | Aug 2022 — | Sep 2022 ₹824 Cr | Dec 2022 ₹1.5K Cr | Mar 2023 ₹354 Cr | Jun 2023 ₹1.6K Cr | Sep 2023 ₹1.7K Cr | Dec 2023 ₹1.7K Cr | Mar 2024 ₹2.1K Cr | Jun 2024 ₹2.3K Cr | Sep 2024 ₹2.3K Cr | Dec 2024 ₹2.2K Cr | Mar 2025 ₹2.2K Cr | Jun 2025 ₹2.2K Cr | Sep 2025 ₹2.4K Cr | Dec 2025 ₹2.3K Cr | Mar 2026 ₹2.3K Cr | Jun 2026 ₹2.4K Cr
- COFORGE: Dec 2021 ₹554 Cr | Mar 2022 ₹490 Cr | Jun 2022 ₹602 Cr | Aug 2022 — | Sep 2022 ₹755 Cr | Dec 2022 ₹755 Cr | Mar 2023 ₹562 Cr | Jun 2023 ₹562 Cr | Sep 2023 ₹1.2K Cr | Dec 2023 ₹1.2K Cr | Mar 2024 ₹726 Cr | Jun 2024 ₹726 Cr | Sep 2024 ₹1.1K Cr | Dec 2024 ₹1.1K Cr | Mar 2025 ₹1.1K Cr | Jun 2025 ₹1.1K Cr | Sep 2025 ₹972 Cr | Dec 2025 ₹972 Cr | Mar 2026 ₹728 Cr | Jun 2026 —
- MPHASIS: Dec 2021 ₹1.4K Cr | Mar 2022 ₹527 Cr | Jun 2022 ₹1.2K Cr | Aug 2022 — | Sep 2022 ₹1.0K Cr | Dec 2022 ₹998 Cr | Mar 2023 ₹198 Cr | Jun 2023 ₹1.1K Cr | Sep 2023 ₹1.6K Cr | Dec 2023 — | Mar 2024 ₹1.5K Cr | Jun 2024 ₹2.3K Cr | Sep 2024 ₹1.8K Cr | Dec 2024 ₹1.8K Cr | Mar 2025 ₹1.9K Cr | Jun 2025 ₹2.0K Cr | Sep 2025 ₹2.0K Cr | Dec 2025 ₹2.4K Cr | Mar 2026 ₹2.6K Cr | Jun 2026 —
- HEXT: Dec 2021 ₹50 Cr | Mar 2022 — | Jun 2022 — | Aug 2022 — | Sep 2022 — | Dec 2022 ₹456 Cr | Mar 2023 ₹457 Cr | Jun 2023 — | Sep 2023 — | Dec 2023 ₹394 Cr | Mar 2024 ₹394 Cr | Jun 2024 ₹411 Cr | Sep 2024 ₹518 Cr | Dec 2024 ₹574 Cr | Mar 2025 ₹568 Cr | Jun 2025 ₹582 Cr | Sep 2025 ₹629 Cr | Dec 2025 ₹681 Cr | Mar 2026 ₹713 Cr | Jun 2026 —
- ZENSARTECH: Dec 2021 ₹328 Cr | Mar 2022 ₹335 Cr | Jun 2022 ₹335 Cr | Aug 2022 — | Sep 2022 ₹313 Cr | Dec 2022 ₹313 Cr | Mar 2023 ₹273 Cr | Jun 2023 ₹273 Cr | Sep 2023 ₹243 Cr | Dec 2023 ₹243 Cr | Mar 2024 ₹186 Cr | Jun 2024 ₹187 Cr | Sep 2024 ₹147 Cr | Dec 2024 ₹147 Cr | Mar 2025 ₹125 Cr | Jun 2025 ₹125 Cr | Sep 2025 ₹117 Cr | Dec 2025 ₹117 Cr | Mar 2026 ₹79 Cr | Jun 2026 —
- SONATSOFTW: Dec 2021 ₹197 Cr | Mar 2022 ₹159 Cr | Jun 2022 ₹159 Cr | Aug 2022 — | Sep 2022 ₹213 Cr | Dec 2022 ₹213 Cr | Mar 2023 ₹590 Cr | Jun 2023 ₹591 Cr | Sep 2023 ₹503 Cr | Dec 2023 ₹503 Cr | Mar 2024 ₹765 Cr | Jun 2024 ₹765 Cr | Sep 2024 ₹623 Cr | Dec 2024 ₹623 Cr | Mar 2025 ₹516 Cr | Jun 2025 ₹516 Cr | Sep 2025 ₹739 Cr | Dec 2025 ₹739 Cr | Mar 2026 ₹723 Cr | Jun 2026 —
- TANLA: Dec 2021 ₹38 Cr | Mar 2022 ₹54 Cr | Jun 2022 ₹54 Cr | Aug 2022 — | Sep 2022 ₹51 Cr | Dec 2022 ₹51 Cr | Mar 2023 ₹83 Cr | Jun 2023 ₹83 Cr | Sep 2023 ₹79 Cr | Dec 2023 ₹79 Cr | Mar 2024 ₹75 Cr | Jun 2024 ₹72 Cr | Sep 2024 ₹70 Cr | Dec 2024 ₹70 Cr | Mar 2025 ₹64 Cr | Jun 2025 ₹64 Cr | Sep 2025 ₹58 Cr | Dec 2025 ₹58 Cr | Mar 2026 ₹53 Cr | Jun 2026 —
- BSOFT: Dec 2021 ₹113 Cr | Mar 2022 ₹123 Cr | Jun 2022 ₹123 Cr | Aug 2022 — | Sep 2022 ₹118 Cr | Dec 2022 ₹118 Cr | Mar 2023 ₹102 Cr | Jun 2023 ₹102 Cr | Sep 2023 ₹86 Cr | Dec 2023 ₹86 Cr | Mar 2024 ₹93 Cr | Jun 2024 ₹93 Cr | Sep 2024 ₹145 Cr | Dec 2024 ₹145 Cr | Mar 2025 ₹151 Cr | Jun 2025 ₹151 Cr | Sep 2025 ₹151 Cr | Dec 2025 ₹151 Cr | Mar 2026 ₹141 Cr | Jun 2026 —
- STYL: Dec 2021 — | Mar 2022 — | Jun 2022 — | Aug 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 ₹350 Cr | Jun 2024 ₹390 Cr | Sep 2024 — | Dec 2024 — | Mar 2025 ₹379 Cr | Jun 2025 ₹379 Cr | Sep 2025 ₹338 Cr | Dec 2025 ₹338 Cr | Mar 2026 ₹84 Cr | Jun 2026 —
- CCAVENUE: Dec 2021 ₹4 Cr | Mar 2022 ₹0 Cr | Jun 2022 ₹5 Cr | Aug 2022 — | Sep 2022 ₹6 Cr | Dec 2022 ₹6 Cr | Mar 2023 ₹8 Cr | Jun 2023 ₹5 Cr | Sep 2023 ₹10 Cr | Dec 2023 ₹10 Cr | Mar 2024 ₹83 Cr | Jun 2024 ₹83 Cr | Sep 2024 ₹136 Cr | Dec 2024 ₹136 Cr | Mar 2025 ₹172 Cr | Jun 2025 ₹172 Cr | Sep 2025 ₹79 Cr | Dec 2025 ₹79 Cr | Mar 2026 ₹430 Cr | Jun 2026 —
- MASTEK: Dec 2021 — | Mar 2022 ₹203 Cr | Jun 2022 — | Aug 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 ₹404 Cr | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 ₹519 Cr | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 ₹583 Cr | Jun 2025 — | Sep 2025 ₹544 Cr | Dec 2025 — | Mar 2026 ₹438 Cr | Jun 2026 —
- DATAMATICS: Dec 2021 ₹24 Cr | Mar 2022 ₹63 Cr | Jun 2022 ₹63 Cr | Aug 2022 — | Sep 2022 ₹52 Cr | Dec 2022 ₹52 Cr | Mar 2023 ₹21 Cr | Jun 2023 ₹21 Cr | Sep 2023 ₹17 Cr | Dec 2023 ₹17 Cr | Mar 2024 ₹17 Cr | Jun 2024 ₹17 Cr | Sep 2024 ₹37 Cr | Dec 2024 ₹37 Cr | Mar 2025 ₹190 Cr | Jun 2025 ₹190 Cr | Sep 2025 ₹186 Cr | Dec 2025 ₹186 Cr | Mar 2026 ₹221 Cr | Jun 2026 —
- AURIONPRO: Dec 2021 ₹68 Cr | Mar 2022 ₹61 Cr | Jun 2022 ₹57 Cr | Aug 2022 — | Sep 2022 ₹82 Cr | Dec 2022 — | Mar 2023 ₹88 Cr | Jun 2023 ₹88 Cr | Sep 2023 ₹74 Cr | Dec 2023 ₹120 Cr | Mar 2024 ₹81 Cr | Jun 2024 ₹81 Cr | Sep 2024 ₹32 Cr | Dec 2024 ₹32 Cr | Mar 2025 ₹31 Cr | Jun 2025 ₹31 Cr | Sep 2025 ₹30 Cr | Dec 2025 ₹30 Cr | Mar 2026 ₹61 Cr | Jun 2026 —
- MOSCHIP: Dec 2021 ₹58 Cr | Mar 2022 ₹68 Cr | Jun 2022 ₹68 Cr | Aug 2022 — | Sep 2022 ₹92 Cr | Dec 2022 ₹92 Cr | Mar 2023 ₹72 Cr | Jun 2023 ₹72 Cr | Sep 2023 ₹76 Cr | Dec 2023 ₹76 Cr | Mar 2024 ₹69 Cr | Jun 2024 ₹69 Cr | Sep 2024 ₹92 Cr | Dec 2024 ₹92 Cr | Mar 2025 ₹21 Cr | Jun 2025 ₹21 Cr | Sep 2025 ₹48 Cr | Dec 2025 ₹48 Cr | Mar 2026 ₹88 Cr | Jun 2026 —
- CAPILLARY: Dec 2021 — | Mar 2022 ₹83 Cr | Jun 2022 — | Aug 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 ₹149 Cr | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 ₹77 Cr | Jun 2024 ₹80 Cr | Sep 2024 — | Dec 2024 — | Mar 2025 ₹100 Cr | Jun 2025 ₹100 Cr | Sep 2025 ₹100 Cr | Dec 2025 ₹100 Cr | Mar 2026 ₹54 Cr | Jun 2026 —
- CIGNITITEC: Dec 2021 ₹58 Cr | Mar 2022 ₹80 Cr | Jun 2022 ₹80 Cr | Aug 2022 — | Sep 2022 ₹64 Cr | Dec 2022 — | Mar 2023 ₹56 Cr | Jun 2023 ₹56 Cr | Sep 2023 ₹69 Cr | Dec 2023 ₹69 Cr | Mar 2024 ₹57 Cr | Jun 2024 ₹57 Cr | Sep 2024 ₹27 Cr | Dec 2024 ₹27 Cr | Mar 2025 ₹28 Cr | Jun 2025 ₹28 Cr | Sep 2025 ₹20 Cr | Dec 2025 ₹20 Cr | Mar 2026 — | Jun 2026 —
- 63MOONS: Dec 2021 — | Mar 2022 ₹0 Cr | Jun 2022 — | Aug 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 ₹4 Cr | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 ₹5 Cr | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 ₹3 Cr | Jun 2025 — | Sep 2025 ₹5 Cr | Dec 2025 — | Mar 2026 ₹3 Cr | Jun 2026 —
- TECHNVISN: Dec 2021 — | Mar 2022 ₹9 Cr | Jun 2022 — | Aug 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 ₹10 Cr | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 ₹24 Cr | Jun 2024 — | Sep 2024 ₹2 Cr | Dec 2024 ₹2 Cr | Mar 2025 ₹23 Cr | Jun 2025 ₹4 Cr | Sep 2025 ₹10 Cr | Dec 2025 ₹10 Cr | Mar 2026 ₹20 Cr | Jun 2026 —
- RSYSTEMS: Dec 2021 ₹58 Cr | Mar 2022 ₹55 Cr | Jun 2022 ₹54 Cr | Aug 2022 — | Sep 2022 ₹78 Cr | Dec 2022 ₹77 Cr | Mar 2023 ₹78 Cr | Jun 2023 ₹128 Cr | Sep 2023 ₹128 Cr | Dec 2023 ₹131 Cr | Mar 2024 ₹131 Cr | Jun 2024 ₹73 Cr | Sep 2024 ₹73 Cr | Dec 2024 ₹73 Cr | Mar 2025 ₹73 Cr | Jun 2025 ₹130 Cr | Sep 2025 ₹130 Cr | Dec 2025 ₹410 Cr | Mar 2026 ₹410 Cr | Jun 2026 —
- SASKEN: Dec 2021 ₹1 Cr | Mar 2022 ₹0 Cr | Jun 2022 ₹0 Cr | Aug 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 ₹3 Cr | Jun 2023 ₹3 Cr | Sep 2023 ₹4 Cr | Dec 2023 ₹4 Cr | Mar 2024 ₹8 Cr | Jun 2024 ₹8 Cr | Sep 2024 ₹28 Cr | Dec 2024 ₹28 Cr | Mar 2025 ₹26 Cr | Jun 2025 ₹26 Cr | Sep 2025 ₹27 Cr | Dec 2025 ₹27 Cr | Mar 2026 ₹28 Cr | Jun 2026 —
- BLSE: Dec 2021 — | Mar 2022 ₹15 Cr | Jun 2022 — | Aug 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 ₹5 Cr | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 ₹7 Cr | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 ₹7 Cr | Jun 2025 — | Sep 2025 ₹7 Cr | Dec 2025 — | Mar 2026 ₹6 Cr | Jun 2026 —
- SILVERTUC: Dec 2021 — | Mar 2022 ₹0 Cr | Jun 2022 ₹0 Cr | Aug 2022 — | Sep 2022 ₹10 Cr | Dec 2022 ₹10 Cr | Mar 2023 ₹11 Cr | Jun 2023 ₹11 Cr | Sep 2023 — | Dec 2023 — | Mar 2024 ₹11 Cr | Jun 2024 ₹11 Cr | Sep 2024 ₹35 Cr | Dec 2024 ₹35 Cr | Mar 2025 ₹43 Cr | Jun 2025 ₹43 Cr | Sep 2025 ₹48 Cr | Dec 2025 ₹48 Cr | Mar 2026 ₹33 Cr | Jun 2026 —
- SAKSOFT: Dec 2021 ₹17 Cr | Mar 2022 ₹21 Cr | Jun 2022 ₹21 Cr | Aug 2022 — | Sep 2022 ₹19 Cr | Dec 2022 ₹19 Cr | Mar 2023 ₹14 Cr | Jun 2023 ₹14 Cr | Sep 2023 ₹12 Cr | Dec 2023 ₹12 Cr | Mar 2024 ₹26 Cr | Jun 2024 ₹26 Cr | Sep 2024 ₹53 Cr | Dec 2024 ₹53 Cr | Mar 2025 ₹75 Cr | Jun 2025 ₹75 Cr | Sep 2025 ₹51 Cr | Dec 2025 ₹51 Cr | Mar 2026 ₹44 Cr | Jun 2026 —
- KODYTECH: Dec 2021 — | Mar 2022 — | Jun 2022 — | Aug 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 ₹7 Cr | Jun 2023 — | Sep 2023 ₹6 Cr | Dec 2023 — | Mar 2024 ₹1 Cr | Jun 2024 — | Sep 2024 ₹11 Cr | Dec 2024 — | Mar 2025 ₹13 Cr | Jun 2025 — | Sep 2025 ₹3 Cr | Dec 2025 — | Mar 2026 ₹8 Cr | Jun 2026 —
- IZMO: Dec 2021 ₹15 Cr | Mar 2022 ₹9 Cr | Jun 2022 ₹10 Cr | Aug 2022 — | Sep 2022 ₹8 Cr | Dec 2022 ₹8 Cr | Mar 2023 ₹11 Cr | Jun 2023 ₹12 Cr | Sep 2023 ₹9 Cr | Dec 2023 ₹9 Cr | Mar 2024 ₹9 Cr | Jun 2024 ₹9 Cr | Sep 2024 ₹7 Cr | Dec 2024 ₹7 Cr | Mar 2025 ₹12 Cr | Jun 2025 ₹12 Cr | Sep 2025 ₹7 Cr | Dec 2025 ₹13 Cr | Mar 2026 ₹5 Cr | Jun 2026 —
- NINSYS: Dec 2021 — | Mar 2022 ₹0 Cr | Jun 2022 — | Aug 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 ₹0 Cr | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 ₹2 Cr | Jun 2024 ₹2 Cr | Sep 2024 ₹2 Cr | Dec 2024 ₹2 Cr | Mar 2025 ₹2 Cr | Jun 2025 ₹2 Cr | Sep 2025 ₹2 Cr | Dec 2025 ₹2 Cr | Mar 2026 ₹2 Cr | Jun 2026 —
- DSSL: Dec 2021 ₹64 Cr | Mar 2022 ₹64 Cr | Jun 2022 ₹64 Cr | Aug 2022 — | Sep 2022 ₹68 Cr | Dec 2022 ₹68 Cr | Mar 2023 ₹69 Cr | Jun 2023 ₹69 Cr | Sep 2023 ₹66 Cr | Dec 2023 ₹66 Cr | Mar 2024 ₹36 Cr | Jun 2024 ₹36 Cr | Sep 2024 ₹68 Cr | Dec 2024 ₹68 Cr | Mar 2025 ₹139 Cr | Jun 2025 ₹139 Cr | Sep 2025 ₹174 Cr | Dec 2025 ₹174 Cr | Mar 2026 ₹237 Cr | Jun 2026 —
- MCLOUD: Dec 2021 ₹51 Cr | Mar 2022 ₹91 Cr | Jun 2022 ₹91 Cr | Aug 2022 — | Sep 2022 ₹139 Cr | Dec 2022 ₹139 Cr | Mar 2023 ₹216 Cr | Jun 2023 ₹178 Cr | Sep 2023 ₹235 Cr | Dec 2023 ₹235 Cr | Mar 2024 ₹279 Cr | Jun 2024 ₹279 Cr | Sep 2024 ₹239 Cr | Dec 2024 ₹239 Cr | Mar 2025 ₹257 Cr | Jun 2025 ₹257 Cr | Sep 2025 ₹271 Cr | Dec 2025 ₹271 Cr | Mar 2026 ₹292 Cr | Jun 2026 —
- INFOBEAN: Dec 2021 ₹29 Cr | Mar 2022 ₹31 Cr | Jun 2022 ₹28 Cr | Aug 2022 — | Sep 2022 ₹42 Cr | Dec 2022 ₹42 Cr | Mar 2023 ₹36 Cr | Jun 2023 ₹36 Cr | Sep 2023 ₹35 Cr | Dec 2023 ₹35 Cr | Mar 2024 ₹24 Cr | Jun 2024 ₹24 Cr | Sep 2024 ₹25 Cr | Dec 2024 ₹25 Cr | Mar 2025 ₹20 Cr | Jun 2025 ₹20 Cr | Sep 2025 ₹15 Cr | Dec 2025 ₹15 Cr | Mar 2026 ₹15 Cr | Jun 2026 ₹15 Cr
- EXPLEOSOL: Dec 2021 ₹2 Cr | Mar 2022 ₹15 Cr | Jun 2022 ₹13 Cr | Aug 2022 — | Sep 2022 ₹12 Cr | Dec 2022 ₹12 Cr | Mar 2023 ₹26 Cr | Jun 2023 ₹26 Cr | Sep 2023 ₹25 Cr | Dec 2023 ₹25 Cr | Mar 2024 ₹26 Cr | Jun 2024 ₹26 Cr | Sep 2024 ₹33 Cr | Dec 2024 ₹33 Cr | Mar 2025 ₹30 Cr | Jun 2025 ₹30 Cr | Sep 2025 ₹20 Cr | Dec 2025 ₹20 Cr | Mar 2026 ₹8 Cr | Jun 2026 —
- ORIENTTECH: Dec 2021 — | Mar 2022 — | Jun 2022 — | Aug 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 ₹20 Cr | Sep 2023 ₹14 Cr | Dec 2023 — | Mar 2024 ₹11 Cr | Jun 2024 ₹11 Cr | Sep 2024 ₹8 Cr | Dec 2024 ₹8 Cr | Mar 2025 ₹6 Cr | Jun 2025 ₹6 Cr | Sep 2025 ₹22 Cr | Dec 2025 ₹22 Cr | Mar 2026 ₹62 Cr | Jun 2026 —
- TAC: Dec 2021 — | Mar 2022 — | Jun 2022 — | Aug 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 ₹0 Cr | Dec 2023 — | Mar 2024 ₹2 Cr | Jun 2024 — | Sep 2024 ₹1 Cr | Dec 2024 — | Mar 2025 ₹2 Cr | Jun 2025 — | Sep 2025 ₹1 Cr | Dec 2025 — | Mar 2026 ₹1 Cr | Jun 2026 —
- UNIECOM: Dec 2021 — | Mar 2022 — | Jun 2022 — | Aug 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 ₹5 Cr | Dec 2023 — | Mar 2024 ₹8 Cr | Jun 2024 ₹8 Cr | Sep 2024 ₹6 Cr | Dec 2024 ₹6 Cr | Mar 2025 ₹8 Cr | Jun 2025 ₹8 Cr | Sep 2025 ₹10 Cr | Dec 2025 ₹10 Cr | Mar 2026 ₹9 Cr | Jun 2026 —
- EXCELSOFT: Dec 2021 — | Mar 2022 ₹131 Cr | Jun 2022 — | Aug 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 ₹121 Cr | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 ₹78 Cr | Jun 2024 ₹78 Cr | Sep 2024 ₹30 Cr | Dec 2024 — | Mar 2025 ₹35 Cr | Jun 2025 ₹46 Cr | Sep 2025 ₹45 Cr | Dec 2025 ₹45 Cr | Mar 2026 ₹7 Cr | Jun 2026 —
- QUICKHEAL: Dec 2021 — | Mar 2022 ₹0 Cr | Jun 2022 — | Aug 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 ₹0 Cr | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 ₹0 Cr | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 ₹0 Cr | Jun 2025 ₹0 Cr | Sep 2025 ₹0 Cr | Dec 2025 — | Mar 2026 ₹0 Cr | Jun 2026 —
- SAHANA: Dec 2021 — | Mar 2022 ₹5 Cr | Jun 2022 — | Aug 2022 ₹6 Cr | Sep 2022 — | Dec 2022 — | Mar 2023 ₹5 Cr | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 ₹13 Cr | Jun 2024 — | Sep 2024 ₹6 Cr | Dec 2024 — | Mar 2025 ₹12 Cr | Jun 2025 — | Sep 2025 ₹14 Cr | Dec 2025 — | Mar 2026 ₹18 Cr | Jun 2026 —
- KELLTONTEC: Dec 2021 ₹102 Cr | Mar 2022 ₹122 Cr | Jun 2022 ₹122 Cr | Aug 2022 — | Sep 2022 ₹121 Cr | Dec 2022 ₹121 Cr | Mar 2023 ₹162 Cr | Jun 2023 ₹162 Cr | Sep 2023 ₹167 Cr | Dec 2023 ₹167 Cr | Mar 2024 ₹156 Cr | Jun 2024 ₹156 Cr | Sep 2024 ₹160 Cr | Dec 2024 ₹160 Cr | Mar 2025 ₹183 Cr | Jun 2025 ₹183 Cr | Sep 2025 ₹130 Cr | Dec 2025 ₹155 Cr | Mar 2026 ₹191 Cr | Jun 2026 ₹231 Cr
- XCHANGING: Dec 2021 ₹2 Cr | Mar 2022 ₹2 Cr | Jun 2022 ₹2 Cr | Aug 2022 — | Sep 2022 ₹2 Cr | Dec 2022 ₹2 Cr | Mar 2023 ₹1 Cr | Jun 2023 ₹1 Cr | Sep 2023 ₹1 Cr | Dec 2023 ₹1 Cr | Mar 2024 ₹105 Cr | Jun 2024 ₹105 Cr | Sep 2024 ₹106 Cr | Dec 2024 ₹106 Cr | Mar 2025 ₹85 Cr | Jun 2025 ₹85 Cr | Sep 2025 ₹89 Cr | Dec 2025 ₹89 Cr | Mar 2026 ₹71 Cr | Jun 2026 —
- INNOVANA: Dec 2021 ₹15 Cr | Mar 2022 ₹15 Cr | Jun 2022 ₹15 Cr | Aug 2022 — | Sep 2022 ₹14 Cr | Dec 2022 — | Mar 2023 ₹12 Cr | Jun 2023 ₹12 Cr | Sep 2023 ₹14 Cr | Dec 2023 ₹14 Cr | Mar 2024 ₹23 Cr | Jun 2024 ₹23 Cr | Sep 2024 ₹46 Cr | Dec 2024 ₹46 Cr | Mar 2025 ₹44 Cr | Jun 2025 ₹44 Cr | Sep 2025 ₹50 Cr | Dec 2025 ₹50 Cr | Mar 2026 ₹58 Cr | Jun 2026 —
- SUBEXLTD: Dec 2021 ₹17 Cr | Mar 2022 ₹15 Cr | Jun 2022 ₹15 Cr | Aug 2022 — | Sep 2022 ₹37 Cr | Dec 2022 ₹37 Cr | Mar 2023 ₹33 Cr | Jun 2023 ₹33 Cr | Sep 2023 ₹32 Cr | Dec 2023 ₹32 Cr | Mar 2024 ₹28 Cr | Jun 2024 ₹28 Cr | Sep 2024 ₹25 Cr | Dec 2024 ₹25 Cr | Mar 2025 ₹19 Cr | Jun 2025 ₹19 Cr | Sep 2025 ₹30 Cr | Dec 2025 ₹30 Cr | Mar 2026 ₹28 Cr | Jun 2026 —
- VEEFIN: Dec 2021 — | Mar 2022 ₹4 Cr | Jun 2022 — | Aug 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 ₹1 Cr | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 ₹5 Cr | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 ₹13 Cr | Jun 2025 — | Sep 2025 ₹111 Cr | Dec 2025 — | Mar 2026 — | Jun 2026 —
- UNIFIED: Dec 2021 — | Mar 2022 ₹0 Cr | Jun 2022 — | Aug 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 ₹0 Cr | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 ₹0 Cr | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 ₹0 Cr | Jun 2025 — | Sep 2025 ₹0 Cr | Dec 2025 — | Mar 2026 — | Jun 2026 —
- ADSL: Dec 2021 ₹53 Cr | Mar 2022 ₹43 Cr | Jun 2022 ₹46 Cr | Aug 2022 — | Sep 2022 ₹48 Cr | Dec 2022 ₹48 Cr | Mar 2023 ₹35 Cr | Jun 2023 ₹39 Cr | Sep 2023 ₹46 Cr | Dec 2023 ₹46 Cr | Mar 2024 ₹75 Cr | Jun 2024 ₹75 Cr | Sep 2024 ₹69 Cr | Dec 2024 ₹69 Cr | Mar 2025 ₹95 Cr | Jun 2025 ₹95 Cr | Sep 2025 ₹117 Cr | Dec 2025 ₹117 Cr | Mar 2026 ₹136 Cr | Jun 2026 —
- KSOLVES: Dec 2021 ₹0 Cr | Mar 2022 ₹0 Cr | Jun 2022 — | Aug 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 ₹0 Cr | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 ₹0 Cr | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 ₹14 Cr | Jun 2025 ₹9 Cr | Sep 2025 ₹2 Cr | Dec 2025 ₹3 Cr | Mar 2026 ₹6 Cr | Jun 2026 ₹6 Cr
- MINDTECK: Dec 2021 ₹4 Cr | Mar 2022 ₹8 Cr | Jun 2022 ₹8 Cr | Aug 2022 — | Sep 2022 ₹6 Cr | Dec 2022 ₹6 Cr | Mar 2023 ₹6 Cr | Jun 2023 ₹6 Cr | Sep 2023 ₹4 Cr | Dec 2023 ₹4 Cr | Mar 2024 ₹2 Cr | Jun 2024 ₹2 Cr | Sep 2024 ₹0 Cr | Dec 2024 ₹0 Cr | Mar 2025 ₹7 Cr | Jun 2025 ₹7 Cr | Sep 2025 ₹6 Cr | Dec 2025 ₹6 Cr | Mar 2026 ₹4 Cr | Jun 2026 —
- SOFTTECH: Dec 2021 — | Mar 2022 ₹35 Cr | Jun 2022 — | Aug 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 ₹48 Cr | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 ₹38 Cr | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 ₹42 Cr | Jun 2025 — | Sep 2025 ₹45 Cr | Dec 2025 — | Mar 2026 ₹39 Cr | Jun 2026 —
- AUTOPALIND: Dec 2021 — | Mar 2022 — | Jun 2022 — | Aug 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 ₹28 Cr | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 ₹12 Cr | Jun 2025 — | Sep 2025 ₹11 Cr | Dec 2025 — | Mar 2026 ₹18 Cr | Jun 2026 —
- XTGLOBAL: Dec 2021 — | Mar 2022 ₹51 Cr | Jun 2022 — | Aug 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 ₹35 Cr | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 ₹43 Cr | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 ₹35 Cr | Jun 2025 — | Sep 2025 ₹51 Cr | Dec 2025 — | Mar 2026 — | Jun 2026 —
- TECHLABS: Dec 2021 — | Mar 2022 ₹30 Cr | Jun 2022 — | Aug 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 ₹23 Cr | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 ₹19 Cr | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 ₹13 Cr | Jun 2025 — | Sep 2025 ₹18 Cr | Dec 2025 — | Mar 2026 — | Jun 2026 —
- META: Dec 2021 — | Mar 2022 ₹16 Cr | Jun 2022 — | Aug 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 ₹8 Cr | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 ₹1 Cr | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 ₹17 Cr | Jun 2025 — | Sep 2025 ₹32 Cr | Dec 2025 — | Mar 2026 — | Jun 2026 —

### 20-quarter Net debt history
- TCS: Dec 2021 ₹-48.6K Cr | Mar 2022 ₹-36.8K Cr | Jun 2022 ₹-32.5K Cr | Aug 2022 — | Sep 2022 ₹-40.8K Cr | Dec 2022 ₹-47.7K Cr | Mar 2023 ₹-37.8K Cr | Jun 2023 ₹-48.5K Cr | Sep 2023 ₹-47.2K Cr | Dec 2023 ₹-35.5K Cr | Mar 2024 ₹-35.8K Cr | Jun 2024 ₹-34.4K Cr | Sep 2024 ₹-38.7K Cr | Dec 2024 ₹-49.7K Cr | Mar 2025 ₹-31.6K Cr | Jun 2025 ₹-32.0K Cr | Sep 2025 ₹-37.8K Cr | Dec 2025 ₹-46.1K Cr | Mar 2026 ₹-29.8K Cr | Jun 2026 ₹-33.7K Cr
- WIPRO: Dec 2021 ₹-18.5K Cr | Mar 2022 ₹-16.9K Cr | Jun 2022 ₹-11.1K Cr | Aug 2022 — | Sep 2022 ₹-15.2K Cr | Dec 2022 ₹-19.5K Cr | Mar 2023 ₹-22.6K Cr | Jun 2023 ₹-24.7K Cr | Sep 2023 ₹-15.8K Cr | Dec 2023 ₹-20.4K Cr | Mar 2024 ₹-24.3K Cr | Jun 2024 ₹-28.1K Cr | Sep 2024 ₹-31.9K Cr | Dec 2024 ₹-36.8K Cr | Mar 2025 ₹-34.1K Cr | Jun 2025 ₹-37.3K Cr | Sep 2025 ₹-35.0K Cr | Dec 2025 ₹-37.6K Cr | Mar 2026 ₹-34.0K Cr | Jun 2026 ₹-18.2K Cr
- TECHM: Dec 2021 ₹-8.7K Cr | Mar 2022 ₹-5.7K Cr | Jun 2022 ₹-5.7K Cr | Aug 2022 — | Sep 2022 ₹-4.4K Cr | Dec 2022 ₹-4.4K Cr | Mar 2023 ₹-4.2K Cr | Jun 2023 ₹-4.2K Cr | Sep 2023 ₹-3.5K Cr | Dec 2023 ₹-3.5K Cr | Mar 2024 ₹-4.8K Cr | Jun 2024 ₹-4.8K Cr | Sep 2024 ₹-4.2K Cr | Dec 2024 ₹-4.2K Cr | Mar 2025 ₹-5.4K Cr | Jun 2025 ₹-5.4K Cr | Sep 2025 ₹-5.3K Cr | Dec 2025 ₹-5.3K Cr | Mar 2026 ₹-6.2K Cr | Jun 2026 ₹-6.2K Cr
- LTM: Dec 2021 ₹-2.8K Cr | Mar 2022 ₹-5.8K Cr | Jun 2022 ₹-3.0K Cr | Aug 2022 — | Sep 2022 ₹-2.4K Cr | Dec 2022 ₹-5.8K Cr | Mar 2023 ₹-6.1K Cr | Jun 2023 ₹-6.8K Cr | Sep 2023 ₹-6.2K Cr | Dec 2023 ₹-7.2K Cr | Mar 2024 ₹-7.5K Cr | Jun 2024 ₹-6.9K Cr | Sep 2024 ₹-7.5K Cr | Dec 2024 ₹-8.2K Cr | Mar 2025 ₹-8.5K Cr | Jun 2025 ₹-7.7K Cr | Sep 2025 ₹-9.9K Cr | Dec 2025 ₹-11.7K Cr | Mar 2026 ₹-12.3K Cr | Jun 2026 ₹-12.5K Cr
- COFORGE: Dec 2021 ₹275 Cr | Mar 2022 ₹36 Cr | Jun 2022 ₹267 Cr | Aug 2022 — | Sep 2022 ₹366 Cr | Dec 2022 ₹366 Cr | Mar 2023 ₹-17 Cr | Jun 2023 ₹-17 Cr | Sep 2023 ₹870 Cr | Dec 2023 ₹870 Cr | Mar 2024 ₹391 Cr | Jun 2024 ₹391 Cr | Sep 2024 ₹-709 Cr | Dec 2024 ₹-709 Cr | Mar 2025 ₹41 Cr | Jun 2025 ₹41 Cr | Sep 2025 ₹401 Cr | Dec 2025 ₹401 Cr | Mar 2026 ₹-371 Cr | Jun 2026 —
- MPHASIS: Dec 2021 ₹-567 Cr | Mar 2022 ₹-1.3K Cr | Jun 2022 ₹-1.5K Cr | Aug 2022 — | Sep 2022 ₹-982 Cr | Dec 2022 ₹-1.1K Cr | Mar 2023 ₹-1.4K Cr | Jun 2023 ₹-1.8K Cr | Sep 2023 ₹-1.2K Cr | Dec 2023 — | Mar 2024 ₹-1.0K Cr | Jun 2024 ₹-1.7K Cr | Sep 2024 ₹-1.2K Cr | Dec 2024 ₹-1.5K Cr | Mar 2025 ₹-1.5K Cr | Jun 2025 ₹-1.6K Cr | Sep 2025 ₹-643 Cr | Dec 2025 ₹-575 Cr | Mar 2026 ₹-501 Cr | Jun 2026 —
- HEXT: Dec 2021 — | Mar 2022 — | Jun 2022 — | Aug 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 ₹-835 Cr | Jun 2023 — | Sep 2023 — | Dec 2023 ₹-1.6K Cr | Mar 2024 ₹-1.6K Cr | Jun 2024 ₹-750 Cr | Sep 2024 ₹-979 Cr | Dec 2024 ₹-1.4K Cr | Mar 2025 ₹-1.3K Cr | Jun 2025 ₹-1.3K Cr | Sep 2025 ₹-1.4K Cr | Dec 2025 ₹-1.4K Cr | Mar 2026 ₹-1.4K Cr | Jun 2026 —
- ZENSARTECH: Dec 2021 ₹-703 Cr | Mar 2022 ₹-679 Cr | Jun 2022 ₹-679 Cr | Aug 2022 — | Sep 2022 ₹-1.0K Cr | Dec 2022 ₹-1.0K Cr | Mar 2023 ₹-900 Cr | Jun 2023 ₹-900 Cr | Sep 2023 ₹-1.2K Cr | Dec 2023 ₹-1.2K Cr | Mar 2024 ₹-1.2K Cr | Jun 2024 ₹-1.2K Cr | Sep 2024 ₹-1.4K Cr | Dec 2024 ₹-1.4K Cr | Mar 2025 ₹-1.9K Cr | Jun 2025 ₹-1.9K Cr | Sep 2025 ₹-1.9K Cr | Dec 2025 ₹-1.9K Cr | Mar 2026 ₹-2.5K Cr | Jun 2026 —
- SONATSOFTW: Dec 2021 ₹-573 Cr | Mar 2022 ₹-737 Cr | Jun 2022 ₹-737 Cr | Aug 2022 — | Sep 2022 ₹-423 Cr | Dec 2022 ₹-423 Cr | Mar 2023 ₹-339 Cr | Jun 2023 ₹-339 Cr | Sep 2023 ₹-22 Cr | Dec 2023 ₹-22 Cr | Mar 2024 ₹-325 Cr | Jun 2024 ₹-332 Cr | Sep 2024 ₹72 Cr | Dec 2024 ₹72 Cr | Mar 2025 ₹-167 Cr | Jun 2025 ₹-167 Cr | Sep 2025 ₹428 Cr | Dec 2025 ₹428 Cr | Mar 2026 ₹144 Cr | Jun 2026 —
- TANLA: Dec 2021 ₹-808 Cr | Mar 2022 ₹-788 Cr | Jun 2022 ₹-808 Cr | Aug 2022 — | Sep 2022 ₹-801 Cr | Dec 2022 ₹-801 Cr | Mar 2023 ₹-483 Cr | Jun 2023 ₹-483 Cr | Sep 2023 ₹-466 Cr | Dec 2023 ₹-466 Cr | Mar 2024 ₹-469 Cr | Jun 2024 ₹-651 Cr | Sep 2024 ₹-612 Cr | Dec 2024 ₹-612 Cr | Mar 2025 ₹-559 Cr | Jun 2025 ₹-559 Cr | Sep 2025 ₹-789 Cr | Dec 2025 ₹-789 Cr | Mar 2026 ₹-722 Cr | Jun 2026 —
- BSOFT: Dec 2021 ₹-929 Cr | Mar 2022 ₹-1.0K Cr | Jun 2022 ₹-1.0K Cr | Aug 2022 — | Sep 2022 ₹-613 Cr | Dec 2022 ₹-613 Cr | Mar 2023 ₹-936 Cr | Jun 2023 ₹-931 Cr | Sep 2023 ₹-1.3K Cr | Dec 2023 ₹-1.3K Cr | Mar 2024 ₹-1.4K Cr | Jun 2024 ₹-1.4K Cr | Sep 2024 ₹-1.4K Cr | Dec 2024 ₹-1.4K Cr | Mar 2025 ₹-1.7K Cr | Jun 2025 ₹-1.7K Cr | Sep 2025 ₹-1.9K Cr | Dec 2025 ₹-1.9K Cr | Mar 2026 ₹-2.3K Cr | Jun 2026 —
- STYL: Dec 2021 — | Mar 2022 — | Jun 2022 — | Aug 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 ₹322 Cr | Sep 2024 — | Dec 2024 — | Mar 2025 ₹264 Cr | Jun 2025 ₹264 Cr | Sep 2025 ₹-255 Cr | Dec 2025 ₹-255 Cr | Mar 2026 ₹-332 Cr | Jun 2026 —
- CCAVENUE: Dec 2021 ₹-204 Cr | Mar 2022 ₹-289 Cr | Jun 2022 ₹-205 Cr | Aug 2022 — | Sep 2022 ₹-309 Cr | Dec 2022 ₹-309 Cr | Mar 2023 ₹-361 Cr | Jun 2023 ₹-305 Cr | Sep 2023 ₹-309 Cr | Dec 2023 ₹-309 Cr | Mar 2024 ₹-723 Cr | Jun 2024 ₹-740 Cr | Sep 2024 ₹-207 Cr | Dec 2024 ₹-207 Cr | Mar 2025 ₹-419 Cr | Jun 2025 ₹-170 Cr | Sep 2025 ₹-756 Cr | Dec 2025 ₹-756 Cr | Mar 2026 ₹-759 Cr | Jun 2026 —
- DATAMATICS: Dec 2021 ₹-329 Cr | Mar 2022 ₹-363 Cr | Jun 2022 ₹-363 Cr | Aug 2022 — | Sep 2022 ₹-375 Cr | Dec 2022 ₹-375 Cr | Mar 2023 ₹-370 Cr | Jun 2023 ₹-380 Cr | Sep 2023 ₹-443 Cr | Dec 2023 ₹-443 Cr | Mar 2024 ₹-417 Cr | Jun 2024 ₹-417 Cr | Sep 2024 ₹-356 Cr | Dec 2024 ₹-356 Cr | Mar 2025 ₹-165 Cr | Jun 2025 ₹-175 Cr | Sep 2025 ₹-270 Cr | Dec 2025 ₹-270 Cr | Mar 2026 ₹-343 Cr | Jun 2026 —
- AURIONPRO: Dec 2021 ₹38 Cr | Mar 2022 ₹21 Cr | Jun 2022 ₹-1 Cr | Aug 2022 — | Sep 2022 ₹48 Cr | Dec 2022 — | Mar 2023 ₹64 Cr | Jun 2023 ₹45 Cr | Sep 2023 ₹32 Cr | Dec 2023 ₹89 Cr | Mar 2024 ₹-188 Cr | Jun 2024 ₹-188 Cr | Sep 2024 ₹-300 Cr | Dec 2024 ₹-300 Cr | Mar 2025 ₹-331 Cr | Jun 2025 ₹-331 Cr | Sep 2025 ₹-191 Cr | Dec 2025 ₹-191 Cr | Mar 2026 ₹-144 Cr | Jun 2026 —
- MOSCHIP: Dec 2021 ₹53 Cr | Mar 2022 ₹62 Cr | Jun 2022 ₹61 Cr | Aug 2022 — | Sep 2022 ₹86 Cr | Dec 2022 ₹86 Cr | Mar 2023 ₹70 Cr | Jun 2023 ₹59 Cr | Sep 2023 ₹51 Cr | Dec 2023 ₹51 Cr | Mar 2024 ₹66 Cr | Jun 2024 ₹46 Cr | Sep 2024 ₹43 Cr | Dec 2024 ₹43 Cr | Mar 2025 ₹-13 Cr | Jun 2025 ₹-34 Cr | Sep 2025 ₹-1 Cr | Dec 2025 ₹-1 Cr | Mar 2026 ₹-61 Cr | Jun 2026 —
- CAPILLARY: Dec 2021 — | Mar 2022 — | Jun 2022 — | Aug 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 ₹-171 Cr | Sep 2024 — | Dec 2024 — | Mar 2025 ₹-108 Cr | Jun 2025 ₹15 Cr | Sep 2025 ₹15 Cr | Dec 2025 ₹15 Cr | Mar 2026 ₹-430 Cr | Jun 2026 —
- CIGNITITEC: Dec 2021 ₹-157 Cr | Mar 2022 ₹-156 Cr | Jun 2022 ₹-156 Cr | Aug 2022 — | Sep 2022 ₹-149 Cr | Dec 2022 — | Mar 2023 ₹-226 Cr | Jun 2023 ₹-226 Cr | Sep 2023 ₹-222 Cr | Dec 2023 ₹-222 Cr | Mar 2024 ₹-351 Cr | Jun 2024 ₹-351 Cr | Sep 2024 ₹-393 Cr | Dec 2024 ₹-393 Cr | Mar 2025 ₹-372 Cr | Jun 2025 ₹-372 Cr | Sep 2025 ₹-211 Cr | Dec 2025 ₹-211 Cr | Mar 2026 — | Jun 2026 —
- TECHNVISN: Dec 2021 — | Mar 2022 ₹-9 Cr | Jun 2022 — | Aug 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 ₹-10 Cr | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 ₹-25 Cr | Jun 2024 — | Sep 2024 ₹-45 Cr | Dec 2024 ₹-45 Cr | Mar 2025 ₹-34 Cr | Jun 2025 ₹-47 Cr | Sep 2025 ₹-26 Cr | Dec 2025 ₹-26 Cr | Mar 2026 ₹-11 Cr | Jun 2026 —
- RSYSTEMS: Dec 2021 ₹-217 Cr | Mar 2022 ₹-181 Cr | Jun 2022 ₹-152 Cr | Aug 2022 — | Sep 2022 ₹-149 Cr | Dec 2022 ₹-190 Cr | Mar 2023 ₹-203 Cr | Jun 2023 ₹-292 Cr | Sep 2023 ₹-292 Cr | Dec 2023 ₹-51 Cr | Mar 2024 ₹-121 Cr | Jun 2024 ₹-99 Cr | Sep 2024 ₹-99 Cr | Dec 2024 ₹-125 Cr | Mar 2025 ₹-121 Cr | Jun 2025 ₹-116 Cr | Sep 2025 ₹-116 Cr | Dec 2025 ₹96 Cr | Mar 2026 ₹96 Cr | Jun 2026 —
- SASKEN: Dec 2021 ₹-80 Cr | Mar 2022 ₹-56 Cr | Jun 2022 ₹-56 Cr | Aug 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 ₹-93 Cr | Jun 2023 ₹-93 Cr | Sep 2023 ₹-81 Cr | Dec 2023 ₹-81 Cr | Mar 2024 ₹-68 Cr | Jun 2024 ₹-68 Cr | Sep 2024 ₹-71 Cr | Dec 2024 ₹-71 Cr | Mar 2025 ₹-210 Cr | Jun 2025 ₹-210 Cr | Sep 2025 ₹-82 Cr | Dec 2025 ₹-82 Cr | Mar 2026 ₹-127 Cr | Jun 2026 —
- SILVERTUC: Dec 2021 — | Mar 2022 ₹-19 Cr | Jun 2022 ₹-18 Cr | Aug 2022 — | Sep 2022 ₹-1 Cr | Dec 2022 ₹-1 Cr | Mar 2023 ₹-5 Cr | Jun 2023 ₹-5 Cr | Sep 2023 — | Dec 2023 — | Mar 2024 ₹3 Cr | Jun 2024 ₹3 Cr | Sep 2024 ₹18 Cr | Dec 2024 ₹18 Cr | Mar 2025 ₹26 Cr | Jun 2025 ₹25 Cr | Sep 2025 ₹34 Cr | Dec 2025 ₹34 Cr | Mar 2026 ₹20 Cr | Jun 2026 —
- SAKSOFT: Dec 2021 ₹-90 Cr | Mar 2022 ₹-84 Cr | Jun 2022 ₹-84 Cr | Aug 2022 — | Sep 2022 ₹-116 Cr | Dec 2022 ₹-116 Cr | Mar 2023 ₹-139 Cr | Jun 2023 ₹-139 Cr | Sep 2023 ₹-120 Cr | Dec 2023 ₹-120 Cr | Mar 2024 ₹-181 Cr | Jun 2024 ₹-181 Cr | Sep 2024 ₹-135 Cr | Dec 2024 ₹-135 Cr | Mar 2025 ₹-122 Cr | Jun 2025 ₹-122 Cr | Sep 2025 ₹-130 Cr | Dec 2025 ₹-130 Cr | Mar 2026 ₹-207 Cr | Jun 2026 —
- KODYTECH: Dec 2021 — | Mar 2022 — | Jun 2022 — | Aug 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 ₹7 Cr | Jun 2023 — | Sep 2023 ₹-20 Cr | Dec 2023 — | Mar 2024 ₹-7 Cr | Jun 2024 — | Sep 2024 ₹2 Cr | Dec 2024 — | Mar 2025 ₹9 Cr | Jun 2025 — | Sep 2025 ₹3 Cr | Dec 2025 — | Mar 2026 ₹-35 Cr | Jun 2026 —
- IZMO: Dec 2021 ₹-4 Cr | Mar 2022 ₹-2 Cr | Jun 2022 ₹-1 Cr | Aug 2022 — | Sep 2022 ₹-2 Cr | Dec 2022 ₹-2 Cr | Mar 2023 ₹-1 Cr | Jun 2023 ₹0 Cr | Sep 2023 ₹-3 Cr | Dec 2023 ₹-3 Cr | Mar 2024 ₹-8 Cr | Jun 2024 ₹-8 Cr | Sep 2024 ₹-21 Cr | Dec 2024 ₹-21 Cr | Mar 2025 ₹-13 Cr | Jun 2025 ₹-13 Cr | Sep 2025 ₹0 Cr | Dec 2025 ₹0 Cr | Mar 2026 ₹7 Cr | Jun 2026 —
- NINSYS: Dec 2021 — | Mar 2022 — | Jun 2022 — | Aug 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 ₹-25 Cr | Jun 2024 ₹-25 Cr | Sep 2024 ₹-39 Cr | Dec 2024 ₹-39 Cr | Mar 2025 ₹-45 Cr | Jun 2025 ₹-45 Cr | Sep 2025 ₹-59 Cr | Dec 2025 ₹-59 Cr | Mar 2026 ₹-73 Cr | Jun 2026 —
- DSSL: Dec 2021 ₹37 Cr | Mar 2022 ₹55 Cr | Jun 2022 ₹29 Cr | Aug 2022 — | Sep 2022 ₹26 Cr | Dec 2022 ₹26 Cr | Mar 2023 ₹53 Cr | Jun 2023 ₹23 Cr | Sep 2023 ₹11 Cr | Dec 2023 ₹11 Cr | Mar 2024 ₹33 Cr | Jun 2024 ₹-52 Cr | Sep 2024 ₹0 Cr | Dec 2024 ₹0 Cr | Mar 2025 ₹104 Cr | Jun 2025 ₹34 Cr | Sep 2025 ₹89 Cr | Dec 2025 ₹89 Cr | Mar 2026 ₹125 Cr | Jun 2026 —
- MCLOUD: Dec 2021 ₹42 Cr | Mar 2022 ₹30 Cr | Jun 2022 ₹32 Cr | Aug 2022 — | Sep 2022 ₹124 Cr | Dec 2022 ₹124 Cr | Mar 2023 ₹143 Cr | Jun 2023 ₹124 Cr | Sep 2023 ₹220 Cr | Dec 2023 ₹220 Cr | Mar 2024 ₹262 Cr | Jun 2024 ₹258 Cr | Sep 2024 ₹228 Cr | Dec 2024 ₹228 Cr | Mar 2025 ₹204 Cr | Jun 2025 ₹204 Cr | Sep 2025 ₹222 Cr | Dec 2025 ₹222 Cr | Mar 2026 ₹234 Cr | Jun 2026 —
- INFOBEAN: Dec 2021 ₹-19 Cr | Mar 2022 ₹-34 Cr | Jun 2022 ₹-37 Cr | Aug 2022 — | Sep 2022 ₹-41 Cr | Dec 2022 ₹-41 Cr | Mar 2023 ₹-79 Cr | Jun 2023 ₹-79 Cr | Sep 2023 ₹-90 Cr | Dec 2023 ₹-90 Cr | Mar 2024 ₹-108 Cr | Jun 2024 ₹-108 Cr | Sep 2024 ₹-132 Cr | Dec 2024 ₹-132 Cr | Mar 2025 ₹-153 Cr | Jun 2025 ₹-153 Cr | Sep 2025 ₹-193 Cr | Dec 2025 ₹-193 Cr | Mar 2026 ₹-213 Cr | Jun 2026 ₹-213 Cr
- EXPLEOSOL: Dec 2021 ₹-143 Cr | Mar 2022 ₹-161 Cr | Jun 2022 ₹-139 Cr | Aug 2022 — | Sep 2022 ₹-96 Cr | Dec 2022 ₹-96 Cr | Mar 2023 ₹-127 Cr | Jun 2023 ₹-127 Cr | Sep 2023 ₹-104 Cr | Dec 2023 ₹-104 Cr | Mar 2024 ₹-170 Cr | Jun 2024 ₹-173 Cr | Sep 2024 ₹-243 Cr | Dec 2024 ₹-243 Cr | Mar 2025 ₹-188 Cr | Jun 2025 ₹-188 Cr | Sep 2025 ₹-283 Cr | Dec 2025 ₹-283 Cr | Mar 2026 ₹-368 Cr | Jun 2026 —
- ORIENTTECH: Dec 2021 — | Mar 2022 — | Jun 2022 — | Aug 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 ₹-33 Cr | Sep 2023 ₹-18 Cr | Dec 2023 — | Mar 2024 ₹-47 Cr | Jun 2024 ₹-47 Cr | Sep 2024 ₹-138 Cr | Dec 2024 ₹-138 Cr | Mar 2025 ₹-108 Cr | Jun 2025 ₹-110 Cr | Sep 2025 ₹-51 Cr | Dec 2025 ₹-51 Cr | Mar 2026 ₹-11 Cr | Jun 2026 —
- TAC: Dec 2021 — | Mar 2022 — | Jun 2022 — | Aug 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 ₹-3 Cr | Dec 2023 — | Mar 2024 ₹1 Cr | Jun 2024 — | Sep 2024 ₹-30 Cr | Dec 2024 — | Mar 2025 ₹-32 Cr | Jun 2025 — | Sep 2025 ₹-26 Cr | Dec 2025 — | Mar 2026 ₹-32 Cr | Jun 2026 —
- UNIECOM: Dec 2021 — | Mar 2022 — | Jun 2022 — | Aug 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 ₹-16 Cr | Dec 2023 — | Mar 2024 ₹-61 Cr | Jun 2024 ₹-61 Cr | Sep 2024 ₹-23 Cr | Dec 2024 ₹-23 Cr | Mar 2025 ₹-24 Cr | Jun 2025 ₹-33 Cr | Sep 2025 ₹-21 Cr | Dec 2025 ₹-21 Cr | Mar 2026 ₹-49 Cr | Jun 2026 —
- EXCELSOFT: Dec 2021 — | Mar 2022 — | Jun 2022 — | Aug 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 ₹73 Cr | Sep 2024 ₹-194 Cr | Dec 2024 — | Mar 2025 ₹1 Cr | Jun 2025 ₹-37 Cr | Sep 2025 ₹-212 Cr | Dec 2025 ₹-212 Cr | Mar 2026 ₹-139 Cr | Jun 2026 —
- QUICKHEAL: Dec 2021 — | Mar 2022 — | Jun 2022 — | Aug 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 ₹-193 Cr | Jun 2025 ₹-193 Cr | Sep 2025 — | Dec 2025 — | Mar 2026 ₹-218 Cr | Jun 2026 —
- SAHANA: Dec 2021 — | Mar 2022 — | Jun 2022 — | Aug 2022 ₹6 Cr | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 ₹-13 Cr | Jun 2024 — | Sep 2024 ₹-10 Cr | Dec 2024 — | Mar 2025 ₹-26 Cr | Jun 2025 — | Sep 2025 ₹-35 Cr | Dec 2025 — | Mar 2026 ₹-12 Cr | Jun 2026 —
- KELLTONTEC: Dec 2021 ₹72 Cr | Mar 2022 ₹96 Cr | Jun 2022 ₹97 Cr | Aug 2022 — | Sep 2022 ₹101 Cr | Dec 2022 ₹101 Cr | Mar 2023 ₹132 Cr | Jun 2023 ₹132 Cr | Sep 2023 ₹134 Cr | Dec 2023 ₹134 Cr | Mar 2024 ₹128 Cr | Jun 2024 ₹128 Cr | Sep 2024 ₹125 Cr | Dec 2024 ₹125 Cr | Mar 2025 ₹155 Cr | Jun 2025 ₹155 Cr | Sep 2025 ₹88 Cr | Dec 2025 ₹88 Cr | Mar 2026 ₹194 Cr | Jun 2026 ₹194 Cr
- XCHANGING: Dec 2021 ₹-410 Cr | Mar 2022 ₹-438 Cr | Jun 2022 ₹-438 Cr | Aug 2022 — | Sep 2022 ₹-484 Cr | Dec 2022 ₹-484 Cr | Mar 2023 ₹-514 Cr | Jun 2023 ₹-514 Cr | Sep 2023 ₹-362 Cr | Dec 2023 ₹-362 Cr | Mar 2024 ₹-203 Cr | Jun 2024 ₹-203 Cr | Sep 2024 ₹-190 Cr | Dec 2024 ₹-190 Cr | Mar 2025 ₹-215 Cr | Jun 2025 ₹-215 Cr | Sep 2025 ₹-215 Cr | Dec 2025 ₹-215 Cr | Mar 2026 ₹-241 Cr | Jun 2026 —
- INNOVANA: Dec 2021 ₹-37 Cr | Mar 2022 ₹-37 Cr | Jun 2022 ₹-37 Cr | Aug 2022 — | Sep 2022 ₹-41 Cr | Dec 2022 — | Mar 2023 ₹8 Cr | Jun 2023 ₹8 Cr | Sep 2023 ₹12 Cr | Dec 2023 ₹12 Cr | Mar 2024 ₹17 Cr | Jun 2024 ₹17 Cr | Sep 2024 ₹37 Cr | Dec 2024 ₹37 Cr | Mar 2025 ₹32 Cr | Jun 2025 ₹32 Cr | Sep 2025 ₹32 Cr | Dec 2025 ₹32 Cr | Mar 2026 ₹47 Cr | Jun 2026 —
- SUBEXLTD: Dec 2021 ₹-123 Cr | Mar 2022 ₹-103 Cr | Jun 2022 ₹-105 Cr | Aug 2022 — | Sep 2022 ₹-50 Cr | Dec 2022 ₹-50 Cr | Mar 2023 ₹-87 Cr | Jun 2023 ₹-88 Cr | Sep 2023 ₹-69 Cr | Dec 2023 ₹-69 Cr | Mar 2024 ₹-78 Cr | Jun 2024 ₹-76 Cr | Sep 2024 ₹-60 Cr | Dec 2024 ₹-60 Cr | Mar 2025 ₹-57 Cr | Jun 2025 ₹-75 Cr | Sep 2025 ₹-97 Cr | Dec 2025 ₹-97 Cr | Mar 2026 ₹-96 Cr | Jun 2026 —
- ADSL: Dec 2021 ₹-7 Cr | Mar 2022 ₹-7 Cr | Jun 2022 ₹-7 Cr | Aug 2022 — | Sep 2022 ₹1 Cr | Dec 2022 ₹1 Cr | Mar 2023 ₹-23 Cr | Jun 2023 ₹-39 Cr | Sep 2023 ₹-53 Cr | Dec 2023 ₹-53 Cr | Mar 2024 ₹-52 Cr | Jun 2024 ₹-52 Cr | Sep 2024 ₹-103 Cr | Dec 2024 ₹-103 Cr | Mar 2025 ₹-95 Cr | Jun 2025 ₹-121 Cr | Sep 2025 ₹-63 Cr | Dec 2025 ₹-63 Cr | Mar 2026 ₹-16 Cr | Jun 2026 —
- KSOLVES: Dec 2021 ₹-6 Cr | Mar 2022 — | Jun 2022 — | Aug 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 ₹4 Cr | Jun 2025 ₹-1 Cr | Sep 2025 ₹-15 Cr | Dec 2025 ₹-15 Cr | Mar 2026 ₹-1 Cr | Jun 2026 ₹-1 Cr
- MINDTECK: Dec 2021 ₹-75 Cr | Mar 2022 ₹-69 Cr | Jun 2022 ₹-69 Cr | Aug 2022 — | Sep 2022 ₹-50 Cr | Dec 2022 ₹-50 Cr | Mar 2023 ₹-94 Cr | Jun 2023 ₹-94 Cr | Sep 2023 ₹-99 Cr | Dec 2023 ₹-99 Cr | Mar 2024 ₹-123 Cr | Jun 2024 ₹-123 Cr | Sep 2024 ₹-125 Cr | Dec 2024 ₹-125 Cr | Mar 2025 ₹-127 Cr | Jun 2025 ₹-127 Cr | Sep 2025 ₹-153 Cr | Dec 2025 ₹-153 Cr | Mar 2026 ₹-188 Cr | Jun 2026 —

## Return On Capital Employed

What the numbers say: Ksolves India Ltd leads ROCE at 131%, 68 percentage points above Tata Consultancy Services Ltd. Hypersoft Technologies Ltd has the strongest latest improvement at +29.2 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: Ksolves India 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: Ksolves India Ltd · 131% | 107.9% versus #2 · Tata Consultancy Services Ltd | 1/8 recent comparable periods | 63/63 companies · 566 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. Ksolves India Ltd (KSOLVES): 131%
2. Tata Consultancy Services Ltd (TCS): 63%
3. NINtec Systems Ltd (NINSYS): 55%
4. Meta Infotech Ltd (META): 51% — older report
5. Unified Data- Tech Solutions Ltd (UNIFIED): 48% — older report

### ROCE change — fastest improvers
1. Hypersoft Technologies Ltd (539724): +29.2 pp
2. Covance Softsol Ltd (544361): +23.0 pp
3. String Metaverse Ltd (534535): +16.0 pp
4. Cigniti Technologies Ltd (CIGNITITEC): +13.0 pp — older report
5. Subex Ltd (SUBEXLTD): +10.2 pp

### 20-quarter ROCE history
- TCS: Dec 2021 42% | Mar 2022 49% | Jun 2022 49% | Aug 2022 — | Sep 2022 47% | Dec 2022 45% | Mar 2023 54% | Jun 2023 55% | Sep 2023 52% | Dec 2023 58% | Mar 2024 59% | Jun 2024 59% | Sep 2024 55% | Dec 2024 52% | Mar 2025 58% | Jun 2025 57% | Sep 2025 53% | Dec 2025 51% | Mar 2026 55% | Jun 2026 56%
- WIPRO: Dec 2021 18% | Mar 2022 17% | Jun 2022 17% | Aug 2022 — | Sep 2022 16% | Dec 2022 15% | Mar 2023 15% | Jun 2023 17% | Sep 2023 17% | Dec 2023 16% | Mar 2024 15% | Jun 2024 15% | Sep 2024 14% | Dec 2024 14% | Mar 2025 15% | Jun 2025 15% | Sep 2025 15% | Dec 2025 14% | Mar 2026 15% | Jun 2026 17%
- TECHM: Dec 2021 — | Mar 2022 20% | Jun 2022 — | Aug 2022 — | Sep 2022 20% | Dec 2022 — | Mar 2023 19% | Jun 2023 — | Sep 2023 15% | Dec 2023 14% | Mar 2024 10% | Jun 2024 12% | Sep 2024 13% | Dec 2024 18% | Mar 2025 16% | Jun 2025 21% | Sep 2025 19% | Dec 2025 21% | Mar 2026 21% | Jun 2026 22%
- LTM: Dec 2021 29% | Mar 2022 30% | Jun 2022 48% | Aug 2022 — | Sep 2022 49% | Dec 2022 31% | Mar 2023 23% | Jun 2023 25% | Sep 2023 28% | Dec 2023 28% | Mar 2024 26% | Jun 2024 25% | Sep 2024 24% | Dec 2024 23% | Mar 2025 22% | Jun 2025 22% | Sep 2025 22% | Dec 2025 23% | Mar 2026 20% | Jun 2026 22%
- COFORGE: Dec 2021 23% | Mar 2022 24% | Jun 2022 27% | Aug 2022 — | Sep 2022 28% | Dec 2022 — | Mar 2023 26% | Jun 2023 — | Sep 2023 24% | Dec 2023 26% | Mar 2024 28% | Jun 2024 28% | Sep 2024 9.3% | Dec 2024 20% | Mar 2025 13% | Jun 2025 23% | Sep 2025 16% | Dec 2025 20% | Mar 2026 20% | Jun 2026 —
- MPHASIS: Dec 2021 23% | Mar 2022 23% | Jun 2022 23% | Aug 2022 — | Sep 2022 25% | Dec 2022 24% | Mar 2023 24% | Jun 2023 22% | Sep 2023 22% | Dec 2023 25% | Mar 2024 19% | Jun 2024 18% | Sep 2024 20% | Dec 2024 19% | Mar 2025 21% | Jun 2025 20% | Sep 2025 22% | Dec 2025 21% | Mar 2026 21% | Jun 2026 —
- HEXT: Dec 2021 — | Mar 2022 — | Jun 2022 — | Aug 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 27% | Mar 2024 — | Jun 2024 26% | Sep 2024 25% | Dec 2024 28% | Mar 2025 26% | Jun 2025 27% | Sep 2025 23% | Dec 2025 25% | Mar 2026 23% | Jun 2026 —
- ZENSARTECH: Dec 2021 — | Mar 2022 17% | Jun 2022 — | Aug 2022 — | Sep 2022 14% | Dec 2022 — | Mar 2023 11% | Jun 2023 — | Sep 2023 17% | Dec 2023 25% | Mar 2024 20% | Jun 2024 25% | Sep 2024 18% | Dec 2024 23% | Mar 2025 17% | Jun 2025 22% | Sep 2025 17% | Dec 2025 23% | Mar 2026 17% | Jun 2026 —
- SONATSOFTW: Dec 2021 — | Mar 2022 38% | Jun 2022 — | Aug 2022 — | Sep 2022 42% | Dec 2022 — | Mar 2023 25% | Jun 2023 — | Sep 2023 27% | Dec 2023 31% | Mar 2024 32% | Jun 2024 25% | Sep 2024 32% | Dec 2024 31% | Mar 2025 27% | Jun 2025 30% | Sep 2025 23% | Dec 2025 29% | Mar 2026 22% | Jun 2026 —
- TANLA: Dec 2021 — | Mar 2022 47% | Jun 2022 — | Aug 2022 — | Sep 2022 41% | Dec 2022 — | Mar 2023 35% | Jun 2023 — | Sep 2023 36% | Dec 2023 41% | Mar 2024 33% | Jun 2024 31% | Sep 2024 30% | Dec 2024 33% | Mar 2025 26% | Jun 2025 27% | Sep 2025 24% | Dec 2025 28% | Mar 2026 24% | Jun 2026 —
- BSOFT: Dec 2021 — | Mar 2022 21% | Jun 2022 — | Aug 2022 — | Sep 2022 25% | Dec 2022 — | Mar 2023 17% | Jun 2023 — | Sep 2023 17% | Dec 2023 28% | Mar 2024 24% | Jun 2024 31% | Sep 2024 21% | Dec 2024 25% | Mar 2025 17% | Jun 2025 20% | Sep 2025 16% | Dec 2025 21% | Mar 2026 18% | Jun 2026 —
- STYL: Dec 2021 — | Mar 2022 — | Jun 2022 — | Aug 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 11% | Sep 2024 — | Dec 2024 — | Mar 2025 40% | Jun 2025 44% | Sep 2025 23% | Dec 2025 33% | Mar 2026 22% | Jun 2026 —
- CCAVENUE: Dec 2021 — | Mar 2022 2.7% | Jun 2022 — | Aug 2022 — | Sep 2022 3.4% | Dec 2022 — | Mar 2023 3.6% | Jun 2023 — | Sep 2023 4.4% | Dec 2023 6.0% | Mar 2024 5.1% | Jun 2024 7.4% | Sep 2024 5.4% | Dec 2024 8.0% | Mar 2025 5.8% | Jun 2025 7.9% | Sep 2025 5.6% | Dec 2025 8.0% | Mar 2026 5.0% | Jun 2026 —
- DATAMATICS: Dec 2021 — | Mar 2022 18% | Jun 2022 — | Aug 2022 — | Sep 2022 17% | Dec 2022 — | Mar 2023 19% | Jun 2023 — | Sep 2023 20% | Dec 2023 24% | Mar 2024 17% | Jun 2024 20% | Sep 2024 14% | Dec 2024 21% | Mar 2025 10% | Jun 2025 18% | Sep 2025 14% | Dec 2025 17% | Mar 2026 16% | Jun 2026 —
- AURIONPRO: Dec 2021 — | Mar 2022 22% | Jun 2022 — | Aug 2022 — | Sep 2022 23% | Dec 2022 — | Mar 2023 23% | Jun 2023 — | Sep 2023 24% | Dec 2023 22% | Mar 2024 17% | Jun 2024 25% | Sep 2024 14% | Dec 2024 20% | Mar 2025 14% | Jun 2025 19% | Sep 2025 14% | Dec 2025 16% | Mar 2026 13% | Jun 2026 —
- MOSCHIP: Dec 2021 — | Mar 2022 12% | Jun 2022 — | Aug 2022 — | Sep 2022 7.7% | Dec 2022 — | Mar 2023 5.7% | Jun 2023 — | Sep 2023 5.5% | Dec 2023 9.6% | Mar 2024 4.5% | Jun 2024 7.9% | Sep 2024 6.4% | Dec 2024 12% | Mar 2025 10% | Jun 2025 14% | Sep 2025 11% | Dec 2025 12% | Mar 2026 8.5% | Jun 2026 —
- CAPILLARY: Dec 2021 — | Mar 2022 — | Jun 2022 — | Aug 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 1.5% | Jun 2025 2.8% | Sep 2025 4.2% | Dec 2025 — | Mar 2026 2.8% | Jun 2026 —
- CIGNITITEC: Dec 2021 — | Mar 2022 23% | Jun 2022 — | Aug 2022 — | Sep 2022 30% | Dec 2022 — | Mar 2023 34% | Jun 2023 — | Sep 2023 33% | Dec 2023 41% | Mar 2024 25% | Jun 2024 26% | Sep 2024 21% | Dec 2024 28% | Mar 2025 26% | Jun 2025 40% | Sep 2025 29% | Dec 2025 41% | Mar 2026 — | Jun 2026 —
- TECHNVISN: Dec 2021 — | Mar 2022 91% | Jun 2022 — | Aug 2022 — | Sep 2022 104% | Dec 2022 — | Mar 2023 7.1% | Jun 2023 — | Sep 2023 -29% | Dec 2023 61% | Mar 2024 37% | Jun 2024 86% | Sep 2024 62% | Dec 2024 56% | Mar 2025 4.5% | Jun 2025 2.4% | Sep 2025 14% | Dec 2025 23% | Mar 2026 6.7% | Jun 2026 —
- RSYSTEMS: Dec 2021 25% | Mar 2022 26% | Jun 2022 29% | Aug 2022 — | Sep 2022 27% | Dec 2022 27% | Mar 2023 27% | Jun 2023 28% | Sep 2023 34% | Dec 2023 21% | Mar 2024 25% | Jun 2024 21% | Sep 2024 23% | Dec 2024 20% | Mar 2025 23% | Jun 2025 21% | Sep 2025 28% | Dec 2025 15% | Mar 2026 24% | Jun 2026 —
- SASKEN: Dec 2021 — | Mar 2022 19% | Jun 2022 — | Aug 2022 — | Sep 2022 17% | Dec 2022 — | Mar 2023 13% | Jun 2023 — | Sep 2023 7.9% | Dec 2023 13% | Mar 2024 2.9% | Jun 2024 11% | Sep 2024 0.7% | Dec 2024 9.1% | Mar 2025 1.1% | Jun 2025 7.2% | Sep 2025 2.0% | Dec 2025 6.5% | Mar 2026 5.4% | Jun 2026 —
- SILVERTUC: Dec 2021 — | Mar 2022 9.0% | Jun 2022 — | Aug 2022 — | Sep 2022 9.3% | Dec 2022 — | Mar 2023 12% | Jun 2023 — | Sep 2023 16% | Dec 2023 18% | Mar 2024 16% | Jun 2024 21% | Sep 2024 18% | Dec 2024 23% | Mar 2025 20% | Jun 2025 25% | Sep 2025 21% | Dec 2025 31% | Mar 2026 26% | Jun 2026 —
- SAKSOFT: Dec 2021 — | Mar 2022 21% | Jun 2022 — | Aug 2022 — | Sep 2022 22% | Dec 2022 — | Mar 2023 25% | Jun 2023 — | Sep 2023 23% | Dec 2023 29% | Mar 2024 22% | Jun 2024 27% | Sep 2024 19% | Dec 2024 24% | Mar 2025 18% | Jun 2025 25% | Sep 2025 21% | Dec 2025 25% | Mar 2026 21% | Jun 2026 —
- KODYTECH: Dec 2021 — | Mar 2022 — | Jun 2022 — | Aug 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 36% | Jun 2023 — | Sep 2023 17% | Dec 2023 — | Mar 2024 18% | Jun 2024 — | Sep 2024 27% | Dec 2024 — | Mar 2025 30% | Jun 2025 — | Sep 2025 17% | Dec 2025 — | Mar 2026 9.4% | Jun 2026 —
- IZMO: Dec 2021 — | Mar 2022 4.5% | Jun 2022 — | Aug 2022 — | Sep 2022 4.9% | Dec 2022 — | Mar 2023 6.8% | Jun 2023 — | Sep 2023 7.9% | Dec 2023 9.3% | Mar 2024 8.0% | Jun 2024 9.1% | Sep 2024 7.6% | Dec 2024 17% | Mar 2025 6.0% | Jun 2025 16% | Sep 2025 6.6% | Dec 2025 11% | Mar 2026 8.3% | Jun 2026 —
- NINSYS: Dec 2021 18% | Mar 2022 21% | Jun 2022 — | Aug 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 23% | Jun 2023 — | Sep 2023 38% | Dec 2023 60% | Mar 2024 49% | Jun 2024 85% | Sep 2024 52% | Dec 2024 85% | Mar 2025 48% | Jun 2025 74% | Sep 2025 41% | Dec 2025 62% | Mar 2026 43% | Jun 2026 —
- DSSL: Dec 2021 — | Mar 2022 35% | Jun 2022 — | Aug 2022 — | Sep 2022 38% | Dec 2022 — | Mar 2023 42% | Jun 2023 65% | Sep 2023 46% | Dec 2023 62% | Mar 2024 44% | Jun 2024 58% | Sep 2024 38% | Dec 2024 53% | Mar 2025 34% | Jun 2025 49% | Sep 2025 33% | Dec 2025 46% | Mar 2026 30% | Jun 2026 —
- MCLOUD: Dec 2021 — | Mar 2022 3.1% | Jun 2022 — | Aug 2022 — | Sep 2022 11% | Dec 2022 — | Mar 2023 18% | Jun 2023 — | Sep 2023 22% | Dec 2023 29% | Mar 2024 24% | Jun 2024 31% | Sep 2024 26% | Dec 2024 32% | Mar 2025 25% | Jun 2025 26% | Sep 2025 22% | Dec 2025 24% | Mar 2026 19% | Jun 2026 —
- INFOBEAN: Dec 2021 — | Mar 2022 13% | Jun 2022 — | Aug 2022 — | Sep 2022 17% | Dec 2022 — | Mar 2023 12% | Jun 2023 — | Sep 2023 7.1% | Dec 2023 8.4% | Mar 2024 7.9% | Jun 2024 11% | Sep 2024 11% | Dec 2024 15% | Mar 2025 12% | Jun 2025 20% | Sep 2025 16% | Dec 2025 26% | Mar 2026 21% | Jun 2026 27%
- EXPLEOSOL: Dec 2021 — | Mar 2022 25% | Jun 2022 — | Aug 2022 — | Sep 2022 41% | Dec 2022 — | Mar 2023 31% | Jun 2023 — | Sep 2023 30% | Dec 2023 30% | Mar 2024 17% | Jun 2024 21% | Sep 2024 17% | Dec 2024 20% | Mar 2025 19% | Jun 2025 21% | Sep 2025 17% | Dec 2025 21% | Mar 2026 17% | Jun 2026 —
- ORIENTTECH: Dec 2021 — | Mar 2022 — | Jun 2022 — | Aug 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 13% | Dec 2023 — | Mar 2024 29% | Jun 2024 — | Sep 2024 20% | Dec 2024 — | Mar 2025 19% | Jun 2025 — | Sep 2025 18% | Dec 2025 — | Mar 2026 8.4% | Jun 2026 —
- TAC: Dec 2021 — | Mar 2022 — | Jun 2022 — | Aug 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 18% | Dec 2023 — | Mar 2024 45% | Jun 2024 — | Sep 2024 23% | Dec 2024 — | Mar 2025 26% | Jun 2025 — | Sep 2025 35% | Dec 2025 — | Mar 2026 31% | Jun 2026 —
- UNIECOM: Dec 2021 — | Mar 2022 — | Jun 2022 — | Aug 2022 — | Sep 2022 — | Dec 2022 6.2% | Mar 2023 11% | Jun 2023 — | Sep 2023 15% | Dec 2023 — | Mar 2024 15% | Jun 2024 — | Sep 2024 17% | Dec 2024 30% | Mar 2025 22% | Jun 2025 30% | Sep 2025 12% | Dec 2025 20% | Mar 2026 13% | Jun 2026 —
- EXCELSOFT: Dec 2021 — | Mar 2022 — | Jun 2022 — | Aug 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 3.7% | Dec 2024 — | Mar 2025 12% | Jun 2025 12% | Sep 2025 12% | Dec 2025 17% | Mar 2026 8.1% | Jun 2026 —
- QUICKHEAL: Dec 2021 — | Mar 2022 14% | Jun 2022 — | Aug 2022 — | Sep 2022 11% | Dec 2022 — | Mar 2023 -2.3% | Jun 2023 — | Sep 2023 -10% | Dec 2023 0.6% | Mar 2024 2.4% | Jun 2024 11% | Sep 2024 4.6% | Dec 2024 5.2% | Mar 2025 -3.2% | Jun 2025 -2.5% | Sep 2025 -4.5% | Dec 2025 0.4% | Mar 2026 -9.9% | Jun 2026 —
- SAHANA: Dec 2021 — | Mar 2022 — | Jun 2022 — | Aug 2022 39% | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 41% | Jun 2024 — | Sep 2024 37% | Dec 2024 — | Mar 2025 29% | Jun 2025 — | Sep 2025 32% | Dec 2025 — | Mar 2026 33% | Jun 2026 —
- KELLTONTEC: Dec 2021 — | Mar 2022 18% | Jun 2022 — | Aug 2022 — | Sep 2022 17% | Dec 2022 — | Mar 2023 19% | Jun 2023 — | Sep 2023 18% | Dec 2023 -22% | Mar 2024 18% | Jun 2024 21% | Sep 2024 18% | Dec 2024 23% | Mar 2025 18% | Jun 2025 22% | Sep 2025 16% | Dec 2025 20% | Mar 2026 14% | Jun 2026 18%
- XCHANGING: Dec 2021 — | Mar 2022 8.5% | Jun 2022 — | Aug 2022 — | Sep 2022 8.4% | Dec 2022 — | Mar 2023 7.1% | Jun 2023 — | Sep 2023 8.8% | Dec 2023 11% | Mar 2024 10% | Jun 2024 12% | Sep 2024 9.5% | Dec 2024 14% | Mar 2025 12% | Jun 2025 17% | Sep 2025 15% | Dec 2025 18% | Mar 2026 15% | Jun 2026 —
- INNOVANA: Dec 2021 24% | Mar 2022 25% | Jun 2022 — | Aug 2022 — | Sep 2022 12% | Dec 2022 — | Mar 2023 24% | Jun 2023 — | Sep 2023 33% | Dec 2023 45% | Mar 2024 25% | Jun 2024 36% | Sep 2024 19% | Dec 2024 30% | Mar 2025 21% | Jun 2025 29% | Sep 2025 18% | Dec 2025 22% | Mar 2026 11% | Jun 2026 —
- SUBEXLTD: Dec 2021 — | Mar 2022 3.7% | Jun 2022 — | Aug 2022 — | Sep 2022 -0.4% | Dec 2022 — | Mar 2023 -8.1% | Jun 2023 — | Sep 2023 -12% | Dec 2023 -10% | Mar 2024 -6.4% | Jun 2024 -31% | Sep 2024 -2.7% | Dec 2024 -30% | Mar 2025 -7.1% | Jun 2025 1.4% | Sep 2025 -3.0% | Dec 2025 3.3% | Mar 2026 3.1% | Jun 2026 —
- ADSL: Dec 2021 — | Mar 2022 8.5% | Jun 2022 — | Aug 2022 — | Sep 2022 10% | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 9.2% | Dec 2023 2.5% | Mar 2024 10% | Jun 2024 11% | Sep 2024 9.6% | Dec 2024 12% | Mar 2025 5.9% | Jun 2025 10% | Sep 2025 6.1% | Dec 2025 11% | Mar 2026 4.9% | Jun 2026 —
- KSOLVES: Dec 2021 — | Mar 2022 114% | Jun 2022 — | Aug 2022 — | Sep 2022 134% | Dec 2022 — | Mar 2023 137% | Jun 2023 — | Sep 2023 128% | Dec 2023 174% | Mar 2024 177% | Jun 2024 190% | Sep 2024 137% | Dec 2024 154% | Mar 2025 160% | Jun 2025 161% | Sep 2025 100% | Dec 2025 107% | Mar 2026 114% | Jun 2026 144%
- MINDTECK: Dec 2021 — | Mar 2022 8.7% | Jun 2022 — | Aug 2022 — | Sep 2022 9.5% | Dec 2022 — | Mar 2023 12% | Jun 2023 — | Sep 2023 13% | Dec 2023 17% | Mar 2024 13% | Jun 2024 16% | Sep 2024 12% | Dec 2024 15% | Mar 2025 12% | Jun 2025 15% | Sep 2025 11% | Dec 2025 14% | Mar 2026 11% | Jun 2026 —

### 20-quarter ROCE change history
- TCS: Dec 2021 — | Mar 2022 — | Jun 2022 — | Aug 2022 — | Sep 2022 +5.4 pp | Dec 2022 −3.8 pp | Mar 2023 +5.1 pp | Jun 2023 — | Sep 2023 +4.8 pp | Dec 2023 +13.0 pp | Mar 2024 +4.9 pp | Jun 2024 +4.8 pp | Sep 2024 +3.2 pp | Dec 2024 −6.5 pp | Mar 2025 −0.8 pp | Jun 2025 −2.8 pp | Sep 2025 −2.2 pp | Dec 2025 −0.8 pp | Mar 2026 −3.3 pp | Jun 2026 −0.8 pp
- WIPRO: Dec 2021 — | Mar 2022 — | Jun 2022 — | Aug 2022 — | Sep 2022 −1.9 pp | Dec 2022 −2.3 pp | Mar 2023 −1.7 pp | Jun 2023 — | Sep 2023 +1.5 pp | Dec 2023 +1.0 pp | Mar 2024 +0.2 pp | Jun 2024 −2.7 pp | Sep 2024 −2.7 pp | Dec 2024 −1.9 pp | Mar 2025 −0.2 pp | Jun 2025 +0.5 pp | Sep 2025 +0.9 pp | Dec 2025 −0.1 pp | Mar 2026 −0.2 pp | Jun 2026 +1.6 pp
- TECHM: Dec 2021 — | Mar 2022 — | Jun 2022 — | Aug 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 −4.4 pp | Dec 2023 — | Mar 2024 −8.3 pp | Jun 2024 — | Sep 2024 −2.0 pp | Dec 2024 +4.2 pp | Mar 2025 +5.9 pp | Jun 2025 +8.6 pp | Sep 2025 +5.2 pp | Dec 2025 +3.2 pp | Mar 2026 +4.4 pp | Jun 2026 +1.6 pp
- LTM: Dec 2021 — | Mar 2022 — | Jun 2022 — | Aug 2022 — | Sep 2022 +20.3 pp | Dec 2022 +1.0 pp | Mar 2023 −25.0 pp | Jun 2023 — | Sep 2023 −21.2 pp | Dec 2023 −2.7 pp | Mar 2024 +2.6 pp | Jun 2024 +0.1 pp | Sep 2024 −4.2 pp | Dec 2024 −4.9 pp | Mar 2025 −3.2 pp | Jun 2025 −2.6 pp | Sep 2025 −1.8 pp | Dec 2025 0.0 pp | Mar 2026 −1.9 pp | Jun 2026 −0.8 pp
- COFORGE: Dec 2021 — | Mar 2022 — | Jun 2022 — | Aug 2022 — | Sep 2022 +5.4 pp | Dec 2022 — | Mar 2023 −1.0 pp | Jun 2023 — | Sep 2023 −3.8 pp | Dec 2023 — | Mar 2024 +1.2 pp | Jun 2024 — | Sep 2024 −14.8 pp | Dec 2024 −6.0 pp | Mar 2025 −15.0 pp | Jun 2025 −4.5 pp | Sep 2025 +6.5 pp | Dec 2025 +0.1 pp | Mar 2026 +7.8 pp | Jun 2026 —
- MPHASIS: Dec 2021 — | Mar 2022 — | Jun 2022 — | Aug 2022 — | Sep 2022 +2.2 pp | Dec 2022 +1.0 pp | Mar 2023 +0.9 pp | Jun 2023 — | Sep 2023 −3.0 pp | Dec 2023 +0.6 pp | Mar 2024 −5.3 pp | Jun 2024 −3.8 pp | Sep 2024 −2.9 pp | Dec 2024 −5.7 pp | Mar 2025 +2.2 pp | Jun 2025 +2.1 pp | Sep 2025 +2.3 pp | Dec 2025 +1.9 pp | Mar 2026 −0.2 pp | Jun 2026 —
- HEXT: Dec 2021 — | Mar 2022 — | Jun 2022 — | Aug 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 +1.5 pp | Mar 2025 — | Jun 2025 +1.8 pp | Sep 2025 −1.9 pp | Dec 2025 −3.3 pp | Mar 2026 −3.0 pp | Jun 2026 —
- ZENSARTECH: Dec 2021 — | Mar 2022 — | Jun 2022 — | Aug 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 +3.7 pp | Dec 2023 — | Mar 2024 +8.4 pp | Jun 2024 — | Sep 2024 +0.5 pp | Dec 2024 −2.0 pp | Mar 2025 −2.7 pp | Jun 2025 −3.0 pp | Sep 2025 −0.6 pp | Dec 2025 +0.1 pp | Mar 2026 −0.5 pp | Jun 2026 —
- SONATSOFTW: Dec 2021 — | Mar 2022 — | Jun 2022 — | Aug 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 −15.5 pp | Dec 2023 — | Mar 2024 +6.5 pp | Jun 2024 — | Sep 2024 +5.0 pp | Dec 2024 0.0 pp | Mar 2025 −4.7 pp | Jun 2025 +5.2 pp | Sep 2025 −9.0 pp | Dec 2025 −1.5 pp | Mar 2026 −4.8 pp | Jun 2026 —
- TANLA: Dec 2021 — | Mar 2022 — | Jun 2022 — | Aug 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 −5.0 pp | Dec 2023 — | Mar 2024 −2.2 pp | Jun 2024 — | Sep 2024 −6.0 pp | Dec 2024 −8.1 pp | Mar 2025 −6.6 pp | Jun 2025 −3.7 pp | Sep 2025 −5.2 pp | Dec 2025 −5.1 pp | Mar 2026 −1.9 pp | Jun 2026 —
- BSOFT: Dec 2021 — | Mar 2022 — | Jun 2022 — | Aug 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 −7.2 pp | Dec 2023 — | Mar 2024 +6.5 pp | Jun 2024 — | Sep 2024 +3.4 pp | Dec 2024 −3.1 pp | Mar 2025 −7.0 pp | Jun 2025 −10.6 pp | Sep 2025 −4.7 pp | Dec 2025 −4.7 pp | Mar 2026 +1.4 pp | Jun 2026 —
- STYL: Dec 2021 — | Mar 2022 — | Jun 2022 — | Aug 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 +33.3 pp | Sep 2025 — | Dec 2025 — | Mar 2026 −17.3 pp | Jun 2026 —
- CCAVENUE: Dec 2021 — | Mar 2022 — | Jun 2022 — | Aug 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 +1.0 pp | Dec 2023 — | Mar 2024 +1.5 pp | Jun 2024 — | Sep 2024 +1.0 pp | Dec 2024 +2.0 pp | Mar 2025 +0.7 pp | Jun 2025 +0.5 pp | Sep 2025 +0.2 pp | Dec 2025 0.0 pp | Mar 2026 −0.8 pp | Jun 2026 —
- DATAMATICS: Dec 2021 — | Mar 2022 — | Jun 2022 — | Aug 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 +2.8 pp | Dec 2023 — | Mar 2024 −2.4 pp | Jun 2024 — | Sep 2024 −6.4 pp | Dec 2024 −3.5 pp | Mar 2025 −6.5 pp | Jun 2025 −2.0 pp | Sep 2025 0.0 pp | Dec 2025 −3.5 pp | Mar 2026 +5.8 pp | Jun 2026 —
- AURIONPRO: Dec 2021 — | Mar 2022 — | Jun 2022 — | Aug 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 +0.8 pp | Dec 2023 — | Mar 2024 −6.0 pp | Jun 2024 — | Sep 2024 −10.0 pp | Dec 2024 −1.6 pp | Mar 2025 −3.7 pp | Jun 2025 −6.7 pp | Sep 2025 +0.5 pp | Dec 2025 −4.0 pp | Mar 2026 −0.4 pp | Jun 2026 —
- MOSCHIP: Dec 2021 — | Mar 2022 — | Jun 2022 — | Aug 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 −2.2 pp | Dec 2023 — | Mar 2024 −1.2 pp | Jun 2024 — | Sep 2024 +0.9 pp | Dec 2024 +2.1 pp | Mar 2025 +5.6 pp | Jun 2025 +6.3 pp | Sep 2025 +4.7 pp | Dec 2025 −0.2 pp | Mar 2026 −1.6 pp | Jun 2026 —
- CAPILLARY: Dec 2021 — | Mar 2022 — | Jun 2022 — | Aug 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 +1.3 pp | Jun 2026 —
- CIGNITITEC: Dec 2021 — | Mar 2022 — | Jun 2022 — | Aug 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 +3.2 pp | Dec 2023 — | Mar 2024 −9.1 pp | Jun 2024 — | Sep 2024 −12.2 pp | Dec 2024 −13.0 pp | Mar 2025 +0.9 pp | Jun 2025 +13.4 pp | Sep 2025 +7.8 pp | Dec 2025 +13.0 pp | Mar 2026 — | Jun 2026 —
- TECHNVISN: Dec 2021 — | Mar 2022 — | Jun 2022 — | Aug 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 −133.5 pp | Dec 2023 — | Mar 2024 +29.4 pp | Jun 2024 — | Sep 2024 +91.7 pp | Dec 2024 −4.3 pp | Mar 2025 −32.0 pp | Jun 2025 −83.6 pp | Sep 2025 −48.2 pp | Dec 2025 −33.3 pp | Mar 2026 +2.2 pp | Jun 2026 —
- RSYSTEMS: Dec 2021 — | Mar 2022 — | Jun 2022 — | Aug 2022 — | Sep 2022 +1.3 pp | Dec 2022 +1.6 pp | Mar 2023 −2.0 pp | Jun 2023 — | Sep 2023 +7.0 pp | Dec 2023 −5.8 pp | Mar 2024 −2.6 pp | Jun 2024 −6.5 pp | Sep 2024 −10.4 pp | Dec 2024 −1.4 pp | Mar 2025 −1.5 pp | Jun 2025 +0.2 pp | Sep 2025 +4.5 pp | Dec 2025 −4.9 pp | Mar 2026 +0.9 pp | Jun 2026 —
- SASKEN: Dec 2021 — | Mar 2022 — | Jun 2022 — | Aug 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 −8.7 pp | Dec 2023 — | Mar 2024 −10.0 pp | Jun 2024 — | Sep 2024 −7.2 pp | Dec 2024 −3.9 pp | Mar 2025 −1.8 pp | Jun 2025 −3.9 pp | Sep 2025 +1.3 pp | Dec 2025 −2.6 pp | Mar 2026 +4.3 pp | Jun 2026 —
- SILVERTUC: Dec 2021 — | Mar 2022 — | Jun 2022 — | Aug 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 +6.5 pp | Dec 2023 — | Mar 2024 +3.9 pp | Jun 2024 — | Sep 2024 +1.9 pp | Dec 2024 +5.4 pp | Mar 2025 +4.7 pp | Jun 2025 +3.7 pp | Sep 2025 +2.9 pp | Dec 2025 +7.6 pp | Mar 2026 +6.0 pp | Jun 2026 —
- SAKSOFT: Dec 2021 — | Mar 2022 — | Jun 2022 — | Aug 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 +1.0 pp | Dec 2023 — | Mar 2024 −2.6 pp | Jun 2024 — | Sep 2024 −4.1 pp | Dec 2024 −4.9 pp | Mar 2025 −3.5 pp | Jun 2025 −1.8 pp | Sep 2025 +1.8 pp | Dec 2025 +0.8 pp | Mar 2026 +2.3 pp | Jun 2026 —
- KODYTECH: Dec 2021 — | Mar 2022 — | Jun 2022 — | Aug 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 −17.9 pp | Jun 2024 — | Sep 2024 +9.9 pp | Dec 2024 — | Mar 2025 +11.7 pp | Jun 2025 — | Sep 2025 −10.3 pp | Dec 2025 — | Mar 2026 −20.7 pp | Jun 2026 —
- IZMO: Dec 2021 — | Mar 2022 — | Jun 2022 — | Aug 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 +3.0 pp | Dec 2023 — | Mar 2024 +1.2 pp | Jun 2024 — | Sep 2024 −0.3 pp | Dec 2024 +7.8 pp | Mar 2025 −2.0 pp | Jun 2025 +6.7 pp | Sep 2025 −1.0 pp | Dec 2025 −6.6 pp | Mar 2026 +2.3 pp | Jun 2026 —
- NINSYS: Dec 2021 — | Mar 2022 — | Jun 2022 — | Aug 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 +26.6 pp | Jun 2024 — | Sep 2024 +14.5 pp | Dec 2024 +25.2 pp | Mar 2025 −1.5 pp | Jun 2025 −10.5 pp | Sep 2025 −10.7 pp | Dec 2025 −22.8 pp | Mar 2026 −5.3 pp | Jun 2026 —
- DSSL: Dec 2021 — | Mar 2022 — | Jun 2022 — | Aug 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 +7.9 pp | Dec 2023 — | Mar 2024 +2.0 pp | Jun 2024 −7.1 pp | Sep 2024 −8.7 pp | Dec 2024 −8.8 pp | Mar 2025 −10.0 pp | Jun 2025 −8.8 pp | Sep 2025 −4.3 pp | Dec 2025 −7.9 pp | Mar 2026 −4.1 pp | Jun 2026 —
- MCLOUD: Dec 2021 — | Mar 2022 — | Jun 2022 — | Aug 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 +10.8 pp | Dec 2023 — | Mar 2024 +5.2 pp | Jun 2024 — | Sep 2024 +3.4 pp | Dec 2024 +2.2 pp | Mar 2025 +1.5 pp | Jun 2025 −5.0 pp | Sep 2025 −3.2 pp | Dec 2025 −7.9 pp | Mar 2026 −6.3 pp | Jun 2026 —
- INFOBEAN: Dec 2021 — | Mar 2022 — | Jun 2022 — | Aug 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 −9.7 pp | Dec 2023 — | Mar 2024 −4.3 pp | Jun 2024 — | Sep 2024 +4.0 pp | Dec 2024 +6.2 pp | Mar 2025 +4.3 pp | Jun 2025 +8.7 pp | Sep 2025 +5.1 pp | Dec 2025 +11.1 pp | Mar 2026 +9.2 pp | Jun 2026 +7.1 pp
- EXPLEOSOL: Dec 2021 — | Mar 2022 — | Jun 2022 — | Aug 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 −10.6 pp | Dec 2023 — | Mar 2024 −13.5 pp | Jun 2024 — | Sep 2024 −12.9 pp | Dec 2024 −10.2 pp | Mar 2025 +1.5 pp | Jun 2025 −0.3 pp | Sep 2025 +0.3 pp | Dec 2025 +0.4 pp | Mar 2026 −1.5 pp | Jun 2026 —
- ORIENTTECH: Dec 2021 — | Mar 2022 — | Jun 2022 — | Aug 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 +6.3 pp | Dec 2024 — | Mar 2025 −9.9 pp | Jun 2025 — | Sep 2025 −2.2 pp | Dec 2025 — | Mar 2026 −10.2 pp | Jun 2026 —
- TAC: Dec 2021 — | Mar 2022 — | Jun 2022 — | Aug 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 +4.8 pp | Dec 2024 — | Mar 2025 −19.2 pp | Jun 2025 — | Sep 2025 +12.4 pp | Dec 2025 — | Mar 2026 +5.7 pp | Jun 2026 —
- UNIECOM: Dec 2021 — | Mar 2022 — | Jun 2022 — | Aug 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 +4.9 pp | Jun 2024 — | Sep 2024 +1.9 pp | Dec 2024 — | Mar 2025 +6.7 pp | Jun 2025 — | Sep 2025 −5.4 pp | Dec 2025 −10.3 pp | Mar 2026 −9.3 pp | Jun 2026 —
- EXCELSOFT: Dec 2021 — | Mar 2022 — | Jun 2022 — | Aug 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 +8.7 pp | Dec 2025 — | Mar 2026 −4.3 pp | Jun 2026 —
- QUICKHEAL: Dec 2021 — | Mar 2022 — | Jun 2022 — | Aug 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 −21.4 pp | Dec 2023 — | Mar 2024 +4.7 pp | Jun 2024 — | Sep 2024 +15.0 pp | Dec 2024 +4.6 pp | Mar 2025 −5.6 pp | Jun 2025 −13.0 pp | Sep 2025 −9.1 pp | Dec 2025 −4.8 pp | Mar 2026 −6.7 pp | Jun 2026 —
- SAHANA: Dec 2021 — | Mar 2022 — | Jun 2022 — | Aug 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 −11.3 pp | Jun 2025 — | Sep 2025 −4.5 pp | Dec 2025 — | Mar 2026 +3.4 pp | Jun 2026 —
- KELLTONTEC: Dec 2021 — | Mar 2022 — | Jun 2022 — | Aug 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 +1.0 pp | Dec 2023 — | Mar 2024 −0.9 pp | Jun 2024 — | Sep 2024 +0.4 pp | Dec 2024 +44.9 pp | Mar 2025 +0.4 pp | Jun 2025 +1.0 pp | Sep 2025 −2.6 pp | Dec 2025 −3.3 pp | Mar 2026 −4.6 pp | Jun 2026 −4.1 pp
- XCHANGING: Dec 2021 — | Mar 2022 — | Jun 2022 — | Aug 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 +0.4 pp | Dec 2023 — | Mar 2024 +2.9 pp | Jun 2024 — | Sep 2024 +0.7 pp | Dec 2024 +2.7 pp | Mar 2025 +2.2 pp | Jun 2025 +5.1 pp | Sep 2025 +5.1 pp | Dec 2025 +4.4 pp | Mar 2026 +2.9 pp | Jun 2026 —
- INNOVANA: Dec 2021 — | Mar 2022 — | Jun 2022 — | Aug 2022 — | Sep 2022 −11.5 pp | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 +20.6 pp | Dec 2023 — | Mar 2024 +0.8 pp | Jun 2024 — | Sep 2024 −13.4 pp | Dec 2024 −15.1 pp | Mar 2025 −3.6 pp | Jun 2025 −6.8 pp | Sep 2025 −1.4 pp | Dec 2025 −7.9 pp | Mar 2026 −10.4 pp | Jun 2026 —
- SUBEXLTD: Dec 2021 — | Mar 2022 — | Jun 2022 — | Aug 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 −11.9 pp | Dec 2023 — | Mar 2024 +1.7 pp | Jun 2024 — | Sep 2024 +9.6 pp | Dec 2024 −19.9 pp | Mar 2025 −0.7 pp | Jun 2025 +32.7 pp | Sep 2025 −0.3 pp | Dec 2025 +33.3 pp | Mar 2026 +10.2 pp | Jun 2026 —
- ADSL: Dec 2021 — | Mar 2022 — | Jun 2022 — | Aug 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 −0.8 pp | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 +0.4 pp | Dec 2024 +9.4 pp | Mar 2025 −4.4 pp | Jun 2025 −0.9 pp | Sep 2025 −3.5 pp | Dec 2025 −0.8 pp | Mar 2026 −1.0 pp | Jun 2026 —
- KSOLVES: Dec 2021 — | Mar 2022 — | Jun 2022 — | Aug 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 −6.2 pp | Dec 2023 — | Mar 2024 +40.9 pp | Jun 2024 — | Sep 2024 +9.3 pp | Dec 2024 −20.3 pp | Mar 2025 −17.4 pp | Jun 2025 −28.9 pp | Sep 2025 −37.4 pp | Dec 2025 −47.1 pp | Mar 2026 −46.4 pp | Jun 2026 −17.0 pp
- MINDTECK: Dec 2021 — | Mar 2022 — | Jun 2022 — | Aug 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 +3.5 pp | Dec 2023 — | Mar 2024 +0.9 pp | Jun 2024 — | Sep 2024 −1.0 pp | Dec 2024 −1.7 pp | Mar 2025 −1.0 pp | Jun 2025 −0.7 pp | Sep 2025 −1.4 pp | Dec 2025 −1.5 pp | Mar 2026 −1.0 pp | Jun 2026 —

## Valuation Against Growth & Quality

What the numbers say: R Systems International Ltd has the lowest comparable Guarded PEG at 0.26×, 29.7% below AvenuesAI Ltd. Only 21 of 63 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: R Systems International Ltd · 0.26× | 29.7% versus #2 · AvenuesAI Ltd | 0/8 recent comparable periods | 21/63 companies · 183 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. R Systems International Ltd (RSYSTEMS): 0.3
2. AvenuesAI Ltd (CCAVENUE): 0.4
3. Saksoft Ltd (SAKSOFT): 0.4
4. Coforge Ltd (COFORGE): 0.6
5. Cigniti Technologies Ltd (CIGNITITEC): 0.6 — older report

### P/E — lowest P/E
1. String Metaverse Ltd (534535): 7.1
2. Kellton Tech Solutions Ltd (KELLTONTEC): 8.2
3. Expleo Solutions Ltd (EXPLEOSOL): 9.2
4. Cigniti Technologies Ltd (CIGNITITEC): 11.4 — older report
5. Sahana Systems Ltd (SAHANA): 11.6

### 20-quarter Guarded PEG history
- TCS: Dec 2021 2.7 | Mar 2022 4.9 | Jun 2022 1.5 | Aug 2022 — | Sep 2022 3.0 | Dec 2022 2.5 | Mar 2023 3.1 | Jun 2023 — | Sep 2023 3.4 | Dec 2023 2.4 | Mar 2024 2.5 | Jun 2024 2.1 | Sep 2024 3.4 | Dec 2024 3.5 | Mar 2025 3.4 | Jun 2025 2.7 | Sep 2025 — | Dec 2025 — | Mar 2026 — | Jun 2026 1.9
- WIPRO: Dec 2021 1.1 | Mar 2022 1.1 | Jun 2022 1.4 | Aug 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 1.2 | Dec 2024 — | Mar 2025 0.9 | Jun 2025 1.0 | Sep 2025 — | Dec 2025 1.4 | Mar 2026 — | Jun 2026 —
- TECHM: Dec 2021 — | Mar 2022 0.8 | Jun 2022 0.7 | Aug 2022 — | Sep 2022 1.7 | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 0.8 | Sep 2025 — | Dec 2025 1.0 | Mar 2026 1.8 | Jun 2026 0.8
- LTM: Dec 2021 2.4 | Mar 2022 2.4 | Jun 2022 — | Aug 2022 — | Sep 2022 0.6 | Dec 2022 0.6 | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 7.2 | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 1.8 | Jun 2026 1.2
- COFORGE: Dec 2021 4.1 | Mar 2022 1.6 | Jun 2022 0.8 | Aug 2022 — | Sep 2022 0.8 | Dec 2022 0.8 | Mar 2023 — | Jun 2023 4.0 | Sep 2023 5.2 | Dec 2023 — | Mar 2024 — | Jun 2024 4.9 | Sep 2024 — | Dec 2024 9.2 | Mar 2025 — | Jun 2025 — | Sep 2025 3.4 | Dec 2025 3.2 | Mar 2026 0.6 | Jun 2026 —
- MPHASIS: Dec 2021 5.9 | Mar 2022 5.8 | Jun 2022 1.7 | Aug 2022 — | Sep 2022 1.6 | Dec 2022 1.3 | Mar 2023 1.1 | Jun 2023 1.7 | Sep 2023 3.1 | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 3.1 | Sep 2025 2.7 | Dec 2025 2.7 | Mar 2026 2.2 | Jun 2026 2.2
- HEXT: Dec 2021 — | Mar 2022 — | Jun 2022 — | Aug 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 1.7 | Jun 2025 1.3 | Sep 2025 — | Dec 2025 — | Mar 2026 — | Jun 2026 —
- ZENSARTECH: Dec 2021 — | Mar 2022 0.4 | Jun 2022 0.3 | Aug 2022 — | Sep 2022 0.3 | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 0.5 | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 1.1 | Mar 2025 4.3 | Jun 2025 2.0 | Sep 2025 — | Dec 2025 1.0 | Mar 2026 0.9 | Jun 2026 —
- SONATSOFTW: Dec 2021 — | Mar 2022 — | Jun 2022 0.8 | Aug 2022 — | Sep 2022 0.4 | Dec 2022 0.6 | Mar 2023 1.2 | Jun 2023 2.8 | Sep 2023 1.9 | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 2.0 | Mar 2026 0.6 | Jun 2026 —
- TANLA: Dec 2021 — | Mar 2022 1.0 | Jun 2022 — | Aug 2022 — | Sep 2022 0.5 | Dec 2022 1.1 | Mar 2023 — | Jun 2023 0.9 | Sep 2023 — | Dec 2023 — | Mar 2024 1.7 | Jun 2024 1.0 | Sep 2024 1.4 | Dec 2024 3.1 | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 1.2 | Mar 2026 — | Jun 2026 —
- BSOFT: Dec 2021 0.7 | Mar 2022 0.6 | Jun 2022 3.0 | Aug 2022 — | Sep 2022 0.7 | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 0.6 | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 — | Jun 2026 —
- STYL: Dec 2021 — | Mar 2022 — | Jun 2022 — | Aug 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 2.3 | Mar 2026 0.8 | Jun 2026 —
- CCAVENUE: Dec 2021 3.6 | Mar 2022 1.3 | Jun 2022 1.8 | Aug 2022 — | Sep 2022 1.3 | Dec 2022 0.9 | Mar 2023 0.7 | Jun 2023 — | Sep 2023 0.8 | Dec 2023 2.8 | Mar 2024 5.1 | Jun 2024 6.0 | Sep 2024 6.1 | Dec 2024 1.0 | Mar 2025 0.5 | Jun 2025 0.7 | Sep 2025 0.7 | Dec 2025 0.9 | Mar 2026 0.4 | Jun 2026 —
- DATAMATICS: Dec 2021 — | Mar 2022 — | Jun 2022 — | Aug 2022 — | Sep 2022 0.9 | Dec 2022 0.4 | Mar 2023 0.3 | Jun 2023 0.7 | Sep 2023 0.8 | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 2.1 | Mar 2026 1.1 | Jun 2026 —
- AURIONPRO: Dec 2021 — | Mar 2022 — | Jun 2022 — | Aug 2022 — | Sep 2022 0.2 | Dec 2022 0.2 | Mar 2023 0.2 | Jun 2023 0.6 | Sep 2023 — | Dec 2023 1.3 | Mar 2024 1.2 | Jun 2024 1.4 | Sep 2024 1.8 | Dec 2024 2.1 | Mar 2025 2.4 | Jun 2025 2.3 | Sep 2025 1.8 | Dec 2025 1.6 | Mar 2026 1.3 | Jun 2026 —
- MOSCHIP: Dec 2021 — | Mar 2022 — | Jun 2022 — | Aug 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 6.1 | Jun 2023 — | Sep 2023 10.7 | Dec 2023 2.7 | Mar 2024 — | Jun 2024 12.2 | Sep 2024 16.0 | Dec 2024 4.6 | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 1.6 | Jun 2026 5.0
- CIGNITITEC: Dec 2021 — | Mar 2022 — | Jun 2022 — | Aug 2022 — | Sep 2022 — | Dec 2022 0.4 | Mar 2023 — | Jun 2023 — | Sep 2023 1.2 | Dec 2023 — | Mar 2024 0.5 | Jun 2024 — | Sep 2024 1.7 | Dec 2024 1.0 | Mar 2025 — | Jun 2025 0.7 | Sep 2025 — | Dec 2025 0.6 | Mar 2026 — | Jun 2026 —
- RSYSTEMS: Dec 2021 — | Mar 2022 1.1 | Jun 2022 — | Aug 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 1.0 | Jun 2023 — | Sep 2023 2.4 | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 3.7 | Dec 2024 — | Mar 2025 — | Jun 2025 4.9 | Sep 2025 0.7 | Dec 2025 — | Mar 2026 0.3 | Jun 2026 —
- SASKEN: Dec 2021 0.3 | Mar 2022 0.3 | Jun 2022 0.7 | Aug 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 — | Jun 2026 —
- SILVERTUC: Dec 2021 — | Mar 2022 1.3 | Jun 2022 — | Aug 2022 — | Sep 2022 6.0 | Dec 2022 — | Mar 2023 — | Jun 2023 1.0 | Sep 2023 1.4 | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 1.1 | Jun 2025 1.2 | Sep 2025 1.4 | Dec 2025 1.1 | Mar 2026 — | Jun 2026 —
- SAKSOFT: Dec 2021 0.8 | Mar 2022 0.5 | Jun 2022 0.3 | Aug 2022 — | Sep 2022 0.9 | Dec 2022 0.8 | Mar 2023 0.8 | Jun 2023 1.4 | Sep 2023 1.0 | Dec 2023 1.0 | Mar 2024 0.9 | Jun 2024 1.8 | Sep 2024 5.0 | Dec 2024 — | Mar 2025 — | Jun 2025 1.9 | Sep 2025 2.7 | Dec 2025 0.7 | Mar 2026 0.4 | Jun 2026 —

### 20-quarter P/E history
- 526433: Dec 2021 77.7 | Mar 2022 50.1 | Jun 2022 29.7 | Aug 2022 — | Sep 2022 40.6 | Dec 2022 38.3 | Mar 2023 38.4 | Jun 2023 59.9 | Sep 2023 84.4 | Dec 2023 83.7 | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 118.3 | Sep 2025 129.9 | Dec 2025 80.8 | Mar 2026 52.1 | Jun 2026 —
- 530909: Dec 2021 48.3 | Mar 2022 673.6 | Jun 2022 278.4 | Aug 2022 — | Sep 2022 180.7 | Dec 2022 146.3 | Mar 2023 89.9 | Jun 2023 81.0 | Sep 2023 71.9 | Dec 2023 133.0 | Mar 2024 132.3 | Jun 2024 252.8 | Sep 2024 380.0 | Dec 2024 624.0 | Mar 2025 433.3 | Jun 2025 232.0 | Sep 2025 160.1 | Dec 2025 137.1 | Mar 2026 — | Jun 2026 —
- 534535: Dec 2021 — | Mar 2022 — | Jun 2022 — | Aug 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 38.0 | Mar 2025 68.1 | Jun 2025 98.2 | Sep 2025 83.2 | Dec 2025 51.8 | Mar 2026 17.8 | Jun 2026 —
- 539607: Dec 2021 — | Mar 2022 — | Jun 2022 — | Aug 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 290.6 | Sep 2024 144.4 | Dec 2024 57.2 | Mar 2025 19.4 | Jun 2025 31.2 | Sep 2025 26.3 | Dec 2025 19.0 | Mar 2026 15.4 | Jun 2026 —
- 544361: Dec 2021 — | Mar 2022 — | Jun 2022 — | Aug 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 2.4 | Sep 2025 10.0 | Dec 2025 14.1 | Mar 2026 14.5 | Jun 2026 —
- 544626: Dec 2021 — | Mar 2022 — | Jun 2022 — | Aug 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 0.1 | Mar 2026 0.0 | Jun 2026 —
- TCS: Dec 2021 37.9 | Mar 2022 36.4 | Jun 2022 31.4 | Aug 2022 — | Sep 2022 28.5 | Dec 2022 30.2 | Mar 2023 28.8 | Jun 2023 28.7 | Sep 2023 29.5 | Dec 2023 31.1 | Mar 2024 31.0 | Jun 2024 30.3 | Sep 2024 32.9 | Dec 2024 31.3 | Mar 2025 26.8 | Jun 2025 25.7 | Sep 2025 21.3 | Dec 2025 23.6 | Mar 2026 16.9 | Jun 2026 14.5
- INFY: Dec 2021 38.4 | Mar 2022 37.0 | Jun 2022 27.6 | Aug 2022 — | Sep 2022 26.7 | Dec 2022 27.7 | Mar 2023 25.4 | Jun 2023 23.1 | Sep 2023 24.3 | Dec 2023 25.8 | Mar 2024 25.5 | Jun 2024 25.0 | Sep 2024 29.7 | Dec 2024 29.5 | Mar 2025 23.6 | Jun 2025 25.2 | Sep 2025 22.1 | Dec 2025 24.5 | Mar 2026 18.2 | Jun 2026 14.0
- HCLTECH: Dec 2021 31.0 | Mar 2022 29.1 | Jun 2022 19.4 | Aug 2022 — | Sep 2022 18.6 | Dec 2022 20.4 | Mar 2023 20.4 | Jun 2023 21.7 | Sep 2023 22.2 | Dec 2023 25.8 | Mar 2024 26.7 | Jun 2024 25.2 | Sep 2024 29.9 | Dec 2024 30.5 | Mar 2025 25.3 | Jun 2025 26.9 | Sep 2025 22.3 | Dec 2025 26.6 | Mar 2026 21.6 | Jun 2026 17.2
- WIPRO: Dec 2021 32.7 | Mar 2022 27.3 | Jun 2022 18.8 | Aug 2022 — | Sep 2022 18.7 | Dec 2022 19.1 | Mar 2023 17.6 | Jun 2023 18.8 | Sep 2023 19.1 | Dec 2023 22.0 | Mar 2024 22.8 | Jun 2024 24.7 | Sep 2024 25.3 | Dec 2024 27.5 | Mar 2025 22.1 | Jun 2025 21.2 | Sep 2025 18.3 | Dec 2025 20.7 | Mar 2026 15.1 | Jun 2026 13.9
- TECHM: Dec 2021 34.1 | Mar 2022 28.9 | Jun 2022 17.1 | Aug 2022 — | Sep 2022 18.3 | Dec 2022 18.7 | Mar 2023 20.5 | Jun 2023 22.8 | Sep 2023 27.1 | Dec 2023 34.4 | Mar 2024 43.2 | Jun 2024 59.3 | Sep 2024 62.5 | Dec 2024 51.1 | Mar 2025 37.0 | Jun 2025 45.0 | Sep 2025 30.3 | Dec 2025 35.2 | Mar 2026 28.3 | Jun 2026 28.2
- LTM: Dec 2021 60.7 | Mar 2022 49.1 | Jun 2022 17.9 | Aug 2022 — | Sep 2022 26.9 | Dec 2022 25.0 | Mar 2023 27.4 | Jun 2023 34.9 | Sep 2023 34.6 | Dec 2023 42.1 | Mar 2024 31.8 | Jun 2024 34.8 | Sep 2024 39.8 | Dec 2024 36.1 | Mar 2025 29.1 | Jun 2025 34.1 | Sep 2025 31.9 | Dec 2025 36.7 | Mar 2026 24.0 | Jun 2026 20.6
- COFORGE: Dec 2021 67.9 | Mar 2022 45.7 | Jun 2022 33.5 | Aug 2022 — | Sep 2022 29.7 | Dec 2022 31.9 | Mar 2023 29.6 | Jun 2023 39.4 | Sep 2023 41.8 | Dec 2023 52.9 | Mar 2024 46.0 | Jun 2024 42.0 | Sep 2024 55.3 | Dec 2024 73.8 | Mar 2025 66.8 | Jun 2025 75.8 | Sep 2025 53.0 | Dec 2025 49.4 | Mar 2026 30.6 | Jun 2026 —
- MPHASIS: Dec 2021 48.0 | Mar 2022 45.3 | Jun 2022 29.8 | Aug 2022 — | Sep 2022 26.2 | Dec 2022 23.6 | Mar 2023 20.8 | Jun 2023 22.0 | Sep 2023 27.4 | Dec 2023 32.2 | Mar 2024 28.7 | Jun 2024 29.8 | Sep 2024 37.2 | Dec 2024 34.2 | Mar 2025 28.7 | Jun 2025 31.2 | Sep 2025 28.8 | Dec 2025 30.4 | Mar 2026 22.1 | Jun 2026 22.8
- HEXT: Dec 2021 — | Mar 2022 — | Jun 2022 — | Aug 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 21.2 | Jun 2025 45.3 | Sep 2025 30.4 | Dec 2025 32.7 | Mar 2026 18.7 | Jun 2026 —
- ZENSARTECH: Dec 2021 30.1 | Mar 2022 22.6 | Jun 2022 14.8 | Aug 2022 — | Sep 2022 12.3 | Dec 2022 13.7 | Mar 2023 18.4 | Jun 2023 26.7 | Sep 2023 28.7 | Dec 2023 26.3 | Mar 2024 22.5 | Jun 2024 25.4 | Sep 2024 23.0 | Dec 2024 25.8 | Mar 2025 24.6 | Jun 2025 29.5 | Sep 2025 26.1 | Dec 2025 23.5 | Mar 2026 15.7 | Jun 2026 —
- SONATSOFTW: Dec 2021 29.2 | Mar 2022 22.5 | Jun 2022 18.9 | Aug 2022 — | Sep 2022 18.2 | Dec 2022 18.9 | Mar 2023 26.7 | Jun 2023 31.3 | Sep 2023 31.9 | Dec 2023 43.8 | Mar 2024 47.0 | Jun 2024 38.8 | Sep 2024 42.8 | Dec 2024 42.5 | Mar 2025 22.7 | Jun 2025 27.2 | Sep 2025 23.4 | Dec 2025 23.3 | Mar 2026 13.3 | Jun 2026 —
- TANLA: Dec 2021 58.6 | Mar 2022 37.4 | Jun 2022 24.9 | Aug 2022 — | Sep 2022 19.9 | Dec 2022 19.0 | Mar 2023 15.2 | Jun 2023 30.9 | Sep 2023 29.0 | Dec 2023 28.6 | Mar 2024 20.5 | Jun 2024 23.1 | Sep 2024 21.6 | Dec 2024 16.8 | Mar 2025 12.1 | Jun 2025 17.1 | Sep 2025 19.3 | Dec 2025 15.1 | Mar 2026 10.8 | Jun 2026 13.6
- BSOFT: Dec 2021 36.6 | Mar 2022 30.1 | Jun 2022 21.7 | Aug 2022 — | Sep 2022 16.7 | Dec 2022 17.2 | Mar 2023 20.6 | Jun 2023 29.9 | Sep 2023 38.0 | Dec 2023 52.5 | Mar 2024 36.8 | Jun 2024 30.5 | Sep 2024 26.2 | Dec 2024 25.7 | Mar 2025 18.6 | Jun 2025 23.1 | Sep 2025 21.2 | Dec 2025 27.0 | Mar 2026 19.2 | Jun 2026 —
- STYL: Dec 2021 — | Mar 2022 — | Jun 2022 — | Aug 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 27.2 | Dec 2025 19.3 | Mar 2026 14.9 | Jun 2026 20.9
- CCAVENUE: Dec 2021 67.8 | Mar 2022 63.6 | Jun 2022 42.6 | Aug 2022 — | Sep 2022 42.8 | Dec 2022 40.0 | Mar 2023 30.6 | Jun 2023 31.6 | Sep 2023 35.7 | Dec 2023 43.2 | Mar 2024 65.4 | Jun 2024 56.6 | Sep 2024 43.4 | Dec 2024 39.5 | Mar 2025 23.1 | Jun 2025 26.2 | Sep 2025 25.9 | Dec 2025 22.1 | Mar 2026 17.3 | Jun 2026 —
- MASTEK: Dec 2021 30.6 | Mar 2022 30.3 | Jun 2022 19.8 | Aug 2022 — | Sep 2022 17.2 | Dec 2022 17.3 | Mar 2023 16.2 | Jun 2023 21.0 | Sep 2023 26.8 | Dec 2023 31.6 | Mar 2024 27.5 | Jun 2024 27.6 | Sep 2024 26.7 | Dec 2024 25.1 | Mar 2025 17.9 | Jun 2025 20.1 | Sep 2025 17.1 | Dec 2025 18.0 | Mar 2026 11.1 | Jun 2026 11.5
- DATAMATICS: Dec 2021 15.3 | Mar 2022 13.8 | Jun 2022 11.2 | Aug 2022 — | Sep 2022 11.3 | Dec 2022 9.8 | Mar 2023 9.5 | Jun 2023 17.4 | Sep 2023 17.7 | Dec 2023 20.3 | Mar 2024 15.3 | Jun 2024 18.4 | Sep 2024 19.6 | Dec 2024 20.8 | Mar 2025 20.4 | Jun 2025 20.5 | Sep 2025 27.6 | Dec 2025 23.9 | Mar 2026 18.3 | Jun 2026 —
- AURIONPRO: Dec 2021 13.0 | Mar 2022 10.5 | Jun 2022 8.5 | Aug 2022 — | Sep 2022 12.7 | Dec 2022 9.3 | Mar 2023 7.7 | Jun 2023 22.9 | Sep 2023 27.1 | Dec 2023 44.4 | Mar 2024 41.2 | Jun 2024 47.7 | Sep 2024 55.1 | Dec 2024 55.2 | Mar 2025 50.0 | Jun 2025 42.5 | Sep 2025 32.6 | Dec 2025 29.8 | Mar 2026 20.5 | Jun 2026 —
- MOSCHIP: Dec 2021 1,006.0 | Mar 2022 228.0 | Jun 2022 118.3 | Aug 2022 — | Sep 2022 182.3 | Dec 2022 185.0 | Mar 2023 179.3 | Jun 2023 208.0 | Sep 2023 191.7 | Dec 2023 161.4 | Mar 2024 150.1 | Jun 2024 511.7 | Sep 2024 418.4 | Dec 2024 236.2 | Mar 2025 108.2 | Jun 2025 134.7 | Sep 2025 137.2 | Dec 2025 117.6 | Mar 2026 90.9 | Jun 2026 97.4
- CAPILLARY: Dec 2021 — | Mar 2022 — | Jun 2022 — | Aug 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 348.8 | Mar 2026 248.4 | Jun 2026 —
- CIGNITITEC: Dec 2021 16.2 | Mar 2022 12.8 | Jun 2022 13.6 | Aug 2022 — | Sep 2022 15.2 | Dec 2022 12.2 | Mar 2023 14.8 | Jun 2023 14.2 | Sep 2023 12.1 | Dec 2023 16.0 | Mar 2024 18.7 | Jun 2024 22.6 | Sep 2024 25.7 | Dec 2024 32.9 | Mar 2025 23.7 | Jun 2025 22.6 | Sep 2025 15.6 | Dec 2025 15.8 | Mar 2026 — | Jun 2026 —
- 63MOONS: Dec 2021 — | Mar 2022 — | Jun 2022 — | Aug 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 30.7 | Dec 2023 16.1 | Mar 2024 8.7 | Jun 2024 7.8 | Sep 2024 10.7 | Dec 2024 73.0 | Mar 2025 62.4 | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 — | Jun 2026 —
- TECHNVISN: Dec 2021 125.1 | Mar 2022 39.3 | Jun 2022 15.3 | Aug 2022 — | Sep 2022 8.9 | Dec 2022 9.3 | Mar 2023 171.9 | Jun 2023 553.0 | Sep 2023 514.3 | Dec 2023 43.3 | Mar 2024 129.5 | Jun 2024 114.8 | Sep 2024 113.8 | Dec 2024 126.3 | Mar 2025 431.5 | Jun 2025 305.5 | Sep 2025 2,479.5 | Dec 2025 3,137.4 | Mar 2026 983.3 | Jun 2026 —
- RSYSTEMS: Dec 2021 27.9 | Mar 2022 23.2 | Jun 2022 18.0 | Aug 2022 — | Sep 2022 20.6 | Dec 2022 22.9 | Mar 2023 21.6 | Jun 2023 33.9 | Sep 2023 46.3 | Dec 2023 47.9 | Mar 2024 37.3 | Jun 2024 48.1 | Sep 2024 39.5 | Dec 2024 40.3 | Mar 2025 29.4 | Jun 2025 38.6 | Sep 2025 25.5 | Dec 2025 25.5 | Mar 2026 14.4 | Jun 2026 —
- SASKEN: Dec 2021 14.8 | Mar 2022 10.8 | Jun 2022 9.2 | Aug 2022 — | Sep 2022 11.1 | Dec 2022 12.6 | Mar 2023 10.8 | Jun 2023 14.7 | Sep 2023 15.0 | Dec 2023 22.9 | Mar 2024 29.3 | Jun 2024 34.1 | Sep 2024 31.4 | Dec 2024 49.6 | Mar 2025 41.7 | Jun 2025 43.2 | Sep 2025 50.5 | Dec 2025 60.6 | Mar 2026 40.6 | Jun 2026 —
- BLSE: Dec 2021 — | Mar 2022 — | Jun 2022 — | Aug 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 101.6 | Jun 2024 58.5 | Sep 2024 47.1 | Dec 2024 39.1 | Mar 2025 27.2 | Jun 2025 34.8 | Sep 2025 30.6 | Dec 2025 33.5 | Mar 2026 25.7 | Jun 2026 —
- SILVERTUC: Dec 2021 51.0 | Mar 2022 69.2 | Jun 2022 54.2 | Aug 2022 — | Sep 2022 74.1 | Dec 2022 63.1 | Mar 2023 74.6 | Jun 2023 52.6 | Sep 2023 79.6 | Dec 2023 78.1 | Mar 2024 59.3 | Jun 2024 57.4 | Sep 2024 53.0 | Dec 2024 47.6 | Mar 2025 41.6 | Jun 2025 43.8 | Sep 2025 39.4 | Dec 2025 43.1 | Mar 2026 43.4 | Jun 2026 —
- SAKSOFT: Dec 2021 18.6 | Mar 2022 17.0 | Jun 2022 13.2 | Aug 2022 — | Sep 2022 17.0 | Dec 2022 18.6 | Mar 2023 20.5 | Jun 2023 39.7 | Sep 2023 38.6 | Dec 2023 35.5 | Mar 2024 27.7 | Jun 2024 30.9 | Sep 2024 38.8 | Dec 2024 29.4 | Mar 2025 19.1 | Jun 2025 24.6 | Sep 2025 22.9 | Dec 2025 20.9 | Mar 2026 11.8 | Jun 2026 —
- KODYTECH: Dec 2021 — | Mar 2022 — | Jun 2022 — | Aug 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 25.7 | Dec 2023 — | Mar 2024 123.9 | Jun 2024 — | Sep 2024 154.4 | Dec 2024 — | Mar 2025 68.7 | Jun 2025 — | Sep 2025 50.8 | Dec 2025 — | Mar 2026 76.3 | Jun 2026 —
- IZMO: Dec 2021 6.8 | Mar 2022 7.6 | Jun 2022 5.6 | Aug 2022 — | Sep 2022 5.7 | Dec 2022 5.7 | Mar 2023 9.1 | Jun 2023 12.7 | Sep 2023 10.9 | Dec 2023 13.5 | Mar 2024 14.3 | Jun 2024 18.2 | Sep 2024 22.5 | Dec 2024 14.6 | Mar 2025 7.2 | Jun 2025 10.1 | Sep 2025 38.2 | Dec 2025 38.3 | Mar 2026 26.0 | Jun 2026 —
- NINSYS: Dec 2021 8.8 | Mar 2022 11.5 | Jun 2022 18.9 | Aug 2022 — | Sep 2022 36.1 | Dec 2022 — | Mar 2023 53.4 | Jun 2023 92.6 | Sep 2023 72.2 | Dec 2023 90.0 | Mar 2024 58.8 | Jun 2024 58.8 | Sep 2024 74.3 | Dec 2024 45.9 | Mar 2025 33.8 | Jun 2025 33.5 | Sep 2025 28.8 | Dec 2025 25.1 | Mar 2026 21.1 | Jun 2026 —
- DSSL: Dec 2021 13.2 | Mar 2022 17.8 | Jun 2022 21.2 | Aug 2022 — | Sep 2022 16.5 | Dec 2022 17.7 | Mar 2023 13.7 | Jun 2023 18.3 | Sep 2023 20.6 | Dec 2023 16.9 | Mar 2024 25.0 | Jun 2024 26.7 | Sep 2024 31.4 | Dec 2024 27.3 | Mar 2025 19.2 | Jun 2025 19.1 | Sep 2025 14.5 | Dec 2025 15.2 | Mar 2026 13.0 | Jun 2026 —
- MCLOUD: Dec 2021 9.1 | Mar 2022 31.6 | Jun 2022 26.8 | Aug 2022 — | Sep 2022 20.9 | Dec 2022 28.7 | Mar 2023 37.2 | Jun 2023 34.6 | Sep 2023 60.7 | Dec 2023 69.0 | Mar 2024 67.5 | Jun 2024 69.0 | Sep 2024 56.0 | Dec 2024 34.7 | Mar 2025 29.8 | Jun 2025 43.1 | Sep 2025 44.7 | Dec 2025 14.3 | Mar 2026 11.1 | Jun 2026 —
- INFOBEAN: Dec 2021 21.2 | Mar 2022 34.8 | Jun 2022 27.6 | Aug 2022 — | Sep 2022 24.0 | Dec 2022 23.3 | Mar 2023 23.1 | Jun 2023 30.9 | Sep 2023 40.2 | Dec 2023 48.9 | Mar 2024 49.5 | Jun 2024 48.1 | Sep 2024 38.6 | Dec 2024 28.9 | Mar 2025 19.1 | Jun 2025 23.8 | Sep 2025 31.9 | Dec 2025 49.0 | Mar 2026 33.3 | Jun 2026 39.7
- EXPLEOSOL: Dec 2021 37.2 | Mar 2022 36.4 | Jun 2022 23.1 | Aug 2022 — | Sep 2022 18.8 | Dec 2022 15.4 | Mar 2023 10.2 | Jun 2023 12.4 | Sep 2023 11.7 | Dec 2023 12.0 | Mar 2024 15.9 | Jun 2024 21.4 | Sep 2024 21.5 | Dec 2024 19.9 | Mar 2025 13.0 | Jun 2025 19.3 | Sep 2025 15.1 | Dec 2025 14.8 | Mar 2026 9.1 | Jun 2026 —
- ORIENTTECH: Dec 2021 — | Mar 2022 — | Jun 2022 — | Aug 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 23.2 | Dec 2024 39.1 | Mar 2025 29.3 | Jun 2025 28.7 | Sep 2025 29.3 | Dec 2025 — | Mar 2026 — | Jun 2026 —
- TAC: Dec 2021 — | Mar 2022 — | Jun 2022 — | Aug 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 79.1 | Dec 2024 — | Mar 2025 111.0 | Jun 2025 — | Sep 2025 73.6 | Dec 2025 — | Mar 2026 45.0 | Jun 2026 —
- UNIECOM: Dec 2021 — | Mar 2022 — | Jun 2022 — | Aug 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 145.7 | Dec 2024 99.7 | Mar 2025 53.4 | Jun 2025 72.0 | Sep 2025 79.1 | Dec 2025 62.5 | Mar 2026 44.8 | Jun 2026 —
- EXCELSOFT: Dec 2021 — | Mar 2022 — | Jun 2022 — | Aug 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 26.8 | Mar 2026 19.2 | Jun 2026 —
- QUICKHEAL: Dec 2021 16.1 | Mar 2022 11.6 | Jun 2022 10.7 | Aug 2022 — | Sep 2022 15.0 | Dec 2022 15.7 | Mar 2023 19.2 | Jun 2023 187.5 | Sep 2023 195.4 | Dec 2023 542.9 | Mar 2024 103.7 | Jun 2024 109.2 | Sep 2024 83.4 | Dec 2024 109.5 | Mar 2025 68.9 | Jun 2025 66.0 | Sep 2025 -2,205.3 | Dec 2025 250.1 | Mar 2026 125.1 | Jun 2026 —
- SAHANA: Dec 2021 — | Mar 2022 — | Jun 2022 — | Aug 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 35.9 | Dec 2023 — | Mar 2024 65.3 | Jun 2024 — | Sep 2024 63.6 | Dec 2024 — | Mar 2025 37.4 | Jun 2025 — | Sep 2025 27.7 | Dec 2025 — | Mar 2026 11.3 | Jun 2026 —
- KELLTONTEC: Dec 2021 8.1 | Mar 2022 11.8 | Jun 2022 8.8 | Aug 2022 — | Sep 2022 8.6 | Dec 2022 8.1 | Mar 2023 6.2 | Jun 2023 12.2 | Sep 2023 15.4 | Dec 2023 18.2 | Mar 2024 20.7 | Jun 2024 16.0 | Sep 2024 19.5 | Dec 2024 20.3 | Mar 2025 12.4 | Jun 2025 16.1 | Sep 2025 14.2 | Dec 2025 10.7 | Mar 2026 7.9 | Jun 2026 8.9
- XCHANGING: Dec 2021 20.9 | Mar 2022 17.2 | Jun 2022 12.7 | Aug 2022 — | Sep 2022 14.7 | Dec 2022 14.9 | Mar 2023 13.2 | Jun 2023 21.8 | Sep 2023 48.6 | Dec 2023 52.6 | Mar 2024 101.8 | Jun 2024 97.6 | Sep 2024 39.7 | Dec 2024 42.6 | Mar 2025 20.2 | Jun 2025 22.2 | Sep 2025 17.9 | Dec 2025 15.4 | Mar 2026 9.8 | Jun 2026 —
- INNOVANA: Dec 2021 12.2 | Mar 2022 18.0 | Jun 2022 16.1 | Aug 2022 — | Sep 2022 20.0 | Dec 2022 43.2 | Mar 2023 57.9 | Jun 2023 63.3 | Sep 2023 53.2 | Dec 2023 49.3 | Mar 2024 26.1 | Jun 2024 25.8 | Sep 2024 21.7 | Dec 2024 22.0 | Mar 2025 14.7 | Jun 2025 24.0 | Sep 2025 21.3 | Dec 2025 17.5 | Mar 2026 15.3 | Jun 2026 —
- SUBEXLTD: Dec 2021 71.2 | Mar 2022 53.2 | Jun 2022 64.3 | Aug 2022 — | Sep 2022 138.0 | Dec 2022 133.0 | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 -8.7 | Dec 2024 — | Mar 2025 — | Jun 2025 -105.6 | Sep 2025 -128.0 | Dec 2025 626.3 | Mar 2026 117.2 | Jun 2026 —
- VEEFIN: Dec 2021 — | Mar 2022 — | Jun 2022 — | Aug 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 91.4 | Dec 2023 — | Mar 2024 131.8 | Jun 2024 — | Sep 2024 208.8 | Dec 2024 — | Mar 2025 61.1 | Jun 2025 — | Sep 2025 69.0 | Dec 2025 51.0 | Mar 2026 — | Jun 2026 —
- UNIFIED: Dec 2021 — | Mar 2022 — | Jun 2022 — | Aug 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 26.6 | Dec 2025 — | Mar 2026 — | Jun 2026 —
- ADSL: Dec 2021 26.1 | Mar 2022 23.1 | Jun 2022 16.3 | Aug 2022 — | Sep 2022 13.1 | Dec 2022 10.2 | Mar 2023 6.8 | Jun 2023 11.5 | Sep 2023 13.1 | Dec 2023 15.4 | Mar 2024 18.6 | Jun 2024 22.1 | Sep 2024 30.3 | Dec 2024 27.1 | Mar 2025 19.5 | Jun 2025 31.9 | Sep 2025 27.7 | Dec 2025 21.8 | Mar 2026 14.1 | Jun 2026 —
- KSOLVES: Dec 2021 31.2 | Mar 2022 27.6 | Jun 2022 26.2 | Aug 2022 — | Sep 2022 28.1 | Dec 2022 25.6 | Mar 2023 24.1 | Jun 2023 43.2 | Sep 2023 46.0 | Dec 2023 47.7 | Mar 2024 41.3 | Jun 2024 39.6 | Sep 2024 34.3 | Dec 2024 31.6 | Mar 2025 27.3 | Jun 2025 23.7 | Sep 2025 23.2 | Dec 2025 22.2 | Mar 2026 20.3 | Jun 2026 19.7
- MINDTECK: Dec 2021 35.3 | Mar 2022 17.5 | Jun 2022 16.3 | Aug 2022 — | Sep 2022 20.4 | Dec 2022 20.6 | Mar 2023 14.6 | Jun 2023 17.2 | Sep 2023 19.2 | Dec 2023 24.2 | Mar 2024 19.6 | Jun 2024 28.7 | Sep 2024 32.0 | Dec 2024 33.3 | Mar 2025 17.8 | Jun 2025 25.4 | Sep 2025 25.0 | Dec 2025 21.9 | Mar 2026 16.6 | Jun 2026 —
- SOFTTECH: Dec 2021 42.5 | Mar 2022 38.4 | Jun 2022 42.2 | Aug 2022 — | Sep 2022 36.6 | Dec 2022 28.8 | Mar 2023 27.2 | Jun 2023 40.4 | Sep 2023 47.4 | Dec 2023 70.1 | Mar 2024 121.9 | Jun 2024 119.0 | Sep 2024 113.7 | Dec 2024 217.9 | Mar 2025 177.8 | Jun 2025 372.9 | Sep 2025 306.2 | Dec 2025 322.4 | Mar 2026 126.0 | Jun 2026 —
- AUTOPALIND: Dec 2021 — | Mar 2022 — | Jun 2022 — | Aug 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 42.2 | Mar 2026 40.2 | Jun 2026 —
- XTGLOBAL: Dec 2021 44.5 | Mar 2022 36.8 | Jun 2022 26.8 | Aug 2022 — | Sep 2022 19.6 | Dec 2022 17.9 | Mar 2023 16.3 | Jun 2023 33.9 | Sep 2023 49.6 | Dec 2023 48.2 | Mar 2024 40.9 | Jun 2024 46.7 | Sep 2024 50.0 | Dec 2024 42.7 | Mar 2025 38.5 | Jun 2025 38.8 | Sep 2025 58.4 | Dec 2025 46.9 | Mar 2026 — | Jun 2026 —
- TECHLABS: Dec 2021 — | Mar 2022 — | Jun 2022 — | Aug 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 14.4 | Jun 2024 — | Sep 2024 47.6 | Dec 2024 — | Mar 2025 69.0 | Jun 2025 — | Sep 2025 75.5 | Dec 2025 — | Mar 2026 — | Jun 2026 —
- META: Dec 2021 — | Mar 2022 — | Jun 2022 — | Aug 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 16.7 | Dec 2025 — | Mar 2026 — | Jun 2026 —

## Enterprise Value & Book Value

What the numbers say: Expleo Solutions Ltd leads ev/ebitda at 4×; 63 Moons Technologies Ltd leads p/bv at 0.92×.

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: Expleo Solutions Ltd · 4× | 4.8% versus #2 · Allied Digital Services Ltd | 0/8 recent comparable periods | 60/63 companies · 833 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. Expleo Solutions Ltd (EXPLEOSOL): 4.0
2. Allied Digital Services Ltd (ADSL): 4.2
3. Xchanging Solutions Ltd (XCHANGING): 4.3
4. Excelsoft Technologies Ltd (EXCELSOFT): 6.3
5. Magellanic Cloud Ltd (MCLOUD): 6.7

### P/BV — lowest P/BV
1. 63 Moons Technologies Ltd (63MOONS): 0.9
2. Kellton Tech Solutions Ltd (KELLTONTEC): 0.9
3. ERP Soft Systems Ltd (530909): 1.0 — older report
4. Allied Digital Services Ltd (ADSL): 1.1
5. AvenuesAI Ltd (CCAVENUE): 1.2

### 20-quarter EV/EBITDA history
- 526433: Dec 2021 35.9 | Mar 2022 25.6 | Jun 2022 17.0 | Aug 2022 — | Sep 2022 20.8 | Dec 2022 18.7 | Mar 2023 16.2 | Jun 2023 22.6 | Sep 2023 25.1 | Dec 2023 31.2 | Mar 2024 93.9 | Jun 2024 139.4 | Sep 2024 146.5 | Dec 2024 80.6 | Mar 2025 47.7 | Jun 2025 61.8 | Sep 2025 80.5 | Dec 2025 50.8 | Mar 2026 32.6 | Jun 2026 —
- 530909: Dec 2021 39.7 | Mar 2022 316.6 | Jun 2022 186.6 | Aug 2022 — | Sep 2022 127.6 | Dec 2022 106.8 | Mar 2023 69.8 | Jun 2023 61.4 | Sep 2023 54.5 | Dec 2023 99.6 | Mar 2024 95.9 | Jun 2024 177.0 | Sep 2024 235.8 | Dec 2024 355.4 | Mar 2025 255.1 | Jun 2025 153.7 | Sep 2025 110.8 | Dec 2025 98.6 | Mar 2026 — | Jun 2026 —
- 534535: Dec 2021 — | Mar 2022 — | Jun 2022 — | Aug 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 29.4 | Mar 2025 54.2 | Jun 2025 49.2 | Sep 2025 51.5 | Dec 2025 35.9 | Mar 2026 13.7 | Jun 2026 —
- 539607: Dec 2021 — | Mar 2022 — | Jun 2022 — | Aug 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 176.8 | Sep 2024 84.7 | Dec 2024 34.2 | Mar 2025 12.5 | Jun 2025 20.6 | Sep 2025 18.7 | Dec 2025 23.0 | Mar 2026 15.8 | Jun 2026 —
- 544361: Dec 2021 — | Mar 2022 — | Jun 2022 — | Aug 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 0.8 | Jun 2025 1.1 | Sep 2025 7.0 | Dec 2025 6.8 | Mar 2026 9.0 | Jun 2026 —
- 544626: Dec 2021 — | Mar 2022 — | Jun 2022 — | Aug 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 23.3 | Mar 2026 19.8 | Jun 2026 —
- TCS: Dec 2021 25.4 | Mar 2022 24.5 | Jun 2022 20.9 | Aug 2022 — | Sep 2022 19.0 | Dec 2022 20.1 | Mar 2023 19.2 | Jun 2023 19.2 | Sep 2023 19.8 | Dec 2023 20.7 | Mar 2024 20.7 | Jun 2024 20.5 | Sep 2024 22.2 | Dec 2024 21.2 | Mar 2025 18.1 | Jun 2025 17.4 | Sep 2025 14.4 | Dec 2025 16.1 | Mar 2026 11.5 | Jun 2026 9.9
- INFY: Dec 2021 24.3 | Mar 2022 23.5 | Jun 2022 17.7 | Aug 2022 — | Sep 2022 17.1 | Dec 2022 17.6 | Mar 2023 15.8 | Jun 2023 14.4 | Sep 2023 15.0 | Dec 2023 16.0 | Mar 2024 15.7 | Jun 2024 15.8 | Sep 2024 18.5 | Dec 2024 18.5 | Mar 2025 14.7 | Jun 2025 15.3 | Sep 2025 13.4 | Dec 2025 14.6 | Mar 2026 11.1 | Jun 2026 8.9
- HCLTECH: Dec 2021 16.8 | Mar 2022 15.1 | Jun 2022 12.1 | Aug 2022 — | Sep 2022 11.5 | Dec 2022 12.6 | Mar 2023 12.5 | Jun 2023 13.2 | Sep 2023 13.4 | Dec 2023 15.5 | Mar 2024 16.0 | Jun 2024 15.0 | Sep 2024 17.7 | Dec 2024 18.2 | Mar 2025 15.2 | Jun 2025 16.2 | Sep 2025 13.2 | Dec 2025 15.7 | Mar 2026 12.5 | Jun 2026 10.0
- WIPRO: Dec 2021 20.9 | Mar 2022 17.7 | Jun 2022 11.9 | Aug 2022 — | Sep 2022 12.5 | Dec 2022 12.6 | Mar 2023 11.2 | Jun 2023 11.6 | Sep 2023 11.2 | Dec 2023 12.8 | Mar 2024 13.3 | Jun 2024 14.4 | Sep 2024 14.8 | Dec 2024 16.3 | Mar 2025 13.4 | Jun 2025 13.0 | Sep 2025 11.5 | Dec 2025 12.8 | Mar 2026 9.4 | Jun 2026 8.9
- TECHM: Dec 2021 20.4 | Mar 2022 17.1 | Jun 2022 10.4 | Aug 2022 — | Sep 2022 10.7 | Dec 2022 10.9 | Mar 2023 11.7 | Jun 2023 12.5 | Sep 2023 14.2 | Dec 2023 17.1 | Mar 2024 19.9 | Jun 2024 25.4 | Sep 2024 27.7 | Dec 2024 24.7 | Mar 2025 18.7 | Jun 2025 21.9 | Sep 2025 16.4 | Dec 2025 19.0 | Mar 2026 15.4 | Jun 2026 15.2
- LTM: Dec 2021 39.8 | Mar 2022 32.2 | Jun 2022 11.5 | Aug 2022 — | Sep 2022 29.8 | Dec 2022 24.0 | Mar 2023 23.3 | Jun 2023 23.0 | Sep 2023 22.7 | Dec 2023 27.6 | Mar 2024 20.8 | Jun 2024 22.4 | Sep 2024 25.3 | Dec 2024 22.8 | Mar 2025 18.0 | Jun 2025 20.8 | Sep 2025 19.4 | Dec 2025 22.5 | Mar 2026 14.8 | Jun 2026 12.8
- COFORGE: Dec 2021 38.3 | Mar 2022 26.0 | Jun 2022 18.6 | Aug 2022 — | Sep 2022 17.0 | Dec 2022 18.6 | Mar 2023 16.9 | Jun 2023 21.4 | Sep 2023 23.1 | Dec 2023 29.1 | Mar 2024 25.3 | Jun 2024 24.7 | Sep 2024 31.4 | Dec 2024 38.8 | Mar 2025 31.7 | Jun 2025 34.4 | Sep 2025 24.4 | Dec 2025 23.4 | Mar 2026 14.6 | Jun 2026 —
- MPHASIS: Dec 2021 30.7 | Mar 2022 28.6 | Jun 2022 18.6 | Aug 2022 — | Sep 2022 16.5 | Dec 2022 14.9 | Mar 2023 13.0 | Jun 2023 13.5 | Sep 2023 16.9 | Dec 2023 20.2 | Mar 2024 17.7 | Jun 2024 17.3 | Sep 2024 21.9 | Dec 2024 20.1 | Mar 2025 17.0 | Jun 2025 18.6 | Sep 2025 16.9 | Dec 2025 17.7 | Mar 2026 12.9 | Jun 2026 13.2
- HEXT: Dec 2021 — | Mar 2022 — | Jun 2022 — | Aug 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 26.1 | Jun 2025 27.2 | Sep 2025 18.5 | Dec 2025 20.1 | Mar 2026 11.2 | Jun 2026 —
- ZENSARTECH: Dec 2021 15.2 | Mar 2022 10.9 | Jun 2022 7.3 | Aug 2022 — | Sep 2022 5.7 | Dec 2022 6.2 | Mar 2023 8.3 | Jun 2023 12.6 | Sep 2023 14.9 | Dec 2023 14.9 | Mar 2024 13.4 | Jun 2024 16.0 | Sep 2024 14.7 | Dec 2024 16.6 | Mar 2025 15.9 | Jun 2025 19.1 | Sep 2025 16.9 | Dec 2025 15.2 | Mar 2026 10.2 | Jun 2026 —
- SONATSOFTW: Dec 2021 17.4 | Mar 2022 14.2 | Jun 2022 11.5 | Aug 2022 — | Sep 2022 11.4 | Dec 2022 12.0 | Mar 2023 17.1 | Jun 2023 20.1 | Sep 2023 20.4 | Dec 2023 26.9 | Mar 2024 24.4 | Jun 2024 19.3 | Sep 2024 20.9 | Dec 2024 20.7 | Mar 2025 12.7 | Jun 2025 15.1 | Sep 2025 13.5 | Dec 2025 14.2 | Mar 2026 8.5 | Jun 2026 —
- TANLA: Dec 2021 42.3 | Mar 2022 27.1 | Jun 2022 17.9 | Aug 2022 — | Sep 2022 13.9 | Dec 2022 13.1 | Mar 2023 9.8 | Jun 2023 21.1 | Sep 2023 20.0 | Dec 2023 19.8 | Mar 2024 13.9 | Jun 2024 15.5 | Sep 2024 14.5 | Dec 2024 11.3 | Mar 2025 7.8 | Jun 2025 11.1 | Sep 2025 11.8 | Dec 2025 9.0 | Mar 2026 6.2 | Jun 2026 8.0
- BSOFT: Dec 2021 22.1 | Mar 2022 18.4 | Jun 2022 13.8 | Aug 2022 — | Sep 2022 10.3 | Dec 2022 10.8 | Mar 2023 12.0 | Jun 2023 17.7 | Sep 2023 22.8 | Dec 2023 31.7 | Mar 2024 24.0 | Jun 2024 19.8 | Sep 2024 17.0 | Dec 2024 16.7 | Mar 2025 11.9 | Jun 2025 14.5 | Sep 2025 12.7 | Dec 2025 15.2 | Mar 2026 10.4 | Jun 2026 —
- STYL: Dec 2021 — | Mar 2022 — | Jun 2022 — | Aug 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 17.2 | Dec 2025 11.7 | Mar 2026 8.6 | Jun 2026 11.9
- CCAVENUE: Dec 2021 35.1 | Mar 2022 35.5 | Jun 2022 21.8 | Aug 2022 — | Sep 2022 22.1 | Dec 2022 21.2 | Mar 2023 17.0 | Jun 2023 17.3 | Sep 2023 18.8 | Dec 2023 23.6 | Mar 2024 36.7 | Jun 2024 31.8 | Sep 2024 25.1 | Dec 2024 23.7 | Mar 2025 13.5 | Jun 2025 13.7 | Sep 2025 11.2 | Dec 2025 11.9 | Mar 2026 9.2 | Jun 2026 —
- MASTEK: Dec 2021 18.5 | Mar 2022 18.3 | Jun 2022 11.7 | Aug 2022 — | Sep 2022 10.3 | Dec 2022 10.3 | Mar 2023 8.2 | Jun 2023 11.0 | Sep 2023 15.4 | Dec 2023 17.6 | Mar 2024 15.5 | Jun 2024 16.4 | Sep 2024 15.8 | Dec 2024 17.3 | Mar 2025 12.7 | Jun 2025 13.4 | Sep 2025 11.6 | Dec 2025 11.1 | Mar 2026 7.0 | Jun 2026 7.0
- DATAMATICS: Dec 2021 8.9 | Mar 2022 8.4 | Jun 2022 7.3 | Aug 2022 — | Sep 2022 7.3 | Dec 2022 6.2 | Mar 2023 6.0 | Jun 2023 11.2 | Sep 2023 11.5 | Dec 2023 13.5 | Mar 2024 10.0 | Jun 2024 12.2 | Sep 2024 13.0 | Dec 2024 13.6 | Mar 2025 13.5 | Jun 2025 12.9 | Sep 2025 16.8 | Dec 2025 14.4 | Mar 2026 10.5 | Jun 2026 —
- AURIONPRO: Dec 2021 25.4 | Mar 2022 20.3 | Jun 2022 5.9 | Aug 2022 — | Sep 2022 8.6 | Dec 2022 6.3 | Mar 2023 5.1 | Jun 2023 15.6 | Sep 2023 18.7 | Dec 2023 30.9 | Mar 2024 29.6 | Jun 2024 37.4 | Sep 2024 40.7 | Dec 2024 39.6 | Mar 2025 34.8 | Jun 2025 29.6 | Sep 2025 22.2 | Dec 2025 20.2 | Mar 2026 13.4 | Jun 2026 —
- MOSCHIP: Dec 2021 71.6 | Mar 2022 41.8 | Jun 2022 30.1 | Aug 2022 — | Sep 2022 44.2 | Dec 2022 41.7 | Mar 2023 36.9 | Jun 2023 47.0 | Sep 2023 48.9 | Dec 2023 50.8 | Mar 2024 46.1 | Jun 2024 140.6 | Sep 2024 120.5 | Dec 2024 91.5 | Mar 2025 53.0 | Jun 2025 66.1 | Sep 2025 76.4 | Dec 2025 66.2 | Mar 2026 51.4 | Jun 2026 60.1
- CAPILLARY: Dec 2021 — | Mar 2022 — | Jun 2022 — | Aug 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 68.5 | Mar 2026 47.0 | Jun 2026 —
- CIGNITITEC: Dec 2021 10.8 | Mar 2022 8.2 | Jun 2022 8.5 | Aug 2022 — | Sep 2022 9.6 | Dec 2022 7.7 | Mar 2023 9.4 | Jun 2023 9.3 | Sep 2023 7.9 | Dec 2023 10.3 | Mar 2024 12.2 | Jun 2024 14.4 | Sep 2024 15.0 | Dec 2024 19.1 | Mar 2025 13.8 | Jun 2025 14.1 | Sep 2025 10.0 | Dec 2025 10.5 | Mar 2026 — | Jun 2026 —
- 63MOONS: Dec 2021 14.8 | Mar 2022 5.9 | Jun 2022 8.9 | Aug 2022 — | Sep 2022 14.8 | Dec 2022 13.6 | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 4.0 | Mar 2024 2.0 | Jun 2024 1.1 | Sep 2024 2.8 | Dec 2024 71.6 | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 — | Jun 2026 —
- TECHNVISN: Dec 2021 258.7 | Mar 2022 25.3 | Jun 2022 13.0 | Aug 2022 — | Sep 2022 7.2 | Dec 2022 7.7 | Mar 2023 51.7 | Jun 2023 71.8 | Sep 2023 — | Dec 2023 — | Mar 2024 90.9 | Jun 2024 89.6 | Sep 2024 94.1 | Dec 2024 96.3 | Mar 2025 288.6 | Jun 2025 460.6 | Sep 2025 908.3 | Dec 2025 616.0 | Mar 2026 355.2 | Jun 2026 —
- RSYSTEMS: Dec 2021 18.5 | Mar 2022 14.9 | Jun 2022 11.5 | Aug 2022 — | Sep 2022 12.8 | Dec 2022 14.3 | Mar 2023 13.5 | Jun 2023 20.9 | Sep 2023 24.4 | Dec 2023 24.0 | Mar 2024 19.2 | Jun 2024 24.0 | Sep 2024 20.6 | Dec 2024 21.4 | Mar 2025 14.1 | Jun 2025 19.1 | Sep 2025 14.4 | Dec 2025 13.9 | Mar 2026 7.8 | Jun 2026 —
- SASKEN: Dec 2021 11.1 | Mar 2022 8.2 | Jun 2022 6.9 | Aug 2022 — | Sep 2022 8.4 | Dec 2022 9.5 | Mar 2023 8.1 | Jun 2023 11.1 | Sep 2023 11.7 | Dec 2023 17.7 | Mar 2024 22.6 | Jun 2024 26.3 | Sep 2024 23.5 | Dec 2024 35.2 | Mar 2025 27.9 | Jun 2025 27.0 | Sep 2025 26.6 | Dec 2025 29.5 | Mar 2026 17.7 | Jun 2026 —
- BLSE: Dec 2021 — | Mar 2022 — | Jun 2022 — | Aug 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 77.3 | Jun 2024 45.0 | Sep 2024 30.9 | Dec 2024 22.5 | Mar 2025 13.4 | Jun 2025 18.4 | Sep 2025 17.4 | Dec 2025 17.0 | Mar 2026 12.2 | Jun 2026 —
- SILVERTUC: Dec 2021 21.8 | Mar 2022 29.8 | Jun 2022 26.0 | Aug 2022 — | Sep 2022 37.2 | Dec 2022 29.0 | Mar 2023 29.6 | Jun 2023 25.1 | Sep 2023 38.7 | Dec 2023 41.9 | Mar 2024 34.4 | Jun 2024 32.9 | Sep 2024 30.8 | Dec 2024 26.7 | Mar 2025 22.6 | Jun 2025 23.9 | Sep 2025 21.4 | Dec 2025 24.0 | Mar 2026 24.6 | Jun 2026 —
- SAKSOFT: Dec 2021 12.3 | Mar 2022 11.0 | Jun 2022 8.6 | Aug 2022 — | Sep 2022 10.6 | Dec 2022 11.7 | Mar 2023 13.3 | Jun 2023 27.1 | Sep 2023 26.0 | Dec 2023 24.0 | Mar 2024 18.5 | Jun 2024 19.8 | Sep 2024 24.6 | Dec 2024 18.5 | Mar 2025 11.7 | Jun 2025 15.4 | Sep 2025 14.5 | Dec 2025 13.1 | Mar 2026 7.2 | Jun 2026 —
- KODYTECH: Dec 2021 — | Mar 2022 — | Jun 2022 — | Aug 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 18.8 | Dec 2023 — | Mar 2024 78.5 | Jun 2024 — | Sep 2024 108.6 | Dec 2024 — | Mar 2025 48.1 | Jun 2025 — | Sep 2025 34.1 | Dec 2025 — | Mar 2026 51.0 | Jun 2026 —
- IZMO: Dec 2021 2.9 | Mar 2022 3.2 | Jun 2022 2.9 | Aug 2022 — | Sep 2022 3.1 | Dec 2022 3.2 | Mar 2023 5.4 | Jun 2023 7.7 | Sep 2023 6.6 | Dec 2023 7.9 | Mar 2024 8.7 | Jun 2024 11.3 | Sep 2024 13.9 | Dec 2024 10.8 | Mar 2025 5.0 | Jun 2025 7.1 | Sep 2025 26.9 | Dec 2025 23.6 | Mar 2026 16.8 | Jun 2026 —
- NINSYS: Dec 2021 1.2 | Mar 2022 4.2 | Jun 2022 11.8 | Aug 2022 — | Sep 2022 26.6 | Dec 2022 — | Mar 2023 51.4 | Jun 2023 83.2 | Sep 2023 61.6 | Dec 2023 74.8 | Mar 2024 45.7 | Jun 2024 42.0 | Sep 2024 53.1 | Dec 2024 32.4 | Mar 2025 23.6 | Jun 2025 23.4 | Sep 2025 19.7 | Dec 2025 16.9 | Mar 2026 14.1 | Jun 2026 —
- DSSL: Dec 2021 8.8 | Mar 2022 10.8 | Jun 2022 11.9 | Aug 2022 — | Sep 2022 10.3 | Dec 2022 10.9 | Mar 2023 8.5 | Jun 2023 11.5 | Sep 2023 13.2 | Dec 2023 10.9 | Mar 2024 16.3 | Jun 2024 17.7 | Sep 2024 20.1 | Dec 2024 18.0 | Mar 2025 12.6 | Jun 2025 11.7 | Sep 2025 9.3 | Dec 2025 9.8 | Mar 2026 8.2 | Jun 2026 —
- MCLOUD: Dec 2021 9.1 | Mar 2022 27.9 | Jun 2022 25.6 | Aug 2022 — | Sep 2022 18.8 | Dec 2022 20.9 | Mar 2023 23.5 | Jun 2023 21.1 | Sep 2023 36.2 | Dec 2023 37.2 | Mar 2024 34.7 | Jun 2024 36.6 | Sep 2024 29.9 | Dec 2024 18.2 | Mar 2025 16.3 | Jun 2025 22.3 | Sep 2025 22.7 | Dec 2025 8.2 | Mar 2026 6.7 | Jun 2026 —
- INFOBEAN: Dec 2021 15.4 | Mar 2022 25.2 | Jun 2022 18.5 | Aug 2022 — | Sep 2022 14.9 | Dec 2022 13.2 | Mar 2023 11.0 | Jun 2023 12.8 | Sep 2023 14.7 | Dec 2023 15.3 | Mar 2024 14.1 | Jun 2024 16.5 | Sep 2024 14.8 | Dec 2024 13.0 | Mar 2025 8.7 | Jun 2025 10.9 | Sep 2025 14.5 | Dec 2025 22.3 | Mar 2026 15.0 | Jun 2026 18.4
- EXPLEOSOL: Dec 2021 22.8 | Mar 2022 21.9 | Jun 2022 13.4 | Aug 2022 — | Sep 2022 10.8 | Dec 2022 8.5 | Mar 2023 5.5 | Jun 2023 10.8 | Sep 2023 9.6 | Dec 2023 9.5 | Mar 2024 10.7 | Jun 2024 11.6 | Sep 2024 11.5 | Dec 2024 10.6 | Mar 2025 5.7 | Jun 2025 10.1 | Sep 2025 7.3 | Dec 2025 6.9 | Mar 2026 4.0 | Jun 2026 —
- ORIENTTECH: Dec 2021 — | Mar 2022 — | Jun 2022 — | Aug 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 16.9 | Dec 2024 28.7 | Mar 2025 20.3 | Jun 2025 20.2 | Sep 2025 19.7 | Dec 2025 33.6 | Mar 2026 25.9 | Jun 2026 —
- TAC: Dec 2021 — | Mar 2022 — | Jun 2022 — | Aug 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 101.9 | Dec 2024 — | Mar 2025 118.0 | Jun 2025 — | Sep 2025 60.5 | Dec 2025 — | Mar 2026 29.1 | Jun 2026 —
- UNIECOM: Dec 2021 — | Mar 2022 — | Jun 2022 — | Aug 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 137.9 | Dec 2024 90.8 | Mar 2025 61.0 | Jun 2025 40.1 | Sep 2025 44.0 | Dec 2025 33.8 | Mar 2026 23.3 | Jun 2026 —
- EXCELSOFT: Dec 2021 — | Mar 2022 — | Jun 2022 — | Aug 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 9.7 | Mar 2026 6.3 | Jun 2026 —
- QUICKHEAL: Dec 2021 9.6 | Mar 2022 6.9 | Jun 2022 6.4 | Aug 2022 — | Sep 2022 9.6 | Dec 2022 8.9 | Mar 2023 9.1 | Jun 2023 32.6 | Sep 2023 160.3 | Dec 2023 — | Mar 2024 156.5 | Jun 2024 67.8 | Sep 2024 59.9 | Dec 2024 73.0 | Mar 2025 45.3 | Jun 2025 131.8 | Sep 2025 116.0 | Dec 2025 187.2 | Mar 2026 44.1 | Jun 2026 —
- SAHANA: Dec 2021 — | Mar 2022 — | Jun 2022 — | Aug 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 25.1 | Dec 2023 — | Mar 2024 50.5 | Jun 2024 — | Sep 2024 50.5 | Dec 2024 — | Mar 2025 28.4 | Jun 2025 — | Sep 2025 16.6 | Dec 2025 — | Mar 2026 8.6 | Jun 2026 —
- KELLTONTEC: Dec 2021 5.8 | Mar 2022 8.1 | Jun 2022 6.5 | Aug 2022 — | Sep 2022 6.6 | Dec 2022 6.3 | Mar 2023 5.0 | Jun 2023 8.1 | Sep 2023 9.6 | Dec 2023 11.2 | Mar 2024 11.7 | Jun 2024 10.9 | Sep 2024 13.2 | Dec 2024 13.3 | Mar 2025 8.7 | Jun 2025 10.9 | Sep 2025 10.7 | Dec 2025 7.6 | Mar 2026 5.7 | Jun 2026 6.8
- XCHANGING: Dec 2021 13.5 | Mar 2022 9.0 | Jun 2022 4.5 | Aug 2022 — | Sep 2022 5.5 | Dec 2022 4.0 | Mar 2023 2.6 | Jun 2023 9.0 | Sep 2023 8.2 | Dec 2023 13.6 | Mar 2024 13.3 | Jun 2024 12.0 | Sep 2024 16.7 | Dec 2024 16.4 | Mar 2025 11.5 | Jun 2025 12.8 | Sep 2025 9.8 | Dec 2025 8.8 | Mar 2026 4.3 | Jun 2026 —
- INNOVANA: Dec 2021 8.3 | Mar 2022 13.0 | Jun 2022 9.6 | Aug 2022 — | Sep 2022 12.3 | Dec 2022 20.4 | Mar 2023 28.1 | Jun 2023 30.9 | Sep 2023 37.5 | Dec 2023 34.9 | Mar 2024 18.6 | Jun 2024 18.0 | Sep 2024 15.4 | Dec 2024 15.5 | Mar 2025 10.5 | Jun 2025 16.2 | Sep 2025 14.4 | Dec 2025 12.4 | Mar 2026 10.8 | Jun 2026 —
- SUBEXLTD: Dec 2021 36.7 | Mar 2022 26.8 | Jun 2022 26.9 | Aug 2022 — | Sep 2022 67.3 | Dec 2022 114.1 | Mar 2023 111.1 | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 176.6 | Mar 2025 75.9 | Jun 2025 — | Sep 2025 39.2 | Dec 2025 26.2 | Mar 2026 9.8 | Jun 2026 —
- VEEFIN: Dec 2021 — | Mar 2022 — | Jun 2022 — | Aug 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 80.6 | Dec 2023 — | Mar 2024 123.8 | Jun 2024 — | Sep 2024 139.7 | Dec 2024 — | Mar 2025 35.2 | Jun 2025 — | Sep 2025 34.4 | Dec 2025 23.3 | Mar 2026 — | Jun 2026 —
- UNIFIED: Dec 2021 — | Mar 2022 — | Jun 2022 — | Aug 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 20.0 | Dec 2025 — | Mar 2026 — | Jun 2026 —
- ADSL: Dec 2021 13.1 | Mar 2022 11.5 | Jun 2022 9.1 | Aug 2022 — | Sep 2022 7.4 | Dec 2022 5.8 | Mar 2023 3.9 | Jun 2023 6.4 | Sep 2023 7.0 | Dec 2023 7.9 | Mar 2024 9.1 | Jun 2024 11.5 | Sep 2024 16.1 | Dec 2024 13.5 | Mar 2025 10.0 | Jun 2025 9.8 | Sep 2025 8.9 | Dec 2025 7.7 | Mar 2026 4.2 | Jun 2026 —
- KSOLVES: Dec 2021 22.7 | Mar 2022 20.0 | Jun 2022 19.0 | Aug 2022 — | Sep 2022 20.3 | Dec 2022 18.5 | Mar 2023 17.4 | Jun 2023 31.7 | Sep 2023 33.8 | Dec 2023 35.0 | Mar 2024 30.3 | Jun 2024 28.7 | Sep 2024 24.9 | Dec 2024 22.5 | Mar 2025 19.4 | Jun 2025 16.7 | Sep 2025 15.8 | Dec 2025 14.9 | Mar 2026 13.5 | Jun 2026 13.7
- MINDTECK: Dec 2021 17.7 | Mar 2022 9.1 | Jun 2022 8.2 | Aug 2022 — | Sep 2022 10.8 | Dec 2022 11.1 | Mar 2023 6.5 | Jun 2023 9.0 | Sep 2023 9.8 | Dec 2023 13.7 | Mar 2024 11.1 | Jun 2024 17.9 | Sep 2024 19.9 | Dec 2024 20.8 | Mar 2025 9.8 | Jun 2025 15.1 | Sep 2025 14.8 | Dec 2025 11.5 | Mar 2026 7.7 | Jun 2026 —
- SOFTTECH: Dec 2021 11.8 | Mar 2022 10.9 | Jun 2022 9.9 | Aug 2022 — | Sep 2022 12.4 | Dec 2022 9.9 | Mar 2023 8.8 | Jun 2023 9.5 | Sep 2023 10.5 | Dec 2023 14.3 | Mar 2024 18.1 | Jun 2024 22.1 | Sep 2024 19.6 | Dec 2024 31.0 | Mar 2025 21.0 | Jun 2025 22.9 | Sep 2025 19.5 | Dec 2025 16.0 | Mar 2026 11.1 | Jun 2026 —
- AUTOPALIND: Dec 2021 — | Mar 2022 — | Jun 2022 — | Aug 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 28.2 | Mar 2026 27.7 | Jun 2026 —
- XTGLOBAL: Dec 2021 29.7 | Mar 2022 27.6 | Jun 2022 20.6 | Aug 2022 — | Sep 2022 15.7 | Dec 2022 12.9 | Mar 2023 10.4 | Jun 2023 17.5 | Sep 2023 19.4 | Dec 2023 21.1 | Mar 2024 19.4 | Jun 2024 21.4 | Sep 2024 24.5 | Dec 2024 20.9 | Mar 2025 17.7 | Jun 2025 18.2 | Sep 2025 23.1 | Dec 2025 19.3 | Mar 2026 — | Jun 2026 —
- TECHLABS: Dec 2021 — | Mar 2022 — | Jun 2022 — | Aug 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 125.7 | Dec 2024 — | Mar 2025 45.7 | Jun 2025 — | Sep 2025 44.9 | Dec 2025 — | Mar 2026 — | Jun 2026 —
- META: Dec 2021 — | Mar 2022 — | Jun 2022 — | Aug 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 11.8 | Dec 2025 — | Mar 2026 — | Jun 2026 —

### 20-quarter P/BV history
- 504375: Dec 2021 -0.5 | Mar 2022 -0.4 | Jun 2022 — | Aug 2022 — | Sep 2022 — | Dec 2022 -0.4 | Mar 2023 -0.4 | Jun 2023 -0.4 | Sep 2023 -0.3 | Dec 2023 -0.3 | Mar 2024 -0.3 | Jun 2024 — | Sep 2024 -0.3 | Dec 2024 -0.3 | Mar 2025 -0.4 | Jun 2025 -0.5 | Sep 2025 -0.6 | Dec 2025 -0.8 | Mar 2026 -0.9 | Jun 2026 —
- 526433: Dec 2021 12.1 | Mar 2022 10.7 | Jun 2022 6.6 | Aug 2022 — | Sep 2022 8.3 | Dec 2022 7.2 | Mar 2023 6.4 | Jun 2023 8.7 | Sep 2023 7.4 | Dec 2023 6.8 | Mar 2024 13.2 | Jun 2024 18.1 | Sep 2024 13.7 | Dec 2024 11.1 | Mar 2025 10.5 | Jun 2025 22.2 | Sep 2025 29.8 | Dec 2025 17.0 | Mar 2026 11.8 | Jun 2026 —
- 530909: Dec 2021 0.7 | Mar 2022 5.7 | Jun 2022 3.5 | Aug 2022 — | Sep 2022 2.5 | Dec 2022 2.3 | Mar 2023 1.8 | Jun 2023 1.7 | Sep 2023 1.6 | Dec 2023 2.7 | Mar 2024 2.0 | Jun 2024 3.0 | Sep 2024 2.6 | Dec 2024 3.5 | Mar 2025 2.9 | Jun 2025 2.8 | Sep 2025 2.1 | Dec 2025 2.0 | Mar 2026 — | Jun 2026 —
- 534535: Dec 2021 — | Mar 2022 — | Jun 2022 — | Aug 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 3.3 | Mar 2025 10.8 | Jun 2025 7.0 | Sep 2025 30.6 | Dec 2025 10.7 | Mar 2026 5.3 | Jun 2026 —
- 539607: Dec 2021 — | Mar 2022 — | Jun 2022 — | Aug 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 19.4 | Mar 2024 17.6 | Jun 2024 60.8 | Sep 2024 48.1 | Dec 2024 19.9 | Mar 2025 7.8 | Jun 2025 11.3 | Sep 2025 10.4 | Dec 2025 6.3 | Mar 2026 9.1 | Jun 2026 —
- 544361: Dec 2021 — | Mar 2022 — | Jun 2022 — | Aug 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 0.3 | Sep 2025 1.1 | Dec 2025 1.4 | Mar 2026 2.6 | Jun 2026 —
- TCS: Dec 2021 14.3 | Mar 2022 14.1 | Jun 2022 13.5 | Aug 2022 — | Sep 2022 11.3 | Dec 2022 12.2 | Mar 2023 13.2 | Jun 2023 13.4 | Sep 2023 14.3 | Dec 2023 13.8 | Mar 2024 13.9 | Jun 2024 15.6 | Sep 2024 17.2 | Dec 2024 14.8 | Mar 2025 12.9 | Jun 2025 13.1 | Sep 2025 11.1 | Dec 2025 11.2 | Mar 2026 8.1 | Jun 2026 7.1
- INFY: Dec 2021 11.4 | Mar 2022 11.4 | Jun 2022 8.1 | Aug 2022 — | Sep 2022 7.4 | Dec 2022 7.9 | Mar 2023 8.0 | Jun 2023 7.4 | Sep 2023 8.0 | Dec 2023 7.9 | Mar 2024 7.8 | Jun 2024 7.4 | Sep 2024 9.5 | Dec 2024 8.8 | Mar 2025 7.4 | Jun 2025 7.0 | Sep 2025 6.3 | Dec 2025 6.7 | Mar 2026 6.2 | Jun 2026 4.5
- HCLTECH: Dec 2021 5.9 | Mar 2022 5.3 | Jun 2022 4.4 | Aug 2022 — | Sep 2022 4.1 | Dec 2022 4.6 | Mar 2023 4.8 | Jun 2023 5.2 | Sep 2023 5.1 | Dec 2023 6.1 | Mar 2024 6.4 | Jun 2024 6.1 | Sep 2024 7.2 | Dec 2024 7.5 | Mar 2025 6.3 | Jun 2025 6.8 | Sep 2025 5.4 | Dec 2025 6.3 | Mar 2026 5.2 | Jun 2026 4.3
- WIPRO: Dec 2021 6.3 | Mar 2022 5.3 | Jun 2022 4.2 | Aug 2022 — | Sep 2022 3.0 | Dec 2022 3.0 | Mar 2023 3.1 | Jun 2023 2.8 | Sep 2023 2.9 | Dec 2023 3.5 | Mar 2024 3.6 | Jun 2024 3.6 | Sep 2024 3.8 | Dec 2024 4.0 | Mar 2025 3.4 | Jun 2025 3.4 | Sep 2025 3.0 | Dec 2025 3.3 | Mar 2026 2.4 | Jun 2026 2.1
- TECHM: Dec 2021 6.9 | Mar 2022 5.9 | Jun 2022 3.8 | Aug 2022 — | Sep 2022 3.7 | Dec 2022 3.7 | Mar 2023 4.0 | Jun 2023 3.9 | Sep 2023 4.3 | Dec 2023 4.7 | Mar 2024 4.6 | Jun 2024 5.2 | Sep 2024 5.9 | Dec 2024 6.3 | Mar 2025 5.2 | Jun 2025 6.0 | Sep 2025 5.0 | Dec 2025 5.7 | Mar 2026 5.0 | Jun 2026 4.8
- LTM: Dec 2021 16.5 | Mar 2022 13.9 | Jun 2022 5.0 | Aug 2022 — | Sep 2022 8.5 | Dec 2022 14.1 | Mar 2023 5.8 | Jun 2023 8.5 | Sep 2023 8.5 | Dec 2023 10.3 | Mar 2024 8.1 | Jun 2024 8.0 | Sep 2024 9.1 | Dec 2024 8.0 | Mar 2025 6.3 | Jun 2025 6.9 | Sep 2025 6.6 | Dec 2025 7.6 | Mar 2026 5.3 | Jun 2026 4.6
- COFORGE: Dec 2021 14.4 | Mar 2022 10.9 | Jun 2022 9.0 | Aug 2022 — | Sep 2022 7.2 | Dec 2022 8.4 | Mar 2023 8.5 | Jun 2023 9.3 | Sep 2023 10.1 | Dec 2023 11.6 | Mar 2024 10.2 | Jun 2024 10.8 | Sep 2024 11.8 | Dec 2024 10.5 | Mar 2025 9.1 | Jun 2025 16.2 | Sep 2025 8.1 | Dec 2025 8.1 | Mar 2026 5.6 | Jun 2026 —
- MPHASIS: Dec 2021 10.5 | Mar 2022 10.2 | Jun 2022 6.1 | Aug 2022 — | Sep 2022 5.6 | Dec 2022 5.3 | Mar 2023 4.9 | Jun 2023 4.5 | Sep 2023 5.6 | Dec 2023 6.5 | Mar 2024 5.7 | Jun 2024 5.8 | Sep 2024 6.6 | Dec 2024 6.3 | Mar 2025 5.5 | Jun 2025 6.0 | Sep 2025 5.2 | Dec 2025 5.6 | Mar 2026 4.2 | Jun 2026 4.5
- HEXT: Dec 2021 — | Mar 2022 — | Jun 2022 — | Aug 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 4.5 | Jun 2025 9.9 | Sep 2025 7.0 | Dec 2025 7.9 | Mar 2026 5.0 | Jun 2026 —
- ZENSARTECH: Dec 2021 4.7 | Mar 2022 3.4 | Jun 2022 2.6 | Aug 2022 — | Sep 2022 1.7 | Dec 2022 1.7 | Mar 2023 2.3 | Jun 2023 3.3 | Sep 2023 3.9 | Dec 2023 4.2 | Mar 2024 4.2 | Jun 2024 5.7 | Sep 2024 4.3 | Dec 2024 4.5 | Mar 2025 4.3 | Jun 2025 5.4 | Sep 2025 4.3 | Dec 2025 3.8 | Mar 2026 2.8 | Jun 2026 —
- SONATSOFTW: Dec 2021 9.4 | Mar 2022 8.2 | Jun 2022 6.4 | Aug 2022 — | Sep 2022 6.2 | Dec 2022 6.8 | Mar 2023 10.6 | Jun 2023 12.8 | Sep 2023 11.4 | Dec 2023 14.5 | Mar 2024 14.1 | Jun 2024 12.6 | Sep 2024 12.6 | Dec 2024 11.2 | Mar 2025 6.5 | Jun 2025 8.2 | Sep 2025 5.9 | Dec 2025 5.8 | Mar 2026 3.5 | Jun 2026 —
- TANLA: Dec 2021 24.5 | Mar 2022 18.0 | Jun 2022 15.1 | Aug 2022 — | Sep 2022 7.2 | Dec 2022 6.5 | Mar 2023 5.2 | Jun 2023 10.3 | Sep 2023 9.2 | Dec 2023 8.4 | Mar 2024 6.3 | Jun 2024 8.3 | Sep 2024 6.2 | Dec 2024 4.3 | Mar 2025 3.0 | Jun 2025 4.5 | Sep 2025 4.1 | Dec 2025 3.2 | Mar 2026 2.3 | Jun 2026 3.1
- BSOFT: Dec 2021 6.5 | Mar 2022 5.5 | Jun 2022 4.6 | Aug 2022 — | Sep 2022 3.4 | Dec 2022 3.5 | Mar 2023 2.8 | Jun 2023 3.9 | Sep 2023 5.4 | Dec 2023 7.3 | Mar 2024 7.5 | Jun 2024 7.8 | Sep 2024 5.5 | Dec 2024 4.9 | Mar 2025 3.3 | Jun 2025 3.9 | Sep 2025 2.9 | Dec 2025 3.4 | Mar 2026 2.5 | Jun 2026 —
- STYL: Dec 2021 — | Mar 2022 — | Jun 2022 — | Aug 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 5.2 | Dec 2025 3.4 | Mar 2026 2.7 | Jun 2026 3.5
- CCAVENUE: Dec 2021 1.9 | Mar 2022 1.9 | Jun 2022 1.2 | Aug 2022 — | Sep 2022 1.4 | Dec 2022 1.6 | Mar 2023 1.4 | Jun 2023 1.5 | Sep 2023 1.6 | Dec 2023 1.9 | Mar 2024 3.1 | Jun 2024 2.8 | Sep 2024 2.6 | Dec 2024 2.2 | Mar 2025 1.4 | Jun 2025 1.7 | Sep 2025 1.5 | Dec 2025 1.1 | Mar 2026 1.1 | Jun 2026 —
- MASTEK: Dec 2021 10.5 | Mar 2022 10.6 | Jun 2022 6.0 | Aug 2022 — | Sep 2022 4.3 | Dec 2022 4.2 | Mar 2023 4.3 | Jun 2023 5.4 | Sep 2023 4.3 | Dec 2023 4.8 | Mar 2024 4.3 | Jun 2024 4.9 | Sep 2024 3.9 | Dec 2024 4.0 | Mar 2025 3.0 | Jun 2025 3.6 | Sep 2025 2.7 | Dec 2025 2.5 | Mar 2026 1.6 | Jun 2026 1.6
- DATAMATICS: Dec 2021 2.3 | Mar 2022 2.4 | Jun 2022 2.4 | Aug 2022 — | Sep 2022 2.0 | Dec 2022 1.8 | Mar 2023 1.9 | Jun 2023 3.8 | Sep 2023 3.4 | Dec 2023 3.8 | Mar 2024 2.8 | Jun 2024 3.5 | Sep 2024 3.0 | Dec 2024 2.9 | Mar 2025 2.9 | Jun 2025 3.0 | Sep 2025 3.7 | Dec 2025 3.4 | Mar 2026 2.7 | Jun 2026 —
- AURIONPRO: Dec 2021 1.9 | Mar 2022 1.9 | Jun 2022 1.8 | Aug 2022 — | Sep 2022 2.3 | Dec 2022 1.8 | Mar 2023 1.8 | Jun 2023 5.6 | Sep 2023 5.7 | Dec 2023 8.9 | Mar 2024 9.2 | Jun 2024 12.4 | Sep 2024 9.1 | Dec 2024 6.9 | Mar 2025 6.5 | Jun 2025 7.7 | Sep 2025 4.2 | Dec 2025 3.8 | Mar 2026 2.6 | Jun 2026 —
- MOSCHIP: Dec 2021 23.9 | Mar 2022 16.9 | Jun 2022 14.3 | Aug 2022 — | Sep 2022 15.7 | Dec 2022 15.1 | Mar 2023 15.1 | Jun 2023 18.9 | Sep 2023 13.0 | Dec 2023 8.3 | Mar 2024 8.1 | Jun 2024 39.2 | Sep 2024 16.9 | Dec 2024 13.6 | Mar 2025 9.5 | Jun 2025 12.7 | Sep 2025 14.0 | Dec 2025 10.8 | Mar 2026 8.3 | Jun 2026 9.7
- CAPILLARY: Dec 2021 — | Mar 2022 — | Jun 2022 — | Aug 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 9.0 | Mar 2026 3.7 | Jun 2026 —
- CIGNITITEC: Dec 2021 3.7 | Mar 2022 2.9 | Jun 2022 2.7 | Aug 2022 — | Sep 2022 3.2 | Dec 2022 3.0 | Mar 2023 4.6 | Jun 2023 4.1 | Sep 2023 3.7 | Dec 2023 4.4 | Mar 2024 5.2 | Jun 2024 6.5 | Sep 2024 5.1 | Dec 2024 6.2 | Mar 2025 4.9 | Jun 2025 6.6 | Sep 2025 4.2 | Dec 2025 4.0 | Mar 2026 — | Jun 2026 —
- 63MOONS: Dec 2021 0.3 | Mar 2022 0.3 | Jun 2022 0.3 | Aug 2022 — | Sep 2022 0.2 | Dec 2022 0.2 | Mar 2023 0.3 | Jun 2023 0.4 | Sep 2023 0.4 | Dec 2023 0.7 | Mar 2024 0.5 | Jun 2024 0.5 | Sep 2024 0.5 | Dec 2024 1.3 | Mar 2025 1.1 | Jun 2025 1.4 | Sep 2025 1.2 | Dec 2025 1.0 | Mar 2026 0.6 | Jun 2026 —
- TECHNVISN: Dec 2021 -6.3 | Mar 2022 -7.9 | Jun 2022 -8.3 | Aug 2022 — | Sep 2022 61.1 | Dec 2022 67.2 | Mar 2023 -18.2 | Jun 2023 -19.6 | Sep 2023 -16.7 | Dec 2023 -110.5 | Mar 2024 -330.7 | Jun 2024 -225.4 | Sep 2024 372.0 | Dec 2024 138.7 | Mar 2025 267.3 | Jun 2025 341.5 | Sep 2025 422.2 | Dec 2025 413.7 | Mar 2026 319.1 | Jun 2026 —
- RSYSTEMS: Dec 2021 9.1 | Mar 2022 7.7 | Jun 2022 5.7 | Aug 2022 — | Sep 2022 5.5 | Dec 2022 6.1 | Mar 2023 6.5 | Jun 2023 8.3 | Sep 2023 10.0 | Dec 2023 10.9 | Mar 2024 9.6 | Jun 2024 10.4 | Sep 2024 9.3 | Dec 2024 9.2 | Mar 2025 6.3 | Jun 2025 8.8 | Sep 2025 7.1 | Dec 2025 7.0 | Mar 2026 4.7 | Jun 2026 —
- SASKEN: Dec 2021 3.2 | Mar 2022 2.3 | Jun 2022 2.1 | Aug 2022 — | Sep 2022 1.8 | Dec 2022 2.0 | Mar 2023 1.8 | Jun 2023 2.2 | Sep 2023 2.3 | Dec 2023 2.8 | Mar 2024 3.1 | Jun 2024 3.7 | Sep 2024 2.9 | Dec 2024 4.1 | Mar 2025 3.0 | Jun 2025 2.8 | Sep 2025 2.7 | Dec 2025 3.0 | Mar 2026 2.1 | Jun 2026 —
- BLSE: Dec 2021 — | Mar 2022 — | Jun 2022 — | Aug 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 5.3 | Sep 2024 4.8 | Dec 2024 4.0 | Mar 2025 3.0 | Jun 2025 4.2 | Sep 2025 3.5 | Dec 2025 3.8 | Mar 2026 2.9 | Jun 2026 —
- SILVERTUC: Dec 2021 2.2 | Mar 2022 3.0 | Jun 2022 4.2 | Aug 2022 — | Sep 2022 5.5 | Dec 2022 5.0 | Mar 2023 5.4 | Jun 2023 5.9 | Sep 2023 8.3 | Dec 2023 8.8 | Mar 2024 8.2 | Jun 2024 9.7 | Sep 2024 8.4 | Dec 2024 7.4 | Mar 2025 6.7 | Jun 2025 8.6 | Sep 2025 6.7 | Dec 2025 7.7 | Mar 2026 9.5 | Jun 2026 —
- SAKSOFT: Dec 2021 3.6 | Mar 2022 3.5 | Jun 2022 3.2 | Aug 2022 — | Sep 2022 3.1 | Dec 2022 3.8 | Mar 2023 4.8 | Jun 2023 10.2 | Sep 2023 8.5 | Dec 2023 7.5 | Mar 2024 6.0 | Jun 2024 7.3 | Sep 2024 7.4 | Dec 2024 5.0 | Mar 2025 3.4 | Jun 2025 5.3 | Sep 2025 4.3 | Dec 2025 3.7 | Mar 2026 2.2 | Jun 2026 —
- KODYTECH: Dec 2021 — | Mar 2022 — | Jun 2022 — | Aug 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 3.8 | Dec 2023 — | Mar 2024 16.3 | Jun 2024 — | Sep 2024 30.8 | Dec 2024 — | Mar 2025 15.3 | Jun 2025 — | Sep 2025 11.3 | Dec 2025 — | Mar 2026 8.9 | Jun 2026 —
- IZMO: Dec 2021 0.5 | Mar 2022 0.5 | Jun 2022 0.4 | Aug 2022 — | Sep 2022 0.4 | Dec 2022 0.4 | Mar 2023 0.6 | Jun 2023 1.0 | Sep 2023 0.9 | Dec 2023 1.2 | Mar 2024 1.3 | Jun 2024 1.7 | Sep 2024 2.0 | Dec 2024 2.3 | Mar 2025 1.2 | Jun 2025 1.6 | Sep 2025 5.6 | Dec 2025 3.2 | Mar 2026 2.5 | Jun 2026 —
- NINSYS: Dec 2021 1.5 | Mar 2022 2.3 | Jun 2022 — | Aug 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 13.9 | Jun 2023 33.6 | Sep 2023 25.9 | Dec 2023 41.8 | Mar 2024 26.1 | Jun 2024 26.1 | Sep 2024 31.5 | Dec 2024 21.1 | Mar 2025 17.6 | Jun 2025 25.2 | Sep 2025 13.3 | Dec 2025 9.6 | Mar 2026 8.3 | Jun 2026 —
- DSSL: Dec 2021 2.9 | Mar 2022 4.3 | Jun 2022 6.5 | Aug 2022 — | Sep 2022 3.5 | Dec 2022 5.3 | Mar 2023 5.1 | Jun 2023 8.0 | Sep 2023 8.4 | Dec 2023 6.0 | Mar 2024 9.9 | Jun 2024 13.7 | Sep 2024 11.5 | Dec 2024 8.9 | Mar 2025 6.8 | Jun 2025 8.8 | Sep 2025 4.7 | Dec 2025 4.4 | Mar 2026 4.0 | Jun 2026 —
- MCLOUD: Dec 2021 2.5 | Mar 2022 13.6 | Jun 2022 14.7 | Aug 2022 — | Sep 2022 4.3 | Dec 2022 6.2 | Mar 2023 11.4 | Jun 2023 13.5 | Sep 2023 17.4 | Dec 2023 15.7 | Mar 2024 16.3 | Jun 2024 17.4 | Sep 2024 15.2 | Dec 2024 8.5 | Mar 2025 7.7 | Jun 2025 10.8 | Sep 2025 8.9 | Dec 2025 2.7 | Mar 2026 2.1 | Jun 2026 —
- INFOBEAN: Dec 2021 5.1 | Mar 2022 8.8 | Jun 2022 8.4 | Aug 2022 — | Sep 2022 5.3 | Dec 2022 5.0 | Mar 2023 4.7 | Jun 2023 4.8 | Sep 2023 4.1 | Dec 2023 3.8 | Mar 2024 3.2 | Jun 2024 4.1 | Sep 2024 3.5 | Dec 2024 3.3 | Mar 2025 2.3 | Jun 2025 3.1 | Sep 2025 3.7 | Dec 2025 5.1 | Mar 2026 3.5 | Jun 2026 3.8
- EXPLEOSOL: Dec 2021 7.8 | Mar 2022 7.4 | Jun 2022 6.3 | Aug 2022 — | Sep 2022 4.3 | Dec 2022 4.2 | Mar 2023 3.2 | Jun 2023 4.1 | Sep 2023 2.7 | Dec 2023 4.0 | Mar 2024 3.8 | Jun 2024 2.4 | Sep 2024 3.3 | Dec 2024 3.2 | Mar 2025 1.8 | Jun 2025 3.3 | Sep 2025 2.4 | Dec 2025 2.2 | Mar 2026 1.5 | Jun 2026 —
- ORIENTTECH: Dec 2021 — | Mar 2022 — | Jun 2022 — | Aug 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 3.7 | Dec 2024 6.5 | Mar 2025 4.5 | Jun 2025 4.5 | Sep 2025 4.1 | Dec 2025 5.3 | Mar 2026 3.1 | Jun 2026 —
- TAC: Dec 2021 — | Mar 2022 — | Jun 2022 — | Aug 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 15.5 | Dec 2024 — | Mar 2025 30.1 | Jun 2025 — | Sep 2025 19.2 | Dec 2025 — | Mar 2026 13.0 | Jun 2026 —
- UNIECOM: Dec 2021 — | Mar 2022 — | Jun 2022 — | Aug 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 27.8 | Dec 2024 22.2 | Mar 2025 17.5 | Jun 2025 18.1 | Sep 2025 20.5 | Dec 2025 7.2 | Mar 2026 5.3 | Jun 2026 —
- EXCELSOFT: Dec 2021 — | Mar 2022 — | Jun 2022 — | Aug 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 2.8 | Mar 2026 2.0 | Jun 2026 —
- QUICKHEAL: Dec 2021 2.5 | Mar 2022 1.8 | Jun 2022 1.3 | Aug 2022 — | Sep 2022 1.9 | Dec 2022 1.6 | Mar 2023 1.2 | Jun 2023 1.5 | Sep 2023 3.6 | Dec 2023 4.8 | Mar 2024 6.3 | Jun 2024 6.3 | Sep 2024 7.8 | Dec 2024 8.1 | Mar 2025 3.5 | Jun 2025 4.3 | Sep 2025 3.7 | Dec 2025 3.3 | Mar 2026 1.6 | Jun 2026 —
- SAHANA: Dec 2021 — | Mar 2022 — | Jun 2022 — | Aug 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 16.5 | Jun 2024 — | Sep 2024 20.5 | Dec 2024 — | Mar 2025 10.7 | Jun 2025 — | Sep 2025 5.6 | Dec 2025 — | Mar 2026 3.5 | Jun 2026 —
- KELLTONTEC: Dec 2021 1.3 | Mar 2022 1.8 | Jun 2022 1.5 | Aug 2022 — | Sep 2022 1.2 | Dec 2022 1.1 | Mar 2023 0.9 | Jun 2023 1.4 | Sep 2023 1.7 | Dec 2023 2.4 | Mar 2024 2.3 | Jun 2024 2.7 | Sep 2024 3.0 | Dec 2024 3.0 | Mar 2025 2.1 | Jun 2025 2.9 | Sep 2025 2.2 | Dec 2025 1.4 | Mar 2026 1.1 | Jun 2026 1.0
- XCHANGING: Dec 2021 2.1 | Mar 2022 1.6 | Jun 2022 1.2 | Aug 2022 — | Sep 2022 1.3 | Dec 2022 1.1 | Mar 2023 1.0 | Jun 2023 1.6 | Sep 2023 1.5 | Dec 2023 2.3 | Mar 2024 2.5 | Jun 2024 2.0 | Sep 2024 3.7 | Dec 2024 3.8 | Mar 2025 2.9 | Jun 2025 3.1 | Sep 2025 2.6 | Dec 2025 2.5 | Mar 2026 1.5 | Jun 2026 —
- INNOVANA: Dec 2021 3.5 | Mar 2022 5.1 | Jun 2022 5.0 | Aug 2022 — | Sep 2022 4.3 | Dec 2022 5.2 | Mar 2023 6.6 | Jun 2023 7.2 | Sep 2023 11.1 | Dec 2023 8.7 | Mar 2024 8.4 | Jun 2024 9.5 | Sep 2024 5.5 | Dec 2024 4.9 | Mar 2025 3.3 | Jun 2025 6.5 | Sep 2025 6.1 | Dec 2025 3.3 | Mar 2026 2.8 | Jun 2026 —
- SUBEXLTD: Dec 2021 5.5 | Mar 2022 3.5 | Jun 2022 2.4 | Aug 2022 — | Sep 2022 3.1 | Dec 2022 3.4 | Mar 2023 2.8 | Jun 2023 2.9 | Sep 2023 3.5 | Dec 2023 3.9 | Mar 2024 3.4 | Jun 2024 3.2 | Sep 2024 4.6 | Dec 2024 3.8 | Mar 2025 2.1 | Jun 2025 2.4 | Sep 2025 2.2 | Dec 2025 2.0 | Mar 2026 1.2 | Jun 2026 —
- VEEFIN: Dec 2021 — | Mar 2022 — | Jun 2022 — | Aug 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 9.7 | Jun 2024 — | Sep 2024 12.4 | Dec 2024 — | Mar 2025 1.5 | Jun 2025 — | Sep 2025 2.0 | Dec 2025 1.7 | Mar 2026 — | Jun 2026 —
- ADSL: Dec 2021 1.4 | Mar 2022 1.3 | Jun 2022 1.3 | Aug 2022 — | Sep 2022 1.0 | Dec 2022 0.9 | Mar 2023 0.8 | Jun 2023 1.2 | Sep 2023 1.4 | Dec 2023 1.4 | Mar 2024 1.4 | Jun 2024 1.9 | Sep 2024 2.5 | Dec 2024 2.2 | Mar 2025 1.8 | Jun 2025 1.8 | Sep 2025 1.7 | Dec 2025 1.4 | Mar 2026 0.8 | Jun 2026 —
- KSOLVES: Dec 2021 31.2 | Mar 2022 30.1 | Jun 2022 17.7 | Aug 2022 — | Sep 2022 26.2 | Dec 2022 27.5 | Mar 2023 31.4 | Jun 2023 64.0 | Sep 2023 55.5 | Dec 2023 48.9 | Mar 2024 46.3 | Jun 2024 60.3 | Sep 2024 51.1 | Dec 2024 35.6 | Mar 2025 32.0 | Jun 2025 34.2 | Sep 2025 30.9 | Dec 2025 20.8 | Mar 2026 18.6 | Jun 2026 23.0
- MINDTECK: Dec 2021 3.3 | Mar 2022 1.9 | Jun 2022 1.9 | Aug 2022 — | Sep 2022 1.9 | Dec 2022 1.9 | Mar 2023 1.5 | Jun 2023 2.0 | Sep 2023 2.2 | Dec 2023 2.9 | Mar 2024 2.5 | Jun 2024 4.1 | Sep 2024 4.2 | Dec 2024 4.0 | Mar 2025 2.2 | Jun 2025 3.3 | Sep 2025 3.0 | Dec 2025 2.3 | Mar 2026 1.8 | Jun 2026 —
- SOFTTECH: Dec 2021 1.6 | Mar 2022 1.4 | Jun 2022 1.2 | Aug 2022 — | Sep 2022 2.0 | Dec 2022 1.7 | Mar 2023 1.7 | Jun 2023 1.9 | Sep 2023 1.8 | Dec 2023 1.9 | Mar 2024 3.1 | Jun 2024 3.5 | Sep 2024 3.6 | Dec 2024 5.2 | Mar 2025 3.8 | Jun 2025 3.8 | Sep 2025 3.0 | Dec 2025 2.6 | Mar 2026 1.9 | Jun 2026 —
- AUTOPALIND: Dec 2021 — | Mar 2022 — | Jun 2022 — | Aug 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 4.5 | Mar 2026 5.5 | Jun 2026 —
- XTGLOBAL: Dec 2021 8.2 | Mar 2022 10.3 | Jun 2022 6.4 | Aug 2022 — | Sep 2022 3.5 | Dec 2022 2.7 | Mar 2023 2.3 | Jun 2023 4.1 | Sep 2023 4.0 | Dec 2023 3.8 | Mar 2024 3.4 | Jun 2024 3.5 | Sep 2024 4.1 | Dec 2024 3.1 | Mar 2025 2.6 | Jun 2025 2.7 | Sep 2025 3.0 | Dec 2025 2.5 | Mar 2026 — | Jun 2026 —
- TECHLABS: Dec 2021 — | Mar 2022 — | Jun 2022 — | Aug 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 22.0 | Jun 2025 — | Sep 2025 14.9 | Dec 2025 — | Mar 2026 — | Jun 2026 —

## Market action

Hypersoft Technologies Ltd has the strongest one-year price move in IT - Software at +320.1%. IDream Film Infrastructure Company Ltd leads on Mansfield relative strength against NIFTY at +147.2%. 19 of 56 covered companies are above zero on that measure. Every line covers 313 weekly closes through 2026-07-17.

### Strongest one-year price performers
1. Hypersoft Technologies Ltd (539724): 320%
2. Silver Touch Technologies Ltd (SILVERTUC): 178%
3. IZMO Ltd (IZMO): 166%
4. NINtec Systems Ltd (NINSYS): 97%
5. Kody Technolab Ltd (KODYTECH): 63%

### Strongest relative strength versus NIFTY 500
1. IDream Film Infrastructure Company Ltd (504375): 147%
2. Covance Softsol Ltd (544361): 100%
3. Hypersoft Technologies Ltd (539724): 100%
4. NINtec Systems Ltd (NINSYS): 87%
5. Silver Touch Technologies Ltd (SILVERTUC): 66%

## 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.
- 7 companies have older fundamental reporting dates than the sector’s freshest reporters; their ranks carry a stale marker.
- 21 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.
- 5 companies are missing from the second-feed metrics by decision, not by absence: the two sources disagree, so nothing from the second is drawn. Read those rows as narrower evidence, never as a weaker business.

## Every company
- Tata Consultancy Services Ltd (TCS) — market value ₹8.2 L Cr; latest fundamentals Jun 2026
- Infosys Ltd (INFY) — market value ₹4.2 L Cr; latest fundamentals Jun 2026; second-feed figures WITHHELD
- HCL Technologies Ltd (HCLTECH) — market value ₹3.4 L Cr; latest fundamentals Jun 2026; second-feed figures WITHHELD
- Wipro Ltd (WIPRO) — market value ₹1.8 L Cr; latest fundamentals Jun 2026
- Tech Mahindra Ltd (TECHM) — market value ₹1.5 L Cr; latest fundamentals Jun 2026
- LTM Ltd (LTM) — market value ₹1.2 L Cr; latest fundamentals Jun 2026
- Coforge Ltd (COFORGE) — market value ₹65.7K Cr; latest fundamentals Mar 2026
- Mphasis Ltd (MPHASIS) — market value ₹43.7K Cr; latest fundamentals Jun 2026
- Hexaware Technologies Ltd (HEXT) — market value ₹33.7K Cr; latest fundamentals Mar 2026
- IDream Film Infrastructure Company Ltd (504375) — market value ₹17.2K Cr; latest fundamentals Mar 2026
- Zensar Technologies Ltd (ZENSARTECH) — market value ₹11.5K Cr; latest fundamentals Mar 2026
- Sonata Software Ltd (SONATSOFTW) — market value ₹8.1K Cr; latest fundamentals Mar 2026
- Tanla Platforms Ltd (TANLA) — market value ₹8.0K Cr; latest fundamentals Jun 2026
- Birlasoft Ltd (BSOFT) — market value ₹7.9K Cr; latest fundamentals Mar 2026
- Seshaasai Technologies Ltd (STYL) — market value ₹6.2K Cr; latest fundamentals Jun 2026
- ASM Technologies Ltd (526433) — market value ₹6.2K Cr; latest fundamentals Mar 2026
- AvenuesAI Ltd (CCAVENUE) — market value ₹5.7K Cr; latest fundamentals Mar 2026
- Mastek Ltd (MASTEK) — market value ₹5.2K Cr; latest fundamentals Jun 2026; second-feed figures WITHHELD
- Datamatics Global Services Ltd (DATAMATICS) — market value ₹4.9K Cr; latest fundamentals Mar 2026
- Aurionpro Solutions Ltd (AURIONPRO) — market value ₹4.6K Cr; latest fundamentals Mar 2026
- Moschip Technologies Ltd (MOSCHIP) — market value ₹4.5K Cr; latest fundamentals Jun 2026
- Capillary Technologies India Ltd (CAPILLARY) — market value ₹3.8K Cr; latest fundamentals Mar 2026
- Cigniti Technologies Ltd (CIGNITITEC) — market value ₹3.5K Cr; latest fundamentals Dec 2025
- 63 Moons Technologies Ltd (63MOONS) — market value ₹3.3K Cr; latest fundamentals Mar 2026; second-feed figures WITHHELD
- TechNVision Ventures Ltd (TECHNVISN) — market value ₹3.2K Cr; latest fundamentals Mar 2026; includes UNVERIFIED second-feed figures
- R Systems International Ltd (RSYSTEMS) — market value ₹2.9K Cr; latest fundamentals Mar 2026
- Sasken Technologies Ltd (SASKEN) — market value ₹2.8K Cr; latest fundamentals Mar 2026
- BLS E-Services Ltd (BLSE) — market value ₹2.6K Cr; latest fundamentals Mar 2026; second-feed figures WITHHELD
- Silver Touch Technologies Ltd (SILVERTUC) — market value ₹2.5K Cr; latest fundamentals Mar 2026
- Saksoft Ltd (SAKSOFT) — market value ₹2.2K Cr; latest fundamentals Mar 2026
- Blue Cloud Softech Solutions Ltd (539607) — market value ₹1.9K Cr; latest fundamentals Mar 2026
- Hypersoft Technologies Ltd (539724) — market value ₹1.8K Cr; latest fundamentals Mar 2026
- Kody Technolab Ltd (KODYTECH) — market value ₹1.7K Cr; latest fundamentals Mar 2026; includes UNVERIFIED second-feed figures
- IZMO Ltd (IZMO) — market value ₹1.7K Cr; latest fundamentals Mar 2026; includes UNVERIFIED second-feed figures
- NINtec Systems Ltd (NINSYS) — market value ₹1.6K Cr; latest fundamentals Mar 2026; includes UNVERIFIED second-feed figures
- Dynacons Systems & Solutions Ltd (DSSL) — market value ₹1.6K Cr; latest fundamentals Mar 2026; includes UNVERIFIED second-feed figures
- Magellanic Cloud Ltd (MCLOUD) — market value ₹1.6K Cr; latest fundamentals Mar 2026; includes UNVERIFIED second-feed figures
- InfoBeans Technologies Ltd (INFOBEAN) — market value ₹1.5K Cr; latest fundamentals Jun 2026; includes UNVERIFIED second-feed figures
- Expleo Solutions Ltd (EXPLEOSOL) — market value ₹1.2K Cr; latest fundamentals Mar 2026; includes UNVERIFIED second-feed figures
- Orient Technologies Ltd (ORIENTTECH) — market value ₹1.2K Cr; latest fundamentals Mar 2026; includes UNVERIFIED second-feed figures
- TAC Infosec Ltd (TAC) — market value ₹1.1K Cr; latest fundamentals Mar 2026; includes UNVERIFIED second-feed figures
- Unicommerce eSolutions Ltd (UNIECOM) — market value ₹948 Cr; latest fundamentals Mar 2026; includes UNVERIFIED second-feed figures
- Excelsoft Technologies Ltd (EXCELSOFT) — market value ₹856 Cr; latest fundamentals Mar 2026; includes UNVERIFIED second-feed figures
- Quick Heal Technologies Ltd (QUICKHEAL) — market value ₹829 Cr; latest fundamentals Mar 2026; includes UNVERIFIED second-feed figures
- Sahana Systems Ltd (SAHANA) — market value ₹790 Cr; latest fundamentals Mar 2026; includes UNVERIFIED second-feed figures
- Kellton Tech Solutions Ltd (KELLTONTEC) — market value ₹749 Cr; latest fundamentals Jun 2026; includes UNVERIFIED second-feed figures
- String Metaverse Ltd (534535) — market value ₹732 Cr; latest fundamentals Mar 2026
- Xchanging Solutions Ltd (XCHANGING) — market value ₹713 Cr; latest fundamentals Mar 2026; includes UNVERIFIED second-feed figures
- Innovana Thinklabs Ltd (INNOVANA) — market value ₹711 Cr; latest fundamentals Mar 2026; includes UNVERIFIED second-feed figures
- Subex Ltd (SUBEXLTD) — market value ₹709 Cr; latest fundamentals Mar 2026; includes UNVERIFIED second-feed figures
- Veefin Solutions Ltd (VEEFIN) — market value ₹690 Cr; latest fundamentals Dec 2025
- Unified Data- Tech Solutions Ltd (UNIFIED) — market value ₹682 Cr; latest fundamentals Sep 2025
- Allied Digital Services Ltd (ADSL) — market value ₹668 Cr; latest fundamentals Mar 2026; includes UNVERIFIED second-feed figures
- Ksolves India Ltd (KSOLVES) — market value ₹666 Cr; latest fundamentals Jun 2026; includes UNVERIFIED second-feed figures
- Mindteck (India) Ltd (MINDTECK) — market value ₹623 Cr; latest fundamentals Mar 2026; includes UNVERIFIED second-feed figures
- Covance Softsol Ltd (544361) — market value ₹583 Cr; latest fundamentals Mar 2026
- Softtech Engineers Ltd (SOFTTECH) — market value ₹580 Cr; latest fundamentals Mar 2026
- Exato Technologies Ltd (544626) — market value ₹572 Cr; latest fundamentals Mar 2026
- RNIT AI Solutions Ltd (AUTOPALIND) — market value ₹479 Cr; latest fundamentals Mar 2026
- XT Global Infotech Ltd (XTGLOBAL) — market value ₹375 Cr; latest fundamentals Dec 2025
- Trident Techlabs Ltd (TECHLABS) — market value ₹289 Cr; latest fundamentals Sep 2025
- Meta Infotech Ltd (META) — market value ₹176 Cr; latest fundamentals Sep 2025
- ERP Soft Systems Ltd (530909) — market value ₹19 Cr; latest fundamentals Dec 2025

## Source standing of each company

Cross-checked: 22. Unverified: 36. Withheld: 5. Graded companies: 63.

21 of 63 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.

5 of 63 companies have a second data feed that is known to disagree with the primary source, so nothing from it is drawn: Infosys Ltd (INFY) — its second source reports in USD, not rupees, so nothing from it can be placed on this crore axis; HCL Technologies Ltd (HCLTECH) — its second source reports in USD, not rupees, so nothing from it can be placed on this crore axis; Mastek Ltd (MASTEK) — its two data sources disagree by up to 4.6% on reported income across 14 comparable periods, so its derived ratios are withheld; 63 Moons Technologies Ltd (63MOONS) — its two data sources disagree by up to 280% on reported income across 13 comparable periods, so its derived ratios are withheld; BLS E-Services Ltd (BLSE) — its two data sources disagree by up to 19% on reported income across 14 comparable periods, so its derived ratios are withheld.

- WITHHELD | INFY | Infosys Ltd | non_inr over 0 comparable periods
- WITHHELD | HCLTECH | HCL Technologies Ltd | non_inr over 0 comparable periods
- WITHHELD | MASTEK | Mastek Ltd | diff_gt_2pct | disagreement up to 4.61% over 14 comparable periods
- WITHHELD | 63MOONS | 63 Moons Technologies Ltd | diff_gt_2pct | disagreement up to 279.52% over 13 comparable periods
- WITHHELD | BLSE | BLS E-Services Ltd | diff_gt_2pct | disagreement up to 19.43% over 14 comparable periods

- UNVERIFIED | TECHNVISN | TechNVision Ventures Ltd | too little overlapping reported history to cross-check the second feed
- UNVERIFIED | KODYTECH | Kody Technolab Ltd | too little overlapping reported history to cross-check the second feed
- UNVERIFIED | IZMO | IZMO Ltd | too little overlapping reported history to cross-check the second feed
- UNVERIFIED | NINSYS | NINtec Systems Ltd | too little overlapping reported history to cross-check the second feed
- UNVERIFIED | DSSL | Dynacons Systems & Solutions Ltd | too little overlapping reported history to cross-check the second feed
- UNVERIFIED | MCLOUD | Magellanic Cloud Ltd | too little overlapping reported history to cross-check the second feed
- UNVERIFIED | INFOBEAN | InfoBeans Technologies Ltd | too little overlapping reported history to cross-check the second feed
- UNVERIFIED | EXPLEOSOL | Expleo Solutions Ltd | too little overlapping reported history to cross-check the second feed
- UNVERIFIED | ORIENTTECH | Orient Technologies Ltd | too little overlapping reported history to cross-check the second feed
- UNVERIFIED | TAC | TAC Infosec Ltd | too little overlapping reported history to cross-check the second feed
- UNVERIFIED | UNIECOM | Unicommerce eSolutions Ltd | too little overlapping reported history to cross-check the second feed
- UNVERIFIED | EXCELSOFT | Excelsoft Technologies Ltd | too little overlapping reported history to cross-check the second feed
- UNVERIFIED | QUICKHEAL | Quick Heal Technologies Ltd | too little overlapping reported history to cross-check the second feed
- UNVERIFIED | SAHANA | Sahana Systems Ltd | too little overlapping reported history to cross-check the second feed
- UNVERIFIED | KELLTONTEC | Kellton Tech Solutions Ltd | too little overlapping reported history to cross-check the second feed
- UNVERIFIED | XCHANGING | Xchanging Solutions Ltd | too little overlapping reported history to cross-check the second feed
- UNVERIFIED | INNOVANA | Innovana Thinklabs Ltd | too little overlapping reported history to cross-check the second feed
- UNVERIFIED | SUBEXLTD | Subex Ltd | too little overlapping reported history to cross-check the second feed
- UNVERIFIED | ADSL | Allied Digital Services Ltd | too little overlapping reported history to cross-check the second feed
- UNVERIFIED | KSOLVES | Ksolves India Ltd | too little overlapping reported history to cross-check the second feed
- UNVERIFIED | MINDTECK | Mindteck (India) 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 - Software index?

The Nifty IT - Software index tracks India's listed IT - Software companies as a single basket. This page follows the same 63 companies and equal-weights them, so every company's weekly return counts once whatever it is worth, and the reading belongs to the IT - Software sector rather than to its largest constituent. Figures are as of Jun 2026.

### Which are the best IT - Software stocks in India?

Ranked by this page's four-factor score, Silver Touch Technologies Ltd places first among 63 listed IT - Software companies, followed by NINtec Systems 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 - Software stocks are listed in India?

This comparison covers 63 listed IT - Software 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 - Software company is the biggest?

Tata Consultancy Services Ltd is the largest, with trailing-twelve-month revenue of ₹2,75,859 crore, ahead of Infosys Ltd at ₹1,84,582 crore. That covers 55 of 63 companies with comparable reporting through Jun 2026.

### Which IT - Software company is growing fastest?

String Metaverse Ltd has the fastest revenue growth at 100% year on year, across 53 of 63 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 - Software company has the best profit margins?

TAC Infosec Ltd has the highest operating margin at 45%, from 62 of 63 comparable companies. 63 Moons Technologies Ltd shows the biggest recent improvement, at +397 percentage points. A high margin matters most when it is holding or rising, not when it is peaking.

### Which IT - Software company makes the most profit?

Tata Consultancy Services Ltd earns the most, at ₹50,055 crore of trailing-twelve-month net profit, from 55 of 63 comparable companies. Capillary Technologies India Ltd has the fastest profit growth at 271.4%, though growth off a small or recovering profit base overstates how much has actually changed.

### Which IT - Software company earns the highest return on capital?

Ksolves India Ltd leads on return on capital employed at 131%, across 63 of 63 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 - Software stock is the cheapest?

On guarded PEG — where a LOWER number is cheaper — R Systems International Ltd screens cheapest at 0.26×. Only 21 of 63 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 - Software company has the strongest balance sheet?

Hypersoft Technologies Ltd carries the lowest comparable gross debt at ₹0 crore, from 63 of 63 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 - Software stock has the strongest price momentum?

IDream Film Infrastructure Company 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 - Software company scores highest for research priority?

Silver Touch Technologies Ltd scores 72.2 out of 100 with 88.6% evidence confidence, from 27.7 points on growth and earnings, 18.4 on capital efficiency, 10.3 on valuation and 15.8 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 - Software companies does this comparison cover, and over what period?

It compares 63 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 - Software sector?

The 63 IT - Software companies on this page carry ₹23,22,655 crore of combined market value. Tata Consultancy Services Ltd is the largest at ₹8,15,625 crore, about 35% 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 - Software sector's P/E ratio?

The median price-to-earnings ratio across the 63 IT - Software companies on this page is 21×, measured on the 60 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 - Software sector performing?

19 of the 56 covered IT - Software 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-software