# Information Technology Services — company-by-company sector analysis

> Information Technology Services: Accenture plc owns the largest revenue base; Applied Digital Corporation has the fastest current growth.

Sector Alpha — machine-written from the numbers. Data as of 2026-07-28. Not investment advice.

## Bottom line

Information Technology Services has underperformed S&P 500 by 5.5% over 52 weeks and 2.9% over 13 weeks. 6 of 26 covered companies beat the S&P 500 on Mansfield relative strength, while 7 of 26 beat the sector itself. Accenture plc leads with revenue of $73,100 million, based on 24 of 26 comparable companies through Jun 2026.

### Is the Information Technology Services sector outperforming S&P 500?

Information Technology Services has underperformed S&P 500 by 5.5% over 52 weeks and 2.9% over 13 weeks. 6 of 26 covered companies beat the S&P 500 on Mansfield relative strength, while 7 of 26 beat the sector itself.

### Which Information Technology Services company is largest by revenue?

Accenture plc leads with revenue of $73,100 million, based on 24 of 26 comparable companies through Jun 2026.

### Which Information Technology Services company is growing fastest?

Applied Digital Corporation has the fastest current revenue growth at 100%, across 23 of 26 comparable companies.

### Which Information Technology Services company has the strongest 4-Factor Sector Score?

Science Applications International Corporation ranks first at 66.3/100 with 86.2% evidence confidence. The score prioritizes research; it is not a buy recommendation.

### Which Information Technology Services company reports the most CAPEX?

Applied Digital Corporation reports the largest latest CAPEX at $775 million, with 26 of 26 companies comparable.

### Which Information Technology Services company has the least gross debt?

ChronoScale Holdings Corporation has the lowest comparable gross debt at $4 million. International Business Machines Corporation has the highest at $69,802 million.

### Which Information Technology Services company has the lowest comparable PEG?

Broadridge Financial Solutions, Inc. has the lowest comparable Guarded PEG at 0.43, among 16 of 26 companies that pass the metric’s comparability rules.

### How much history does this Information Technology Services comparison include?

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

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

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

## Sector relative strength

Information Technology Services has underperformed S&P 500 by 5.5% over the last 52 weeks. Over 13 weeks the gap is a lead of 2.9%. 6 of 26 covered companies currently beat the S&P 500 on Mansfield relative strength, so leadership inside the sector is selective. ChronoScale Holdings Corporation is the strongest against the sector itself at +95%.

13-week sector return versus NIFTY 500: 2.9%
52-week sector return versus NIFTY 500: -5.5%
Stocks leading NIFTY: 6/26
Stocks leading sector: 7/26

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

Companies: 26
Combined market value: ₹5.4 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. Science Applications International Corporation (SAIC): 66/100 — Favorable setup; evidence 86%
   - Growth & earnings 21.0/35 | Capital efficiency 10.9/25 | Valuation 16.0/20 | Relative strength 18.4/20
   - Exact sum: 21 + 10.9 + 16 + 18.4 = 66.3
   - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
2. Jack Henry & Associates, Inc. (JKHY): 63/100 — Mixed-positive evidence; evidence 82%
   - Growth & earnings 21.4/35 | Capital efficiency 18.0/25 | Valuation 11.8/20 | Relative strength 11.8/20
   - Exact sum: 21.4 + 18 + 11.8 + 11.8 = 63
   - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
3. Penguin Solutions, Inc. (PENG): 63/100 — Mixed-positive evidence; evidence 68%
   - Growth & earnings 24.8/35 | Capital efficiency 11.4/25 | Valuation 8.6/20 | Relative strength 18.2/20
   - Exact sum: 24.8 + 11.4 + 8.6 + 18.2 = 63
   - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
4. Ingram Micro Holding Corporation (INGM): 61/100 — Mixed-positive evidence; evidence 82%
   - Growth & earnings 21.2/35 | Capital efficiency 11.1/25 | Valuation 14.3/20 | Relative strength 14.2/20
   - Exact sum: 21.2 + 11.1 + 14.3 + 14.2 = 60.8
   - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
5. ExlService Holdings, Inc. (EXLS): 57/100 — Mixed-positive evidence; evidence 82%
   - Growth & earnings 22.0/35 | Capital efficiency 16.0/25 | Valuation 11.9/20 | Relative strength 7.5/20
   - Exact sum: 22 + 16 + 11.9 + 7.5 = 57.4
   - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
6. Broadridge Financial Solutions, Inc. (BR): 57/100 — Mixed-positive evidence; evidence 82%
   - Growth & earnings 20.3/35 | Capital efficiency 14.5/25 | Valuation 14.9/20 | Relative strength 7.6/20
   - Exact sum: 20.3 + 14.5 + 14.9 + 7.6 = 57.3
   - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
7. ChronoScale Holdings Corporation (CHRN): 56/100 — Mixed-positive evidence; evidence 65%
   - Growth & earnings 20.0/35 | Capital efficiency 6.8/25 | Valuation 11.5/20 | Relative strength 17.2/20
   - Exact sum: 20 + 6.8 + 11.5 + 17.2 = 55.5
   - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
8. Gartner, Inc. (IT): 52/100 — Mixed-positive evidence; evidence 82%
   - Growth & earnings 16.6/35 | Capital efficiency 13.1/25 | Valuation 14.5/20 | Relative strength 8.0/20
   - Exact sum: 16.6 + 13.1 + 14.5 + 8 = 52.2
   - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
9. Genpact Limited (G): 52/100 — Mixed-positive evidence; evidence 82%
   - Growth & earnings 15.3/35 | Capital efficiency 14.6/25 | Valuation 13.7/20 | Relative strength 8.5/20
   - Exact sum: 15.3 + 14.6 + 13.7 + 8.5 = 52.1
   - Decision use: Cheap but unconfirmed: require improving earnings before treating the valuation as an opportunity.
10. Cognizant Technology Solutions Corporation (CTSH): 51/100 — Mixed-positive evidence; evidence 82%
   - Growth & earnings 17.0/35 | Capital efficiency 16.8/25 | Valuation 11.9/20 | Relative strength 5.4/20
   - Exact sum: 17 + 16.8 + 11.9 + 5.4 = 51.1
   - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
11. CGI Inc. (GIB): 48/100 — Mixed-negative evidence; evidence 82%
   - Growth & earnings 14.3/35 | Capital efficiency 14.5/25 | Valuation 9.1/20 | Relative strength 10.0/20
   - Exact sum: 14.3 + 14.5 + 9.1 + 10 = 47.9
   - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
12. CDW Corporation (CDW): 45/100 — Mixed-negative evidence; evidence 82%
   - Growth & earnings 14.3/35 | Capital efficiency 9.6/25 | Valuation 5.8/20 | Relative strength 14.9/20
   - Exact sum: 14.3 + 9.6 + 5.8 + 14.9 = 44.6
   - Decision use: Price leads the evidence: RS versus the benchmark is -3.4%, but earnings trajectory is weak. Wait for revenue and profit confirmation.
13. Pony AI Inc. (PONY): 44/100 — Mixed-negative evidence; evidence 62%
   - Growth & earnings 24.7/35 | Capital efficiency 8.9/25 | Valuation 10.0/20 | Relative strength 0.8/20
   - Exact sum: 24.7 + 8.9 + 10 + 0.8 = 44.4
   - Decision use: Acceleration candidate, not a confirmed leader: earnings are strong but sector-relative strength is -41.9% and the one-year return is -41.9%. Do not upgrade until sector-relative strength is above zero and another reported period confirms growth.
14. CACI International Inc (CACI): 44/100 — Mixed-negative evidence; evidence 82%
   - Growth & earnings 17.3/35 | Capital efficiency 10.6/25 | Valuation 9.1/20 | Relative strength 7.3/20
   - Exact sum: 17.3 + 10.6 + 9.1 + 7.3 = 44.3
   - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
15. International Business Machines Corporation (IBM): 44/100 — Mixed-negative evidence; evidence 82%
   - Growth & earnings 21.8/35 | Capital efficiency 8.0/25 | Valuation 9.0/20 | Relative strength 4.9/20
   - Exact sum: 21.8 + 8 + 9 + 4.9 = 43.7
   - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
16. Cipher Digital Inc. (CIFR): 43/100 — Mixed-negative evidence; evidence 65%
   - Growth & earnings 18.0/35 | Capital efficiency 3.6/25 | Valuation 8.5/20 | Relative strength 13.2/20
   - Exact sum: 18 + 3.6 + 8.5 + 13.2 = 43.3
   - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
17. EPAM Systems, Inc. (EPAM): 42/100 — Mixed-negative evidence; evidence 82%
   - Growth & earnings 19.4/35 | Capital efficiency 13.8/25 | Valuation 5.9/20 | Relative strength 3.0/20
   - Exact sum: 19.4 + 13.8 + 5.9 + 3 = 42.1
   - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
18. Fidelity National Information Services, Inc. (FIS): 42/100 — Mixed-negative evidence; evidence 72%
   - Growth & earnings 13.2/35 | Capital efficiency 9.2/25 | Valuation 11.4/20 | Relative strength 7.8/20
   - Exact sum: 13.2 + 9.2 + 11.4 + 7.8 = 41.6
   - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
19. Leidos Holdings, Inc. (LDOS): 41/100 — Mixed-negative evidence; evidence 69%
   - Growth & earnings 13.4/35 | Capital efficiency 11.1/25 | Valuation 14.9/20 | Relative strength 1.7/20
   - Exact sum: 13.4 + 11.1 + 14.9 + 1.7 = 41.1
   - Decision use: Cheap but unconfirmed: require improving earnings before treating the valuation as an opportunity.
20. Accenture plc (ACN): 40/100 — Mixed-negative evidence; evidence 86%
   - Growth & earnings 12.4/35 | Capital efficiency 17.4/25 | Valuation 5.8/20 | Relative strength 4.8/20
   - Exact sum: 12.4 + 17.4 + 5.8 + 4.8 = 40.4
   - Decision use: Strong business, demanding price: keep it on the quality list, but require either earnings upgrades or valuation compression.
21. Keel Infrastructure Corp. (KEEL): 40/100 — Mixed-negative evidence; evidence 65%
   - Growth & earnings 12.8/35 | Capital efficiency 5.0/25 | Valuation 9.5/20 | Relative strength 12.5/20
   - Exact sum: 12.8 + 5 + 9.5 + 12.5 = 39.8
   - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
22. Applied Digital Corporation (APLD): 37/100 — Mixed-negative evidence; evidence 62%
   - Growth & earnings 15.2/35 | Capital efficiency 6.4/25 | Valuation 10.0/20 | Relative strength 5.1/20
   - Exact sum: 15.2 + 6.4 + 10 + 5.1 = 36.7
   - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
23. Parsons Corporation (PSN): 36/100 — Mixed-negative evidence; evidence 82%
   - Growth & earnings 9.2/35 | Capital efficiency 11.6/25 | Valuation 3.8/20 | Relative strength 11.1/20
   - Exact sum: 9.2 + 11.6 + 3.8 + 11.1 = 35.7
   - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
24. Kyndryl Holdings, Inc. (KD): 34/100 — Adverse evidence; evidence 72%
   - Growth & earnings 12.2/35 | Capital efficiency 6.1/25 | Valuation 10.1/20 | Relative strength 5.7/20
   - Exact sum: 12.2 + 6.1 + 10.1 + 5.7 = 34.1
   - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
25. Wise Group plc (WSE): 45/100 — Thin evidence · provisional; evidence 50%
   - Growth & earnings 16.4/35 | Capital efficiency 13.8/25 | Valuation 8.9/20 | Relative strength 6.3/20
   - Exact sum: 16.4 + 13.8 + 8.9 + 6.3 = 45.4
   - Decision use: Fill the missing evidence before acting; the ranking is deliberately pulled toward neutral.
26. NIQ Global Intelligence plc (NIQ): 39/100 — Thin evidence · provisional; evidence 48%
   - Growth & earnings 16.6/35 | Capital efficiency 4.5/25 | Valuation 10.0/20 | Relative strength 7.6/20
   - Exact sum: 16.6 + 4.5 + 10 + 7.6 = 38.7
   - Decision use: Fill the missing evidence before acting; the ranking is deliberately pulled toward neutral.

## Revenue Scale & Growth Durability

What the numbers say: Accenture plc is the scale leader at $73,100 million, 6.1% ahead of International Business Machines Corporation. Applied Digital Corporation's growth is stored at the ≥100% scoring cap; the uncapped TTM change is 111.9% from a $356 million base, with 17 reported observations in the 20-quarter window. Treat the growth leader as an acceleration candidate, not as equally proven scale.

Investor read: Accenture plc is the scale benchmark; Applied Digital Corporation is the acceleration watch. Promote the challenger only if growth persists and converts into margin and returns.

This conclusion weakens if: Accenture plc's growth falls below Applied Digital Corporation's for two consecutive comparable reports while operating margin also compresses.

Evidence: Accenture plc · $73,100 million | 6.1% versus #2 · International Business Machines Corporation | 8/8 recent comparable periods | 24/26 companies · 460 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. Accenture plc (ACN): ₹73.1K Cr
2. International Business Machines Corporation (IBM): ₹68.9K Cr
3. Ingram Micro Holding Corporation (INGM): ₹54.2K Cr
4. CDW Corporation (CDW): ₹22.9K Cr
5. Cognizant Technology Solutions Corporation (CTSH): ₹21.4K Cr

### Revenue growth — fastest growers
1. Applied Digital Corporation (APLD): 100%
2. Keel Infrastructure Corp. (KEEL): 52%
3. Pony AI Inc. (PONY): 42%
4. Cipher Digital Inc. (CIFR): 39%
5. EPAM Systems, Inc. (EPAM): 14%

### 20-quarter Revenue history
- IBM: Sep 2021 ₹13.3K Cr | Dec 2021 ₹16.7K Cr | Mar 2022 ₹14.2K Cr | Jun 2022 ₹15.5K Cr | Sep 2022 ₹14.1K Cr | Dec 2022 ₹16.7K Cr | Mar 2023 ₹14.5K Cr | Jun 2023 ₹15.5K Cr | Sep 2023 ₹14.8K Cr | Dec 2023 ₹17.4K Cr | Mar 2024 ₹14.5K Cr | Jun 2024 ₹15.8K Cr | Sep 2024 ₹15.0K Cr | Dec 2024 ₹17.6K Cr | Mar 2025 ₹14.5K Cr | Jun 2025 ₹17.0K Cr | Sep 2025 ₹16.3K Cr | Dec 2025 ₹19.7K Cr | Mar 2026 ₹15.9K Cr | Jun 2026 —
- ACN: Sep 2021 ₹13.4K Cr | Dec 2021 ₹15.0K Cr | Mar 2022 ₹15.0K Cr | Jun 2022 ₹16.2K Cr | Sep 2022 ₹15.4K Cr | Dec 2022 ₹15.7K Cr | Mar 2023 ₹15.8K Cr | Jun 2023 ₹16.6K Cr | Sep 2023 ₹16.0K Cr | Dec 2023 ₹16.2K Cr | Mar 2024 ₹15.8K Cr | Jun 2024 ₹16.5K Cr | Sep 2024 ₹16.4K Cr | Dec 2024 ₹17.7K Cr | Mar 2025 ₹16.7K Cr | Jun 2025 ₹17.7K Cr | Sep 2025 ₹17.6K Cr | Dec 2025 ₹18.7K Cr | Mar 2026 ₹18.0K Cr | Jun 2026 ₹18.7K Cr
- CTSH: Sep 2021 ₹4.7K Cr | Dec 2021 ₹4.8K Cr | Mar 2022 ₹4.8K Cr | Jun 2022 ₹4.9K Cr | Sep 2022 ₹4.9K Cr | Dec 2022 ₹4.8K Cr | Mar 2023 ₹4.8K Cr | Jun 2023 ₹4.9K Cr | Sep 2023 ₹4.9K Cr | Dec 2023 ₹4.8K Cr | Mar 2024 ₹4.8K Cr | Jun 2024 ₹4.9K Cr | Sep 2024 ₹5.0K Cr | Dec 2024 ₹5.1K Cr | Mar 2025 ₹5.1K Cr | Jun 2025 ₹5.2K Cr | Sep 2025 ₹5.4K Cr | Dec 2025 ₹5.3K Cr | Mar 2026 ₹5.4K Cr | Jun 2026 —
- FIS: Sep 2021 ₹3.5K Cr | Dec 2021 ₹3.7K Cr | Mar 2022 ₹3.5K Cr | Jun 2022 ₹3.7K Cr | Sep 2022 ₹2.4K Cr | Dec 2022 ₹2.5K Cr | Mar 2023 ₹2.4K Cr | Jun 2023 ₹2.4K Cr | Sep 2023 ₹2.5K Cr | Dec 2023 ₹2.5K Cr | Mar 2024 ₹2.5K Cr | Jun 2024 ₹2.5K Cr | Sep 2024 ₹2.6K Cr | Dec 2024 ₹2.6K Cr | Mar 2025 ₹2.5K Cr | Jun 2025 ₹2.6K Cr | Sep 2025 ₹2.7K Cr | Dec 2025 ₹2.8K Cr | Mar 2026 ₹3.3K Cr | Jun 2026 —
- CDW: Sep 2021 ₹5.3K Cr | Dec 2021 ₹5.5K Cr | Mar 2022 ₹5.9K Cr | Jun 2022 ₹6.1K Cr | Sep 2022 ₹6.2K Cr | Dec 2022 ₹5.4K Cr | Mar 2023 ₹5.1K Cr | Jun 2023 ₹5.6K Cr | Sep 2023 ₹5.6K Cr | Dec 2023 ₹5.0K Cr | Mar 2024 ₹4.9K Cr | Jun 2024 ₹5.4K Cr | Sep 2024 ₹5.5K Cr | Dec 2024 ₹5.2K Cr | Mar 2025 ₹5.2K Cr | Jun 2025 ₹6.0K Cr | Sep 2025 ₹5.7K Cr | Dec 2025 ₹5.5K Cr | Mar 2026 ₹5.7K Cr | Jun 2026 —
- BR: Sep 2021 ₹1.2K Cr | Dec 2021 ₹1.3K Cr | Mar 2022 ₹1.5K Cr | Jun 2022 ₹1.7K Cr | Sep 2022 ₹1.3K Cr | Dec 2022 ₹1.3K Cr | Mar 2023 ₹1.6K Cr | Jun 2023 ₹1.8K Cr | Sep 2023 ₹1.4K Cr | Dec 2023 ₹1.4K Cr | Mar 2024 ₹1.7K Cr | Jun 2024 ₹1.9K Cr | Sep 2024 ₹1.4K Cr | Dec 2024 ₹1.6K Cr | Mar 2025 ₹1.8K Cr | Jun 2025 ₹2.1K Cr | Sep 2025 ₹1.6K Cr | Dec 2025 ₹1.7K Cr | Mar 2026 ₹2.0K Cr | Jun 2026 —
- GIB: Sep 2021 ₹3.0K Cr | Dec 2021 ₹3.1K Cr | Mar 2022 ₹3.3K Cr | Jun 2022 ₹3.3K Cr | Sep 2022 ₹3.2K Cr | Dec 2022 ₹3.5K Cr | Mar 2023 ₹3.7K Cr | Jun 2023 ₹3.6K Cr | Sep 2023 ₹3.5K Cr | Dec 2023 ₹3.6K Cr | Mar 2024 ₹3.7K Cr | Jun 2024 ₹3.7K Cr | Sep 2024 ₹3.7K Cr | Dec 2024 ₹3.8K Cr | Mar 2025 ₹4.0K Cr | Jun 2025 ₹4.1K Cr | Sep 2025 ₹4.0K Cr | Dec 2025 ₹4.1K Cr | Mar 2026 ₹4.2K Cr | Jun 2026 —
- LDOS: Sep 2021 ₹3.4K Cr | Dec 2021 ₹3.5K Cr | Mar 2022 — | Jun 2022 ₹3.5K Cr | Sep 2022 ₹3.6K Cr | Dec 2022 ₹3.7K Cr | Mar 2023 ₹3.7K Cr | Jun 2023 ₹3.8K Cr | Sep 2023 ₹3.9K Cr | Dec 2023 ₹4.0K Cr | Mar 2024 ₹4.0K Cr | Jun 2024 ₹4.1K Cr | Sep 2024 ₹4.2K Cr | Dec 2024 — | Mar 2025 ₹4.4K Cr | Jun 2025 ₹4.2K Cr | Sep 2025 ₹4.3K Cr | Dec 2025 ₹4.5K Cr | Mar 2026 ₹4.2K Cr | Jun 2026 ₹4.4K Cr
- WSE: Sep 2021 ₹172 Cr | Dec 2021 ₹194 Cr | Mar 2022 ₹194 Cr | Jun 2022 ₹232 Cr | Sep 2022 ₹232 Cr | Dec 2022 ₹363 Cr | Mar 2023 ₹363 Cr | Jun 2023 ₹400 Cr | Sep 2023 ₹400 Cr | Dec 2023 — | Mar 2024 — | Jun 2024 ₹540 Cr | Sep 2024 ₹540 Cr | Dec 2024 — | Mar 2025 — | Jun 2025 ₹593 Cr | Sep 2025 ₹593 Cr | Dec 2025 — | Mar 2026 — | Jun 2026 —
- CACI: Sep 2021 ₹1.5K Cr | Dec 2021 ₹1.5K Cr | Mar 2022 ₹1.6K Cr | Jun 2022 ₹1.6K Cr | Sep 2022 ₹1.6K Cr | Dec 2022 ₹1.6K Cr | Mar 2023 ₹1.7K Cr | Jun 2023 ₹1.7K Cr | Sep 2023 ₹1.9K Cr | Dec 2023 ₹1.8K Cr | Mar 2024 ₹1.9K Cr | Jun 2024 ₹2.0K Cr | Sep 2024 ₹2.1K Cr | Dec 2024 ₹2.1K Cr | Mar 2025 ₹2.2K Cr | Jun 2025 ₹2.3K Cr | Sep 2025 ₹2.3K Cr | Dec 2025 ₹2.2K Cr | Mar 2026 ₹2.4K Cr | Jun 2026 —
- JKHY: Sep 2021 ₹488 Cr | Dec 2021 ₹494 Cr | Mar 2022 ₹478 Cr | Jun 2022 ₹483 Cr | Sep 2022 ₹529 Cr | Dec 2022 ₹505 Cr | Mar 2023 ₹509 Cr | Jun 2023 ₹535 Cr | Sep 2023 ₹571 Cr | Dec 2023 ₹546 Cr | Mar 2024 ₹539 Cr | Jun 2024 ₹560 Cr | Sep 2024 ₹601 Cr | Dec 2024 ₹574 Cr | Mar 2025 ₹585 Cr | Jun 2025 ₹615 Cr | Sep 2025 ₹645 Cr | Dec 2025 ₹619 Cr | Mar 2026 ₹636 Cr | Jun 2026 —
- IT: Sep 2021 ₹1.2K Cr | Dec 2021 ₹1.3K Cr | Mar 2022 ₹1.3K Cr | Jun 2022 ₹1.4K Cr | Sep 2022 ₹1.3K Cr | Dec 2022 ₹1.5K Cr | Mar 2023 ₹1.4K Cr | Jun 2023 ₹1.5K Cr | Sep 2023 ₹1.4K Cr | Dec 2023 ₹1.6K Cr | Mar 2024 ₹1.5K Cr | Jun 2024 ₹1.6K Cr | Sep 2024 ₹1.5K Cr | Dec 2024 ₹1.7K Cr | Mar 2025 ₹1.5K Cr | Jun 2025 ₹1.7K Cr | Sep 2025 ₹1.5K Cr | Dec 2025 ₹1.8K Cr | Mar 2026 ₹1.5K Cr | Jun 2026 —
- CIFR: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 ₹3 Cr | Mar 2023 ₹22 Cr | Jun 2023 ₹31 Cr | Sep 2023 ₹30 Cr | Dec 2023 ₹43 Cr | Mar 2024 ₹48 Cr | Jun 2024 ₹37 Cr | Sep 2024 ₹24 Cr | Dec 2024 ₹42 Cr | Mar 2025 ₹49 Cr | Jun 2025 ₹44 Cr | Sep 2025 ₹72 Cr | Dec 2025 ₹60 Cr | Mar 2026 ₹35 Cr | Jun 2026 —
- APLD: Sep 2021 — | Dec 2021 — | Mar 2022 ₹1 Cr | Jun 2022 ₹8 Cr | Sep 2022 ₹7 Cr | Dec 2022 ₹12 Cr | Mar 2023 ₹14 Cr | Jun 2023 ₹22 Cr | Sep 2023 ₹36 Cr | Dec 2023 ₹42 Cr | Mar 2024 ₹43 Cr | Jun 2024 ₹44 Cr | Sep 2024 ₹35 Cr | Dec 2024 ₹36 Cr | Mar 2025 ₹53 Cr | Jun 2025 ₹38 Cr | Sep 2025 ₹64 Cr | Dec 2025 ₹127 Cr | Mar 2026 ₹127 Cr | Jun 2026 —
- INGM: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 ₹13.3K Cr | Sep 2022 — | Dec 2022 ₹12.7K Cr | Mar 2023 — | Jun 2023 ₹11.6K Cr | Sep 2023 ₹11.5K Cr | Dec 2023 ₹13.0K Cr | Mar 2024 ₹11.3K Cr | Jun 2024 ₹11.5K Cr | Sep 2024 ₹11.8K Cr | Dec 2024 ₹13.3K Cr | Mar 2025 ₹12.3K Cr | Jun 2025 ₹12.8K Cr | Sep 2025 ₹12.6K Cr | Dec 2025 ₹14.9K Cr | Mar 2026 ₹14.0K Cr | Jun 2026 —
- PSN: Sep 2021 ₹956 Cr | Dec 2021 ₹951 Cr | Mar 2022 ₹949 Cr | Jun 2022 ₹1.0K Cr | Sep 2022 ₹1.1K Cr | Dec 2022 ₹1.1K Cr | Mar 2023 ₹1.2K Cr | Jun 2023 ₹1.4K Cr | Sep 2023 ₹1.4K Cr | Dec 2023 ₹1.5K Cr | Mar 2024 ₹1.5K Cr | Jun 2024 ₹1.7K Cr | Sep 2024 ₹1.8K Cr | Dec 2024 ₹1.7K Cr | Mar 2025 ₹1.6K Cr | Jun 2025 ₹1.6K Cr | Sep 2025 ₹1.6K Cr | Dec 2025 ₹1.6K Cr | Mar 2026 ₹1.5K Cr | Jun 2026 —
- G: Sep 2021 ₹1.0K Cr | Dec 2021 ₹1.1K Cr | Mar 2022 ₹1.1K Cr | Jun 2022 ₹1.1K Cr | Sep 2022 ₹1.1K Cr | Dec 2022 ₹1.1K Cr | Mar 2023 ₹1.1K Cr | Jun 2023 ₹1.1K Cr | Sep 2023 ₹1.1K Cr | Dec 2023 ₹1.1K Cr | Mar 2024 ₹1.1K Cr | Jun 2024 ₹1.2K Cr | Sep 2024 ₹1.2K Cr | Dec 2024 ₹1.2K Cr | Mar 2025 ₹1.2K Cr | Jun 2025 ₹1.3K Cr | Sep 2025 ₹1.3K Cr | Dec 2025 ₹1.3K Cr | Mar 2026 ₹1.3K Cr | Jun 2026 —
- EPAM: Sep 2021 ₹989 Cr | Dec 2021 ₹1.1K Cr | Mar 2022 ₹1.2K Cr | Jun 2022 ₹1.2K Cr | 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 ₹1.1K Cr | Sep 2024 ₹1.2K Cr | Dec 2024 ₹1.2K Cr | Mar 2025 ₹1.3K Cr | Jun 2025 ₹1.4K Cr | Sep 2025 ₹1.4K Cr | Dec 2025 ₹1.4K Cr | Mar 2026 ₹1.4K Cr | Jun 2026 —
- SAIC: Sep 2021 ₹1.8K Cr | Dec 2021 ₹1.9K Cr | Mar 2022 ₹1.8K Cr | Jun 2022 ₹2.0K Cr | Sep 2022 ₹1.8K Cr | Dec 2022 ₹1.9K Cr | Mar 2023 ₹2.0K Cr | Jun 2023 ₹2.0K Cr | Sep 2023 ₹1.8K Cr | Dec 2023 ₹1.9K Cr | Mar 2024 ₹1.7K Cr | Jun 2024 ₹1.8K Cr | Sep 2024 ₹1.8K Cr | Dec 2024 ₹2.0K Cr | Mar 2025 ₹1.8K Cr | Jun 2025 ₹1.9K Cr | Sep 2025 ₹1.8K Cr | Dec 2025 ₹1.9K Cr | Mar 2026 ₹1.8K Cr | Jun 2026 ₹1.9K Cr
- EXLS: Sep 2021 ₹290 Cr | Dec 2021 ₹295 Cr | Mar 2022 ₹329 Cr | Jun 2022 ₹347 Cr | Sep 2022 ₹361 Cr | Dec 2022 ₹375 Cr | Mar 2023 ₹401 Cr | Jun 2023 ₹405 Cr | Sep 2023 ₹411 Cr | Dec 2023 ₹414 Cr | Mar 2024 ₹437 Cr | Jun 2024 ₹448 Cr | Sep 2024 ₹472 Cr | Dec 2024 ₹481 Cr | Mar 2025 ₹501 Cr | Jun 2025 ₹514 Cr | Sep 2025 ₹530 Cr | Dec 2025 ₹543 Cr | Mar 2026 ₹570 Cr | Jun 2026 —
- NIQ: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 ₹982 Cr | Dec 2024 ₹1.0K Cr | Mar 2025 ₹966 Cr | Jun 2025 — | Sep 2025 ₹1.1K Cr | Dec 2025 ₹1.1K Cr | Mar 2026 ₹1.1K Cr | Jun 2026 —
- PONY: Sep 2021 — | Dec 2021 — | Mar 2022 ₹4 Cr | Jun 2022 ₹4 Cr | Sep 2022 ₹30 Cr | Dec 2022 ₹30 Cr | Mar 2023 ₹6 Cr | Jun 2023 ₹6 Cr | Sep 2023 ₹9 Cr | Dec 2023 ₹51 Cr | Mar 2024 ₹13 Cr | Jun 2024 ₹12 Cr | Sep 2024 ₹15 Cr | Dec 2024 ₹36 Cr | Mar 2025 ₹14 Cr | Jun 2025 ₹21 Cr | Sep 2025 ₹25 Cr | Dec 2025 ₹29 Cr | Mar 2026 ₹34 Cr | Jun 2026 —
- KD: Sep 2021 ₹4.6K Cr | Dec 2021 ₹4.6K Cr | Mar 2022 ₹4.4K Cr | Jun 2022 ₹4.3K Cr | Sep 2022 ₹4.2K Cr | Dec 2022 ₹4.3K Cr | Mar 2023 ₹4.3K Cr | Jun 2023 ₹4.2K Cr | Sep 2023 ₹4.1K Cr | Dec 2023 ₹3.9K Cr | Mar 2024 ₹3.9K Cr | Jun 2024 ₹3.7K Cr | Sep 2024 ₹3.8K Cr | Dec 2024 ₹3.7K Cr | Mar 2025 ₹3.8K Cr | Jun 2025 ₹3.7K Cr | Sep 2025 ₹3.7K Cr | Dec 2025 ₹3.9K Cr | Mar 2026 ₹3.8K Cr | Jun 2026 —
- CHRN: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 ₹3 Cr | Sep 2022 ₹3 Cr | Dec 2022 ₹4 Cr | Mar 2023 ₹4 Cr | Jun 2023 ₹5 Cr | Sep 2023 ₹5 Cr | Dec 2023 ₹5 Cr | Mar 2024 ₹4 Cr | Jun 2024 ₹10 Cr | Sep 2024 ₹4 Cr | Dec 2024 ₹5 Cr | Mar 2025 ₹18 Cr | Jun 2025 ₹13 Cr | Sep 2025 ₹4 Cr | Dec 2025 ₹-59 Cr | Mar 2026 ₹18 Cr | Jun 2026 —
- PENG: Sep 2021 ₹468 Cr | Dec 2021 ₹470 Cr | Mar 2022 ₹449 Cr | Jun 2022 ₹463 Cr | Sep 2022 ₹438 Cr | Dec 2022 ₹392 Cr | Mar 2023 ₹388 Cr | Jun 2023 ₹344 Cr | Sep 2023 ₹317 Cr | Dec 2023 ₹274 Cr | Mar 2024 ₹285 Cr | Jun 2024 ₹301 Cr | Sep 2024 ₹311 Cr | Dec 2024 ₹341 Cr | Mar 2025 ₹366 Cr | Jun 2025 ₹324 Cr | Sep 2025 ₹338 Cr | Dec 2025 ₹343 Cr | Mar 2026 ₹343 Cr | Jun 2026 ₹479 Cr
- KEEL: Sep 2021 ₹45 Cr | Dec 2021 ₹60 Cr | Mar 2022 ₹40 Cr | Jun 2022 ₹42 Cr | Sep 2022 ₹33 Cr | Dec 2022 ₹27 Cr | Mar 2023 ₹30 Cr | Jun 2023 ₹35 Cr | Sep 2023 ₹35 Cr | Dec 2023 ₹46 Cr | Mar 2024 ₹50 Cr | Jun 2024 ₹42 Cr | Sep 2024 ₹27 Cr | Dec 2024 ₹38 Cr | Mar 2025 ₹48 Cr | Jun 2025 ₹77 Cr | Sep 2025 ₹68 Cr | Dec 2025 ₹53 Cr | Mar 2026 ₹37 Cr | Jun 2026 —

### 20-quarter Revenue growth history
- IBM: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 9.3% | Sep 2022 6.5% | Dec 2022 -0.0% | Mar 2023 2.4% | Jun 2023 -0.4% | Sep 2023 4.6% | Dec 2023 4.1% | Mar 2024 -0.5% | Jun 2024 1.9% | Sep 2024 1.5% | Dec 2024 1.0% | Mar 2025 0.6% | Jun 2025 7.7% | Sep 2025 9.1% | Dec 2025 12% | Mar 2026 9.5% | Jun 2026 —
- ACN: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 15% | Dec 2022 5.2% | Mar 2023 5.1% | Jun 2023 2.5% | Sep 2023 3.6% | Dec 2023 3.0% | Mar 2024 -0.1% | Jun 2024 -0.6% | Sep 2024 2.6% | Dec 2024 9.0% | Mar 2025 5.4% | Jun 2025 7.7% | Sep 2025 7.3% | Dec 2025 6.0% | Mar 2026 8.3% | Jun 2026 5.6%
- CTSH: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 7.0% | Sep 2022 2.4% | Dec 2022 1.3% | Mar 2023 -0.3% | Jun 2023 -0.4% | Sep 2023 0.8% | Dec 2023 -1.7% | Mar 2024 -1.1% | Jun 2024 -0.7% | Sep 2024 3.0% | Dec 2024 6.8% | Mar 2025 7.5% | Jun 2025 8.1% | Sep 2025 7.4% | Dec 2025 4.9% | Mar 2026 5.8% | Jun 2026 —
- FIS: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 7.0% | Sep 2022 -31% | Dec 2022 -31% | Mar 2023 -31% | Jun 2023 -35% | Sep 2023 3.2% | Dec 2023 -0.5% | Mar 2024 3.0% | Jun 2024 2.7% | Sep 2024 3.1% | Dec 2024 3.4% | Mar 2025 2.6% | Jun 2025 5.1% | Sep 2025 5.7% | Dec 2025 8.2% | Mar 2026 30% | Jun 2026 —
- CDW: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 19% | Sep 2022 17% | Dec 2022 -1.8% | Mar 2023 -14% | Jun 2023 -8.5% | Sep 2023 -9.5% | Dec 2023 -7.7% | Mar 2024 -4.5% | Jun 2024 -3.6% | Sep 2024 -2.0% | Dec 2024 3.3% | Mar 2025 6.7% | Jun 2025 10% | Sep 2025 4.0% | Dec 2025 6.3% | Mar 2026 9.3% | Jun 2026 —
- BR: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 12% | Sep 2022 7.5% | Dec 2022 2.6% | Mar 2023 7.3% | Jun 2023 6.7% | Sep 2023 12% | Dec 2023 8.7% | Mar 2024 4.9% | Jun 2024 5.7% | Sep 2024 -0.6% | Dec 2024 13% | Mar 2025 4.9% | Jun 2025 6.2% | Sep 2025 12% | Dec 2025 7.9% | Mar 2026 7.8% | Jun 2026 —
- GIB: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 7.9% | Sep 2022 8.0% | Dec 2022 12% | Mar 2023 14% | Jun 2023 11% | Sep 2023 8.0% | Dec 2023 4.4% | Mar 2024 0.7% | Jun 2024 1.4% | Sep 2024 4.4% | Dec 2024 5.1% | Mar 2025 7.5% | Jun 2025 11% | Sep 2025 9.7% | Dec 2025 7.7% | Mar 2026 3.3% | Jun 2026 —
- LDOS: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 4.3% | Dec 2022 6.1% | Mar 2023 — | Jun 2023 9.9% | Sep 2023 9.0% | Dec 2023 7.7% | Mar 2024 7.5% | Jun 2024 7.7% | Sep 2024 6.9% | Dec 2024 — | Mar 2025 9.8% | Jun 2025 2.7% | Sep 2025 1.5% | Dec 2025 — | Mar 2026 -3.6% | Jun 2026 3.7%
- WSE: Sep 2021 39% | Dec 2021 23% | Mar 2022 23% | Jun 2022 35% | Sep 2022 35% | Dec 2022 87% | Mar 2023 87% | Jun 2023 72% | Sep 2023 72% | Dec 2023 — | Mar 2024 — | Jun 2024 35% | Sep 2024 35% | Dec 2024 — | Mar 2025 — | Jun 2025 9.8% | Sep 2025 9.8% | Dec 2025 — | Mar 2026 — | Jun 2026 —
- CACI: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 5.0% | Sep 2022 7.7% | Dec 2022 11% | Mar 2023 10% | Jun 2023 3.7% | Sep 2023 15% | Dec 2023 11% | Mar 2024 11% | Jun 2024 20% | Sep 2024 11% | Dec 2024 15% | Mar 2025 12% | Jun 2025 13% | Sep 2025 11% | Dec 2025 5.7% | Mar 2026 8.5% | Jun 2026 —
- JKHY: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 7.3% | Sep 2022 8.4% | Dec 2022 2.2% | Mar 2023 6.5% | Jun 2023 11% | Sep 2023 7.9% | Dec 2023 8.1% | Mar 2024 5.9% | Jun 2024 4.7% | Sep 2024 5.3% | Dec 2024 5.1% | Mar 2025 8.5% | Jun 2025 9.8% | Sep 2025 7.3% | Dec 2025 7.8% | Mar 2026 8.7% | Jun 2026 —
- IT: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 18% | Sep 2022 15% | Dec 2022 15% | Mar 2023 12% | Jun 2023 9.2% | Sep 2023 5.8% | Dec 2023 5.4% | Mar 2024 4.5% | Jun 2024 6.1% | Sep 2024 5.3% | Dec 2024 8.1% | Mar 2025 4.1% | Jun 2025 5.7% | Sep 2025 2.7% | Dec 2025 2.2% | Mar 2026 -1.5% | Jun 2026 —
- CIFR: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 1,333% | Mar 2024 118% | Jun 2024 19% | Sep 2024 -20% | Dec 2024 -2.3% | Mar 2025 2.1% | Jun 2025 19% | Sep 2025 200% | Dec 2025 43% | Mar 2026 -29% | Jun 2026 —
- APLD: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 1,300% | Jun 2023 175% | Sep 2023 414% | Dec 2023 250% | Mar 2024 207% | Jun 2024 100% | Sep 2024 -2.8% | Dec 2024 -14% | Mar 2025 23% | Jun 2025 -14% | Sep 2025 83% | Dec 2025 253% | Mar 2026 140% | Jun 2026 —
- INGM: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 -13% | Sep 2023 — | Dec 2023 2.3% | Mar 2024 — | Jun 2024 -0.2% | Sep 2024 2.1% | Dec 2024 2.5% | Mar 2025 8.4% | Jun 2025 11% | Sep 2025 7.2% | Dec 2025 11% | Mar 2026 14% | Jun 2026 —
- PSN: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 15% | Sep 2022 19% | Dec 2022 16% | Mar 2023 24% | Jun 2023 34% | Sep 2023 25% | Dec 2023 35% | Mar 2024 31% | Jun 2024 23% | Sep 2024 28% | Dec 2024 16% | Mar 2025 1.2% | Jun 2025 -5.2% | Sep 2025 -10% | Dec 2025 -7.5% | Mar 2026 -4.1% | Jun 2026 —
- G: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 10% | Sep 2022 9.4% | Dec 2022 2.9% | Mar 2023 2.0% | Jun 2023 1.6% | Sep 2023 2.3% | Dec 2023 3.9% | Mar 2024 3.9% | Jun 2024 6.3% | Sep 2024 6.6% | Dec 2024 9.0% | Mar 2025 7.4% | Jun 2025 6.6% | Sep 2025 6.6% | Dec 2025 5.6% | Mar 2026 6.7% | Jun 2026 —
- EPAM: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 36% | Sep 2022 24% | Dec 2022 11% | Mar 2023 3.3% | Jun 2023 -2.1% | Sep 2023 -6.1% | Dec 2023 -6.0% | Mar 2024 -3.8% | Jun 2024 -2.0% | Sep 2024 1.4% | Dec 2024 7.9% | Mar 2025 12% | Jun 2025 18% | Sep 2025 19% | Dec 2025 13% | Mar 2026 7.5% | Jun 2026 —
- SAIC: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 -0.3% | Dec 2022 0.6% | Mar 2023 10% | Jun 2023 1.6% | Sep 2023 -2.6% | Dec 2023 -0.7% | Mar 2024 -12% | Jun 2024 -8.9% | Sep 2024 1.9% | Dec 2024 4.3% | Mar 2025 5.8% | Jun 2025 1.6% | Sep 2025 -2.7% | Dec 2025 -5.6% | Mar 2026 -4.8% | Jun 2026 1.6%
- EXLS: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 26% | Sep 2022 24% | Dec 2022 27% | Mar 2023 22% | Jun 2023 17% | Sep 2023 14% | Dec 2023 10% | Mar 2024 9.0% | Jun 2024 11% | Sep 2024 15% | Dec 2024 16% | Mar 2025 15% | Jun 2025 15% | Sep 2025 12% | Dec 2025 13% | Mar 2026 14% | Jun 2026 —
- NIQ: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 7.2% | Dec 2025 9.2% | Mar 2026 11% | Jun 2026 —
- PONY: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 50% | Jun 2023 50% | Sep 2023 -70% | Dec 2023 70% | Mar 2024 117% | Jun 2024 100% | Sep 2024 67% | Dec 2024 -29% | Mar 2025 7.7% | Jun 2025 75% | Sep 2025 67% | Dec 2025 -19% | Mar 2026 143% | Jun 2026 —
- KD: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 -9.8% | Sep 2022 -8.7% | Dec 2022 -5.6% | Mar 2023 -4.0% | Jun 2023 -2.2% | Sep 2023 -2.5% | Dec 2023 -8.5% | Mar 2024 -9.5% | Jun 2024 -11% | Sep 2024 -7.3% | Dec 2024 -4.9% | Mar 2025 -1.3% | Jun 2025 0.1% | Sep 2025 -1.4% | Dec 2025 3.1% | Mar 2026 -0.8% | Jun 2026 —
- CHRN: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 67% | Sep 2023 67% | Dec 2023 25% | Mar 2024 0.0% | Jun 2024 100% | Sep 2024 -20% | Dec 2024 0.0% | Mar 2025 350% | Jun 2025 30% | Sep 2025 0.0% | Dec 2025 -1,280% | Mar 2026 0.0% | Jun 2026 —
- PENG: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 -6.4% | Dec 2022 -17% | Mar 2023 -14% | Jun 2023 -26% | Sep 2023 -28% | Dec 2023 -30% | Mar 2024 -27% | Jun 2024 -13% | Sep 2024 -1.9% | Dec 2024 24% | Mar 2025 28% | Jun 2025 7.6% | Sep 2025 8.7% | Dec 2025 0.6% | Mar 2026 -6.3% | Jun 2026 48%
- KEEL: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 14% | Sep 2022 -27% | Dec 2022 -55% | Mar 2023 -25% | Jun 2023 -17% | Sep 2023 6.1% | Dec 2023 70% | Mar 2024 67% | Jun 2024 20% | Sep 2024 -23% | Dec 2024 -17% | Mar 2025 -4.0% | Jun 2025 83% | Sep 2025 152% | Dec 2025 39% | Mar 2026 -23% | Jun 2026 —

## Operating Economics & Margin Trend

What the numbers say: Wise Group plc leads opm at 30.1%; Pony AI Inc. leads margin change at +230.6 percentage points.

Investor read: Wise Group plc 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: Wise Group plc · 30.1% | 23.4% versus #2 · Jack Henry & Associates, Inc. | 6/8 recent comparable periods | 26/26 companies · 457 observations

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

### OPM — highest
1. Wise Group plc (WSE): 30%
2. Jack Henry & Associates, Inc. (JKHY): 24%
3. Gartner, Inc. (IT): 21%
4. Broadridge Financial Solutions, Inc. (BR): 18%
5. Accenture plc (ACN): 17%

### Margin change — fastest expanders
1. Pony AI Inc. (PONY): +230.6 pp
2. ChronoScale Holdings Corporation (CHRN): +55.9 pp
3. Penguin Solutions, Inc. (PENG): +7.6 pp
4. Science Applications International Corporation (SAIC): +3.0 pp
5. Gartner, Inc. (IT): +2.8 pp

### 20-quarter OPM history
- IBM: Sep 2021 8.3% | Dec 2021 19% | Mar 2022 6.6% | Jun 2022 13% | Sep 2022 -30% | Dec 2022 22% | Mar 2023 11% | Jun 2023 16% | Sep 2023 16% | Dec 2023 24% | Mar 2024 10% | Jun 2024 17% | Sep 2024 -2.5% | Dec 2024 21% | Mar 2025 11% | Jun 2025 18% | Sep 2025 18% | Dec 2025 24% | Mar 2026 12% | Jun 2026 —
- ACN: Sep 2021 15% | Dec 2021 16% | Mar 2022 14% | Jun 2022 16% | Sep 2022 15% | Dec 2022 17% | Mar 2023 12% | Jun 2023 14% | Sep 2023 12% | Dec 2023 16% | Mar 2024 13% | Jun 2024 16% | Sep 2024 14% | Dec 2024 17% | Mar 2025 14% | Jun 2025 17% | Sep 2025 12% | Dec 2025 15% | Mar 2026 14% | Jun 2026 17%
- CTSH: Sep 2021 15% | Dec 2021 15% | Mar 2022 15% | Jun 2022 16% | Sep 2022 16% | Dec 2022 14% | Mar 2023 15% | Jun 2023 12% | Sep 2023 14% | Dec 2023 15% | Mar 2024 15% | Jun 2024 15% | Sep 2024 15% | Dec 2024 15% | Mar 2025 17% | Jun 2025 16% | Sep 2025 16% | Dec 2025 34% | Mar 2026 16% | Jun 2026 —
- FIS: Sep 2021 3.9% | Dec 2021 12% | Mar 2022 4.5% | Jun 2022 10% | Sep 2022 16% | Dec 2022 13% | Mar 2023 13% | Jun 2023 15% | Sep 2023 19% | Dec 2023 13% | Mar 2024 14% | Jun 2024 15% | Sep 2024 19% | Dec 2024 19% | Mar 2025 14% | Jun 2025 16% | Sep 2025 17% | Dec 2025 19% | Mar 2026 13% | Jun 2026 —
- CDW: Sep 2021 7.3% | Dec 2021 6.1% | Mar 2022 6.5% | Jun 2022 7.1% | Sep 2022 7.5% | Dec 2022 8.2% | Mar 2023 7.0% | Jun 2023 7.3% | Sep 2023 8.5% | Dec 2023 8.7% | Mar 2024 6.7% | Jun 2024 8.0% | Sep 2024 8.7% | Dec 2024 7.9% | Mar 2025 7.0% | Jun 2025 7.0% | Sep 2025 7.7% | Dec 2025 7.8% | Mar 2026 6.6% | Jun 2026 —
- BR: Sep 2021 8.7% | Dec 2021 5.5% | Mar 2022 16% | Jun 2022 20% | Sep 2022 6.8% | Dec 2022 8.3% | Mar 2023 17% | Jun 2023 25% | Sep 2023 10% | Dec 2023 8.9% | Mar 2024 18% | Jun 2024 23% | Sep 2024 9.4% | Dec 2024 13% | Mar 2025 19% | Jun 2025 24% | Sep 2025 12% | Dec 2025 12% | Mar 2026 18% | Jun 2026 —
- GIB: Sep 2021 15% | Dec 2021 16% | Mar 2022 15% | Jun 2022 15% | Sep 2022 15% | Dec 2022 15% | Mar 2023 15% | Jun 2023 15% | Sep 2023 16% | Dec 2023 15% | Mar 2024 15% | Jun 2024 16% | Sep 2024 16% | Dec 2024 16% | Mar 2025 15% | Jun 2025 14% | Sep 2025 13% | Dec 2025 15% | Mar 2026 15% | Jun 2026 —
- LDOS: Sep 2021 7.8% | Dec 2021 8.8% | Mar 2022 — | Jun 2022 7.8% | Sep 2022 7.5% | Dec 2022 7.2% | Mar 2023 7.2% | Jun 2023 8.6% | Sep 2023 -8.6% | Dec 2023 9.1% | Mar 2024 10% | Jun 2024 12% | Sep 2024 12% | Dec 2024 — | Mar 2025 9.6% | Jun 2025 13% | Sep 2025 13% | Dec 2025 12% | Mar 2026 11% | Jun 2026 12%
- WSE: Sep 2021 8.3% | Dec 2021 9.1% | Mar 2022 9.1% | Jun 2022 13% | Sep 2022 13% | Dec 2022 18% | Mar 2023 18% | Jun 2023 31% | Sep 2023 31% | Dec 2023 — | Mar 2024 — | Jun 2024 37% | Sep 2024 37% | Dec 2024 — | Mar 2025 — | Jun 2025 30% | Sep 2025 30% | Dec 2025 — | Mar 2026 — | Jun 2026 —
- CACI: Sep 2021 8.5% | Dec 2021 8.4% | Mar 2022 7.9% | Jun 2022 7.3% | Sep 2022 8.3% | Dec 2022 7.9% | Mar 2023 8.9% | Jun 2023 8.7% | Sep 2023 7.4% | Dec 2023 7.3% | Mar 2024 9.4% | Jun 2024 9.7% | Sep 2024 8.7% | Dec 2024 8.6% | Mar 2025 9.1% | Jun 2025 9.0% | Sep 2025 9.3% | Dec 2025 9.3% | Mar 2026 9.7% | Jun 2026 —
- JKHY: Sep 2021 27% | Dec 2021 25% | Mar 2022 23% | Jun 2022 22% | Sep 2022 27% | Dec 2022 21% | Mar 2023 21% | Jun 2023 23% | Sep 2023 23% | Dec 2023 22% | Mar 2024 21% | Jun 2024 22% | Sep 2024 25% | Dec 2024 21% | Mar 2025 24% | Jun 2025 25% | Sep 2025 29% | Dec 2025 26% | Mar 2026 24% | Jun 2026 —
- IT: Sep 2021 20% | Dec 2021 14% | Mar 2022 17% | Jun 2022 22% | Sep 2022 19% | Dec 2022 22% | Mar 2023 29% | Jun 2023 19% | Sep 2023 17% | Dec 2023 19% | Mar 2024 19% | Jun 2024 20% | Sep 2024 17% | Dec 2024 19% | Mar 2025 18% | Jun 2025 19% | Sep 2025 5.7% | Dec 2025 19% | Mar 2026 21% | Jun 2026 —
- CIFR: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 -19% | Jun 2023 -39% | Sep 2023 -63% | Dec 2023 35% | Mar 2024 -97% | Jun 2024 -44% | Sep 2024 -379% | Dec 2024 -41% | Mar 2025 -78% | Jun 2025 -104% | Sep 2025 -53% | Dec 2025 -504% | Mar 2026 -329% | Jun 2026 —
- APLD: Sep 2021 — | Dec 2021 — | Mar 2022 -236% | Jun 2022 -57% | Sep 2022 -60% | Dec 2022 -216% | Mar 2023 -50% | Jun 2023 -23% | Sep 2023 -20% | Dec 2023 -19% | Mar 2024 -128% | Jun 2024 -63% | Sep 2024 73% | Dec 2024 -35% | Mar 2025 -36% | Jun 2025 -55% | Sep 2025 -35% | Dec 2025 -25% | Mar 2026 -68% | Jun 2026 —
- INGM: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 1.9% | Sep 2022 — | Dec 2022 2.3% | Mar 2023 — | Jun 2023 1.7% | Sep 2023 1.8% | Dec 2023 2.5% | Mar 2024 1.5% | Jun 2024 1.6% | Sep 2024 1.9% | Dec 2024 1.9% | Mar 2025 1.6% | Jun 2025 1.1% | Sep 2025 1.8% | Dec 2025 2.1% | Mar 2026 1.6% | Jun 2026 —
- PSN: Sep 2021 4.2% | Dec 2021 4.9% | Mar 2022 3.8% | Jun 2022 3.2% | Sep 2022 5.6% | Dec 2022 4.8% | Mar 2023 4.4% | Jun 2023 5.6% | Sep 2023 5.9% | Dec 2023 5.2% | Mar 2024 6.6% | Jun 2024 6.7% | Sep 2024 6.4% | Dec 2024 5.8% | Mar 2025 7.0% | Jun 2025 6.0% | Sep 2025 6.7% | Dec 2025 6.6% | Mar 2026 6.4% | Jun 2026 —
- G: Sep 2021 13% | Dec 2021 10% | Mar 2022 13% | Jun 2022 10% | Sep 2022 12% | Dec 2022 12% | Mar 2023 13% | Jun 2023 14% | Sep 2023 15% | Dec 2023 14% | Mar 2024 14% | Jun 2024 15% | Sep 2024 15% | Dec 2024 15% | Mar 2025 15% | Jun 2025 14% | Sep 2025 15% | Dec 2025 15% | Mar 2026 15% | Jun 2026 —
- EPAM: Sep 2021 15% | Dec 2021 15% | Mar 2022 11% | Jun 2022 7.8% | Sep 2022 15% | Dec 2022 14% | Mar 2023 9.9% | Jun 2023 12% | Sep 2023 9.9% | Dec 2023 11% | Mar 2024 9.5% | Jun 2024 11% | Sep 2024 15% | Dec 2024 11% | Mar 2025 7.6% | Jun 2025 9.3% | Sep 2025 10% | Dec 2025 11% | Mar 2026 8.3% | Jun 2026 —
- SAIC: Sep 2021 7.2% | Dec 2021 6.0% | Mar 2022 4.8% | Jun 2022 6.3% | Sep 2022 6.8% | Dec 2022 7.0% | Mar 2023 6.0% | Jun 2023 7.7% | Sep 2023 20% | Dec 2023 7.5% | Mar 2024 4.5% | Jun 2024 7.1% | Sep 2024 7.4% | Dec 2024 8.1% | Mar 2025 7.5% | Jun 2025 6.4% | Sep 2025 7.9% | Dec 2025 6.9% | Mar 2026 7.6% | Jun 2026 9.4%
- EXLS: Sep 2021 15% | Dec 2021 12% | Mar 2022 13% | Jun 2022 14% | Sep 2022 14% | Dec 2022 14% | Mar 2023 15% | Jun 2023 16% | Sep 2023 15% | Dec 2023 13% | Mar 2024 14% | Jun 2024 14% | Sep 2024 15% | Dec 2024 15% | Mar 2025 16% | Jun 2025 16% | Sep 2025 14% | Dec 2025 14% | Mar 2026 16% | Jun 2026 —
- NIQ: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 -1.6% | Dec 2024 -2.3% | Mar 2025 1.6% | Jun 2025 — | Sep 2025 -3.3% | Dec 2025 5.7% | Mar 2026 -1.0% | Jun 2026 —
- PONY: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 -130% | Dec 2022 -130% | Mar 2023 -631% | Jun 2023 -631% | Sep 2023 -436% | Dec 2023 -52% | Mar 2024 -277% | Jun 2024 -303% | Sep 2024 -275% | Dec 2024 -487% | Mar 2025 -401% | Jun 2025 -286% | Sep 2025 -274% | Dec 2025 -254% | Mar 2026 -170% | Jun 2026 —
- KD: Sep 2021 -9.8% | Dec 2021 -15% | Mar 2022 -3.8% | Jun 2022 -4.4% | Sep 2022 -4.8% | Dec 2022 -2.6% | Mar 2023 -6.1% | Jun 2023 -1.9% | Sep 2023 -1.9% | Dec 2023 2.1% | Mar 2024 0.7% | Jun 2024 2.5% | Sep 2024 0.5% | Dec 2024 7.5% | Mar 2025 3.7% | Jun 2025 3.0% | Sep 2025 3.2% | Dec 2025 2.9% | Mar 2026 4.3% | Jun 2026 —
- CHRN: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 -93% | Sep 2022 -110% | Dec 2022 -125% | Mar 2023 -108% | Jun 2023 -91% | Sep 2023 -64% | Dec 2023 -71% | Mar 2024 -87% | Jun 2024 -296% | Sep 2024 -64% | Dec 2024 -44% | Mar 2025 -114% | Jun 2025 -103% | Sep 2025 -33% | Dec 2025 -49% | Mar 2026 -59% | Jun 2026 —
- PENG: Sep 2021 6.8% | Dec 2021 7.4% | Mar 2022 3.7% | Jun 2022 7.6% | Sep 2022 6.3% | Dec 2022 3.8% | Mar 2023 -0.5% | Jun 2023 -0.7% | Sep 2023 -0.5% | Dec 2023 0.5% | Mar 2024 -1.2% | Jun 2024 3.8% | Sep 2024 2.8% | Dec 2024 5.1% | Mar 2025 5.1% | Jun 2025 3.0% | Sep 2025 3.7% | Dec 2025 5.7% | Mar 2026 7.5% | Jun 2026 11%
- KEEL: Sep 2021 76% | Dec 2021 25% | Mar 2022 17% | Jun 2022 -414% | Sep 2022 -294% | Dec 2022 -74% | Mar 2023 -50% | Jun 2023 -71% | Sep 2023 -54% | Dec 2023 -28% | Mar 2024 -0.2% | Jun 2024 -69% | Sep 2024 -102% | Dec 2024 65% | Mar 2025 -73% | Jun 2025 -11% | Sep 2025 -27% | Dec 2025 -203% | Mar 2026 -266% | Jun 2026 —

### 20-quarter Margin change history
- IBM: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 +4.6 pp | Sep 2022 −38.1 pp | Dec 2022 +2.7 pp | Mar 2023 +4.5 pp | Jun 2023 +2.7 pp | Sep 2023 +45.3 pp | Dec 2023 +2.3 pp | Mar 2024 −0.7 pp | Jun 2024 +1.1 pp | Sep 2024 −18.0 pp | Dec 2024 −2.8 pp | Mar 2025 +0.7 pp | Jun 2025 +1.5 pp | Sep 2025 +20.4 pp | Dec 2025 +2.3 pp | Mar 2026 +0.6 pp | Jun 2026 —
- ACN: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 +0.1 pp | Dec 2022 +0.2 pp | Mar 2023 −1.4 pp | Jun 2023 −1.9 pp | Sep 2023 −2.7 pp | Dec 2023 −0.7 pp | Mar 2024 +0.7 pp | Jun 2024 +1.8 pp | Sep 2024 +2.3 pp | Dec 2024 +0.9 pp | Mar 2025 +0.5 pp | Jun 2025 +0.8 pp | Sep 2025 −2.7 pp | Dec 2025 −1.4 pp | Mar 2026 +0.3 pp | Jun 2026 +0.2 pp
- CTSH: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 +0.3 pp | Sep 2022 +1.0 pp | Dec 2022 −1.1 pp | Mar 2023 −0.4 pp | Jun 2023 −3.7 pp | Sep 2023 −2.4 pp | Dec 2023 +1.0 pp | Mar 2024 0.0 pp | Jun 2024 +2.8 pp | Sep 2024 +0.6 pp | Dec 2024 −0.4 pp | Mar 2025 +2.1 pp | Jun 2025 +1.0 pp | Sep 2025 +1.4 pp | Dec 2025 +18.9 pp | Mar 2026 −1.1 pp | Jun 2026 —
- FIS: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 −0.3 pp | Sep 2022 +12.0 pp | Dec 2022 +1.3 pp | Mar 2023 +8.5 pp | Jun 2023 +4.4 pp | Sep 2023 +3.0 pp | Dec 2023 −0.3 pp | Mar 2024 +1.4 pp | Jun 2024 +0.4 pp | Sep 2024 +0.2 pp | Dec 2024 +6.0 pp | Mar 2025 −0.7 pp | Jun 2025 +0.7 pp | Sep 2025 −2.3 pp | Dec 2025 −0.2 pp | Mar 2026 −0.9 pp | Jun 2026 —
- CDW: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 −0.1 pp | Sep 2022 +0.2 pp | Dec 2022 +2.1 pp | Mar 2023 +0.5 pp | Jun 2023 +0.2 pp | Sep 2023 +1.0 pp | Dec 2023 +0.5 pp | Mar 2024 −0.3 pp | Jun 2024 +0.7 pp | Sep 2024 +0.2 pp | Dec 2024 −0.8 pp | Mar 2025 +0.3 pp | Jun 2025 −1.0 pp | Sep 2025 −1.0 pp | Dec 2025 −0.1 pp | Mar 2026 −0.4 pp | Jun 2026 —
- BR: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 +1.4 pp | Sep 2022 −1.9 pp | Dec 2022 +2.8 pp | Mar 2023 +1.4 pp | Jun 2023 +4.9 pp | Sep 2023 +3.6 pp | Dec 2023 +0.6 pp | Mar 2024 +0.1 pp | Jun 2024 −2.0 pp | Sep 2024 −1.0 pp | Dec 2024 +4.4 pp | Mar 2025 +1.5 pp | Jun 2025 +1.4 pp | Sep 2025 +2.5 pp | Dec 2025 −1.3 pp | Mar 2026 −0.6 pp | Jun 2026 —
- GIB: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 +0.1 pp | Sep 2022 −0.4 pp | Dec 2022 −1.0 pp | Mar 2023 −0.1 pp | Jun 2023 +0.4 pp | Sep 2023 +0.9 pp | Dec 2023 −0.4 pp | Mar 2024 +0.2 pp | Jun 2024 +0.8 pp | Sep 2024 +0.3 pp | Dec 2024 +1.0 pp | Mar 2025 −0.9 pp | Jun 2025 −2.7 pp | Sep 2025 −3.3 pp | Dec 2025 −0.9 pp | Mar 2026 +0.4 pp | Jun 2026 —
- LDOS: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 −0.3 pp | Dec 2022 −1.6 pp | Mar 2023 — | Jun 2023 +0.8 pp | Sep 2023 −16.1 pp | Dec 2023 +1.9 pp | Mar 2024 +3.2 pp | Jun 2024 +2.9 pp | Sep 2024 +20.9 pp | Dec 2024 — | Mar 2025 −0.8 pp | Jun 2025 +1.0 pp | Sep 2025 +1.1 pp | Dec 2025 — | Mar 2026 +1.6 pp | Jun 2026 −1.0 pp
- WSE: Sep 2021 −3.2 pp | Dec 2021 −0.9 pp | Mar 2022 −0.9 pp | Jun 2022 +4.9 pp | Sep 2022 +4.9 pp | Dec 2022 +9.2 pp | Mar 2023 +9.2 pp | Jun 2023 +17.8 pp | Sep 2023 +17.8 pp | Dec 2023 — | Mar 2024 — | Jun 2024 +6.4 pp | Sep 2024 +6.4 pp | Dec 2024 — | Mar 2025 — | Jun 2025 −7.3 pp | Sep 2025 −7.3 pp | Dec 2025 — | Mar 2026 — | Jun 2026 —
- CACI: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 +0.1 pp | Sep 2022 −0.2 pp | Dec 2022 −0.5 pp | Mar 2023 +1.0 pp | Jun 2023 +1.4 pp | Sep 2023 −0.9 pp | Dec 2023 −0.6 pp | Mar 2024 +0.5 pp | Jun 2024 +1.0 pp | Sep 2024 +1.3 pp | Dec 2024 +1.3 pp | Mar 2025 −0.3 pp | Jun 2025 −0.7 pp | Sep 2025 +0.6 pp | Dec 2025 +0.7 pp | Mar 2026 +0.6 pp | Jun 2026 —
- JKHY: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 +0.1 pp | Sep 2022 −0.8 pp | Dec 2022 −4.2 pp | Mar 2023 −2.0 pp | Jun 2023 +1.7 pp | Sep 2023 −3.4 pp | Dec 2023 +0.6 pp | Mar 2024 −0.5 pp | Jun 2024 −0.8 pp | Sep 2024 +2.0 pp | Dec 2024 −0.4 pp | Mar 2025 +2.9 pp | Jun 2025 +2.9 pp | Sep 2025 +3.3 pp | Dec 2025 +4.3 pp | Mar 2026 +0.7 pp | Jun 2026 —
- IT: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 −1.9 pp | Sep 2022 −0.9 pp | Dec 2022 +7.9 pp | Mar 2023 +11.8 pp | Jun 2023 −2.8 pp | Sep 2023 −1.7 pp | Dec 2023 −3.1 pp | Mar 2024 −10.4 pp | Jun 2024 +1.2 pp | Sep 2024 −0.7 pp | Dec 2024 −0.5 pp | Mar 2025 −0.5 pp | Jun 2025 −0.6 pp | Sep 2025 −10.9 pp | Dec 2025 +0.6 pp | Mar 2026 +2.8 pp | Jun 2026 —
- CIFR: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 +1,673.9 pp | Mar 2024 −78.4 pp | Jun 2024 −5.2 pp | Sep 2024 −316.2 pp | Dec 2024 −75.5 pp | Mar 2025 +19.4 pp | Jun 2025 −60.0 pp | Sep 2025 +326.7 pp | Dec 2025 −463.0 pp | Mar 2026 −251.1 pp | Jun 2026 —
- APLD: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 +186.0 pp | Jun 2023 +33.8 pp | Sep 2023 +40.0 pp | Dec 2023 +197.7 pp | Mar 2024 −78.3 pp | Jun 2024 −40.3 pp | Sep 2024 +92.9 pp | Dec 2024 −16.7 pp | Mar 2025 +92.1 pp | Jun 2025 +8.7 pp | Sep 2025 −107.3 pp | Dec 2025 +10.9 pp | Mar 2026 −31.8 pp | Jun 2026 —
- INGM: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 −0.2 pp | Sep 2023 — | Dec 2023 +0.2 pp | Mar 2024 — | Jun 2024 −0.1 pp | Sep 2024 +0.1 pp | Dec 2024 −0.6 pp | Mar 2025 +0.1 pp | Jun 2025 −0.5 pp | Sep 2025 −0.1 pp | Dec 2025 +0.2 pp | Mar 2026 0.0 pp | Jun 2026 —
- PSN: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 +0.9 pp | Sep 2022 +1.4 pp | Dec 2022 −0.1 pp | Mar 2023 +0.6 pp | Jun 2023 +2.4 pp | Sep 2023 +0.3 pp | Dec 2023 +0.4 pp | Mar 2024 +2.2 pp | Jun 2024 +1.1 pp | Sep 2024 +0.5 pp | Dec 2024 +0.6 pp | Mar 2025 +0.4 pp | Jun 2025 −0.7 pp | Sep 2025 +0.3 pp | Dec 2025 +0.8 pp | Mar 2026 −0.6 pp | Jun 2026 —
- G: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 −3.8 pp | Sep 2022 −1.2 pp | Dec 2022 +1.2 pp | Mar 2023 +0.8 pp | Jun 2023 +4.1 pp | Sep 2023 +2.8 pp | Dec 2023 +2.6 pp | Mar 2024 +0.8 pp | Jun 2024 +0.3 pp | Sep 2024 +0.4 pp | Dec 2024 +1.0 pp | Mar 2025 +1.0 pp | Jun 2025 −0.2 pp | Sep 2025 −0.2 pp | Dec 2025 −0.4 pp | Mar 2026 +0.2 pp | Jun 2026 —
- EPAM: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 −6.4 pp | Sep 2022 +0.1 pp | Dec 2022 −1.2 pp | Mar 2023 −1.1 pp | Jun 2023 +4.5 pp | Sep 2023 −4.8 pp | Dec 2023 −3.2 pp | Mar 2024 −0.4 pp | Jun 2024 −1.8 pp | Sep 2024 +5.3 pp | Dec 2024 +0.3 pp | Mar 2025 −1.9 pp | Jun 2025 −1.2 pp | Sep 2025 −4.8 pp | Dec 2025 −0.3 pp | Mar 2026 +0.7 pp | Jun 2026 —
- SAIC: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 −0.4 pp | Dec 2022 +1.0 pp | Mar 2023 +1.2 pp | Jun 2023 +1.4 pp | Sep 2023 +13.5 pp | Dec 2023 +0.5 pp | Mar 2024 −1.5 pp | Jun 2024 −0.6 pp | Sep 2024 −12.9 pp | Dec 2024 +0.6 pp | Mar 2025 +3.0 pp | Jun 2025 −0.7 pp | Sep 2025 +0.5 pp | Dec 2025 −1.2 pp | Mar 2026 +0.1 pp | Jun 2026 +3.0 pp
- EXLS: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 +0.6 pp | Sep 2022 −0.7 pp | Dec 2022 +1.4 pp | Mar 2023 +1.4 pp | Jun 2023 +2.4 pp | Sep 2023 +0.8 pp | Dec 2023 −0.5 pp | Mar 2024 −0.7 pp | Jun 2024 −2.3 pp | Sep 2024 0.0 pp | Dec 2024 +1.7 pp | Mar 2025 +1.6 pp | Jun 2025 +2.1 pp | Sep 2025 −0.3 pp | Dec 2025 −0.4 pp | Mar 2026 +0.4 pp | Jun 2026 —
- NIQ: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 −1.7 pp | Dec 2025 +8.0 pp | Mar 2026 −2.6 pp | Jun 2026 —
- PONY: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 +485.5 pp | Jun 2023 +485.5 pp | Sep 2023 −306.2 pp | Dec 2023 +77.3 pp | Mar 2024 +353.3 pp | Jun 2024 +327.1 pp | Sep 2024 +160.5 pp | Dec 2024 −435.1 pp | Mar 2025 −123.7 pp | Jun 2025 +17.8 pp | Sep 2025 +1.4 pp | Dec 2025 +233.8 pp | Mar 2026 +230.6 pp | Jun 2026 —
- KD: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 +1.9 pp | Sep 2022 +5.0 pp | Dec 2022 +12.8 pp | Mar 2023 −2.3 pp | Jun 2023 +2.5 pp | Sep 2023 +2.9 pp | Dec 2023 +4.7 pp | Mar 2024 +6.8 pp | Jun 2024 +4.4 pp | Sep 2024 +2.4 pp | Dec 2024 +5.4 pp | Mar 2025 +3.0 pp | Jun 2025 +0.5 pp | Sep 2025 +2.7 pp | Dec 2025 −4.6 pp | Mar 2026 +0.6 pp | Jun 2026 —
- CHRN: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 +2.1 pp | Sep 2023 +46.2 pp | Dec 2023 +53.7 pp | Mar 2024 +21.2 pp | Jun 2024 −204.7 pp | Sep 2024 −0.3 pp | Dec 2024 +27.4 pp | Mar 2025 −27.7 pp | Jun 2025 +193.3 pp | Sep 2025 +30.7 pp | Dec 2025 −5.1 pp | Mar 2026 +55.9 pp | Jun 2026 —
- PENG: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 −0.5 pp | Dec 2022 −3.6 pp | Mar 2023 −4.2 pp | Jun 2023 −8.3 pp | Sep 2023 −6.8 pp | Dec 2023 −3.3 pp | Mar 2024 −0.7 pp | Jun 2024 +4.5 pp | Sep 2024 +3.3 pp | Dec 2024 +4.6 pp | Mar 2025 +6.3 pp | Jun 2025 −0.8 pp | Sep 2025 +0.9 pp | Dec 2025 +0.6 pp | Mar 2026 +2.4 pp | Jun 2026 +7.6 pp
- KEEL: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 −408.6 pp | Sep 2022 −370.2 pp | Dec 2022 −99.3 pp | Mar 2023 −66.9 pp | Jun 2023 +343.0 pp | Sep 2023 +240.2 pp | Dec 2023 +46.6 pp | Mar 2024 +49.7 pp | Jun 2024 +2.4 pp | Sep 2024 −48.1 pp | Dec 2024 +92.5 pp | Mar 2025 −72.9 pp | Jun 2025 +57.6 pp | Sep 2025 +74.8 pp | Dec 2025 −267.6 pp | Mar 2026 −192.9 pp | Jun 2026 —

## Profit Scale & Acceleration

What the numbers say: International Business Machines Corporation leads with $10,732 million of TTM profit, 35.2% above Accenture plc. International Business Machines Corporation shows 95.3% growth from a $10,732 million profit base. Compare the size of the base and persistence before ranking acceleration above profit scale.

Investor read: International Business Machines Corporation 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: International Business Machines Corporation · $10,732 million | 35.2% versus #2 · Accenture plc | 5/8 recent comparable periods | 24/26 companies · 466 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. International Business Machines Corporation (IBM): ₹10.7K Cr
2. Accenture plc (ACN): ₹7.9K Cr
3. Cognizant Technology Solutions Corporation (CTSH): ₹3.4K Cr
4. CGI Inc. (GIB): ₹1.7K Cr
5. Leidos Holdings, Inc. (LDOS): ₹1.4K Cr

### Profit growth — fastest growers
1. International Business Machines Corporation (IBM): 95%
2. Cognizant Technology Solutions Corporation (CTSH): 45%
3. Broadridge Financial Solutions, Inc. (BR): 40%
4. Ingram Micro Holding Corporation (INGM): 26%
5. Jack Henry & Associates, Inc. (JKHY): 21%

### 20-quarter Net profit history
- IBM: Sep 2021 ₹1.0K Cr | Dec 2021 ₹2.5K Cr | Mar 2022 ₹662 Cr | Jun 2022 ₹1.5K Cr | Sep 2022 ₹-3.2K Cr | Dec 2022 ₹2.9K Cr | Mar 2023 ₹1.1K Cr | Jun 2023 ₹1.6K Cr | Sep 2023 ₹1.7K Cr | Dec 2023 ₹3.3K Cr | Mar 2024 ₹1.6K Cr | Jun 2024 ₹1.8K Cr | Sep 2024 ₹-317 Cr | Dec 2024 ₹2.9K Cr | Mar 2025 ₹1.1K Cr | Jun 2025 ₹2.2K Cr | Sep 2025 ₹1.7K Cr | Dec 2025 ₹5.6K Cr | Mar 2026 ₹1.2K Cr | Jun 2026 —
- ACN: Sep 2021 ₹1.4K Cr | Dec 2021 ₹1.8K Cr | Mar 2022 ₹1.7K Cr | Jun 2022 ₹1.8K Cr | Sep 2022 ₹1.7K Cr | Dec 2022 ₹2.0K Cr | Mar 2023 ₹1.6K Cr | Jun 2023 ₹2.0K Cr | Sep 2023 ₹1.4K Cr | Dec 2023 ₹2.0K Cr | Mar 2024 ₹1.7K Cr | Jun 2024 ₹2.0K Cr | Sep 2024 ₹1.7K Cr | Dec 2024 ₹2.3K Cr | Mar 2025 ₹1.8K Cr | Jun 2025 ₹2.2K Cr | Sep 2025 ₹1.5K Cr | Dec 2025 ₹2.2K Cr | Mar 2026 ₹1.9K Cr | Jun 2026 ₹2.4K Cr
- CTSH: Sep 2021 ₹544 Cr | Dec 2021 ₹575 Cr | Mar 2022 ₹559 Cr | Jun 2022 ₹577 Cr | Sep 2022 ₹629 Cr | Dec 2022 ₹521 Cr | Mar 2023 ₹580 Cr | Jun 2023 ₹463 Cr | Sep 2023 ₹522 Cr | Dec 2023 ₹554 Cr | Mar 2024 ₹543 Cr | Jun 2024 ₹563 Cr | Sep 2024 ₹582 Cr | Dec 2024 ₹546 Cr | Mar 2025 ₹659 Cr | Jun 2025 ₹645 Cr | Sep 2025 ₹274 Cr | Dec 2025 ₹1.8K Cr | Mar 2026 ₹659 Cr | Jun 2026 —
- FIS: Sep 2021 ₹161 Cr | Dec 2021 ₹-6 Cr | Mar 2022 ₹121 Cr | Jun 2022 ₹280 Cr | Sep 2022 ₹222 Cr | Dec 2022 ₹79 Cr | Mar 2023 ₹96 Cr | Jun 2023 ₹161 Cr | Sep 2023 ₹249 Cr | Dec 2023 ₹62 Cr | Mar 2024 ₹86 Cr | Jun 2024 ₹228 Cr | Sep 2024 ₹280 Cr | Dec 2024 ₹341 Cr | Mar 2025 ₹71 Cr | Jun 2025 ₹129 Cr | Sep 2025 ₹288 Cr | Dec 2025 ₹345 Cr | Mar 2026 ₹-2.2K Cr | Jun 2026 —
- CDW: Sep 2021 ₹267 Cr | Dec 2021 ₹215 Cr | Mar 2022 ₹250 Cr | Jun 2022 ₹279 Cr | Sep 2022 ₹298 Cr | Dec 2022 ₹287 Cr | Mar 2023 ₹230 Cr | Jun 2023 ₹263 Cr | Sep 2023 ₹316 Cr | Dec 2023 ₹296 Cr | Mar 2024 ₹216 Cr | Jun 2024 ₹281 Cr | Sep 2024 ₹316 Cr | Dec 2024 ₹264 Cr | Mar 2025 ₹225 Cr | Jun 2025 ₹271 Cr | Sep 2025 ₹291 Cr | Dec 2025 ₹280 Cr | Mar 2026 ₹235 Cr | Jun 2026 —
- BR: Sep 2021 ₹67 Cr | Dec 2021 ₹47 Cr | Mar 2022 ₹177 Cr | Jun 2022 ₹248 Cr | Sep 2022 ₹50 Cr | Dec 2022 ₹58 Cr | Mar 2023 ₹199 Cr | Jun 2023 ₹324 Cr | Sep 2023 ₹91 Cr | Dec 2023 ₹70 Cr | Mar 2024 ₹214 Cr | Jun 2024 ₹323 Cr | Sep 2024 ₹80 Cr | Dec 2024 ₹142 Cr | Mar 2025 ₹243 Cr | Jun 2025 ₹374 Cr | Sep 2025 ₹165 Cr | Dec 2025 ₹285 Cr | Mar 2026 ₹276 Cr | Jun 2026 —
- GIB: Sep 2021 ₹346 Cr | Dec 2021 ₹367 Cr | Mar 2022 ₹372 Cr | Jun 2022 ₹364 Cr | Sep 2022 ₹362 Cr | Dec 2022 ₹382 Cr | Mar 2023 ₹419 Cr | Jun 2023 ₹415 Cr | Sep 2023 ₹414 Cr | Dec 2023 ₹390 Cr | Mar 2024 ₹427 Cr | Jun 2024 ₹440 Cr | Sep 2024 ₹436 Cr | Dec 2024 ₹439 Cr | Mar 2025 ₹430 Cr | Jun 2025 ₹409 Cr | Sep 2025 ₹381 Cr | Dec 2025 ₹442 Cr | Mar 2026 ₹445 Cr | Jun 2026 —
- LDOS: Sep 2021 ₹170 Cr | Dec 2021 ₹208 Cr | Mar 2022 — | Jun 2022 ₹177 Cr | Sep 2022 ₹172 Cr | Dec 2022 ₹180 Cr | Mar 2023 ₹164 Cr | Jun 2023 ₹210 Cr | Sep 2023 ₹-396 Cr | Dec 2023 ₹230 Cr | Mar 2024 ₹283 Cr | Jun 2024 ₹324 Cr | Sep 2024 ₹362 Cr | Dec 2024 — | Mar 2025 ₹282 Cr | Jun 2025 ₹365 Cr | Sep 2025 ₹393 Cr | Dec 2025 ₹369 Cr | Mar 2026 ₹335 Cr | Jun 2026 ₹335 Cr
- WSE: Sep 2021 ₹9 Cr | Dec 2021 ₹13 Cr | Mar 2022 ₹13 Cr | Jun 2022 ₹21 Cr | Sep 2022 ₹21 Cr | Dec 2022 ₹50 Cr | Mar 2023 ₹50 Cr | Jun 2023 ₹86 Cr | Sep 2023 ₹86 Cr | Dec 2023 — | Mar 2024 — | Jun 2024 ₹145 Cr | Sep 2024 ₹145 Cr | Dec 2024 — | Mar 2025 — | Jun 2025 ₹126 Cr | Sep 2025 ₹126 Cr | Dec 2025 — | Mar 2026 — | Jun 2026 —
- CACI: Sep 2021 ₹88 Cr | Dec 2021 ₹90 Cr | Mar 2022 ₹95 Cr | Jun 2022 ₹93 Cr | Sep 2022 ₹89 Cr | Dec 2022 ₹87 Cr | Mar 2023 ₹101 Cr | Jun 2023 ₹108 Cr | Sep 2023 ₹86 Cr | Dec 2023 ₹84 Cr | Mar 2024 ₹115 Cr | Jun 2024 ₹135 Cr | Sep 2024 ₹120 Cr | Dec 2024 ₹110 Cr | Mar 2025 ₹112 Cr | Jun 2025 ₹158 Cr | Sep 2025 ₹125 Cr | Dec 2025 ₹124 Cr | Mar 2026 ₹130 Cr | Jun 2026 —
- JKHY: Sep 2021 ₹102 Cr | Dec 2021 ₹96 Cr | Mar 2022 ₹85 Cr | Jun 2022 ₹80 Cr | Sep 2022 ₹107 Cr | Dec 2022 ₹81 Cr | Mar 2023 ₹82 Cr | Jun 2023 ₹98 Cr | Sep 2023 ₹102 Cr | Dec 2023 ₹92 Cr | Mar 2024 ₹87 Cr | Jun 2024 ₹101 Cr | Sep 2024 ₹119 Cr | Dec 2024 ₹98 Cr | Mar 2025 ₹111 Cr | Jun 2025 ₹128 Cr | Sep 2025 ₹144 Cr | Dec 2025 ₹125 Cr | Mar 2026 ₹123 Cr | Jun 2026 —
- IT: Sep 2021 ₹149 Cr | Dec 2021 ₹209 Cr | Mar 2022 ₹173 Cr | Jun 2022 ₹205 Cr | Sep 2022 ₹174 Cr | Dec 2022 ₹257 Cr | Mar 2023 ₹296 Cr | Jun 2023 ₹198 Cr | Sep 2023 ₹180 Cr | Dec 2023 ₹209 Cr | Mar 2024 ₹211 Cr | Jun 2024 ₹230 Cr | Sep 2024 ₹415 Cr | Dec 2024 ₹399 Cr | Mar 2025 ₹211 Cr | Jun 2025 ₹241 Cr | Sep 2025 ₹35 Cr | Dec 2025 ₹242 Cr | Mar 2026 ₹222 Cr | Jun 2026 —
- CIFR: Sep 2021 ₹-2 Cr | Dec 2021 — | Mar 2022 ₹-17 Cr | Jun 2022 ₹-29 Cr | Sep 2022 ₹59 Cr | Dec 2022 ₹-52 Cr | Mar 2023 ₹-5 Cr | Jun 2023 ₹-13 Cr | Sep 2023 ₹-19 Cr | Dec 2023 ₹11 Cr | Mar 2024 ₹40 Cr | Jun 2024 ₹-15 Cr | Sep 2024 ₹-87 Cr | Dec 2024 ₹18 Cr | Mar 2025 ₹-39 Cr | Jun 2025 ₹-46 Cr | Sep 2025 ₹-3 Cr | Dec 2025 ₹-734 Cr | Mar 2026 ₹-114 Cr | Jun 2026 —
- APLD: Sep 2021 ₹-14 Cr | Dec 2021 ₹-2 Cr | Mar 2022 ₹-2 Cr | Jun 2022 ₹-5 Cr | Sep 2022 ₹-5 Cr | Dec 2022 ₹-27 Cr | Mar 2023 ₹-7 Cr | Jun 2023 ₹-7 Cr | Sep 2023 ₹-12 Cr | Dec 2023 ₹-11 Cr | Mar 2024 ₹-63 Cr | Jun 2024 ₹-64 Cr | Sep 2024 ₹16 Cr | Dec 2024 ₹-128 Cr | Mar 2025 ₹-36 Cr | Jun 2025 ₹-55 Cr | Sep 2025 ₹-26 Cr | Dec 2025 ₹-27 Cr | Mar 2026 ₹-71 Cr | Jun 2026 —
- INGM: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 ₹113 Cr | Sep 2022 — | Dec 2022 ₹101 Cr | Mar 2023 — | Jun 2023 ₹63 Cr | Sep 2023 ₹67 Cr | Dec 2023 ₹137 Cr | Mar 2024 ₹50 Cr | Jun 2024 ₹55 Cr | Sep 2024 ₹77 Cr | Dec 2024 ₹83 Cr | Mar 2025 ₹69 Cr | Jun 2025 ₹38 Cr | Sep 2025 ₹99 Cr | Dec 2025 ₹121 Cr | Mar 2026 ₹99 Cr | Jun 2026 —
- PSN: Sep 2021 ₹27 Cr | Dec 2021 ₹36 Cr | Mar 2022 ₹24 Cr | Jun 2022 ₹23 Cr | Sep 2022 ₹44 Cr | Dec 2022 ₹36 Cr | Mar 2023 ₹35 Cr | Jun 2023 ₹55 Cr | Sep 2023 ₹60 Cr | Dec 2023 ₹58 Cr | Mar 2024 ₹55 Cr | Jun 2024 ₹81 Cr | Sep 2024 ₹86 Cr | Dec 2024 ₹69 Cr | Mar 2025 ₹82 Cr | Jun 2025 ₹70 Cr | Sep 2025 ₹82 Cr | Dec 2025 ₹75 Cr | Mar 2026 ₹65 Cr | Jun 2026 —
- G: Sep 2021 ₹102 Cr | Dec 2021 ₹73 Cr | Mar 2022 ₹96 Cr | Jun 2022 ₹72 Cr | Sep 2022 ₹96 Cr | Dec 2022 ₹90 Cr | Mar 2023 ₹106 Cr | Jun 2023 ₹116 Cr | Sep 2023 ₹118 Cr | Dec 2023 ₹291 Cr | Mar 2024 ₹117 Cr | Jun 2024 ₹122 Cr | Sep 2024 ₹133 Cr | Dec 2024 ₹142 Cr | Mar 2025 ₹131 Cr | Jun 2025 ₹133 Cr | Sep 2025 ₹146 Cr | Dec 2025 ₹143 Cr | Mar 2026 ₹148 Cr | Jun 2026 —
- EPAM: Sep 2021 ₹116 Cr | Dec 2021 ₹142 Cr | Mar 2022 ₹90 Cr | Jun 2022 ₹19 Cr | Sep 2022 ₹156 Cr | Dec 2022 ₹155 Cr | Mar 2023 ₹102 Cr | Jun 2023 ₹120 Cr | Sep 2023 ₹97 Cr | Dec 2023 ₹98 Cr | Mar 2024 ₹116 Cr | Jun 2024 ₹99 Cr | Sep 2024 ₹136 Cr | Dec 2024 ₹103 Cr | Mar 2025 ₹73 Cr | Jun 2025 ₹88 Cr | Sep 2025 ₹107 Cr | Dec 2025 ₹109 Cr | Mar 2026 ₹83 Cr | Jun 2026 —
- SAIC: Sep 2021 ₹82 Cr | Dec 2021 ₹71 Cr | Mar 2022 ₹44 Cr | Jun 2022 ₹74 Cr | Sep 2022 ₹74 Cr | Dec 2022 ₹80 Cr | Mar 2023 ₹75 Cr | Jun 2023 ₹98 Cr | Sep 2023 ₹247 Cr | Dec 2023 ₹93 Cr | Mar 2024 ₹39 Cr | Jun 2024 ₹77 Cr | Sep 2024 ₹81 Cr | Dec 2024 ₹106 Cr | Mar 2025 ₹98 Cr | Jun 2025 ₹68 Cr | Sep 2025 ₹127 Cr | Dec 2025 ₹78 Cr | Mar 2026 ₹85 Cr | Jun 2026 ₹115 Cr
- EXLS: Sep 2021 ₹27 Cr | Dec 2021 ₹28 Cr | Mar 2022 ₹36 Cr | Jun 2022 ₹36 Cr | Sep 2022 ₹39 Cr | Dec 2022 ₹32 Cr | Mar 2023 ₹51 Cr | Jun 2023 ₹49 Cr | Sep 2023 ₹44 Cr | Dec 2023 ₹40 Cr | Mar 2024 ₹49 Cr | Jun 2024 ₹46 Cr | Sep 2024 ₹53 Cr | Dec 2024 ₹51 Cr | Mar 2025 ₹67 Cr | Jun 2025 ₹66 Cr | Sep 2025 ₹58 Cr | Dec 2025 ₹60 Cr | Mar 2026 ₹67 Cr | Jun 2026 —
- NIQ: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 ₹-217 Cr | Dec 2024 ₹-169 Cr | Mar 2025 ₹-118 Cr | Jun 2025 — | Sep 2025 ₹-197 Cr | Dec 2025 ₹-30 Cr | Mar 2026 ₹-89 Cr | Jun 2026 —
- PONY: Sep 2021 — | Dec 2021 — | Mar 2022 ₹-43 Cr | Jun 2022 ₹-43 Cr | Sep 2022 ₹-31 Cr | Dec 2022 ₹-31 Cr | Mar 2023 ₹-35 Cr | Jun 2023 ₹-35 Cr | Sep 2023 ₹-35 Cr | Dec 2023 ₹-21 Cr | Mar 2024 ₹-21 Cr | Jun 2024 ₹-31 Cr | Sep 2024 ₹-42 Cr | Dec 2024 ₹-181 Cr | Mar 2025 ₹-37 Cr | Jun 2025 ₹-53 Cr | Sep 2025 ₹-62 Cr | Dec 2025 ₹75 Cr | Mar 2026 ₹-54 Cr | Jun 2026 —
- KD: Sep 2021 ₹-690 Cr | Dec 2021 ₹-731 Cr | Mar 2022 ₹-229 Cr | Jun 2022 ₹-250 Cr | Sep 2022 ₹-281 Cr | Dec 2022 ₹-106 Cr | Mar 2023 ₹-737 Cr | Jun 2023 ₹-141 Cr | Sep 2023 ₹-142 Cr | Dec 2023 ₹-12 Cr | Mar 2024 ₹-45 Cr | Jun 2024 ₹11 Cr | Sep 2024 ₹-43 Cr | Dec 2024 ₹215 Cr | Mar 2025 ₹69 Cr | Jun 2025 ₹56 Cr | Sep 2025 ₹68 Cr | Dec 2025 ₹57 Cr | Mar 2026 ₹17 Cr | Jun 2026 —
- CHRN: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 ₹-3 Cr | Sep 2022 ₹-4 Cr | Dec 2022 ₹-3 Cr | Mar 2023 ₹-4 Cr | Jun 2023 ₹-4 Cr | Sep 2023 ₹-3 Cr | Dec 2023 ₹-3 Cr | Mar 2024 ₹-3 Cr | Jun 2024 ₹-35 Cr | Sep 2024 ₹-2 Cr | Dec 2024 ₹-3 Cr | Mar 2025 ₹-25 Cr | Jun 2025 ₹-17 Cr | Sep 2025 ₹-1 Cr | Dec 2025 ₹44 Cr | Mar 2026 ₹-13 Cr | Jun 2026 —
- PENG: Sep 2021 ₹21 Cr | Dec 2021 ₹21 Cr | Mar 2022 ₹3 Cr | Jun 2022 ₹24 Cr | Sep 2022 ₹20 Cr | Dec 2022 ₹5 Cr | Mar 2023 ₹-27 Cr | Jun 2023 ₹-24 Cr | Sep 2023 ₹-140 Cr | Dec 2023 ₹-19 Cr | Mar 2024 ₹-13 Cr | Jun 2024 ₹6 Cr | Sep 2024 ₹-24 Cr | Dec 2024 ₹6 Cr | Mar 2025 ₹9 Cr | Jun 2025 ₹3 Cr | Sep 2025 ₹11 Cr | Dec 2025 ₹6 Cr | Mar 2026 ₹39 Cr | Jun 2026 ₹46 Cr
- KEEL: Sep 2021 ₹24 Cr | Dec 2021 ₹10 Cr | Mar 2022 ₹5 Cr | Jun 2022 ₹-181 Cr | Sep 2022 ₹-85 Cr | Dec 2022 ₹-17 Cr | Mar 2023 ₹-4 Cr | Jun 2023 ₹-26 Cr | Sep 2023 ₹-17 Cr | Dec 2023 ₹-58 Cr | Mar 2024 ₹3 Cr | Jun 2024 ₹-28 Cr | Sep 2024 ₹-26 Cr | Dec 2024 ₹42 Cr | Mar 2025 ₹-38 Cr | Jun 2025 ₹-6 Cr | Sep 2025 ₹-11 Cr | Dec 2025 ₹-172 Cr | Mar 2026 ₹-128 Cr | Jun 2026 —

### 20-quarter Profit growth history
- IBM: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 81% | Sep 2022 -410% | Dec 2022 17% | Mar 2023 59% | Jun 2023 7.9% | Sep 2023 — | Dec 2023 14% | Mar 2024 49% | Jun 2024 16% | Sep 2024 -118% | Dec 2024 -11% | Mar 2025 -33% | Jun 2025 20% | Sep 2025 — | Dec 2025 91% | Mar 2026 15% | Jun 2026 —
- ACN: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 18% | Dec 2022 9.7% | Mar 2023 -6.5% | Jun 2023 13% | Sep 2023 -17% | Dec 2023 0.7% | Mar 2024 10% | Jun 2024 -3.3% | Sep 2024 22% | Dec 2024 15% | Mar 2025 6.6% | Jun 2025 13% | Sep 2025 -16% | Dec 2025 -3.2% | Mar 2026 2.0% | Jun 2026 6.4%
- CTSH: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 13% | Sep 2022 16% | Dec 2022 -9.4% | Mar 2023 3.8% | Jun 2023 -20% | Sep 2023 -17% | Dec 2023 6.3% | Mar 2024 -6.4% | Jun 2024 22% | Sep 2024 11% | Dec 2024 -1.4% | Mar 2025 21% | Jun 2025 15% | Sep 2025 -53% | Dec 2025 234% | Mar 2026 0.0% | Jun 2026 —
- FIS: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 38% | Dec 2022 — | Mar 2023 -21% | Jun 2023 -43% | Sep 2023 12% | Dec 2023 -22% | Mar 2024 -10% | Jun 2024 42% | Sep 2024 12% | Dec 2024 450% | Mar 2025 -17% | Jun 2025 -43% | Sep 2025 2.9% | Dec 2025 1.2% | Mar 2026 -3,218% | Jun 2026 —
- CDW: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 1.8% | Sep 2022 12% | Dec 2022 33% | Mar 2023 -8.0% | Jun 2023 -5.7% | Sep 2023 6.0% | Dec 2023 3.1% | Mar 2024 -6.1% | Jun 2024 6.8% | Sep 2024 0.0% | Dec 2024 -11% | Mar 2025 4.2% | Jun 2025 -3.6% | Sep 2025 -7.9% | Dec 2025 6.1% | Mar 2026 4.4% | Jun 2026 —
- BR: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 -4.6% | Sep 2022 -25% | Dec 2022 23% | Mar 2023 12% | Jun 2023 31% | Sep 2023 82% | Dec 2023 21% | Mar 2024 7.5% | Jun 2024 -0.3% | Sep 2024 -12% | Dec 2024 103% | Mar 2025 14% | Jun 2025 16% | Sep 2025 106% | Dec 2025 101% | Mar 2026 14% | Jun 2026 —
- GIB: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 7.7% | Sep 2022 4.6% | Dec 2022 4.1% | Mar 2023 13% | Jun 2023 14% | Sep 2023 14% | Dec 2023 2.1% | Mar 2024 1.9% | Jun 2024 6.0% | Sep 2024 5.3% | Dec 2024 13% | Mar 2025 0.7% | Jun 2025 -7.1% | Sep 2025 -13% | Dec 2025 0.7% | Mar 2026 3.5% | Jun 2026 —
- LDOS: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 1.2% | Dec 2022 -13% | Mar 2023 — | Jun 2023 19% | Sep 2023 -330% | Dec 2023 28% | Mar 2024 73% | Jun 2024 54% | Sep 2024 — | Dec 2024 — | Mar 2025 -0.4% | Jun 2025 13% | Sep 2025 8.6% | Dec 2025 — | Mar 2026 19% | Jun 2026 -8.2%
- WSE: Sep 2021 0.0% | Dec 2021 18% | Mar 2022 18% | Jun 2022 133% | Sep 2022 133% | Dec 2022 285% | Mar 2023 285% | Jun 2023 310% | Sep 2023 310% | Dec 2023 — | Mar 2024 — | Jun 2024 69% | Sep 2024 69% | Dec 2024 — | Mar 2025 — | Jun 2025 -13% | Sep 2025 -13% | Dec 2025 — | Mar 2026 — | Jun 2026 —
- CACI: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 -32% | Sep 2022 1.1% | Dec 2022 -3.3% | Mar 2023 6.3% | Jun 2023 16% | Sep 2023 -3.4% | Dec 2023 -3.5% | Mar 2024 14% | Jun 2024 25% | Sep 2024 40% | Dec 2024 31% | Mar 2025 -2.6% | Jun 2025 17% | Sep 2025 4.2% | Dec 2025 13% | Mar 2026 16% | Jun 2026 —
- JKHY: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 3.9% | Sep 2022 4.9% | Dec 2022 -16% | Mar 2023 -3.5% | Jun 2023 23% | Sep 2023 -4.7% | Dec 2023 14% | Mar 2024 6.1% | Jun 2024 3.1% | Sep 2024 17% | Dec 2024 6.5% | Mar 2025 28% | Jun 2025 27% | Sep 2025 21% | Dec 2025 28% | Mar 2026 11% | Jun 2026 —
- IT: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 -24% | Sep 2022 17% | Dec 2022 23% | Mar 2023 71% | Jun 2023 -3.4% | Sep 2023 3.5% | Dec 2023 -19% | Mar 2024 -29% | Jun 2024 16% | Sep 2024 131% | Dec 2024 91% | Mar 2025 0.0% | Jun 2025 4.8% | Sep 2025 -92% | Dec 2025 -39% | Mar 2026 5.2% | Jun 2026 —
- CIFR: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 -132% | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 64% | Mar 2025 -198% | Jun 2025 — | Sep 2025 — | Dec 2025 -4,178% | Mar 2026 — | Jun 2026 —
- APLD: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 -263% | Dec 2025 — | Mar 2026 — | Jun 2026 —
- INGM: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 -44% | Sep 2023 — | Dec 2023 36% | Mar 2024 — | Jun 2024 -13% | Sep 2024 15% | Dec 2024 -39% | Mar 2025 38% | Jun 2025 -31% | Sep 2025 29% | Dec 2025 46% | Mar 2026 43% | Jun 2026 —
- PSN: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 92% | Sep 2022 63% | Dec 2022 0.0% | Mar 2023 46% | Jun 2023 139% | Sep 2023 36% | Dec 2023 61% | Mar 2024 57% | Jun 2024 47% | Sep 2024 43% | Dec 2024 19% | Mar 2025 49% | Jun 2025 -14% | Sep 2025 -4.7% | Dec 2025 8.7% | Mar 2026 -21% | Jun 2026 —
- G: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 -30% | Sep 2022 -5.9% | Dec 2022 23% | Mar 2023 10% | Jun 2023 61% | Sep 2023 23% | Dec 2023 223% | Mar 2024 10% | Jun 2024 5.2% | Sep 2024 13% | Dec 2024 -51% | Mar 2025 12% | Jun 2025 9.0% | Sep 2025 9.8% | Dec 2025 0.7% | Mar 2026 13% | Jun 2026 —
- EPAM: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 -83% | Sep 2022 34% | Dec 2022 9.2% | Mar 2023 13% | Jun 2023 532% | Sep 2023 -38% | Dec 2023 -37% | Mar 2024 14% | Jun 2024 -18% | Sep 2024 40% | Dec 2024 5.1% | Mar 2025 -37% | Jun 2025 -11% | Sep 2025 -21% | Dec 2025 5.8% | Mar 2026 14% | Jun 2026 —
- SAIC: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 -9.8% | Dec 2022 13% | Mar 2023 70% | Jun 2023 32% | Sep 2023 234% | Dec 2023 16% | Mar 2024 -48% | Jun 2024 -21% | Sep 2024 -67% | Dec 2024 14% | Mar 2025 151% | Jun 2025 -12% | Sep 2025 57% | Dec 2025 -26% | Mar 2026 -13% | Jun 2026 69%
- EXLS: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 29% | Sep 2022 44% | Dec 2022 14% | Mar 2023 42% | Jun 2023 36% | Sep 2023 13% | Dec 2023 25% | Mar 2024 -3.9% | Jun 2024 -6.1% | Sep 2024 20% | Dec 2024 28% | Mar 2025 37% | Jun 2025 43% | Sep 2025 9.4% | Dec 2025 18% | Mar 2026 0.0% | Jun 2026 —
- KD: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 409% | Sep 2025 — | Dec 2025 -73% | Mar 2026 -75% | Jun 2026 —
- PENG: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 -4.8% | Dec 2022 -76% | Mar 2023 -1,000% | Jun 2023 -200% | Sep 2023 -800% | Dec 2023 -480% | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 -50% | Sep 2025 — | Dec 2025 0.0% | Mar 2026 333% | Jun 2026 1,433%
- KEEL: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 -454% | Dec 2022 -270% | Mar 2023 -180% | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 -1,367% | Jun 2025 — | Sep 2025 — | Dec 2025 -510% | Mar 2026 — | Jun 2026 —

## Capacity Spending & Returns On It

What the numbers say: Applied Digital Corporation reports $775 million of CAPEX; Cipher Digital Inc. has the highest covered intensity at 1582.9%. Coverage is only 26 of 26 companies and 458 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: Applied Digital Corporation · $775 million | 39.9% versus #2 · Cipher Digital Inc. | 8/8 recent comparable periods | 26/26 companies · 458 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. Applied Digital Corporation (APLD): ₹775 Cr
2. Cipher Digital Inc. (CIFR): ₹554 Cr
3. International Business Machines Corporation (IBM): ₹232 Cr
4. Accenture plc (ACN): ₹186 Cr
5. Kyndryl Holdings, Inc. (KD): ₹116 Cr

### CAPEX intensity — highest reinvestment intensity
1. Cipher Digital Inc. (CIFR): 1,583%
2. Applied Digital Corporation (APLD): 610%
3. Pony AI Inc. (PONY): 52%
4. Keel Infrastructure Corp. (KEEL): 27%
5. Kyndryl Holdings, Inc. (KD): 3.1%

### 20-quarter CAPEX history
- IBM: Sep 2021 ₹558 Cr | Dec 2021 ₹450 Cr | Mar 2022 ₹281 Cr | Jun 2022 ₹339 Cr | Sep 2022 ₹317 Cr | Dec 2022 ₹409 Cr | Mar 2023 ₹300 Cr | Jun 2023 ₹364 Cr | Sep 2023 ₹281 Cr | Dec 2023 ₹300 Cr | Mar 2024 ₹239 Cr | Jun 2024 ₹220 Cr | Sep 2024 ₹286 Cr | Dec 2024 ₹303 Cr | Mar 2025 ₹244 Cr | Jun 2025 ₹210 Cr | Sep 2025 ₹255 Cr | Dec 2025 ₹382 Cr | Mar 2026 ₹232 Cr | Jun 2026 —
- ACN: Sep 2021 ₹236 Cr | Dec 2021 ₹182 Cr | Mar 2022 ₹165 Cr | Jun 2022 ₹195 Cr | Sep 2022 ₹177 Cr | Dec 2022 ₹99 Cr | Mar 2023 ₹108 Cr | Jun 2023 ₹142 Cr | Sep 2023 ₹180 Cr | Dec 2023 ₹69 Cr | Mar 2024 ₹110 Cr | Jun 2024 ₹124 Cr | Sep 2024 ₹214 Cr | Dec 2024 ₹152 Cr | Mar 2025 ₹171 Cr | Jun 2025 ₹169 Cr | Sep 2025 ₹108 Cr | Dec 2025 ₹157 Cr | Mar 2026 ₹150 Cr | Jun 2026 ₹186 Cr
- CTSH: Sep 2021 ₹51 Cr | Dec 2021 ₹65 Cr | Mar 2022 ₹120 Cr | Jun 2022 ₹43 Cr | Sep 2022 ₹79 Cr | Dec 2022 ₹90 Cr | Mar 2023 ₹98 Cr | Jun 2023 ₹68 Cr | Sep 2023 ₹73 Cr | Dec 2023 ₹78 Cr | Mar 2024 ₹79 Cr | Jun 2024 ₹79 Cr | Sep 2024 ₹56 Cr | Dec 2024 ₹83 Cr | Mar 2025 ₹77 Cr | Jun 2025 ₹67 Cr | Sep 2025 ₹67 Cr | Dec 2025 ₹77 Cr | Mar 2026 ₹76 Cr | Jun 2026 —
- FIS: Sep 2021 ₹50 Cr | Dec 2021 ₹127 Cr | Mar 2022 ₹108 Cr | Jun 2022 ₹65 Cr | Sep 2022 ₹43 Cr | Dec 2022 ₹52 Cr | Mar 2023 ₹39 Cr | Jun 2023 ₹27 Cr | Sep 2023 ₹22 Cr | Dec 2023 ₹27 Cr | Mar 2024 ₹27 Cr | Jun 2024 ₹16 Cr | Sep 2024 ₹36 Cr | Dec 2024 ₹18 Cr | Mar 2025 ₹37 Cr | Jun 2025 ₹39 Cr | Sep 2025 ₹59 Cr | Dec 2025 ₹19 Cr | Mar 2026 ₹50 Cr | Jun 2026 —
- CDW: Sep 2021 ₹28 Cr | Dec 2021 ₹34 Cr | Mar 2022 ₹41 Cr | Jun 2022 ₹22 Cr | Sep 2022 ₹34 Cr | Dec 2022 ₹31 Cr | Mar 2023 ₹32 Cr | Jun 2023 ₹40 Cr | Sep 2023 ₹43 Cr | Dec 2023 ₹34 Cr | Mar 2024 ₹30 Cr | Jun 2024 ₹31 Cr | Sep 2024 ₹34 Cr | Dec 2024 ₹29 Cr | Mar 2025 ₹27 Cr | Jun 2025 ₹23 Cr | Sep 2025 ₹30 Cr | Dec 2025 ₹38 Cr | Mar 2026 ₹26 Cr | Jun 2026 —
- BR: Sep 2021 ₹6 Cr | Dec 2021 ₹6 Cr | Mar 2022 ₹11 Cr | Jun 2022 ₹7 Cr | Sep 2022 ₹6 Cr | Dec 2022 ₹10 Cr | Mar 2023 ₹6 Cr | Jun 2023 ₹17 Cr | Sep 2023 ₹5 Cr | Dec 2023 ₹12 Cr | Mar 2024 ₹23 Cr | Jun 2024 ₹18 Cr | Sep 2024 ₹8 Cr | Dec 2024 ₹9 Cr | Mar 2025 ₹12 Cr | Jun 2025 ₹16 Cr | Sep 2025 ₹15 Cr | Dec 2025 ₹6 Cr | Mar 2026 ₹14 Cr | Jun 2026 —
- GIB: Sep 2021 ₹32 Cr | Dec 2021 ₹43 Cr | Mar 2022 ₹33 Cr | Jun 2022 ₹42 Cr | Sep 2022 ₹38 Cr | Dec 2022 ₹41 Cr | Mar 2023 ₹46 Cr | Jun 2023 ₹38 Cr | Sep 2023 ₹34 Cr | Dec 2023 ₹28 Cr | Mar 2024 ₹30 Cr | Jun 2024 ₹28 Cr | Sep 2024 ₹23 Cr | Dec 2024 ₹26 Cr | Mar 2025 ₹27 Cr | Jun 2025 ₹36 Cr | Sep 2025 ₹28 Cr | Dec 2025 ₹25 Cr | Mar 2026 ₹32 Cr | Jun 2026 —
- LDOS: Sep 2021 ₹21 Cr | Dec 2021 ₹24 Cr | Mar 2022 — | Jun 2022 ₹28 Cr | Sep 2022 ₹21 Cr | Dec 2022 ₹53 Cr | Mar 2023 ₹39 Cr | Jun 2023 ₹40 Cr | Sep 2023 ₹50 Cr | Dec 2023 ₹78 Cr | Mar 2024 ₹17 Cr | Jun 2024 ₹23 Cr | Sep 2024 ₹23 Cr | Dec 2024 — | Mar 2025 ₹86 Cr | Jun 2025 ₹22 Cr | Sep 2025 ₹29 Cr | Dec 2025 ₹31 Cr | Mar 2026 ₹43 Cr | Jun 2026 ₹31 Cr
- WSE: Sep 2021 ₹2 Cr | Dec 2021 ₹1 Cr | Mar 2022 ₹1 Cr | Jun 2022 ₹1 Cr | Sep 2022 ₹1 Cr | Dec 2022 ₹1 Cr | Mar 2023 ₹1 Cr | Jun 2023 ₹2 Cr | Sep 2023 ₹2 Cr | Dec 2023 ₹4 Cr | Mar 2024 ₹4 Cr | Jun 2024 ₹6 Cr | Sep 2024 ₹6 Cr | Dec 2024 ₹11 Cr | Mar 2025 ₹11 Cr | Jun 2025 ₹6 Cr | Sep 2025 ₹6 Cr | Dec 2025 — | Mar 2026 — | Jun 2026 —
- CACI: Sep 2021 ₹10 Cr | Dec 2021 ₹11 Cr | Mar 2022 ₹17 Cr | Jun 2022 ₹36 Cr | Sep 2022 ₹13 Cr | Dec 2022 ₹13 Cr | Mar 2023 ₹15 Cr | Jun 2023 ₹23 Cr | Sep 2023 ₹14 Cr | Dec 2023 ₹15 Cr | Mar 2024 ₹12 Cr | Jun 2024 ₹23 Cr | Sep 2024 ₹11 Cr | Dec 2024 ₹10 Cr | Mar 2025 ₹16 Cr | Jun 2025 ₹28 Cr | Sep 2025 ₹17 Cr | Dec 2025 ₹16 Cr | Mar 2026 ₹27 Cr | Jun 2026 —
- JKHY: Sep 2021 ₹9 Cr | Dec 2021 ₹13 Cr | Mar 2022 ₹6 Cr | Jun 2022 ₹6 Cr | Sep 2022 ₹8 Cr | Dec 2022 ₹10 Cr | Mar 2023 ₹10 Cr | Jun 2023 ₹12 Cr | Sep 2023 ₹8 Cr | Dec 2023 ₹17 Cr | Mar 2024 ₹10 Cr | Jun 2024 ₹24 Cr | Sep 2024 ₹13 Cr | Dec 2024 ₹17 Cr | Mar 2025 ₹12 Cr | Jun 2025 ₹12 Cr | Sep 2025 ₹9 Cr | Dec 2025 ₹21 Cr | Mar 2026 ₹17 Cr | Jun 2026 —
- IT: Sep 2021 ₹14 Cr | Dec 2021 ₹21 Cr | Mar 2022 ₹17 Cr | Jun 2022 ₹21 Cr | Sep 2022 ₹32 Cr | Dec 2022 ₹38 Cr | Mar 2023 ₹21 Cr | Jun 2023 ₹26 Cr | Sep 2023 ₹28 Cr | Dec 2023 ₹28 Cr | Mar 2024 ₹23 Cr | Jun 2024 ₹29 Cr | Sep 2024 ₹26 Cr | Dec 2024 ₹24 Cr | Mar 2025 ₹26 Cr | Jun 2025 ₹36 Cr | Sep 2025 ₹29 Cr | Dec 2025 ₹24 Cr | Mar 2026 ₹20 Cr | Jun 2026 —
- CIFR: Sep 2021 — | Dec 2021 — | Mar 2022 ₹104 Cr | Jun 2022 ₹66 Cr | Sep 2022 ₹43 Cr | Dec 2022 ₹14 Cr | Mar 2023 ₹19 Cr | Jun 2023 ₹12 Cr | Sep 2023 ₹6 Cr | Dec 2023 ₹17 Cr | Mar 2024 ₹12 Cr | Jun 2024 ₹39 Cr | Sep 2024 ₹176 Cr | Dec 2024 ₹75 Cr | Mar 2025 ₹100 Cr | Jun 2025 ₹31 Cr | Sep 2025 ₹45 Cr | Dec 2025 ₹230 Cr | Mar 2026 ₹554 Cr | Jun 2026 —
- APLD: Sep 2021 ₹11 Cr | Dec 2021 ₹22 Cr | Mar 2022 ₹10 Cr | Jun 2022 ₹15 Cr | Sep 2022 ₹32 Cr | Dec 2022 ₹39 Cr | Mar 2023 ₹26 Cr | Jun 2023 ₹35 Cr | Sep 2023 ₹33 Cr | Dec 2023 ₹13 Cr | Mar 2024 ₹39 Cr | Jun 2024 ₹57 Cr | Sep 2024 ₹55 Cr | Dec 2024 ₹171 Cr | Mar 2025 ₹257 Cr | Jun 2025 ₹198 Cr | Sep 2025 ₹249 Cr | Dec 2025 ₹552 Cr | Mar 2026 ₹775 Cr | Jun 2026 —
- INGM: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 ₹40 Cr | Mar 2023 — | Jun 2023 ₹57 Cr | Sep 2023 ₹48 Cr | Dec 2023 ₹37 Cr | Mar 2024 ₹36 Cr | Jun 2024 ₹33 Cr | Sep 2024 ₹38 Cr | Dec 2024 ₹36 Cr | Mar 2025 ₹30 Cr | Jun 2025 ₹35 Cr | Sep 2025 ₹29 Cr | Dec 2025 ₹37 Cr | Mar 2026 ₹36 Cr | Jun 2026 —
- PSN: Sep 2021 ₹4 Cr | Dec 2021 ₹8 Cr | Mar 2022 ₹4 Cr | Jun 2022 ₹9 Cr | Sep 2022 ₹6 Cr | Dec 2022 ₹11 Cr | Mar 2023 ₹8 Cr | Jun 2023 ₹10 Cr | Sep 2023 ₹13 Cr | Dec 2023 ₹10 Cr | Mar 2024 ₹9 Cr | Jun 2024 ₹9 Cr | Sep 2024 ₹12 Cr | Dec 2024 ₹19 Cr | Mar 2025 ₹13 Cr | Jun 2025 ₹9 Cr | Sep 2025 ₹13 Cr | Dec 2025 ₹32 Cr | Mar 2026 ₹15 Cr | Jun 2026 —
- G: Sep 2021 ₹12 Cr | Dec 2021 ₹22 Cr | Mar 2022 ₹17 Cr | Jun 2022 ₹10 Cr | Sep 2022 ₹8 Cr | Dec 2022 ₹15 Cr | Mar 2023 ₹13 Cr | Jun 2023 ₹11 Cr | Sep 2023 ₹13 Cr | Dec 2023 ₹18 Cr | Mar 2024 ₹24 Cr | Jun 2024 ₹19 Cr | Sep 2024 ₹20 Cr | Dec 2024 ₹20 Cr | Mar 2025 ₹22 Cr | Jun 2025 ₹22 Cr | Sep 2025 ₹16 Cr | Dec 2025 ₹18 Cr | Mar 2026 ₹24 Cr | Jun 2026 —
- EPAM: Sep 2021 ₹21 Cr | Dec 2021 ₹57 Cr | Mar 2022 ₹23 Cr | Jun 2022 ₹18 Cr | Sep 2022 ₹19 Cr | Dec 2022 ₹21 Cr | Mar 2023 ₹8 Cr | Jun 2023 ₹7 Cr | Sep 2023 ₹4 Cr | Dec 2023 ₹10 Cr | Mar 2024 ₹7 Cr | Jun 2024 ₹5 Cr | Sep 2024 ₹5 Cr | Dec 2024 ₹16 Cr | Mar 2025 ₹9 Cr | Jun 2025 ₹10 Cr | Sep 2025 ₹8 Cr | Dec 2025 ₹15 Cr | Mar 2026 ₹18 Cr | Jun 2026 —
- SAIC: Sep 2021 ₹7 Cr | Dec 2021 ₹10 Cr | Mar 2022 ₹9 Cr | Jun 2022 ₹5 Cr | Sep 2022 ₹7 Cr | Dec 2022 ₹6 Cr | Mar 2023 ₹7 Cr | Jun 2023 ₹6 Cr | Sep 2023 ₹6 Cr | Dec 2023 ₹4 Cr | Mar 2024 ₹11 Cr | Jun 2024 ₹6 Cr | Sep 2024 ₹6 Cr | Dec 2024 ₹9 Cr | Mar 2025 ₹15 Cr | Jun 2025 ₹8 Cr | Sep 2025 ₹7 Cr | Dec 2025 ₹9 Cr | Mar 2026 ₹8 Cr | Jun 2026 ₹9 Cr
- EXLS: Sep 2021 ₹9 Cr | Dec 2021 ₹8 Cr | Mar 2022 ₹16 Cr | Jun 2022 ₹9 Cr | Sep 2022 ₹7 Cr | Dec 2022 ₹13 Cr | Mar 2023 ₹12 Cr | Jun 2023 ₹14 Cr | Sep 2023 ₹15 Cr | Dec 2023 ₹12 Cr | Mar 2024 ₹11 Cr | Jun 2024 ₹12 Cr | Sep 2024 ₹13 Cr | Dec 2024 ₹10 Cr | Mar 2025 ₹13 Cr | Jun 2025 ₹14 Cr | Sep 2025 ₹14 Cr | Dec 2025 ₹11 Cr | Mar 2026 ₹13 Cr | Jun 2026 —
- NIQ: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 ₹14 Cr | Mar 2025 ₹3 Cr | Jun 2025 — | Sep 2025 — | Dec 2025 ₹16 Cr | Mar 2026 ₹3 Cr | Jun 2026 —
- PONY: Sep 2021 — | Dec 2021 — | Mar 2022 ₹3 Cr | Jun 2022 ₹3 Cr | Sep 2022 ₹3 Cr | Dec 2022 ₹3 Cr | Mar 2023 ₹1 Cr | Jun 2023 ₹1 Cr | Sep 2023 ₹2 Cr | Dec 2023 ₹2 Cr | Mar 2024 ₹1 Cr | Jun 2024 ₹1 Cr | Sep 2024 ₹5 Cr | Dec 2024 ₹5 Cr | Mar 2025 ₹7 Cr | Jun 2025 ₹7 Cr | Sep 2025 ₹15 Cr | Dec 2025 ₹15 Cr | Mar 2026 — | Jun 2026 —
- KD: Sep 2021 — | Dec 2021 — | Mar 2022 ₹180 Cr | Jun 2022 ₹213 Cr | Sep 2022 ₹253 Cr | Dec 2022 ₹245 Cr | Mar 2023 ₹154 Cr | Jun 2023 ₹100 Cr | Sep 2023 ₹175 Cr | Dec 2023 ₹174 Cr | Mar 2024 ₹202 Cr | Jun 2024 ₹122 Cr | Sep 2024 ₹134 Cr | Dec 2024 ₹109 Cr | Mar 2025 ₹240 Cr | Jun 2025 ₹143 Cr | Sep 2025 ₹129 Cr | Dec 2025 ₹220 Cr | Mar 2026 ₹116 Cr | Jun 2026 —
- CHRN: Sep 2021 — | Dec 2021 ₹0 Cr | Mar 2022 — | Jun 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 — | Dec 2024 — | Mar 2025 ₹0 Cr | Jun 2025 ₹0 Cr | Sep 2025 — | Dec 2025 — | Mar 2026 — | Jun 2026 —
- PENG: Sep 2021 ₹8 Cr | Dec 2021 ₹13 Cr | Mar 2022 ₹7 Cr | Jun 2022 ₹9 Cr | Sep 2022 ₹9 Cr | Dec 2022 ₹8 Cr | Mar 2023 ₹12 Cr | Jun 2023 ₹12 Cr | Sep 2023 ₹8 Cr | Dec 2023 ₹5 Cr | Mar 2024 ₹5 Cr | Jun 2024 ₹4 Cr | Sep 2024 ₹6 Cr | Dec 2024 ₹2 Cr | Mar 2025 ₹2 Cr | Jun 2025 ₹2 Cr | Sep 2025 ₹3 Cr | Dec 2025 ₹3 Cr | Mar 2026 ₹2 Cr | Jun 2026 ₹3 Cr
- KEEL: Sep 2021 ₹29 Cr | Dec 2021 ₹51 Cr | Mar 2022 ₹23 Cr | Jun 2022 ₹79 Cr | Sep 2022 ₹45 Cr | Dec 2022 ₹37 Cr | Mar 2023 ₹8 Cr | Jun 2023 ₹11 Cr | Sep 2023 ₹25 Cr | Dec 2023 ₹5 Cr | Mar 2024 ₹4 Cr | Jun 2024 ₹119 Cr | Sep 2024 ₹46 Cr | Dec 2024 ₹118 Cr | Mar 2025 ₹43 Cr | Jun 2025 ₹19 Cr | Sep 2025 ₹13 Cr | Dec 2025 ₹25 Cr | Mar 2026 ₹10 Cr | Jun 2026 —

### 20-quarter CAPEX intensity history
- IBM: Sep 2021 4.2% | Dec 2021 2.7% | Mar 2022 2.0% | Jun 2022 2.2% | Sep 2022 2.2% | Dec 2022 2.5% | Mar 2023 2.1% | Jun 2023 2.4% | Sep 2023 1.9% | Dec 2023 1.7% | Mar 2024 1.7% | Jun 2024 1.4% | Sep 2024 1.9% | Dec 2024 1.7% | Mar 2025 1.7% | Jun 2025 1.2% | Sep 2025 1.6% | Dec 2025 1.9% | Mar 2026 1.5% | Jun 2026 —
- ACN: Sep 2021 1.8% | Dec 2021 1.2% | Mar 2022 1.1% | Jun 2022 1.2% | Sep 2022 1.1% | Dec 2022 0.6% | Mar 2023 0.7% | Jun 2023 0.9% | Sep 2023 1.1% | Dec 2023 0.4% | Mar 2024 0.7% | Jun 2024 0.8% | Sep 2024 1.3% | Dec 2024 0.9% | Mar 2025 1.0% | Jun 2025 1.0% | Sep 2025 0.6% | Dec 2025 0.8% | Mar 2026 0.8% | Jun 2026 1.0%
- CTSH: Sep 2021 1.1% | Dec 2021 1.4% | Mar 2022 2.5% | Jun 2022 0.9% | Sep 2022 1.6% | Dec 2022 1.9% | Mar 2023 2.0% | Jun 2023 1.4% | Sep 2023 1.5% | Dec 2023 1.6% | Mar 2024 1.7% | Jun 2024 1.6% | Sep 2024 1.1% | Dec 2024 1.6% | Mar 2025 1.5% | Jun 2025 1.3% | Sep 2025 1.2% | Dec 2025 1.4% | Mar 2026 1.4% | Jun 2026 —
- FIS: Sep 2021 1.4% | Dec 2021 3.5% | Mar 2022 3.1% | Jun 2022 1.7% | Sep 2022 1.8% | Dec 2022 2.1% | Mar 2023 1.6% | Jun 2023 1.1% | Sep 2023 0.9% | Dec 2023 1.1% | Mar 2024 1.1% | Jun 2024 0.6% | Sep 2024 1.4% | Dec 2024 0.7% | Mar 2025 1.5% | Jun 2025 1.5% | Sep 2025 2.2% | Dec 2025 0.7% | Mar 2026 1.5% | Jun 2026 —
- CDW: Sep 2021 0.5% | Dec 2021 0.6% | Mar 2022 0.7% | Jun 2022 0.4% | Sep 2022 0.5% | Dec 2022 0.6% | Mar 2023 0.6% | Jun 2023 0.7% | Sep 2023 0.8% | Dec 2023 0.7% | Mar 2024 0.6% | Jun 2024 0.6% | Sep 2024 0.6% | Dec 2024 0.6% | Mar 2025 0.5% | Jun 2025 0.4% | Sep 2025 0.5% | Dec 2025 0.7% | Mar 2026 0.5% | Jun 2026 —
- BR: Sep 2021 0.5% | Dec 2021 0.5% | Mar 2022 0.7% | Jun 2022 0.4% | Sep 2022 0.5% | Dec 2022 0.8% | Mar 2023 0.4% | Jun 2023 0.9% | Sep 2023 0.3% | Dec 2023 0.9% | Mar 2024 1.3% | Jun 2024 0.9% | Sep 2024 0.6% | Dec 2024 0.6% | Mar 2025 0.7% | Jun 2025 0.8% | Sep 2025 0.9% | Dec 2025 0.4% | Mar 2026 0.7% | Jun 2026 —
- GIB: Sep 2021 1.1% | Dec 2021 1.4% | Mar 2022 1.0% | Jun 2022 1.3% | Sep 2022 1.2% | Dec 2022 1.2% | Mar 2023 1.2% | Jun 2023 1.0% | Sep 2023 1.0% | Dec 2023 0.8% | Mar 2024 0.8% | Jun 2024 0.8% | Sep 2024 0.6% | Dec 2024 0.7% | Mar 2025 0.7% | Jun 2025 0.9% | Sep 2025 0.7% | Dec 2025 0.6% | Mar 2026 0.8% | Jun 2026 —
- LDOS: Sep 2021 0.6% | Dec 2021 0.7% | Mar 2022 — | Jun 2022 0.8% | Sep 2022 0.6% | Dec 2022 1.4% | Mar 2023 1.1% | Jun 2023 1.0% | Sep 2023 1.3% | Dec 2023 2.0% | Mar 2024 0.4% | Jun 2024 0.6% | Sep 2024 0.5% | Dec 2024 — | Mar 2025 2.0% | Jun 2025 0.5% | Sep 2025 0.7% | Dec 2025 0.7% | Mar 2026 1.0% | Jun 2026 0.7%
- WSE: Sep 2021 1.2% | Dec 2021 0.5% | Mar 2022 0.5% | Jun 2022 0.4% | Sep 2022 0.4% | Dec 2022 0.3% | Mar 2023 0.3% | Jun 2023 0.5% | Sep 2023 0.5% | Dec 2023 — | Mar 2024 — | Jun 2024 1.1% | Sep 2024 1.1% | Dec 2024 — | Mar 2025 — | Jun 2025 1.0% | Sep 2025 1.0% | Dec 2025 — | Mar 2026 — | Jun 2026 —
- CACI: Sep 2021 0.7% | Dec 2021 0.7% | Mar 2022 1.1% | Jun 2022 2.2% | Sep 2022 0.8% | Dec 2022 0.8% | Mar 2023 0.9% | Jun 2023 1.4% | Sep 2023 0.8% | Dec 2023 0.8% | Mar 2024 0.6% | Jun 2024 1.1% | Sep 2024 0.5% | Dec 2024 0.5% | Mar 2025 0.7% | Jun 2025 1.2% | Sep 2025 0.7% | Dec 2025 0.7% | Mar 2026 1.1% | Jun 2026 —
- JKHY: Sep 2021 1.8% | Dec 2021 2.6% | Mar 2022 1.3% | Jun 2022 1.2% | Sep 2022 1.5% | Dec 2022 2.0% | Mar 2023 2.0% | Jun 2023 2.2% | Sep 2023 1.4% | Dec 2023 3.1% | Mar 2024 1.9% | Jun 2024 4.3% | Sep 2024 2.2% | Dec 2024 3.0% | Mar 2025 2.1% | Jun 2025 2.0% | Sep 2025 1.4% | Dec 2025 3.4% | Mar 2026 2.7% | Jun 2026 —
- IT: Sep 2021 1.2% | Dec 2021 1.6% | Mar 2022 1.3% | Jun 2022 1.5% | Sep 2022 2.4% | Dec 2022 2.5% | Mar 2023 1.5% | Jun 2023 1.7% | Sep 2023 2.0% | Dec 2023 1.8% | Mar 2024 1.6% | Jun 2024 1.8% | Sep 2024 1.8% | Dec 2024 1.4% | Mar 2025 1.7% | Jun 2025 2.1% | Sep 2025 1.9% | Dec 2025 1.4% | Mar 2026 1.3% | Jun 2026 —
- CIFR: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 467% | Mar 2023 86% | Jun 2023 39% | Sep 2023 20% | Dec 2023 40% | Mar 2024 25% | Jun 2024 105% | Sep 2024 733% | Dec 2024 179% | Mar 2025 204% | Jun 2025 71% | Sep 2025 63% | Dec 2025 383% | Mar 2026 1,583% | Jun 2026 —
- APLD: Sep 2021 — | Dec 2021 — | Mar 2022 1,000% | Jun 2022 188% | Sep 2022 457% | Dec 2022 325% | Mar 2023 186% | Jun 2023 159% | Sep 2023 92% | Dec 2023 31% | Mar 2024 91% | Jun 2024 130% | Sep 2024 157% | Dec 2024 475% | Mar 2025 485% | Jun 2025 521% | Sep 2025 389% | Dec 2025 435% | Mar 2026 610% | Jun 2026 —
- INGM: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 0.3% | Mar 2023 — | Jun 2023 0.5% | Sep 2023 0.4% | Dec 2023 0.3% | Mar 2024 0.3% | Jun 2024 0.3% | Sep 2024 0.3% | Dec 2024 0.3% | Mar 2025 0.2% | Jun 2025 0.3% | Sep 2025 0.2% | Dec 2025 0.2% | Mar 2026 0.3% | Jun 2026 —
- PSN: Sep 2021 0.4% | Dec 2021 0.8% | Mar 2022 0.4% | Jun 2022 0.9% | Sep 2022 0.5% | Dec 2022 1.0% | Mar 2023 0.7% | Jun 2023 0.7% | Sep 2023 0.9% | Dec 2023 0.7% | Mar 2024 0.6% | Jun 2024 0.5% | Sep 2024 0.7% | Dec 2024 1.1% | Mar 2025 0.8% | Jun 2025 0.6% | Sep 2025 0.8% | Dec 2025 2.0% | Mar 2026 1.0% | Jun 2026 —
- G: Sep 2021 1.2% | Dec 2021 2.1% | Mar 2022 1.6% | Jun 2022 0.9% | Sep 2022 0.7% | Dec 2022 1.4% | Mar 2023 1.2% | Jun 2023 1.0% | Sep 2023 1.1% | Dec 2023 1.6% | Mar 2024 2.1% | Jun 2024 1.6% | Sep 2024 1.7% | Dec 2024 1.6% | Mar 2025 1.8% | Jun 2025 1.8% | Sep 2025 1.2% | Dec 2025 1.4% | Mar 2026 1.9% | Jun 2026 —
- EPAM: Sep 2021 2.1% | Dec 2021 5.1% | Mar 2022 2.0% | Jun 2022 1.5% | Sep 2022 1.5% | Dec 2022 1.7% | Mar 2023 0.7% | Jun 2023 0.6% | Sep 2023 0.3% | Dec 2023 0.9% | Mar 2024 0.6% | Jun 2024 0.4% | Sep 2024 0.4% | Dec 2024 1.3% | Mar 2025 0.7% | Jun 2025 0.7% | Sep 2025 0.6% | Dec 2025 1.1% | Mar 2026 1.3% | Jun 2026 —
- SAIC: Sep 2021 0.4% | Dec 2021 0.5% | Mar 2022 0.5% | Jun 2022 0.3% | Sep 2022 0.4% | Dec 2022 0.3% | Mar 2023 0.4% | Jun 2023 0.3% | Sep 2023 0.3% | Dec 2023 0.2% | Mar 2024 0.6% | Jun 2024 0.3% | Sep 2024 0.3% | Dec 2024 0.5% | Mar 2025 0.8% | Jun 2025 0.4% | Sep 2025 0.4% | Dec 2025 0.5% | Mar 2026 0.5% | Jun 2026 0.5%
- EXLS: Sep 2021 3.1% | Dec 2021 2.7% | Mar 2022 4.9% | Jun 2022 2.6% | Sep 2022 1.9% | Dec 2022 3.5% | Mar 2023 3.0% | Jun 2023 3.5% | Sep 2023 3.6% | Dec 2023 2.9% | Mar 2024 2.5% | Jun 2024 2.7% | Sep 2024 2.8% | Dec 2024 2.1% | Mar 2025 2.6% | Jun 2025 2.7% | Sep 2025 2.6% | Dec 2025 2.0% | Mar 2026 2.3% | Jun 2026 —
- NIQ: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 1.3% | Mar 2025 0.3% | Jun 2025 — | Sep 2025 — | Dec 2025 1.4% | Mar 2026 0.3% | Jun 2026 —
- PONY: Sep 2021 — | Dec 2021 — | Mar 2022 75% | Jun 2022 75% | Sep 2022 10% | Dec 2022 10% | Mar 2023 17% | Jun 2023 17% | Sep 2023 22% | Dec 2023 3.9% | Mar 2024 7.7% | Jun 2024 8.3% | Sep 2024 33% | Dec 2024 14% | Mar 2025 50% | Jun 2025 33% | Sep 2025 60% | Dec 2025 52% | Mar 2026 — | Jun 2026 —
- KD: Sep 2021 — | Dec 2021 — | Mar 2022 4.1% | Jun 2022 5.0% | Sep 2022 6.1% | Dec 2022 5.7% | Mar 2023 3.6% | Jun 2023 2.4% | Sep 2023 4.3% | Dec 2023 4.4% | Mar 2024 5.2% | Jun 2024 3.3% | Sep 2024 3.6% | Dec 2024 2.9% | Mar 2025 6.3% | Jun 2025 3.8% | Sep 2025 3.5% | Dec 2025 5.7% | Mar 2026 3.1% | Jun 2026 —
- CHRN: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 0.0% | Dec 2022 0.0% | Mar 2023 0.0% | Jun 2023 0.0% | Sep 2023 0.0% | Dec 2023 0.0% | Mar 2024 0.0% | Jun 2024 0.0% | Sep 2024 — | Dec 2024 — | Mar 2025 0.0% | Jun 2025 0.0% | Sep 2025 — | Dec 2025 — | Mar 2026 — | Jun 2026 —
- PENG: Sep 2021 1.7% | Dec 2021 2.8% | Mar 2022 1.6% | Jun 2022 1.9% | Sep 2022 2.1% | Dec 2022 2.0% | Mar 2023 3.1% | Jun 2023 3.5% | Sep 2023 2.5% | Dec 2023 1.8% | Mar 2024 1.8% | Jun 2024 1.3% | Sep 2024 1.9% | Dec 2024 0.6% | Mar 2025 0.5% | Jun 2025 0.6% | Sep 2025 0.9% | Dec 2025 0.9% | Mar 2026 0.6% | Jun 2026 0.6%
- KEEL: Sep 2021 64% | Dec 2021 85% | Mar 2022 58% | Jun 2022 188% | Sep 2022 136% | Dec 2022 137% | Mar 2023 27% | Jun 2023 31% | Sep 2023 71% | Dec 2023 11% | Mar 2024 8.0% | Jun 2024 283% | Sep 2024 170% | Dec 2024 311% | Mar 2025 90% | Jun 2025 25% | Sep 2025 19% | Dec 2025 47% | Mar 2026 27% | Jun 2026 —

## Debt Load & Balance-Sheet Headroom

What the numbers say: Wise Group plc has the clearest covered balance-sheet capacity with $31,901 million net cash and gross debt of $484 million. 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: ChronoScale Holdings Corporation · $4 million | 75% versus #2 · Pony AI Inc. | 5/8 recent comparable periods | 26/26 companies · 474 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. ChronoScale Holdings Corporation (CHRN): ₹4 Cr
2. Pony AI Inc. (PONY): ₹16 Cr
3. Jack Henry & Associates, Inc. (JKHY): ₹90 Cr
4. EPAM Systems, Inc. (EPAM): ₹288 Cr
5. Wise Group plc (WSE): ₹484 Cr

### Net debt — lowest net debt
1. Wise Group plc (WSE): ₹-31.9K Cr
2. Accenture plc (ACN): ₹-1.8K Cr
3. Pony AI Inc. (PONY): ₹-1.1K Cr
4. EPAM Systems, Inc. (EPAM): ₹-749 Cr
5. Cognizant Technology Solutions Corporation (CTSH): ₹-425 Cr

### 20-quarter Gross debt history
- IBM: Sep 2021 ₹59.0K Cr | Dec 2021 ₹55.1K Cr | Mar 2022 ₹57.5K Cr | Jun 2022 ₹53.4K Cr | Sep 2022 ₹53.8K Cr | Dec 2022 ₹54.0K Cr | Mar 2023 ₹61.7K Cr | Jun 2023 ₹60.3K Cr | Sep 2023 ₹58.5K Cr | Dec 2023 ₹59.9K Cr | Mar 2024 ₹62.9K Cr | Jun 2024 ₹59.8K Cr | Sep 2024 ₹60.1K Cr | Dec 2024 ₹58.4K Cr | Mar 2025 ₹66.8K Cr | Jun 2025 ₹67.7K Cr | Sep 2025 ₹66.6K Cr | Dec 2025 ₹64.6K Cr | Mar 2026 ₹69.8K Cr | Jun 2026 —
- ACN: Sep 2021 ₹3.5K Cr | Dec 2021 ₹3.5K Cr | Mar 2022 ₹3.6K Cr | Jun 2022 ₹3.5K Cr | Sep 2022 ₹3.3K Cr | Dec 2022 ₹3.3K Cr | Mar 2023 ₹3.2K Cr | Jun 2023 ₹3.1K Cr | Sep 2023 ₹3.1K Cr | Dec 2023 ₹3.1K Cr | Mar 2024 ₹3.2K Cr | Jun 2024 ₹4.6K Cr | Sep 2024 ₹4.1K Cr | Dec 2024 ₹8.1K Cr | Mar 2025 ₹8.1K Cr | Jun 2025 ₹8.2K Cr | Sep 2025 ₹8.2K Cr | Dec 2025 ₹8.2K Cr | Mar 2026 ₹8.3K Cr | Jun 2026 ₹8.4K Cr
- CTSH: Sep 2021 ₹1.7K Cr | Dec 2021 ₹1.6K Cr | Mar 2022 ₹1.6K Cr | Jun 2022 ₹1.6K Cr | Sep 2022 ₹1.5K Cr | Dec 2022 ₹1.5K Cr | Mar 2023 ₹1.5K Cr | Jun 2023 ₹1.5K Cr | Sep 2023 ₹1.4K Cr | Dec 2023 ₹1.3K Cr | Mar 2024 ₹1.3K Cr | Jun 2024 ₹1.2K Cr | Sep 2024 ₹1.9K Cr | Dec 2024 ₹1.5K Cr | Mar 2025 ₹1.2K Cr | Jun 2025 ₹1.2K Cr | Sep 2025 ₹1.2K Cr | Dec 2025 ₹1.2K Cr | Mar 2026 ₹1.1K Cr | Jun 2026 —
- FIS: Sep 2021 ₹19.8K Cr | Dec 2021 ₹20.4K Cr | Mar 2022 ₹19.2K Cr | Jun 2022 ₹18.5K Cr | Sep 2022 ₹18.9K Cr | Dec 2022 ₹20.1K Cr | Mar 2023 ₹20.0K Cr | Jun 2023 ₹19.5K Cr | Sep 2023 ₹18.7K Cr | Dec 2023 ₹19.1K Cr | Mar 2024 ₹11.2K Cr | Jun 2024 ₹11.2K Cr | Sep 2024 ₹10.9K Cr | Dec 2024 ₹11.3K Cr | Mar 2025 ₹12.0K Cr | Jun 2025 ₹12.9K Cr | Sep 2025 ₹13.0K Cr | Dec 2025 ₹13.1K Cr | Mar 2026 ₹21.1K Cr | Jun 2026 —
- CDW: Sep 2021 ₹4.2K Cr | Dec 2021 ₹7.0K Cr | Mar 2022 ₹6.8K Cr | Jun 2022 ₹6.8K Cr | Sep 2022 ₹6.3K Cr | Dec 2022 ₹6.1K Cr | Mar 2023 ₹6.0K Cr | Jun 2023 ₹5.9K Cr | Sep 2023 ₹5.9K Cr | Dec 2023 ₹5.8K Cr | Mar 2024 ₹5.8K Cr | Jun 2024 ₹5.8K Cr | Sep 2024 ₹6.2K Cr | Dec 2024 ₹6.0K Cr | Mar 2025 ₹6.0K Cr | Jun 2025 ₹5.8K Cr | Sep 2025 ₹5.8K Cr | Dec 2025 ₹5.8K Cr | Mar 2026 ₹5.8K Cr | Jun 2026 —
- BR: Sep 2021 ₹4.2K Cr | Dec 2021 ₹4.2K Cr | Mar 2022 ₹4.2K Cr | Jun 2022 ₹3.8K Cr | Sep 2022 ₹4.1K Cr | Dec 2022 ₹4.1K Cr | Mar 2023 ₹4.1K Cr | Jun 2023 ₹3.4K Cr | Sep 2023 ₹3.7K Cr | Dec 2023 ₹3.7K Cr | Mar 2024 ₹3.5K Cr | Jun 2024 ₹3.4K Cr | Sep 2024 ₹3.6K Cr | Dec 2024 ₹3.7K Cr | Mar 2025 ₹3.4K Cr | Jun 2025 ₹3.3K Cr | Sep 2025 ₹3.3K Cr | Dec 2025 ₹3.2K Cr | Mar 2026 ₹3.2K Cr | Jun 2026 —
- GIB: Sep 2021 ₹4.2K Cr | Dec 2021 ₹3.8K Cr | Mar 2022 ₹3.7K Cr | Jun 2022 ₹3.8K Cr | Sep 2022 ₹4.0K Cr | Dec 2022 ₹3.9K Cr | Mar 2023 ₹3.9K Cr | Jun 2023 ₹3.8K Cr | Sep 2023 ₹3.7K Cr | Dec 2023 ₹3.0K Cr | Mar 2024 ₹3.0K Cr | Jun 2024 ₹3.0K Cr | Sep 2024 ₹3.3K Cr | Dec 2024 ₹3.4K Cr | Mar 2025 ₹4.4K Cr | Jun 2025 ₹4.2K Cr | Sep 2025 ₹4.3K Cr | Dec 2025 ₹4.3K Cr | Mar 2026 ₹4.3K Cr | Jun 2026 —
- LDOS: Sep 2021 ₹6.2K Cr | Dec 2021 ₹6.2K Cr | Mar 2022 — | Jun 2022 ₹6.3K Cr | Sep 2022 ₹6.9K Cr | Dec 2022 ₹6.5K Cr | Mar 2023 ₹5.9K Cr | Jun 2023 ₹5.7K Cr | Sep 2023 ₹5.2K Cr | Dec 2023 ₹5.2K Cr | Mar 2024 ₹5.2K Cr | Jun 2024 ₹5.7K Cr | Sep 2024 ₹5.7K Cr | Dec 2024 — | Mar 2025 ₹5.9K Cr | Jun 2025 ₹5.9K Cr | Sep 2025 ₹5.8K Cr | Dec 2025 ₹5.2K Cr | Mar 2026 ₹5.3K Cr | Jun 2026 ₹7.3K Cr
- WSE: Sep 2021 ₹133 Cr | Dec 2021 ₹126 Cr | Mar 2022 ₹126 Cr | Jun 2022 ₹194 Cr | Sep 2022 ₹194 Cr | Dec 2022 ₹326 Cr | Mar 2023 ₹326 Cr | Jun 2023 ₹379 Cr | Sep 2023 ₹379 Cr | Dec 2023 ₹283 Cr | Mar 2024 ₹283 Cr | Jun 2024 ₹70 Cr | Sep 2024 ₹70 Cr | Dec 2024 ₹239 Cr | Mar 2025 ₹239 Cr | Jun 2025 ₹405 Cr | Sep 2025 ₹405 Cr | Dec 2025 ₹484 Cr | Mar 2026 ₹484 Cr | Jun 2026 —
- CACI: Sep 2021 ₹2.1K Cr | Dec 2021 ₹2.5K Cr | Mar 2022 ₹2.2K Cr | Jun 2022 ₹2.0K Cr | Sep 2022 ₹1.9K Cr | Dec 2022 ₹1.9K Cr | Mar 2023 ₹2.1K Cr | Jun 2023 ₹2.0K Cr | Sep 2023 ₹2.1K Cr | Dec 2023 ₹2.1K Cr | Mar 2024 ₹2.0K Cr | Jun 2024 ₹1.9K Cr | Sep 2024 ₹2.2K Cr | Dec 2024 ₹3.4K Cr | Mar 2025 ₹3.5K Cr | Jun 2025 ₹3.3K Cr | Sep 2025 ₹3.2K Cr | Dec 2025 ₹3.4K Cr | Mar 2026 ₹5.6K Cr | Jun 2026 —
- JKHY: Sep 2021 ₹65 Cr | Dec 2021 ₹240 Cr | Mar 2022 ₹225 Cr | Jun 2022 ₹115 Cr | Sep 2022 ₹245 Cr | Dec 2022 ₹275 Cr | Mar 2023 ₹375 Cr | Jun 2023 ₹275 Cr | Sep 2023 ₹245 Cr | Dec 2023 ₹255 Cr | Mar 2024 ₹250 Cr | Jun 2024 ₹150 Cr | Sep 2024 ₹140 Cr | Dec 2024 ₹150 Cr | Mar 2025 ₹170 Cr | Jun 2025 ₹0 Cr | Sep 2025 ₹20 Cr | Dec 2025 ₹20 Cr | Mar 2026 ₹90 Cr | Jun 2026 —
- IT: Sep 2021 ₹3.2K Cr | Dec 2021 ₹3.2K Cr | Mar 2022 ₹3.1K Cr | Jun 2022 ₹3.1K Cr | Sep 2022 ₹3.1K Cr | Dec 2022 ₹3.1K Cr | Mar 2023 ₹3.0K Cr | Jun 2023 ₹3.0K Cr | Sep 2023 ₹3.0K Cr | Dec 2023 ₹3.0K Cr | Mar 2024 ₹2.9K Cr | Jun 2024 ₹2.9K Cr | Sep 2024 ₹2.9K Cr | Dec 2024 ₹2.8K Cr | Mar 2025 ₹2.8K Cr | Jun 2025 ₹2.8K Cr | Sep 2025 ₹2.8K Cr | Dec 2025 ₹3.3K Cr | Mar 2026 ₹3.3K Cr | Jun 2026 —
- CIFR: Sep 2021 ₹0 Cr | Dec 2021 ₹0 Cr | Mar 2022 ₹0 Cr | Jun 2022 ₹0 Cr | 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 ₹32 Cr | Mar 2025 ₹35 Cr | Jun 2025 ₹167 Cr | Sep 2025 ₹1.5K Cr | Dec 2025 ₹2.7K Cr | Mar 2026 ₹4.7K Cr | Jun 2026 —
- APLD: Sep 2021 ₹1 Cr | Dec 2021 ₹1 Cr | Mar 2022 ₹1 Cr | Jun 2022 ₹14 Cr | Sep 2022 ₹22 Cr | Dec 2022 ₹33 Cr | Mar 2023 ₹36 Cr | Jun 2023 ₹92 Cr | Sep 2023 ₹104 Cr | Dec 2023 ₹184 Cr | Mar 2024 ₹294 Cr | Jun 2024 ₹136 Cr | Sep 2024 ₹426 Cr | Dec 2024 ₹799 Cr | Mar 2025 ₹994 Cr | Jun 2025 ₹911 Cr | Sep 2025 ₹700 Cr | Dec 2025 ₹2.6K Cr | Mar 2026 ₹2.8K Cr | Jun 2026 —
- INGM: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 ₹4.8K Cr | Mar 2023 — | Jun 2023 ₹4.7K Cr | Sep 2023 ₹4.4K Cr | Dec 2023 ₹4.4K Cr | Mar 2024 ₹4.4K Cr | Jun 2024 ₹4.1K Cr | Sep 2024 ₹4.3K Cr | Dec 2024 ₹3.8K Cr | Mar 2025 ₹4.0K Cr | Jun 2025 ₹4.2K Cr | Sep 2025 ₹4.3K Cr | Dec 2025 ₹3.7K Cr | Mar 2026 ₹3.8K Cr | Jun 2026 —
- PSN: Sep 2021 ₹803 Cr | Dec 2021 ₹797 Cr | Mar 2022 ₹785 Cr | Jun 2022 ₹980 Cr | Sep 2022 ₹875 Cr | Dec 2022 ₹914 Cr | Mar 2023 ₹907 Cr | Jun 2023 ₹930 Cr | Sep 2023 ₹997 Cr | Dec 2023 ₹922 Cr | Mar 2024 ₹1.4K Cr | Jun 2024 ₹1.4K Cr | Sep 2024 ₹1.4K Cr | Dec 2024 ₹1.4K Cr | Mar 2025 ₹1.4K Cr | Jun 2025 ₹1.5K Cr | Sep 2025 ₹1.4K Cr | Dec 2025 ₹1.4K Cr | Mar 2026 ₹1.7K Cr | Jun 2026 —
- G: Sep 2021 ₹2.0K Cr | Dec 2021 ₹2.0K Cr | Mar 2022 ₹2.2K Cr | Jun 2022 ₹1.8K Cr | Sep 2022 ₹1.7K Cr | Dec 2022 ₹1.7K Cr | Mar 2023 ₹1.7K Cr | Jun 2023 ₹1.6K Cr | Sep 2023 ₹1.5K Cr | Dec 2023 ₹1.5K Cr | Mar 2024 ₹1.5K Cr | Jun 2024 ₹1.9K Cr | Sep 2024 ₹1.8K Cr | Dec 2024 ₹1.4K Cr | Mar 2025 ₹1.4K Cr | Jun 2025 ₹1.5K Cr | Sep 2025 ₹1.4K Cr | Dec 2025 ₹1.7K Cr | Mar 2026 ₹1.7K Cr | Jun 2026 —
- EPAM: Sep 2021 ₹226 Cr | Dec 2021 ₹239 Cr | Mar 2022 ₹228 Cr | Jun 2022 ₹209 Cr | Sep 2022 ₹197 Cr | Dec 2022 ₹190 Cr | Mar 2023 ₹187 Cr | Jun 2023 ₹181 Cr | Sep 2023 ₹174 Cr | Dec 2023 ₹172 Cr | Mar 2024 ₹172 Cr | Jun 2024 ₹166 Cr | Sep 2024 ₹165 Cr | Dec 2024 ₹163 Cr | Mar 2025 ₹158 Cr | Jun 2025 ₹163 Cr | Sep 2025 ₹155 Cr | Dec 2025 ₹144 Cr | Mar 2026 ₹288 Cr | Jun 2026 —
- SAIC: Sep 2021 ₹2.8K Cr | Dec 2021 ₹2.8K Cr | Mar 2022 ₹2.7K Cr | Jun 2022 ₹2.6K Cr | Sep 2022 ₹2.6K Cr | Dec 2022 ₹2.5K Cr | Mar 2023 ₹2.5K Cr | Jun 2023 ₹2.5K Cr | Sep 2023 ₹2.4K Cr | Dec 2023 ₹2.4K Cr | Mar 2024 ₹2.2K Cr | Jun 2024 ₹2.2K Cr | Sep 2024 ₹2.3K Cr | Dec 2024 ₹2.3K Cr | Mar 2025 ₹2.4K Cr | Jun 2025 ₹2.4K Cr | Sep 2025 ₹2.4K Cr | Dec 2025 ₹2.6K Cr | Mar 2026 ₹2.7K Cr | Jun 2026 ₹2.7K Cr
- EXLS: Sep 2021 ₹277 Cr | Dec 2021 ₹347 Cr | Mar 2022 ₹380 Cr | Jun 2022 ₹363 Cr | Sep 2022 ₹341 Cr | Dec 2022 ₹313 Cr | Mar 2023 ₹260 Cr | Jun 2023 ₹285 Cr | Sep 2023 ₹272 Cr | Dec 2023 ₹271 Cr | Mar 2024 ₹418 Cr | Jun 2024 ₹415 Cr | Sep 2024 ₹424 Cr | Dec 2024 ₹365 Cr | Mar 2025 ₹386 Cr | Jun 2025 ₹341 Cr | Sep 2025 ₹434 Cr | Dec 2025 ₹404 Cr | Mar 2026 ₹519 Cr | Jun 2026 —
- NIQ: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 ₹4.3K Cr | Dec 2024 ₹4.3K Cr | Mar 2025 — | Jun 2025 — | Sep 2025 ₹3.8K Cr | Dec 2025 ₹3.8K Cr | Mar 2026 ₹3.8K Cr | Jun 2026 —
- PONY: Sep 2021 ₹0 Cr | Dec 2021 ₹0 Cr | Mar 2022 — | Jun 2022 — | Sep 2022 ₹8 Cr | Dec 2022 ₹8 Cr | Mar 2023 ₹5 Cr | Jun 2023 ₹5 Cr | Sep 2023 ₹6 Cr | Dec 2023 ₹6 Cr | Mar 2024 ₹4 Cr | Jun 2024 ₹4 Cr | Sep 2024 ₹13 Cr | Dec 2024 ₹13 Cr | Mar 2025 ₹12 Cr | Jun 2025 ₹17 Cr | Sep 2025 ₹15 Cr | Dec 2025 ₹15 Cr | Mar 2026 ₹16 Cr | Jun 2026 —
- KD: Sep 2021 ₹1.5K Cr | Dec 2021 ₹4.6K Cr | Mar 2022 ₹4.5K Cr | Jun 2022 ₹4.4K Cr | Sep 2022 ₹4.3K Cr | Dec 2022 ₹4.3K Cr | Mar 2023 ₹4.2K Cr | Jun 2023 ₹4.3K Cr | Sep 2023 ₹4.2K Cr | Dec 2023 ₹4.2K Cr | Mar 2024 ₹4.1K Cr | Jun 2024 ₹4.1K Cr | Sep 2024 ₹4.1K Cr | Dec 2024 ₹4.0K Cr | Mar 2025 ₹4.0K Cr | Jun 2025 ₹4.0K Cr | Sep 2025 ₹4.0K Cr | Dec 2025 ₹4.0K Cr | Mar 2026 ₹5.0K Cr | Jun 2026 —
- CHRN: Sep 2021 ₹2 Cr | Dec 2021 ₹2 Cr | Mar 2022 ₹2 Cr | Jun 2022 ₹2 Cr | Sep 2022 ₹3 Cr | Dec 2022 ₹8 Cr | Mar 2023 ₹8 Cr | Jun 2023 ₹8 Cr | Sep 2023 ₹7 Cr | Dec 2023 ₹7 Cr | Mar 2024 ₹7 Cr | Jun 2024 ₹7 Cr | Sep 2024 ₹6 Cr | Dec 2024 ₹6 Cr | Mar 2025 ₹6 Cr | Jun 2025 ₹5 Cr | Sep 2025 ₹5 Cr | Dec 2025 ₹5 Cr | Mar 2026 ₹4 Cr | Jun 2026 —
- PENG: Sep 2021 ₹398 Cr | Dec 2021 ₹406 Cr | Mar 2022 ₹517 Cr | Jun 2022 ₹530 Cr | Sep 2022 ₹651 Cr | Dec 2022 ₹902 Cr | Mar 2023 ₹898 Cr | Jun 2023 ₹888 Cr | Sep 2023 ₹857 Cr | Dec 2023 ₹841 Cr | Mar 2024 ₹803 Cr | Jun 2024 ₹729 Cr | Sep 2024 ₹718 Cr | Dec 2024 ₹717 Cr | Mar 2025 ₹716 Cr | Jun 2025 ₹723 Cr | Sep 2025 ₹525 Cr | Dec 2025 ₹524 Cr | Mar 2026 ₹504 Cr | Jun 2026 ₹503 Cr
- KEEL: Sep 2021 ₹21 Cr | Dec 2021 ₹85 Cr | Mar 2022 ₹153 Cr | Jun 2022 ₹124 Cr | Sep 2022 ₹96 Cr | Dec 2022 ₹65 Cr | Mar 2023 ₹38 Cr | Jun 2023 ₹32 Cr | Sep 2023 ₹26 Cr | Dec 2023 ₹20 Cr | Mar 2024 ₹16 Cr | Jun 2024 ₹16 Cr | Sep 2024 ₹24 Cr | Dec 2024 ₹23 Cr | Mar 2025 ₹26 Cr | Jun 2025 ₹74 Cr | Sep 2025 ₹74 Cr | Dec 2025 ₹684 Cr | Mar 2026 ₹591 Cr | Jun 2026 —

### 20-quarter Net debt history
- IBM: Sep 2021 ₹50.9K Cr | Dec 2021 ₹47.9K Cr | Mar 2022 ₹47.1K Cr | Jun 2022 ₹45.8K Cr | Sep 2022 ₹44.3K Cr | Dec 2022 ₹45.3K Cr | Mar 2023 ₹44.3K Cr | Jun 2023 ₹44.0K Cr | Sep 2023 ₹47.5K Cr | Dec 2023 ₹46.5K Cr | Mar 2024 ₹43.8K Cr | Jun 2024 ₹46.1K Cr | Sep 2024 ₹46.4K Cr | Dec 2024 ₹43.8K Cr | Mar 2025 ₹49.4K Cr | Jun 2025 ₹52.3K Cr | Sep 2025 ₹51.7K Cr | Dec 2025 ₹50.2K Cr | Mar 2026 ₹58.0K Cr | Jun 2026 —
- ACN: Sep 2021 ₹-4.7K Cr | Dec 2021 ₹-2.2K Cr | Mar 2022 ₹-1.9K Cr | Jun 2022 ₹-3.2K Cr | Sep 2022 ₹-4.6K Cr | Dec 2022 ₹-2.6K Cr | Mar 2023 ₹-3.0K Cr | Jun 2023 ₹-5.4K Cr | Sep 2023 ₹-5.9K Cr | Dec 2023 ₹-4.1K Cr | Mar 2024 ₹-2.0K Cr | Jun 2024 ₹-940 Cr | Sep 2024 ₹-889 Cr | Dec 2024 ₹-165 Cr | Mar 2025 ₹-436 Cr | Jun 2025 ₹-1.5K Cr | Sep 2025 ₹-3.3K Cr | Dec 2025 ₹-1.5K Cr | Mar 2026 ₹-1.1K Cr | Jun 2026 ₹-1.8K Cr
- CTSH: Sep 2021 ₹-735 Cr | Dec 2021 ₹-1.1K Cr | Mar 2022 ₹-712 Cr | Jun 2022 ₹-749 Cr | Sep 2022 ₹-1.2K Cr | Dec 2022 ₹-967 Cr | Mar 2023 ₹-974 Cr | Jun 2023 ₹-614 Cr | Sep 2023 ₹-923 Cr | Dec 2023 ₹-1.3K Cr | Mar 2024 ₹-966 Cr | Jun 2024 ₹-968 Cr | Sep 2024 ₹-162 Cr | Dec 2024 ₹-763 Cr | Mar 2025 ₹-813 Cr | Jun 2025 ₹-631 Cr | Sep 2025 ₹-1.2K Cr | Dec 2025 ₹-762 Cr | Mar 2026 ₹-425 Cr | Jun 2026 —
- FIS: Sep 2021 ₹14.8K Cr | Dec 2021 ₹14.3K Cr | Mar 2022 ₹13.6K Cr | Jun 2022 ₹12.5K Cr | Sep 2022 ₹12.6K Cr | Dec 2022 ₹19.0K Cr | Mar 2023 ₹13.7K Cr | Jun 2023 ₹13.4K Cr | Sep 2023 ₹17.7K Cr | Dec 2023 ₹18.0K Cr | Mar 2024 ₹7.3K Cr | Jun 2024 ₹8.5K Cr | Sep 2024 ₹8.9K Cr | Dec 2024 ₹10.0K Cr | Mar 2025 ₹10.4K Cr | Jun 2025 ₹11.6K Cr | Sep 2025 ₹11.9K Cr | Dec 2025 ₹12.0K Cr | Mar 2026 ₹19.7K Cr | Jun 2026 —
- CDW: Sep 2021 ₹4.0K Cr | Dec 2021 ₹6.8K Cr | Mar 2022 ₹6.4K Cr | Jun 2022 ₹6.2K Cr | Sep 2022 ₹6.0K Cr | Dec 2022 ₹5.8K Cr | Mar 2023 ₹5.7K Cr | Jun 2023 ₹5.7K Cr | Sep 2023 ₹5.4K Cr | Dec 2023 ₹5.2K Cr | Mar 2024 ₹5.0K Cr | Jun 2024 ₹5.1K Cr | Sep 2024 ₹5.0K Cr | Dec 2024 ₹5.3K Cr | Mar 2025 ₹5.3K Cr | Jun 2025 ₹5.3K Cr | Sep 2025 ₹5.3K Cr | Dec 2025 ₹5.2K Cr | Mar 2026 ₹5.2K Cr | Jun 2026 —
- BR: Sep 2021 ₹3.8K Cr | Dec 2021 ₹3.9K Cr | Mar 2022 ₹3.9K Cr | Jun 2022 ₹3.6K Cr | Sep 2022 ₹3.8K Cr | Dec 2022 ₹3.8K Cr | Mar 2023 ₹3.7K Cr | Jun 2023 ₹3.2K Cr | Sep 2023 ₹3.4K Cr | Dec 2023 ₹3.4K Cr | Mar 2024 ₹3.3K Cr | Jun 2024 ₹3.1K Cr | Sep 2024 ₹3.3K Cr | Dec 2024 ₹3.4K Cr | Mar 2025 ₹3.1K Cr | Jun 2025 ₹2.7K Cr | Sep 2025 ₹3.0K Cr | Dec 2025 ₹2.8K Cr | Mar 2026 ₹2.9K Cr | Jun 2026 —
- GIB: Sep 2021 ₹2.5K Cr | Dec 2021 ₹2.6K Cr | Mar 2022 ₹2.7K Cr | Jun 2022 ₹3.1K Cr | Sep 2022 ₹3.0K Cr | Dec 2022 ₹2.6K Cr | Mar 2023 ₹2.6K Cr | Jun 2023 ₹2.3K Cr | Sep 2023 ₹2.2K Cr | Dec 2023 ₹1.9K Cr | Mar 2024 ₹1.8K Cr | Jun 2024 ₹1.9K Cr | Sep 2024 ₹1.8K Cr | Dec 2024 ₹1.6K Cr | Mar 2025 ₹3.3K Cr | Jun 2025 ₹3.1K Cr | Sep 2025 ₹3.5K Cr | Dec 2025 ₹3.5K Cr | Mar 2026 ₹3.6K Cr | Jun 2026 —
- LDOS: Sep 2021 ₹5.9K Cr | Dec 2021 ₹5.6K Cr | Mar 2022 — | Jun 2022 ₹6.0K Cr | Sep 2022 ₹6.6K Cr | Dec 2022 ₹6.0K Cr | Mar 2023 ₹5.5K Cr | Jun 2023 ₹5.3K Cr | Sep 2023 ₹4.5K Cr | Dec 2023 ₹4.4K Cr | Mar 2024 ₹4.6K Cr | Jun 2024 ₹4.9K Cr | Sep 2024 ₹4.5K Cr | Dec 2024 — | Mar 2025 ₹5.1K Cr | Jun 2025 ₹5.0K Cr | Sep 2025 ₹4.9K Cr | Dec 2025 ₹4.3K Cr | Mar 2026 ₹4.1K Cr | Jun 2026 ₹6.8K Cr
- WSE: Sep 2021 ₹-7.1K Cr | Dec 2021 ₹-9.4K Cr | Mar 2022 ₹-9.4K Cr | Jun 2022 ₹-10.8K Cr | Sep 2022 ₹-10.8K Cr | Dec 2022 ₹-13.9K Cr | Mar 2023 ₹-13.9K Cr | Jun 2023 ₹-15.9K Cr | Sep 2023 ₹-15.9K Cr | Dec 2023 ₹-18.1K Cr | Mar 2024 ₹-18.1K Cr | Jun 2024 ₹-21.2K Cr | Sep 2024 ₹-21.2K Cr | Dec 2024 ₹-23.8K Cr | Mar 2025 ₹-23.8K Cr | Jun 2025 ₹-28.5K Cr | Sep 2025 ₹-28.5K Cr | Dec 2025 ₹-31.9K Cr | Mar 2026 ₹-31.9K Cr | Jun 2026 —
- CACI: Sep 2021 ₹2.0K Cr | Dec 2021 ₹2.3K Cr | Mar 2022 ₹2.1K Cr | Jun 2022 ₹1.9K Cr | Sep 2022 ₹1.8K Cr | Dec 2022 ₹1.7K Cr | Mar 2023 ₹2.0K Cr | Jun 2023 ₹1.9K Cr | Sep 2023 ₹2.0K Cr | Dec 2023 ₹2.0K Cr | Mar 2024 ₹1.9K Cr | Jun 2024 ₹1.7K Cr | Sep 2024 ₹1.8K Cr | Dec 2024 ₹3.3K Cr | Mar 2025 ₹3.3K Cr | Jun 2025 ₹3.2K Cr | Sep 2025 ₹3.1K Cr | Dec 2025 ₹3.0K Cr | Mar 2026 ₹5.5K Cr | Jun 2026 —
- JKHY: Sep 2021 ₹21 Cr | Dec 2021 ₹211 Cr | Mar 2022 ₹185 Cr | Jun 2022 ₹66 Cr | Sep 2022 ₹213 Cr | Dec 2022 ₹249 Cr | Mar 2023 ₹348 Cr | Jun 2023 ₹263 Cr | Sep 2023 ₹214 Cr | Dec 2023 ₹228 Cr | Mar 2024 ₹223 Cr | Jun 2024 ₹112 Cr | Sep 2024 ₹97 Cr | Dec 2024 ₹124 Cr | Mar 2025 ₹130 Cr | Jun 2025 ₹-102 Cr | Sep 2025 ₹-16 Cr | Dec 2025 ₹-8 Cr | Mar 2026 ₹69 Cr | Jun 2026 —
- IT: Sep 2021 ₹2.4K Cr | Dec 2021 ₹2.4K Cr | Mar 2022 ₹2.7K Cr | Jun 2022 ₹2.7K Cr | Sep 2022 ₹2.5K Cr | Dec 2022 ₹2.4K Cr | Mar 2023 ₹2.1K Cr | Jun 2023 ₹1.8K Cr | Sep 2023 ₹1.7K Cr | Dec 2023 ₹1.7K Cr | Mar 2024 ₹1.7K Cr | Jun 2024 ₹1.7K Cr | Sep 2024 ₹1.1K Cr | Dec 2024 ₹867 Cr | Mar 2025 ₹695 Cr | Jun 2025 ₹575 Cr | Sep 2025 ₹1.3K Cr | Dec 2025 ₹1.5K Cr | Mar 2026 ₹1.6K Cr | Jun 2026 —
- CIFR: Sep 2021 ₹-282 Cr | Dec 2021 ₹-210 Cr | Mar 2022 ₹-99 Cr | Jun 2022 ₹-37 Cr | Sep 2022 ₹-107 Cr | Dec 2022 ₹-79 Cr | Mar 2023 ₹-76 Cr | Jun 2023 ₹-77 Cr | Sep 2023 ₹-83 Cr | Dec 2023 ₹-180 Cr | Mar 2024 ₹-190 Cr | Jun 2024 ₹-177 Cr | Sep 2024 ₹-114 Cr | Dec 2024 ₹-74 Cr | Mar 2025 ₹-96 Cr | Jun 2025 ₹12 Cr | Sep 2025 ₹156 Cr | Dec 2025 ₹1.8K Cr | Mar 2026 ₹3.5K Cr | Jun 2026 —
- APLD: Sep 2021 ₹-28 Cr | Dec 2021 ₹-13 Cr | Mar 2022 ₹-11 Cr | Jun 2022 ₹-25 Cr | Sep 2022 ₹-19 Cr | Dec 2022 ₹15 Cr | Mar 2023 ₹13 Cr | Jun 2023 ₹63 Cr | Sep 2023 ₹98 Cr | Dec 2023 ₹175 Cr | Mar 2024 ₹290 Cr | Jun 2024 ₹133 Cr | Sep 2024 ₹368 Cr | Dec 2024 ₹513 Cr | Mar 2025 ₹925 Cr | Jun 2025 ₹867 Cr | Sep 2025 ₹626 Cr | Dec 2025 ₹696 Cr | Mar 2026 ₹1.1K Cr | Jun 2026 —
- INGM: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 ₹3.5K Cr | Mar 2023 — | Jun 2023 ₹3.3K Cr | Sep 2023 ₹3.6K Cr | Dec 2023 ₹3.4K Cr | Mar 2024 ₹3.6K Cr | Jun 2024 ₹3.2K Cr | Sep 2024 ₹3.5K Cr | Dec 2024 ₹2.9K Cr | Mar 2025 ₹3.1K Cr | Jun 2025 ₹3.3K Cr | Sep 2025 ₹3.5K Cr | Dec 2025 ₹1.8K Cr | Mar 2026 ₹2.9K Cr | Jun 2026 —
- PSN: Sep 2021 ₹527 Cr | Dec 2021 ₹454 Cr | Mar 2022 ₹499 Cr | Jun 2022 ₹854 Cr | Sep 2022 ₹727 Cr | Dec 2022 ₹651 Cr | Mar 2023 ₹687 Cr | Jun 2023 ₹751 Cr | Sep 2023 ₹792 Cr | Dec 2023 ₹649 Cr | Mar 2024 ₹985 Cr | Jun 2024 ₹870 Cr | Sep 2024 ₹839 Cr | Dec 2024 ₹961 Cr | Mar 2025 ₹1.1K Cr | Jun 2025 ₹1.1K Cr | Sep 2025 ₹961 Cr | Dec 2025 ₹911 Cr | Mar 2026 ₹1.4K Cr | Jun 2026 —
- G: Sep 2021 ₹1.1K Cr | Dec 2021 ₹1.1K Cr | Mar 2022 ₹1.3K Cr | Jun 2022 ₹1.3K Cr | Sep 2022 ₹1.2K Cr | Dec 2022 ₹1.0K Cr | Mar 2023 ₹1.1K Cr | Jun 2023 ₹1.1K Cr | Sep 2023 ₹980 Cr | Dec 2023 ₹901 Cr | Mar 2024 ₹1.0K Cr | Jun 2024 ₹941 Cr | Sep 2024 ₹816 Cr | Dec 2024 ₹756 Cr | Mar 2025 ₹860 Cr | Jun 2025 ₹848 Cr | Sep 2025 ₹668 Cr | Dec 2025 ₹541 Cr | Mar 2026 ₹813 Cr | Jun 2026 —
- EPAM: Sep 2021 ₹-1.0K Cr | Dec 2021 ₹-1.2K Cr | Mar 2022 ₹-1.0K Cr | Jun 2022 ₹-1.1K Cr | Sep 2022 ₹-1.4K Cr | Dec 2022 ₹-1.6K Cr | Mar 2023 ₹-1.6K Cr | Jun 2023 ₹-1.7K Cr | Sep 2023 ₹-1.8K Cr | Dec 2023 ₹-1.9K Cr | Mar 2024 ₹-1.9K Cr | Jun 2024 ₹-1.7K Cr | Sep 2024 ₹-1.9K Cr | Dec 2024 ₹-1.1K Cr | Mar 2025 ₹-1.0K Cr | Jun 2025 ₹-878 Cr | Sep 2025 ₹-1.1K Cr | Dec 2025 ₹-1.2K Cr | Mar 2026 ₹-749 Cr | Jun 2026 —
- SAIC: Sep 2021 ₹2.6K Cr | Dec 2021 ₹2.6K Cr | Mar 2022 ₹2.6K Cr | Jun 2022 ₹2.6K Cr | Sep 2022 ₹2.5K Cr | Dec 2022 ₹2.5K Cr | Mar 2023 ₹2.4K Cr | Jun 2023 ₹2.1K Cr | Sep 2023 ₹2.1K Cr | Dec 2023 ₹2.1K Cr | Mar 2024 ₹2.2K Cr | Jun 2024 ₹2.2K Cr | Sep 2024 ₹2.3K Cr | Dec 2024 ₹2.3K Cr | Mar 2025 ₹2.3K Cr | Jun 2025 ₹2.4K Cr | Sep 2025 ₹2.4K Cr | Dec 2025 ₹2.6K Cr | Mar 2026 ₹2.5K Cr | Jun 2026 ₹2.6K Cr
- EXLS: Sep 2021 ₹-7 Cr | Dec 2021 ₹32 Cr | Mar 2022 ₹111 Cr | Jun 2022 ₹98 Cr | Sep 2022 ₹79 Cr | Dec 2022 ₹15 Cr | Mar 2023 ₹56 Cr | Jun 2023 ₹35 Cr | Sep 2023 ₹-2 Cr | Dec 2023 ₹-20 Cr | Mar 2024 ₹172 Cr | Jun 2024 ₹139 Cr | Sep 2024 ₹98 Cr | Dec 2024 ₹24 Cr | Mar 2025 ₹55 Cr | Jun 2025 ₹-12 Cr | Sep 2025 ₹44 Cr | Dec 2025 ₹76 Cr | Mar 2026 ₹265 Cr | Jun 2026 —
- NIQ: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 ₹4.0K Cr | Dec 2024 ₹4.0K Cr | Mar 2025 — | Jun 2025 — | Sep 2025 ₹3.3K Cr | Dec 2025 ₹3.3K Cr | Mar 2026 ₹3.4K Cr | Jun 2026 —
- PONY: Sep 2021 ₹-419 Cr | Dec 2021 ₹-419 Cr | Mar 2022 — | Jun 2022 — | Sep 2022 ₹-570 Cr | Dec 2022 ₹-570 Cr | Mar 2023 ₹-529 Cr | Jun 2023 ₹-529 Cr | Sep 2023 ₹-584 Cr | Dec 2023 ₹-584 Cr | Mar 2024 ₹-469 Cr | Jun 2024 ₹-469 Cr | Sep 2024 ₹-732 Cr | Dec 2024 ₹-732 Cr | Mar 2025 ₹-618 Cr | Jun 2025 ₹-591 Cr | Sep 2025 ₹-430 Cr | Dec 2025 ₹-1.2K Cr | Mar 2026 ₹-1.1K Cr | Jun 2026 —
- KD: Sep 2021 ₹808 Cr | Dec 2021 ₹2.4K Cr | Mar 2022 ₹2.4K Cr | Jun 2022 ₹2.5K Cr | Sep 2022 ₹2.4K Cr | Dec 2022 ₹2.3K Cr | Mar 2023 ₹2.4K Cr | Jun 2023 ₹2.7K Cr | Sep 2023 ₹2.8K Cr | Dec 2023 ₹2.5K Cr | Mar 2024 ₹2.6K Cr | Jun 2024 ₹2.8K Cr | Sep 2024 ₹2.8K Cr | Dec 2024 ₹2.5K Cr | Mar 2025 ₹2.2K Cr | Jun 2025 ₹2.6K Cr | Sep 2025 ₹2.7K Cr | Dec 2025 ₹2.6K Cr | Mar 2026 ₹2.3K Cr | Jun 2026 —
- CHRN: Sep 2021 ₹-41 Cr | Dec 2021 ₹-38 Cr | Mar 2022 ₹-34 Cr | Jun 2022 ₹-30 Cr | Sep 2022 ₹-26 Cr | Dec 2022 ₹-13 Cr | Mar 2023 ₹-8 Cr | Jun 2023 ₹-5 Cr | Sep 2023 ₹-3 Cr | Dec 2023 ₹-2 Cr | Mar 2024 ₹-2 Cr | Jun 2024 ₹1 Cr | Sep 2024 ₹-2 Cr | Dec 2024 ₹0 Cr | Mar 2025 ₹-2 Cr | Jun 2025 ₹0 Cr | Sep 2025 ₹2 Cr | Dec 2025 ₹4 Cr | Mar 2026 ₹0 Cr | Jun 2026 —
- PENG: Sep 2021 ₹175 Cr | Dec 2021 ₹173 Cr | Mar 2022 ₹151 Cr | Jun 2022 ₹143 Cr | Sep 2022 ₹338 Cr | Dec 2022 ₹577 Cr | Mar 2023 ₹522 Cr | Jun 2023 ₹487 Cr | Sep 2023 ₹466 Cr | Dec 2023 ₹288 Cr | Mar 2024 ₹337 Cr | Jun 2024 ₹261 Cr | Sep 2024 ₹329 Cr | Dec 2024 ₹323 Cr | Mar 2025 ₹69 Cr | Jun 2025 ₹-13 Cr | Sep 2025 ₹71 Cr | Dec 2025 ₹63 Cr | Mar 2026 ₹15 Cr | Jun 2026 ₹63 Cr
- KEEL: Sep 2021 ₹-22 Cr | Dec 2021 ₹-41 Cr | Mar 2022 ₹76 Cr | Jun 2022 ₹78 Cr | Sep 2022 ₹60 Cr | Dec 2022 ₹34 Cr | Mar 2023 ₹9 Cr | Jun 2023 ₹1 Cr | Sep 2023 ₹-21 Cr | Dec 2023 ₹-64 Cr | Mar 2024 ₹-50 Cr | Jun 2024 ₹-123 Cr | Sep 2024 ₹-49 Cr | Dec 2024 ₹-37 Cr | Mar 2025 ₹-13 Cr | Jun 2025 ₹-11 Cr | Sep 2025 ₹-13 Cr | Dec 2025 ₹111 Cr | Mar 2026 ₹234 Cr | Jun 2026 —

## Return On Capital Employed

What the numbers say: Gartner, Inc. leads ROCE at 7.5%, 0.6 percentage points above Accenture plc. ChronoScale Holdings Corporation has the strongest latest improvement at +74.8 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: Gartner, Inc. 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: Gartner, Inc. · 7.5% | 8.7% versus #2 · Accenture plc | 3/8 recent comparable periods | 26/26 companies · 466 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. Gartner, Inc. (IT): 7.5%
2. Accenture plc (ACN): 6.9%
3. ExlService Holdings, Inc. (EXLS): 6.5%
4. Jack Henry & Associates, Inc. (JKHY): 6.0%
5. Broadridge Financial Solutions, Inc. (BR): 5.2%

### ROCE change — fastest improvers
1. ChronoScale Holdings Corporation (CHRN): +74.8 pp
2. Penguin Solutions, Inc. (PENG): +3.4 pp
3. Pony AI Inc. (PONY): +2.6 pp
4. NIQ Global Intelligence plc (NIQ): +2.2 pp
5. Cipher Digital Inc. (CIFR): +1.5 pp

### 20-quarter ROCE history
- IBM: Sep 2021 1.0% | Dec 2021 3.0% | Mar 2022 0.9% | Jun 2022 2.0% | Sep 2022 -4.1% | Dec 2022 3.7% | Mar 2023 1.6% | Jun 2023 2.5% | Sep 2023 2.4% | Dec 2023 4.2% | Mar 2024 1.5% | Jun 2024 2.6% | Sep 2024 -0.4% | Dec 2024 3.6% | Mar 2025 1.5% | Jun 2025 2.9% | Sep 2025 2.7% | Dec 2025 4.3% | Mar 2026 1.6% | Jun 2026 —
- ACN: Sep 2021 — | Dec 2021 9.0% | Mar 2022 7.5% | Jun 2022 9.2% | Sep 2022 7.9% | Dec 2022 8.8% | Mar 2023 6.5% | Jun 2023 7.5% | Sep 2023 6.1% | Dec 2023 7.9% | Mar 2024 6.2% | Jun 2024 7.6% | Sep 2024 6.7% | Dec 2024 7.7% | Mar 2025 5.8% | Jun 2025 7.4% | Sep 2025 5.0% | Dec 2025 6.6% | Mar 2026 5.6% | Jun 2026 6.9%
- CTSH: Sep 2021 5.0% | Dec 2021 5.3% | Mar 2022 5.2% | Jun 2022 5.5% | Sep 2022 5.7% | Dec 2022 4.8% | Mar 2023 4.8% | Jun 2023 4.0% | Sep 2023 4.7% | Dec 2023 4.9% | Mar 2024 4.6% | Jun 2024 4.6% | Sep 2024 4.7% | Dec 2024 4.8% | Mar 2025 5.3% | Jun 2025 5.0% | Sep 2025 5.2% | Dec 2025 11% | Mar 2026 5.0% | Jun 2026 —
- FIS: Sep 2021 0.2% | Dec 2021 0.6% | Mar 2022 0.2% | Jun 2022 0.6% | Sep 2022 0.6% | Dec 2022 0.6% | Mar 2023 0.5% | Jun 2023 0.7% | Sep 2023 0.9% | Dec 2023 0.8% | Mar 2024 0.9% | Jun 2024 1.1% | Sep 2024 1.5% | Dec 2024 1.5% | Mar 2025 1.2% | Jun 2025 1.5% | Sep 2025 1.7% | Dec 2025 2.0% | Mar 2026 1.4% | Jun 2026 —
- CDW: Sep 2021 7.3% | Dec 2021 5.0% | Mar 2022 5.8% | Jun 2022 6.5% | Sep 2022 7.0% | Dec 2022 5.5% | Mar 2023 4.4% | Jun 2023 5.1% | Sep 2023 5.9% | Dec 2023 5.4% | Mar 2024 4.1% | Jun 2024 5.6% | Sep 2024 5.7% | Dec 2024 4.8% | Mar 2025 4.2% | Jun 2025 5.0% | Sep 2025 4.8% | Dec 2025 4.8% | Mar 2026 4.2% | Jun 2026 —
- BR: Sep 2021 1.9% | Dec 2021 1.2% | Mar 2022 4.3% | Jun 2022 5.0% | Sep 2022 1.2% | Dec 2022 1.5% | Mar 2023 4.0% | Jun 2023 7.2% | Sep 2023 2.1% | Dec 2023 1.8% | Mar 2024 4.2% | Jun 2024 7.0% | Sep 2024 1.9% | Dec 2024 3.0% | Mar 2025 4.9% | Jun 2025 7.4% | Sep 2025 2.7% | Dec 2025 2.9% | Mar 2026 5.2% | Jun 2026 —
- GIB: Sep 2021 4.0% | Dec 2021 4.4% | Mar 2022 4.7% | Jun 2022 4.5% | Sep 2022 4.3% | Dec 2022 4.6% | Mar 2023 5.1% | Jun 2023 4.9% | Sep 2023 4.9% | Dec 2023 4.6% | Mar 2024 5.0% | Jun 2024 5.1% | Sep 2024 4.9% | Dec 2024 4.7% | Mar 2025 4.4% | Jun 2025 4.1% | Sep 2025 3.8% | Dec 2025 4.3% | Mar 2026 4.2% | Jun 2026 —
- LDOS: Sep 2021 — | Dec 2021 3.2% | Mar 2022 — | Jun 2022 2.8% | Sep 2022 2.9% | Dec 2022 2.8% | Mar 2023 2.7% | Jun 2023 3.5% | Sep 2023 -3.6% | Dec 2023 3.8% | Mar 2024 4.2% | Jun 2024 4.9% | Sep 2024 5.4% | Dec 2024 — | Mar 2025 4.4% | Jun 2025 5.3% | Sep 2025 5.7% | Dec 2025 5.3% | Mar 2026 4.7% | Jun 2026 4.5%
- WSE: Sep 2021 3.0% | Dec 2021 2.9% | Mar 2022 2.9% | Jun 2022 4.5% | Sep 2022 4.5% | Dec 2022 9.2% | Mar 2023 9.2% | Jun 2023 15% | Sep 2023 15% | Dec 2023 0.0% | Mar 2024 0.0% | Jun 2024 15% | Sep 2024 15% | Dec 2024 0.0% | Mar 2025 0.0% | Jun 2025 8.7% | Sep 2025 8.7% | Dec 2025 0.0% | Mar 2026 0.0% | Jun 2026 —
- CACI: Sep 2021 2.4% | Dec 2021 2.3% | Mar 2022 2.3% | Jun 2022 2.2% | Sep 2022 2.4% | Dec 2022 2.3% | Mar 2023 2.8% | Jun 2023 2.7% | Sep 2023 2.5% | Dec 2023 2.4% | Mar 2024 3.2% | Jun 2024 3.5% | Sep 2024 3.0% | Dec 2024 2.8% | Mar 2025 3.0% | Jun 2025 3.1% | Sep 2025 3.1% | Dec 2025 2.7% | Mar 2026 2.6% | Jun 2026 —
- JKHY: Sep 2021 7.1% | Dec 2021 6.5% | Mar 2022 5.8% | Jun 2022 5.6% | Sep 2022 7.1% | Dec 2022 5.3% | Mar 2023 5.1% | Jun 2023 6.0% | Sep 2023 6.1% | Dec 2023 5.3% | Mar 2024 4.8% | Jun 2024 5.5% | Sep 2024 6.5% | Dec 2024 5.2% | Mar 2025 5.7% | Jun 2025 6.5% | Sep 2025 7.4% | Dec 2025 6.3% | Mar 2026 6.0% | Jun 2026 —
- IT: Sep 2021 5.5% | Dec 2021 4.4% | Mar 2022 5.5% | Jun 2022 7.7% | Sep 2022 6.7% | Dec 2022 8.6% | Mar 2023 11% | Jun 2023 7.6% | Sep 2023 6.6% | Dec 2023 7.8% | Mar 2024 6.9% | Jun 2024 8.0% | Sep 2024 5.9% | Dec 2024 7.4% | Mar 2025 6.3% | Jun 2025 7.5% | Sep 2025 2.1% | Dec 2025 7.8% | Mar 2026 7.5% | Jun 2026 —
- CIFR: Sep 2021 -1.2% | Dec 2021 0.0% | Mar 2022 -6.8% | Jun 2022 -12% | Sep 2022 -15% | Dec 2022 -14% | Mar 2023 -1.1% | Jun 2023 -3.5% | Sep 2023 -5.0% | Dec 2023 3.3% | Mar 2024 -9.1% | Jun 2024 -2.9% | Sep 2024 -17% | Dec 2024 -2.7% | Mar 2025 -5.4% | Jun 2025 -5.3% | Sep 2025 -2.5% | Dec 2025 -14% | Mar 2026 -3.9% | Jun 2026 —
- APLD: Sep 2021 -58% | Dec 2021 -5.8% | Mar 2022 -9.1% | Jun 2022 -8.2% | Sep 2022 -5.9% | Dec 2022 -37% | Mar 2023 -10% | Jun 2023 -4.2% | Sep 2023 -5.0% | Dec 2023 -4.2% | Mar 2024 -28% | Jun 2024 -16% | Sep 2024 6.8% | Dec 2024 -1.8% | Mar 2025 -2.4% | Jun 2025 -2.6% | Sep 2025 -2.3% | Dec 2025 -1.1% | Mar 2026 -2.6% | Jun 2026 —
- INGM: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 0.0% | Mar 2023 — | Jun 2023 4.9% | Sep 2023 2.8% | Dec 2023 4.3% | Mar 2024 2.2% | Jun 2024 4.9% | Sep 2024 2.9% | Dec 2024 3.3% | Mar 2025 2.7% | Jun 2025 1.9% | Sep 2025 2.9% | Dec 2025 4.1% | Mar 2026 3.0% | Jun 2026 —
- PSN: Sep 2021 1.5% | Dec 2021 1.7% | Mar 2022 1.3% | Jun 2022 1.1% | Sep 2022 2.2% | Dec 2022 1.8% | Mar 2023 1.7% | Jun 2023 2.5% | Sep 2023 2.7% | Dec 2023 2.4% | Mar 2024 3.0% | Jun 2024 3.2% | Sep 2024 3.2% | Dec 2024 2.9% | Mar 2025 3.0% | Jun 2025 2.4% | Sep 2025 2.7% | Dec 2025 2.7% | Mar 2026 2.4% | Jun 2026 —
- G: Sep 2021 3.6% | Dec 2021 3.1% | Mar 2022 3.6% | Jun 2022 3.1% | Sep 2022 3.9% | Dec 2022 3.6% | Mar 2023 4.1% | Jun 2023 4.5% | Sep 2023 5.1% | Dec 2023 4.7% | Mar 2024 4.5% | Jun 2024 4.5% | Sep 2024 4.7% | Dec 2024 5.1% | Mar 2025 4.8% | Jun 2025 4.5% | Sep 2025 4.8% | Dec 2025 4.7% | Mar 2026 4.8% | Jun 2026 —
- EPAM: Sep 2021 6.1% | Dec 2021 6.6% | Mar 2022 5.0% | Jun 2022 3.5% | Sep 2022 6.4% | Dec 2022 5.7% | Mar 2023 3.9% | Jun 2023 4.5% | Sep 2023 3.5% | Dec 2023 3.5% | Mar 2024 3.1% | Jun 2024 3.4% | Sep 2024 4.8% | Dec 2024 3.6% | Mar 2025 2.6% | Jun 2025 3.3% | Sep 2025 3.7% | Dec 2025 3.8% | Mar 2026 3.0% | Jun 2026 —
- SAIC: Sep 2021 — | Dec 2021 2.5% | Mar 2022 1.9% | Jun 2022 2.8% | Sep 2022 2.8% | Dec 2022 3.0% | Mar 2023 2.7% | Jun 2023 3.6% | Sep 2023 8.1% | Dec 2023 3.2% | Mar 2024 1.8% | Jun 2024 3.1% | Sep 2024 3.2% | Dec 2024 3.8% | Mar 2025 3.4% | Jun 2025 3.1% | Sep 2025 3.6% | Dec 2025 3.1% | Mar 2026 3.2% | Jun 2026 4.5%
- EXLS: Sep 2021 4.3% | Dec 2021 4.0% | Mar 2022 4.2% | Jun 2022 4.7% | Sep 2022 5.1% | Dec 2022 5.5% | Mar 2023 5.7% | Jun 2023 6.1% | Sep 2023 5.7% | Dec 2023 5.0% | Mar 2024 5.6% | Jun 2024 5.3% | Sep 2024 5.7% | Dec 2024 5.8% | Mar 2025 6.0% | Jun 2025 6.1% | Sep 2025 5.5% | Dec 2025 5.8% | Mar 2026 6.5% | Jun 2026 —
- NIQ: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 -0.6% | Dec 2024 -1.0% | Mar 2025 — | Jun 2025 — | Sep 2025 -0.7% | Dec 2025 1.2% | Mar 2026 -0.4% | Jun 2026 —
- PONY: Sep 2021 0.0% | Dec 2021 0.0% | Mar 2022 — | Jun 2022 — | Sep 2022 -5.5% | Dec 2022 -5.5% | Mar 2023 -12% | Jun 2023 -12% | Sep 2023 -5.5% | Dec 2023 -3.7% | Mar 2024 -5.4% | Jun 2024 -5.7% | Sep 2024 -4.8% | Dec 2024 -21% | Mar 2025 -7.1% | Jun 2025 -8.0% | Sep 2025 -7.7% | Dec 2025 -5.5% | Mar 2026 -4.5% | Jun 2026 —
- KD: Sep 2021 -5.7% | Dec 2021 -8.7% | Mar 2022 -4.0% | Jun 2022 -2.5% | Sep 2022 -2.6% | Dec 2022 -1.4% | Mar 2023 -3.5% | Jun 2023 -1.1% | Sep 2023 -1.2% | Dec 2023 1.3% | Mar 2024 0.4% | Jun 2024 1.5% | Sep 2024 0.3% | Dec 2024 4.8% | Mar 2025 2.3% | Jun 2025 1.7% | Sep 2025 1.8% | Dec 2025 1.8% | Mar 2026 2.6% | Jun 2026 —
- CHRN: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 -9.4% | Dec 2022 -12% | Mar 2023 -14% | Jun 2023 -14% | Sep 2023 -11% | Dec 2023 -13% | Mar 2024 -13% | Jun 2024 -251% | Sep 2024 -12% | Dec 2024 -11% | Mar 2025 -188% | Jun 2025 -139% | Sep 2025 -8.1% | Dec 2025 187% | Mar 2026 -113% | Jun 2026 —
- PENG: Sep 2021 — | Dec 2021 5.4% | Mar 2022 2.3% | Jun 2022 4.1% | Sep 2022 3.0% | Dec 2022 1.5% | Mar 2023 -0.2% | Jun 2023 -0.2% | Sep 2023 -0.2% | Dec 2023 0.1% | Mar 2024 -0.3% | Jun 2024 1.0% | Sep 2024 0.8% | Dec 2024 1.4% | Mar 2025 1.4% | Jun 2025 0.8% | Sep 2025 1.1% | Dec 2025 1.7% | Mar 2026 2.1% | Jun 2026 4.2%
- KEEL: Sep 2021 21% | Dec 2021 6.5% | Mar 2022 2.1% | Jun 2022 -59% | Sep 2022 -33% | Dec 2022 -5.6% | Mar 2023 -3.8% | Jun 2023 -7.6% | Sep 2023 -6.2% | Dec 2023 -4.4% | Mar 2024 0.0% | Jun 2024 -7.3% | Sep 2024 -6.6% | Dec 2024 5.2% | Mar 2025 -6.5% | Jun 2025 -1.4% | Sep 2025 -3.0% | Dec 2025 -12% | Mar 2026 -12% | Jun 2026 —

### 20-quarter ROCE change history
- IBM: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 −5.1 pp | Dec 2022 +0.7 pp | Mar 2023 +0.7 pp | Jun 2023 +0.5 pp | Sep 2023 +6.5 pp | Dec 2023 +0.5 pp | Mar 2024 −0.1 pp | Jun 2024 +0.1 pp | Sep 2024 −2.8 pp | Dec 2024 −0.6 pp | Mar 2025 0.0 pp | Jun 2025 +0.3 pp | Sep 2025 +3.1 pp | Dec 2025 +0.7 pp | Mar 2026 +0.1 pp | Jun 2026 —
- ACN: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 −0.2 pp | Mar 2023 −1.0 pp | Jun 2023 −1.7 pp | Sep 2023 −1.8 pp | Dec 2023 −0.9 pp | Mar 2024 −0.3 pp | Jun 2024 +0.1 pp | Sep 2024 +0.6 pp | Dec 2024 −0.2 pp | Mar 2025 −0.4 pp | Jun 2025 −0.2 pp | Sep 2025 −1.7 pp | Dec 2025 −1.1 pp | Mar 2026 −0.2 pp | Jun 2026 −0.5 pp
- CTSH: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 +0.7 pp | Dec 2022 −0.5 pp | Mar 2023 −0.4 pp | Jun 2023 −1.5 pp | Sep 2023 −1.0 pp | Dec 2023 +0.1 pp | Mar 2024 −0.2 pp | Jun 2024 +0.6 pp | Sep 2024 0.0 pp | Dec 2024 −0.1 pp | Mar 2025 +0.7 pp | Jun 2025 +0.4 pp | Sep 2025 +0.5 pp | Dec 2025 +6.0 pp | Mar 2026 −0.3 pp | Jun 2026 —
- FIS: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 +0.4 pp | Dec 2022 0.0 pp | Mar 2023 +0.3 pp | Jun 2023 +0.1 pp | Sep 2023 +0.3 pp | Dec 2023 +0.2 pp | Mar 2024 +0.4 pp | Jun 2024 +0.4 pp | Sep 2024 +0.6 pp | Dec 2024 +0.7 pp | Mar 2025 +0.3 pp | Jun 2025 +0.4 pp | Sep 2025 +0.2 pp | Dec 2025 +0.5 pp | Mar 2026 +0.2 pp | Jun 2026 —
- CDW: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 −0.3 pp | Dec 2022 +0.5 pp | Mar 2023 −1.4 pp | Jun 2023 −1.4 pp | Sep 2023 −1.1 pp | Dec 2023 −0.1 pp | Mar 2024 −0.3 pp | Jun 2024 +0.5 pp | Sep 2024 −0.2 pp | Dec 2024 −0.6 pp | Mar 2025 +0.1 pp | Jun 2025 −0.6 pp | Sep 2025 −0.9 pp | Dec 2025 0.0 pp | Mar 2026 0.0 pp | Jun 2026 —
- BR: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 −0.7 pp | Dec 2022 +0.3 pp | Mar 2023 −0.3 pp | Jun 2023 +2.2 pp | Sep 2023 +0.9 pp | Dec 2023 +0.3 pp | Mar 2024 +0.2 pp | Jun 2024 −0.2 pp | Sep 2024 −0.2 pp | Dec 2024 +1.2 pp | Mar 2025 +0.7 pp | Jun 2025 +0.4 pp | Sep 2025 +0.8 pp | Dec 2025 −0.1 pp | Mar 2026 +0.3 pp | Jun 2026 —
- GIB: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 +0.3 pp | Dec 2022 +0.2 pp | Mar 2023 +0.4 pp | Jun 2023 +0.4 pp | Sep 2023 +0.6 pp | Dec 2023 0.0 pp | Mar 2024 −0.1 pp | Jun 2024 +0.2 pp | Sep 2024 0.0 pp | Dec 2024 +0.1 pp | Mar 2025 −0.6 pp | Jun 2025 −1.0 pp | Sep 2025 −1.1 pp | Dec 2025 −0.4 pp | Mar 2026 −0.2 pp | Jun 2026 —
- LDOS: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 −0.4 pp | Mar 2023 — | Jun 2023 +0.7 pp | Sep 2023 −6.5 pp | Dec 2023 +1.0 pp | Mar 2024 +1.5 pp | Jun 2024 +1.4 pp | Sep 2024 +9.0 pp | Dec 2024 — | Mar 2025 +0.2 pp | Jun 2025 +0.4 pp | Sep 2025 +0.3 pp | Dec 2025 — | Mar 2026 +0.3 pp | Jun 2026 −0.8 pp
- WSE: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 +1.5 pp | Dec 2022 +6.3 pp | Mar 2023 +6.3 pp | Jun 2023 +10.2 pp | Sep 2023 +10.2 pp | Dec 2023 −9.2 pp | Mar 2024 −9.2 pp | Jun 2024 +0.5 pp | Sep 2024 +0.5 pp | Dec 2024 0.0 pp | Mar 2025 0.0 pp | Jun 2025 −6.5 pp | Sep 2025 −6.5 pp | Dec 2025 0.0 pp | Mar 2026 0.0 pp | Jun 2026 —
- CACI: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 0.0 pp | Dec 2022 0.0 pp | Mar 2023 +0.5 pp | Jun 2023 +0.5 pp | Sep 2023 +0.1 pp | Dec 2023 +0.1 pp | Mar 2024 +0.4 pp | Jun 2024 +0.8 pp | Sep 2024 +0.5 pp | Dec 2024 +0.4 pp | Mar 2025 −0.2 pp | Jun 2025 −0.4 pp | Sep 2025 +0.1 pp | Dec 2025 −0.1 pp | Mar 2026 −0.4 pp | Jun 2026 —
- JKHY: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 0.0 pp | Dec 2022 −1.2 pp | Mar 2023 −0.7 pp | Jun 2023 +0.4 pp | Sep 2023 −1.0 pp | Dec 2023 0.0 pp | Mar 2024 −0.3 pp | Jun 2024 −0.5 pp | Sep 2024 +0.4 pp | Dec 2024 −0.1 pp | Mar 2025 +0.9 pp | Jun 2025 +1.0 pp | Sep 2025 +0.9 pp | Dec 2025 +1.1 pp | Mar 2026 +0.3 pp | Jun 2026 —
- IT: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 +1.2 pp | Dec 2022 +4.2 pp | Mar 2023 +5.2 pp | Jun 2023 −0.1 pp | Sep 2023 −0.1 pp | Dec 2023 −0.8 pp | Mar 2024 −3.8 pp | Jun 2024 +0.4 pp | Sep 2024 −0.7 pp | Dec 2024 −0.4 pp | Mar 2025 −0.6 pp | Jun 2025 −0.5 pp | Sep 2025 −3.8 pp | Dec 2025 +0.4 pp | Mar 2026 +1.2 pp | Jun 2026 —
- CIFR: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 −14.2 pp | Dec 2022 −13.6 pp | Mar 2023 +5.7 pp | Jun 2023 +8.5 pp | Sep 2023 +10.4 pp | Dec 2023 +16.9 pp | Mar 2024 −8.0 pp | Jun 2024 +0.6 pp | Sep 2024 −11.7 pp | Dec 2024 −6.0 pp | Mar 2025 +3.7 pp | Jun 2025 −2.4 pp | Sep 2025 +14.2 pp | Dec 2025 −11.2 pp | Mar 2026 +1.5 pp | Jun 2026 —
- APLD: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 +51.6 pp | Dec 2022 −31.2 pp | Mar 2023 −0.9 pp | Jun 2023 +4.0 pp | Sep 2023 +0.9 pp | Dec 2023 +32.8 pp | Mar 2024 −18.2 pp | Jun 2024 −11.3 pp | Sep 2024 +11.8 pp | Dec 2024 +2.4 pp | Mar 2025 +25.8 pp | Jun 2025 +12.9 pp | Sep 2025 −9.1 pp | Dec 2025 +0.7 pp | Mar 2026 −0.2 pp | Jun 2026 —
- INGM: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 +4.3 pp | Mar 2024 — | Jun 2024 0.0 pp | Sep 2024 +0.1 pp | Dec 2024 −1.0 pp | Mar 2025 +0.5 pp | Jun 2025 −3.0 pp | Sep 2025 0.0 pp | Dec 2025 +0.8 pp | Mar 2026 +0.3 pp | Jun 2026 —
- PSN: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 +0.7 pp | Dec 2022 +0.1 pp | Mar 2023 +0.4 pp | Jun 2023 +1.4 pp | Sep 2023 +0.5 pp | Dec 2023 +0.6 pp | Mar 2024 +1.3 pp | Jun 2024 +0.7 pp | Sep 2024 +0.5 pp | Dec 2024 +0.5 pp | Mar 2025 0.0 pp | Jun 2025 −0.8 pp | Sep 2025 −0.5 pp | Dec 2025 −0.2 pp | Mar 2026 −0.6 pp | Jun 2026 —
- G: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 +0.3 pp | Dec 2022 +0.5 pp | Mar 2023 +0.5 pp | Jun 2023 +1.4 pp | Sep 2023 +1.2 pp | Dec 2023 +1.1 pp | Mar 2024 +0.4 pp | Jun 2024 0.0 pp | Sep 2024 −0.4 pp | Dec 2024 +0.4 pp | Mar 2025 +0.3 pp | Jun 2025 0.0 pp | Sep 2025 +0.1 pp | Dec 2025 −0.4 pp | Mar 2026 0.0 pp | Jun 2026 —
- EPAM: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 +0.3 pp | Dec 2022 −0.9 pp | Mar 2023 −1.1 pp | Jun 2023 +1.0 pp | Sep 2023 −2.9 pp | Dec 2023 −2.2 pp | Mar 2024 −0.8 pp | Jun 2024 −1.1 pp | Sep 2024 +1.3 pp | Dec 2024 +0.1 pp | Mar 2025 −0.5 pp | Jun 2025 −0.1 pp | Sep 2025 −1.1 pp | Dec 2025 +0.2 pp | Mar 2026 +0.4 pp | Jun 2026 —
- SAIC: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 +0.5 pp | Mar 2023 +0.8 pp | Jun 2023 +0.8 pp | Sep 2023 +5.3 pp | Dec 2023 +0.2 pp | Mar 2024 −0.9 pp | Jun 2024 −0.5 pp | Sep 2024 −4.9 pp | Dec 2024 +0.6 pp | Mar 2025 +1.6 pp | Jun 2025 0.0 pp | Sep 2025 +0.4 pp | Dec 2025 −0.7 pp | Mar 2026 −0.2 pp | Jun 2026 +1.4 pp
- EXLS: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 +0.8 pp | Dec 2022 +1.5 pp | Mar 2023 +1.5 pp | Jun 2023 +1.4 pp | Sep 2023 +0.6 pp | Dec 2023 −0.5 pp | Mar 2024 −0.1 pp | Jun 2024 −0.8 pp | Sep 2024 0.0 pp | Dec 2024 +0.8 pp | Mar 2025 +0.4 pp | Jun 2025 +0.8 pp | Sep 2025 −0.2 pp | Dec 2025 0.0 pp | Mar 2026 +0.5 pp | Jun 2026 —
- NIQ: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 −0.1 pp | Dec 2025 +2.2 pp | Mar 2026 — | Jun 2026 —
- PONY: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 −5.5 pp | Dec 2022 −5.5 pp | Mar 2023 — | Jun 2023 — | Sep 2023 0.0 pp | Dec 2023 +1.8 pp | Mar 2024 +6.7 pp | Jun 2024 +6.4 pp | Sep 2024 +0.7 pp | Dec 2024 −16.9 pp | Mar 2025 −1.7 pp | Jun 2025 −2.3 pp | Sep 2025 −2.9 pp | Dec 2025 +15.1 pp | Mar 2026 +2.6 pp | Jun 2026 —
- KD: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 +3.1 pp | Dec 2022 +7.3 pp | Mar 2023 +0.5 pp | Jun 2023 +1.4 pp | Sep 2023 +1.4 pp | Dec 2023 +2.7 pp | Mar 2024 +3.9 pp | Jun 2024 +2.6 pp | Sep 2024 +1.5 pp | Dec 2024 +3.5 pp | Mar 2025 +1.9 pp | Jun 2025 +0.2 pp | Sep 2025 +1.5 pp | Dec 2025 −3.0 pp | Mar 2026 +0.3 pp | Jun 2026 —
- CHRN: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 −1.3 pp | Dec 2023 −1.1 pp | Mar 2024 +0.3 pp | Jun 2024 −236.7 pp | Sep 2024 −1.0 pp | Dec 2024 +1.9 pp | Mar 2025 −174.5 pp | Jun 2025 +112.1 pp | Sep 2025 +3.6 pp | Dec 2025 +198.2 pp | Mar 2026 +74.8 pp | Jun 2026 —
- PENG: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 −3.9 pp | Mar 2023 −2.5 pp | Jun 2023 −4.3 pp | Sep 2023 −3.2 pp | Dec 2023 −1.4 pp | Mar 2024 −0.1 pp | Jun 2024 +1.2 pp | Sep 2024 +1.0 pp | Dec 2024 +1.3 pp | Mar 2025 +1.7 pp | Jun 2025 −0.2 pp | Sep 2025 +0.3 pp | Dec 2025 +0.3 pp | Mar 2026 +0.7 pp | Jun 2026 +3.4 pp
- KEEL: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 −54.2 pp | Dec 2022 −12.1 pp | Mar 2023 −5.9 pp | Jun 2023 +51.4 pp | Sep 2023 +27.0 pp | Dec 2023 +1.2 pp | Mar 2024 +3.8 pp | Jun 2024 +0.3 pp | Sep 2024 −0.4 pp | Dec 2024 +9.6 pp | Mar 2025 −6.5 pp | Jun 2025 +5.9 pp | Sep 2025 +3.6 pp | Dec 2025 −17.2 pp | Mar 2026 −5.1 pp | Jun 2026 —

## Valuation Against Growth & Quality

What the numbers say: Broadridge Financial Solutions, Inc. has the lowest comparable Guarded PEG at 0.43×, 2.3% below Science Applications International Corporation. Only 16 of 26 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: Broadridge Financial Solutions, Inc. · 0.43× | 2.3% versus #2 · Science Applications International Corporation | 0/8 recent comparable periods | 16/26 companies · 102 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. Broadridge Financial Solutions, Inc. (BR): 0.4
2. Science Applications International Corporation (SAIC): 0.4
3. Gartner, Inc. (IT): 0.5
4. Leidos Holdings, Inc. (LDOS): 0.5
5. Ingram Micro Holding Corporation (INGM): 0.7

### P/E — lowest P/E
1. ChronoScale Holdings Corporation (CHRN): 1.0
2. Fidelity National Information Services, Inc. (FIS): 9.1
3. Science Applications International Corporation (SAIC): 10.8
4. Genpact Limited (G): 11.4
5. CGI Inc. (GIB): 12.8

### 20-quarter Guarded PEG history
- IBM: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 1.6 | Dec 2025 — | Mar 2026 — | Jun 2026 —
- ACN: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 3.1 | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 4.9 | Dec 2024 2.9 | Mar 2025 2.9 | Jun 2025 1.7 | Sep 2025 3.4 | Dec 2025 — | Mar 2026 — | Jun 2026 —
- CTSH: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 1.8 | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 1.8 | Dec 2024 2.4 | Mar 2025 1.2 | Jun 2025 1.3 | Sep 2025 — | Dec 2025 — | Mar 2026 — | Jun 2026 —
- CDW: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 2.4 | Jun 2023 3.4 | Sep 2023 4.8 | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 — | Jun 2026 —
- BR: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 1.9 | Sep 2023 1.1 | Dec 2023 1.3 | Mar 2024 1.4 | Jun 2024 3.1 | Sep 2024 — | Dec 2024 3.1 | Mar 2025 2.7 | Jun 2025 1.6 | Sep 2025 0.9 | Dec 2025 0.6 | Mar 2026 0.4 | Jun 2026 —
- GIB: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 1.9 | Jun 2023 1.7 | Sep 2023 1.3 | Dec 2023 1.5 | Mar 2024 2.0 | Jun 2024 2.5 | Sep 2024 3.7 | Dec 2024 2.5 | Mar 2025 2.3 | Jun 2025 2.0 | Sep 2025 — | Dec 2025 — | Mar 2026 — | Jun 2026 —
- CACI: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 3.4 | Sep 2023 3.3 | Dec 2023 2.8 | Mar 2024 2.1 | Jun 2024 1.8 | Sep 2024 1.1 | Dec 2024 0.7 | Mar 2025 0.8 | Jun 2025 1.1 | Sep 2025 1.8 | Dec 2025 2.4 | Mar 2026 1.6 | Jun 2026 —
- JKHY: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 5.3 | Mar 2024 4.0 | Jun 2024 — | Sep 2024 3.1 | Dec 2024 3.8 | Mar 2025 2.3 | Jun 2025 1.5 | Sep 2025 1.1 | Dec 2025 1.0 | Mar 2026 1.0 | Jun 2026 —
- IT: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 1.3 | Jun 2023 1.0 | Sep 2023 1.2 | Dec 2023 3.8 | Mar 2024 — | Jun 2024 — | Sep 2024 2.3 | Dec 2024 0.7 | Mar 2025 0.4 | Jun 2025 0.5 | Sep 2025 — | Dec 2025 — | Mar 2026 — | Jun 2026 —
- INGM: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 0.9 | Mar 2026 0.7 | Jun 2026 —
- PSN: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 1.5 | Jun 2023 1.0 | Sep 2023 1.0 | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 0.9 | Dec 2024 0.9 | Mar 2025 0.5 | Jun 2025 1.4 | Sep 2025 5.5 | Dec 2025 — | Mar 2026 — | Jun 2026 —
- G: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 0.8 | Sep 2023 0.5 | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 0.2 | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 1.5 | Mar 2026 1.0 | Jun 2026 —
- EPAM: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 0.6 | Sep 2023 1.9 | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 2.7 | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 — | Jun 2026 —
- SAIC: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 0.7 | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 0.3 | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 0.3 | Dec 2025 0.4 | Mar 2026 1.9 | Jun 2026 0.4
- EXLS: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 1.1 | Jun 2023 0.9 | Sep 2023 1.0 | Dec 2023 1.0 | Mar 2024 1.8 | Jun 2024 4.9 | Sep 2024 3.5 | Dec 2024 3.3 | Mar 2025 1.6 | Jun 2025 0.9 | Sep 2025 1.0 | Dec 2025 1.0 | Mar 2026 1.0 | Jun 2026 —

### 20-quarter P/E history
- IBM: Sep 2021 25.0 | Dec 2021 25.7 | Mar 2022 21.5 | Jun 2022 23.2 | Sep 2022 92.1 | Dec 2022 78.3 | Mar 2023 66.9 | Jun 2023 62.2 | Sep 2023 18.6 | Dec 2023 20.1 | Mar 2024 21.6 | Jun 2024 19.1 | Sep 2024 32.1 | Dec 2024 34.2 | Mar 2025 42.7 | Jun 2025 47.7 | Sep 2025 33.8 | Dec 2025 26.5 | Mar 2026 21.4 | Jun 2026 —
- ACN: Sep 2021 — | Dec 2021 37.2 | Mar 2022 31.9 | Jun 2022 29.0 | Sep 2022 26.9 | Dec 2022 27.3 | Mar 2023 24.5 | Jun 2023 27.3 | Sep 2023 30.1 | Dec 2023 30.9 | Mar 2024 34.0 | Jun 2024 25.9 | Sep 2024 29.9 | Dec 2024 30.4 | Mar 2025 28.8 | Jun 2025 25.2 | Sep 2025 21.4 | Dec 2025 20.7 | Mar 2026 17.1 | Jun 2026 14.9
- CTSH: Sep 2021 21.0 | Dec 2021 21.9 | Mar 2022 21.5 | Jun 2022 15.7 | Sep 2022 12.8 | Dec 2022 13.0 | Mar 2023 13.6 | Jun 2023 15.2 | Sep 2023 16.4 | Dec 2023 17.9 | Mar 2024 17.6 | Jun 2024 15.5 | Sep 2024 17.1 | Dec 2024 17.1 | Mar 2025 16.1 | Jun 2025 15.9 | Sep 2025 15.6 | Dec 2025 18.2 | Mar 2026 13.3 | Jun 2026 —
- FIS: Sep 2021 328.9 | Dec 2021 162.9 | Mar 2022 67.9 | Jun 2022 66.4 | Sep 2022 49.4 | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 58.4 | Sep 2024 33.8 | Dec 2024 31.0 | Mar 2025 49.5 | Jun 2025 452.3 | Sep 2025 244.2 | Dec 2025 91.0 | Mar 2026 9.1 | Jun 2026 —
- CDW: Sep 2021 25.6 | Dec 2021 29.1 | Mar 2022 24.7 | Jun 2022 21.4 | Sep 2022 20.5 | Dec 2022 22.0 | Mar 2023 24.4 | Jun 2023 23.4 | Sep 2023 25.2 | Dec 2023 28.1 | Mar 2024 31.9 | Jun 2024 27.4 | Sep 2024 27.7 | Dec 2024 21.8 | Mar 2025 19.9 | Jun 2025 22.2 | Sep 2025 20.1 | Dec 2025 16.9 | Mar 2026 14.7 | Jun 2026 —
- BR: Sep 2021 35.8 | Dec 2021 40.0 | Mar 2022 33.4 | Jun 2022 31.3 | Sep 2022 32.8 | Dec 2022 29.9 | Mar 2023 31.5 | Jun 2023 31.3 | Sep 2023 31.8 | Dec 2023 35.8 | Mar 2024 35.0 | Jun 2024 33.6 | Sep 2024 37.2 | Dec 2024 35.4 | Mar 2025 36.5 | Jun 2025 34.2 | Sep 2025 30.5 | Dec 2025 24.7 | Mar 2026 17.4 | Jun 2026 —
- GIB: Sep 2021 19.9 | Dec 2021 20.0 | Mar 2022 17.3 | Jun 2022 17.3 | Sep 2022 17.2 | Dec 2022 19.0 | Mar 2023 20.4 | Jun 2023 20.9 | Sep 2023 19.5 | Dec 2023 20.3 | Mar 2024 21.2 | Jun 2024 19.0 | Sep 2024 21.3 | Dec 2024 20.8 | Mar 2025 18.8 | Jun 2025 18.3 | Sep 2025 16.9 | Dec 2025 16.4 | Mar 2026 12.8 | Jun 2026 —
- LDOS: Sep 2021 — | Dec 2021 18.0 | Mar 2022 — | Jun 2022 21.3 | Sep 2022 19.9 | Dec 2022 21.2 | Mar 2023 18.9 | Jun 2023 17.3 | Sep 2023 88.6 | Dec 2023 75.2 | Mar 2024 56.5 | Jun 2024 45.7 | Sep 2024 18.2 | Dec 2024 — | Mar 2025 16.0 | Jun 2025 13.4 | Sep 2025 15.6 | Dec 2025 18.2 | Mar 2026 16.5 | Jun 2026 14.5
- WSE: Sep 2021 372.0 | Dec 2021 199.9 | Mar 2022 166.3 | Jun 2022 71.0 | Sep 2022 121.7 | Dec 2022 66.6 | Mar 2023 48.4 | Jun 2023 41.5 | Sep 2023 32.0 | Dec 2023 — | Mar 2024 24.4 | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 24.5 | Jun 2025 28.6 | Sep 2025 30.5 | Dec 2025 24.7 | Mar 2026 24.6 | Jun 2026 —
- CACI: Sep 2021 14.2 | Dec 2021 14.9 | Mar 2022 17.4 | Jun 2022 18.2 | Sep 2022 16.8 | Dec 2022 19.5 | Mar 2023 18.9 | Jun 2023 20.8 | Sep 2023 19.1 | Dec 2023 19.6 | Mar 2024 21.9 | Jun 2024 23.1 | Sep 2024 25.0 | Dec 2024 19.0 | Mar 2025 17.3 | Jun 2025 21.4 | Sep 2025 22.0 | Dec 2025 22.8 | Mar 2026 22.4 | Jun 2026 —
- JKHY: Sep 2021 38.1 | Dec 2021 35.8 | Mar 2022 40.4 | Jun 2022 36.4 | Sep 2022 36.3 | Dec 2022 36.4 | Mar 2023 31.5 | Jun 2023 33.3 | Sep 2023 30.5 | Dec 2023 32.0 | Mar 2024 33.5 | Jun 2024 31.7 | Sep 2024 32.3 | Dec 2024 31.6 | Mar 2025 31.1 | Jun 2025 28.9 | Sep 2025 22.6 | Dec 2025 26.2 | Mar 2026 22.1 | Jun 2026 —
- IT: Sep 2021 37.7 | Dec 2021 36.3 | Mar 2022 31.4 | Jun 2022 27.3 | Sep 2022 29.8 | Dec 2022 33.8 | Mar 2023 28.1 | Jun 2023 30.4 | Sep 2023 29.6 | Dec 2023 40.7 | Mar 2024 47.4 | Jun 2024 42.8 | Sep 2024 37.4 | Dec 2024 30.3 | Mar 2025 26.1 | Jun 2025 24.9 | Sep 2025 23.1 | Dec 2025 26.1 | Mar 2026 15.7 | Jun 2026 —
- CIFR: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 286.0 | Sep 2023 — | Dec 2023 — | Mar 2024 103.0 | Jun 2024 83.0 | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 — | Jun 2026 —
- INGM: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 16.6 | Mar 2025 14.3 | Jun 2025 17.8 | Sep 2025 16.9 | Dec 2025 15.9 | Mar 2026 14.8 | Jun 2026 —
- PSN: Sep 2021 62.5 | Dec 2021 57.0 | Mar 2022 56.1 | Jun 2022 50.5 | Sep 2022 44.0 | Dec 2022 53.2 | Mar 2023 48.6 | Jun 2023 42.6 | Sep 2023 42.5 | Dec 2023 44.2 | Mar 2024 53.2 | Jun 2024 45.2 | Sep 2024 50.8 | Dec 2024 43.5 | Mar 2025 25.0 | Jun 2025 32.0 | Sep 2025 38.0 | Dec 2025 28.1 | Mar 2026 25.9 | Jun 2026 —
- G: Sep 2021 24.9 | Dec 2021 27.8 | Mar 2022 22.3 | Jun 2022 23.5 | Sep 2022 24.6 | Dec 2022 24.6 | Mar 2023 23.8 | Jun 2023 17.2 | Sep 2023 15.6 | Dec 2023 10.2 | Mar 2024 9.4 | Jun 2024 9.1 | Sep 2024 10.8 | Dec 2024 15.1 | Mar 2025 17.2 | Jun 2025 14.6 | Sep 2025 13.5 | Dec 2025 15.0 | Mar 2026 11.4 | Jun 2026 —
- EPAM: Sep 2021 73.5 | Dec 2021 82.0 | Mar 2022 38.0 | Jun 2022 47.6 | Sep 2022 52.7 | Dec 2022 46.2 | Mar 2023 41.0 | Jun 2023 25.0 | Sep 2023 31.9 | Dec 2023 42.1 | Mar 2024 37.8 | Jun 2024 27.0 | Sep 2024 25.9 | Dec 2024 29.8 | Mar 2025 23.6 | Jun 2025 25.2 | Sep 2025 23.0 | Dec 2025 30.5 | Mar 2026 19.4 | Jun 2026 —
- SAIC: Sep 2021 — | Dec 2021 17.7 | Mar 2022 17.1 | Jun 2022 17.8 | Sep 2022 21.2 | Dec 2022 22.3 | Mar 2023 19.4 | Jun 2023 17.2 | Sep 2023 13.3 | Dec 2023 11.7 | Mar 2024 14.5 | Jun 2024 15.4 | Sep 2024 22.1 | Dec 2024 24.4 | Mar 2025 15.1 | Jun 2025 16.6 | Sep 2025 13.4 | Dec 2025 12.0 | Mar 2026 13.2 | Jun 2026 10.8
- EXLS: Sep 2021 35.7 | Dec 2021 43.2 | Mar 2022 41.2 | Jun 2022 39.5 | Sep 2022 35.9 | Dec 2022 39.9 | Mar 2023 34.7 | Jun 2023 29.9 | Sep 2023 27.0 | Dec 2023 28.1 | Mar 2024 29.4 | Jun 2024 29.3 | Sep 2024 33.5 | Dec 2024 36.7 | Mar 2025 35.8 | Jun 2025 30.4 | Sep 2025 30.0 | Dec 2025 27.6 | Mar 2026 19.4 | Jun 2026 —
- KD: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 62.9 | Mar 2025 29.9 | Jun 2025 34.7 | Sep 2025 17.8 | Dec 2025 25.3 | Mar 2026 15.4 | Jun 2026 —
- CHRN: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 1.0 | Jun 2026 —
- PENG: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 86.2 | Dec 2025 88.0 | Mar 2026 28.9 | Jun 2026 39.6
- KEEL: Sep 2021 — | Dec 2021 38.9 | Mar 2022 20.8 | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 — | Jun 2026 —

## Enterprise Value & Book Value

What the numbers say: Kyndryl Holdings, Inc. leads ev/ebitda at 1.64×; Ingram Micro Holding Corporation leads p/bv at 1.23×.

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: Kyndryl Holdings, Inc. · 1.64× | 42.7% versus #2 · ChronoScale Holdings Corporation | 0/8 recent comparable periods | 25/26 companies · 349 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. Kyndryl Holdings, Inc. (KD): 1.6
2. ChronoScale Holdings Corporation (CHRN): 2.9
3. Ingram Micro Holding Corporation (INGM): 7.3
4. Genpact Limited (G): 8.3
5. CGI Inc. (GIB): 8.5

### P/BV — lowest P/BV
1. Ingram Micro Holding Corporation (INGM): 1.2
2. Fidelity National Information Services, Inc. (FIS): 1.5
3. Cognizant Technology Solutions Corporation (CTSH): 1.9
4. EPAM Systems, Inc. (EPAM): 2.1
5. CGI Inc. (GIB): 2.1

### 20-quarter EV/EBITDA history
- IBM: Sep 2021 15.2 | Dec 2021 13.6 | Mar 2022 13.2 | Jun 2022 13.6 | Sep 2022 21.8 | Dec 2022 24.1 | Mar 2023 21.3 | Jun 2023 21.0 | Sep 2023 12.3 | Dec 2023 13.4 | Mar 2024 14.8 | Jun 2024 13.6 | Sep 2024 19.8 | Dec 2024 20.3 | Mar 2025 22.8 | Jun 2025 25.3 | Sep 2025 19.5 | Dec 2025 19.0 | Mar 2026 16.2 | Jun 2026 —
- ACN: Sep 2021 — | Dec 2021 22.2 | Mar 2022 18.8 | Jun 2022 16.8 | Sep 2022 15.6 | Dec 2022 16.1 | Mar 2023 14.4 | Jun 2023 16.6 | Sep 2023 17.9 | Dec 2023 18.6 | Mar 2024 21.0 | Jun 2024 15.6 | Sep 2024 18.2 | Dec 2024 18.6 | Mar 2025 17.6 | Jun 2025 15.4 | Sep 2025 12.6 | Dec 2025 12.2 | Mar 2026 10.0 | Jun 2026 8.7
- CTSH: Sep 2021 12.2 | Dec 2021 13.4 | Mar 2022 13.3 | Jun 2022 9.7 | Sep 2022 7.9 | Dec 2022 8.0 | Mar 2023 8.5 | Jun 2023 9.8 | Sep 2023 10.3 | Dec 2023 11.2 | Mar 2024 11.0 | Jun 2024 9.8 | Sep 2024 5.5 | Dec 2024 10.9 | Mar 2025 5.2 | Jun 2025 29.1 | Sep 2025 22.0 | Dec 2025 9.9 | Mar 2026 20.2 | Jun 2026 —
- FIS: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 16.6 | Mar 2024 15.7 | Jun 2024 16.2 | Sep 2024 16.7 | Dec 2024 15.3 | Mar 2025 14.3 | Jun 2025 15.3 | Sep 2025 12.9 | Dec 2025 12.7 | Mar 2026 11.4 | Jun 2026 —
- CDW: Sep 2021 17.7 | Dec 2021 21.4 | Mar 2022 18.0 | Jun 2022 15.4 | Sep 2022 14.3 | Dec 2022 14.8 | Mar 2023 16.1 | Jun 2023 15.4 | Sep 2023 16.5 | Dec 2023 18.3 | Mar 2024 20.5 | Jun 2024 18.0 | Sep 2024 18.0 | Dec 2024 14.7 | Mar 2025 13.4 | Jun 2025 14.7 | Sep 2025 13.5 | Dec 2025 11.7 | Mar 2026 10.5 | Jun 2026 —
- BR: Sep 2021 21.6 | Dec 2021 22.6 | Mar 2022 19.1 | Jun 2022 16.6 | Sep 2022 17.4 | Dec 2022 16.0 | Mar 2023 16.7 | Jun 2023 16.7 | Sep 2023 17.1 | Dec 2023 18.9 | Mar 2024 18.4 | Jun 2024 17.5 | Sep 2024 19.2 | Dec 2024 18.9 | Mar 2025 19.4 | Jun 2025 18.5 | Sep 2025 17.7 | Dec 2025 16.6 | Mar 2026 12.3 | Jun 2026 —
- GIB: Sep 2021 12.3 | Dec 2021 12.6 | Mar 2022 11.1 | Jun 2022 11.4 | Sep 2022 11.4 | Dec 2022 12.3 | Mar 2023 13.0 | Jun 2023 13.4 | Sep 2023 12.3 | Dec 2023 12.5 | Mar 2024 12.7 | Jun 2024 11.4 | Sep 2024 13.6 | Dec 2024 12.8 | Mar 2025 12.4 | Jun 2025 12.1 | Sep 2025 10.7 | Dec 2025 10.6 | Mar 2026 8.5 | Jun 2026 —
- LDOS: Sep 2021 — | Dec 2021 12.9 | Mar 2022 — | Jun 2022 14.4 | Sep 2022 14.2 | Dec 2022 14.4 | Mar 2023 12.9 | Jun 2023 11.9 | Sep 2023 20.1 | Dec 2023 20.2 | Mar 2024 20.5 | Jun 2024 20.2 | Sep 2024 12.6 | Dec 2024 — | Mar 2025 11.5 | Jun 2025 9.9 | Sep 2025 11.2 | Dec 2025 12.5 | Mar 2026 11.4 | Jun 2026 11.3
- WSE: Sep 2021 126.3 | Dec 2021 16.1 | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 — | Jun 2026 —
- CACI: Sep 2021 12.2 | Dec 2021 13.4 | Mar 2022 14.7 | Jun 2022 13.5 | Sep 2022 12.4 | Dec 2022 13.6 | Mar 2023 12.8 | Jun 2023 13.7 | Sep 2023 12.6 | Dec 2023 12.8 | Mar 2024 13.9 | Jun 2024 14.3 | Sep 2024 15.6 | Dec 2024 13.8 | Mar 2025 12.2 | Jun 2025 14.3 | Sep 2025 13.9 | Dec 2025 14.2 | Mar 2026 16.2 | Jun 2026 —
- JKHY: Sep 2021 20.6 | Dec 2021 19.9 | Mar 2022 22.6 | Jun 2022 20.2 | Sep 2022 20.4 | Dec 2022 20.2 | Mar 2023 17.5 | Jun 2023 18.6 | Sep 2023 16.8 | Dec 2023 17.8 | Mar 2024 18.8 | Jun 2024 17.7 | Sep 2024 18.3 | Dec 2024 18.1 | Mar 2025 18.1 | Jun 2025 16.8 | Sep 2025 13.4 | Dec 2025 15.6 | Mar 2026 13.1 | Jun 2026 —
- IT: Sep 2021 24.6 | Dec 2021 26.6 | Mar 2022 24.1 | Jun 2022 19.4 | Sep 2022 21.3 | Dec 2022 22.4 | Mar 2023 18.9 | Jun 2023 20.2 | Sep 2023 19.7 | Dec 2023 25.9 | Mar 2024 30.1 | Jun 2024 27.3 | Sep 2024 30.2 | Dec 2024 28.2 | Mar 2025 24.3 | Jun 2025 23.0 | Sep 2025 16.9 | Dec 2025 15.8 | Mar 2026 9.8 | Jun 2026 —
- CIFR: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 12.5 | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 12.3 | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 — | Jun 2026 —
- APLD: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 81.7 | Dec 2023 34.7 | Mar 2024 — | Jun 2024 18.4 | Sep 2024 10.4 | Dec 2024 28.5 | Mar 2025 40.6 | Jun 2025 27.1 | Sep 2025 152.8 | Dec 2025 — | Mar 2026 — | Jun 2026 —
- INGM: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 7.4 | Mar 2025 7.0 | Jun 2025 8.1 | Sep 2025 8.3 | Dec 2025 6.5 | Mar 2026 7.3 | Jun 2026 —
- PSN: Sep 2021 15.1 | Dec 2021 14.4 | Mar 2022 16.1 | Jun 2022 17.5 | Sep 2022 15.7 | Dec 2022 18.1 | Mar 2023 17.0 | Jun 2023 16.3 | Sep 2023 17.2 | Dec 2023 18.1 | Mar 2024 21.7 | Jun 2024 19.9 | Sep 2024 23.4 | Dec 2024 20.7 | Mar 2025 14.0 | Jun 2025 16.8 | Sep 2025 18.9 | Dec 2025 14.3 | Mar 2026 13.8 | Jun 2026 —
- G: Sep 2021 14.8 | Dec 2021 16.1 | Mar 2022 13.9 | Jun 2022 14.3 | Sep 2022 14.7 | Dec 2022 15.0 | Mar 2023 15.2 | Jun 2023 11.7 | Sep 2023 10.7 | Dec 2023 9.7 | Mar 2024 9.3 | Jun 2024 8.8 | Sep 2024 10.0 | Dec 2024 10.3 | Mar 2025 11.8 | Jun 2025 10.3 | Sep 2025 9.4 | Dec 2025 10.1 | Mar 2026 8.3 | Jun 2026 —
- EPAM: Sep 2021 49.9 | Dec 2021 53.5 | Mar 2022 22.2 | Jun 2022 23.2 | Sep 2022 27.3 | Dec 2022 24.3 | Mar 2023 22.5 | Jun 2023 15.2 | Sep 2023 19.0 | Dec 2023 24.1 | Mar 2024 22.7 | Jun 2024 15.1 | Sep 2024 14.4 | Dec 2024 18.1 | Mar 2025 12.8 | Jun 2025 13.0 | Sep 2025 10.8 | Dec 2025 14.5 | Mar 2026 9.1 | Jun 2026 —
- SAIC: Sep 2021 — | Dec 2021 12.4 | Mar 2022 11.9 | Jun 2022 12.2 | Sep 2022 13.0 | Dec 2022 13.5 | Mar 2023 12.2 | Jun 2023 11.0 | Sep 2023 9.3 | Dec 2023 8.5 | Mar 2024 10.0 | Jun 2024 10.4 | Sep 2024 13.5 | Dec 2024 14.6 | Mar 2025 10.7 | Jun 2025 11.4 | Sep 2025 10.7 | Dec 2025 10.2 | Mar 2026 10.4 | Jun 2026 9.1
- EXLS: Sep 2021 19.7 | Dec 2021 23.6 | Mar 2022 23.3 | Jun 2022 22.5 | Sep 2022 21.4 | Dec 2022 22.8 | Mar 2023 20.7 | Jun 2023 18.0 | Sep 2023 16.1 | Dec 2023 17.6 | Mar 2024 18.4 | Jun 2024 18.2 | Sep 2024 20.9 | Dec 2024 22.6 | Mar 2025 23.0 | Jun 2025 19.8 | Sep 2025 19.2 | Dec 2025 18.0 | Mar 2026 12.7 | Jun 2026 —
- NIQ: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 11.7 | Mar 2026 — | Jun 2026 —
- KD: Sep 2021 — | Dec 2021 3.9 | Mar 2022 3.1 | Jun 2022 — | Sep 2022 — | Dec 2022 2.3 | Mar 2023 2.6 | Jun 2023 2.7 | Sep 2023 2.7 | Dec 2023 2.7 | Mar 2024 2.6 | Jun 2024 3.1 | Sep 2024 2.8 | Dec 2024 3.4 | Mar 2025 2.9 | Jun 2025 3.7 | Sep 2025 2.8 | Dec 2025 2.7 | Mar 2026 1.6 | Jun 2026 —
- CHRN: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 0.4 | 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 2.9 | Jun 2026 —
- PENG: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 13.4 | Mar 2025 9.9 | Jun 2025 8.4 | Sep 2025 13.6 | Dec 2025 11.7 | Mar 2026 10.8 | Jun 2026 19.7
- KEEL: Sep 2021 11.5 | Dec 2021 9.2 | Mar 2022 25.5 | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 55.9 | Dec 2023 26.5 | Mar 2024 16.4 | Jun 2024 14.3 | Sep 2024 14.2 | Dec 2024 6.3 | Mar 2025 7.2 | Jun 2025 6.7 | Sep 2025 19.0 | Dec 2025 — | Mar 2026 — | Jun 2026 —

### 20-quarter P/BV history
- IBM: Sep 2021 5.4 | Dec 2021 6.4 | Mar 2022 6.1 | Jun 2022 6.6 | Sep 2022 5.4 | Dec 2022 5.8 | Mar 2023 5.5 | Jun 2023 5.5 | Sep 2023 5.6 | Dec 2023 6.6 | Mar 2024 7.5 | Jun 2024 6.6 | Sep 2024 8.4 | Dec 2024 7.5 | Mar 2025 8.6 | Jun 2025 10.0 | Sep 2025 9.5 | Dec 2025 8.5 | Mar 2026 6.9 | Jun 2026 —
- ACN: Sep 2021 — | Dec 2021 11.1 | Mar 2022 9.7 | Jun 2022 8.8 | Sep 2022 8.2 | Dec 2022 8.2 | Mar 2023 7.1 | Jun 2023 7.6 | Sep 2023 7.9 | Dec 2023 7.8 | Mar 2024 8.7 | Jun 2024 6.4 | Sep 2024 7.6 | Dec 2024 7.8 | Mar 2025 7.5 | Jun 2025 6.5 | Sep 2025 5.2 | Dec 2025 5.0 | Mar 2026 4.1 | Jun 2026 3.6
- CTSH: Sep 2021 3.4 | Dec 2021 3.9 | Mar 2022 3.9 | Jun 2022 2.9 | Sep 2022 2.5 | Dec 2022 2.4 | Mar 2023 2.4 | Jun 2023 2.6 | Sep 2023 2.6 | Dec 2023 2.8 | Mar 2024 2.7 | Jun 2024 2.4 | Sep 2024 2.7 | Dec 2024 2.6 | Mar 2025 2.5 | Jun 2025 2.5 | Sep 2025 2.2 | Dec 2025 2.7 | Mar 2026 1.9 | Jun 2026 —
- FIS: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 6.8 | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 1.8 | Mar 2024 2.4 | Jun 2024 2.6 | Sep 2024 2.7 | Dec 2024 2.7 | Mar 2025 2.6 | Jun 2025 3.0 | Sep 2025 2.5 | Dec 2025 2.5 | Mar 2026 1.5 | Jun 2026 —
- CDW: Sep 2021 29.6 | Dec 2021 39.1 | Mar 2022 27.1 | Jun 2022 19.3 | Sep 2022 15.9 | Dec 2022 15.1 | Mar 2023 16.8 | Jun 2023 15.2 | Sep 2023 14.9 | Dec 2023 14.9 | Mar 2024 16.1 | Jun 2024 13.8 | Sep 2024 12.8 | Dec 2024 9.8 | Mar 2025 9.1 | Jun 2025 9.5 | Sep 2025 8.2 | Dec 2025 6.8 | Mar 2026 6.1 | Jun 2026 —
- BR: Sep 2021 11.2 | Dec 2021 12.2 | Mar 2022 10.0 | Jun 2022 8.7 | Sep 2022 8.9 | Dec 2022 8.8 | Mar 2023 8.6 | Jun 2023 8.7 | Sep 2023 10.0 | Dec 2023 11.7 | Mar 2024 10.7 | Jun 2024 10.7 | Sep 2024 11.4 | Dec 2024 11.9 | Mar 2025 11.9 | Jun 2025 10.7 | Sep 2025 10.6 | Dec 2025 9.1 | Mar 2026 6.7 | Jun 2026 —
- GIB: Sep 2021 3.8 | Dec 2021 3.9 | Mar 2022 3.5 | Jun 2022 3.5 | Sep 2022 3.4 | Dec 2022 3.5 | Mar 2023 3.8 | Jun 2023 4.0 | Sep 2023 3.8 | Dec 2023 3.8 | Mar 2024 3.9 | Jun 2024 3.5 | Sep 2024 3.8 | Dec 2024 3.6 | Mar 2025 3.2 | Jun 2025 3.1 | Sep 2025 2.6 | Dec 2025 2.7 | Mar 2026 2.1 | Jun 2026 —
- LDOS: Sep 2021 — | Dec 2021 3.3 | Mar 2022 — | Jun 2022 3.8 | Sep 2022 3.5 | Dec 2022 3.4 | Mar 2023 2.9 | Jun 2023 2.6 | Sep 2023 3.1 | Dec 2023 3.5 | Mar 2024 4.2 | Jun 2024 4.4 | Sep 2024 4.6 | Dec 2024 — | Mar 2025 4.4 | Jun 2025 4.0 | Sep 2025 4.5 | Dec 2025 5.1 | Mar 2026 4.7 | Jun 2026 4.0
- WSE: Sep 2021 32.3 | Dec 2021 19.3 | Mar 2022 12.7 | Jun 2022 7.1 | Sep 2022 14.7 | Dec 2022 9.6 | Mar 2023 9.8 | Jun 2023 9.4 | Sep 2023 9.4 | Dec 2023 9.0 | Mar 2024 9.9 | Jun 2024 5.7 | Sep 2024 5.7 | Dec 2024 7.8 | Mar 2025 7.4 | Jun 2025 7.5 | Sep 2025 7.4 | Dec 2025 6.1 | Mar 2026 6.3 | Jun 2026 —
- CACI: Sep 2021 2.2 | Dec 2021 2.2 | Mar 2022 2.4 | Jun 2022 2.2 | Sep 2022 1.9 | Dec 2022 2.2 | Mar 2023 2.2 | Jun 2023 2.4 | Sep 2023 2.2 | Dec 2023 2.2 | Mar 2024 2.5 | Jun 2024 2.7 | Sep 2024 3.1 | Dec 2024 2.4 | Mar 2025 2.2 | Jun 2025 2.7 | Sep 2025 2.7 | Dec 2025 2.8 | Mar 2026 2.8 | Jun 2026 —
- JKHY: Sep 2021 8.7 | Dec 2021 9.6 | Mar 2022 10.8 | Jun 2022 9.5 | Sep 2022 9.1 | Dec 2022 8.5 | Mar 2023 7.1 | Jun 2023 7.6 | Sep 2023 6.6 | Dec 2023 6.9 | Mar 2024 7.1 | Jun 2024 6.6 | Sep 2024 6.7 | Dec 2024 6.5 | Mar 2025 6.5 | Jun 2025 6.2 | Sep 2025 5.0 | Dec 2025 6.0 | Mar 2026 5.3 | Jun 2026 —
- IT: Sep 2021 75.3 | Dec 2021 74.2 | Mar 2022 204.5 | Jun 2022 -134.6 | Sep 2022 -337.4 | Dec 2022 116.8 | Mar 2023 54.8 | Jun 2023 47.3 | Sep 2023 47.7 | Dec 2023 51.9 | Mar 2024 51.9 | Jun 2024 53.8 | Sep 2024 36.9 | Dec 2024 27.6 | Mar 2025 21.7 | Jun 2025 20.3 | Sep 2025 34.4 | Dec 2025 55.9 | Mar 2026 169.6 | Jun 2026 —
- CIFR: Sep 2021 6.7 | Dec 2021 3.3 | Mar 2022 2.7 | Jun 2022 1.1 | Sep 2022 0.8 | Dec 2022 0.4 | Mar 2023 1.7 | Jun 2023 2.1 | Sep 2023 1.7 | Dec 2023 2.5 | Mar 2024 2.7 | Jun 2024 2.0 | Sep 2024 2.0 | Dec 2024 2.4 | Mar 2025 1.2 | Jun 2025 2.5 | Sep 2025 6.3 | Dec 2025 7.4 | Mar 2026 7.3 | Jun 2026 —
- APLD: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 6.5 | Sep 2022 3.2 | Dec 2022 2.9 | Mar 2023 4.1 | Jun 2023 13.5 | Sep 2023 5.0 | Dec 2023 3.5 | Mar 2024 4.3 | Jun 2024 4.7 | Sep 2024 2.4 | Dec 2024 5.0 | Mar 2025 4.0 | Jun 2025 3.1 | Sep 2025 4.1 | Dec 2025 5.2 | Mar 2026 4.9 | Jun 2026 —
- INGM: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 1.2 | Mar 2025 1.1 | Jun 2025 1.2 | Sep 2025 1.2 | Dec 2025 1.2 | Mar 2026 1.2 | Jun 2026 —
- PSN: Sep 2021 1.9 | Dec 2021 1.8 | Mar 2022 2.1 | Jun 2022 2.2 | Sep 2022 2.1 | Dec 2022 2.4 | Mar 2023 2.3 | Jun 2023 2.4 | Sep 2023 2.6 | Dec 2023 2.9 | Mar 2024 4.1 | Jun 2024 3.9 | Sep 2024 4.8 | Dec 2024 4.1 | Mar 2025 2.6 | Jun 2025 3.1 | Sep 2025 3.5 | Dec 2025 2.5 | Mar 2026 2.2 | Jun 2026 —
- G: Sep 2021 4.6 | Dec 2021 5.2 | Mar 2022 4.4 | Jun 2022 4.4 | Sep 2022 4.6 | Dec 2022 4.6 | Mar 2023 4.4 | Jun 2023 3.5 | Sep 2023 3.3 | Dec 2023 2.8 | Mar 2024 2.6 | Jun 2024 2.5 | Sep 2024 2.9 | Dec 2024 3.1 | Mar 2025 3.6 | Jun 2025 3.0 | Sep 2025 2.8 | Dec 2025 3.1 | Mar 2026 2.6 | Jun 2026 —
- EPAM: Sep 2021 13.8 | Dec 2021 15.3 | Mar 2022 3.3 | Jun 2022 3.2 | Sep 2022 3.8 | Dec 2022 6.3 | Mar 2023 5.5 | Jun 2023 4.0 | Sep 2023 4.5 | Dec 2023 5.0 | Mar 2024 4.6 | Jun 2024 3.2 | Sep 2024 3.2 | Dec 2024 3.7 | Mar 2025 2.6 | Jun 2025 2.7 | Sep 2025 2.2 | Dec 2025 3.0 | Mar 2026 2.1 | Jun 2026 —
- SAIC: Sep 2021 — | Dec 2021 3.1 | Mar 2022 2.8 | Jun 2022 2.8 | Sep 2022 3.2 | Dec 2022 3.5 | Mar 2023 3.3 | Jun 2023 3.2 | Sep 2023 3.5 | Dec 2023 3.2 | Mar 2024 3.8 | Jun 2024 3.8 | Sep 2024 3.8 | Dec 2024 4.4 | Mar 2025 3.3 | Jun 2025 3.7 | Sep 2025 3.4 | Dec 2025 2.8 | Mar 2026 3.0 | Jun 2026 2.9
- EXLS: Sep 2021 6.0 | Dec 2021 7.0 | Mar 2022 6.8 | Jun 2022 43.4 | Sep 2022 6.9 | Dec 2022 7.4 | Mar 2023 6.8 | Jun 2023 6.0 | Sep 2023 5.4 | Dec 2023 5.7 | Mar 2024 6.4 | Jun 2024 6.0 | Sep 2024 6.8 | Dec 2024 7.7 | Mar 2025 7.6 | Jun 2025 6.7 | Sep 2025 7.4 | Dec 2025 7.3 | Mar 2026 6.0 | Jun 2026 —
- NIQ: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 4.7 | Dec 2025 4.9 | Mar 2026 3.7 | Jun 2026 —
- PONY: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 5.3 | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 3.8 | Mar 2026 2.5 | Jun 2026 —
- KD: Sep 2021 — | Dec 2021 1.5 | Mar 2022 1.1 | Jun 2022 1.1 | Sep 2022 1.1 | Dec 2022 1.4 | Mar 2023 2.5 | Jun 2023 2.5 | Sep 2023 3.4 | Dec 2023 4.0 | Mar 2024 4.9 | Jun 2024 6.1 | Sep 2024 5.0 | Dec 2024 7.3 | Mar 2025 5.9 | Jun 2025 7.9 | Sep 2025 5.6 | Dec 2025 5.0 | Mar 2026 2.5 | Jun 2026 —
- CHRN: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 0.7 | Dec 2022 0.6 | Mar 2023 1.0 | Jun 2023 1.1 | Sep 2023 0.7 | Dec 2023 2.9 | Mar 2024 1.8 | Jun 2024 1.6 | Sep 2024 1.7 | Dec 2024 1.1 | Mar 2025 0.9 | Jun 2025 0.8 | Sep 2025 1.4 | Dec 2025 3.4 | Mar 2026 18.2 | Jun 2026 —
- PENG: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 2.4 | Mar 2025 1.8 | Jun 2025 1.6 | Sep 2025 3.2 | Dec 2025 2.7 | Mar 2026 2.7 | Jun 2026 6.5
- KEEL: Sep 2021 2.6 | Dec 2021 2.3 | Mar 2022 1.6 | Jun 2022 0.7 | Sep 2022 0.9 | Dec 2022 0.4 | Mar 2023 0.9 | Jun 2023 1.4 | Sep 2023 1.0 | Dec 2023 3.3 | Mar 2024 2.2 | Jun 2024 2.3 | Sep 2024 1.9 | Dec 2024 1.2 | Mar 2025 0.7 | Jun 2025 0.7 | Sep 2025 2.5 | Dec 2025 2.5 | Mar 2026 2.8 | Jun 2026 —

## Market action

ChronoScale Holdings Corporation has the strongest one-year price move in Information Technology Services at +479.7%. It also leads on Mansfield relative strength against the S&P 500 at +90.1%. 6 of 26 covered companies are above zero on that measure. Every line covers 314 weekly closes through 2026-07-28.

### Strongest one-year price performers
1. ChronoScale Holdings Corporation (CHRN): 480%
2. Cipher Digital Inc. (CIFR): 314%
3. Keel Infrastructure Corp. (KEEL): 222%
4. Applied Digital Corporation (APLD): 113%
5. Penguin Solutions, Inc. (PENG): 111%

### Strongest relative strength versus NIFTY 500
1. ChronoScale Holdings Corporation (CHRN): 90%
2. Penguin Solutions, Inc. (PENG): 48%
3. Ingram Micro Holding Corporation (INGM): 19%
4. Cipher Digital Inc. (CIFR): 15%
5. Keel Infrastructure Corp. (KEEL): 11%

## 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.

## Every company
- International Business Machines Corporation (IBM) — market value ₹2.1 L Cr; latest fundamentals Mar 2026
- Accenture plc (ACN) — market value ₹1.0 L Cr; latest fundamentals Jun 2026
- Cognizant Technology Solutions Corporation (CTSH) — market value ₹23.8K Cr; latest fundamentals Mar 2026
- Fidelity National Information Services, Inc. (FIS) — market value ₹23.2K Cr; latest fundamentals Mar 2026
- CDW Corporation (CDW) — market value ₹18.4K Cr; latest fundamentals Mar 2026
- Broadridge Financial Solutions, Inc. (BR) — market value ₹18.3K Cr; latest fundamentals Mar 2026
- CGI Inc. (GIB) — market value ₹15.0K Cr; latest fundamentals Mar 2026
- Leidos Holdings, Inc. (LDOS) — market value ₹14.9K Cr; latest fundamentals Jun 2026
- Wise Group plc (WSE) — market value ₹12.2K Cr; latest fundamentals Mar 2026
- CACI International Inc (CACI) — market value ₹11.3K Cr; latest fundamentals Mar 2026
- Jack Henry & Associates, Inc. (JKHY) — market value ₹11.2K Cr; latest fundamentals Mar 2026
- Gartner, Inc. (IT) — market value ₹10.4K Cr; latest fundamentals Mar 2026
- Cipher Digital Inc. (CIFR) — market value ₹8.4K Cr; latest fundamentals Mar 2026
- Applied Digital Corporation (APLD) — market value ₹7.7K Cr; latest fundamentals Mar 2026
- Ingram Micro Holding Corporation (INGM) — market value ₹6.9K Cr; latest fundamentals Mar 2026
- Parsons Corporation (PSN) — market value ₹6.6K Cr; latest fundamentals Mar 2026
- Genpact Limited (G) — market value ₹5.9K Cr; latest fundamentals Mar 2026
- EPAM Systems, Inc. (EPAM) — market value ₹5.2K Cr; latest fundamentals Mar 2026
- Science Applications International Corporation (SAIC) — market value ₹5.1K Cr; latest fundamentals Jun 2026
- ExlService Holdings, Inc. (EXLS) — market value ₹4.7K Cr; latest fundamentals Mar 2026
- NIQ Global Intelligence plc (NIQ) — market value ₹3.5K Cr; latest fundamentals Mar 2026
- Pony AI Inc. (PONY) — market value ₹3.3K Cr; latest fundamentals Mar 2026
- Kyndryl Holdings, Inc. (KD) — market value ₹2.9K Cr; latest fundamentals Mar 2026
- ChronoScale Holdings Corporation (CHRN) — market value ₹2.9K Cr; latest fundamentals Mar 2026
- Penguin Solutions, Inc. (PENG) — market value ₹2.5K Cr; latest fundamentals Jun 2026
- Keel Infrastructure Corp. (KEEL) — market value ₹2.3K Cr; latest fundamentals Mar 2026

## Methodology and freshness

Fundamentals through Jun 2026; prices through 2026-07-28.
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

### Which Information Technology Services company is the biggest?

Accenture plc is the largest, with trailing-twelve-month revenue of $73,100 million, ahead of International Business Machines Corporation at $68,911 million. That covers 24 of 26 companies with comparable reporting through Jun 2026.

### Which Information Technology Services company is growing fastest?

Applied Digital Corporation has the fastest revenue growth at 100% year on year, across 23 of 26 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 Information Technology Services company has the best profit margins?

Wise Group plc has the highest operating margin at 30.1%, from 26 of 26 comparable companies. Pony AI Inc. shows the biggest recent improvement, at +230.6 percentage points. A high margin matters most when it is holding or rising, not when it is peaking.

### Which Information Technology Services company makes the most profit?

International Business Machines Corporation earns the most, at $10,732 million of trailing-twelve-month net profit, from 24 of 26 comparable companies. International Business Machines Corporation has the fastest profit growth at 95.3%, though growth off a small or recovering profit base overstates how much has actually changed.

### Which Information Technology Services company earns the highest return on capital?

Gartner, Inc. leads on return on capital employed at 7.5%, across 26 of 26 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 Information Technology Services stock is the cheapest?

On guarded PEG — where a LOWER number is cheaper — Broadridge Financial Solutions, Inc. screens cheapest at 0.43×. Only 16 of 26 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 Information Technology Services company has the strongest balance sheet?

ChronoScale Holdings Corporation carries the lowest comparable gross debt at $4 million, from 26 of 26 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 Information Technology Services company is investing most in new capacity?

Applied Digital Corporation reports the largest capital spending at $775 million, across 26 of 26 companies. Spending consumes cash before it earns anything, so treat the ranking as a diligence queue: check commissioning, utilisation and the return earned on the completed assets before reading spend as value creation.

### Is the Information Technology Services sector beating the market?

Information Technology Services has underperformed S&P 500 by 5.5% over the last 52 weeks and 2.9% over 13 weeks, measured on an equal-weight index of its current members. Inside the sector, 6 of 26 covered companies are beating the market on their own. Sector strength does not transfer evenly to every stock in it.

### Which Information Technology Services stock has the strongest price momentum?

ChronoScale Holdings Corporation has the strongest relative strength against S&P 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 Information Technology Services company scores highest for research priority?

Science Applications International Corporation scores 66.3 out of 100 with 86.2% evidence confidence, from 21 points on growth and earnings, 10.9 on capital efficiency, 16 on valuation and 18.4 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 Information Technology Services companies does this comparison cover, and over what period?

It compares 26 listed companies over up to 20 reported quarters of fundamentals and 6 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 Information Technology Services sector?

The 26 Information Technology Services companies on this page carry $541,665 million of combined market value. International Business Machines Corporation is the largest at $214,383 million, about 40% of the sector's total on its own. Market value moves with price, so this reading is dated 2026-07-28.

### What is the Information Technology Services sector's P/E ratio?

The median price-to-earnings ratio across the 26 Information Technology Services companies on this page is 15.6×, measured on the 23 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 2026-07-28.

### How is the Information Technology Services sector performing?

6 of the 26 covered Information Technology Services companies are beating S&P 500 on Mansfield relative strength. The sector itself is 5.5% behind S&P 500 over 52 weeks on an equal-weight index of its current members. Readings are as of 2026-07-28.

### How many Information Technology Services stocks are listed in the US?

This comparison covers 26 listed Information Technology Services companies in the US, each above the size floor the site applies. The full ranked list is on this page, with reported fundamentals through Jun 2026. Membership is the full industry list — nothing is dropped for having thin data.

### 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/information-technology-services