Market cap, ratios, CAGR and revenue: company table snapshot as of 30 Oct 2026 (the same figures on every page). Price: snapshot as of 30 Oct 2026. Not investment advice.
Where it fits
IT services firms build and run software, cloud and back-office systems for global banks, retailers, manufacturers and telcos, mostly from Indian delivery centres. The group is roughly a tenth of the index, the second-largest industry.
Why it matters
IT is the index's main dollar earner and a hedge when the rupee weakens. It also sets the tone for white-collar hiring in India.
Where the value pool sits
Large, cash-rich businesses with high returns on capital and steady dividends and buybacks. Growth now depends on winning AI, cloud and cost-cutting deals, as generative AI shrinks the effort (and fees) on traditional work.
Key drivers
US and European tech and outsourcing spend
Large cost-takeout and AI deals
A weaker rupee lifting margins
Potential bottlenecks
Client budgets in the US and Europe
Visa costs and onshore staffing rules
Pricing pressure as AI automates coding and support