Who writes the world's software from India
16 listed companies earned ₹789,190 crore from software and IT services in FY25. Tata Consultancy Services Ltd earned the most, 29.4% of it. Oracle Financial Services Software Ltd earned the most on each rupee of sales: 46.8%.
The brands, and who owns them
Front2Back™, Mphasis.ai, Neo series are Mphasis Ltd's; AgentSphere, Quasar AI Marketplace are Coforge Ltd's; GenAI Hub, iAURA, SASVA are Persistent Systems Ltd's; Oracle Banking is Oracle Financial Services Software Ltd's; KUBYTS, Skylus, Skylus.ai, Tyrone Cluster Manager and others are Netweb Technologies India Ltd's. Brands are read from each company's filings and checked against a public source.
Who sells the most
Tata Consultancy Services Ltd had 29.4% of the listed companies' revenue from software and IT services here, 1.5 times as much as Infosys Ltd, the next largest. The two together sold 49%; the other 14 the rest.
How the sales have grown, and who sold them
The listed companies here earned ₹8.50 lakh Cr from software and IT services in FY26. Counting only the companies with figures in both years, sales went from ₹4,706 Cr in FY19 to ₹3,613 Cr. The biggest rise was in FY23 (+30%) and the weakest year FY25 (-46%). Tata Consultancy Services Ltd's part of the total went from 29% in FY25 to 28% in FY26. Over three years Inventurus Knowledge Solutions Ltd grew fastest, +44.4% a year. Some companies are counted only from a later year (Tata Consultancy Services Ltd from FY25; Infosys Ltd from FY25; HCL Technologies Ltd from FY25; Wipro Ltd from FY25; Larsen & Toubro Ltd from FY25; Tech Mahindra Ltd from FY25; LTM Ltd from FY25; Mphasis Ltd from FY25; Coforge Ltd from FY25; L&T Technology Services Ltd from FY25; Persistent Systems Ltd from FY25; Oracle Financial Services Software Ltd from FY25; Tata Technologies Ltd from FY25; Inventurus Knowledge Solutions Ltd from FY20; Netweb Technologies India Ltd from FY24).
Who earns the most on each rupee
Operating profit before interest and tax, as a share of revenue from software and IT services. Tata Consultancy Services Ltd earned 27.6% on its sales in FY26, against 26.5% in FY25. Infosys Ltd earned 24.0% on its sales in FY26, against 24.3% in FY25. HCL Technologies Ltd earned 17.2% on its sales in FY26, against 18.3% in FY25. Wipro Ltd earned 17.6% on its sales in FY26, against 18.2% in FY25. Larsen & Toubro Ltd earned 16.2% on its sales in FY26, against 16.1% in FY25. Tech Mahindra Ltd earned 19.4% on its sales in FY26, against 18.6% in FY25.
The companies, and their brands
| Company and brands | Sales FY25 | Growth 1 yr | 3 yrs | 5 yrs | Margin | Profit share | Return on assets | P/E | ROE | Share price 1 yr |
|---|---|---|---|---|---|---|---|---|---|---|
| Tata Consultancy Services Ltd | ₹232,313 Cr | +3.2% | — | — | 26.5% | 35.0% | — | 15.9 | 61.5% | -23.3% |
| Infosys Ltd | ₹158,180 Cr | +9.9% | — | — | 24.3% | 21.8% | — | 14.3 | 34.7% | -28.7% |
| HCL Technologies Ltd Sells in 15 states and 60 countries; exports 91.54% of turnover |
₹117,055 Cr | +11.2% | — | — | 18.3% | 12.2% | — | 19.6 | 40.6% | -11.3% |
| Wipro Ltd Sells in 28 states and 65 countries; exports 97.5% of turnover |
₹88,822 Cr | +3.7% | — | — | 18.2% | 9.2% | — | 13.4 | 19.1% | -32.0% |
| Larsen & Toubro Ltd | ₹47,839 Cr | +11.5% | — | — | 16.1% | 4.4% | 15.6% | 30.5 | 14.8% | -1.9% |
| Tech Mahindra Ltd | ₹44,477 Cr | +27.8% | — | — | 18.6% | 4.7% | 47.4% | 26.6 | 17.5% | +5.1% |
| LTM Ltd | ₹38,008 Cr | +11.3% | — | — | 17.1% | 3.7% | — | 23.9 | 22.1% | -22.9% |
| Mphasis Ltd Front2Back™, Mphasis.ai, Neo series Sells in 5 states and 20 countries; exports 90.0% of turnover |
₹12,697 Cr | +13.9% | — | — | 28.1% | 2.0% | — | 24.6 | 22.0% | -10.2% |
| Coforge Ltd AgentSphere, Quasar AI Marketplace Sells in 19 states and 26 countries; exports 81.0% of turnover |
₹12,051 Cr | — | — | — | 15.2% | 1.0% | — | 39.2 | 18.9% | +13.4% |
| L&T Technology Services Ltd | ₹10,670 Cr | +3.1% | — | — | 18.3% | 1.1% | — | 27.5 | 20.7% | -17.4% |
| Persistent Systems Ltd GenAI Hub, iAURA, SASVA Sells in 12 states and 21 countries; exports 90.6% of turnover |
₹8,168 Cr | +80.6% | — | — | 33.2% | 1.5% | 126.6% | 48.6 | 26.6% | +12.2% |
| Oracle Financial Services Software Ltd Oracle Banking Sells in 9 states and 47 countries; exports 88.4% of turnover |
₹6,847 Cr | +12.1% | — | — | 46.8% | 1.8% | 119.1% | 27.1 | 38.1% | +18.9% |
| Tata Technologies Ltd | ₹5,168 Cr | +6.5% | — | — | 29.3% | 0.9% | — | 54.2 | 33.3% | +8.1% |
| Hexaware Technologies Ltd | ₹3,208 Cr | +12.6% | — | — | 14.3% | 0.3% | — | 25.5 | 24.3% | -22.1% |
| Inventurus Knowledge Solutions Ltd | ₹2,664 Cr | +19.9% | +44.4% | +41.2% | 26.1% | 0.4% | — | 38.2 | 37.6% | +15.9% |
| Netweb Technologies India Ltd KUBYTS, Skylus, Skylus.ai, Tyrone Cluster Manager, Tyrone Kubyts, Tyrone KUBYTS™, Tyrone ProServe, Tyrone Skylus Sells in 28 states and 5 countries; exports 1.37% of turnover |
₹1,023 Cr estimate |
+100.2% | — | — | — | — | — | 110.1 | 32.9% | +30.4% |
See every one of these companies in Valarth
Questions people ask
Who writes the world's software from India?
16 listed companies report their revenue from software and IT services: Tata Consultancy Services Ltd (TCS), Infosys Ltd (INFY), HCL Technologies Ltd (HCLTECH), Wipro Ltd (WIPRO), Larsen & Toubro Ltd (LT), Tech Mahindra Ltd (TECHM), LTM Ltd (LTM), Mphasis Ltd (MPHASIS).
Which listed company earns the most from software and IT services in India?
Tata Consultancy Services Ltd, with revenue from software and IT services of ₹232,313 crore in FY25: 29.4% of the listed companies' total here.
How much do listed companies earn from software and IT services?
The listed companies here earned ₹789,190 crore from software and IT services in FY25. Private makers are not included.
Which listed company makes the most profit from software and IT services?
Oracle Financial Services Software Ltd: its operating profit was 46.8% of its revenue from software and IT services in FY25.
Who owns Front2Back™?
Front2Back™ is a brand of Mphasis Ltd, listed on the NSE as MPHASIS.
Who owns Mphasis.ai?
Mphasis.ai is a brand of Mphasis Ltd, listed on the NSE as MPHASIS.
Who owns AgentSphere?
AgentSphere is a brand of Coforge Ltd, listed on the NSE as COFORGE.
Who owns Quasar AI Marketplace?
Quasar AI Marketplace is a brand of Coforge Ltd, listed on the NSE as COFORGE.
Who owns GenAI Hub?
GenAI Hub is a brand of Persistent Systems Ltd, listed on the NSE as PERSISTENT.
Who owns iAURA?
iAURA is a brand of Persistent Systems Ltd, listed on the NSE as PERSISTENT.
Who owns Oracle Banking?
Oracle Banking is a brand of Oracle Financial Services Software Ltd, listed on the NSE as OFSS.
Who owns KUBYTS?
KUBYTS is a brand of Netweb Technologies India Ltd, listed on the NSE as NETWEB.
Who owns Skylus?
Skylus is a brand of Netweb Technologies India Ltd, listed on the NSE as NETWEB.