India's listed IT sector is led by a handful of very large services companies and a longer tail of mid-sized specialists. This ranking orders them by what the stock market says they are worth, using the six-month average that the Association of Mutual Funds in India (AMFI) publishes for every listed company.
Between them, the ten companies below were worth ₹25.94 lakh crore on average from January to June 2026. Six months earlier the same ten were worth ₹30.34 lakh crore.
How this ranking works
- Measure. Average full market capitalisation for the six months ended 30 June 2026, as published by the Association of Mutual Funds in India (AMFI). For a company that trades on more than one exchange, AMFI averages the figures across exchanges.
- Who can appear. Companies listed in India whose main business is IT services, software products or engineering services. Internet and fintech platforms, such as food delivery or online insurance marketplaces, are not included.
- Comparison. Rises and falls are measured against AMFI's previous list, for the six months ended 31 December 2025.
- What we changed. Nothing. The values are AMFI's. We filtered its all-company list to this group, converted crore to lakh crore and rounded.
- What it does not tell you. Sales, profit, or whether a share is worth buying. Market value records what investors paid in that period. It is not a forecast.
| Rank | Name | Average market cap | Headquarters | Founded |
|---|---|---|---|---|
| 1 | Tata Consultancy Services | ₹9.35 lakh crore | Mumbai | 1968 |
| 2 | Infosys | ₹5.36 lakh crore | Bengaluru | 1981 |
| 3 | HCLTech | ₹3.72 lakh crore | Noida | 1991 |
| 4 | Wipro | ₹2.19 lakh crore | Bengaluru | 1945 |
| 5 | Tech Mahindra | ₹1.46 lakh crore | Pune | 1986 |
| 6 | LTM (formerly LTIMindtree) | ₹1.39 lakh crore | Mumbai | 1996 |
| 7 | Persistent Systems | ₹83,249 crore | Pune | 1990 |
| 8 | Oracle Financial Services Software | ₹71,003 crore | Mumbai | 1990 |
| 9 | Coforge | ₹47,791 crore | Noida | 1992 |
| 10 | Mphasis | ₹45,445 crore | Bengaluru | 1998 |
The 10 largest IT companies in India
Ranked by average market cap. Figures as of 30 June 2026.
- 1
Tata Consultancy Services
The largest IT services company in India
- Average market cap
- ₹9.35 lakh crore
- Headquarters
- Mumbai
- Founded
- 1968
- Industry
- IT services
- Listing
- NSE: TCS
TCS is worth more than Infosys and HCLTech put together, and on its own it accounts for 36% of the combined value of the ten companies here. It is part of the Tata Group: Tata Sons owns about 71.7%.
It was also one of the hardest hit. Its average value was down 17.2% on the previous six months, and it slipped from fourth to sixth among all listed companies in India.
- 2
Infosys
IT services and consulting
- Average market cap
- ₹5.36 lakh crore
- Headquarters
- Bengaluru
- Founded
- 1981
- Industry
- IT services
- Listing
- NSE: INFY
Infosys is the clear number two, worth ₹1.65 lakh crore more than HCLTech. N. R. Narayana Murthy and six co-founders started it in Pune in 1981, and it is now headquartered in Bengaluru.
Its average value was down 15.6%, and it moved from seventh to ninth in the all-India ranking.
- 3
HCLTech
IT services and software, spun out of HCL
- Average market cap
- ₹3.72 lakh crore
- Headquarters
- Noida
- Founded
- 1991
- Industry
- IT services and software
HCL Technologies was spun out of the HCL group in 1991, when HCL moved into software services. Shiv Nadar founded it, and the promoter group still holds about 61%. Roshni Nadar Malhotra is chairperson.
HCLTech is the smallest of the three IT companies in India's top 20. Its average value was down 11.3%, which took it from fifteenth to nineteenth overall.
- 4
Wipro
IT, consulting and business process services
- Average market cap
- ₹2.19 lakh crore
- Headquarters
- Bengaluru
- Founded
- 1945
- Industry
- IT services
Wipro dates from 1945, which makes it the oldest company in this list by more than twenty years. Azim Premji and his group own about 73% of it.
Its average value was down 16.8%. It is now worth 59% of HCLTech's value, and fell from thirty-second to fortieth overall.
- 5
Tech Mahindra
IT services arm of the Mahindra Group
- Average market cap
- ₹1.46 lakh crore
- Headquarters
- Pune
- Founded
- 1986
- Industry
- IT services
Tech Mahindra held up better than any other company here: its average value was only down 1.4%. That was enough to move it from sixth to fifth among IT companies, ahead of LTM.
It was formed in 1986 as a joint venture between Mahindra & Mahindra and BT Group and is part of the Mahindra Group. Its headquarters are in Pune and its registered office is in Mumbai.
- 6
LTM (formerly LTIMindtree)
IT services subsidiary of Larsen & Toubro
- Average market cap
- ₹1.39 lakh crore
- Headquarters
- Mumbai
- Founded
- 1996
- Industry
- IT services
LTM Limited is the new name of LTIMindtree. It is a subsidiary of Larsen & Toubro, which owns about 68.7%, and was incorporated in 1996.
Its average value was down 15.1%. It dropped thirteen places in the all-India ranking, from fifty-third to sixty-sixth, and is the smallest IT company that still counts as large cap.
- 7
Persistent Systems
Software engineering services
- Average market cap
- ₹83,249 crore
- Headquarters
- Pune
- Founded
- 1990
- Industry
- IT services
Persistent is the largest mid-cap IT company. Anand Deshpande founded it in Pune in 1990, and it provides software engineering and IT services.
Its average value was down 6.6%. The step down from LTM is large: Persistent is worth 60% as much as the company above it.
- 8
Oracle Financial Services Software
Banking software maker owned by Oracle
- Average market cap
- ₹71,003 crore
- Headquarters
- Mumbai
- Founded
- 1990
- Industry
- Financial software
OFSS is the one company here that mainly sells software products instead of services. It makes banking and insurance software, was known as i-flex Solutions before Oracle Corporation bought it, and remains an Oracle subsidiary.
Its average value was down 4.1%, the second-smallest fall in the list.
- 9
Coforge
IT services, formerly NIIT Technologies
- Average market cap
- ₹47,791 crore
- Headquarters
- Noida
- Founded
- 1992
- Industry
- IT services
- Listing
- NSE: COFORGE
Coforge, known as NIIT Technologies until its renaming, had the steepest fall of the ten: its average value was down 19.4%. It went from 177th to 200th among all listed companies.
It is based in Noida and serves banking and insurance, travel and transport, healthcare, manufacturing and government clients.
- 10
Mphasis
IT services backed by Blackstone
- Average market cap
- ₹45,445 crore
- Headquarters
- Bengaluru
- Founded
- 1998
- Industry
- IT services
Mphasis takes tenth place with an average value down 15.1%. It is based in Bengaluru, and the private equity firm Blackstone is its largest shareholder with about 40%.
Coforge and Mphasis are close: ₹2,346 crore separates ninth from tenth.
What changed since the last list
Every company in the list lost value. Together the ten were worth 14.5% less than in the second half of 2025. Tech Mahindra and Oracle Financial Services Software fell least. Coforge, TCS and Wipro fell most.
| Company | All-India rank, Jul to Dec 2025 | All-India rank, Jan to Jun 2026 | Average value, Jul to Dec 2025 | Average value, Jan to Jun 2026 | Change |
|---|---|---|---|---|---|
| Tata Consultancy Services | 4th | 6th | ₹11.30 lakh crore | ₹9.35 lakh crore | −17.2% |
| Infosys | 7th | 9th | ₹6.35 lakh crore | ₹5.36 lakh crore | −15.6% |
| HCLTech | 15th | 19th | ₹4.19 lakh crore | ₹3.72 lakh crore | −11.3% |
| Wipro | 32nd | 40th | ₹2.63 lakh crore | ₹2.19 lakh crore | −16.8% |
| Tech Mahindra | 60th | 59th | ₹1.48 lakh crore | ₹1.46 lakh crore | −1.4% |
| LTM (formerly LTIMindtree) | 53rd | 66th | ₹1.64 lakh crore | ₹1.39 lakh crore | −15.1% |
| Persistent Systems | 126th | 129th | ₹89,150 crore | ₹83,249 crore | −6.6% |
| Oracle Financial Services Software | 142nd | 148th | ₹74,072 crore | ₹71,003 crore | −4.1% |
| Coforge | 177th | 200th | ₹59,313 crore | ₹47,791 crore | −19.4% |
| Mphasis | 192nd | 206th | ₹53,511 crore | ₹45,445 crore | −15.1% |
What the list tells you
Three companies are most of the sector
TCS, Infosys and HCLTech make up 71% of the combined value of the ten. The bottom four together account for 9.5%.
Six are large cap, four are mid cap
Under SEBI's rules for mutual funds, the 100 most valuable listed companies are large cap and the next 150 are mid cap. TCS, Infosys, HCLTech, Wipro, Tech Mahindra and LTM are in the first group. Persistent Systems, Oracle Financial Services Software, Coforge and Mphasis are in the second.
Most have a controlling owner
Four of the ten belong to a larger group: TCS (Tata Sons), LTM (Larsen & Toubro), Tech Mahindra (Mahindra Group) and Oracle Financial Services Software (Oracle Corporation). HCLTech and Wipro are majority-owned by their founding families' groups.
Four cities
Bengaluru and Mumbai have three each: Infosys, Wipro and Mphasis in Bengaluru, and TCS, LTM and Oracle Financial Services Software in Mumbai. Pune has Tech Mahindra and Persistent Systems. Noida has HCLTech and Coforge.
Who just missed the list
The next five are engineering and IT services companies. Hexaware Technologies slipped from mid cap to small cap in this list: it was 211th in the previous period and is 254th now.
| Company | All-India rank | Average market cap |
|---|---|---|
| L&T Technology Services | 231st | ₹37,673 crore |
| Hexaware Technologies | 254th | ₹32,737 crore |
| Tata Elxsi | 275th | ₹28,538 crore |
| Tata Technologies | 298th | ₹25,616 crore |
| KPIT Technologies | 321st | ₹22,583 crore |
Limits of this ranking
This is a six-month average that ended on 30 June 2026. It will not match the market capitalisation shown on a stock exchange or trading app today, and a company's position on any single day can differ from its position here.
Market value is one way to measure size. Ranked by revenue, profit, assets or number of employees, the list would look different. Nothing here is investment advice. AMFI publishes its next list, for July to December 2026, in early January 2027, and this page will be updated when it does.
Frequently asked questions
Which is the biggest IT company in India?
By market value, Tata Consultancy Services. Its average market capitalisation for the six months ended 30 June 2026 was ₹9.35 lakh crore, about 1.7 times that of Infosys.
Is Infosys bigger than Wipro?
Yes, by a wide margin on market value. Infosys averaged ₹5.36 lakh crore and Wipro ₹2.19 lakh crore over January to June 2026.
Which IT companies are large cap in India?
In the current AMFI list, six: TCS, Infosys, HCLTech, Wipro, Tech Mahindra and LTM. Each is among the 100 most valuable listed companies in the country.
What is LTM?
LTM Limited is the new name of LTIMindtree, the IT services subsidiary of Larsen & Toubro. AMFI's list for the first half of 2026 carries the company under the new name.
Is this a ranking by revenue or by number of employees?
No. It ranks companies by market capitalisation only, which is the stock market value of all their shares. A ranking by revenue or headcount could put the same companies in a different order.
Sources
- Average market capitalisation of listed companies during the six months ended 30 June 2026, Association of Mutual Funds in India (AMFI). portal.amfiindia.com. Accessed 11 October 2026. Source of every market capitalisation figure and rank in this article.
- Average market capitalisation of listed companies during the six months ended 31 December 2025, Association of Mutual Funds in India (AMFI). amfiindia.com. Accessed 11 October 2026. Used for the comparison with the previous six months.
- Categorization and Rationalization of Mutual Fund Schemes, circular SEBI/HO/IMD/DF3/CIR/P/2017/114, 6 October 2017, Securities and Exchange Board of India (SEBI). amfiindia.com. Accessed 11 October 2026. Defines large, mid and small cap and how AMFI prepares the list.
- Tata Consultancy Services, Wikipedia. en.wikipedia.org. Accessed 11 October 2026. Company background. Secondary source.
- Infosys, Wikipedia. en.wikipedia.org. Accessed 11 October 2026. Company background. Secondary source.
- HCLTech, Wikipedia. en.wikipedia.org. Accessed 11 October 2026. Company background. Secondary source.
- Wipro, Wikipedia. en.wikipedia.org. Accessed 11 October 2026. Company background. Secondary source.
- Tech Mahindra, Wikipedia. en.wikipedia.org. Accessed 11 October 2026. Company background. Secondary source.
- LTM Limited (LTIMindtree), Wikipedia. en.wikipedia.org. Accessed 11 October 2026. Company background. Secondary source.
- Persistent Systems, Wikipedia. en.wikipedia.org. Accessed 11 October 2026. Company background. Secondary source.
- Oracle Financial Services Software, Wikipedia. en.wikipedia.org. Accessed 11 October 2026. Company background. Secondary source.
- Coforge, Wikipedia. en.wikipedia.org. Accessed 11 October 2026. Company background. Secondary source.
- Mphasis, Wikipedia. en.wikipedia.org. Accessed 11 October 2026. Company background. Secondary source.
