May 2026
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Largest BPO Services Public Companies in India
Benchmark revenue and EBITDA valuation multiples for public comps like
Infosys, HCLTech, Wipro, Genpact and L&T Technology Services.
 | Infosys is an IT services provider based in Bengaluru, India, with offices in more than 50 countries. The company leverages its offshore outsourcing model to serve clients across different industries, such as financial services and manufacturing. Infosys’ IT services offerings include consulting, digital transformation, and business process outsourcing. | $13 | -29% | $54B | $51B | 2.5x | 10.1x | ||
| HCL Technologies Ltd provides enterprises with IT solutions. It focuses on offering Digital, Internet of Things, Cloud, Automation, Cybersecurity, Infrastructure Management, and Engineering services to solve business problems for clients. It offers solutions to a variety of industries, including Financial Services, Public Services, Consumer Services, Healthcare, and Manufacturing. It operates in three segments: IT and Business Services, Engineering and R&D Services, and HCL Software. The firm emphasizes consultation services for firms, intending to offer them digital and design solutions. The majority of the firm's revenue comes from the IT and Business Services segment. Geographically, it derives maximum revenue from the USA, and the rest from Europe, India, and the Rest of the world. | $13 | -30% | $35B | $32B | 2.3x | 11.3x | ||
| Wipro is a multinational IT services provider based in Bengaluru, India. The company pivoted into the IT space in the 1980s and grew into one of the largest Indian IT consulting companies during the dot-com boom. Nowadays, Wipro leverages its offshore outsourcing model to derive a significant portion of its revenue from North America and Europe. | $2 | -24% | $23B | $19B | 2.0x | 8.8x | ||
| Genpact Ltd is a provider of business process management services. Clients are industry verticals and operate in banking and financial services, insurance, capital markets, consumer product goods, life sciences, infrastructure, manufacturing and services, healthcare, and high-tech. Genpact's services include aftermarket, direct procurement, risk and compliance, human resources, IT, industrial solutions, collections, finance and accounting, and media services. Genpact's end market by revenue is India. It is a General Electric spin-off, which is still a large source of revenue for Genpact. | $33 | -25% | $6B | $6B | 1.3x | 6.9x | ||
| L&T Technology Services Ltd is a provider of engineering and research services in connection to embedded systems and other engineering support services. The company's operating segments include Mobility, Sustainability and Tech. It derives the majority of its revenue from the Tech segment. Geographically, it derives a majority of its revenue from North America. | $37 | -23% | $4B | $4B | 3.0x | 16.6x | ||
| Sagility Ltd is a technology-enabled company providing business process management services to its clients in the U.S. healthcare and insurance industry. It is a pure-play healthcare-focused services provider, and its clients include Payers and Providers. Its services to Payers cater to various aspects of their operations including core benefits administration functions such as claims management, enrolment, benefits plan building, premium billing, credentialing; and provides data management services and performs clinical functions such as utilization management, care management, and population health management. | $0 | -2% | $2B | $2B | 2.7x | 10.8x | ||
| Firstsource Solutions Ltd is engaged in the business of providing customer management services like contact centers, transaction processing, and debt collection services. The company's business segment includes Banking and Financial Services, Healthcare, Communication, Media and Technology, and Diverse Industries. It generates maximum revenue from the Banking and Financial Services segment. Geographically, it derives a majority of its revenue from the United States of America. | $3 | -30% | $2B | $2B | 2.2x | 13.4x | ||
| eClerx Services Ltd provides a variety of information technology, or IT, and knowledge and business process outsourcing services. The firm's financial services include expense management and accounting and finance, digital marketing services that include customer relationship management and business intelligence, market intelligence, financial market operations, finance and accounting, and other services. The geographical segments of the company are North America, United Kingdom, Europe, and Asia Pacific. | $16 | -58% | $1B | $1B | 3.2x | 11.5x | ||
| Zensar Technologies Ltd provides a range of information technology services and sells IT-related products. The company segments include Digital and Application Services (DAS) and Digital Foundation Services (DFS). It generates maximum revenue from the DAS segment. The Digital and Application Services (DAS) segment is engaged in Custom Applications Management Services that include Application Development, Maintenance, Support, Modernization, and Testing Services across a wide technology spectrum and Industry verticals. Geographically, the majority of its revenue comes from the Americas and the rest from Europe, and the rest of the world. | $5 | -40% | $1B | $932M | 1.5x | 7.9x | ||
| BLS International Services Ltd is a provider of miscellaneous business services in India. These services include outsourcing and administrative tasks, and passport and consular services to diplomatic missions across the world. It generates the majority of its revenue from operations rendered to the Middle East. Other regions include India, South Africa, Europe, North America, and Asia-Pacific. The company's businesses include Visa/Passport and OCI Application services, attestation, BLS Visa Consultancy, and BLS Embassy Notification Services. | $3 | -29% | $1B | $1B | 3.3x | 10.8x | ||
| Quess Corp Ltd is engaged in the business of providing services in General Staffing, Professional Staffing, Overseas business, and Digital platform business based in India. The company's operating segment includes General Staffing; Professional Staffing. Overseas Staffing and Digital Platforms. It generates maximum revenue from the General Staffing segment that provides end-to-end workforce solutions for industries such as BFSI, retail, manufacturing, telecom, logistics, and construction. Geographically, it derives a majority of its revenue from India. | $2 | -32% | $331M | $309M | 0.2x | 9.2x | ||
| MPS Ltd is an India-based company engaged in the business of offering platforms and publishing solutions. The operating segments of the group are Content solutions, eLearning solutions and Platform solutions. It derives a majority of the revenue from the Content solutions segment, which involves creating and developing content for print and digital delivery. It includes content authoring/development, content production, content transformation, fulfilment, and customer support services. Geographically, the group has a business presence in India, the USA, Europe, and other countries. The company's platforms include DigiCore, MPSTrak, THINK360, ScholarStor, and others. | $19 | -- | $329M | $322M | 4.0x | 11.9x | ||
| NIIT Learning Systems Ltd is engaged in providing managed training solutions which predominantly include technology-based solutions for learning and education management to improve efficiency and effectiveness to customers in the education sector in India and international markets. The company also offers a comprehensive suite of solutions including content, learning delivery, assessment, and technology for students and teachers, as well as solutions for institution administration and management. Geographically, the company derives a majority of its revenue from America, and the rest from Europe, India, and the rest of the world. | $2 | -37% | $316M | $200M | 1.0x | 4.4x | ||
| Spice Lounge Food Works Ltd formerly Shalimar Agencies Ltd is engaged in providing a complete range of IT Services and Solutions. The company provides services that includes software development, maintenance of software/hardware and related services, and sale of software licenses. | $0 | -- | $177M | $189M | 11.4x | 110.1x | ||
| Blue Cloud Softech Solutions Ltd is engaged in designing and developing computer software and marketing in India or abroad. It is also engaged in providing data processing services of all kinds, including computer consultancy, systems analysis, and programming, and computer maintenance in India or abroad. The company provides AI, tech, digital, and cloud-based solutions catering to the demands of its customers related to digital transformation, cloud mitigation, software architecture, and digital workforce management among others. | $0 | -44% | $145M | $173M | 1.7x | 13.1x | ||
| Alldigi Tech Ltd formerly Allsec Technologies Ltd Company operates two segments globally viz Human Resources Operation (HRO) covering HRMS, payroll services, time and attendance management and Digital Business Services (DBS) which encompasses generation, customer retention and relationship management comprising both voice and non-voice processes. The HRO services and DBS services are delivered from India and the subsidiary in Philippines. In India the DBS business supports both international (DBS International business) and domestic (DBS domestic business) customers and the HRO business supports both International and domestic customers. | $9 | -14% | $132M | $129M | 2.0x | 7.5x | ||
| Median | $4 | -30% | $1B | $1B | 2.3x | 10.8x |
Financial data powered by FactSet and Morningstar. Valuation multiples as of current fiscal year. For more data, start your free trial here.
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