May 2026
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Largest Business Consulting Public Companies in India
Benchmark revenue and EBITDA valuation multiples for public comps like
HCLTech, Happiest Minds Technologies, Mastek, One Point One Solutions and Expleo Solutions.
 | 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 | -33% | $34B | $31B | 2.2x | 10.9x | ||
| Happiest Minds Technologies Ltd is an information technology (IT) company intended to deliver seamless customer experiences, business efficiency, and actionable insights to users. The company leverages a spectrum of disruptive technologies like artificial intelligence, blockchain, cloud, digital process automation, internet of things, robotics/drones, security, virtual/augmented reality, and more, enabling users in industry sectors like automotive, banking, financial services and insurance (BFSI), consumer packaged goods, e-commerce, edutech, engineering research and development (R&D), hi-tech, manufacturing, retail, and travel/transportation/hospitality to undergo digital transformation. Geographically, the company generates its key revenue from the United States of America. | $4 | -44% | $599M | $589M | 2.4x | 11.9x | ||
| Mastek Ltd is a provider of vertically-focused enterprise technology solutions. The company's offering portfolio consists of information technology consulting, application maintenance, application development, application management outsourcing, testing, data warehousing, business intelligence, and application security. It also focuses on agile consulting, legacy modernisation, Oracle Cloud, Oracle ERP Cloud, product-as-a-service solutions and machine learning, and digital e-commerce. Geographically the company exports its services to the United Kingdom, North America, the Middle East, and Other regions. The United Kingdom region generates maximum revenue for the company. | $17 | -34% | $540M | $485M | 1.2x | 7.4x | ||
| One Point One Solutions Ltd provides a comprehensive suite of services, strategically categorised to highlight expertise across various industries and functional areas, all underpinned by robust technological capabilities. The company serve a diverse range of sectors, including Banking & Finance, Telecom, Insurance, Airline, Consumer Durables, FMCG, Retail, E-Commerce, Travel, and Hospitality, leveraging specialised knowledge to deliver tailored solutions. It includes Security & Compliance Solutions, IT Infrastructure Services, and Omni-Channel Solutions. Banking & Financial Services (BFS), Healthcare, Communications, Media & Technology, Retail, and Utilities. | $1 | -- | $164M | $176M | 5.3x | 18.8x | ||
| Expleo Solutions Ltd is an India-based holding company. It is engaged in providing software testing services. The company delivers software validation and verification services to the banking and financial services industry around the world. It offers its services to various industries, including banking, finance, and insurance; energy and utilities; automotive and manufacturing; retail and logistics, and telecommunications. The services offered by the company consist of Management Consultancy, Quality Management, Technical Testing Services and Training services. | $9 | -34% | $143M | $96M | 0.8x | 4.7x | ||
| Median | $9 | -34% | $540M | $485M | 2.2x | 10.9x |
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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