May 2026
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Largest Cloud Infrastructure Public Companies in India
Benchmark revenue and EBITDA valuation multiples for public comps like
Tata Consultancy Services, HCLTech, Netweb Technologies India, E2E Networks and Bharat Global Developers.
 | Tata Consultancy Services is a leading global IT services provider based in Mumbai, India. Founded in 1968, it is one of the first companies to leverage a global delivery model that helps clients outsource their IT needs to offshore labor. The company boasts a wide range of offerings, including IT consulting, managed services, and business process outsourcing. | $26 | -32% | $93B | $89B | 3.2x | 11.7x | ||
| 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. | $12 | -29% | $34B | $31B | 2.3x | 10.8x | ||
| Netweb Technologies India Ltd is one of India’s high-end computing solutions (HCS) providers, with fully integrated design and manufacturing capabilities. Its products include Data Center Server, AI Systems & Workstation, Private Cloud HCI, High Performance Storage, and HPC Systems. Its HCS offering comprises HPC, Private cloud and HCI, AI systems and enterprise workstations, High performance storage (HPS), and Data Centre Servers. The Company has identified the Computer server as the only primary reportable segment. | $46 | +112% | $3B | $3B | 11.2x | 80.8x | ||
| E2E Networks Ltd is an Indian cloud computing company. It specializes in providing cloud infrastructure with a focus on accelerated computing, including high-performance CPU, large memory, and Cloud GPU platforms featuring NVIDIA GPUs such as A100, H100, and H200. The company offers a self-service cloud platform with various features like CDN, load balancers, firewalls, VPC, DBaaS, and object storage, catering especially to startups, enterprises, and research institutions. E2E Networks has been instrumental in supporting India's digital growth by enabling AI/ML workloads, data science, NLP, and computer vision applications. It offers rapidly deployable cloud solutions with the objective to lowering project delivery costs and timelines. | $33 | +46% | $655M | $627M | 36.4x | 44.0x | ||
| Bharat Global Developers Ltd is engaged in the business of dealing in Construction Materials, Gold, Agricultural Products and Textiles etc. Majority of its revenue is generated from the Gold segment. | $1 | -50% | $125M | $133M | 1.9x | 172.4x | ||
| Median | $26 | -29% | $3B | $3B | 3.2x | 44.0x |
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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