3 Engineering and Product Development Firm, Digital Engineering Group and IT Services Provider Stocks With a Strong Future Roadmap: ASM Technologies, L&T Technology Services and Zensar Technologies
- October 29, 2026
- Posted by: Ankit Jaiswal
- Category: Best Stocks
ASM Technologies, L&T Technology Services and Zensar Technologies: ROE of 16.4% to 21.7% and FY22 to FY26 revenue CAGR of 7.8% to 28.2%. Prices as of 28 Oct 2026.
Quick Answer
The three engineering, product development and IT services to watch are ASM Technologies, L&T Technology Services and Zensar Technologies. Their return on equity ranges from 16.4% to 21.7%, and their revenue compound annual growth from FY22 to FY26 ranges from 7.8% to 28.2%. L&T Technology Services has the highest return on equity at 21.7%, while ASM Technologies has the fastest revenue growth at 28.2% a year. Prices are based on the 28 October 2026 close, and this article is educational, not investment advice.
Engineering, product development and IT services give investors a way to track businesses that sit close to everyday demand in India. ASM Technologies, L&T Technology Services and Zensar Technologies cover an engineering and product development firm, a digital engineering group and an IT services provider.
This list covers three engineering, product development and IT services with complete current figures: ASM Technologies, L&T Technology Services and Zensar Technologies. Every figure comes from the latest reported financials and the 28 October 2026 market close. Companies without complete current figures were left out.
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What Are Engineering, Product Development and IT Services?
Engineering, product development and IT services are listed technology companies that provide product development and digital engineering work for electronics, semiconductor and healthcare device makers, deliver engineering research and development services to global industrial clients and offer digital and cloud services to enterprises. Their earnings depend on client budgets, project wins and currency.
Engineering, Product Development and IT Services at a Glance
| Company | CMP (Rs) | Market Cap (Rs Cr) | P/E | Industry P/E | ROE (%) | D/E |
|---|---|---|---|---|---|---|
| ASM Technologies | 6,388.8 | 9,255 | 128.5 | 17.5 | 19.8 | 0.42 |
| L&T Technology Services | 4,088.1 | 41,952 | 27.2 | 17.9 | 21.7 | 0.08 |
| Zensar Technologies | 497 | 11,686 | 15.1 | 17.5 | 16.4 | 0.02 |
On valuation, Zensar Technologies trades at a P/E below the industry P/E, while ASM Technologies and L&T Technology Services trade above it, which reflects the growth the market already expects. Readers comparing engineering, product development and IT services should look at return on equity and debt together, since a high return earned with low debt is easier to sustain.
Why Do Engineering, Product Development and IT Services Have a Strong Roadmap in India?
Engineering, product development and IT services have a strong roadmap in India because rising outsourcing of engineering and product development, growth in semiconductors and connected products and steady digital spending keep widening the market for these services companies.
- Engineering outsourcing. Global clients hand over design work.
- Connected products. Devices need software and testing.
- Digital projects. Enterprises spend on cloud and data.
Why ASM Technologies Features Among These Engineering, Product Development and IT Services
Among the engineering, product development and IT services on this list, ASM Technologies is a Bengaluru-based engineering and technology services firm that provides product development, digital engineering and automation work to clients in electronics, semiconductors, healthcare devices and other industries.
Revenue rose from Rs 199 crore in FY22 to Rs 537 crore in FY26, a compound annual growth rate of 28.2%. Net profit grew from Rs 13.9 crore in FY22 to Rs 60.8 crore in FY26, which works out to a compound annual growth rate of 44.6%.
The company has a return on equity of 19.8%, a debt to equity ratio of 0.42 and a market capitalisation of Rs 9,255 crore. The stock trades at a P/E of 128.5, above the industry P/E of 17.5.
Roadmap: The company is growing its semiconductor and digital engineering work and adding global clients. Long term engagements with technology and healthcare device makers support recurring revenue.
What to watch: Track new client additions, semiconductor projects and utilisation.
Why L&T Technology Services Features Among These Engineering, Product Development and IT Services
Among the engineering research and digital services shares on this list, L&T Technology Services provides engineering and research and development services to global customers in transportation, industrial products, telecom, plant engineering and medical devices.
Revenue rose from Rs 6,722 crore in FY22 to Rs 11,217 crore in FY26, a compound annual growth rate of 13.7%. Net profit grew from Rs 961 crore in FY22 to Rs 1,230 crore in FY26, which works out to a compound annual growth rate of 6.4%.
The company has a return on equity of 21.7%, a debt to equity ratio of 0.08 and a market capitalisation of Rs 41,952 crore. The stock trades at a P/E of 27.2, above the industry P/E of 17.9.
Roadmap: The company is growing in areas such as electric mobility, software-defined products and sustainability, where manufacturers outsource design and testing. Deep domain skills help it win multi-year programmes.
What to watch: Follow large deal wins, margin trends and demand from transportation and technology clients.
Why Zensar Technologies Features Among These Engineering, Product Development and IT Services
Among the three companies on this list, Zensar Technologies, an RPG group company, offers digital engineering, cloud and experience services to clients across financial services, retail and manufacturing.
The company has a return on equity of 16.4%, a debt to equity ratio of 0.02 and a market capitalisation of Rs 11,686 crore. The stock trades at a P/E of 15.1, below the industry P/E of 17.5.
Revenue rose from Rs 4,382 crore in FY22 to Rs 5,921 crore in FY26, a compound annual growth rate of 7.8%. Net profit grew from Rs 422 crore in FY22 to Rs 775 crore in FY26, which works out to a compound annual growth rate of 16.4%. In the June 2026 quarter, revenue grew 8.6% year on year to Rs 1,566 crore, while net profit rose 1.0% to Rs 184 crore.
Roadmap: Strong deal wins in cloud and data work, a focus on fewer, larger clients and the use of artificial intelligence in delivery support its path. Cost discipline has allowed margins to improve over the years.
What to watch: Follow client concentration and growth in large accounts.
ASM Technologies vs L&T Technology Services vs Zensar Technologies on Key Financials
The table below sets the three engineering, product development and IT services side by side on revenue, profit and margin, using reported figures.
| Company | FY22 Revenue (Rs Cr) | FY26 Revenue (Rs Cr) | Revenue CAGR (FY22-FY26) | FY26 Net Profit (Rs Cr) | FY26 Net Margin |
|---|---|---|---|---|---|
| ASM Technologies | 199 | 537 | 28.2% | 60.8 | 11.3% |
| L&T Technology Services | 6,722 | 11,217 | 13.7% | 1,230 | 11.0% |
| Zensar Technologies | 4,382 | 5,921 | 7.8% | 775 | 13.1% |
L&T Technology Services posts the highest return on equity in this group at 21.7%. L&T Technology Services has the largest FY26 revenue at Rs 11,217 crore, and ASM Technologies shows the fastest revenue growth with a 28.2% compound annual rate. A useful habit with engineering, product development and IT services is to check each new quarterly result against the capacity plans the company described earlier.
Key Risks to Check Before Investing in Engineering, Product Development and IT Services
Every theme carries risks that deserve a check before any decision. For these engineering, product development and IT services, the main points are:
- Deal timing. Large contracts can shift between periods.
- Client budgets. Spending can vary with global conditions.
- Currency moves. Export earnings move with the rupee.
Treat this list as a starting point for research and not as a recommendation. Read the latest results presentation, check the management commentary on order books or capacity plans, and compare each company with its peers before you decide anything.
Use the Univest Stock Screener to filter engineering, product development and IT services by market capitalisation, P/E, ROE and growth, and build your own shortlist.
Final Thoughts on Engineering, Product Development and IT Services
Engineering, product development and IT services work best when investors track growth, valuation and return on equity side by side. ASM Technologies, L&T Technology Services and Zensar Technologies each have a clear plan to expand. Based on the 28 October 2026 close, ASM Technologies trades at Rs 6,388.8, L&T Technology Services at Rs 4,088.1 and Zensar Technologies at Rs 497.
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Disclaimer: Data and figures in this article are sourced from publicly available information. These may or may not be accurate. Please verify all data with the official NSE (nseindia.com) and BSE (bseindia.com) websites before making any investment decision. Investments in securities are subject to market risk. This content is for educational purposes only and is not investment advice by Univest (SEBI RA INH000013776).
What are engineering, product development and IT services?
Ans. Engineering, product development and IT services are listed technology companies that provide product development and digital engineering work for electronics, semiconductor and healthcare device makers, deliver engineering research and development services to global industrial clients and offer digital and cloud services to enterprises. Their earnings depend on client budgets, project wins and currency. This list looks at three of them, ASM Technologies, L&T Technology Services and Zensar Technologies, using reported FY22 to FY26 financials and the 28 October 2026 closing prices.
Which engineering, product development and IT services are covered in this list?
Ans. This list covers ASM Technologies, L&T Technology Services and Zensar Technologies. Based on the 28 October 2026 close, ASM Technologies traded at Rs 6,388.8, L&T Technology Services at Rs 4,088.1 and Zensar Technologies at Rs 497. Their return on equity ranges from 16.4% to 21.7%, and their revenue compound annual growth from FY22 to FY26 ranges from 7.8% to 28.2%.
Why do engineering, product development and IT services have a strong future roadmap in India?
Ans. Engineering, product development and IT services have a strong roadmap in India because rising outsourcing of engineering and product development, growth in semiconductors and connected products and steady digital spending keep widening the market for these services companies. The main drivers are as follows. Engineering outsourcing. Global clients hand over design work. Connected products. Devices need software and testing. Digital projects. Enterprises spend on cloud and data. Together these factors give the companies on this list a visible path for growth over the coming years.
How has ASM Technologies performed financially?
Ans. Revenue rose from Rs 199 crore in FY22 to Rs 537 crore in FY26, a compound annual growth rate of 28.2%. Net profit grew from Rs 13.9 crore in FY22 to Rs 60.8 crore in FY26, which works out to a compound annual growth rate of 44.6%. The company has a return on equity of 19.8%, a debt to equity ratio of 0.42 and a market capitalisation of Rs 9,255 crore. The stock trades at a P/E of 128.5, above the industry P/E of 17.5. Looking ahead, the company is growing its semiconductor and digital engineering work and adding global clients. Long term engagements with technology and healthcare device makers support recurring revenue.
How has L&T Technology Services performed financially?
Ans. Revenue rose from Rs 6,722 crore in FY22 to Rs 11,217 crore in FY26, a compound annual growth rate of 13.7%. Net profit grew from Rs 961 crore in FY22 to Rs 1,230 crore in FY26, which works out to a compound annual growth rate of 6.4%. The company has a return on equity of 21.7%, a debt to equity ratio of 0.08 and a market capitalisation of Rs 41,952 crore. The stock trades at a P/E of 27.2, above the industry P/E of 17.9. Looking ahead, the company is growing in areas such as electric mobility, software-defined products and sustainability, where manufacturers outsource design and testing. Deep domain skills help it win multi-year programmes.
How has Zensar Technologies performed financially?
Ans. Revenue rose from Rs 4,382 crore in FY22 to Rs 5,921 crore in FY26, a compound annual growth rate of 7.8%. Net profit grew from Rs 422 crore in FY22 to Rs 775 crore in FY26, which works out to a compound annual growth rate of 16.4%. In the June 2026 quarter, revenue grew 8.6% year on year to Rs 1,566 crore, while net profit rose 1.0% to Rs 184 crore. The company has a return on equity of 16.4%, a debt to equity ratio of 0.02 and a market capitalisation of Rs 11,686 crore. The stock trades at a P/E of 15.1, below the industry P/E of 17.5. Looking ahead, strong deal wins in cloud and data work, a focus on fewer, larger clients and the use of artificial intelligence in delivery support its path. Cost discipline has allowed margins to improve over the years.
What risks should investors check before buying engineering, product development and IT services?
Ans. Investors should check a few risks before buying engineering, product development and IT services. Deal timing. Large contracts can shift between periods. Client budgets. Spending can vary with global conditions. Currency moves. Export earnings move with the rupee. Reading the latest results presentation and comparing each company with its peers helps judge how these risks apply to each stock.
Is this list of engineering, product development and IT services investment advice?
Ans. No. This article is educational and uses publicly available data as of the 28 October 2026 close. Please verify figures on NSE and BSE, read company filings and consult a SEBI registered adviser before investing. Univest is SEBI registered research analyst INH000013776.
