3 Applications and Cloud Services Provider, Digital Transformation Firm and Automotive Engineering Services Company Stocks With a Strong Future Roadmap: Mphasis, Happiest Minds Technologies and Tata Technologies
- October 26, 2026
- Posted by: Chaitanya Auti
- Category: Best Stocks
Mphasis, Happiest Minds Technologies and Tata Technologies: ROE of 12.6% to 17.3% and FY22 to FY26 revenue CAGR of 7.5% to 20.7%. Prices as of 23 Oct 2026.
Quick Answer
The three IT services and product engineering stocks to watch are Mphasis, Happiest Minds Technologies and Tata Technologies. Their return on equity ranges from 12.6% to 17.3%, and their revenue compound annual growth from FY22 to FY26 ranges from 7.5% to 20.7%. Mphasis has the highest return on equity at 17.3%, while Happiest Minds Technologies has the fastest revenue growth at 20.7% a year. Prices are based on the 23 October 2026 close, and this article is educational, not investment advice.
IT services and product engineering stocks let investors follow companies that serve a growing part of the Indian economy. Mphasis, Happiest Minds Technologies and Tata Technologies cover an applications and cloud services provider, a digital transformation firm and an automotive engineering services company.
This list covers three IT services and product engineering stocks with complete current figures: Mphasis, Happiest Minds Technologies and Tata Technologies. Every figure comes from the latest reported financials and the 23 October 2026 market close. Companies without complete current figures were left out.
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What Are IT Services and Product Engineering Stocks?
IT services and product engineering stocks are listed technology companies that provide application, cloud and product engineering services to clients in banking, automotive and other industries. Their earnings depend on client spending, deal wins and utilisation.
IT Services and Product Engineering Stocks at a Glance
| Company | CMP (Rs) | Market Cap (Rs Cr) | P/E | Industry P/E | ROE (%) | D/E |
|---|---|---|---|---|---|---|
| Mphasis | 2,480 | 47,695 | 25.0 | 17.5 | 17.3 | 0.24 |
| Happiest Minds Technologies | 301.15 | 4,680 | 21.0 | 17.9 | 12.6 | 0.88 |
| Tata Technologies | 657.35 | 27,979 | 49.7 | 17.9 | 17.1 | 0.29 |
On valuation, all three trade at a P/E above their industry P/E, which reflects the growth the market already expects from them. Readers comparing IT services and product engineering stocks should look at return on equity and debt together, since a high return earned with low debt is easier to sustain.
Why Do IT Services and Product Engineering Stocks Have a Strong Roadmap in India?
IT services and product engineering stocks have a strong roadmap in India because enterprises keep investing in cloud, data and product engineering, and automotive and industrial clients need specialist digital partners.
- Cloud and data. Clients modernise applications and data platforms.
- Product engineering. Vehicle and industrial makers outsource design work.
- Generative artificial intelligence. New solutions open fresh project lines.
Why Mphasis Features Among These IT Services and Product Engineering Stocks
Among the IT services and product engineering stocks on this list, Mphasis is a Bengaluru-based IT services company that provides applications, cloud, data and consulting services to clients in banking, insurance and technology, especially in the United States.
The company has a return on equity of 17.3%, a debt to equity ratio of 0.24 and a market capitalisation of Rs 47,695 crore. The stock trades at a P/E of 25.0, above the industry P/E of 17.5.
Revenue rose from Rs 12,122 crore in FY22 to Rs 16,206 crore in FY26, a compound annual growth rate of 7.5%. Net profit grew from Rs 1,431 crore in FY22 to Rs 1,863 crore in FY26, which works out to a compound annual growth rate of 6.8%. In the June 2026 quarter, revenue grew 17.1% year on year to Rs 4,467 crore, while net profit rose 10.8% to Rs 490 crore.
Roadmap: The company has stressed an AI-led approach and strengthened its sales relationships with large clients. A broad client base in financial services provides recurring revenue, and its investments in cloud and data skills support growth.
What to watch: Monitor deal wins and client spending trends in banking and financial services.
Why Happiest Minds Technologies Features Among These IT Services and Product Engineering Stocks
Among the cloud and applications services shares on this list, Happiest Minds Technologies is a Bengaluru-based digital transformation company that offers product engineering, digital business services and generative artificial intelligence solutions to clients across industries.
Revenue rose from Rs 1,131 crore in FY22 to Rs 2,400 crore in FY26, a compound annual growth rate of 20.7%. Net profit grew from Rs 185 crore in FY25 to Rs 213 crore in FY26, a rise of 15.1%.
In the June 2026 quarter, revenue grew 12.5% year on year to Rs 652 crore, while net profit rose 18.3% to Rs 67.6 crore. The company has a return on equity of 12.6%, a debt to equity ratio of 0.88 and a market capitalisation of Rs 4,680 crore. The stock trades at a P/E of 21.0, above the industry P/E of 17.9.
Roadmap: The company is adding capabilities in artificial intelligence, cloud and cybersecurity, which enterprises are prioritising. A digital-first positioning helps it win newer projects from established clients.
What to watch: Track the mix of digital business and product engineering revenue and new client additions.
Why Tata Technologies Features Among These IT Services and Product Engineering Stocks
Among the three companies on this list, Tata Technologies provides product engineering and digital services to global automotive, aerospace and industrial companies, and it also runs a training and technology education business.
Revenue rose from Rs 3,578 crore in FY22 to Rs 5,680 crore in FY26, a compound annual growth rate of 12.2%. Net profit grew from Rs 437 crore in FY22 to Rs 547 crore in FY26, which works out to a compound annual growth rate of 5.8%.
The company has a return on equity of 17.1%, a debt to equity ratio of 0.29 and a market capitalisation of Rs 27,979 crore. The stock trades at a P/E of 49.7, above the industry P/E of 17.9.
Roadmap: The company benefits from the shift to electric and software-defined vehicles, which raises engineering outsourcing. Long relationships with leading vehicle makers support steady project flow.
What to watch: Track new programme wins, automotive client spending and growth in the technology education business.
Mphasis vs Happiest Minds Technologies vs Tata Technologies on Key Financials
The table below sets the three IT services and product engineering stocks 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 |
|---|---|---|---|---|---|
| Mphasis | 12,122 | 16,206 | 7.5% | 1,863 | 11.5% |
| Happiest Minds Technologies | 1,131 | 2,400 | 20.7% | 213 | 8.9% |
| Tata Technologies | 3,578 | 5,680 | 12.2% | 547 | 9.6% |
Mphasis posts the highest return on equity in this group at 17.3%. Mphasis has the largest FY26 revenue at Rs 16,206 crore, and Happiest Minds Technologies shows the fastest revenue growth with a 20.7% compound annual rate. A useful habit with IT services and product engineering stocks is to check each new quarterly result against the capacity plans the company described earlier.
Key Risks to Check Before Investing in IT Services and Product Engineering Stocks
Every theme carries risks that deserve a check before any decision. For these IT services and product engineering stocks, the main points are:
- Client spending. Technology budgets can shift with the global economy.
- Currency moves. Export earnings are affected by rupee movements.
- Valuation levels. Some of these companies trade at high earnings multiples, so growth must continue to justify them.
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 IT services and product engineering stocks by market capitalisation, P/E, ROE and growth, and build your own shortlist.
Final Thoughts on IT Services and Product Engineering Stocks
IT services and product engineering stocks reward investors who follow demand trends, order books and margins together. Mphasis, Happiest Minds Technologies and Tata Technologies each have a clear plan to grow. Based on the 23 October 2026 close, Mphasis trades at Rs 2,480, Happiest Minds Technologies at Rs 301.15 and Tata Technologies at Rs 657.35.
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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 IT services and product engineering stocks?
Ans. IT services and product engineering stocks are listed technology companies that provide application, cloud and product engineering services to clients in banking, automotive and other industries. Their earnings depend on client spending, deal wins and utilisation. This list looks at three of them, Mphasis, Happiest Minds Technologies and Tata Technologies, using reported FY22 to FY26 financials and the 23 October 2026 closing prices.
Which IT services and product engineering stocks are covered in this list?
Ans. This list covers Mphasis, Happiest Minds Technologies and Tata Technologies. Based on the 23 October 2026 close, Mphasis traded at Rs 2,480, Happiest Minds Technologies at Rs 301.15 and Tata Technologies at Rs 657.35. Their return on equity ranges from 12.6% to 17.3%, and their revenue compound annual growth from FY22 to FY26 ranges from 7.5% to 20.7%.
Why do IT services and product engineering stocks have a strong future roadmap in India?
Ans. IT services and product engineering stocks have a strong roadmap in India because enterprises keep investing in cloud, data and product engineering, and automotive and industrial clients need specialist digital partners. The main drivers are as follows. Cloud and data. Clients modernise applications and data platforms. Product engineering. Vehicle and industrial makers outsource design work. Generative artificial intelligence. New solutions open fresh project lines. Together these factors give the companies on this list a visible path for growth over the coming years.
How has Mphasis performed financially?
Ans. Revenue rose from Rs 12,122 crore in FY22 to Rs 16,206 crore in FY26, a compound annual growth rate of 7.5%. Net profit grew from Rs 1,431 crore in FY22 to Rs 1,863 crore in FY26, which works out to a compound annual growth rate of 6.8%. In the June 2026 quarter, revenue grew 17.1% year on year to Rs 4,467 crore, while net profit rose 10.8% to Rs 490 crore. The company has a return on equity of 17.3%, a debt to equity ratio of 0.24 and a market capitalisation of Rs 47,695 crore. The stock trades at a P/E of 25.0, above the industry P/E of 17.5. Looking ahead, the company has stressed an AI-led approach and strengthened its sales relationships with large clients. A broad client base in financial services provides recurring revenue, and its investments in cloud and data skills support growth.
How has Happiest Minds Technologies performed financially?
Ans. Revenue rose from Rs 1,131 crore in FY22 to Rs 2,400 crore in FY26, a compound annual growth rate of 20.7%. Net profit grew from Rs 185 crore in FY25 to Rs 213 crore in FY26, a rise of 15.1%. In the June 2026 quarter, revenue grew 12.5% year on year to Rs 652 crore, while net profit rose 18.3% to Rs 67.6 crore. The company has a return on equity of 12.6%, a debt to equity ratio of 0.88 and a market capitalisation of Rs 4,680 crore. The stock trades at a P/E of 21.0, above the industry P/E of 17.9. Looking ahead, the company is adding capabilities in artificial intelligence, cloud and cybersecurity, which enterprises are prioritising. A digital-first positioning helps it win newer projects from established clients.
How has Tata Technologies performed financially?
Ans. Revenue rose from Rs 3,578 crore in FY22 to Rs 5,680 crore in FY26, a compound annual growth rate of 12.2%. Net profit grew from Rs 437 crore in FY22 to Rs 547 crore in FY26, which works out to a compound annual growth rate of 5.8%. The company has a return on equity of 17.1%, a debt to equity ratio of 0.29 and a market capitalisation of Rs 27,979 crore. The stock trades at a P/E of 49.7, above the industry P/E of 17.9. Looking ahead, the company benefits from the shift to electric and software-defined vehicles, which raises engineering outsourcing. Long relationships with leading vehicle makers support steady project flow.
What risks should investors check before buying IT services and product engineering stocks?
Ans. Investors should check a few risks before buying IT services and product engineering stocks. Client spending. Technology budgets can shift with the global economy. Currency moves. Export earnings are affected by rupee movements. Valuation levels. Some of these companies trade at high earnings multiples, so growth must continue to justify them. 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 IT services and product engineering stocks investment advice?
Ans. No. This article is educational and uses publicly available data as of the 23 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.