3 Largest Indian IT Services Provider, Engineering R&D Services Leader and Digital Engineering Company Stocks With a Strong Future Roadmap: Infosys, L&T Technology Services and Mastek

Infosys, L&T Technology Services and Mastek: ROE of 13.5% to 31.0% and FY22 to FY26 revenue CAGR of 10.2% to 14.2%. Prices as of 23 Oct 2026.

Updated: 26 Oct 2026 • 11:39 am

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3 Largest Indian IT Services Provider, Engineering R&D Services Leader and Digital Engineering Company Stocks With a Strong Future Roadmap: Infosys, L&T Technology Services and Mastek

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The three large IT services and engineering R&D stocks to watch are Infosys, L&T Technology Services and Mastek. Their return on equity ranges from 13.5% to 31.0%, and their revenue compound annual growth from FY22 to FY26 ranges from 10.2% to 14.2%. Infosys has the highest return on equity at 31.0%, while Mastek has the fastest revenue growth at 14.2% a year. Prices are based on the 23 October 2026 close, and this article is educational, not investment advice.

Large IT services and engineering R&D stocks offer a focused view of a sector where demand keeps widening. Infosys, L&T Technology Services and Mastek cover a leading Indian IT services provider, an engineering research and development services leader and a digital engineering company.

This list covers three large IT services and engineering R&D stocks with complete current figures: Infosys, L&T Technology Services and Mastek. 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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Table of Contents

What Are Large IT Services and Engineering R&D Stocks?

Large IT services and engineering R&D stocks are listed technology companies that provide digital, cloud and engineering services to global enterprises. Their earnings depend on client spending, large deals, utilisation and currency.

Large IT Services and Engineering R&D Stocks at a Glance

Company	CMP (Rs)	Market Cap (Rs Cr)	P/E	Industry P/E	ROE (%)	D/E
Infosys	1,153.8	468,528	15.4	17.6	31.0	0.09
L&T Technology Services	3,910.3	41,952	27.2	17.9	21.7	0.08
Mastek	1,761.6	5,673	13.6	17.9	13.5	0.15

On valuation, Infosys and Mastek trade at a P/E below the industry P/E, while L&T Technology Services trades above it, which reflects the growth the market already expects. Readers comparing large IT services and engineering R&D stocks should look at return on equity and debt together, since a high return earned with low debt is easier to sustain.

Why Do Large IT Services and Engineering R&D Stocks Have a Strong Roadmap in India?

Large IT services and engineering R&D stocks have a strong roadmap in India because global companies keep outsourcing technology and engineering work, and artificial intelligence and cloud projects add to the deal pipeline.

Large deals. Multi-year contracts add visibility.
Engineering services. Product makers outsource design and testing.
Artificial intelligence. New projects add to the pipeline.

Why Infosys Features Among These Large IT Services and Engineering R&D Stocks

Among the large IT services and engineering R&D stocks on this list, Infosys is a leading Indian technology services company that provides digital, cloud, data and consulting services to global enterprises across banking, retail, energy and other industries.

Revenue rose from Rs 123,936 crore in FY22 to Rs 182,972 crore in FY26, a compound annual growth rate of 10.2%. Net profit grew from Rs 22,146 crore in FY22 to Rs 29,474 crore in FY26, which works out to a compound annual growth rate of 7.4%.

The company has a return on equity of 31.0%, a debt to equity ratio of 0.09 and a market capitalisation of Rs 468,528 crore. The stock trades at a P/E of 15.4, below the industry P/E of 17.6.

Roadmap: The company is investing in artificial intelligence and cloud services, which are becoming central to client budgets. Large deal wins and strong client relationships support steady growth.

What to watch: Track large deal wins, margin trends and client demand for artificial intelligence services.

Why L&T Technology Services Features Among These Large IT Services and Engineering R&D Stocks

Among the global IT services company 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.

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.

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%.

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 Mastek Features Among These Large IT Services and Engineering R&D Stocks

Among the three companies on this list, Mastek is a digital engineering and cloud services company that serves clients in the United Kingdom, the United States and other regions, with a strong presence in public sector, retail and financial services.

Revenue rose from Rs 2,220 crore in FY22 to Rs 3,769 crore in FY26, a compound annual growth rate of 14.2%. Net profit grew from Rs 310 crore in FY23 to Rs 404 crore in FY26, which works out to a compound annual growth rate of 9.2%.

In the June 2026 quarter, revenue grew 7.8% year on year to Rs 997 crore, while net profit rose 15.0% to Rs 106 crore. The company has a return on equity of 13.5%, a debt to equity ratio of 0.15 and a market capitalisation of Rs 5,673 crore. The stock trades at a P/E of 13.6, below the industry P/E of 17.9.

Roadmap: The company is expanding its cloud, data and software engineering work and deepening ties with existing clients. A focus on repeat engagements supports steady revenue.

What to watch: Follow client additions, order book momentum and growth in cloud and data services.

Infosys vs L&T Technology Services vs Mastek on Key Financials

The table below sets the three large IT services and engineering R&D 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
Infosys	123,936	182,972	10.2%	29,474	16.1%
L&T Technology Services	6,722	11,217	13.7%	1,230	11.0%
Mastek	2,220	3,769	14.2%	404	10.7%

Infosys posts the highest return on equity in this group at 31.0%. Infosys has the largest FY26 revenue at Rs 182,972 crore, and Mastek shows the fastest revenue growth with a 14.2% compound annual rate.

Key Risks to Check Before Investing in Large IT Services and Engineering R&D Stocks

Every theme carries risks that deserve a check before any decision. For these large IT services and engineering R&D stocks, the main points are:

Client spending. Technology budgets can shift with the global economy.
Currency moves. Export earnings are affected by rupee movements.
Deal timing. Large contracts can shift between quarters.

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 large IT services and engineering R&D stocks by market capitalisation, P/E, ROE and growth, and build your own shortlist.

Final Thoughts on Large IT Services and Engineering R&D Stocks

Large IT services and engineering R&D stocks reward patient research into demand, execution and financial strength. Infosys, L&T Technology Services and Mastek each have a clear plan to grow. Based on the 23 October 2026 close, Infosys trades at Rs 1,153.8, L&T Technology Services at Rs 3,910.3 and Mastek at Rs 1,761.6.

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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 large IT services and engineering R&D stocks?

Ans. Large IT services and engineering R&D stocks are listed technology companies that provide digital, cloud and engineering services to global enterprises. Their earnings depend on client spending, large deals, utilisation and currency. This list looks at three of them, Infosys, L&T Technology Services and Mastek, using reported FY22 to FY26 financials and the 23 October 2026 closing prices.

Which large IT services and engineering R&D stocks are covered in this list?

Ans. This list covers Infosys, L&T Technology Services and Mastek. Based on the 23 October 2026 close, Infosys traded at Rs 1,153.8, L&T Technology Services at Rs 3,910.3 and Mastek at Rs 1,761.6. Their return on equity ranges from 13.5% to 31.0%, and their revenue compound annual growth from FY22 to FY26 ranges from 10.2% to 14.2%.

Why do large IT services and engineering R&D stocks have a strong future roadmap in India?

Ans. Large IT services and engineering R&D stocks have a strong roadmap in India because global companies keep outsourcing technology and engineering work, and artificial intelligence and cloud projects add to the deal pipeline. The main drivers are as follows. Large deals. Multi-year contracts add visibility. Engineering services. Product makers outsource design and testing. Artificial intelligence. New projects add to the pipeline. Together these factors give the companies on this list a visible path for growth over the coming years.

How has Infosys performed financially?

Ans. Revenue rose from Rs 123,936 crore in FY22 to Rs 182,972 crore in FY26, a compound annual growth rate of 10.2%. Net profit grew from Rs 22,146 crore in FY22 to Rs 29,474 crore in FY26, which works out to a compound annual growth rate of 7.4%. The company has a return on equity of 31.0%, a debt to equity ratio of 0.09 and a market capitalisation of Rs 468,528 crore. The stock trades at a P/E of 15.4, below the industry P/E of 17.6. Looking ahead, the company is investing in artificial intelligence and cloud services, which are becoming central to client budgets. Large deal wins and strong client relationships support steady growth.

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 Mastek performed financially?

Ans. Revenue rose from Rs 2,220 crore in FY22 to Rs 3,769 crore in FY26, a compound annual growth rate of 14.2%. Net profit grew from Rs 310 crore in FY23 to Rs 404 crore in FY26, which works out to a compound annual growth rate of 9.2%. In the June 2026 quarter, revenue grew 7.8% year on year to Rs 997 crore, while net profit rose 15.0% to Rs 106 crore. The company has a return on equity of 13.5%, a debt to equity ratio of 0.15 and a market capitalisation of Rs 5,673 crore. The stock trades at a P/E of 13.6, below the industry P/E of 17.9. Looking ahead, the company is expanding its cloud, data and software engineering work and deepening ties with existing clients. A focus on repeat engagements supports steady revenue.

What risks should investors check before buying large IT services and engineering R&D stocks?

Ans. Investors should check a few risks before buying large IT services and engineering R&D stocks. Client spending. Technology budgets can shift with the global economy. Currency moves. Export earnings are affected by rupee movements. Deal timing. Large contracts can shift between quarters. 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 large IT services and engineering R&D 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.