3 Telecom and Enterprise IT Services, Engineering Technology Firm and Digital Solutions Provider Stocks With a Strong Future Roadmap: Tech Mahindra, Cyient and Zensar Technologies

Tech Mahindra, Cyient and Zensar Technologies: ROE of 8.5% to 18.6% and FY22 to FY26 revenue CAGR of 5.6% to 12.5%. Prices as of 23 Oct 2026.

Updated: 26 Oct 2026 • 11:27 am

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3 Telecom and Enterprise IT Services, Engineering Technology Firm and Digital Solutions Provider Stocks With a Strong Future Roadmap: Tech Mahindra, Cyient and Zensar Technologies

Quick Answer

The three IT services and engineering technology stocks to watch are Tech Mahindra, Cyient and Zensar Technologies. Their return on equity ranges from 8.5% to 18.6%, and their revenue compound annual growth from FY22 to FY26 ranges from 5.6% to 12.5%. Tech Mahindra has the highest return on equity at 18.6%, while Cyient has the fastest revenue growth at 12.5% a year. Prices are based on the 23 October 2026 close, and this article is educational, not investment advice.

IT services and engineering technology stocks let investors follow companies that serve a growing part of the Indian economy. Tech Mahindra, Cyient and Zensar Technologies cover a telecom and enterprise IT services company, an engineering technology firm and a digital solutions provider.

This list covers three IT services and engineering technology stocks with complete current figures: Tech Mahindra, Cyient and Zensar 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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Table of Contents

What Are IT Services and Engineering Technology Stocks?

IT services and engineering technology stocks are listed technology companies that provide digital, network and engineering services to global clients. Their earnings depend on client spending, large deals and utilisation.

IT Services and Engineering Technology Stocks at a Glance

Company	CMP (Rs)	Market Cap (Rs Cr)	P/E	Industry P/E	ROE (%)	D/E
Tech Mahindra	1,790	175,398	31.5	17.6	18.6	0.07
Cyient	1,233	12,723	30.7	17.9	8.5	0.08
Zensar Technologies	493.7	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 Tech Mahindra and Cyient trade above it, which reflects the growth the market already expects.

Why Do IT Services and Engineering Technology Stocks Have a Strong Roadmap in India?

IT services and engineering technology stocks have a strong roadmap in India because global enterprises keep outsourcing technology and engineering work, and telecom, aerospace and utility clients are investing in digital systems.

Outsourced technology. Clients hand more digital work to Indian partners.
Artificial intelligence. New projects add to the deal pipeline.
Engineering services. Aerospace and utility clients need design skills.

Why Tech Mahindra Features Among These IT Services and Engineering Technology Stocks

Among the IT services and engineering technology stocks on this list, Tech Mahindra is a Mahindra Group technology services company that provides digital, network and enterprise services to clients in telecom, manufacturing, banking and other industries worldwide.

Revenue rose from Rs 45,758 crore in FY22 to Rs 56,847 crore in FY26, a compound annual growth rate of 5.6%. Net profit grew from Rs 2,397 crore in FY24 to Rs 4,806 crore in FY26, which works out to a compound annual growth rate of 41.6%.

The company has a return on equity of 18.6%, a debt to equity ratio of 0.07 and a market capitalisation of Rs 175,398 crore. The stock trades at a P/E of 31.5, above the industry P/E of 17.6.

Roadmap: The company is investing in artificial intelligence, cloud and 5G related services and deepening ties with large clients. Large deal wins in telecom and enterprise work support its pipeline.

What to watch: Track large deal wins, margin improvement and demand from telecom and enterprise clients.

Why Cyient Features Among These IT Services and Engineering Technology Stocks

Among the enterprise and telecom IT shares on this list, Cyient is a Hyderabad-based engineering and technology company that provides design, digital and manufacturing services to clients in aerospace, rail, utilities and communications.

The company has a return on equity of 8.5%, a debt to equity ratio of 0.08 and a market capitalisation of Rs 12,723 crore. The stock trades at a P/E of 30.7, above the industry P/E of 17.9.

Revenue rose from Rs 4,646 crore in FY22 to Rs 7,445 crore in FY26, a compound annual growth rate of 12.5%. Net profit for FY26 was Rs 463 crore, a net margin of 6.2%.

Roadmap: The company is growing its digital, sustainability and semiconductor related work and expanding with global engineering clients. Deep engineering skills help it win multi-year programmes.

What to watch: Follow large programme wins, margin trends and demand from aerospace and utilities clients.

Why Zensar Technologies Features Among These IT Services and Engineering Technology Stocks

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.

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.

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.

Tech Mahindra vs Cyient vs Zensar Technologies on Key Financials

The table below sets the three IT services and engineering technology 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
Tech Mahindra	45,758	56,847	5.6%	4,806	8.5%
Cyient	4,646	7,445	12.5%	463	6.2%
Zensar Technologies	4,382	5,921	7.8%	775	13.1%

Tech Mahindra posts the highest return on equity in this group at 18.6%. Tech Mahindra has the largest FY26 revenue at Rs 56,847 crore, and Cyient shows the fastest revenue growth with a 12.5% compound annual rate.

Key Risks to Check Before Investing in IT Services and Engineering Technology Stocks

Every theme carries risks that deserve a check before any decision. For these IT services and engineering technology 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 IT services and engineering technology stocks by market capitalisation, P/E, ROE and growth, and build your own shortlist.

Final Thoughts on IT Services and Engineering Technology Stocks

IT services and engineering technology stocks reward investors who follow demand trends, order books and margins together. Tech Mahindra, Cyient and Zensar Technologies each have a clear plan to grow. Based on the 23 October 2026 close, Tech Mahindra trades at Rs 1,790, Cyient at Rs 1,233 and Zensar Technologies at Rs 493.7.

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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 engineering technology stocks?

Ans. IT services and engineering technology stocks are listed technology companies that provide digital, network and engineering services to global clients. Their earnings depend on client spending, large deals and utilisation. This list looks at three of them, Tech Mahindra, Cyient and Zensar Technologies, using reported FY22 to FY26 financials and the 23 October 2026 closing prices.

Which IT services and engineering technology stocks are covered in this list?

Ans. This list covers Tech Mahindra, Cyient and Zensar Technologies. Based on the 23 October 2026 close, Tech Mahindra traded at Rs 1,790, Cyient at Rs 1,233 and Zensar Technologies at Rs 493.7. Their return on equity ranges from 8.5% to 18.6%, and their revenue compound annual growth from FY22 to FY26 ranges from 5.6% to 12.5%.

Why do IT services and engineering technology stocks have a strong future roadmap in India?

Ans. IT services and engineering technology stocks have a strong roadmap in India because global enterprises keep outsourcing technology and engineering work, and telecom, aerospace and utility clients are investing in digital systems. The main drivers are as follows. Outsourced technology. Clients hand more digital work to Indian partners. Artificial intelligence. New projects add to the deal pipeline. Engineering services. Aerospace and utility clients need design skills. Together these factors give the companies on this list a visible path for growth over the coming years.

How has Tech Mahindra performed financially?

Ans. Revenue rose from Rs 45,758 crore in FY22 to Rs 56,847 crore in FY26, a compound annual growth rate of 5.6%. Net profit grew from Rs 2,397 crore in FY24 to Rs 4,806 crore in FY26, which works out to a compound annual growth rate of 41.6%. The company has a return on equity of 18.6%, a debt to equity ratio of 0.07 and a market capitalisation of Rs 175,398 crore. The stock trades at a P/E of 31.5, above the industry P/E of 17.6. Looking ahead, the company is investing in artificial intelligence, cloud and 5G related services and deepening ties with large clients. Large deal wins in telecom and enterprise work support its pipeline.

How has Cyient performed financially?

Ans. Revenue rose from Rs 4,646 crore in FY22 to Rs 7,445 crore in FY26, a compound annual growth rate of 12.5%. Net profit for FY26 was Rs 463 crore, a net margin of 6.2%. The company has a return on equity of 8.5%, a debt to equity ratio of 0.08 and a market capitalisation of Rs 12,723 crore. The stock trades at a P/E of 30.7, above the industry P/E of 17.9. Looking ahead, the company is growing its digital, sustainability and semiconductor related work and expanding with global engineering clients. Deep engineering 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 IT services and engineering technology stocks?

Ans. Investors should check a few risks before buying IT services and engineering technology 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 IT services and engineering technology 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.