Elaxtra Advisors monitors the performance of public tech services companies.
For this analysis, we group tech services companies into three categories:
Digital Engineering: EPAM (EPAM), Globant (GLOB), Endava (DAVA), CI&T (CINT), and Grid Dynamics (GDYN)
Global IT Consulting: Accenture (ACN), Cognizant (CTSH), and Capgemini (CAP)
Offshore IT Services: Infosys (INFY), HCL (HCLT), Tata Consultancy Services (TCS), Wipro (WIT), and Persistent (PSYS)
Below are the valuation and operational metrics across the sector.
We look at valuation, growth, and profitability metrics. The size of each bubble in the chart below represents the respective enterprise value of each company.
Digital Engineering valuation relative to growth:
CI&T is projected to deliver the highest revenue growth in 2026 (14%). Within this group, CI&T and EPAM also trade at the highest revenue multiples.
Digital Engineering valuation relative to profitability:
Globant shows the highest projected EBITDA margin in 2026 (21%). Grid Dynamics screens as the least expensive on profitability metrics, while EPAM trades at the highest premium.
Global IT Consulting valuation relative to growth:
Accenture is expected to lead its peer group in revenue growth for 2026 (6%) and also holds the highest revenue multiples.
Global IT Consulting valuation relative to profitability:
Accenture is projected to maintain the strongest EBITDA margin in 2026 (22%). Cognizant appears least expensive on profitability metrics, with Accenture at the higher end.
Offshore IT Services valuation relative to growth:
Persistent is projected to grow the fastest in 2026 (16%) and trades at the highest revenue multiples among offshore peers.
Offshore IT Services valuation relative to profitability:
Infosys is expected to report the highest EBITDA margin in 2026 (24%). TCS appears least expensive on profitability metrics, while Persistent is valued at the upper end.
Elaxtra Advisors is an M&A and value-creation advisory firm that assists institutional investors, private equity-owned platforms, and strategic acquirers invest and create value in worldwide technology services companies. Please contact us to explore potential partnerships.