Top 10 IT Stocks in 2023: The IT sector is known to be one of the most crucial industries in our global economy as it is the major driver of employment and also this sector keeps growing and evolving with time and increasing technological advancements in.

Technology doesn’t only represent the IT sector alone, as it is also integrated into schools, libraries, hospitals, airports, railways, prisons, etc.

The IT sector has helped in the growth of the service sector and is said to be a major foreign exchange earner because of the fast-growing Business Process Outsourcing (BPO) and Knowledge Process Outsourcing (KPO) sectors.

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The IT sector is what simplifies and automates various industrial activities such as manufacturing, distribution, employment, logistics, managerial decision-making, etc.

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It is what facilitates effective communication and also makes the management and processing of data easy and possible.

Will IT Sector Grow in Future

Yes, The IT industry accounted for 7.4% of the country’s GDP in FY22, it is expected to grow and contribute 10% to India’s GDP by 2025.

This industry is considered to be one of the most crucial sectors after agriculture in India since it plays a major role in employing over a million graduates and professionals per year.

Hence, the continuing growth in hardware and software is the key to the continuous success and development of the IT industry in India.

In this post, we’ll look into the Top 10 IT Stocks in the Indian stock market along with looking into some of their key metrics. Keep reading.

Top IT Stocks in 2023 in the Indian Stock Market

Here are the ten Top IT stocks in 2023 in the Indian stock market listed on BSE and NSE:

1) Tata Consultancy Services (TCS)

Tata Consultancy Services Ltd. is an IT services, consulting, and business solutions organization that is a part of Tata Group of companies and was established by Tata Sons Ltd. The company is majorly involved in consultancy services, Business Process Outsourcing, and integrating IT infrastructure with production and managerial activities.

Top 10 IT Stocks in 2023 - TCS Logo

2) Infosys Limited

Infosys Ltd. is an Indian multinational information technology company that provides global business consulting, IT, and outsourcing services. It is the second-largest IT company in India after TCS and they operate in a total of 45 countries to help create and execute different strategies for digital transformation.

Infosys is split into 3 divisions and they are Infosys BPM, EdgeVerve Systems, and Infosys Consulting.

Top 10 IT Stocks in 2023 - infosys logo

3) Wipro Limited

Wipro Ltd. (AKA Western India Products Limited) is an Indian information technology, consulting, and business process services company that utilizes robotics, analytics, cloud, and other technological advancements to help their clients spread across six continents to aid and assist them to adapt to digital trends and help them adapt and thrive towards success.

The company was first established as ‘Western India Palm Refined Oil Limited,’ which engaged in the manufacture of vegetable and refined oils. The company also manufactures and distributes healthcare products, furniture items as well as electrical appliances. Recently, Wipro Ltd. became the third IT company to reach the Rs. 3 billion market valuation, after TCS and Infosys.

Top 10 IT Stocks in 2023 - Wipro chart

4) HCL Technologies

HCL Technologies Ltd. is a leading global IT services company that primarily engages in providing a wide range of software services, infrastructure services, and business outsourcing services.

It is a subsidiary of HCL Enterprises and was originally the R&D division of HCL until 1991 after it began to operate as an independent company and entered into the software sector.

The company has offices in 32 countries including the UK, the US, France, and Germany. The company also operates in various other sectors that including defense, aerospace, banking, capital markets, healthcare, mining, natural resources, etc.

Top 10 IT Stocks in 2023 - hcl info

5) Tech Mahindra

Tech Mahindra Ltd. is an Indian IT company that is a part of Mahindra Group that provides Network technology solutions and Business Process Outsourcing (BPO) services to a large number of industries.

The company first started off as a joint venture with British Telecom in the year 1986. Later in 2008–09, Tech Mahindra bought Satyam Computer Services through a subsidiary, and then in 2012, Tech Mahindra finally merged with Mahindra Satyam, to form the IT company now well-known as Tech Mahindra Ltd.

Top 10 IT Stocks in 2023 - Tech Mahindra Profile

6) Larsen & Toubro Infotech Limited

Larsen & Toubro Infotech Ltd. (LTI) is an Indian global IT solutions and services company that is a wholly-owned subsidiary of Larsen & Toubro Ltd (L&T).

The company deals in providing various IT services that include IT service management, IT consulting, and Digital and automation solutions. It employs standards of the Software Engineering Institute’s (SEI) Capability Maturity Model Integration (CMMI) and is a Maturity Level 5 assessed organization.

Top 10 IT Stocks in 2023 - L&T Turbo

7) Mindtree Limited

Mindtree Ltd. is an Indian multinational information technology and outsourcing company that is a part of the Larsen & Toubro Group of companies. It was founded by ten IT professionals and funded by the Venture Capital firms Walden International and Sivan Securities and received additional funding from the Capital Group and Franklin Templeton in 2001.

The company was acquired by Larsen & Toubro in June 2019 and currently, has a 61.08% stake in the company. Mindtree Ltd. deals in e-commerce, mobile applications, data analytics, ERP, digital transformation, etc.

Top 10 IT Stocks in 2023 - Mindtree Profile

8) MphasiS Limited

MphasiS Ltd. is a global multicultural organization that specially deals in providing IT services that include application development, maintenance services, Business Process and Knowledge Process Outsourcing solutions, and infrastructure outsourcing services to clients all around the world.

The company was formed after the merger of the US-based IT consulting company Mphasis Corporation and the Indian IT services company, BFL Software Ltd. As of 2022, the company has subsidiaries in many countries such as Australia, Canada, France, Germany, Singapore, Ireland, UK, US, etc.

Top 10 IT Stocks in 2023 - Mphasis Logo

9) Oracle Financial Services Software Limited

Oracle Financial Services Software Ltd. (OFSSL) is a major subsidiary of Oracle Corporation and specializes in providing IT solutions to the financial services industry. Some of the technology solutions offered cover various financial sectors such as retail banking, corporate banking, and payments.

Also, product licensing, consulting, and support are part of OFSSL’s principal business segment. The company has 14 development centers across India, Singapore, and the USA and it provides value-based solutions to over 810 financial institutions across 130 countries.

Top 10 IT Stocks in 2023 - Oracle Profile

10) L&T Technology Services Ltd

L&T Technology Services Ltd. (LTTS) is a subsidiary of Larsen & Toubro Ltd. and is a leading global pure-play Engineering Research & Development (ER&D) services company.

Some of the primary services provided by the company are design and development solutions throughout the product development chain and providing solutions in the areas of mechanical and manufacturing engineering, engineering analytics, etc. The company has two subsidiaries which are Esencia and Graphene Semiconductor Services.


Financial Comparison of Top IT Stocks in the Indian Stock Market

Company NameNet Sales
(FY2022 in Rs. crores)
Net Profit
(FY2022 in Rs. crores)
Market Cap
(FY2022 in Rs. crores)
EPSP/E RatioROEPrice to Book ValueMarket Cap Sectoral Rank
TCS1,91,75438,44912,11,457108.2430.5944.13 %12.491
HCL Tech85,65113,5232,82,53350.8820.4822.22 4.623
LTIMindtree Ltd15,668.72,298.51,28,70386.6150.2428.77 13.985
Tech Mahindra44,6465,62799,71954.3418.8522.123.726
L&T Technology6,56996039,137101.0836.6925.328.88
Oracle Fin Serv5,2211,88825,916209.1314.427.694.049
Coforge Ltd6,432714.724,104121.5332.4328.098.5110

Here is a quick Financial Analysis of the top IT Stocks in the Indian Stock Market mentioned above:

  • The companies mentioned in the table above are placed in order based on their sectoral ranks. We can see that Tata Consultancy Services is the largest IT company in India with a market cap of Rs. 12,11,457 crore. This is followed by Infosys and HCL Tech, with market caps of Rs. 6,36,636 crore and Rs. 2,82,533 crore, respectively.
  • None of the ten companies have incurred any losses during the fiscal year 2022 and this can be signified by their positive ROEs.
  • TCS has been the best performer in FY22 with a net profit of Rs. 38,449 crores, exceeding all others. Infosys again comes second with a net profit of Rs. 22,146 crores.



In this article, we looked into the Top 10 IT Stocks in 2023 in the Indian stock market. From this post, we can observe and understand how companies within a sector are ranked based on the size of their market capitalization.

TCS is the largest company out of all, taking 1st place in the sectoral rank followed by Infosys. According to the analysis, TCS has also performed well and is in a financially better position compared to its peer companies. Recently, Wipro became the third IT company to cross Rs. 3 billion market valuation.

This is a very significant milestone the company has reached after the same was achieved by TCS and Infosys.

The IT sector has experienced a lesser impact from the Covid-19 pandemic as these companies have been increasing their investments in Artificial Intelligence and Machine Learning in order to automate operations remotely.

This will ensure consistent growth for all companies in the IT sector and HCL Technologies may also be able to reach an Rs. 3 billion valuation in the near future if rapidly advancing technologies are utilized to their full potential.

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