India’s technology sector continues to evolve, driven by demand for artificial intelligence (AI), cloud computing, digital services, and semiconductor innovation. According to NASSCOM’s February 2026 outlook, India’s technology industry revenue was projected to grow 6.1% to $315 billion in FY26, highlighting the sector’s economic significance.
For investors, the best technology stocks in India offer exposure to established IT service providers and companies developing specialised digital solutions. However, growth prospects alone do not determine investment value. Revenue growth, earnings per share (EPS), return on equity (ROE) and valuation multiples can help investors assess a company’s financial strength and market pricing.
This guide explores leading Indian technology stocks, the key metrics to compare, and the risks to consider before investing in 2026. It also examines US technology-linked assets available through Mudrex for Indian investors seeking global market exposure.
India’s listed technology sector includes established IT service providers and companies benefiting from demand for AI, cloud computing and digital transformation. The following technology stocks merit research based on their business models, financial performance, and valuations. They are not ranked by expected returns.
| Company | NSE ticker | Market cap (approx.) | P/E ratio (approx.) |
|---|---|---|---|
| Tata Consultancy Services | TCS | ₹9.16 lakh crore | 18.6 |
| Infosys | INFY | ₹4.71 lakh crore | 15.3 |
| HCLTech | HCLTECH | ₹3.84 lakh crore | 23.1 |
| Persistent Systems | PERSISTENT | ₹0.92 lakh crore | 49.2 |
Market data as of October 26, 2026, close. Figures are rounded and may vary across data providers. P/E ratios change with share prices and reported earnings. Source: Pivot IT Stocks.
Tata Consultancy Services (TCS) provides IT services, consulting, cloud solutions and AI-led offerings to clients across industries. In Q2 FY27, revenue rose 2.4% year-on-year in US dollars to US$7.642 billion, while operating margin stood at 24%. Investors should monitor enterprise IT spending, deal conversion and whether AI-related growth can offset pressure on traditional services.
Infosys provides digital consulting, cloud services, software engineering and AI-led business solutions to global clients. In Q2 FY27, revenue increased 10.7% year-on-year to ₹49,244 crore, while net profit rose 6.2% to ₹7,823 crore. Investors should track revenue guidance, operating margins and global client spending, particularly in the US and Europe.
HCLTech operates across IT services, engineering and R&D, and software products, with growing exposure to AI solutions. In Q2 FY27, revenue rose 11.5% year-on-year to ₹35,620 crore, while net income increased 21.2% to ₹5,132 crore. Investors should assess the sustainability of margins and whether AI growth translates into lasting revenue and earnings gains.
Persistent Systems specialises in software product engineering, cloud, data and AI-related services. In Q2 FY27, revenue grew 30.3% year-on-year to ₹4,663.9 crore, but net profit fell 25.4% to ₹351.5 crore. Its growth profile may interest investors, but valuation, profit margins and earnings growth warrant close attention.
Indian investors seeking global technology exposure can explore selected US stock-linked products through Mudrex. These companies operate across AI computing, cloud infrastructure, semiconductors, software and digital advertising, offering different ways to assess the technology sector. Their business performance, valuations and risks vary.
NVIDIA develops graphics processing units (GPUs), AI computing platforms and networking technologies used in data centres. Its CUDA software ecosystem also supports developers building AI applications, strengthening its position in accelerated computing. In its Q2 fiscal 2027 results, revenue reached US$96.2 billion, up 106% year-on-year,while data-centre revenue rose 117% to US$89 billion. Future performance depends partly on continued AI infrastructure spending, competition and customers’ returns on AI investments. NVDAB is a stock-linked product associated with NVIDIA, not direct ownership of its shares.
Microsoft combines enterprise software, productivity tools, cloud computing and AI services. Its Azure platform and integration of AI into products such as Microsoft 365 are key growth drivers, while spending on data centres and AI infrastructure can affect profitability. In Q4 FY2026, revenue rose 18% year-on-year to US$90 billion, and Microsoft Cloud revenue increased 27% to US$59.3 billion. Investors should monitor cloud growth, AI monetisation, capital expenditure and competition. MSFTB is a stock-linked product associated with Microsoft and should not be treated as equivalent to owning Microsoft shares.
Broadcom develops semiconductors and infrastructure software, with exposure to data-centre networking and custom chips designed for AI workloads. In Q3 fiscal 2026, revenue rose 86% year-on-year to US29.6billion,whileAIsemiconductorrevenueincreased221%toUS16.7 billion. Investors should assess AI demand, customer concentration, acquisition integration and the sustainability of growth. Verify AVGOB’s current availability and product terms through Mudrex before publication.
Alphabet, Google’s parent company, earns revenue from digital advertising, Google Cloud, subscriptions and other technology services. Its AI investments could support cloud adoption and improve products, but competition in search and AI, regulatory scrutiny and infrastructure spending remain important considerations. In its Q3 2026 results, revenue increased 25% year-on-year to approximately US$127.6 billion, while Google Cloud revenue rose 103% to US$30.7 billion. Investors should monitor advertising trends, cloud profitability and the commercial returns from AI investment. GOOGLB is the ticker specified in the brief; confirm its current listing and terms before publication.
Advanced Micro Devices (AMD) designs CPUs, GPUs and data-centre accelerators that compete in computing and AI markets. Its growth opportunity includes demand for EPYC server processors and Instinct accelerators as businesses expand computing capacity. In Q2 2026, revenue reached US$11.5 billion, up 50% year-on-year, while data-centre revenue more than doubled to US$6.7 billion. Investors should consider competition, product execution, semiconductor demand cycles and the company’s ability to convert AI demand into sustained earnings. AMDB is a stock-linked product discussed in Mudrex’s AMD guide; verify its current availability and terms before trading.
Important: Stock-linked products are not necessarily equivalent to owning the underlying shares and may not provide shareholder or voting rights. Product structure, availability, fees and risks can differ. Verify current details through Mudrex before trading.
Traditional stock markets provide direct access to listed company shares during designated trading hours. Through Mudrex, users can explore crypto futures, which generally operate around the clock and may support long or short positions and INR margin on eligible contracts. Leverage can reduce the initial margin required but also magnifies losses and increases liquidation risk. Mudrex also offers stock-linked products associated with selected US companies, allowing price exposure without necessarily providing direct share ownership or shareholder rights. These products have different structures, costs and risks, so investors should review their terms before trading.
Before investing, compare technology companies using consistent financial periods and sector benchmarks. Key metrics include:
Investors should evaluate these metrics together to understand a company’s financial health, growth potential and valuation before investing.
Technology stocks offer growth potential but also carry risks that investors should consider:
Investors should assess these risks alongside their financial goals, time horizon and risk tolerance. Diversification can help manage concentration risk but cannot eliminate investment losses.
The best technology stocks in India offer exposure to AI, cloud computing, digital transformation and software services. Investors should compare earnings growth, valuations and risks before making decisions. Those seeking global technology-linked exposure or exploring crypto futures can review the products available through Mudrex, after assessing their structure, fees and risks. Trade Now.
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TCS, Infosys, HCLTech and Persistent Systems are technology stocks investors can research based on their financial performance, growth prospects, competitive position and valuation.
Evaluate a company’s business model, revenue and profit growth, competitive advantages, management, financial stability and valuation before deciding whether it suits your investment goals.
Compare market capitalisation, revenue and EPS growth, P/E and P/B ratios, ROE, ROCE, debt-to-equity and 1-year and 5-year returns. Consider cash flow and dividend yield where relevant.
They can suit long-term investors seeking growth, but returns depend on business performance, entry valuations and risk tolerance. Diversification and periodic portfolio reviews remain important.
Key risks include high valuations, rapid technological disruption, intense competition, changing regulations, currency fluctuations and reduced technology spending during economic slowdowns.
Indian investors can explore US technology-linked assets through Mudrex, including products associated with NVIDIA, Microsoft, Broadcom, Alphabet and AMD. Product structures, availability and risks should be checked before trading.
Investing in stocks, tokenised stock-linked products and cryptocurrency futures involves market risk, including the possible loss of capital. Crypto futures may involve leverage, which can magnify losses and trigger liquidation. Tokenised products may differ from direct share ownership in terms of rights, structure and risks. Research each product carefully and assess your risk tolerance before investing or trading.
