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Unlisted shares are illiquid and carry higher risk than listed securities. Prices are indicative, not live. Read the risk disclosure.

52-Week Range
Valuation
Financials (FY2024)
Investment Thesis
Capgemini Services India Limited is a critical delivery subsidiary of the Capgemini SE group, one of the world's largest IT services companies. As an unlisted entity, it provides no direct investment opportunity comparable to listed peers. However, it represents the operational muscle of a globally top-tier IT firm with strong India delivery capabilities across cloud, AI, and digital transformation. The ₹10,600 unlisted price reflects the premium associated with a subsidiary of a large multinational. Investors should note that this is an intra-group entity with limited standalone public financial disclosures.
Pros
Cons
Business Segments
Cloud & Digital Transformation
Cloud migration, hybrid cloud architecture, and digital transformation services for global enterprise clients
Applications & Technology
Custom application development, legacy modernization, SAP implementation, and enterprise technology services
Data, AI & Insights
Data engineering, AI/ML model development, analytics, and intelligent automation services
Business Process Services
Finance and accounting outsourcing, supply chain management, HR outsourcing, and other BPS offerings
Revenue Model
Capgemini Services India Limited operates as an IT and business process services delivery subsidiary. Revenue is primarily generated through intra-group service delivery to Capgemini SE's global client contracts, with billing likely on a cost-plus or transfer pricing basis. External revenue, if any, is derived from direct IT services contracts with Indian enterprise clients across BFSI, manufacturing, and public sector verticals.
Detailed Analysis
Growth Plans
Growing global demand for AI and generative AI deployment services, where Capgemini India is a key delivery hub
Expansion of the 'India for India' business as domestic digital transformation accelerates
Capgemini's engineering services growth through Capgemini Engineering (formerly Altran) delivered from India
Potential IPO or restructuring of Indian entities for compliance or capital market access
Industry Tailwinds
Recent Developments
Capgemini India significantly expanded its generative AI delivery capabilities, establishing dedicated AI Centers of Excellence in India to support global client engagements in AI transformation.
2023-2024Despite global IT sector hiring slowdowns, Capgemini maintained a significant India workforce as its primary global delivery hub, continuing to invest in India-based talent and infrastructure.
2023Comparable Companies
TCS · ~13,00,000 Cr
Frequently Asked Questions
About Capgemini Services India
Capgemini Services India Limited is an Indian subsidiary entity of Capgemini SE, one of the world's leading IT services and consulting companies headquartered in Paris, France. Capgemini Group operates multiple legal entities in India to serve its diverse business lines, with 'Capgemini Services India' representing a part of the group's India operations alongside the larger Capgemini Technology Services India Limited. Capgemini SE is a global leader in consulting, technology services, and digital transformation, with revenues exceeding €22 billion globally. India is Capgemini's single largest delivery centre in the world — Capgemini's India operations collectively employ over 180,000 professionals across Pune, Mumbai, Bengaluru, Chennai, Hyderabad, and other cities, making it one of India's top five IT employers. The Capgemini Group entered India through multiple acquisitions over the years, including the landmark $4 billion acquisition of iGate Corporation in 2015 (which had already absorbed Mastech and Patni Computer Systems). This created Capgemini Technology Services India Limited (CIN: U85110PN1993PLC145950) as the flagship Indian delivery entity, with revenue of ₹28,700 crore in FY2024. Capgemini Services India, as a distinct or related corporate entity, forms part of the Capgemini Group's India corporate structure. The group's India services span application development and maintenance, infrastructure services, business process outsourcing, cloud transformation, artificial intelligence, cybersecurity, and industry-specific digital solutions for clients in banking, manufacturing, retail, energy, and other sectors.
Key Milestones
Capgemini entered India through strategic acquisitions including the acquisition of Patni Computer Systems in 2011 for ~$1.27 billion, significantly scaling its India delivery operations
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Unlisted shares are illiquid and carry higher risk. Pricing is indicative, not live, and these are private off-market transactions with no exchange settlement guarantee. Read the full risk disclosure.
Growing global demand for AI and generative AI deployment services, where Capgemini India is a key delivery hub
Expansion of the 'India for India' business as domestic digital transformation accelerates
Capgemini's engineering services growth through Capgemini Engineering (formerly Altran) delivered from India
Potential IPO or restructuring of Indian entities for compliance or capital market access
Industry Headwinds
Global IT spending slowdown reducing demand for outsourced IT services
Visa restrictions in key markets limiting onsite-offshore delivery models
AI automation reducing the need for large offshore IT delivery headcounts
Competitive pressure from TCS, Infosys, Wipro, and HCL in India-based delivery
Unlisted Indian subsidiary — shares not publicly available; parent Capgemini SE trades on Euronext Paris
Source: Media Reports / Public Records
As an intra-group entity serving Capgemini SE's global contracts, the company is subject to Indian transfer pricing regulations, creating potential tax and compliance exposure.
Revenue denominated in USD/EUR versus INR-denominated operating costs creates currency risk that is managed at the group level but can impact reported INR profitability.
India's IT talent market is highly competitive, and large employers like Capgemini face significant attrition pressures, particularly for specialized AI, cloud, and data skills.
AI-driven automation of routine IT tasks may gradually reduce headcount requirements at large delivery centers, impacting long-term growth of the India subsidiary model.
Changes in Indian corporate tax laws, SEZ policies, or labor regulations could impact the cost competitiveness of India-based IT delivery operations.
INFY · ~6,00,000 Cr
WIPRO · ~2,50,000 Cr
India became Capgemini's largest delivery center globally, housing over 150,000 employees as of the early 2020s
Capgemini India played a pivotal role in the group's acceleration of cloud and AI service capabilities in 2021-2024
Multiple Indian delivery centers established across Pune, Mumbai, Bengaluru, Hyderabad, Chennai, and Kolkata
Capgemini's India entities contribute significantly to the parent group's annual revenue of approximately EUR 22 billion (FY2023)
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