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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 (FY2025)
Investment Thesis
Capgemini Technology Services India Limited is the 1993-incorporated Pune-based IT services delivery subsidiary of Capgemini SE. As part of one of the world's top five IT services groups, it benefits from Capgemini's global client relationships, brand strength, and investment in cloud and AI capabilities. The unlisted share price of ₹10,600 reflects the premium valuation associated with a subsidiary of a global IT major. This entity is not directly investable for retail investors but serves as the operational backbone of Capgemini's India delivery network.
Pros
Cons
Business Segments
Technology & Digital Services
Application development, digital transformation, cloud engineering, and enterprise technology services delivered from Pune and other India centers
Engineering Services
Software engineering, product engineering, and R&D services for global manufacturing, automotive, and technology clients — a key Capgemini India capability
Intelligent Automation
RPA, AI-assisted process automation, and intelligent document processing services for enterprise clients
BFSI Technology Services
Banking, financial services, and insurance technology delivery including core banking modernization, payments, and regulatory compliance systems
Revenue Model
Capgemini Technology Services India Limited operates as a global delivery center for Capgemini SE's international IT service contracts. Revenue is earned through intra-group transfer pricing arrangements and direct client services. Billing is typically on a time-and-materials, fixed-price project, or managed services basis. The entity's revenue is structurally linked to parent-group client wins and delivery allocation.
Detailed Analysis
Growth Plans
Capgemini's global push into AI and generative AI services with India as the primary delivery hub
Growth in engineering services (Capgemini Engineering) from India for automotive, semiconductor, and aerospace clients
India's rising domestic IT spend creating 'India for India' business opportunities
Potential consolidation of Capgemini's India legal entities to streamline corporate structure
Industry Tailwinds
Recent Developments
Capgemini established Generative AI Centers of Excellence in India, including in Pune, to accelerate AI-driven service delivery for global enterprise clients in financial services, manufacturing, and retail.
2023-2024Capgemini's engineering services division (Capgemini Engineering, formerly Altran) significantly expanded its India delivery headcount, with Pune as a key engineering services hub supporting automotive, aerospace, and semiconductor clients.
2023Comparable Companies
TCS · ~13,00,000 Cr
Frequently Asked Questions
About Capgemini Technology Services India
Capgemini Technology Services India Limited is one of India's largest IT companies and the primary Indian delivery entity of Capgemini SE, a global technology and consulting leader headquartered in Paris, France. Incorporated on 27 December 1993 and registered in Pune at the Rajiv Gandhi Infotech Park, Hinjewadi (CIN: U85110PN1993PLC145950), this company has a fascinating corporate genealogy — it was formerly known as iGate Global Solutions Limited (which itself was previously Mastech Corporation), before being acquired by Capgemini in the landmark $4 billion deal in 2015. The company reported revenues of ₹28,700 crore in FY2024, making it one of the 10 largest IT companies in India by revenue. With authorized capital of ₹1,926.11 crore and paid-up capital of ₹59.27 crore, the company sits at the apex of Capgemini's India corporate structure. It employs tens of thousands of professionals at its primary campus in Hinjewadi, Pune — one of India's premier IT park locations — and across other India delivery centres. Capgemini's acquisition of iGate/Patni (for $4 billion, closed April 2015) was one of the largest cross-border IT acquisitions of that era, immediately making India Capgemini's largest global delivery centre. The combined entity's India headcount of 100,000+ (at the time of acquisition) has since grown to 180,000+ across all Capgemini India entities. The company serves global enterprise clients across multiple industries including banking and financial services (BFSI), manufacturing, retail, energy, utilities, and telecommunications. Services span application development and maintenance (ADM), cloud infrastructure, data and AI, cybersecurity, enterprise resource planning (ERP) implementations, and digital transformation consulting. India is Capgemini's primary offshore delivery hub, benefiting from India's vast engineering talent pool and cost-competitive delivery model.
Key Milestones
Incorporated in 1993 in Pune, Maharashtra under CIN U85110PN1993PLC145950 — one of the earliest major foreign IT company registrations in Pune
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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.
Capgemini's global push into AI and generative AI services with India as the primary delivery hub
Growth in engineering services (Capgemini Engineering) from India for automotive, semiconductor, and aerospace clients
India's rising domestic IT spend creating 'India for India' business opportunities
Potential consolidation of Capgemini's India legal entities to streamline corporate structure
Industry Headwinds
Global IT spending slowdown impacting Capgemini SE's overall revenue and India delivery volumes
Automation reducing need for large offshore IT delivery teams
Talent cost inflation in Pune compressing delivery margins
Regulatory changes affecting the SEZ/tax benefits for IT export companies in India
Unlisted subsidiary — 100% owned by Capgemini SE; Indian entity shares not separately investable
Source: Media Reports / Public Records
As an intra-group IT services entity, Capgemini Technology Services India Limited is subject to Indian transfer pricing regulations and Income Tax assessments, creating potential tax exposure.
Revenue earned in foreign currencies (USD, EUR, GBP) against INR cost base creates forex exposure managed at group level through hedging programs.
Pune's IT sector is highly competitive. Retaining specialized talent in cloud, AI, and engineering domains against competition from TCS, Infosys, and global tech firms is an ongoing challenge.
Increased AI adoption may reduce the volume of traditional IT services required from large delivery centers, impacting headcount and revenue growth at India delivery entities.
US immigration policy changes and data sovereignty regulations in European client markets can affect the offshore-onsite delivery model economics for Indian IT subsidiaries.
INFY · ~6,00,000 Cr
CTSH (NASDAQ) · ~35,000 Cr equivalent
Established as part of Capgemini's early India entry to leverage Pune's engineering talent and cost advantages
Grew significantly following Capgemini's global expansion and increasing use of India as a delivery hub through the 2000s
Scale accelerated post Capgemini's acquisition of Patni Computer Systems in 2011, which was also Pune-based
Became a key delivery vehicle for Capgemini's technology, cloud, and AI services to global clients
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