Company: Capgemini Technology Services India Limited
Formerly: iGATE Global Solutions Limited
Parent / Ultimate Parent: Capgemini SE, France
Founded / Incorporated: 27 December 1993
Headquarters: Pune, Maharashtra
CIN: U85110PN1993PLC145950
ISIN: INE177B01032
Face Value: ₹10
Status: Active & Unlisted Public Company
Industry: IT Services / Digital Engineering / Consulting
FY25 Revenue from Operations: ₹29,058 Cr
FY25 PAT: ₹3,709 Cr
FY25 EBITDA: ~₹4,791 Cr
Indicative Unlisted Price: ~₹10,400/share
Indicative Market Capitalisation: ~₹61,000–62,000 Cr
IPO Status: No confirmed IPO/DRHP
Important Status Update
Capgemini Technology Services India Limited is not currently listed on NSE or BSE.
The company was formerly known as iGATE Global Solutions Limited and was delisted from Indian stock exchanges in 2008. Capgemini subsequently changed the company’s name to Capgemini Technology Services India Limited in December 2016.
It remains an unlisted public company with more than 13,000 shareholders, according to Capgemini’s own India website.
This makes CTSIL an interesting large-scale unlisted IT-services opportunity, particularly because it is backed by the global Capgemini group.
Company Overview
Capgemini Technology Services India Limited is one of the major operating entities of the Capgemini group in India.
The company provides technology and digital-transformation services to global enterprises, including:
- Application development
- Application maintenance
- Cloud services
- Artificial intelligence
- Data & analytics
- Cybersecurity
- Digital engineering
- Business intelligence
- Enterprise technology
- IT-enabled operations
- Business process outsourcing
- Software consulting
- Application modernisation
The company operates through offshore delivery centres across Bengaluru, Bhubaneswar, Chennai, Coimbatore, Gandhinagar, Gurugram, Hyderabad, Kolkata, Mumbai, Noida, Pune, Salem and Trichy, according to its FY25 annual report.
Key Highlights
| Particular | Latest Information |
|---|---|
| Legal Entity | Capgemini Technology Services India Ltd |
| Former Name | iGATE Global Solutions Ltd |
| CIN | U85110PN1993PLC145950 |
| ISIN | INE177B01032 |
| Status | Unlisted Public Company |
| Parent Group | Capgemini |
| FY25 Revenue | ₹29,058 Cr |
| FY25 Total Income | ₹30,091 Cr |
| FY25 EBITDA / Operating Profit | ₹4,791 Cr |
| FY25 PAT | ₹3,709 Cr |
| FY25 Operating Margin | 16.5% |
| FY25 Net Margin | 12.3% |
| FY25 ROE | 18.8% |
| Borrowings | Nil |
| Indicative OTC Price | ~₹10,400 |
| Indicative Market Cap | ~₹61,000–62,000 Cr |
| IPO | No confirmed DRHP |
FY25 financial figures are based on the company’s audited standalone financial statements and corroborated by current company-data sources.
Business Model
Capgemini’s Indian business follows a classic global delivery / offshore technology-services model, but with increasing emphasis on higher-value digital transformation and AI.
The basic model is:
Global Enterprise Client → Capgemini Consulting & Technology → Indian Delivery Centres → Recurring Technology Revenue
India is strategically important because it provides:
- Large engineering talent pool
- Lower delivery costs
- Scale
- 24×7 delivery capabilities
- AI/data expertise
- Global delivery centres
- Large number of technology professionals
Major Service Areas
1. Applications & Technology
This remains Capgemini’s largest business globally.
Services include:
- Application development
- Application modernisation
- Cloud migration
- ERP
- Software engineering
- Digital platforms
- Testing
- Application management
At the global group level, Applications & Technology represented 63% of 2025 revenue and grew 4.8% YoY in Q1 2026 at constant currency.
2. AI & Data
Capgemini is increasingly positioning itself around:
AI + Data + Cloud + Digital Engineering
The group is helping enterprises move from experimentation with generative AI toward production-scale implementation.
This is becoming an important growth driver.
3. Cloud
Capgemini works with major cloud ecosystems and provides:
- Cloud migration
- Cloud infrastructure
- Cloud-native development
- Managed cloud
- Hybrid cloud
- Cloud security
4. Engineering
Capgemini’s engineering business covers:
- Product engineering
- Embedded software
- Automotive
- Aerospace
- Industrial engineering
- Semiconductor
- Intelligent products
The group’s acquisition of Altran significantly strengthened its engineering capabilities.
5. Cybersecurity
As enterprises increase cloud and AI adoption, cybersecurity becomes a recurring technology requirement.
Capgemini provides:
- Cybersecurity consulting
- Managed security
- Identity
- Risk management
- Security operations
Parent Company — Capgemini Group
It is important to distinguish CTSIL from Capgemini SE, the listed French parent.
Capgemini SE is one of the world’s largest consulting and technology-services groups.
For 2025, the global Capgemini group reported revenue of approximately:
€22.5 Billion
and approximately:
420,000 employees
across more than 50 countries.
By June 2026, group headcount had reached approximately 417,600, with 66% of employees offshore.
India is therefore a strategically critical component of Capgemini’s global delivery model.
India Leadership
A leadership transition took place in 2026.
Ashwin Yardi, who led Capgemini India as CEO for seven years, became non-executive Chairman effective January 1, 2026.
Sanjay Chalke, previously India COO, became CEO of Capgemini in India.
During Yardi’s tenure, Capgemini India’s workforce grew from approximately 105,500 to nearly 180,000 people, highlighting the scale of India’s strategic importance to the group.
FY25 Financial Performance
Capgemini Technology Services India delivered a strong FY25.
| ₹ Crore | FY23 | FY24 | FY25 |
|---|---|---|---|
| Revenue from Operations | 27,843 | 27,252 | 29,058 |
| Total Income | 28,349 | 28,727 | 30,091 |
| Operating Profit | 4,494 | 4,311 | 4,791 |
| PAT | 2,963 | 3,163 | 3,709 |
| Operating Margin | 16.1% | 15.8% | 16.5% |
| Net Margin | 10.4% | 11.2% | 12.3% |
| Net Worth | 17,895 | 21,191 | 19,753 |
| Borrowings | Nil | Nil | Nil |
FY25 revenue from operations increased approximately 6.6%, while PAT increased approximately 17.3%.
That is an important feature of the investment case:
Profit grew significantly faster than revenue.
Profitability Improvement
FY25 operating profit increased from approximately:
₹4,311 Cr → ₹4,791 Cr
while PAT increased from:
₹3,163 Cr → ₹3,709 Cr
This resulted in operating margin expanding from approximately:
15.8% → 16.5%
and net margin improving from:
11.2% → 12.3%.
This suggests improved operating leverage despite relatively moderate revenue growth.
Balance Sheet
One of the strongest features of CTSIL’s financial profile is its balance sheet.
FY25
Borrowings: Nil
Debt-to-equity: 0.0x
Current ratio: ~4.4x
ROE: ~18.8%
ROCE: ~21.9%
This is attractive compared with many capital-intensive businesses.
The company essentially operates with a low-debt, asset-light IT-services model.
Employee Cost
Employee expenses remain the largest cost for CTSIL.
FY25 employee benefit expense:
₹21,291 Cr
This represented approximately 84% of total operating expenses.
That is normal for an IT-services company because its primary asset is human capital.
However, it creates an important risk:
Wage inflation + attrition + utilisation pressure → margin pressure
The company therefore needs continuous productivity improvement and movement toward higher-value services.
Shareholding
CTSIL has a relatively concentrated institutional/promoter ownership structure.
Current private-market sources report approximately:
| Shareholder | Approx. Holding |
|---|---|
| Capgemini Group entities | Majority |
| Capgemini North America Inc. | ~21.5% |
| Other Capgemini entities | Significant |
| Public / smaller shareholders | <1% individually |
The company has more than 13,000 shareholders, but the overwhelming majority of the economic ownership remains within the Capgemini group.
This creates an interesting situation:
Large shareholder base + dominant strategic parent + no public exchange liquidity.
Why Is It Unlisted?
CTSIL was previously listed in India under its former iGATE structure but was delisted in 2008.
After Capgemini’s acquisition and subsequent restructuring, the Indian operating company remained unlisted. Capgemini has not announced a confirmed plan to relist CTSIL through an IPO.
Therefore, investors should not automatically assume:
“Large unlisted company = upcoming IPO.”
There is currently no verified DRHP or confirmed IPO timeline for CTSIL.
Current Unlisted Share Price
Current private-market references are clustered around:
₹10,300–₹10,500/share
For example:
- ~₹10,400 on September 10, 2026
- ~₹10,395 on another current market reference
- Some intermediaries quote slightly different levels
These are OTC indicative references, not NSE/BSE prices.
For the purpose of this report:
Indicative Price: ~₹10,400/share
ISIN: INE177B01032
Face Value: ₹10
Indicative shares outstanding: ~5.93 Cr
Indicative market capitalisation: ~₹61,000–62,000 Cr
Important Warning
The market cap calculated from OTC price × reported shares should be treated as an indicative private-market valuation, not a formal company valuation.
Private transactions can occur at different prices depending on:
- Lot size
- Liquidity
- Buyer/seller
- Transaction size
- Security availability
- Tax considerations
- Market conditions
Valuation
At approximately ₹10,400/share, private-market sources indicate:
Market Capitalisation
~₹61,000–62,000 Cr
FY25 P/E
Approximately:
16–17×
depending on the exact share count and financial dataset used.
Price / Book
Approximately:
2.5–3.3×
depending on the book-value methodology and current private-market quote.
This is considerably different from many high-growth unlisted technology companies that trade at very high revenue multiples.
CTSIL is closer to a profitable mature IT-services valuation.
Valuation Perspective
At ~₹61,000–62,000 Cr market capitalisation and FY25 PAT of ~₹3,709 Cr:
Indicative P/E ≈ 16–17×
For a business with:
- 12%+ net margin
- 18%+ ROE
- 21%+ ROCE
- Zero debt
- Global parent
- Recurring enterprise clients
- AI/cloud exposure
this valuation is not obviously excessive.
However, revenue growth is only mid-single-digit at the current stage, so the stock should not be evaluated like a high-growth startup.
What Could Re-rate the Valuation?
Potential catalysts include:
AI-led revenue acceleration
Higher-margin digital engineering
Cloud growth
Improved utilisation
Higher offshore mix
Potential IPO/relisting
Strategic corporate restructuring
But none of these should be assumed until formally announced.
Competitive Landscape
CTSIL competes indirectly and directly with:
- Tata Consultancy Services
- Infosys
- HCLTech
- Wipro
- Tech Mahindra
- Cognizant
- Accenture
- LTIMindtree
- Persistent Systems
- Mphasis
Its biggest advantage is its connection to the global Capgemini consulting and transformation ecosystem.
Competitive Advantages
1. Global Parent
Capgemini provides CTSIL with access to a global client base.
2. Large Offshore Delivery Model
India provides Capgemini with significant scale and cost advantages.
3. Enterprise Customers
The company serves large and medium-sized organisations rather than relying on consumer technology.
4. AI & Cloud Exposure
The global group is increasingly focused on AI-driven enterprise transformation.
Capgemini said in H1 2026 that it was seeing increased traction for large AI-enterprise transformation projects.
5. Strong Balance Sheet
Zero borrowings and strong profitability provide financial resilience.
Global Capgemini Growth Context
The parent group is currently experiencing a relatively healthy operating environment.
For H1 2026:
Revenue: €12.08 Bn
YoY Growth: +8.8%
Operating Margin: 12.5%
Headcount: 417,600
Capgemini also upgraded its 2026 revenue-growth outlook to approximately 8.5–9.0% at constant currency.
This is relevant for CTSIL because stronger global demand can translate into increased offshore work for India.
AI Opportunity
AI is probably the biggest long-term opportunity for CTSIL.
The traditional IT-services model:
People × Hours × Billing Rate
is gradually moving toward:
AI + Automation + Cloud + Engineering + Consulting
Capgemini is positioning itself around helping enterprises move from AI experiments to production-scale transformation.
This can potentially:
- Increase billing rates
- Improve productivity
- Create new service lines
- Increase wallet share
- Improve margins
- Reduce repetitive delivery work
However, AI can also create a counter-risk:
If AI significantly reduces human effort required for traditional application development, revenue growth based purely on headcount could slow.
Therefore, the quality of AI monetisation matters more than simply having an AI strategy.
Investment Rationale
1. Highly Profitable Unlisted IT Company
FY25 PAT of approximately ₹3,709 Cr is substantial for an unlisted Indian technology company.
2. Consistent Profitability
The company has remained profitable throughout the historical period shown in its financial statements.
3. Zero Debt
No borrowings provide significant financial stability.
4. Strong Parent
Capgemini is a global technology and consulting leader.
5. Attractive ROE/ROCE
FY25 ROE was approximately 18.8% and ROCE approximately 21.9%.
6. AI Transformation
The parent group is actively positioning itself around AI-driven enterprise transformation.
7. Reasonable Private-Market Multiple
At ~16–17× FY25 earnings, the valuation is not extreme compared with many premium IT businesses.
8. Potential IPO Optionality
Although there is no confirmed IPO, any future decision by Capgemini to monetise or restructure its Indian entity could create significant liquidity for shareholders.
Key Risks
| Risk | Assessment |
|---|---|
| Revenue Growth | 🟠 Moderate |
| Valuation | 🟢 Reasonable |
| Debt | 🟢 Very Low |
| Parent Dependence | 🟠 Medium |
| IT Spending Cycle | 🟠 Medium–High |
| Employee Costs | 🟠 Medium |
| AI Disruption | 🟠 Medium |
| IPO Visibility | 🔴 Low |
| Unlisted Liquidity | 🔴 High |
| Customer Concentration | 🟠 Medium |
1. Moderate Growth
FY25 revenue growth was only approximately 6.6%.
If growth remains in the mid-single digits, valuation expansion may be limited.
2. Parent Dependence
CTSIL is deeply integrated into the Capgemini ecosystem.
This is a strength operationally but limits its independence as an investment.
3. IT Spending Cycles
Global enterprises can delay discretionary technology spending during economic downturns.
4. Wage Inflation
Employee costs are the dominant expense.
Salary inflation can compress margins if billing rates do not increase proportionately.
5. AI Disruption
AI could be both an opportunity and a threat.
Automation could reduce the amount of traditional coding and testing work required.
The company therefore needs to shift toward higher-value AI, consulting, engineering and transformation services.
6. Unlisted Liquidity
Even if the business is attractive, exiting an unlisted investment can take considerably longer than selling a listed IT stock.
What Investors Should Track
For CTSIL, I would monitor:
1. Revenue Growth
Target:
Sustainable 8–10%+ growth
2. Operating Margin
Current:
~16.5%
A sustained margin above 16–17% would be positive.
3. PAT Growth
Profit growth has recently outpaced revenue growth.
This trend should continue.
4. Employee Cost / Revenue
This is one of the most important efficiency metrics.
5. AI Revenue
Monitor how much revenue comes from:
- Generative AI
- Cloud
- Data
- Digital engineering
- AI transformation
6. Parent Group Performance
Because CTSIL is deeply integrated with Capgemini, the global group’s order intake and growth are important indicators.
Investment View
Capgemini Technology Services India — Quality Unlisted IT Compounder
CTSIL is fundamentally different from many startup-style unlisted shares.
This is not primarily a:
“high-growth / future IPO”
story.
It is closer to:
“profitable, established, global-parent-backed IT-services business available in the private market.”
The FY25 numbers are particularly encouraging:
₹29,058 Cr revenue
₹3,709 Cr PAT
₹4,791 Cr operating profit
16.5% operating margin
12.3% net margin
18.8% ROE
21.9% ROCE
Zero borrowings
At around ₹10,400/share, the implied valuation of roughly ₹61,000–62,000 Cr translates into approximately 16–17× FY25 earnings based on the currently reported share count.
That makes the valuation considerably more grounded than many speculative unlisted technology companies.
But there is a catch
The business is already mature.
Investors should not expect:
20–30% annual revenue growth
simply because it is an unlisted technology company.
The more realistic thesis is:
Moderate growth + strong profitability + dividend/cash-generation potential + AI-led margin expansion + possible future liquidity event.
Overall Assessment
| Factor | Rating |
|---|---|
| Business Quality | ⭐⭐⭐⭐⭐ |
| Parent Strength | ⭐⭐⭐⭐⭐ |
| Profitability | ⭐⭐⭐⭐⭐ |
| Balance Sheet | ⭐⭐⭐⭐⭐ |
| Revenue Growth | ⭐⭐⭐½ |
| AI Opportunity | ⭐⭐⭐⭐½ |
| Competitive Position | ⭐⭐⭐⭐½ |
| Valuation Comfort | ⭐⭐⭐⭐ |
| IPO Visibility | ⭐⭐ |
| Liquidity | ⭐⭐ |
| Long-Term Potential | ⭐⭐⭐⭐½ |
| Risk | 🟢 Medium |
Final Verdict
Capgemini Technology Services India is one of the more fundamentally attractive large-cap unlisted IT opportunities.
The investment case is supported by:
Strong parent → large global enterprise client base → ₹29,000+ Cr revenue → ₹3,700+ Cr PAT → zero debt → 18%+ ROE → AI/cloud exposure → reasonable ~16–17× earnings valuation.
The biggest limitation is not business quality.
It is growth and liquidity.
Investors buying CTSIL should therefore focus less on a speculative IPO story and more on:
Earnings growth + cash generation + valuation + potential corporate actions.
If the company maintains double-digit profit growth while the unlisted valuation remains around the mid-teens P/E range, the risk-reward can remain attractive for a long-term investor.
Investment Category
Large-Cap IT Services / Unlisted Quality Compounder
Current Status
Active & Unlisted
Indicative Price
~₹10,400/share
Indicative Market Cap
~₹61,000–62,000 Cr
FY25 Revenue
₹29,058 Cr
FY25 PAT
₹3,709 Cr
FY25 Operating Margin
16.5%
Debt
Nil
IPO Status
No confirmed IPO / DRHP
Risk Level
Medium
Overall View
Fundamentally strong, financially healthy and reasonably valued — but a mature-growth story rather than a high-growth pre-IPO opportunity.
Share Details
| Particular | Details |
|---|---|
| Company | Capgemini Technology Services India Limited |
| Former Name | iGATE Global Solutions Limited |
| CIN | U85110PN1993PLC145950 |
| ISIN | INE177B01032 |
| Face Value | ₹10 |
| Status | Unlisted Public Company |
| Indicative Price | ~₹10,400 |
| Indicative Lot | 5–10 shares depending on intermediary |
| Indicative Market Cap | ~₹61,000–62,000 Cr |
| FY25 EPS | ~₹626–629 |
| FY25 P/E | ~16–17× |
| Borrowings | Nil |
| IPO | Not confirmed |
Current private-market references show approximately ₹10,400/share, but these are OTC indications rather than exchange-traded prices.
How to Invest
CTSIL shares are not traded on NSE/BSE.
Transactions take place through the unlisted/private-market route and require verification of:
- Exact ISIN
- Share availability
- Seller
- Lot size
- Demat details
- Transfer process
- Applicable taxes
- Transaction costs
Because CTSIL has a large institutional/parent ownership structure, availability can vary considerably.
Disclaimer
This report is for informational and educational purposes only and should not be considered investment advice, an offer, solicitation or recommendation to buy or sell securities. Unlisted shares carry liquidity, valuation, transfer and execution risks. OTC prices are indicative and may differ materially from actual transaction prices. FY25 financials are based on the company’s audited annual report; FY26 figures circulating on private-market platforms should be independently verified against the company’s next audited filing. Investors should verify the exact ISIN, share class, ownership structure, latest financial statements and transaction documentation before investing.
For more such unlisited stocks visit https://unlistedcart.com/unlisted-shares/
