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Cognizant seeks India listing to narrow peer valuation gap
Mint Ahmedabad
|October 31, 2025
Cognizant’s P/E ratio is 16.59, against 18-25 for TCS, Infosys, HCL Technologies and Wipro
Cognizant started as a software services arm of Dun & Bradstreet with 175 employees in 1994 in Chennai.
Cognizant Technology Solutions Corp. earns more revenue than Infosys Ltd, yet the Nasdaq-listed IT services firm is valued at barely half its peer, which is listed in India as well as the US.
While Infosys, India’s second-largest IT outsourcer, has a market capitalization of $70.5 billion, Cognizant is valued at $35.01 billion—although they had comparable revenues of $19.74 billion and $19.28 billion, respectively, in the previous fiscal year. Cognizant follows a January-December fiscal.
It is this arbitrage that the Teaneck, New Jersey-based company appears to be targeting as it weighs an India listing, announced on Wednesday during the September-quarter results.
This story is from the October 31, 2025 edition of Mint Ahmedabad.
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