How we made the list 

The DQTop 20 ranking process involved a comprehensive two-phase approach, combining primary and secondary research to identify and evaluate the top IT companies in the ICT industry in India. 

The methodology 

Phase 1: Initial Company List Compilation 

In the first phase, a list of 120 prominent IT companies was compiled based on an extensive understanding and research of the Information and Communication Technology (ICT) sector. This preliminary list served as a starting point for further evaluation. 

DQTop 20 ranking methodology fostered a collaborative approach in recognizing the leading players in the IT industry. The combination of primary and secondary research, along with voluntary online participation, contributed to a robust and comprehensive assessment of the top IT companies in India. 

Phase 2: Shortlisting based on India Operational Revenue 

Subsequently, a second round of shortlisting took place, focusing on the revenue generated by these companies through their India operations. To gather this information, CyberMedia Research (CMR) team referred to various reliable sources, including Revenue Sheets, Annual Reports available from government sources, organization websites, and data from stock investment websites. The financial data considered spanned the financial year from April 2022 to March 2023, adhering to a consistent format for companies following either a calendar year or an alternative fiscal year. 

Additional Data Collection: Online Participation Form 

As part of the research process, an online participation form was created and made available to all IT companies within the ICT industry. This form served as a means for companies to voluntarily participate and provide essential information about their organization’s performance in the financial year 2022-2023 (FY 22-23). 

Transparency and Willing Participation 

The online form allowed companies to share crucial financial data, including their revenue figures for the specified period. While the primary focus was on India operation revenue, companies were encouraged to provide relevant information related to their overall performance and financial metrics. It is important to highlight that participation in the form was entirely voluntary, ensuring transparency and willingness from the participating organizations. 

Supplementing the Research Process 

The data obtained through the online form served as an additional source to complement the information gathered from other established channels, such as Revenue Sheets, Annual Reports, and published financial reports. The use of the online form aimed to enhance the accuracy and comprehensiveness of the DQTop 20 ranking, allowing companies to have a direct impact on their representation in the list. 

Data Validation and Cross-Verification 

The Editorial Team meticulously verified and cross-checked the data received through the online form to ensure its authenticity and reliability. The information provided by companies was subjected to rigorous scrutiny and validation to maintain the integrity of the ranking process. 

Contributing to a Robust Ranking Methodology 

By offering companies an opportunity to participate and share their performance data, the DQTop 20 ranking methodology fostered a collaborative approach in recognizing the leading players in the IT industry. The combination of primary and secondary research, along with voluntary online participation, contributed to a robust and comprehensive assessment of the top IT companies in India. 

Engagement with Companies in India  Revenue Validation 

Since many multinational corporations (MNCs) typically do not disclose their India-specific revenues publicly, the Dataquest Editorial Team proactively engaged with these companies. In this outreach, they requested suggested revenue figures and cross-verified available data. However, it is essential to note that no direct revenue numbers were shared by the respondents during this process. 

Final Ranking Compilation by CMR 

To maintain objectivity and expertise, the final revenue figures and rankings were compiled by CMR. Their extensive knowledge and understanding of the industry added credibility to the process. The revenue data considered for this final phase encompassed the last three financial years, incorporating the Consolidated Revenue Reports from April 2022 to March 2023. All revenue figures were expressed in Indian Rupees and Million units for consistency and clarity. 

Disclaimer 

The DQTop 20 ranking is based purely on the revenues available and derived from in-depth analysis conducted by the CMR team with Editorial Team support. In cases where revenue figures were not publicly available, the CMR and DQ editorial team estimated the numbers based on industry trends, segment performance, and the organization’s overall performance to maintain a fair assessment. It is important to note that this ranking is subject to the reliability of the published FY 22-23 reports of the companies and the editorial team’s analysis.