Capgemini is one of Europe’s IT services success stories in terms of its financial transformation: since 2020, the company’s organic revenue growth has been in line with tier-one Indian peers. Capgemini’s next challenge is its operating margin (~10% in H1 2025), which remains significantly below that of Accenture (~15%).
One of Capgemini’s achievements is that it has reduced its cyclicity: the company’s revenue growth is still impacted by the economic environment, but to the same extent as in the early 2000s. Capgemini continues to improve its operating margin during economic downturns, albeit at a slower pace.
The company has successfully established a significant presence in India. PAC estimates that Capgemini has 240,000 employees in India, in line with tier-one vendors (for instance, HCLTech has ~227k employees globally).
Capgemini’s core activity remains application services, an area in which it continues to excel. The company has a significant presence in business consulting, is selective in IT infrastructure services, and has a tier-one presence in ER&D and BPO services. In the short term, the firm’s priority remains the AI-ification of its service portfolio. We also expect Capgemini to strategically expand in the defense sector.
Recommended advisory: PAC Leadership Session – ER&D: Verticals, Digital Engineering, Industry 4.0, and LLMs
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