Best Top 10 Cyber Security Companies In India To Invest In

Top 10 cyber security companies in India

Global Cyber Security Market: Current and Future Outlook

The global cybersecurity market is experiencing significant expansion due to rising cyber threats, increasing cloud adoption, and stricter compliance requirements. According to Wipro’s State of Cybersecurity Report 2023, global cybersecurity spending is projected to reach $300 billion by 2027, growing at a CAGR of 11.6%. This growth is fueled by cloud-first adoption, with 63% of organizations prioritizing cloud security investments.

Sectors driving cybersecurity investments include banking and financial services (BFSI), healthcare, manufacturing, and telecom. AI-powered security solutions, Zero Trust Architecture (ZTA), and real-time threat intelligence are becoming standard enterprise security measures. Moreover, GenAI-based security solutions are gaining traction, with major IT service providers such as TCS, Infosys, and Wipro integrating AI and automation into cybersecurity frameworks.

Indian Cybersecurity Market

The Indian cybersecurity market is expanding rapidly, driven by digitization, rising cyber threats, and increased regulatory scrutiny. The market was valued at $10.5 billion in 2023 and is projected to grow at a CAGR of 15-18%, reaching $22 billion by 2027.

Top 10 cyber security companies in India

Let us analyze the top 10 cyber security companies in India. To make the article short and comprehensive we have divided the top 10 cyber security companies in India into two parts. The first part of this article will discuss the small-cap cyber security companies in India that have a lot of potential to grow. The second part of the article will discuss the top 5 cybersecurity companies to invest in India that are in the large or mid-cap segment.

In this article, our focus is to understand the listed cyber security companies in India.

Listed cyber security companies in India

Quick Heal, one of the best cyber security companies in India

Quick Heal is transitioning from a consumer-focused antivirus company to a full-scale enterprise cybersecurity provider, leveraging AI-driven solutions like GoDeep.AI and Zero Trust Network Access (ZTNA). While it dominates the Indian consumer cybersecurity companies to invest in with over 30% share, its enterprise segment is the key driver for future growth, showing a 39% CAGR in cloud business. Strategic partnerships with US NIST and AI Safety Consortium enhance credibility, and new product launches like AntiFraud.AI and Seqrite Threat Intelligence indicate innovation.

Key Trends in Revenue

Revenue Growth: The company’s net revenue for 9M FY25 was ₹214.4 Cr, reflecting a 1.3% YoY growth.
Profitability: EBITDA for 9M FY25 stood at ₹1.9 Cr, significantly lower than the previous year, indicating a sharp decline.
PAT (Profit After Tax): Q2 FY25 PAT surged 5,743% YoY to ₹8.2 Cr.

Segment Revenue

Consumer vs. Enterprise Split:
- Consumer segment revenue for H1 FY25: ₹98.8 Cr (14.3% YoY growth).
- Enterprise segment revenue for H1 FY25: ₹60.9 Cr (10% YoY growth).
Cloud vs. Non-Cloud Enterprise Revenue:
- Cloud business CAGR was 39% over two years, showing strong demand growth.
Main Cybersecurity Offerings:
- The company provides cybersecurity solutions under its Seqrite brand, targeting enterprises with products like XDR (Extended Detection & Response), ZTNA (Zero Trust Network Access), Data Privacy Solutions, and Threat Intelligence.

Primary Drivers of Revenue Growth

Product Innovations:
- New launches, including AntiFraud.AI, Seqrite Threat Intelligence, and Seqrite Malware & Analysis Platform, are aimed at large enterprises and government entities.
Customer Segments:
- 80% of revenue in FY21 came from the consumer segment, which has now decreased to 62%, indicating a shift towards enterprise cybersecurity.
Geographical Focus:
- The company is currently focused on expanding within India before venturing into international markets.

Market Share Compared to Competitors

Consumer Market: Quick Heal holds over 30% of the Indian consumer antivirus market, making it a market leader.
Competitive Positioning:
- It is India’s only listed cybersecurity company, which gives it a unique market advantage.
- The company claims to have the largest cybersecurity lab in India (Seqrite Labs), leveraging AI-driven security intelligence.

Strategic Priorities for the Next 3-5 Years

Product Innovation:
- Investing in AI/ML and generative AI models for cybersecurity solutions.
- Expansion of Seqrite’s Cybersecurity Mesh Architecture (CSMA) for enterprise clients.
Market Expansion:
- Strengthening presence in Indian enterprise security market before expanding globally.
Acquisitions & Partnerships:
- Collaborations with US NIST and AI Safety Initiative highlight international efforts.
- Membership in the US Artificial Intelligence Safety Institute Consortium (AISIC) for AI-based security innovation.
Key Expansion Milestones:
- Jan 2024: First order received for Seqrite Threat Intelligence.
- FY25-FY27: Serviceable Operatable Market (SOM) is projected to grow to ₹4,000 Cr by FY27 from ₹3,000 Cr in FY25.

Data Center Related Articles

Sasken Technologies One of the Imp. cyber security companies

Sasken Technologies is leveraging its engineering R&D expertise to expand into cybersecurity, particularly in AI-driven security, IoT, automotive, and satellite communications security. While the company remains debt-free and cash-positive, it is experiencing revenue contraction and declining profitability, posing a challenge to sustained growth among cybersecurity companies to invest in India.

Let us analyze this in detail.

Key Trends in Revenue

Revenue Trends:
- Consolidated revenue for FY24 was ₹40,642.74 lakhs, a 9.07% decline YoY compared to ₹44,698.35 lakhs in FY23.
- Revenue for Q3 FY25 was ₹1,445M, reflecting a 7.0% QoQ increase.
- Revenue for Q2 FY25 was ₹1,350M, reflecting a 9.5% QoQ increase.
Profitability:
- Net profit (PAT) for FY24 was ₹7,873.83 lakhs, down 20.84% YoY from ₹9,947.21 lakhs in FY23.
- PAT for Q3 FY25 was 6.2%, down from 9.1% in Q2 FY25, indicating declining profitability.
- EBITDA for Q3 FY25 was 4.2%, a slight improvement over 3.4% in Q2 FY25, but still relatively low.
Earnings Per Share (EPS):
- EPS in Q3 FY25 was ₹6.00, a 24.8% QoQ decline, showing profit dilution.
- EPS in Q2 FY25 was ₹7.98, showing a 33.6% QoQ decline.
Cash Flow:
- The company remains cash-positive and debt-free, ensuring strong financial stability.

Segment Revenue

Cybersecurity is a growing segment for Sasken, but exact revenue figures for this segment were not explicitly mentioned.
Major cybersecurity initiatives:
- Investment in a dedicated Cybersecurity Center of Excellence (CoE).
- Compliance with ISO/IEC 27001:2013 (Information Security) & ISO/SEC 27701:2019 (Privacy).
- Active focus on product security in AI, IoT, and software-defined vehicles (SDVs).

Primary Drivers of Revenue Growth

Product & Technology Growth Levers:
- Major cybersecurity projects involving automotive, IoT, and AI-related security solutions.
Geographical Expansion:
- Global footprint with delivery and sales centers across North America, Europe, and Asia.
Key Order Wins:
- Satellite-based communication security project.
- IoT security for an American premium food service equipment manufacturer.
- Cybersecurity design solutions for AI, 5G, and SSD technology.

Market Share Compared to Competitors

Positioning:
- 35+ years in engineering R&D, focusing on secure embedded systems and enterprise-grade cybersecurity.
- 70+ patents and experience in high-tech engineering R&D, giving it a strong IP portfolio.
Competitor Landscape:
- Competes with global cybersecurity firms in IoT, AI, and automotive security.
- EU-GDPR, CCPA, and India Data Privacy Act compliance give it an advantage in global privacy and data protection mandates.

Strategic Priorities for the Next 3-5 Years

Cybersecurity Expansion:
- Growing Cybersecurity Center of Excellence (CoE).
- Strengthening AI/ML-based security innovations.
Market & Industry Expansion:
- Investments in automotive, IoT security, and AI-driven security solutions.
- Partnerships with AI/ML firms and semiconductor leaders.
Operational Focus:
- Expansion into cloud security, product security, and secure chip development.
- Investing in cyber resilience strategies for global markets.
Cybersecurity Expansion:
- Investment in a Cybersecurity Center of Excellence (CoE) in FY25.
- New security initiatives in AI, IoT, and automotive security in FY25-FY27

Expleo Solutions, one of the top cyber security companies in India

Expleo Solutions is strengthening its position in cybersecurity, data governance, and DevSecOps, leveraging AI-driven security frameworks and strategic acquisitions. The CERT-In empanelment enhances credibility, while investments in cloud security, AI, and compliance services position it for future growth.

Despite profitability pressures in FY24, Q2 FY25 saw a 50.5% PAT increase, indicating recovery. With a strong European and Indian market presence, expanding US operations, and debt-free financials, Expleo remains one of the top cyber security companies in India.

Let us analyze this in detail.

Key Trends in Revenue

Revenue Trends:
- FY24 Revenue: ₹9,648.70 million, a 6.82% YoY increase from ₹9,032.95 million in FY23.
- Q2 FY25 Revenue: ₹2,593 million, up 10.7% YoY.
- H1 FY25 Revenue: ₹5,114 million, up 11.4% YoY.
Profitability:
- FY24 PAT: ₹904.39 million, down from ₹1,338.88 million in FY23, indicating a 32.4% YoY decline.
- Q2 FY25 PAT: ₹357 million, up 50.5% QoQ.
- H1 FY25 PAT: ₹594 million, up 48.1% YoY.
EBITDA Margin:
- Q2 FY25 EBITDA Margin: 16.3%, up from 15.8% in Q1 FY25.
- FY24 EBITDA Margin: 16.0%, slightly improving from 15.2% in FY23.
Cash Flow:
- Net Cash Position: ₹2,762 million in Q2 FY25, up from ₹2,606 million in Q1 FY25.

Segment Revenue

Expleo Solutions has a strong cybersecurity division, focusing on data protection, governance, and DevSecOps.
The company’s cybersecurity services were enhanced by the acquisition of Lucid Technologies, a specialist in data governance, data privacy, and protection.
Expleo was empanelled by CERT-In for cybersecurity auditing services, solidifying its position in the security domain.

Primary Drivers of Revenue Growth

Product & Services Expansion:
- Growth in DevSecOps, cybersecurity, and AI-driven security services.
- Investments in data governance and AI-based cybersecurity solutions.
Geographical Diversification:
- Europe contributes 54% of total revenue, followed by India/Middle East/Asia (34%) and the US (12%).
Customer Base Expansion:
- Added 23 new clients in FY24 across banking, insurance, automotive, aerospace, and enterprise security.

Market Share Compared to Competitors

Competitive Positioning:
- CERT-In empanelment enhances credibility and positions it as a trusted security auditor.
Comparison With Peers:
- Competes with global firms in cybersecurity consulting such as Accenture, Capgemini, and Tata Elxsi.
- Unlike traditional IT services firms, Expleo focuses more on security, AI, and DevSecOps integration.

Strategic Priorities for the Next 3-5 Years

Cybersecurity & DevSecOps Expansion:
- Strengthening AI-driven security frameworks and compliance services.
- Enhancing cloud security, identity management, and data privacy solutions.
Global Expansion:
- Expanding US presence in data management and cybersecurity consulting.
- Increasing focus on Europe, Middle East, and Asia markets.
Innovation & R&D:
- Investments in AI-driven cybersecurity innovations.
- Continued expansion in cloud security and digital transformation consulting.
New Bangalore office with 400+ seats and a dedicated testing lab for cybersecurity & aerospace.
US expansion plans in data governance and cybersecurity by FY26.

R.S. Software

R.S. Software is well-positioned as a payments security and fraud management specialist, leveraging AI-driven solutions and real-time fraud detection systems. With zero debt, doubling cash reserves, and strong revenue growth (108% YoY), it is showing financial strength and scalability. Its entry into the U.S. market via product licensing signals global expansion potential.

Let us analyze this in detail.

Key Trends in Revenue

Revenue Trends:
- FY24 Revenue: ₹6,428 lakh, reflecting an 108% YoY growth.
- Q3 FY25 Revenue: Not explicitly mentioned in available financials.
Profitability:
- FY24 Net Profit: ₹1,909 lakh, marking a significant 760% YoY increase.
- Operating Margin: 34%, indicating strong profitability.
Cash Flow:
- Cash on balance sheet doubled YoY, showcasing financial strength.
- Debt-Free: The company has maintained zero debt for 15 years, ensuring financial stability.

Segment Revenue

R.S. Software primarily focuses on payment modernization and fraud management, leveraging AI-driven security solutions.
Key cybersecurity initiatives:
- AI-powered enterprise fraud and risk management system deployed at the national level.
- Development of Gen AI-based security models for payments fraud prevention.

Primary Drivers of Revenue Growth

Product & Technology Growth Levers:
- Introduction of RS IntelliEdge™, a real-time fraud detection system.
- Expansion of ISO 20022-enabled payments security solutions.
Geographical Expansion:
- Strong presence in India, expanding towards North America and global markets.
Key Order Wins:
- Sale of product licenses in the U.S. in FY24, marking a breakthrough in international expansion.

Market Share Compared to Competitors

Competitive Positioning:
- Specializes in payment security, fraud prevention, and digital banking security solutions.
- Competes with global cybersecurity firms specializing in payment security.
Market Opportunity:
- The global payments modernization market is estimated at $800 billion over the next five years, creating a strong industry tailwind.

Strategic Priorities for the Next 3-5 Years

Cybersecurity & AI Integration:
- Expanding AI-driven security models for fraud detection and compliance.
- Strengthening real-time transaction monitoring and risk management solutions.
Global Expansion:
- Strengthening presence in the U.S. and other international markets, particularly in payments security consulting.
Product Innovation:
- Investments in next-gen fraud intelligence for fintech and digital banking ecosystems.

SecureKloud Technologies is one of the top cyber security companies in India

SecureKloud Technologies is actively expanding its cybersecurity and AI-driven cloud security services, leveraging Zero Trust Security and blockchain-based compliance frameworks. While it has a strong global presence and strategic focus on regulated industries like healthcare and BFSI, its continuous losses, declining revenue, and high debt levels pose financial risks. This is one of the best cybersecurity companies to invest in India. Let us analyze this in detail.

Key Trends in Revenue

Revenue Trends:
- FY24 Revenue: ₹45,844 lakh, reflecting a 20.8% YoY growth.
- Q2 FY25 Revenue: ₹4,345 lakh, an 8% QoQ decline and 54% YoY drop.
- Q1 FY25 Revenue: ₹4,745 lakh, a 52.1% YoY decline.
Profitability:
- FY24 PAT: Loss of ₹9,875 lakh, similar to previous years, signaling continuous losses.
- Q2 FY25 PAT: Loss of ₹1,072 lakh, slightly lower than ₹1,416 lakh loss in Q1 FY25.
- Gross Profit Margin: 30.91% in Q2 FY25, slightly improving from 29.45% in Q1 FY25.
Cash Flow:
- Negative cash flow from operations (-₹45 lakh in H1 FY25), indicating financial pressure.
- Borrowings at ₹11,209 lakh, highlighting debt dependency.
- Cash reserves shrinking, with only ₹41 lakh left by Q2 FY25.

Segment Revenue

Key cybersecurity-related offerings:
- Zero Trust Security Architecture to enhance cloud security.
- AI-powered security analytics and blockchain-based security solutions.
- Managed cybersecurity services under their Cloud Foundation Platform.
Revenue Mix:
- Healthcare & Life Sciences contributes ~50% of revenue (₹2,161 lakh in Q2 FY25).
- Information, Communication & Technology (ICT) contributes 50.3% (₹2,184 lakh in Q2 FY25).
- Recurring revenue from cybersecurity and managed services at 46.2% in Q2 FY25.

Primary Drivers of Revenue Growth

Product & Services Expansion:
- Cloud Security, AI-driven analytics, and blockchain security solutions are major drivers.
Geographical Expansion:
- Global presence with HQ in India and offices in the U.S., Canada, Europe, and Singapore.
- Major revenue from North America, followed by India.
Customer Base:
- Top 5 customers contributed 45.2% of total revenue in Q1 FY25.

Market Share Compared to Competitors

Competitive Positioning:
- Strong expertise in cloud security, AI-powered risk management, and blockchain-based compliance.
- Competes with global cloud security firms like Palo Alto Networks, CrowdStrike, and Microsoft Azure Security.

Strategic Priorities for the Next 3-5 Years

Cloud Security & AI Expansion:
- Enhancing Zero Trust Security models for enterprise customers.
- Leveraging blockchain for compliance-driven security solutions.
Market Expansion:
- Expanding presence in the Middle East, APAC, and North America.
- Focusing on regulated industries like healthcare, BFSI, and telecom.
Expansion of AI-based security services in FY25-FY27.
Focus on Middle East and North America expansion in FY25-FY26.

Large cybersecurity companies to invest in

Tata Consultancy Services (TCS): A global IT services and consulting company with a strong presence in cybersecurity. They offer a wide range of services, including threat detection, risk assessment, compliance, and incident response. This is one of the cybersecurity companies to invest in.

Infosys: Another major IT services company with a significant focus on cybersecurity. They offer innovative solutions and have a long history of providing cutting-edge cybersecurity services. This is also one of the best cybersecurity companies to invest in.

Wipro: A leading IT services company with a strong cybersecurity portfolio. They offer a comprehensive range of services, including threat intelligence, vulnerability management, and incident response. This is also one of the best cybersecurity companies to invest in.

HCL Technologies: Offers a wide range of cybersecurity services, including threat and vulnerability management, security operations, and identity and access management. This is also one of the best cybersecurity companies to invest in.

Tech Mahindra: Provides cybersecurity solutions across various domains, including network security, data security, and cloud security. This is also one of the best cybersecurity companies to invest in.

Final Words on cybersecurity companies to invest in

For a long-term cybersecurity investment, among the cybersecurity companies to invest in India, Quick Heal Technologies and Expleo Solutions are the top choices due to their strong market positioning, AI-driven security innovations, and expanding enterprise business. Quick Heal dominates India’s cybersecurity space, while Expleo’s consulting and DevSecOps focus provide a unique competitive advantage. Both companies have strong growth potential in India’s rapidly expanding cybersecurity market.

Best top 10 cyber security companies in India

Table of Contents

Indian Cybersecurity Market

Top 10 cyber security companies in India