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Indian (NIFTY) Tech Sector Analysis

UpdatedFeb 06, 2026
DataAggregated Company Financials
Companies355
  • 7D-4.0%
  • 3M-1.7%
  • 1Y-18.0%
  • YTD-6.0%

Over the last 7 days, the Tech industry has dropped 4.0%, driven by declines in Infosys and Tata Consultancy Services of 8.4% and 4.9%, respectively. In contrast, Waaree Energies has gained 12%. Overall the industry is down 17% in 12 months. Earnings are forecast to grow by 12% annually.

Sector Valuation and Performance

Has the Indian Tech Sector valuation changed over the past few years?

DateMarket CapRevenueEarningsPEAbsolute PEPS
Fri, 06 Feb 2026₹37.7t₹11.8t₹1.5t27x25.5x3.2x
Sun, 04 Jan 2026₹40.2t₹11.6t₹1.5t29.9x26.8x3.5x
Tue, 02 Dec 2025₹40.0t₹11.5t₹1.5t31.6x26.8x3.5x
Thu, 30 Oct 2025₹39.2t₹11.3t₹1.5t33.3x26.7x3.5x
Sat, 27 Sep 2025₹37.0t₹11.2t₹1.5t33.6x25.3x3.3x
Mon, 25 Aug 2025₹38.0t₹11.1t₹1.4t32.4x26.2x3.4x
Wed, 23 Jul 2025₹39.1t₹10.9t₹1.4t34.4x27.6x3.6x
Fri, 20 Jun 2025₹40.7t₹10.9t₹1.4t33.6x28.8x3.7x
Sun, 18 May 2025₹40.6t₹10.8t₹1.4t31.7x29.1x3.8x
Tue, 15 Apr 2025₹35.4t₹10.7t₹1.4t28.9x25.6x3.3x
Thu, 13 Mar 2025₹38.3t₹10.7t₹1.4t30.6x27.5x3.6x
Sat, 08 Feb 2025₹44.6t₹10.6t₹1.4t38.6x32.2x4.2x
Mon, 06 Jan 2025₹47.2t₹10.3t₹1.3t43.4x35.4x4.6x
Wed, 04 Dec 2024₹47.1t₹10.2t₹1.3t41.6x35.6x4.6x
Fri, 01 Nov 2024₹44.6t₹10.1t₹1.3t42.5x33.9x4.4x
Sun, 29 Sep 2024₹45.4t₹9.9t₹1.3t41.6x35.9x4.6x
Tue, 27 Aug 2024₹44.9t₹9.9t₹1.3t43.7x35.5x4.6x
Thu, 25 Jul 2024₹43.2t₹9.8t₹1.3t42.7x34.2x4.4x
Sat, 22 Jun 2024₹38.6t₹9.7t₹1.2t41.4x31.3x4x
Mon, 20 May 2024₹36.9t₹9.7t₹1.2t45.3x29.9x3.8x
Wed, 17 Apr 2024₹37.5t₹9.7t₹1.2t46.6x30.8x3.9x
Fri, 15 Mar 2024₹40.1t₹9.6t₹1.2t39.5x33.3x4.2x
Sun, 11 Feb 2024₹40.2t₹9.5t₹1.2t47.2x33.4x4.2x
Tue, 09 Jan 2024₹37.2t₹9.5t₹1.2t46.7x30.3x3.9x
Thu, 07 Dec 2023₹35.8t₹9.5t₹1.2t42.4x29.1x3.8x
Sat, 04 Nov 2023₹33.0t₹9.4t₹1.2t42.8x27x3.5x
Mon, 02 Oct 2023₹33.8t₹9.3t₹1.2t40.3x27.8x3.6x
Wed, 30 Aug 2023₹32.6t₹9.3t₹1.2t38.6x26.9x3.5x
Fri, 28 Jul 2023₹31.8t₹9.2t₹1.2t36.9x26.4x3.5x
Sun, 25 Jun 2023₹30.5t₹9.0t₹1.2t33.5x25.7x3.4x
Tue, 23 May 2023₹30.0t₹9.0t₹1.2t29.8x25.1x3.3x
Thu, 20 Apr 2023₹28.3t₹8.7t₹1.2t29x24.1x3.2x
Sat, 18 Mar 2023₹30.7t₹8.9t₹1.2t25.3x26.5x3.4x
Mon, 13 Feb 2023₹33.1t₹8.9t₹1.2t28x28.7x3.7x
Price to Earnings Ratio

28.7x


Total Market Cap: ₹33.1tTotal Earnings: ₹1.2tTotal Revenue: ₹8.9tTotal Market Cap vs Earnings and Revenue0%0%0%
Indian Tech Sector Price to Earnings3Y Average 29.4x202420252026
Current Industry PE
  • Investors are pessimistic on the Indian Information Technology industry, indicating that they anticipate long term growth rates will be lower than they have historically.
  • The industry is trading at a PE ratio of 25.7x which is lower than its 3-year average PE of 29.4x.
  • The 3-year average PS ratio of 3.8x is higher than the industry's current PS ratio of 3.2x.
Past Earnings Growth
  • The earnings for companies in the Information Technology industry have grown 8.6% per year over the last three years.
  • Revenues for these companies have grown 9.8% per year.
  • This means that more sales are being generated by these companies overall, and subsequently their profits are increasing too.

Industry Trends

Which industries have driven the changes within the Indian Tech sector?

IN Market1.42%
Tech-3.99%
Semiconductors8.13%
Electronic Equipment and Components5.84%
Communications3.49%
Tech Hardware2.53%
Software-1.61%
IT-5.49%
Industry PE
  • Investors are most optimistic about the Tech Hardware industry even though it's trading below its 3-year average PE ratio of 113x.
    • Analysts expect its future annual earnings growth (39.3%) to be largely in line with prior year's earnings growth.
Forecasted Growth
  • Analysts are most optimistic on the Communications industry, expecting annual earnings growth of 55% over the next 5 years.
  • This is better than its past earnings growth rate of 35% per year.
  • In contrast, the IT industry is expected to see its earnings grow by 10% per year over the next few years.

Top Stock Gainers and Losers

Which companies have driven the market over the last 7 days?

CompanyLast Price7D1YValuation
WAAREEENER Waaree Energies₹3.07k11.8%
+₹92.9b		31.9%PE27x
PREMIERENE Premier Energies₹787.0510.2%
+₹33.1b		-23.0%PE26.8x
SYRMA Syrma SGS Technology₹860.6018.9%
+₹26.1b		60.2%PE58.7x
532374 Sterlite Technologies₹134.1534.3%
+₹16.7b		26.6%PE2182.6x
533581 PG Electroplast₹585.9010.6%
+₹16.0b		-30.3%PE60.4x

Latest News

AVALON
₹1,020.50
Avalon Technologies
7D
26.9%
1Y
39.2%
SYRMA
₹860.60
Syrma SGS Technology
7D
18.9%
1Y
60.2%
TECHM
₹1,646.20
Tech Mahindra
7D
-6.9%
1Y
-1.4%
KAYNES
₹3,616.10
Kaynes Technology India
7D
6.3%
1Y
-15.7%

KAYNES: Satellite And Semiconductor Partnerships Will Drive Future Upside Potential

Analysts have cut their fair value estimate for Kaynes Technology India from ₹6,953.43 to ₹5,544.10, citing revised assumptions around revenue growth, profit margins, and future P/E expectations. What's in the News Upcoming board meeting on Feb 5, 2026 to review and approve unaudited standalone and consolidated results for the quarter and nine months ended Dec 31, 2025, which could give you fresh insight into recent operating trends.
WAAREEENER
₹3,071.60
Waaree Energies
7D
11.8%
1Y
31.9%
533581
₹585.90
PG Electroplast
7D
10.6%
1Y
-30.3%
532374
₹134.15
Sterlite Technologies
7D
34.3%
1Y
26.6%

532374: Fibre Network Trials Will Support A More Positive Re Rating

Analysts have trimmed their fair value estimate for Sterlite Technologies from ₹150 to ₹130, reflecting updated views on growth, margins, the discount rate, and a lower assumed future P/E multiple. What's in the News Sterlite Technologies plans a Special and Extraordinary Shareholders Meeting via postal ballot in India on February 28, 2026, which may cover key corporate decisions for existing investors (company event filing).
BSOFT
₹460.55
Birlasoft
7D
12.4%
1Y
-13.1%

Birlasoft Limited (NSE:BSOFT) Just Released Its Third-Quarter Earnings: Here's What Analysts Think

Jan 31
Birlasoft Limited (NSE:BSOFT) Just Released Its Third-Quarter Earnings: Here's What Analysts Think
HCLTECH
₹1,610.00
HCL Technologies
7D
-6.5%
1Y
-6.6%

HCL Technologies Limited's (NSE:HCLTECH) Shares May Have Run Too Fast Too Soon

Jan 31
HCL Technologies Limited's (NSE:HCLTECH) Shares May Have Run Too Fast Too Soon
HEXT
₹641.55
Hexaware Technologies
7D
-7.7%
1Y
n/a
INFY
₹1,520.20
Infosys
7D
-8.4%
1Y
-20.6%

INFY: Gradual IT Spend Recovery And AI Adoption Will Shape 2026 Outlook

Infosys' updated narrative reflects a modestly higher fair value estimate of ₹1,820.45 from ₹1,776.09, broadly in line with the series of recent analyst price target increases as analysts point to a supportive setup for services demand and a slightly adjusted view on growth, margins, discount rate and future P/E assumptions. Analyst Commentary Recent Street research around Infosys clusters around a series of modest price target increases in US$, with analysts broadly pointing to a more constructive setup for IT services heading into 2026 and a view that current valuations remain discounted relative to that backdrop.
PREMIERENE
₹787.05
Premier Energies
7D
10.2%
1Y
-23.0%
TCS
₹2,991.50
Tata Consultancy Services
7D
-4.9%
1Y
-26.7%

TCS: AI Data Centers Will Drive Future Upside Despite Legal Overhang

The analyst fair value estimate for Tata Consultancy Services has been adjusted from ₹3,558.47 to ₹3,617.91 as analysts factor in updated views on revenue growth, profit margins, the discount rate, and future P/E assumptions. What's in the News U.S. Court of Appeals for the Fifth Circuit upheld an award of about US$194m to DXC subsidiary CSC in a trade secret misappropriation case, affirming earlier findings that Tata Consultancy Services had intentionally and maliciously misused CSC's trade secrets (Lawsuits & Legal Issues).
532466
₹7,443.50
Oracle Financial Services Software
7D
-5.0%
1Y
-19.7%
LTIM
₹5,683.50
LTIMindtree
7D
-5.2%
1Y
-4.4%

LTIM: Future Performance Will Reflect AI Tax And Cyber Partnerships While Fairly Valued

Analysts have raised their price target for LTIMindtree to ₹6,391 from ₹6,088, citing updated assumptions for the discount rate, revenue growth, profit margin and future P/E that feed into their revised valuation framework. What's in the News Won the Insight 2.0 project from the Central Board of Direct Taxes to build an AI powered tax analytics platform for India, a 7 year mandate valued at around ₹30,000 million (Key Developments).
507685
₹233.35
Wipro
7D
-2.7%
1Y
-26.6%