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Indian (NIFTY) Tech Sector Analysis

UpdatedApr 12, 2026
DataAggregated Company Financials
Companies360
  • 7D3.7%
  • 3M-16.1%
  • 1Y-8.1%
  • YTD-17.0%

The Tech industry is up 3.7% in the last week, with Tata Consultancy Services up 3.0%. In contrast, the industry has lost 8.1% in the last 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
Mon, 13 Apr 2026₹33.4t₹12.1t₹1.5t24.9x22.1x2.8x
Wed, 11 Mar 2026₹32.1t₹11.9t₹1.5t22.9x21.5x2.7x
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
Price to Earnings Ratio

24.1x


Total Market Cap: ₹28.3tTotal Earnings: ₹1.2tTotal Revenue: ₹8.7tTotal Market Cap vs Earnings and Revenue0%0%0%
Indian Tech Sector Price to Earnings3Y Average 29.1x202420252026
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 22.1x which is lower than its 3-year average PE of 29.1x.
  • The 3-year average PS ratio of 3.8x is higher than the industry's current PS ratio of 2.8x.
Past Earnings Growth
  • The earnings for companies in the Information Technology industry have grown 8.8% per year over the last three years.
  • Revenues for these companies have grown 11% 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 Market6.90%
Tech3.70%
Communications13.95%
Electronic Equipment and Components9.18%
Semiconductors7.45%
Tech Hardware5.61%
Software5.14%
IT2.70%
Industry PE
  • Investors are most optimistic about the Tech Hardware industry even though it's trading below its 3-year average PE ratio of 112x.
    • Analysts are expecting annual earnings growth of 39.4%, which is lower than the prior year's growth of 43.9% per year.
Forecasted Growth
  • Analysts are most optimistic on the Communications industry, expecting annual earnings growth of 66% over the next 5 years.
  • This is better than its past earnings growth rate of 36% 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
TCS Tata Consultancy Services₹2.52k3.0%
+₹266.3b		-21.9%PE18.6x
HCLTECH HCL Technologies₹1.45k3.5%
+₹132.6b		4.4%PE22.4x
507685 Wipro₹204.855.2%
+₹105.3b		-14.6%PE16.2x
WAAREEENER Waaree Energies₹3.28k6.9%
+₹60.6b		51.8%PE28.9x
LTM LTM₹4.50k4.6%
+₹59.2b		6.2%PE28.1x

Latest News

TCS
₹2,524.30
Tata Consultancy Services
7D
3.0%
1Y
-21.9%
BSOFT
₹366.00
Birlasoft
7D
-1.3%
1Y
1.7%

BSOFT: Leadership Turnover And Margin Pressure Will Constrain Future Upside Potential

Analysts have trimmed their price target on Birlasoft slightly from ₹304.51 to ₹302.00, citing adjusted assumptions for revenue growth, profit margin and future P/E that together point to a more balanced risk and reward profile. What's in the News Board meeting scheduled for Mar 30, 2026 at 16:15 IST to consider multiple senior leadership changes, including resignations and proposed appointments for the Chief Human Resources Officer, Chief Operating Officer, and Chief Executive Officer for Rest of the World & Global Head, Strategic Growth Initiatives (company filing).
INFY
₹1,292.50
Infosys
7D
-0.6%
1Y
-8.3%

INFY: AI Consulting Shift Will Support 2026 IT Spending Turnaround

Infosys' implied fair value price target has been revised from ₹1,667.80 to ₹1,592.15 as analysts factor in a slightly lower assumed future P/E multiple and evolving views on how AI could shift IT services demand, cyclicality and risk across consulting, implementation and managed services. Analyst Commentary Recent Street research on Infosys has shifted toward a more cautious tone as analysts reassess how AI could reshape the mix between consulting, implementation and managed services, and what that might mean for earnings stability and valuation multiples.
PERSISTENT
₹5,427.10
Persistent Systems
7D
3.8%
1Y
19.4%
LTM
₹4,503.70
LTM
7D
4.6%
1Y
6.2%
HCLTECH
₹1,451.20
HCL Technologies
7D
3.5%
1Y
4.4%

HCLTECH: Expanded AI Security And Cloud Partnerships Will Drive Future Upside

Analysts have trimmed their price target on HCL Technologies from about ₹1,672 to roughly ₹1,584, citing updated assumptions around slightly softer revenue growth, a modestly higher profit margin outlook, and an adjusted future P/E multiple. What's in the News CrowdStrike and HCLTech expanded their partnership with Continuous Threat Exposure Management services, combining AI driven threat detection and exposure management across endpoints, cloud, identity, applications and data.
HAPPSTMNDS
₹378.80
Happiest Minds Technologies
7D
-3.7%
1Y
-32.4%

HAPPSTMNDS: Potential Control Sale Will Support Long Term Returns

Analysts have kept their fair value estimate for Happiest Minds Technologies steady at ₹614.0, reflecting updated views on discount rate, revenue growth, profit margin and future P/E assumptions without a change in the overall price target. What's in the News Happiest Minds announced a partnership with UnifyApps to use its AI OS architecture and horizontal platform, aiming to help enterprises move GenAI projects from pilots to secure, production grade deployments across workflows, with a focus on governance, interoperability, and scalability.
TECHM
₹1,440.20
Tech Mahindra
7D
-0.09%
1Y
12.3%

TECHM: Higher Discount Rate And Lower P E Multiple Will Pressure Returns

Narrative Update on Tech Mahindra Analysts have reduced the updated fair value estimate for Tech Mahindra from about ₹1,327 to roughly ₹1,205. This reflects recalibrated expectations around discount rates, revenue growth, profit margins and future P/E multiples.
WAAREEENER
₹3,281.40
Waaree Energies
7D
6.9%
1Y
51.8%

Order Book And Value Chain Expansion Will Support Long Term Energy Transition Upside

Catalysts About Waaree Energies Waaree Energies is a solar and broader energy transition manufacturer with operations across modules, cells and adjacent power infrastructure products. What are the underlying business or industry changes driving this perspective?
507685
₹204.85
Wipro
7D
5.2%
1Y
-14.6%
RSYSTEMS
₹261.19
R Systems International
7D
-1.7%
1Y
-18.6%

AI Cost Pressures And Client Risks Will Challenge Margins Yet Support Gradual Upside

Catalysts About R Systems International R Systems International provides software product and platform engineering, with a growing focus on AI, data and cloud led solutions for global clients. What are the underlying business or industry changes driving this perspective?
534535
₹102.80
String Metaverse
7D
-14.5%
1Y
24.5%
539724
₹111.45
HyperSoft Technologies
7D
-5.9%
1Y
448.7%
542866
₹164.55
Colab Platforms
7D
-1.0%
1Y
196.2%
523610
₹292.35
ITI
7D
14.4%
1Y
15.7%
PREMIERENE
₹975.20
Premier Energies
7D
6.3%
1Y
9.2%

Premier Energies Limited's (NSE:PREMIERENE) Business Is Trailing The Market But Its Shares Aren't

Feb 15
Premier Energies Limited's (NSE:PREMIERENE) Business Is Trailing The Market But Its Shares Aren't