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Indian (NIFTY) Tech Sector Analysis

UpdatedFeb 24, 2026
DataAggregated Company Financials
Companies354
  • 7D-2.6%
  • 3M-14.4%
  • 1Y-19.5%
  • YTD-15.8%

Over the last 7 days, the Tech industry has dropped 1.6%, driven by a pullback from Infosys of 2.8%. On the other hand Netweb Technologies India is actually up 16%. The industry has fallen 21% in the last year. Looking forward, earnings are forecast to grow by 13% annually.

Sector Valuation and Performance

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

DateMarket CapRevenueEarningsPEAbsolute PEPS
Tue, 24 Feb 2026₹33.7t₹11.9t₹1.5t24.7x22.7x2.8x
Thu, 22 Jan 2026₹38.8t₹11.7t₹1.5t26.4x26.4x3.3x
Sat, 20 Dec 2025₹40.6t₹11.6t₹1.5t29.6x27.2x3.5x
Mon, 17 Nov 2025₹39.3t₹11.5t₹1.5t35.4x26.5x3.4x
Wed, 15 Oct 2025₹38.4t₹11.3t₹1.5t33.9x26.2x3.4x
Fri, 12 Sep 2025₹39.0t₹11.2t₹1.5t33.8x26.8x3.5x
Sun, 10 Aug 2025₹36.8t₹11.1t₹1.4t31.7x25.5x3.3x
Tue, 08 Jul 2025₹41.0t₹10.9t₹1.4t34x29.2x3.8x
Thu, 05 Jun 2025₹39.7t₹10.9t₹1.4t32x28.2x3.7x
Sat, 03 May 2025₹38.3t₹10.7t₹1.4t30.8x27.7x3.6x
Mon, 31 Mar 2025₹39.0t₹10.6t₹1.4t29.6x28.2x3.7x
Wed, 26 Feb 2025₹41.0t₹10.7t₹1.4t32x29.4x3.8x
Fri, 24 Jan 2025₹45.6t₹10.4t₹1.4t40.1x33.4x4.4x
Sun, 22 Dec 2024₹47.1t₹10.3t₹1.3t41.6x35.5x4.6x
Tue, 19 Nov 2024₹44.5t₹10.2t₹1.3t39x33.6x4.4x
Thu, 17 Oct 2024₹44.9t₹9.9t₹1.3t43.2x35.1x4.5x
Sat, 14 Sep 2024₹46.8t₹9.9t₹1.3t44x37x4.7x
Mon, 12 Aug 2024₹42.1t₹9.8t₹1.3t42.8x33.3x4.3x
Wed, 10 Jul 2024₹40.8t₹9.7t₹1.2t43x33x4.2x
Fri, 07 Jun 2024₹37.2t₹9.7t₹1.2t38.8x30.1x3.8x
Sun, 05 May 2024₹36.6t₹9.7t₹1.2t47x29.6x3.8x
Tue, 02 Apr 2024₹37.9t₹9.6t₹1.2t43.3x31.4x3.9x
Thu, 29 Feb 2024₹40.2t₹9.6t₹1.2t45.2x33.3x4.2x
Sat, 27 Jan 2024₹39.0t₹9.6t₹1.2t47x31.8x4.1x
Mon, 25 Dec 2023₹38.2t₹9.5t₹1.2t46.4x31.1x4x
Wed, 22 Nov 2023₹34.7t₹9.5t₹1.2t40.4x28.4x3.7x
Fri, 20 Oct 2023₹33.8t₹9.4t₹1.2t43.9x27.5x3.6x
Sun, 17 Sep 2023₹34.9t₹9.3t₹1.2t40.1x28.8x3.8x
Tue, 15 Aug 2023₹32.7t₹9.3t₹1.2t39x27x3.5x
Thu, 13 Jul 2023₹31.0t₹9.0t₹1.2t34.1x26.1x3.4x
Sat, 10 Jun 2023₹30.3t₹9.0t₹1.2t34x25.5x3.4x
Mon, 08 May 2023₹29.4t₹8.9t₹1.2t29.4x24.8x3.3x
Wed, 05 Apr 2023₹29.8t₹8.6t₹1.2t26.2x25.7x3.5x
Fri, 03 Mar 2023₹31.5t₹8.9t₹1.2t25.3x27.3x3.5x
Price to Earnings Ratio

27.3x


Total Market Cap: ₹31.5tTotal Earnings: ₹1.2tTotal Revenue: ₹8.9tTotal Market Cap vs Earnings and Revenue0%0%0%
Indian Tech Sector Price to Earnings3Y Average 29.3x202420252026
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 22.9x which is lower than its 3-year average PE of 29.3x.
  • The 3-year average PS ratio of 3.8x is higher than the industry's current PS ratio of 2.9x.
Past Earnings Growth
  • The earnings for companies in the Information Technology industry have grown 8.7% per year over the last three years.
  • Revenues for these companies have grown 10% 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 Market0.13%
Tech-2.63%
Tech Hardware10.94%
Communications0.44%
Software-1.43%
Electronic Equipment and Components-2.08%
IT-2.85%
Semiconductors-4.00%
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 are expecting annual earnings growth of 39.3%, 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 63% 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 11% 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
NETWEB Netweb Technologies India₹3.55k15.8%
+₹27.6b		130.7%PE113.3x
NEWGEN Newgen Software Technologies₹536.6515.9%
+₹10.4b		-44.1%PE25x
532374 Sterlite Technologies₹167.308.6%
+₹6.5b		80.6%PE2722x
PREMIERENE Premier Energies₹776.251.7%
+₹6.0b		-17.5%PE26.4x
517174 Honeywell Automation India₹31.66k1.5%
+₹4.1b		-5.5%PE55.4x

Latest News

517544
₹2,671.80
Centum Electronics
7D
11.7%
1Y
107.2%
PERSISTENT
₹4,977.50
Persistent Systems
7D
-10.8%
1Y
-11.7%

PERSISTENT: Interim Dividend And ESOP Issuance Will Support A Higher Future Multiple

Analysts have maintained their price target for Persistent Systems at ₹8,865, supported by a slightly lower discount rate, a modestly higher revenue growth assumption of 21.92%, a stable profit margin view at 14.36%, and a small adjustment to the future P/E assumption to 60.56x, all contributing to this unchanged headline number. What's in the News The Board approved an interim dividend of ₹22 per share on a face value of ₹5 for the financial year from April 1, 2025 to March 31, 2026, with payment expected within 30 days of the January 20, 2026 declaration and a record date of January 27, 2026 (company filing).
HCLTECH
₹1,426.20
HCL Technologies
7D
-2.4%
1Y
-13.3%
LTIM
₹4,831.50
LTIMindtree
7D
-5.6%
1Y
-4.3%

LTIM: AI Tax Mandate Will Drive Future Upside Potential

Analysts have made a small trim to their price target on LTIMindtree, nudging it from ₹6,391.33 to ₹6,376.75 as they refresh their model inputs for discount rate, revenue growth, profit margin and forward P/E assumptions. What's in the News The board approved a proposed change of name from "LTIMindtree Limited" to "LTM Limited", with the change subject to shareholder and regulatory approvals and updates to the Memorandum and Articles of Association (board meeting held on February 11, 2026).
NEWGEN
₹536.65
Newgen Software Technologies
7D
15.9%
1Y
-44.1%

NEWGEN: Recent Large Contracts Will Support Future Upside Potential

Analysts have kept their fair value estimate for Newgen Software Technologies steady at ₹1,200, citing largely unchanged assumptions for revenue growth, profit margins and future P/E, along with a slightly higher discount rate in their updated price target work. What's in the News Newgen Software Technologies L.L.C, the Dubai based wholly owned subsidiary, signed a 3 year agreement with a large government organisation in the UAE for an Automatic Exchange of Information Pillar 2 tax compliance system.
TECHM
₹1,440.90
Tech Mahindra
7D
-4.7%
1Y
-10.7%

TECHM: Tighter P E Multiple Will Likely Undercut The Margin Story

Analysts have trimmed their price target for Tech Mahindra by about ₹20 to reflect a slightly lower fair value and P/E assumption, even as they factor in marginally higher revenue growth and profit margin expectations. Analyst Commentary Bearish analysts appear to be using the recent trim in Tech Mahindra's fair value and P/E assumptions as a reminder of the execution and growth risks that can sit behind headline numbers.
NETWEB
₹3,552.70
Netweb Technologies India
7D
15.8%
1Y
130.7%

NETWEB: AI Partnership Will Support Upcoming Earnings And Shareholder Actions

Analysts have adjusted their price target on Netweb Technologies India slightly higher from ₹4,110 to ₹4,150, reflecting updated assumptions on the discount rate, revenue growth, profit margin and future P/E multiples in their models. What's in the News Board meeting scheduled for January 17, 2026 at 13:30 Indian Standard Time to consider and approve the unaudited financial results, along with the limited review report, for the quarter ended December 31, 2025, and to address any other items with the chair's permission (company filing).
WAAREEENER
₹2,915.80
Waaree Energies
7D
-6.4%
1Y
30.6%
532374
₹167.30
Sterlite Technologies
7D
8.6%
1Y
80.6%

532374: Warrant Issue And Governance Changes Will Limit Near Term Upside

Analysts have maintained their fair value estimate for Sterlite Technologies at ₹118, while making slight adjustments to underlying assumptions. These include a lower discount rate, more moderate revenue growth, a higher profit margin, and a somewhat reduced future P/E.
532493
₹922.35
Astra Microwave Products
7D
3.1%
1Y
51.6%

532493: Defence Orders And PSU Partnership Will Drive Future Upside Potential

Analysts have trimmed their price target for Astra Microwave Products from ₹1,199 to ₹1,170, citing updated assumptions for discount rate, revenue growth, profit margins, and future P/E that together point to a slightly lower assessed fair value. What's in the News The board recorded the cessation of Chief Financial Officer Rahul Rungta at the close of business on 11 February 2026 and approved the appointment of Chartered Accountant Srinivasarao Devathi as the new CFO with effect from the start of business on 12 February 2026 (board meeting filing).
PREMIERENE
₹776.25
Premier Energies
7D
1.7%
1Y
-17.5%

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
INFY
₹1,327.50
Infosys
7D
-2.8%
1Y
-24.7%

INFY: Gradual IT Spend Recovery And AI Adoption Will Support 2026 Repricing

Infosys' analyst price targets have edged higher, with recent increases ranging from about $0.20 to $2.50 per share, as analysts factor in slightly updated assumptions around discount rates, revenue growth, profit margins, and future P/E levels. Analyst Commentary Recent Street research on Infosys has focused on fine tuning fair value estimates rather than making drastic revisions, with several price targets adjusted in small increments between about $0.20 and $2.50 per share.
TCS
₹2,676.30
Tata Consultancy Services
7D
-1.1%
1Y
-27.2%

TCS: AI Partnerships And New US Units Will Drive Future Upside

Analysts have modestly adjusted their price outlook for Tata Consultancy Services, reflecting updated assumptions for the discount rate, long term revenue growth, profit margins and future P/E levels. Together, these changes fine tune their overall valuation framework without a material shift in fair value.
517174
₹31,658.45
Honeywell Automation India
7D
1.5%
1Y
-5.5%
532407
₹200.80
MosChip Technologies
7D
7.4%
1Y
20.5%
507685
₹205.95
Wipro
7D
-3.4%
1Y
-30.2%