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Indian (NIFTY) Tech Sector Analysis

UpdatedMar 07, 2026
DataAggregated Company Financials
Companies356
  • 7D-2.4%
  • 3M-20.7%
  • 1Y-20.8%
  • YTD-19.7%

Over the last 7 days, the Tech industry has dropped 2.4%, driven by a pullback from Tata Consultancy Services of 3.0%. Overall the industry is down 21% in 12 months. As for the next few years, earnings are expected to grow by 12% per annum.

Sector Valuation and Performance

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

DateMarket CapRevenueEarningsPEAbsolute PEPS
Sat, 07 Mar 2026₹32.1t₹12.0t₹1.5t23x21.6x2.7x
Mon, 02 Feb 2026₹39.2t₹11.8t₹1.5t26.7x26.5x3.3x
Wed, 31 Dec 2025₹39.9t₹11.6t₹1.5t29.8x26.6x3.4x
Fri, 28 Nov 2025₹40.0t₹11.5t₹1.5t32.7x26.8x3.5x
Sun, 26 Oct 2025₹39.1t₹11.3t₹1.5t33.4x26.6x3.4x
Tue, 23 Sep 2025₹38.7t₹11.2t₹1.5t34.2x26.6x3.5x
Thu, 21 Aug 2025₹38.2t₹11.1t₹1.4t32.3x26.4x3.4x
Sat, 19 Jul 2025₹39.5t₹10.9t₹1.4t34.4x27.8x3.6x
Mon, 16 Jun 2025₹40.8t₹10.9t₹1.4t34.6x29x3.8x
Wed, 14 May 2025₹39.7t₹10.8t₹1.4t31.3x28.6x3.7x
Fri, 11 Apr 2025₹35.1t₹10.7t₹1.4t28.8x25.3x3.3x
Sun, 09 Mar 2025₹39.8t₹10.7t₹1.4t30.6x28.6x3.7x
Tue, 04 Feb 2025₹44.2t₹10.5t₹1.4t37.5x32x4.2x
Thu, 02 Jan 2025₹46.9t₹10.3t₹1.3t41.3x35.2x4.6x
Sat, 30 Nov 2024₹46.3t₹10.2t₹1.3t41.6x35x4.5x
Mon, 28 Oct 2024₹44.3t₹10.1t₹1.3t39.2x33.6x4.4x
Wed, 25 Sep 2024₹45.3t₹9.9t₹1.3t41.6x35.8x4.6x
Fri, 23 Aug 2024₹44.7t₹9.9t₹1.3t42.8x35.3x4.5x
Sun, 21 Jul 2024₹43.0t₹9.8t₹1.3t42.7x34.1x4.4x
Tue, 18 Jun 2024₹38.2t₹9.7t₹1.2t41.4x30.9x3.9x
Thu, 16 May 2024₹36.7t₹9.7t₹1.2t46x29.8x3.8x
Sat, 13 Apr 2024₹38.1t₹9.6t₹1.2t45.9x31.5x4x
Mon, 11 Mar 2024₹39.8t₹9.6t₹1.2t43.5x33x4.2x
Wed, 07 Feb 2024₹40.6t₹9.4t₹1.2t45.8x33.7x4.3x
Fri, 05 Jan 2024₹37.0t₹9.5t₹1.2t46.8x30.1x3.9x
Sun, 03 Dec 2023₹35.3t₹9.5t₹1.2t40.9x28.7x3.7x
Tue, 31 Oct 2023₹32.9t₹9.4t₹1.2t42.8x27x3.5x
Thu, 28 Sep 2023₹34.4t₹9.3t₹1.2t38.8x28.3x3.7x
Sat, 26 Aug 2023₹32.6t₹9.3t₹1.2t38.8x26.9x3.5x
Mon, 24 Jul 2023₹31.7t₹9.2t₹1.2t36.9x26.2x3.5x
Wed, 21 Jun 2023₹30.9t₹9.0t₹1.2t35.1x26x3.4x
Fri, 19 May 2023₹29.6t₹9.0t₹1.2t29.9x24.8x3.3x
Sun, 16 Apr 2023₹29.6t₹8.7t₹1.2t27.6x25.3x3.4x
Tue, 14 Mar 2023₹31.1t₹8.9t₹1.2t25.2x27x3.5x
Price to Earnings Ratio

27x


Total Market Cap: ₹31.1tTotal 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 21.6x 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 2.7x.
Past Earnings Growth
  • The earnings for companies in the Information Technology industry have grown 8.9% 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 Market-3.02%
Tech-2.39%
Communications1.97%
IT-2.10%
Semiconductors-2.29%
Software-3.96%
Electronic Equipment and Components-4.52%
Tech Hardware-13.43%
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 39.3%, 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 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
INFY Infosys₹1.31k0.6%
+₹33.6b		-22.4%PE18x
532374 Sterlite Technologies₹181.2514.0%
+₹10.9b		112.5%PE2949x
532493 Astra Microwave Products₹1.04k7.1%
+₹6.7b		59.1%PE62.7x
PERSISTENT Persistent Systems₹4.78k0.9%
+₹6.6b		-9.5%PE41.2x
TEJASNET Tejas Networks₹465.056.7%
+₹5.2b		-36.9%PS3.1x

Latest News

REDINGTON
₹246.15
Redington
7D
-12.2%
1Y
-2.0%

REDINGTON: Upcoming Board Review Will Support Confident Earnings And P/E Outlook

The analyst price target for Redington has been trimmed by ₹5 to ₹300 per share, as analysts update their assumptions around the discount rate, revenue growth, profit margin and future P/E to reflect a slightly adjusted risk and earnings profile. What's in the News Redington has scheduled a board meeting for Feb 4, 2026 to consider and approve the unaudited standalone financial results for the quarter and nine months ended Dec 31, 2025 (company announcement).
FRACTAL
₹798.40
Fractal Analytics
7D
2.6%
1Y
n/a
TECHM
₹1,331.70
Tech Mahindra
7D
-1.9%
1Y
-10.8%

TECHM: AI Partnerships And Margin Discipline Will Support Future Upside

Analysts have inched up their fair value estimate for Tech Mahindra to ₹2,196 from ₹2,182, reflecting slightly higher assumptions for revenue growth, profit margins and the future P/E multiple in their updated price target work. Analyst Commentary Bullish analysts are reading the recent tweak to Tech Mahindra's fair value estimate as a sign that assumptions around growth, profitability and the P/E multiple still support a constructive view on the stock.
TEJASNET
₹465.05
Tejas Networks
7D
6.7%
1Y
-36.9%
NETWEB
₹3,222.30
Netweb Technologies India
7D
-16.6%
1Y
102.1%

NETWEB: AI Infrastructure Rollout And Stable Assumptions Will Shape Future Earnings

Analysts have maintained their price target for Netweb Technologies India at approximately ₹3,863, citing only minor adjustments to factors such as the discount rate and future P/E assumptions, rather than any substantial change in their overall thesis. What's in the News Netweb introduced the Tyrone Camarero GB200 AI System, described as one of the world's most powerful AI infrastructure solutions designed and manufactured in India.
532374
₹181.25
Sterlite Technologies
7D
14.0%
1Y
112.5%

532374: Preferential Warrants To Promoter Will Pressure Shareholder Returns

Analysts have kept their fair value estimate for Sterlite Technologies steady at ₹118. They point to slightly adjusted assumptions around the discount rate, revenue growth, profit margin and future P/E as the basis for their unchanged price target.
507685
₹195.50
Wipro
7D
-2.7%
1Y
-31.3%

AI Adoption And Margin Pressures Will Shape A Balanced Long Term Outlook

Catalysts About Wipro Wipro is a global IT services and consulting company that provides technology, engineering and business process services across multiple sectors and regions. What are the underlying business or industry changes driving this perspective?
532493
₹1,037.05
Astra Microwave Products
7D
7.1%
1Y
59.1%

532493: Defence Collaboration And New Orders Will Support Balanced Long Term Outlook

Analysts have trimmed their fair value estimate for Astra Microwave Products from ₹1,067 to ₹1,030, citing adjustments to discount rate assumptions and future P/E expectations, along with updated views on revenue growth and profit margins. What's in the News Board meeting scheduled for February 27, 2026, to consider and approve a restructuring of Astra Microwave Products' business undertakings (company filing).
HCLTECH
₹1,356.70
HCL Technologies
7D
-2.3%
1Y
-12.9%

HCLTECH: AI Partnerships And New Client Wins Will Support Upside Potential

Analysts have trimmed their price target for HCL Technologies by about ₹27 to roughly ₹1,740. This reflects small tweaks to fair value estimates, discount rate assumptions and expected future P/E levels, while keeping revenue growth and profit margin expectations broadly in line with earlier views.
TAC
₹435.45
TAC Infosec
7D
14.1%
1Y
-27.5%
INFY
₹1,308.40
Infosys
7D
0.6%
1Y
-22.4%

INFY: AI Business Mix Reset Will Support 2026 Repricing Potential

Analysts have trimmed their average Infosys price target by about ₹50, reflecting slightly higher discount rates and modestly softer assumptions for revenue growth and profit margins as AI related business mix risks are reassessed. Analyst Commentary Recent Street research around Infosys reflects a mixed setup, with some analysts recalibrating expectations lower while others are incrementally more constructive on the medium term opportunity set.
PERSISTENT
₹4,777.50
Persistent Systems
7D
0.9%
1Y
-9.5%
517544
₹2,853.90
Centum Electronics
7D
6.9%
1Y
143.2%
TCS
₹2,557.60
Tata Consultancy Services
7D
-3.0%
1Y
-29.2%

TCS: AI Alliances And New US Units Will Support Future Upside

Analysts have trimmed their price target on Tata Consultancy Services by about ₹34 to reflect a slightly higher discount rate and marginally softer fair value and margin assumptions, while keeping revenue growth and future P/E expectations broadly unchanged. What's in the News QAD | Redzone entered a long term alliance with TCS to help mid market manufacturers modernize ERP and scale AI driven operations, combining QAD | Redzone's manufacturing platform with TCS's global delivery and engineering capabilities (Key Developments).
LTM
₹4,292.00
LTIMindtree
7D
-3.8%
1Y
-9.1%

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).
WAAREEENER
₹2,628.30
Waaree Energies
7D
-3.0%
1Y
18.1%