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Indian (NIFTY) Tech Sector Analysis

UpdatedMar 16, 2026
DataAggregated Company Financials
Companies356
  • 7D-3.5%
  • 3M-23.1%
  • 1Y-20.1%
  • YTD-22.5%

Over the last 7 days, the Tech industry has dropped 3.5%, driven by Tata Consultancy Services declining 5.8%. The industry has fallen 20% in the last year. 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, 16 Mar 2026₹31.0t₹12.0t₹1.5t22.1x20.8x2.6x
Wed, 11 Feb 2026₹37.5t₹11.9t₹1.5t27.3x25.3x3.2x
Fri, 09 Jan 2026₹39.6t₹11.6t₹1.5t29.6x26.5x3.4x
Sun, 07 Dec 2025₹40.6t₹11.6t₹1.5t30.5x27.1x3.5x
Tue, 04 Nov 2025₹38.8t₹11.4t₹1.5t33.9x26.3x3.4x
Thu, 02 Oct 2025₹37.3t₹11.3t₹1.5t33x25.5x3.3x
Sat, 30 Aug 2025₹37.9t₹11.2t₹1.5t32.1x26x3.4x
Mon, 28 Jul 2025₹38.2t₹11.0t₹1.4t34.4x26.8x3.5x
Wed, 25 Jun 2025₹40.6t₹10.9t₹1.4t34.2x28.8x3.7x
Fri, 23 May 2025₹39.8t₹10.8t₹1.4t32.4x28.4x3.7x
Sun, 20 Apr 2025₹36.3t₹10.7t₹1.4t30.2x26.3x3.4x
Tue, 18 Mar 2025₹38.0t₹10.7t₹1.4t28.7x27.3x3.6x
Thu, 13 Feb 2025₹43.2t₹10.5t₹1.4t34.3x31.3x4.1x
Sat, 11 Jan 2025₹47.5t₹10.3t₹1.3t40.8x35.3x4.6x
Mon, 09 Dec 2024₹48.2t₹10.2t₹1.3t42.2x36.5x4.7x
Wed, 06 Nov 2024₹44.1t₹10.2t₹1.3t41.5x33.4x4.3x
Fri, 04 Oct 2024₹44.7t₹9.8t₹1.3t40.6x35.2x4.5x
Sun, 01 Sep 2024₹45.8t₹9.9t₹1.3t43.2x36.2x4.6x
Tue, 30 Jul 2024₹44.0t₹9.8t₹1.3t42.6x34.7x4.5x
Thu, 27 Jun 2024₹38.9t₹9.7t₹1.2t41.3x31.4x4x
Sat, 25 May 2024₹37.1t₹9.7t₹1.2t42.1x30x3.8x
Mon, 22 Apr 2024₹36.5t₹9.6t₹1.2t45.4x29.6x3.8x
Wed, 20 Mar 2024₹38.3t₹9.6t₹1.2t42.6x31.8x4x
Fri, 16 Feb 2024₹40.3t₹9.6t₹1.2t45.1x33.5x4.2x
Sun, 14 Jan 2024₹39.1t₹9.5t₹1.2t46.9x32x4.1x
Tue, 12 Dec 2023₹36.3t₹9.5t₹1.2t42.6x29.5x3.8x
Thu, 09 Nov 2023₹33.3t₹9.5t₹1.2t40.9x27.3x3.5x
Sat, 07 Oct 2023₹34.4t₹9.3t₹1.2t40.5x28.3x3.7x
Mon, 04 Sep 2023₹33.1t₹9.3t₹1.2t39.8x27.3x3.6x
Wed, 02 Aug 2023₹32.3t₹9.2t₹1.2t38x26.7x3.5x
Fri, 30 Jun 2023₹30.7t₹9.0t₹1.2t34x25.9x3.4x
Sun, 28 May 2023₹31.0t₹9.0t₹1.2t29.8x26x3.4x
Tue, 25 Apr 2023₹28.8t₹8.7t₹1.2t28.2x24.5x3.3x
Thu, 23 Mar 2023₹29.4t₹8.6t₹1.2t25.3x25.3x3.4x
Price to Earnings Ratio

25.3x


Total Market Cap: ₹29.4tTotal Earnings: ₹1.2tTotal Revenue: ₹8.6tTotal Market Cap vs Earnings and Revenue0%0%0%
Indian Tech Sector Price to Earnings3Y Average 29.2x202420252026
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 20.8x which is lower than its 3-year average PE of 29.2x.
  • The 3-year average PS ratio of 3.8x is higher than the industry's current PS ratio of 2.6x.
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 12% 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-4.42%
Tech-3.48%
Semiconductors3.49%
Tech Hardware-0.63%
Software-2.97%
IT-3.85%
Communications-4.71%
Electronic Equipment and Components-5.29%
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 62% 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
WAAREEENER Waaree Energies₹2.73k3.7%
+₹28.3b		28.3%PE24x
PREMIERENE Premier Energies₹781.858.0%
+₹26.4b		-12.0%PE26.6x
507685 Wipro₹197.551.0%
+₹21.5b		-25.2%PE15.6x
HAPPSTMNDS Happiest Minds Technologies₹393.2515.5%
+₹7.9b		-38.9%PE31.8x
EMMVEE Emmvee Photovoltaic Power₹200.263.7%
+₹4.9b		n/aPE15.5x

Latest News

507685
₹197.55
Wipro
7D
1.0%
1Y
-25.2%

507685: AI Operating Model And Engineering Agents Will Support Future Upside Outlook

Analysts have trimmed their price target on Wipro from about ₹259 to about ₹252, reflecting slightly higher discount rates and a modestly lower assumed future P/E multiple, while keeping revenue growth and profit margin expectations broadly in line with prior views. What's in the News Wipro signed a multi year business and technology modernization contract for TruStage’s retirement services business, covering core operations, technology stack and an integrated global operating model for vendor management (Client announcement).
INFY
₹1,248.30
Infosys
7D
-4.6%
1Y
-21.0%
FRACTAL
₹796.05
Fractal Analytics
7D
2.5%
1Y
n/a
HEXT
₹411.35
Hexaware Technologies
7D
-10.6%
1Y
-45.8%
HAPPSTMNDS
₹393.25
Happiest Minds Technologies
7D
15.5%
1Y
-38.9%
COFORGE
₹1,089.70
Coforge
7D
-6.3%
1Y
-25.3%

COFORGE: AI Platforms And Margins Will Guide Balanced Return Potential

Analysts have reduced their price target for Coforge from about ₹1,308 to around ₹1,145 as they reset fair value and P/E assumptions, while making only modest tweaks to growth and margin forecasts. What's in the News Coforge launched and later advanced its Coforge Data Cosmos platform, an AI-enabled, cloud-native data and analytics offering structured around five portfolios, with 55+ IPs, 38 AI agents, and sector focused Galaxy solutions across areas such as banking, insurance, travel, healthcare and public sector (Key Developments).
TCS
₹2,410.50
Tata Consultancy Services
7D
-5.8%
1Y
-31.3%

TCS: AI Partnerships And New Outsourcing Wins Will Support Future Upside

Analysts now see slightly less upside for Tata Consultancy Services, trimming their price target from ₹3,583.72 to ₹3,497.86. They are factoring in a marginally higher discount rate and a modestly lower future P/E, while keeping revenue growth and profit margin expectations broadly steady.
533581
₹502.45
PG Electroplast
7D
-17.4%
1Y
-39.8%
PERSISTENT
₹4,638.80
Persistent Systems
7D
-2.9%
1Y
-9.5%

PERSISTENT: Dividend Payout And AI Expansion Will Support Upbeat Outlook

Analysts have trimmed their price target on Persistent Systems from about ₹6,818 to roughly ₹6,603, mainly reflecting a slightly higher discount rate applied to broadly unchanged expectations for revenue growth, profit margins, and future P/E multiples. What's in the News Persistent Systems launched a Melbourne Innovation Center as a hub for AI driven enterprise reinvention across Australia and New Zealand, with plans to grow local engineering and AI capabilities through hiring, partnerships, hackathons and skilling programs under Persistent University (Key Developments).
LTM
₹4,206.50
LTIMindtree
7D
-2.0%
1Y
-5.8%

LTM: AI Tax Analytics Mandate Will Drive Future Upside Potential

Analysts have trimmed their price target on LTIMindtree from ₹6,376.75 to ₹6,219.67. This reflects small shifts in assumptions around the discount rate, long term revenue growth, profit margin and future P/E multiples.
532374
₹186.85
Sterlite Technologies
7D
3.1%
1Y
133.7%

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.
VIKRAMSOLR
₹181.31
Vikram Solar
7D
4.1%
1Y
n/a
HCLTECH
₹1,325.40
HCL Technologies
7D
-2.3%
1Y
-13.6%

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.
WAAREEENER
₹2,726.60
Waaree Energies
7D
3.7%
1Y
28.3%
PREMIERENE
₹781.85
Premier Energies
7D
8.0%
1Y
-12.0%

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
EMMVEE
₹200.26
Emmvee Photovoltaic Power
7D
3.7%
1Y
n/a