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Indian (NIFTY) Tech Sector Analysis

UpdatedApr 22, 2026
DataAggregated Company Financials
Companies361
  • 7D4.4%
  • 3M-11.5%
  • 1Y-9.2%
  • YTD-14.2%

The Tech industry is up 3.7% in the last week, with Tata Consultancy Services up 5.6%. However, the industry is down 9.9% over the past year. Looking forward, 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
Wed, 22 Apr 2026₹34.5t₹12.1t₹1.5t26.2x22.8x2.9x
Fri, 20 Mar 2026₹30.8t₹12.0t₹1.5t22x20.6x2.6x
Sun, 15 Feb 2026₹34.6t₹11.9t₹1.5t25.8x23.3x2.9x
Tue, 13 Jan 2026₹39.6t₹11.5t₹1.5t28.1x26.5x3.4x
Thu, 11 Dec 2025₹39.8t₹11.6t₹1.5t30x26.6x3.4x
Sat, 08 Nov 2025₹38.2t₹11.4t₹1.5t33.8x25.8x3.3x
Mon, 06 Oct 2025₹37.4t₹11.2t₹1.5t33.7x25.6x3.3x
Wed, 03 Sep 2025₹38.3t₹11.2t₹1.5t32.9x26.4x3.4x
Fri, 01 Aug 2025₹37.6t₹11.1t₹1.4t34.3x26.1x3.4x
Sun, 29 Jun 2025₹41.1t₹10.9t₹1.4t33.7x29.2x3.8x
Tue, 27 May 2025₹40.4t₹10.8t₹1.4t32.8x28.9x3.7x
Thu, 24 Apr 2025₹38.4t₹10.7t₹1.4t32.3x27.8x3.6x
Sat, 22 Mar 2025₹39.1t₹10.7t₹1.4t30x28.1x3.7x
Mon, 17 Feb 2025₹42.9t₹10.6t₹1.4t33.9x31x4.1x
Wed, 15 Jan 2025₹46.1t₹10.4t₹1.3t39.6x34.2x4.4x
Fri, 13 Dec 2024₹49.2t₹10.2t₹1.3t42.6x37.1x4.8x
Sun, 10 Nov 2024₹45.6t₹10.2t₹1.3t41.8x34.5x4.5x
Tue, 08 Oct 2024₹44.7t₹9.8t₹1.3t39.9x35.2x4.5x
Thu, 05 Sep 2024₹45.7t₹9.9t₹1.3t41.8x36.1x4.6x
Sat, 03 Aug 2024₹42.9t₹9.8t₹1.3t44.2x33.9x4.4x
Mon, 01 Jul 2024₹39.5t₹9.7t₹1.2t42.3x32x4.1x
Wed, 29 May 2024₹37.1t₹9.7t₹1.2t43x29.9x3.8x
Fri, 26 Apr 2024₹37.0t₹9.6t₹1.2t47x29.9x3.8x
Sun, 24 Mar 2024₹37.8t₹9.6t₹1.2t42.7x31.3x3.9x
Tue, 20 Feb 2024₹40.6t₹9.6t₹1.2t46.7x33.7x4.2x
Thu, 18 Jan 2024₹39.5t₹9.5t₹1.2t45.6x32.2x4.1x
Sat, 16 Dec 2023₹38.3t₹9.5t₹1.2t45.5x31.2x4x
Mon, 13 Nov 2023₹32.9t₹9.5t₹1.2t42x27x3.5x
Wed, 11 Oct 2023₹34.6t₹9.3t₹1.2t40.5x28.5x3.7x
Fri, 08 Sep 2023₹34.0t₹9.3t₹1.2t40.5x28x3.7x
Sun, 06 Aug 2023₹32.4t₹9.3t₹1.2t39.8x26.7x3.5x
Tue, 04 Jul 2023₹31.3t₹9.0t₹1.2t34.2x26.4x3.5x
Thu, 01 Jun 2023₹31.0t₹9.0t₹1.2t30x26.1x3.4x
Sat, 29 Apr 2023₹29.4t₹9.0t₹1.2t29.3x24.7x3.3x
Price to Earnings Ratio

24.7x


Total Market Cap: ₹29.4tTotal Earnings: ₹1.2tTotal Revenue: ₹9.0tTotal 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 22.7x 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 8.4% 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 Market4.27%
Tech4.43%
Tech Hardware15.71%
Electronic Equipment and Components9.65%
Software7.28%
Communications4.57%
Semiconductors4.21%
IT3.72%
Industry PE
  • Investors are most optimistic about the Tech Hardware industry even though it's trading below its 3-year average PE ratio of 111x.
    • 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 68% 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 9.9% 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₹2.61k5.6%
+₹498.9b		-21.2%PE19.2x
INFY Infosys₹1.31k2.9%
+₹147.3b		-7.7%PE17.8x
LTM LTM₹4.76k6.5%
+₹86.4b		10.1%PE29.7x
532466 Oracle Financial Services Software₹7.93k10.6%
+₹66.2b		-3.2%PE28.3x
TECHM Tech Mahindra₹1.50k4.6%
+₹57.9b		9.0%PE28.7x

Latest News

WAAREEENER
₹3,472.80
Waaree Energies
7D
4.1%
1Y
32.8%
PERSISTENT
₹5,329.90
Persistent Systems
7D
-0.9%
1Y
7.4%

PERSISTENT: AI Fraud And Healthcare Solutions Will Drive Future Rerating

Analysts now place Persistent Systems' fair value at ₹7,662.96, compared with the prior ₹7,861.00, citing updated assumptions around the discount rate, revenue growth, profit margins and future P/E. What's in the News Launched a Merchant Risk Management and Fraud Detection solution built on the Databricks Data Intelligence platform, aimed at helping banks and payment providers use real-time, AI-driven decisions for onboarding, monitoring and fraud control.
534535
₹75.75
String Metaverse
7D
-22.5%
1Y
-16.8%
TECHM
₹1,500.80
Tech Mahindra
7D
4.6%
1Y
9.0%

TECHM: Higher Discount Rate And Richer P/E Will Constrain Future Returns

Analysts have made a modest upward revision to Tech Mahindra's fair value estimate, lifting the implied price target by about ₹9 as they refresh assumptions around growth, margins, discount rate, and future P/E expectations. Analyst Commentary Bearish analysts are treating the latest tweak to Tech Mahindra's fair value as a relatively minor adjustment rather than a strong conviction call, and they are framing it within a broader set of execution and growth risks that they see across IT and technology services names.
TEJASNET
₹406.95
Tejas Networks
7D
-8.0%
1Y
-54.2%
NETWEB
₹3,904.70
Netweb Technologies India
7D
18.0%
1Y
160.3%

NETWEB: AI Supercomputing Launch Will Support Earnings And Leadership Continuity

Analysts have kept the fair value estimate for Netweb Technologies India steady at ₹4,150, citing slightly higher assumed revenue growth and profit margins, along with a modestly lower future P/E multiple, as key drivers behind the unchanged price target. What's in the News Netweb introduced the Tyrone Camarero GB200 AI Supercomputer system and the Tyrone Camarero Spark petascale personal compute system, positioned as some of the most powerful AI infrastructure solutions available and designed under the Make in India framework (Key Developments).
532466
₹7,925.35
Oracle Financial Services Software
7D
10.6%
1Y
-3.2%
TCS
₹2,610.50
Tata Consultancy Services
7D
5.6%
1Y
-21.2%
INFY
₹1,313.20
Infosys
7D
2.9%
1Y
-7.7%

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.
OSELDEVICE
₹558.05
Osel Devices
7D
-7.2%
1Y
152.5%
LTM
₹4,757.90
LTM
7D
6.5%
1Y
10.1%
KODYTECH
₹723.20
Kody Technolab
7D
-6.4%
1Y
-31.8%
SEDEMAC
₹1,639.30
SEDEMAC Mechatronics
7D
-1.2%
1Y
n/a
539895
₹26.55
Spice Lounge Food Works
7D
-12.1%
1Y
161.8%
CPPLUS
₹2,258.00
Aditya Infotech
7D
15.5%
1Y
n/a

Earnings Tell The Story For Aditya Infotech Limited (NSE:CPPLUS)

Feb 16
Earnings Tell The Story For Aditya Infotech Limited (NSE:CPPLUS)
526775
₹939.85
Valiant Communications
7D
-5.5%
1Y
132.1%