Investing IdeasBrowse All StocksMarkets
Have your own idea? Try our Stock Screener
Header cover image

Indian (NIFTY) Tech Sector Analysis

UpdatedMar 26, 2026
DataAggregated Company Financials
Companies357
  • 7D-0.7%
  • 3M-22.9%
  • 1Y-21.8%
  • YTD-21.2%

In the last week, the Tech industry is up 1.8%, with HCL Technologies up 1.8%. However, the industry is down 23% over the past year. 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
Thu, 26 Mar 2026₹31.6t₹12.0t₹1.5t21.7x21.1x2.6x
Sat, 21 Feb 2026₹34.0t₹11.9t₹1.5t24.9x22.9x2.9x
Mon, 19 Jan 2026₹40.2t₹11.7t₹1.5t28.1x27.4x3.4x
Wed, 17 Dec 2025₹40.0t₹11.6t₹1.5t30.1x26.6x3.5x
Fri, 14 Nov 2025₹39.6t₹11.5t₹1.5t33.5x26.7x3.5x
Sun, 12 Oct 2025₹38.9t₹11.3t₹1.5t33.6x26.6x3.4x
Tue, 09 Sep 2025₹37.4t₹11.2t₹1.5t33.8x25.8x3.3x
Thu, 07 Aug 2025₹37.0t₹11.1t₹1.4t33.1x25.7x3.3x
Sat, 05 Jul 2025₹41.3t₹10.8t₹1.4t34.2x29.4x3.8x
Mon, 02 Jun 2025₹40.2t₹10.8t₹1.4t32.7x28.6x3.7x
Wed, 30 Apr 2025₹38.5t₹10.7t₹1.4t31.2x27.8x3.6x
Fri, 28 Mar 2025₹39.5t₹10.6t₹1.4t30x28.5x3.7x
Sun, 23 Feb 2025₹42.4t₹10.7t₹1.4t32.2x30.4x4x
Tue, 21 Jan 2025₹45.2t₹10.4t₹1.4t41.3x33.1x4.3x
Thu, 19 Dec 2024₹48.8t₹10.2t₹1.3t42.5x37x4.8x
Sat, 16 Nov 2024₹45.4t₹10.2t₹1.3t41.6x34.3x4.5x
Mon, 14 Oct 2024₹45.1t₹9.9t₹1.3t42.2x35.3x4.6x
Wed, 11 Sep 2024₹46.1t₹9.9t₹1.3t42.7x36.4x4.7x
Fri, 09 Aug 2024₹41.6t₹9.8t₹1.3t41.5x32.8x4.2x
Sun, 07 Jul 2024₹41.0t₹9.7t₹1.2t43.8x33.1x4.2x
Tue, 04 Jun 2024₹35.9t₹9.7t₹1.2t41.2x29.1x3.7x
Thu, 02 May 2024₹36.7t₹9.7t₹1.2t48.5x29.7x3.8x
Sat, 30 Mar 2024₹37.6t₹9.6t₹1.2t40.9x31.1x3.9x
Mon, 26 Feb 2024₹40.4t₹9.6t₹1.2t46.5x33.5x4.2x
Wed, 24 Jan 2024₹39.0t₹9.6t₹1.2t45.7x31.7x4.1x
Fri, 22 Dec 2023₹37.5t₹9.5t₹1.2t44.2x30.5x3.9x
Sun, 19 Nov 2023₹34.5t₹9.5t₹1.2t40.5x28.3x3.6x
Tue, 17 Oct 2023₹34.1t₹9.4t₹1.2t42x27.8x3.6x
Thu, 14 Sep 2023₹34.5t₹9.3t₹1.2t39.8x28.5x3.7x
Sat, 12 Aug 2023₹32.6t₹52.1t-₹25,393,950,244,871.0039.3x-1.3x0.6x
Mon, 10 Jul 2023₹31.5t₹9.1t₹1.2t34.3x26.5x3.5x
Wed, 07 Jun 2023₹30.6t₹9.0t₹1.2t33.5x25.7x3.4x
Fri, 05 May 2023₹29.5t₹8.9t₹1.2t29.2x24.9x3.3x
Sun, 02 Apr 2023₹29.8t₹8.6t₹1.2t25.6x25.7x3.5x
Price to Earnings Ratio

25.7x


Total Market Cap: ₹29.8tTotal 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 21.0x 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 9.0% 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-1.90%
Tech-0.65%
Semiconductors0.90%
IT-0.57%
Electronic Equipment and Components-1.24%
Software-1.74%
Communications-2.66%
Tech Hardware-3.14%
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
HCLTECH HCL Technologies₹1.38k1.8%
+₹65.2b		-15.4%PE21.1x
INFY Infosys₹1.28k0.9%
+₹48.8b		-20.0%PE17.2x
PERSISTENT Persistent Systems₹4.93k4.9%
+₹34.4b		-10.7%PE42.5x
PREMIERENE Premier Energies₹916.905.4%
+₹21.4b		2.1%PE31.2x
TECHM Tech Mahindra₹1.41k1.7%
+₹20.6b		-0.6%PE27x

Latest News

PERSISTENT
₹4,928.80
Persistent Systems
7D
4.9%
1Y
-10.7%
COFORGE
₹1,163.10
Coforge
7D
2.7%
1Y
-27.6%

COFORGE: AI Platforms And Data Capabilities Will Drive Bullish Repricing

Analysts have trimmed Coforge's fair value estimate slightly from ₹2,500 to ₹2,440, reflecting updated assumptions around revenue growth, profit margins, the discount rate, and a modest change in expected future P/E levels. What's in the News Coforge announced advances in its Forge X platform, an AI native engineering and delivery platform built on autonomous AI agents across the full software development lifecycle, designed to support complex technology transformations at scale (Key Developments).
TCS
₹2,377.40
Tata Consultancy Services
7D
-2.6%
1Y
-34.6%

TCS: AI Collaborations And Special Dividend Will Support Future Upside

Analysts have reduced their price target for Tata Consultancy Services by about ₹100 to reflect slightly softer revenue growth expectations, a marginally lower discount rate, and a small uplift in projected profit margins and future P/E multiples. What's in the News TCS declared a special dividend of ₹46 per equity share, with a record date of January 17, 2026, and dividend payout scheduled for February 3, 2026.
HCLTECH
₹1,381.30
HCL Technologies
7D
1.8%
1Y
-15.4%

HCLTECH: Expanding AI Alliances Will Support Future Upside Potential

Analysts have trimmed their 12 month price target for HCL Technologies from about ₹1,740 to roughly ₹1,670, citing slightly lower projected revenue growth, a marginally softer profit margin outlook and a reduced future P/E assumption. What's in the News Expanded collaboration with Google Cloud to build custom Agentic AI solutions using Gemini models, with a program aimed at supporting over 2,000 GenAI-led customer engagements and growing its Google Cloud certified workforce to more than 35,000 within three years (Key Developments).
REDINGTON
₹211.25
Redington
7D
-8.6%
1Y
-11.3%
SYRMA
₹817.75
Syrma SGS Technology
7D
4.2%
1Y
74.0%

SYRMA: Revised Fair Value And Board Review Will Shape Rich P/E Outlook

Analysts have lifted their price target on Syrma SGS Technology from ₹758.32 to ₹820.00, citing updated assumptions that reflect adjusted discount rates, revenue growth, profit margin and future P/E expectations. What's in the News Board meeting scheduled for January 29, 2026, to consider and approve unaudited standalone and consolidated financial results for the quarter and nine months ended December 31, 2025 (Key Developments).
TECHM
₹1,408.50
Tech Mahindra
7D
1.7%
1Y
-0.6%

TECHM: AI And Telecom Partnerships Will Support Medium Term Upside Potential

Analysts have increased Tech Mahindra's fair value estimate from ₹1,577.74 to ₹1,686.33, citing updated assumptions around revenue growth, profit margins, a slightly adjusted discount rate, and a modestly lower future P/E multiple. Analyst Commentary Recent changes to Tech Mahindra's fair value estimate reflect a mix of optimism and caution around how the company can execute on its revenue, profitability, and valuation assumptions over time.
504067
₹535.15
Zensar Technologies
7D
-7.6%
1Y
-23.8%

504067: Long Term Upside Will Depend On US$210 Million Deal Execution

Analysts have adjusted their price target on Zensar Technologies from ₹1,106 to ₹1,000, linking the change to updated assumptions for discount rate, revenue growth, profit margin, and future P/E, while continuing to view the stock from a long-term earnings perspective. What's in the News Zensar Technologies secured a 5.5-year framework deal with an expected revenue of US$210 million from a large financial company, focused on rethinking work delivery and using AI led automation to improve efficiencies across the enterprise (Key Developments).
INFY
₹1,279.10
Infosys
7D
0.9%
1Y
-20.0%
EMMVEE
₹228.31
Emmvee Photovoltaic Power
7D
-4.3%
1Y
n/a
533581
₹517.25
PG Electroplast
7D
-3.7%
1Y
-40.6%

533581: Fiscal 2026 Earnings Guidance Will Support Further Repricing Upside

Analysts have nudged their fair value estimate for PG Electroplast slightly higher to ₹706.22 from ₹698.88, reflecting updated assumptions around the discount rate, revenue growth, profit margin, and a lower future P/E multiple. What's in the News PG Electroplast issued consolidated earnings guidance for FY 2026, with revenues expected in a range of ₹57,000 million to ₹58,000 million.
507685
₹189.05
Wipro
7D
-2.8%
1Y
-29.3%

AI Adoption And Vendor Consolidation Will Drive Stronger Long Term Earnings Quality

Catalysts About Wipro Wipro is a global IT services and consulting company that provides technology, engineering and business process solutions to clients across multiple industries and regions. What are the underlying business or industry changes driving this perspective?
CPPLUS
₹1,809.40
Aditya Infotech
7D
7.5%
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)
PREMIERENE
₹916.90
Premier Energies
7D
5.4%
1Y
2.1%

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
500463
₹479.10
Black Box
7D
-6.2%
1Y
34.4%
517174
₹28,142.45
Honeywell Automation India
7D
-3.7%
1Y
-16.4%