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Indian (NIFTY) Tech Sector Analysis

UpdatedMar 27, 2026
DataAggregated Company Financials
Companies357
  • 7D2.5%
  • 3M-22.2%
  • 1Y-22.2%
  • YTD-21.2%

Over the last 7 days, the Tech industry has risen 2.5%, driven by gains from Infosys of 4.8%. In the past year, the industry is down 22%. 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
Fri, 27 Mar 2026₹31.6t₹12.0t₹1.5t21.7x21.1x2.6x
Sun, 22 Feb 2026₹34.0t₹11.9t₹1.5t24.9x22.9x2.9x
Tue, 20 Jan 2026₹39.8t₹11.7t₹1.5t28.2x27.1x3.4x
Thu, 18 Dec 2025₹40.1t₹11.6t₹1.5t29.3x26.7x3.5x
Sat, 15 Nov 2025₹39.3t₹11.5t₹1.5t34.1x26.5x3.4x
Mon, 13 Oct 2025₹38.9t₹11.3t₹1.5t33.6x26.6x3.4x
Wed, 10 Sep 2025₹38.1t₹11.2t₹1.5t33.8x26.2x3.4x
Fri, 08 Aug 2025₹37.2t₹11.1t₹1.4t33.1x25.8x3.4x
Sun, 06 Jul 2025₹41.3t₹10.9t₹1.4t34.1x29.4x3.8x
Tue, 03 Jun 2025₹39.9t₹10.8t₹1.4t32.2x28.4x3.7x
Thu, 01 May 2025₹38.2t₹10.7t₹1.4t31.2x27.7x3.6x
Sat, 29 Mar 2025₹39.0t₹10.6t₹1.4t29.6x28.2x3.7x
Mon, 24 Feb 2025₹42.4t₹10.7t₹1.4t32.2x30.5x4x
Wed, 22 Jan 2025₹44.7t₹10.4t₹1.4t40.7x32.7x4.3x
Fri, 20 Dec 2024₹48.3t₹10.2t₹1.3t42.5x36.5x4.7x
Sun, 17 Nov 2024₹45.4t₹10.2t₹1.3t40x34.3x4.5x
Tue, 15 Oct 2024₹45.1t₹9.9t₹1.3t42.2x35.3x4.6x
Thu, 12 Sep 2024₹45.8t₹9.9t₹1.3t42.9x36.2x4.6x
Sat, 10 Aug 2024₹42.1t₹9.8t₹1.3t42.8x33.3x4.3x
Mon, 08 Jul 2024₹41.0t₹9.7t₹1.2t43.2x33.1x4.2x
Wed, 05 Jun 2024₹35.4t₹9.7t₹1.2t35.3x28.6x3.7x
Fri, 03 May 2024₹36.8t₹9.7t₹1.2t47.6x29.8x3.8x
Sun, 31 Mar 2024₹37.6t₹9.6t₹1.2t40.9x31.1x3.9x
Tue, 27 Feb 2024₹39.9t₹9.6t₹1.2t46.6x33.1x4.2x
Thu, 25 Jan 2024₹39.4t₹9.6t₹1.2t46.3x32x4.1x
Sat, 23 Dec 2023₹38.2t₹9.5t₹1.2t46.4x31.1x4x
Mon, 20 Nov 2023₹34.5t₹9.5t₹1.2t40.5x28.3x3.6x
Wed, 18 Oct 2023₹34.1t₹9.4t₹1.2t42x27.8x3.6x
Fri, 15 Sep 2023₹34.6t₹9.3t₹1.2t40.2x28.6x3.7x
Sun, 13 Aug 2023₹32.6t₹9.3t₹1.2t39.3x26.9x3.5x
Tue, 11 Jul 2023₹31.0t₹9.0t₹1.2t33.8x26.1x3.4x
Thu, 08 Jun 2023₹30.8t₹9.0t₹1.2t33.7x26x3.4x
Sat, 06 May 2023₹29.4t₹8.9t₹1.2t29.2x24.8x3.3x
Mon, 03 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 21.1x 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 Market1.06%
Tech2.51%
IT2.83%
Semiconductors2.02%
Electronic Equipment and Components1.94%
Software1.24%
Tech Hardware-0.44%
Communications-1.83%
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 64% 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₹1.28k4.8%
+₹236.2b		-20.2%PE17.2x
HCLTECH HCL Technologies₹1.38k5.3%
+₹188.0b		-15.3%PE21.1x
TCS Tata Consultancy Services₹2.38k0.9%
+₹77.4b		-34.9%PE18x
TECHM Tech Mahindra₹1.41k5.1%
+₹60.1b		-1.1%PE27x
PERSISTENT Persistent Systems₹4.93k7.1%
+₹48.7b		-12.6%PE42.5x

Latest News

INFY
₹1,279.10
Infosys
7D
4.8%
1Y
-20.2%
HCLTECH
₹1,381.30
HCL Technologies
7D
5.3%
1Y
-15.3%

AI Factory And Data Intelligence Expansion Will Reshape Long Term Prospects

Catalysts About HCL Technologies HCL Technologies is a global IT services and software company providing IT and business services, engineering and R&D, and software products to clients across industries and geographies. What are the underlying business or industry changes driving this perspective?
530343
₹234.00
Genus Power Infrastructures
7D
-4.2%
1Y
-14.1%

530343: Stable Fair Value And Upcoming Results Will Support Further Upside

Analysts have kept the price target for Genus Power Infrastructures steady at ₹550, reflecting only minor updates to their underlying discount rate, revenue growth, profit margin and future P/E assumptions. What's in the News A board meeting is scheduled for Feb 09, 2026 at 16:00 Indian Standard Time to consider and approve unaudited standalone and consolidated financial results for the quarter and nine months ended Dec 31, 2025, along with other matters (Key Developments).
PERSISTENT
₹4,928.80
Persistent Systems
7D
7.1%
1Y
-12.6%
COFORGE
₹1,163.10
Coforge
7D
6.5%
1Y
-28.3%

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
0.9%
1Y
-34.9%

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.
LTM
₹4,292.90
LTM
7D
2.2%
1Y
-7.8%
REDINGTON
₹211.25
Redington
7D
-3.7%
1Y
-13.3%
TECHM
₹1,408.50
Tech Mahindra
7D
5.1%
1Y
-1.1%

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
-4.2%
1Y
-22.2%

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).
BSOFT
₹347.40
Birlasoft
7D
-4.5%
1Y
-12.3%

BSOFT: Upcoming Board Review Will Reinforce Constructive View On Earnings Outlook

Analysts have trimmed their Birlasoft fair value estimate slightly, with the price target moving from ₹441 to ₹434 as small tweaks to the discount rate, revenue growth, profit margin and future P/E inputs flow through their models. What's in the News Birlasoft has scheduled a board meeting for Jan 28, 2026, at 14:15 Indian Standard Time.
523610
₹260.40
ITI
7D
-5.0%
1Y
4.5%
PREMIERENE
₹916.90
Premier Energies
7D
6.1%
1Y
-3.3%

Premier Energies Limited's (NSE:PREMIERENE) Business Is Trailing The Market But Its Shares Aren't

Feb 15
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500463
₹479.10
Black Box
7D
-4.3%
1Y
31.7%
CAPILLARY
₹471.00
Capillary Technologies India
7D
-6.7%
1Y
n/a
517174
₹28,142.45
Honeywell Automation India
7D
-1.2%
1Y
-16.9%