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Indian (NIFTY) Tech Sector Analysis

UpdatedMar 01, 2026
DataAggregated Company Financials
Companies356
  • 7D-3.4%
  • 3M-17.2%
  • 1Y-17.1%
  • YTD-17.8%

Over the last 7 days, the Tech industry has dropped 3.4%, driven by Infosys declining 3.9%. The industry has fallen 17% 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
Sun, 01 Mar 2026₹32.9t₹11.9t₹1.5t23.8x22.2x2.8x
Tue, 27 Jan 2026₹39.1t₹11.8t₹1.5t26.9x26.4x3.3x
Thu, 25 Dec 2025₹40.8t₹11.6t₹1.5t30.3x27.3x3.5x
Sat, 22 Nov 2025₹39.7t₹11.5t₹1.5t33.3x26.6x3.4x
Mon, 20 Oct 2025₹38.2t₹11.3t₹1.5t33.5x26.1x3.4x
Wed, 17 Sep 2025₹39.3t₹11.2t₹1.5t34.1x27x3.5x
Fri, 15 Aug 2025₹37.2t₹11.1t₹1.4t31.4x25.7x3.3x
Sun, 13 Jul 2025₹40.0t₹10.9t₹1.4t33.5x28.3x3.7x
Tue, 10 Jun 2025₹40.3t₹10.8t₹1.4t33.7x28.7x3.7x
Thu, 08 May 2025₹38.3t₹10.7t₹1.4t30.4x27.6x3.6x
Sat, 05 Apr 2025₹36.0t₹10.6t₹1.4t30.2x26x3.4x
Mon, 03 Mar 2025₹39.0t₹10.7t₹1.4t30.2x28x3.6x
Wed, 29 Jan 2025₹43.4t₹10.4t₹1.4t37.2x31.7x4.2x
Fri, 27 Dec 2024₹47.0t₹10.3t₹1.3t42.2x35.4x4.6x
Sun, 24 Nov 2024₹46.1t₹10.2t₹1.3t40.2x34.9x4.5x
Tue, 22 Oct 2024₹44.3t₹10.0t₹1.3t41.9x34.1x4.4x
Thu, 19 Sep 2024₹45.4t₹9.9t₹1.3t42.6x35.9x4.6x
Sat, 17 Aug 2024₹43.9t₹9.9t₹1.3t40.7x34.6x4.5x
Mon, 15 Jul 2024₹42.3t₹9.7t₹1.3t43.5x33.8x4.3x
Wed, 12 Jun 2024₹37.9t₹9.7t₹1.2t42x30.6x3.9x
Fri, 10 May 2024₹36.7t₹9.7t₹1.2t45.4x29.8x3.8x
Sun, 07 Apr 2024₹38.3t₹9.6t₹1.2t46.4x31.7x4x
Tue, 05 Mar 2024₹39.9t₹9.6t₹1.2t44.9x33.1x4.2x
Thu, 01 Feb 2024₹39.1t₹9.6t₹1.2t46.5x32x4.1x
Sat, 30 Dec 2023₹38.0t₹9.5t₹1.2t45.6x31x4x
Mon, 27 Nov 2023₹34.3t₹9.5t₹1.2t40.6x28.1x3.6x
Wed, 25 Oct 2023₹33.0t₹9.4t₹1.2t41.7x26.9x3.5x
Fri, 22 Sep 2023₹34.5t₹9.3t₹1.2t39.6x28.4x3.7x
Sun, 20 Aug 2023₹32.3t₹9.3t₹1.2t38.6x26.7x3.5x
Tue, 18 Jul 2023₹32.8t₹9.1t₹1.2t36.3x27.3x3.6x
Thu, 15 Jun 2023₹30.8t₹9.0t₹1.2t33.7x26x3.4x
Sat, 13 May 2023₹29.8t₹8.9t₹1.2t29.4x25.1x3.3x
Mon, 10 Apr 2023₹29.9t₹8.6t₹1.2t26.9x25.8x3.5x
Wed, 08 Mar 2023₹32.1t₹8.9t₹1.2t25.4x27.8x3.6x
Price to Earnings Ratio

27.8x


Total Market Cap: ₹32.1tTotal 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 22.2x 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 2.8x.
Past Earnings Growth
  • The earnings for companies in the Information Technology industry have grown 8.8% 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-0.79%
Tech-3.37%
Tech Hardware4.24%
Electronic Equipment and Components2.64%
Communications1.99%
Software-3.04%
IT-3.77%
Semiconductors-6.29%
Industry PE
  • Investors are most optimistic about the Tech Hardware industry even though it's trading below its 3-year average PE ratio of 113x.
    • 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 61% 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
532466 Oracle Financial Services Software₹6.92k4.3%
+₹24.7b		-10.8%PE24.7x
REDINGTON Redington₹280.4511.5%
+₹22.7b		25.0%PE12.4x
CPPLUS Aditya Infotech₹1.69k12.6%
+₹22.3b		n/aPE78.4x
TEJASNET Tejas Networks₹435.8533.4%
+₹19.4b		-38.7%PS2.9x
NETWEB Netweb Technologies India₹3.86k6.2%
+₹12.8b		165.6%PE123.1x

Latest News

HCLTECH
₹1,389.10
HCL Technologies
7D
-3.3%
1Y
-11.8%

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.
INFY
₹1,300.10
Infosys
7D
-3.9%
1Y
-23.0%

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.
REDINGTON
₹280.45
Redington
7D
11.5%
1Y
25.0%
PERSISTENT
₹4,733.00
Persistent Systems
7D
-7.1%
1Y
-10.8%
TCS
₹2,637.40
Tata Consultancy Services
7D
-1.8%
1Y
-24.3%

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
₹4,462.00
LTIMindtree
7D
-8.7%
1Y
-4.4%

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).
TECHM
₹1,357.80
Tech Mahindra
7D
-6.8%
1Y
-8.7%

TECHM: Tighter P E Multiple Will Likely Undercut The Margin Story

Analysts have trimmed their price target for Tech Mahindra by about ₹20 to reflect a slightly lower fair value and P/E assumption, even as they factor in marginally higher revenue growth and profit margin expectations. Analyst Commentary Bearish analysts appear to be using the recent trim in Tech Mahindra's fair value and P/E assumptions as a reminder of the execution and growth risks that can sit behind headline numbers.
NETWEB
₹3,861.40
Netweb Technologies India
7D
6.2%
1Y
165.6%

NETWEB: AI Partnership Will Support Upcoming Earnings And Shareholder Actions

Analysts have adjusted their price target on Netweb Technologies India slightly higher from ₹4,110 to ₹4,150, reflecting updated assumptions on the discount rate, revenue growth, profit margin and future P/E multiples in their models. What's in the News Board meeting scheduled for January 17, 2026 at 13:30 Indian Standard Time to consider and approve the unaudited financial results, along with the limited review report, for the quarter ended December 31, 2025, and to address any other items with the chair's permission (company filing).
WAAREEENER
₹2,709.30
Waaree Energies
7D
-6.5%
1Y
25.5%
532493
₹968.45
Astra Microwave Products
7D
7.7%
1Y
59.3%

532493: Defence Orders And PSU Partnership Will Drive Future Upside Potential

Analysts have trimmed their price target for Astra Microwave Products from ₹1,199 to ₹1,170, citing updated assumptions for discount rate, revenue growth, profit margins, and future P/E that together point to a slightly lower assessed fair value. What's in the News The board recorded the cessation of Chief Financial Officer Rahul Rungta at the close of business on 11 February 2026 and approved the appointment of Chartered Accountant Srinivasarao Devathi as the new CFO with effect from the start of business on 12 February 2026 (board meeting filing).
CPPLUS
₹1,689.00
Aditya Infotech
7D
12.6%
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)
500463
₹532.95
Black Box
7D
4.0%
1Y
42.9%
533581
₹627.55
PG Electroplast
7D
2.2%
1Y
-21.0%
TEJASNET
₹435.85
Tejas Networks
7D
33.4%
1Y
-38.7%
532466
₹6,924.20
Oracle Financial Services Software
7D
4.3%
1Y
-10.8%
507685
₹200.90
Wipro
7D
-4.3%
1Y
-27.6%