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Indian (NIFTY) Tech Sector Analysis

UpdatedFeb 07, 2026
DataAggregated Company Financials
Companies354
  • 7D-4.7%
  • 3M-3.0%
  • 1Y-18.6%
  • YTD-7.3%

Over the last 7 days, the Tech industry has dropped 4.7%, driven by a pullback from Tata Consultancy Services of 5.8%. Meanwhile, Waaree Energies actually outperformed within the industry, gaining 11% in the last week. Overall the industry is down 19% in 12 months. 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
Sat, 07 Feb 2026₹37.1t₹11.8t₹1.5t26.8x25.1x3.1x
Mon, 05 Jan 2026₹40.2t₹11.6t₹1.5t29.9x26.8x3.5x
Wed, 03 Dec 2025₹39.9t₹11.6t₹1.5t31.5x26.6x3.5x
Fri, 31 Oct 2025₹39.0t₹11.4t₹1.5t33.8x26.5x3.4x
Sun, 28 Sep 2025₹37.0t₹11.2t₹1.5t33.6x25.3x3.3x
Tue, 26 Aug 2025₹38.9t₹11.2t₹1.5t32.5x26.8x3.5x
Thu, 24 Jul 2025₹39.3t₹10.9t₹1.4t35.2x27.7x3.6x
Sat, 21 Jun 2025₹41.1t₹10.9t₹1.4t34.1x29.1x3.8x
Mon, 19 May 2025₹40.6t₹10.8t₹1.4t31.7x29.1x3.8x
Wed, 16 Apr 2025₹36.0t₹10.7t₹1.4t30.1x26x3.4x
Fri, 14 Mar 2025₹38.1t₹10.7t₹1.4t30.2x27.3x3.6x
Sun, 09 Feb 2025₹44.6t₹10.6t₹1.4t37.1x32.2x4.2x
Tue, 07 Jan 2025₹46.9t₹10.3t₹1.3t41.3x35.2x4.6x
Thu, 05 Dec 2024₹47.4t₹10.2t₹1.3t42x35.8x4.6x
Sat, 02 Nov 2024₹44.0t₹10.1t₹1.3t42.6x33.4x4.3x
Mon, 30 Sep 2024₹45.4t₹9.9t₹1.3t41.6x35.9x4.6x
Wed, 28 Aug 2024₹45.1t₹9.9t₹1.3t43.6x35.6x4.6x
Fri, 26 Jul 2024₹43.2t₹9.8t₹1.3t42.4x34.2x4.4x
Sun, 23 Jun 2024₹38.6t₹9.7t₹1.2t41.4x31.3x4x
Tue, 21 May 2024₹36.9t₹9.7t₹1.2t44.9x29.9x3.8x
Thu, 18 Apr 2024₹36.8t₹9.7t₹1.2t45.7x30.2x3.8x
Sat, 16 Mar 2024₹40.0t₹9.6t₹1.2t40.6x33.2x4.2x
Mon, 12 Feb 2024₹40.2t₹9.5t₹1.2t49.5x33.4x4.2x
Wed, 10 Jan 2024₹37.3t₹9.5t₹1.2t47.3x30.4x3.9x
Fri, 08 Dec 2023₹35.8t₹9.5t₹1.2t42.9x29.1x3.8x
Sun, 05 Nov 2023₹33.0t₹9.4t₹1.2t42.8x27x3.5x
Tue, 03 Oct 2023₹33.8t₹9.3t₹1.2t40.3x27.8x3.6x
Thu, 31 Aug 2023₹32.8t₹9.3t₹1.2t38.7x27.1x3.5x
Sat, 29 Jul 2023₹31.5t₹9.2t₹1.2t36.7x26.1x3.4x
Mon, 26 Jun 2023₹30.5t₹9.0t₹1.2t33.5x25.7x3.4x
Wed, 24 May 2023₹30.5t₹9.0t₹1.2t29.8x25.6x3.4x
Fri, 21 Apr 2023₹28.3t₹8.7t₹1.2t28.9x24.1x3.3x
Sun, 19 Mar 2023₹29.9t₹8.6t₹1.2t25.2x25.7x3.5x
Tue, 14 Feb 2023₹32.6t₹8.9t₹1.2t27.5x28.3x3.7x
Price to Earnings Ratio

28.3x


Total Market Cap: ₹32.6tTotal Earnings: ₹1.2tTotal Revenue: ₹8.9tTotal Market Cap vs Earnings and Revenue0%0%0%
Indian Tech Sector Price to Earnings3Y Average 29.4x202420252026
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 25.1x which is lower than its 3-year average PE of 29.4x.
  • The 3-year average PS ratio of 3.8x is higher than the industry's current PS ratio of 3.1x.
Past Earnings Growth
  • The earnings for companies in the Information Technology industry have grown 8.6% per year over the last three years.
  • Revenues for these companies have grown 9.9% 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 Market1.60%
Tech-4.70%
Semiconductors7.78%
Electronic Equipment and Components3.72%
Communications0.85%
Tech Hardware0.62%
Software-3.74%
IT-6.03%
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 expect its future annual earnings growth (39.3%) to be largely in line with prior year's earnings growth.
Forecasted Growth
  • Analysts are most optimistic on the Communications industry, expecting annual earnings growth of 57% over the next 5 years.
  • This is better than its past earnings growth rate of 44% 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₹3.09k10.8%
+₹86.3b		34.3%PE27.2x
PREMIERENE Premier Energies₹795.5510.5%
+₹34.3b		-23.2%PE27.1x
SYRMA Syrma SGS Technology₹868.6014.1%
+₹20.7b		67.1%PE59.3x
KAYNES Kaynes Technology India₹3.70k6.5%
+₹15.1b		-13.5%PE63.8x
CPPLUS Aditya Infotech₹1.49k7.7%
+₹12.9b		n/aPE88.6x

Latest News

KAYNES
₹3,700.30
Kaynes Technology India
7D
6.5%
1Y
-13.5%
AVALON
₹1,029.10
Avalon Technologies
7D
19.9%
1Y
45.4%

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Feb 07
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BLACKBUCK
₹623.55
BlackBuck
7D
11.3%
1Y
27.4%
HEXT
₹613.60
Hexaware Technologies
7D
-12.0%
1Y
n/a

AI Productivity And Deal Pipeline Will Shape A Cautious But Balanced Outlook

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TECHM
₹1,619.90
Tech Mahindra
7D
-7.1%
1Y
-4.3%

TECHM: AI Partnerships And Execution On Margin Discipline Will Support Future Upside

The updated analyst price target for Tech Mahindra has increased from ₹2,043.82 to ₹2,182.48, with analysts citing adjusted assumptions for the discount rate, revenue growth, profit margin and future P/E as the main drivers of this change. Analyst Commentary Recent updates to Tech Mahindra’s price target reflect a more constructive tone from bullish analysts, who are reassessing the company’s potential execution on growth, profitability and valuation.
SYRMA
₹868.60
Syrma SGS Technology
7D
14.1%
1Y
67.1%
WAAREEENER
₹3,087.70
Waaree Energies
7D
10.8%
1Y
34.3%
532374
₹132.45
Sterlite Technologies
7D
24.6%
1Y
25.9%

532374: Fibre Network Trials Will Support A More Positive Re Rating

Analysts have trimmed their fair value estimate for Sterlite Technologies from ₹150 to ₹130, reflecting updated views on growth, margins, the discount rate, and a lower assumed future P/E multiple. What's in the News Sterlite Technologies plans a Special and Extraordinary Shareholders Meeting via postal ballot in India on February 28, 2026, which may cover key corporate decisions for existing investors (company event filing).
HCLTECH
₹1,593.70
HCL Technologies
7D
-6.0%
1Y
-7.6%

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Jan 31
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INFY
₹1,507.10
Infosys
7D
-8.2%
1Y
-20.8%

INFY: Gradual IT Spend Recovery And AI Adoption Will Shape 2026 Outlook

Infosys' updated narrative reflects a modestly higher fair value estimate of ₹1,820.45 from ₹1,776.09, broadly in line with the series of recent analyst price target increases as analysts point to a supportive setup for services demand and a slightly adjusted view on growth, margins, discount rate and future P/E assumptions. Analyst Commentary Recent Street research around Infosys clusters around a series of modest price target increases in US$, with analysts broadly pointing to a more constructive setup for IT services heading into 2026 and a view that current valuations remain discounted relative to that backdrop.
PREMIERENE
₹795.55
Premier Energies
7D
10.5%
1Y
-23.2%
TCS
₹2,941.60
Tata Consultancy Services
7D
-5.8%
1Y
-27.0%

TCS: AI Data Centers Will Drive Future Upside Despite Legal Overhang

The analyst fair value estimate for Tata Consultancy Services has been adjusted from ₹3,558.47 to ₹3,617.91 as analysts factor in updated views on revenue growth, profit margins, the discount rate, and future P/E assumptions. What's in the News U.S. Court of Appeals for the Fifth Circuit upheld an award of about US$194m to DXC subsidiary CSC in a trade secret misappropriation case, affirming earlier findings that Tata Consultancy Services had intentionally and maliciously misused CSC's trade secrets (Lawsuits & Legal Issues).
532466
₹7,260.85
Oracle Financial Services Software
7D
-6.4%
1Y
-23.3%
LTIM
₹5,561.50
LTIMindtree
7D
-6.9%
1Y
-6.6%

LTIM: Future Performance Will Reflect AI Tax And Cyber Partnerships While Fairly Valued

Analysts have raised their price target for LTIMindtree to ₹6,391 from ₹6,088, citing updated assumptions for the discount rate, revenue growth, profit margin and future P/E that feed into their revised valuation framework. What's in the News Won the Insight 2.0 project from the Central Board of Direct Taxes to build an AI powered tax analytics platform for India, a 7 year mandate valued at around ₹30,000 million (Key Developments).
507685
₹230.70
Wipro
7D
-2.5%
1Y
-27.5%
CPPLUS
₹1,488.70
Aditya Infotech
7D
7.7%
1Y
n/a

Aditya Infotech (NSE:CPPLUS) Seems To Use Debt Quite Sensibly

Dec 29
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