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Indian (NIFTY) Tech Sector Analysis

UpdatedApr 15, 2026
DataAggregated Company Financials
Companies360
  • 7D-0.4%
  • 3M-16.6%
  • 1Y-10.8%
  • YTD-17.8%

The Tech industry is up 1.8% in the last week, with Waaree Energies up 8.1%. However, the industry is down 9.1% 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, 15 Apr 2026₹33.0t₹12.1t₹1.5t24.8x21.8x2.7x
Fri, 13 Mar 2026₹31.6t₹12.0t₹1.5t22.6x21.2x2.6x
Sun, 08 Feb 2026₹37.1t₹11.8t₹1.5t26.8x25.1x3.1x
Tue, 06 Jan 2026₹39.7t₹11.6t₹1.5t29.3x26.4x3.4x
Thu, 04 Dec 2025₹40.2t₹11.6t₹1.5t31x26.8x3.5x
Sat, 01 Nov 2025₹38.9t₹11.4t₹1.5t34x26.4x3.4x
Mon, 29 Sep 2025₹37.0t₹11.2t₹1.5t33.6x25.3x3.3x
Wed, 27 Aug 2025₹38.7t₹11.2t₹1.5t32.1x26.6x3.5x
Fri, 25 Jul 2025₹38.8t₹10.9t₹1.4t34.6x27.2x3.5x
Sun, 22 Jun 2025₹41.1t₹10.9t₹1.4t34.1x29.1x3.8x
Tue, 20 May 2025₹40.2t₹10.8t₹1.4t32.3x28.8x3.7x
Thu, 17 Apr 2025₹36.2t₹10.7t₹1.4t30.1x26.1x3.4x
Sat, 15 Mar 2025₹38.1t₹10.7t₹1.4t30.2x27.4x3.6x
Mon, 10 Feb 2025₹44.6t₹10.6t₹1.4t37.1x32.2x4.2x
Wed, 08 Jan 2025₹46.7t₹10.3t₹1.3t41.6x35x4.5x
Fri, 06 Dec 2024₹48.2t₹10.2t₹1.3t42.1x36.5x4.7x
Sun, 03 Nov 2024₹44.0t₹10.2t₹1.3t41.5x33.4x4.3x
Tue, 01 Oct 2024₹45.0t₹9.9t₹1.3t41.7x35.5x4.6x
Thu, 29 Aug 2024₹45.5t₹9.9t₹1.3t43x35.9x4.6x
Sat, 27 Jul 2024₹44.0t₹9.8t₹1.3t42.3x34.8x4.5x
Mon, 24 Jun 2024₹38.6t₹9.7t₹1.2t41.4x31.3x4x
Wed, 22 May 2024₹36.7t₹9.7t₹1.2t43.3x29.8x3.8x
Fri, 19 Apr 2024₹36.7t₹9.7t₹1.2t45.7x29.7x3.8x
Sun, 17 Mar 2024₹40.0t₹9.6t₹1.2t40.6x33.2x4.2x
Tue, 13 Feb 2024₹40.1t₹9.5t₹1.2t45.5x33.3x4.2x
Thu, 11 Jan 2024₹37.5t₹9.5t₹1.2t47.7x30.6x3.9x
Sat, 09 Dec 2023₹36.2t₹9.5t₹1.2t43x29.4x3.8x
Mon, 06 Nov 2023₹33.0t₹9.4t₹1.2t41.8x27x3.5x
Wed, 04 Oct 2023₹33.8t₹9.3t₹1.2t40.2x27.8x3.6x
Fri, 01 Sep 2023₹32.8t₹9.3t₹1.2t39x27.1x3.5x
Sun, 30 Jul 2023₹31.5t₹9.2t₹1.2t36.7x26.1x3.4x
Tue, 27 Jun 2023₹30.5t₹9.0t₹1.2t34.1x25.7x3.4x
Thu, 25 May 2023₹30.6t₹9.0t₹1.2t29.7x25.6x3.4x
Sat, 22 Apr 2023₹28.6t₹8.7t₹1.2t28.6x24.4x3.3x
Price to Earnings Ratio

24.4x


Total Market Cap: ₹28.6tTotal Earnings: ₹1.2tTotal Revenue: ₹8.7tTotal 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 21.8x 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 2.7x.
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 11% 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 Market4.48%
Tech-0.42%
Communications12.13%
Semiconductors7.02%
Electronic Equipment and Components6.88%
Software2.23%
Tech Hardware1.40%
IT-1.95%
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 39.4%, 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 67% 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
WAAREEENER Waaree Energies₹3.33k8.1%
+₹72.2b		50.3%PE29.3x
523610 ITI₹289.2012.6%
+₹31.0b		13.3%PS10.7x
532374 Sterlite Technologies₹242.7028.1%
+₹26.0b		189.4%PE3949x
517174 Honeywell Automation India₹29.24k7.2%
+₹17.5b		-14.2%PE51.2x
CPPLUS Aditya Infotech₹1.95k6.7%
+₹14.4b		n/aPE90.7x

Latest News

532466
₹7,165.30
Oracle Financial Services Software
7D
-0.4%
1Y
-8.2%
507685
₹203.00
Wipro
7D
-0.8%
1Y
-16.8%

507685: AI Native Platforms And Global Hubs Will Shape Measured Future Upside

Analysts have reduced their price target on Wipro from ₹242.17 to ₹221.95. This reflects updated views on slightly lower profit margins and P/E assumptions, along with revised expectations for growth and discount rates.
526299
₹2,315.85
Mphasis
7D
-0.7%
1Y
2.1%

526299: Data Center Overhaul And AI Plans Will Support Future Earnings

Analysts have adjusted the Mphasis price target from ₹2,880.86 to ₹2,716.83, reflecting updated views on its fair value, discount rate, revenue growth, profit margin, and future P/E assumptions. What's in the News Mphasis completed a large technology modernization program with Flagstar Bank, N.A., including building a next generation data center and cloud platform and overhauling core technology infrastructure supporting Flagstar's regional banking operations (Key Developments).
533581
₹487.05
PG Electroplast
7D
10.5%
1Y
-49.1%

533581: Fiscal 2026 Guidance And Governance Steps Will Support Further Repricing Upside

Analysts have slightly reduced their price target for PG Electroplast to about ₹696 from roughly ₹706. This reflects updated views on the company’s fair value, discount rate, revenue growth and profit margin assumptions, while keeping the future P/E broadly aligned with prior estimates.
TCS
₹2,472.60
Tata Consultancy Services
7D
-2.6%
1Y
-23.9%
VIKRAMSOLR
₹218.56
Vikram Solar
7D
17.6%
1Y
n/a
INFY
₹1,276.80
Infosys
7D
-4.7%
1Y
-10.5%

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.
HCLTECH
₹1,429.40
HCL Technologies
7D
-0.8%
1Y
0.2%

HCLTECH: Expanded AI Security And Cloud Partnerships Will Drive Future Upside

Analysts have trimmed their price target on HCL Technologies from about ₹1,672 to roughly ₹1,584, citing updated assumptions around slightly softer revenue growth, a modestly higher profit margin outlook, and an adjusted future P/E multiple. What's in the News CrowdStrike and HCLTech expanded their partnership with Continuous Threat Exposure Management services, combining AI driven threat detection and exposure management across endpoints, cloud, identity, applications and data.
TECHM
₹1,435.40
Tech Mahindra
7D
-2.6%
1Y
10.3%

TECHM: Higher Discount Rate And Lower P E Multiple Will Pressure Returns

Narrative Update on Tech Mahindra Analysts have reduced the updated fair value estimate for Tech Mahindra from about ₹1,327 to roughly ₹1,205. This reflects recalibrated expectations around discount rates, revenue growth, profit margins and future P/E multiples.
INTELLECT
₹652.05
Intellect Design Arena
7D
-2.3%
1Y
-13.3%

INTELLECT: Future Upside Will Be Driven By AI-Led Advisory And Banking Platforms

Analysts have lowered their price target on Intellect Design Arena from ₹1,000 to ₹763, citing updated assumptions around fair value, discount rate, revenue growth, profit margin, and future P/E multiples. What's in the News The board has approved a 50:50 joint venture with UK-based Fintel PLC to form a new company in the UK, with a five-member board that will include two nominees each from Intellect Design Arena and Fintel plus one independent director, subject to regulatory clearances (Key Developments).
WAAREEENER
₹3,334.80
Waaree Energies
7D
8.1%
1Y
50.3%

Order Book And Value Chain Expansion Will Support Long Term Energy Transition Upside

Catalysts About Waaree Energies Waaree Energies is a solar and broader energy transition manufacturer with operations across modules, cells and adjacent power infrastructure products. What are the underlying business or industry changes driving this perspective?
532374
₹242.70
Sterlite Technologies
7D
28.1%
1Y
189.4%

532374: Next Generation Fibre Wins And Trials Will Support Re Rating

Analysts have lifted their price target on Sterlite Technologies from ₹130 to ₹200, citing updated assumptions for revenue growth, profit margin, discount rate, and future P/E that together point to a higher assessed fair value for the stock. What's in the News Sterlite Technologies closed a private placement on March 30, 2026, after receiving approvals from the board, regulators, and the stock exchange.
CPPLUS
₹1,954.20
Aditya Infotech
7D
6.7%
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)
523610
₹289.20
ITI
7D
12.6%
1Y
13.3%
PREMIERENE
₹974.00
Premier Energies
7D
3.3%
1Y
4.8%

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
517174
₹29,236.30
Honeywell Automation India
7D
7.2%
1Y
-14.2%