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Indian (NIFTY) Tech Sector Analysis

UpdatedFeb 10, 2026
DataAggregated Company Financials
Companies354
  • 7D-4.5%
  • 3M-4.5%
  • 1Y-17.6%
  • YTD-6.8%

Over the last 7 days, the Tech industry has dropped 4.5%, driven by Tata Consultancy Services declining 7.0%. Meanwhile, Waaree Energies actually outperformed within the industry, gaining 12% in the last week. The industry has fallen 18% 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
Tue, 10 Feb 2026₹37.3t₹11.9t₹1.5t26.9x25.2x3.1x
Thu, 08 Jan 2026₹40.5t₹11.6t₹1.5t29.6x27x3.5x
Sat, 06 Dec 2025₹40.6t₹11.6t₹1.5t30.5x27.1x3.5x
Mon, 03 Nov 2025₹38.9t₹11.4t₹1.5t33.9x26.4x3.4x
Wed, 01 Oct 2025₹36.9t₹11.3t₹1.5t32.8x25.2x3.3x
Fri, 29 Aug 2025₹38.1t₹11.2t₹1.5t32x26.3x3.4x
Sun, 27 Jul 2025₹38.2t₹11.0t₹1.4t34.4x26.8x3.5x
Tue, 24 Jun 2025₹40.6t₹10.9t₹1.4t33.7x28.7x3.7x
Thu, 22 May 2025₹40.2t₹10.8t₹1.4t32.1x28.7x3.7x
Sat, 19 Apr 2025₹36.3t₹10.7t₹1.4t30.2x26.3x3.4x
Mon, 17 Mar 2025₹38.1t₹10.7t₹1.4t30.2x27.4x3.6x
Wed, 12 Feb 2025₹43.4t₹10.5t₹1.4t36.5x31.4x4.1x
Fri, 10 Jan 2025₹46.3t₹10.3t₹1.3t40.4x34.7x4.5x
Sun, 08 Dec 2024₹48.2t₹10.2t₹1.3t42.2x36.5x4.7x
Tue, 05 Nov 2024₹43.8t₹10.2t₹1.3t41.4x33.3x4.3x
Thu, 03 Oct 2024₹45.4t₹9.8t₹1.3t41.6x35.8x4.6x
Sat, 31 Aug 2024₹45.8t₹9.9t₹1.3t43.2x36.2x4.6x
Mon, 29 Jul 2024₹44.0t₹9.8t₹1.3t42.3x34.8x4.5x
Wed, 26 Jun 2024₹38.9t₹9.7t₹1.2t41.4x31.5x4x
Fri, 24 May 2024₹37.3t₹9.7t₹1.2t43.5x30.3x3.9x
Sun, 21 Apr 2024₹36.5t₹9.6t₹1.2t45.4x29.6x3.8x
Tue, 19 Mar 2024₹39.5t₹9.6t₹1.2t41.9x32.8x4.1x
Thu, 15 Feb 2024₹40.1t₹9.6t₹1.2t45x33.3x4.2x
Sat, 13 Jan 2024₹39.0t₹9.5t₹1.2t46.9x31.9x4.1x
Mon, 11 Dec 2023₹36.2t₹9.5t₹1.2t43x29.4x3.8x
Wed, 08 Nov 2023₹33.2t₹9.5t₹1.2t41.8x27.2x3.5x
Fri, 06 Oct 2023₹33.8t₹9.3t₹1.2t40.5x27.8x3.6x
Sun, 03 Sep 2023₹33.1t₹9.3t₹1.2t39.8x27.3x3.6x
Tue, 01 Aug 2023₹32.0t₹9.2t₹1.2t37.5x26.5x3.5x
Thu, 29 Jun 2023₹30.6t₹9.0t₹1.2t34x25.8x3.4x
Sat, 27 May 2023₹31.0t₹9.0t₹1.2t29.6x26x3.4x
Mon, 24 Apr 2023₹28.6t₹8.7t₹1.2t28.6x24.4x3.3x
Wed, 22 Mar 2023₹29.3t₹8.6t₹1.2t25.2x25.2x3.4x
Fri, 17 Feb 2023₹33.4t₹8.9t₹1.2t26.7x28.9x3.7x
Price to Earnings Ratio

28.9x


Total Market Cap: ₹33.4tTotal 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 25.2x 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 8.5% 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 Market4.09%
Tech-4.53%
Semiconductors9.35%
Electronic Equipment and Components5.72%
Communications5.39%
Tech Hardware0.24%
Software-1.39%
IT-6.26%
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 60% over the next 5 years.
  • This is better than its past earnings growth rate of 24% 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
KAYNES Kaynes Technology India₹3.96k11.5%
+₹27.3b		-3.4%PE68.3x
WAAREEENER Waaree Energies₹3.16k2.0%
+₹17.7b		46.0%PE27.8x
532374 Sterlite Technologies₹157.6026.5%
+₹16.1b		58.8%PE2564.2x
PREMIERENE Premier Energies₹823.854.1%
+₹14.6b		-11.9%PE28x
CPPLUS Aditya Infotech₹1.59k6.6%
+₹11.5b		n/aPE94.4x

Latest News

KAYNES
₹3,957.60
Kaynes Technology India
7D
11.5%
1Y
-3.4%

Earnings Miss: Kaynes Technology India Limited Missed EPS By 38% And Analysts Are Revising Their Forecasts

Feb 10
Earnings Miss: Kaynes Technology India Limited Missed EPS By 38% And Analysts Are Revising Their Forecasts
CPPLUS
₹1,587.00
Aditya Infotech
7D
6.6%
1Y
n/a
543620
₹133.45
Insolation Energy
7D
33.3%
1Y
-49.3%
532374
₹157.60
Sterlite Technologies
7D
26.5%
1Y
58.8%
TCS
₹2,984.60
Tata Consultancy Services
7D
-7.5%
1Y
-24.7%

TCS: AI Partnerships And New US Units Will Drive Future Upside

Analysts have modestly adjusted their price outlook for Tata Consultancy Services, reflecting updated assumptions for the discount rate, long term revenue growth, profit margins and future P/E levels. Together, these changes fine tune their overall valuation framework without a material shift in fair value.
PREMIERENE
₹823.85
Premier Energies
7D
4.1%
1Y
-11.9%
HEXT
₹586.00
Hexaware Technologies
7D
-19.3%
1Y
n/a
PERSISTENT
₹5,872.50
Persistent Systems
7D
-6.5%
1Y
0.8%

PERSISTENT: Dividend Momentum And Entity Restructuring Will Support Upbeat Outlook Ahead

Analysts now see higher upside for Persistent Systems, lifting their fair value estimate from ₹6,106 to ₹6,819. This largely reflects updated assumptions around discount rates, revenue growth, profit margins and future P/E expectations.
SYRMA
₹874.50
Syrma SGS Technology
7D
6.6%
1Y
81.4%

SYRMA: New Naidupeta Facility Will Face Rich P/E Driven Downside Risk

Analysts have lifted their fair value estimate for Syrma SGS Technology from ₹717.94 to ₹758.56, citing updated assumptions around discount rates, revenue growth, profit margins and future P/E expectations. What's in the News Board meeting scheduled on January 29, 2026 to consider and approve unaudited standalone and consolidated financial results for the quarter and nine months ended December 31, 2025, along with other business matters (company filing).
LTIM
₹5,662.00
LTIMindtree
7D
-6.3%
1Y
-0.3%

LTIM: AI Tax And Cyber Contracts Will Drive Future Upside Potential

Analysts have made a marginal upward adjustment to their price target for LTIMindtree to ₹6,391.33 from ₹6,391.08, reflecting updated inputs for discount rate, revenue growth, profit margin and forward P/E assumptions in their models. What's in the News LTIMindtree won the Insight 2.0 project from the Central Board of Direct Taxes to build an AI powered tax analytics platform for India.
TECHM
₹1,644.60
Tech Mahindra
7D
-4.2%
1Y
-1.5%

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.
WAAREEENER
₹3,163.80
Waaree Energies
7D
2.0%
1Y
46.0%
533581
₹601.70
PG Electroplast
7D
7.0%
1Y
-25.2%
HCLTECH
₹1,573.10
HCL Technologies
7D
-7.2%
1Y
-8.7%

HCL Technologies Limited's (NSE:HCLTECH) Shares May Have Run Too Fast Too Soon

Jan 31
HCL Technologies Limited's (NSE:HCLTECH) Shares May Have Run Too Fast Too Soon
INFY
₹1,497.80
Infosys
7D
-9.6%
1Y
-20.1%

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.
507685
₹231.65
Wipro
7D
-4.5%
1Y
-26.0%