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Indian (NIFTY) Tech Sector Analysis

UpdatedJun 06, 2026
DataAggregated Company Financials
Companies361
  • 7D0.05%
  • 3M0.08%
  • 1Y-21.9%
  • YTD-19.5%

Last week, the Tech industry hasn't moved much but Infosys is up 3.2% in that time. As for the longer term, the industry has declined 22% in the last year. Looking forward, earnings are forecast to grow by 11% annually.

Sector Valuation and Performance

Has the Indian Tech Sector valuation changed over the past few years?

DateMarket CapRevenueEarningsPEAbsolute PEPS
Sat, 06 Jun 2026₹32.4t₹12.5t₹1.6t24.7x20.9x2.6x
Mon, 04 May 2026₹32.5t₹12.3t₹1.5t25.3x21.1x2.7x
Wed, 01 Apr 2026₹30.8t₹12.0t₹1.5t20.2x20.5x2.6x
Fri, 27 Feb 2026₹32.9t₹11.9t₹1.5t24x22.1x2.8x
Sun, 25 Jan 2026₹39.1t₹11.8t₹1.5t26.9x26.4x3.3x
Tue, 23 Dec 2025₹41.1t₹11.6t₹1.5t30.1x27.5x3.6x
Thu, 20 Nov 2025₹39.9t₹11.5t₹1.5t33.6x26.8x3.5x
Sat, 18 Oct 2025₹38.2t₹11.4t₹1.5t33.5x25.9x3.4x
Mon, 15 Sep 2025₹39.1t₹11.2t₹1.5t33.9x26.9x3.5x
Wed, 13 Aug 2025₹37.2t₹11.1t₹1.4t31.7x25.7x3.3x
Fri, 11 Jul 2025₹40.8t₹10.9t₹1.4t33.9x29x3.8x
Sun, 08 Jun 2025₹39.9t₹10.9t₹1.4t33.2x28.4x3.7x
Tue, 06 May 2025₹38.4t₹10.7t₹1.4t31.1x27.8x3.6x
Thu, 03 Apr 2025₹38.6t₹10.6t₹1.4t30.5x27.8x3.6x
Sat, 01 Mar 2025₹39.1t₹10.7t₹1.4t30.3x28x3.7x
Mon, 27 Jan 2025₹45.5t₹10.4t₹1.4t39x33.2x4.4x
Wed, 25 Dec 2024₹47.1t₹10.3t₹1.3t42.2x35.5x4.6x
Fri, 22 Nov 2024₹44.8t₹10.2t₹1.3t39.3x33.9x4.4x
Sun, 20 Oct 2024₹44.8t₹10.0t₹1.3t41.6x34.5x4.5x
Tue, 17 Sep 2024₹46.7t₹9.9t₹1.3t45.1x36.9x4.7x
Thu, 15 Aug 2024₹42.7t₹9.9t₹1.3t40x33.7x4.3x
Sat, 13 Jul 2024₹42.3t₹9.7t₹1.2t43.5x33.9x4.4x
Mon, 10 Jun 2024₹38.2t₹9.7t₹1.2t40.5x30.9x3.9x
Wed, 08 May 2024₹37.1t₹9.7t₹1.2t46.6x30x3.8x
Fri, 05 Apr 2024₹38.5t₹9.6t₹1.2t45.7x31.8x4x
Sun, 03 Mar 2024₹40.1t₹9.6t₹1.2t45.6x33.3x4.2x
Tue, 30 Jan 2024₹38.9t₹9.6t₹1.2t46.6x31.8x4.1x
Thu, 28 Dec 2023₹38.2t₹9.5t₹1.2t45.1x31.1x4x
Sat, 25 Nov 2023₹34.3t₹9.5t₹1.2t40.8x28.1x3.6x
Mon, 23 Oct 2023₹33.8t₹9.4t₹1.2t43.2x27.5x3.6x
Wed, 20 Sep 2023₹34.8t₹9.3t₹1.2t39.8x28.6x3.7x
Fri, 18 Aug 2023₹32.8t₹9.3t₹1.2t38.9x27x3.5x
Sun, 16 Jul 2023₹32.8t₹9.1t₹1.2t35.8x27.2x3.6x
Tue, 13 Jun 2023₹30.7t₹9.0t₹1.2t34.8x25.9x3.4x
Price to Earnings Ratio

25.9x


Total Market Cap: ₹30.7tTotal Earnings: ₹1.2tTotal Revenue: ₹9.0tTotal Market Cap vs Earnings and Revenue0%0%0%
Indian Tech Sector Price to Earnings3Y Average 28.9x202420252026
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 20.9x which is lower than its 3-year average PE of 28.9x.
  • The 3-year average PS ratio of 3.7x 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 9.3% 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 Market-0.83%
Tech0.052%
Electronic Equipment and Components6.07%
Communications5.47%
Software1.02%
Tech Hardware-0.047%
Semiconductors-0.20%
IT-0.74%
Industry PE
  • Investors are most optimistic about the Tech Hardware industry even though it's trading below its 3-year average PE ratio of 110x.
    • Analysts expect its future annual earnings growth (26.3%) 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 45% over the next 5 years.
  • This is better than its past earnings growth rate of 26% per year.
  • In contrast, the IT industry is expected to see its earnings grow by 8.5% 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₹1.20k3.2%
+₹148.1b		-23.4%PE15.4x
CPPLUS Aditya Infotech₹3.50k20.6%
+₹70.5b		n/aPE112.1x
532374 Sterlite Technologies₹619.3515.5%
+₹40.5b		716.5%PE539.9x
TATATECH Tata Technologies₹771.209.3%
+₹26.8b		1.7%PE57.3x
SYRMA Syrma SGS Technology₹1.23k12.7%
+₹26.6b		129.4%PE74.4x

Latest News

532365
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Dynacons Systems & Solutions
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REDINGTON
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Redington
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6.5%
1Y
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Narrative Update • Jun 05

REDINGTON: Dividend And Board Decisions Will Support Bullish Fair Value Outlook

Analysts have trimmed their price target on Redington from ₹300 to ₹290, reflecting updated views on fair value in light of revised assumptions for the discount rate, revenue growth, profit margin, and future P/E. What's in the News Redington Limited has scheduled a board meeting on May 13, 2026, at 14:30 IST to consider audited standalone and consolidated financial statements for the quarter and year ended March 31, 2026.
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Tata Consultancy Services
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1Y
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Narrative Update • Jun 05

TCS: Expanding AI Partnerships Will Drive Future Upside Potential

Analysts have trimmed their fair value estimate for Tata Consultancy Services slightly, with the price target moving from about ₹2,948 to around ₹2,940, reflecting updated assumptions on the discount rate, revenue growth, profit margins and future P/E expectations. What's in the News QAD | Redzone, Amazon Web Services and Tata Consultancy Services (TCS) announced an expanded collaboration to offer a combined manufacturing platform that uses agentic AI, modern ERP and cloud infrastructure to help mid market manufacturers modernize operations, with TCS acting as the architect for phased ERP transformation and integration.
TATATECH
₹771.20
Tata Technologies
7D
9.3%
1Y
1.7%
Narrative Update • Jun 05

TATATECH: Lower Margins And One Time Dividend Will Constrain Future Returns

Analysts have lifted their fair value estimate for Tata Technologies from ₹605.71 to ₹621.79 as they factor in a lower discount rate, slightly adjusted revenue growth and profit margin assumptions, and a marginally higher future P/E multiple. What's in the News Tata Technologies has scheduled a board meeting for May 4, 2026 to consider and approve audited standalone and consolidated financial results for the quarter and financial year ended March 31, 2026, and to consider recommending a dividend on equity shares for shareholder approval at the AGM (source, Key Developments).
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Wipro
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1Y
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SYRMA
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Syrma SGS Technology
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532374
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Sterlite Technologies
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15.5%
1Y
716.5%
Narrative Update • Jun 04

532374: Future Fiber Rollouts And Data Center Push May Disappoint Expectations

Sterlite Technologies' analyst price target has shifted from ₹128.0 to ₹547.5. Analysts link this change to updated assumptions for revenue growth, profit margins, discount rate and a higher future P/E multiple. What's in the News STL Optical Connectivity NA, LLC launched the Neuralis data center connectivity suite in the U.S. at Data Center World 2026 in Washington, D.C., targeting AI, hyperscale and edge workloads, with products focused on GPU cluster density and high speed data center interconnect.
CPPLUS
₹3,501.90
Aditya Infotech
7D
20.6%
1Y
n/a
Analysis Article • Jun 04

Solid Earnings May Not Tell The Whole Story For Aditya Infotech (NSE:CPPLUS)

Aditya Infotech Limited ( NSE:CPPLUS ) just released a solid earnings report, and the stock displayed some strength...
INFY
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Infosys
7D
3.2%
1Y
-23.4%
Narrative Update • Jun 03

INFY: AI Services Expansion Will Support Margins Despite Recent Model Fine Tuning

Infosys' updated analyst price target edges down by about ₹1 to roughly ₹1,461 as analysts factor in slightly softer revenue growth assumptions, a modestly lower future P/E and a small uptick in expected profit margins. Analyst Commentary Recent Street research on Infosys has focused on fine tuning valuation assumptions, with several firms trimming their price targets in relatively small increments.
HCLTECH
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HCL Technologies
7D
-2.5%
1Y
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Narrative Update • Jun 02

HCLTECH: Expanding AI Collaboration With Cloud Partner Will Drive Measured Upside

Analysts have reduced their price target on HCL Technologies from ₹1,561.48 to ₹1,427.38, citing updated assumptions for revenue growth, profit margins, discount rate and future P/E that now point to a lower fair value estimate. What's in the News HCL Technologies has expanded its collaboration with Google Cloud to support enterprise adoption of Agentic AI, using Gemini Enterprise and Gemini models to build custom AI agents and integrating its AI Force platform with Google tools, with a plan to grow its Google Cloud certified workforce from 12,000 to over 35,000 within three years.
LTM
₹4,027.20
LTM
7D
-0.8%
1Y
-22.6%
Narrative Update • Jun 02

LTM: AI Offerings And Oil Shock Resilience Will Support Upside

Narrative Update on LTM The updated analyst price target for LTM is now set at ₹4,865.87, down from ₹5,302.63. Analysts cite revised assumptions for the discount rate, revenue growth, profit margins, and future P/E following mixed recent rating and target changes across major firms.
PERSISTENT
₹5,038.50
Persistent Systems
7D
-3.0%
1Y
-11.2%
Narrative Update • May 28

PERSISTENT: AI Partnerships And Dividend Payout Will Support Balanced Future Outlook

Analysts have trimmed their price target on Persistent Systems from about ₹6,603 to roughly ₹5,597, reflecting updated assumptions around discount rates, revenue growth, profit margins, and a lower future P/E of about 43x. What's in the News Persistent is collaborating with the Indian Institute of Management Ahmedabad on the "AI Value Compass" framework, aimed at helping enterprises prioritize and scale AI investments across areas such as business alignment, people readiness, operations, data and governance.
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Honeywell Automation India
7D
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1Y
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526299
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Mphasis
7D
2.7%
1Y
-8.5%
Narrative Update • May 12

526299: Flagstar Infrastructure Modernization And AI Program Will Support Future Earnings

Analysts have trimmed their fair value estimate for Mphasis from about ₹2,716.83 to roughly ₹2,646.33. This reflects updated assumptions around the stock's discount rate, revenue growth outlook, profit margin profile, and future P/E multiple.
WAAREEENER
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Waaree Energies
7D
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1Y
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Analysis Article • May 07

We Think That There Are Issues Underlying Waaree Energies' (NSE:WAAREEENER) Earnings

Investors were disappointed with Waaree Energies Limited's ( NSE:WAAREEENER ) earnings, despite the strong profit...
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E2E Networks
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