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Indian (NIFTY) Tech Sector Analysis

UpdatedFeb 03, 2026
DataAggregated Company Financials
Companies355
  • 7D0.1%
  • 3M1.4%
  • 1Y-13.5%
  • YTD-2.4%

In the last week, Tech has been flat. Unfortunately though, the industry is down 14% over the past 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
Tue, 03 Feb 2026₹39.1t₹11.8t₹1.5t26.6x26.4x3.3x
Thu, 01 Jan 2026₹39.8t₹11.6t₹1.5t29.6x26.6x3.4x
Sat, 29 Nov 2025₹39.9t₹11.5t₹1.5t32.2x26.7x3.5x
Mon, 27 Oct 2025₹39.1t₹11.3t₹1.5t33.3x26.6x3.4x
Wed, 24 Sep 2025₹38.5t₹11.2t₹1.5t34.5x26.4x3.4x
Fri, 22 Aug 2025₹38.3t₹11.1t₹1.4t32.6x26.5x3.4x
Sun, 20 Jul 2025₹39.5t₹10.9t₹1.4t34.4x27.8x3.6x
Tue, 17 Jun 2025₹41.4t₹10.9t₹1.4t34.6x29.4x3.8x
Thu, 15 May 2025₹40.2t₹10.8t₹1.4t31.5x28.9x3.7x
Sat, 12 Apr 2025₹35.4t₹10.7t₹1.4t28.9x25.5x3.3x
Mon, 10 Mar 2025₹39.8t₹10.7t₹1.4t30.6x28.6x3.7x
Wed, 05 Feb 2025₹44.7t₹10.5t₹1.4t37.3x32.4x4.3x
Fri, 03 Jan 2025₹47.7t₹10.3t₹1.3t41.7x35.8x4.6x
Sun, 01 Dec 2024₹46.3t₹10.2t₹1.3t41.6x35x4.5x
Tue, 29 Oct 2024₹44.8t₹10.1t₹1.3t40.8x34.1x4.4x
Thu, 26 Sep 2024₹45.1t₹9.9t₹1.3t41.6x35.6x4.6x
Sat, 24 Aug 2024₹44.4t₹9.9t₹1.3t43.6x35x4.5x
Mon, 22 Jul 2024₹43.0t₹9.8t₹1.3t42.7x34.1x4.4x
Wed, 19 Jun 2024₹38.3t₹9.7t₹1.2t40.9x31x4x
Fri, 17 May 2024₹37.2t₹9.7t₹1.2t45.2x30.1x3.8x
Sun, 14 Apr 2024₹38.1t₹9.6t₹1.2t45.9x31.5x4x
Tue, 12 Mar 2024₹39.6t₹9.6t₹1.2t42.2x32.9x4.1x
Thu, 08 Feb 2024₹40.1t₹9.5t₹1.2t45.3x33.3x4.2x
Sat, 06 Jan 2024₹37.5t₹9.5t₹1.2t46.7x30.5x3.9x
Mon, 04 Dec 2023₹35.3t₹9.5t₹1.2t41.5x28.7x3.7x
Wed, 01 Nov 2023₹32.9t₹9.4t₹1.2t42.9x26.9x3.5x
Fri, 29 Sep 2023₹33.9t₹9.3t₹1.2t39.1x27.9x3.6x
Sun, 27 Aug 2023₹32.6t₹9.3t₹1.2t38.5x26.9x3.5x
Tue, 25 Jul 2023₹31.7t₹9.1t₹1.2t36.4x26.3x3.5x
Thu, 22 Jun 2023₹31.0t₹9.0t₹1.2t35.8x26.2x3.4x
Sat, 20 May 2023₹30.0t₹9.0t₹1.2t30x25.1x3.3x
Mon, 17 Apr 2023₹29.6t₹8.7t₹1.2t27.6x25.3x3.4x
Wed, 15 Mar 2023₹30.7t₹8.9t₹1.2t25.1x26.5x3.4x
Fri, 10 Feb 2023₹33.3t₹8.9t₹1.2t28.3x28.9x3.7x
Price to Earnings Ratio

28.9x


Total Market Cap: ₹33.3tTotal 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 26.4x 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 3.3x.
Past Earnings Growth
  • The earnings for companies in the Information Technology industry have grown 8.7% 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 Market0.61%
Tech0.096%
Electronic Equipment and Components6.43%
Communications5.22%
Semiconductors4.42%
Tech Hardware3.71%
IT-0.38%
Software-2.06%
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 52% over the next 5 years.
  • This is better than its past earnings growth rate of 35% 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
TCS Tata Consultancy Services₹3.23k2.1%
+₹243.5b		-21.5%PE24.5x
WAAREEENER Waaree Energies₹3.10k15.1%
+₹117.1b		31.8%PE27.3x
507685 Wipro₹242.453.2%
+₹78.1b		-23.3%PE19.1x
PREMIERENE Premier Energies₹791.5511.9%
+₹38.0b		-22.3%PE26.9x
SYRMA Syrma SGS Technology₹820.1524.8%
+₹31.2b		45.6%PE56x

Latest News

WAAREEENER
₹3,102.40
Waaree Energies
7D
15.1%
1Y
31.8%
INTELLECT
₹816.45
Intellect Design Arena
7D
-8.9%
1Y
0.3%
517174
₹33,762.85
Honeywell Automation India
7D
9.6%
1Y
-11.8%
SYRMA
₹820.15
Syrma SGS Technology
7D
24.8%
1Y
45.6%

Syrma SGS Technology Limited Just Beat Analyst Forecasts, And Analysts Have Been Updating Their Predictions

Feb 03
Syrma SGS Technology Limited Just Beat Analyst Forecasts, And Analysts Have Been Updating Their Predictions
KPITTECH
₹989.80
KPIT Technologies
7D
-10.4%
1Y
-30.3%

KPITTECH: Upcoming Board Meeting Will Drive Upside Through Key Business Decisions

Analysts have nudged their fair value estimate for KPIT Technologies slightly lower from ₹1,510 to ₹1,500, citing updated assumptions around discount rates, revenue growth, profit margins and future P/E expectations. What's in the News Board meeting scheduled for January 29, 2026 to review and approve unaudited financial results for the quarter and nine months ended December 31, 2025, along with the limited review report (Key Developments).
HCLTECH
₹1,695.30
HCL Technologies
7D
-1.4%
1Y
-2.2%

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
REDINGTON
₹276.65
Redington
7D
10.5%
1Y
36.7%
INFY
₹1,656.00
Infosys
7D
-1.6%
1Y
-12.8%

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
₹791.55
Premier Energies
7D
11.9%
1Y
-22.3%
TCS
₹3,225.30
Tata Consultancy Services
7D
2.1%
1Y
-21.5%

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
₹7,826.85
Oracle Financial Services Software
7D
-2.3%
1Y
-15.2%
NEWGEN
₹567.10
Newgen Software Technologies
7D
-6.3%
1Y
-47.7%

NEWGEN: Lending Platform Orders And Partnership Will Support Future Upside

Analysts have trimmed their price target on Newgen Software Technologies from ₹1,300 to ₹1,200, reflecting updated assumptions around slightly slower revenue growth, a modestly lower discount rate, and a higher profit margin outlook supported by a reduced forward P/E multiple. What's in the News A board meeting is scheduled on Jan 20, 2026 to consider and approve unaudited standalone and consolidated financial results for the quarter ended Dec 31, 2025 (company filing).
TECHM
₹1,716.50
Tech Mahindra
7D
-1.6%
1Y
3.5%

TECHM: Higher Margin Assumptions Will Likely Prove Too Optimistic

Narrative Update Analysts have raised their price target on Tech Mahindra to ₹1,347 from about ₹1,171, citing updated assumptions for revenue growth, profit margins, discount rate and future P/E that collectively support a higher fair value estimate. Analyst Commentary While the higher fair value estimate for Tech Mahindra reflects more constructive assumptions on growth and profitability, bearish analysts would still flag several risks that could cap valuation if execution does not line up with these inputs.
LTIM
₹6,044.00
LTIMindtree
7D
1.7%
1Y
2.4%

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
₹242.45
Wipro
7D
3.2%
1Y
-23.3%
539895
₹27.01
Spice Lounge Food Works
7D
-17.8%
1Y
97.2%