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Indian (NIFTY) Tech Sector Analysis

UpdatedFeb 18, 2026
DataAggregated Company Financials
Companies354
  • 7D-6.8%
  • 3M-12.5%
  • 1Y-19.8%
  • YTD-12.7%

Over the last 7 days, the Tech industry has dropped 6.8%, driven by a pullback from Tata Consultancy Services of 9.0%. Meanwhile, Emmvee Photovoltaic Power actually outperformed within the industry, gaining 5.7% in the last week. The industry has fallen 20% in the last year. Earnings are forecast to grow by 13% annually.

Sector Valuation and Performance

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

DateMarket CapRevenueEarningsPEAbsolute PEPS
Wed, 18 Feb 2026₹34.9t₹11.9t₹1.5t25.8x23.6x2.9x
Fri, 16 Jan 2026₹39.3t₹11.6t₹1.5t28.1x26.8x3.4x
Sun, 14 Dec 2025₹40.3t₹11.6t₹1.5t30.3x26.9x3.5x
Tue, 11 Nov 2025₹38.6t₹11.5t₹1.5t33.5x26.1x3.4x
Thu, 09 Oct 2025₹38.5t₹11.3t₹1.5t33.6x26.3x3.4x
Sat, 06 Sep 2025₹37.6t₹11.2t₹1.5t33x25.9x3.4x
Mon, 04 Aug 2025₹37.1t₹11.1t₹1.4t33.4x25.8x3.4x
Wed, 02 Jul 2025₹41.3t₹10.9t₹1.4t34.1x29.3x3.8x
Fri, 30 May 2025₹40.5t₹10.8t₹1.4t31.9x28.8x3.7x
Sun, 27 Apr 2025₹38.2t₹10.7t₹1.4t31.6x27.6x3.6x
Tue, 25 Mar 2025₹39.6t₹10.6t₹1.4t30.2x28.6x3.7x
Thu, 20 Feb 2025₹42.5t₹10.6t₹1.4t32.4x30.7x4x
Sat, 18 Jan 2025₹45.1t₹10.4t₹1.4t40.6x33.3x4.3x
Mon, 16 Dec 2024₹49.4t₹10.2t₹1.3t42.7x37.4x4.8x
Wed, 13 Nov 2024₹45.9t₹10.2t₹1.3t42x34.7x4.5x
Fri, 11 Oct 2024₹45.0t₹9.8t₹1.3t41.6x35.5x4.6x
Sun, 08 Sep 2024₹45.6t₹9.9t₹1.3t42.4x36x4.6x
Tue, 06 Aug 2024₹41.4t₹9.8t₹1.3t41.6x32.7x4.2x
Thu, 04 Jul 2024₹40.6t₹9.7t₹1.2t42.9x32.8x4.2x
Sat, 01 Jun 2024₹35.7t₹9.7t₹1.2t40.4x28.9x3.7x
Mon, 29 Apr 2024₹37.0t₹9.6t₹1.2t47.5x30x3.8x
Wed, 27 Mar 2024₹37.6t₹9.6t₹1.2t42.1x31.1x3.9x
Fri, 23 Feb 2024₹40.5t₹9.6t₹1.2t47.2x33.6x4.2x
Sun, 21 Jan 2024₹39.7t₹9.6t₹1.2t46.1x32.3x4.2x
Tue, 19 Dec 2023₹38.3t₹9.5t₹1.2t44.8x31.2x4x
Thu, 16 Nov 2023₹33.7t₹9.5t₹1.2t42.3x27.6x3.6x
Sat, 14 Oct 2023₹34.1t₹9.4t₹1.2t42x27.8x3.6x
Mon, 11 Sep 2023₹34.0t₹9.3t₹1.2t39.7x28x3.7x
Wed, 09 Aug 2023₹32.7t₹9.3t₹1.2t39.3x27x3.5x
Fri, 07 Jul 2023₹31.6t₹9.0t₹1.2t35.1x26.6x3.5x
Sun, 04 Jun 2023₹31.1t₹9.0t₹1.2t33.5x26.3x3.4x
Tue, 02 May 2023₹29.4t₹8.9t₹1.2t29.3x24.7x3.3x
Thu, 30 Mar 2023₹29.1t₹8.6t₹1.2t24.7x25.1x3.4x
Sat, 25 Feb 2023₹32.3t₹8.9t₹1.2t26.1x27.9x3.6x
Price to Earnings Ratio

27.9x


Total Market Cap: ₹32.3tTotal 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 23.6x 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 2.9x.
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 10% 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-1.04%
Tech-6.81%
Electronic Equipment and Components-1.48%
Communications-2.12%
Tech Hardware-3.33%
Semiconductors-3.56%
Software-7.20%
IT-7.42%
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 are expecting annual earnings growth of 39.3%, 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 63% 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 11% 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
NETWEB Netweb Technologies India₹3.37k7.0%
+₹12.6b		128.8%PE107.6x
532374 Sterlite Technologies₹158.4010.6%
+₹7.4b		69.8%PE2577.2x
EMMVEE Emmvee Photovoltaic Power₹216.294.9%
+₹7.0b		n/aPE16.7x
E2E E2E Networks₹2.85k8.3%
+₹4.4b		35.6%PS31.3x
533581 PG Electroplast₹627.551.6%
+₹2.8b		-22.2%PE64.7x

Latest News

WAAREEENER
₹2,963.60
Waaree Energies
7D
-6.7%
1Y
33.5%
532374
₹158.40
Sterlite Technologies
7D
10.6%
1Y
69.8%

532374: Warrant Issue And Governance Changes Will Limit Near Term Upside

Analysts have maintained their fair value estimate for Sterlite Technologies at ₹118, while making slight adjustments to underlying assumptions. These include a lower discount rate, more moderate revenue growth, a higher profit margin, and a somewhat reduced future P/E.
UNIECOM
₹116.60
Unicommerce eSolutions
7D
13.3%
1Y
-0.1%
532493
₹915.60
Astra Microwave Products
7D
2.0%
1Y
44.5%

532493: Defence Orders And PSU Partnership Will Drive Future Upside Potential

Analysts have trimmed their price target for Astra Microwave Products from ₹1,199 to ₹1,170, citing updated assumptions for discount rate, revenue growth, profit margins, and future P/E that together point to a slightly lower assessed fair value. What's in the News The board recorded the cessation of Chief Financial Officer Rahul Rungta at the close of business on 11 February 2026 and approved the appointment of Chartered Accountant Srinivasarao Devathi as the new CFO with effect from the start of business on 12 February 2026 (board meeting filing).
HCLTECH
₹1,467.20
HCL Technologies
7D
-5.4%
1Y
-14.3%

HCLTECH: AI Deals And Public Sector Expansion Will Support Bullish Outlook

Analysts have nudged their price target on HCL Technologies slightly higher to about ₹1,766 from roughly ₹1,762, reflecting updated assumptions around the discount rate, revenue growth, profit margin and future P/E. What's in the News HCL Technologies was selected by Guardian Life Insurance Company of America for a multi-year partnership focused on AI driven technology transformation using its GenAI platform, AI Force, across application development, support, testing and infrastructure management (Client announcement).
COFORGE
₹1,372.80
Coforge
7D
-9.7%
1Y
-11.7%
INFY
₹1,373.70
Infosys
7D
-6.7%
1Y
-24.1%

INFY: Gradual IT Spend Recovery And AI Adoption Will Support 2026 Repricing

Infosys' analyst price targets have edged higher, with recent increases ranging from about $0.20 to $2.50 per share, as analysts factor in slightly updated assumptions around discount rates, revenue growth, profit margins, and future P/E levels. Analyst Commentary Recent Street research on Infosys has focused on fine tuning fair value estimates rather than making drastic revisions, with several price targets adjusted in small increments between about $0.20 and $2.50 per share.
TCS
₹2,694.90
Tata Consultancy Services
7D
-7.4%
1Y
-28.8%

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.
BLACKBUCK
₹624.85
BlackBuck
7D
1.9%
1Y
48.4%
LTIM
₹5,054.00
LTIMindtree
7D
-8.4%
1Y
-7.6%

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
₹1,504.80
Tech Mahindra
7D
-7.9%
1Y
-10.7%

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.
NETWEB
₹3,374.40
Netweb Technologies India
7D
7.0%
1Y
128.8%

NETWEB: Stable Assumptions And Upcoming Results Will Support Future Earnings Potential

Analysts have kept their fair value estimate for Netweb Technologies India broadly unchanged at ₹3,863. The updated target mainly reflects slightly adjusted assumptions for discount rate, revenue growth, profit margin and future P/E rather than a shift in their core view on the business.
E2E
₹2,850.40
E2E Networks
7D
8.3%
1Y
35.6%

Market Participants Recognise E2E Networks Limited's (NSE:E2E) Revenues Pushing Shares 28% Higher

Feb 04
Market Participants Recognise E2E Networks Limited's (NSE:E2E) Revenues Pushing Shares 28% Higher
533581
₹627.55
PG Electroplast
7D
1.6%
1Y
-22.2%
507685
₹212.00
Wipro
7D
-7.7%
1Y
-32.5%
EMMVEE
₹216.29
Emmvee Photovoltaic Power
7D
4.9%
1Y
n/a