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Indian (NIFTY) Tech Sector Analysis

UpdatedJan 29, 2026
DataAggregated Company Financials
Companies355
  • 7D2.0%
  • 3M1.0%
  • 1Y-13.2%
  • YTD-1.3%

The Tech industry is up 2.0% in the last week, with Tata Consultancy Services up 2.5%. However, the industry is down 13% over the past 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
Thu, 29 Jan 2026₹39.6t₹11.8t₹1.5t26.9x26.7x3.3x
Sat, 27 Dec 2025₹40.5t₹11.6t₹1.5t29.9x27x3.5x
Mon, 24 Nov 2025₹39.7t₹11.5t₹1.5t32.7x26.6x3.4x
Wed, 22 Oct 2025₹38.5t₹11.3t₹1.5t33.8x26.3x3.4x
Fri, 19 Sep 2025₹39.7t₹11.2t₹1.5t34.4x27.3x3.6x
Sun, 17 Aug 2025₹37.2t₹11.1t₹1.4t31.9x25.7x3.3x
Tue, 15 Jul 2025₹39.6t₹10.9t₹1.4t33.4x28x3.6x
Thu, 12 Jun 2025₹41.2t₹10.8t₹1.4t34.8x29.3x3.8x
Sat, 10 May 2025₹38.1t₹10.8t₹1.4t29.8x27.4x3.5x
Mon, 07 Apr 2025₹36.0t₹10.6t₹1.4t30.2x26x3.4x
Wed, 05 Mar 2025₹39.0t₹10.7t₹1.4t29.7x28x3.6x
Fri, 31 Jan 2025₹44.2t₹10.5t₹1.4t37.9x32.3x4.2x
Sun, 29 Dec 2024₹47.1t₹10.3t₹1.3t42.4x35.4x4.6x
Tue, 26 Nov 2024₹46.5t₹10.2t₹1.3t41.1x35.2x4.6x
Thu, 24 Oct 2024₹44.3t₹10.0t₹1.3t41.4x34x4.4x
Sat, 21 Sep 2024₹45.3t₹9.9t₹1.3t42.2x35.8x4.6x
Mon, 19 Aug 2024₹43.9t₹9.9t₹1.3t40.7x34.7x4.5x
Wed, 17 Jul 2024₹42.5t₹9.8t₹1.3t43.8x33.8x4.4x
Fri, 14 Jun 2024₹38.0t₹9.7t₹1.2t41.4x30.7x3.9x
Sun, 12 May 2024₹36.4t₹9.7t₹1.2t43.9x29.5x3.8x
Tue, 09 Apr 2024₹38.1t₹9.6t₹1.2t47.9x31.6x4x
Thu, 07 Mar 2024₹39.6t₹9.6t₹1.2t43x32.8x4.1x
Sat, 03 Feb 2024₹40.0t₹9.6t₹1.2t47.4x32.7x4.2x
Mon, 01 Jan 2024₹38.0t₹9.5t₹1.2t45.6x31x4x
Wed, 29 Nov 2023₹34.4t₹9.5t₹1.2t40.9x28.1x3.6x
Fri, 27 Oct 2023₹32.5t₹9.4t₹1.2t41.9x26.6x3.4x
Sun, 24 Sep 2023₹34.5t₹9.3t₹1.2t40.3x28.5x3.7x
Tue, 22 Aug 2023₹32.3t₹9.3t₹1.2t38.7x26.7x3.5x
Thu, 20 Jul 2023₹33.0t₹9.1t₹1.2t37.5x27.4x3.6x
Sat, 17 Jun 2023₹30.5t₹9.0t₹1.2t35.2x25.7x3.4x
Mon, 15 May 2023₹29.8t₹8.9t₹1.2t30x25.1x3.3x
Wed, 12 Apr 2023₹29.9t₹8.6t₹1.2t27.1x25.8x3.5x
Fri, 10 Mar 2023₹31.7t₹8.9t₹1.2t24.9x27.5x3.6x
Sun, 05 Feb 2023₹32.8t₹8.9t₹1.2t28.4x28.5x3.7x
Price to Earnings Ratio

28.5x


Total Market Cap: ₹32.8tTotal 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 relatively neutral on the Indian Information Technology industry at the moment, indicating that they anticipate long term growth rates to remain steady.
  • The industry is trading close to its 3-year average PE ratio 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 8.8% 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 Market1.14%
Tech1.95%
Semiconductors6.79%
Communications4.58%
IT1.77%
Software1.54%
Tech Hardware0.90%
Electronic Equipment and Components0.66%
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 51% 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
TECHM Tech Mahindra₹1.77k4.8%
+₹71.7b		5.9%PE33.9x
HCLTECH HCL Technologies₹1.72k1.1%
+₹50.1b		0.5%PE26.9x
WAAREEENER Waaree Energies₹2.75k4.0%
+₹30.7b		25.1%PE24.2x
LTIM LTIMindtree₹6.00k0.8%
+₹14.2b		2.6%PE37.4x
SYRMA Syrma SGS Technology₹724.058.5%
+₹10.9b		35.1%PE61.2x

Latest News

531201
₹3,593.15
Shilchar Technologies
7D
18.0%
1Y
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HEXT
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Hexaware Technologies
7D
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1Y
n/a
WAAREEENER
₹2,748.50
Waaree Energies
7D
4.0%
1Y
25.1%
HCLTECH
₹1,721.60
HCL Technologies
7D
1.1%
1Y
0.5%

HCLTECH: AI Partnerships And New Engagements Will Support Balanced Future Outlook

Analysts have slightly increased their fair value estimate for HCL Technologies to ₹1,761.82 from ₹1,760.36, reflecting adjusted assumptions around the discount rate, revenue growth, profit margins and future P/E expectations. What's in the News HCL Technologies has been selected by Team Global Express, a major logistics company in Australia and New Zealand, to consolidate its multi vendor IT setup into a single partnership and provide end to end managed IT services using its AI Force platform across applications, hybrid cloud, networks, cybersecurity and digital workplace (Client Announcements).
INFY
₹1,659.50
Infosys
7D
-0.2%
1Y
-10.8%

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.
532407
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MosChip Technologies
7D
16.5%
1Y
3.2%
PREMIERENE
₹713.90
Premier Energies
7D
-3.5%
1Y
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SYRMA
₹724.05
Syrma SGS Technology
7D
8.5%
1Y
35.1%

Be Wary Of Syrma SGS Technology (NSE:SYRMA) And Its Returns On Capital

Jan 26
Be Wary Of Syrma SGS Technology (NSE:SYRMA) And Its Returns On Capital
504067
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Zensar Technologies
7D
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1Y
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TCS
₹3,144.40
Tata Consultancy Services
7D
-0.2%
1Y
-23.3%

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).
PERSISTENT
₹6,070.00
Persistent Systems
7D
-4.0%
1Y
0.2%

PERSISTENT: Experience Studio Expansion And Dividend Will Support A Higher Future Multiple

Narrative Update on Persistent Systems Analysts have lifted their price target on Persistent Systems from ₹7,536 to ₹8,865, citing refreshed assumptions for slightly higher revenue growth, improved profit margin, a lower discount rate, and a higher future P/E multiple in their models. What's in the News The Board of Directors declared an interim dividend of ₹22 per share on a face value of ₹5 for the financial year from April 1, 2025 to March 31, 2026, with a record date of January 27, 2026 and payment expected within 30 days of January 20, 2026 (company announcement).
TANLA
₹502.45
Tanla Platforms
7D
12.1%
1Y
-7.4%
TECHM
₹1,768.40
Tech Mahindra
7D
4.8%
1Y
5.9%

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
₹5,995.00
LTIMindtree
7D
0.8%
1Y
2.6%

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).
KPITTECH
₹1,042.80
KPIT Technologies
7D
-6.0%
1Y
-27.2%

Do KPIT Technologies' (NSE:KPITTECH) Earnings Warrant Your Attention?

Jan 21
Do KPIT Technologies' (NSE:KPITTECH) Earnings Warrant Your Attention?
EMMVEE
₹189.56
Emmvee Photovoltaic Power
7D
-9.0%
1Y
n/a