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Indian (NIFTY) Tech Sector Analysis

UpdatedMar 21, 2026
DataAggregated Company Financials
Companies357
  • 7D0.9%
  • 3M-22.8%
  • 1Y-21.5%
  • YTD-21.8%

Over the last 7 days, the Tech industry has dropped 2.8%, driven by declines in Tata Consultancy Services and Wipro of 0.8% and 3.3%, respectively. In contrast, Waaree Energies has gained 16%. The industry has fallen 23% in the last year. As for the next few years, earnings are expected to grow by 13% per annum.

Sector Valuation and Performance

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

DateMarket CapRevenueEarningsPEAbsolute PEPS
Sat, 21 Mar 2026₹31.4t₹12.0t₹1.5t22.2x20.9x2.6x
Mon, 16 Feb 2026₹34.6t₹11.9t₹1.5t25.4x23.3x2.9x
Wed, 14 Jan 2026₹39.8t₹11.6t₹1.5t28.2x27.1x3.4x
Fri, 12 Dec 2025₹40.1t₹11.6t₹1.5t30x26.7x3.5x
Sun, 09 Nov 2025₹38.2t₹11.5t₹1.5t33.6x25.8x3.3x
Tue, 07 Oct 2025₹38.1t₹11.3t₹1.5t34x26x3.4x
Thu, 04 Sep 2025₹38.2t₹11.2t₹1.5t33x26.3x3.4x
Sat, 02 Aug 2025₹37.1t₹11.1t₹1.4t34.4x25.7x3.3x
Mon, 30 Jun 2025₹41.1t₹10.9t₹1.4t33.7x29.2x3.8x
Wed, 28 May 2025₹40.2t₹10.8t₹1.4t32x28.7x3.7x
Fri, 25 Apr 2025₹38.2t₹10.7t₹1.4t32.6x27.7x3.6x
Sun, 23 Mar 2025₹39.1t₹10.7t₹1.4t30x28.1x3.7x
Tue, 18 Feb 2025₹42.5t₹10.6t₹1.4t32.6x30.7x4x
Thu, 16 Jan 2025₹46.3t₹10.4t₹1.3t38.5x34.3x4.5x
Sat, 14 Dec 2024₹49.4t₹10.2t₹1.3t42.7x37.3x4.8x
Mon, 11 Nov 2024₹45.6t₹10.2t₹1.3t41.8x34.5x4.5x
Wed, 09 Oct 2024₹45.0t₹9.8t₹1.3t40.7x35.4x4.6x
Fri, 06 Sep 2024₹45.9t₹9.9t₹1.3t42.1x36.3x4.7x
Sun, 04 Aug 2024₹42.9t₹9.8t₹1.3t42.9x33.9x4.4x
Tue, 02 Jul 2024₹40.2t₹9.7t₹1.2t43.3x32.6x4.2x
Thu, 30 May 2024₹36.7t₹9.7t₹1.2t40.1x29.7x3.8x
Sat, 27 Apr 2024₹37.0t₹9.6t₹1.2t47.5x30x3.8x
Mon, 25 Mar 2024₹37.8t₹9.6t₹1.2t42.7x31.3x3.9x
Wed, 21 Feb 2024₹40.2t₹9.6t₹1.2t46.4x33.4x4.2x
Fri, 19 Jan 2024₹39.4t₹9.6t₹1.2t46x32x4.1x
Sun, 17 Dec 2023₹38.3t₹9.5t₹1.2t45.5x31.2x4x
Tue, 14 Nov 2023₹33.0t₹9.5t₹1.2t40.8x27x3.5x
Thu, 12 Oct 2023₹34.6t₹9.3t₹1.2t42.2x28.5x3.7x
Sat, 09 Sep 2023₹34.0t₹9.3t₹1.2t40.5x28x3.7x
Mon, 07 Aug 2023₹32.4t₹9.3t₹1.2t38.5x26.7x3.5x
Wed, 05 Jul 2023₹31.5t₹9.0t₹1.2t34.8x26.6x3.5x
Fri, 02 Jun 2023₹31.2t₹9.0t₹1.2t31x26.3x3.5x
Sun, 30 Apr 2023₹29.4t₹8.9t₹1.2t29.3x24.8x3.3x
Tue, 28 Mar 2023₹29.1t₹8.6t₹1.2t24.9x25x3.4x
Price to Earnings Ratio

25x


Total Market Cap: ₹29.1tTotal Earnings: ₹1.2tTotal Revenue: ₹8.6tTotal Market Cap vs Earnings and Revenue0%0%0%
Indian Tech Sector Price to Earnings3Y Average 29.2x202420252026
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 20.6x which is lower than its 3-year average PE of 29.2x.
  • The 3-year average PS ratio of 3.8x 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 8.9% per year over the last three years.
  • Revenues for these companies have grown 12% 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-0.17%
Tech0.89%
Semiconductors12.00%
Communications3.16%
Tech Hardware1.69%
Electronic Equipment and Components1.20%
Software0.86%
IT0.045%
Industry PE
  • Investors are most optimistic about the Tech Hardware industry even though it's trading below its 3-year average PE ratio of 112x.
    • 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 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
WAAREEENER Waaree Energies₹3.17k16.1%
+₹126.4b		34.6%PE27.9x
TECHM Tech Mahindra₹1.38k3.9%
+₹46.1b		-1.7%PE26.5x
PREMIERENE Premier Energies₹864.7510.6%
+₹37.6b		-5.6%PE29.4x
INFY Infosys₹1.26k0.6%
+₹30.8b		-21.1%PE16.9x
LTM LTM₹4.30k2.2%
+₹27.4b		-4.9%PE26.8x

Latest News

WAAREEENER
₹3,165.90
Waaree Energies
7D
16.1%
1Y
34.6%
EMMVEE
₹228.57
Emmvee Photovoltaic Power
7D
14.1%
1Y
n/a
526299
₹2,092.05
Mphasis
7D
-1.0%
1Y
-13.9%

AI Modernization Pipeline Will Shape Banking Exposure And Margin Stability

Catalysts About Mphasis Mphasis is an IT services company that provides application, infrastructure and AI led solutions to global clients, with a large presence in banking, financial services and insurance. What are the underlying business or industry changes driving this perspective?
507685
₹191.05
Wipro
7D
-3.3%
1Y
-27.7%

AI Adoption And Vendor Consolidation Will Drive Stronger Long Term Earnings Quality

Catalysts About Wipro Wipro is a global IT services and consulting company that provides technology, engineering and business process solutions to clients across multiple industries and regions. What are the underlying business or industry changes driving this perspective?
532493
₹891.15
Astra Microwave Products
7D
-9.0%
1Y
26.2%

532493: Future Restructuring And Defence Collaboration Will Support Bullish Outlook

Analysts now estimate fair value for Astra Microwave Products at about ₹1,448, up from ₹1,190, reflecting updated assumptions for revenue growth, profit margins, discount rate and future P/E. What's in the News A board meeting is scheduled for February 27, 2026 to consider and approve a restructuring of the company’s business undertakings (company filing).
INFY
₹1,255.90
Infosys
7D
0.6%
1Y
-21.1%
TCS
₹2,390.60
Tata Consultancy Services
7D
-0.8%
1Y
-33.2%

TCS: AI Partnerships And New Outsourcing Wins Will Support Future Upside

Analysts now see slightly less upside for Tata Consultancy Services, trimming their price target from ₹3,583.72 to ₹3,497.86. They are factoring in a marginally higher discount rate and a modestly lower future P/E, while keeping revenue growth and profit margin expectations broadly steady.
532175
₹825.05
Cyient
7D
-5.1%
1Y
-37.3%

532175: Future Returns Will Likely Reflect Governance Changes And Expansion Plans

Analysts have trimmed their price target on Cyient from ₹1,000 to ₹930, citing updated assumptions that include a slightly higher discount rate, a modestly different revenue growth outlook, a small change in projected profit margins, and a revised future P/E expectation. What's in the News Board meeting scheduled on Mar 3, 2026 to consider appointing Shrinivas Kulkarni as Chief Financial Officer from Apr 1, 2026, with current CFO Prabhakar Atla proposed to move to Chief Operating Officer on the same date (Board Meeting).
LTM
₹4,298.80
LTM
7D
2.2%
1Y
-4.9%

LTM: AI Tax Analytics Mandate Will Drive Future Upside Potential

Analysts have trimmed their price target on LTIMindtree from ₹6,376.75 to ₹6,219.67. This reflects small shifts in assumptions around the discount rate, long term revenue growth, profit margin and future P/E multiples.
REDINGTON
₹217.35
Redington
7D
-7.3%
1Y
-13.1%

REDINGTON: Upcoming Board Review Will Support Confident Earnings And P/E Outlook

The analyst price target for Redington has been trimmed by ₹5 to ₹300 per share, as analysts update their assumptions around the discount rate, revenue growth, profit margin and future P/E to reflect a slightly adjusted risk and earnings profile. What's in the News Redington has scheduled a board meeting for Feb 4, 2026 to consider and approve the unaudited standalone financial results for the quarter and nine months ended Dec 31, 2025 (company announcement).
TECHM
₹1,384.80
Tech Mahindra
7D
3.9%
1Y
-1.7%

TECHM: AI Partnerships And Margin Discipline Will Support Future Upside

Analysts have inched up their fair value estimate for Tech Mahindra to ₹2,196 from ₹2,182, reflecting slightly higher assumptions for revenue growth, profit margins and the future P/E multiple in their updated price target work. Analyst Commentary Bullish analysts are reading the recent tweak to Tech Mahindra's fair value estimate as a sign that assumptions around growth, profitability and the P/E multiple still support a constructive view on the stock.
HCLTECH
₹1,333.70
HCL Technologies
7D
0.6%
1Y
-14.9%

HCLTECH: AI Partnerships And New Client Wins Will Support Upside Potential

Analysts have trimmed their price target for HCL Technologies by about ₹27 to roughly ₹1,740. This reflects small tweaks to fair value estimates, discount rate assumptions and expected future P/E levels, while keeping revenue growth and profit margin expectations broadly in line with earlier views.
523610
₹270.40
ITI
7D
11.5%
1Y
3.5%
PREMIERENE
₹864.75
Premier Energies
7D
10.6%
1Y
-5.6%

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Feb 15
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517174
₹28,366.55
Honeywell Automation India
7D
-5.7%
1Y
-16.4%
STYL
₹231.40
Seshaasai Technologies
7D
-7.5%
1Y
n/a