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Indian (NIFTY) IT Industry Analysis

UpdatedApr 28, 2026
DataAggregated Company Financials
Companies162
  • 7D-7.2%
  • 3M-23.8%
  • 1Y-21.5%
  • YTD-24.3%

In the last week, the IT industry is down 9.7% with Infosys down the most at 11%. The industry has fallen 23% in the last year. Looking forward, earnings are forecast to grow by 8.7% annually.

Industry Valuation and Performance

Has the Indian IT Industry valuation changed over the past few years?

DateMarket CapRevenueEarningsPEAbsolute PEPS
Tue, 28 Apr 2026₹24.9t₹9.2t₹1.3t22.8x18.8x2.7x
Thu, 26 Mar 2026₹25.2t₹9.0t₹1.3t19.9x19.4x2.8x
Sat, 21 Feb 2026₹27.5t₹8.9t₹1.3t22x21.4x3.1x
Mon, 19 Jan 2026₹33.3t₹8.9t₹1.3t25x26x3.8x
Wed, 17 Dec 2025₹32.8t₹8.8t₹1.3t25.1x25x3.7x
Fri, 14 Nov 2025₹31.8t₹8.7t₹1.3t27x24.4x3.7x
Sun, 12 Oct 2025₹30.9t₹8.6t₹1.3t27.7x23.9x3.6x
Tue, 09 Sep 2025₹30.0t₹8.5t₹1.3t26x23.3x3.5x
Thu, 07 Aug 2025₹30.0t₹8.5t₹1.3t27.6x23.4x3.5x
Sat, 05 Jul 2025₹34.0t₹8.3t₹1.3t30x27.2x4.1x
Mon, 02 Jun 2025₹33.1t₹8.3t₹1.3t29.5x26.5x4x
Wed, 30 Apr 2025₹32.0t₹8.3t₹1.3t26.7x25.6x3.9x
Fri, 28 Mar 2025₹33.4t₹8.2t₹1.3t27x26.7x4.1x
Sun, 23 Feb 2025₹36.1t₹8.3t₹1.3t29x28.7x4.4x
Tue, 21 Jan 2025₹37.5t₹8.1t₹1.2t34.7x30.2x4.6x
Thu, 19 Dec 2024₹40.4t₹8.0t₹1.2t37.8x33.6x5.1x
Sat, 16 Nov 2024₹37.9t₹8.0t₹1.2t38.2x31.6x4.8x
Mon, 14 Oct 2024₹38.0t₹7.9t₹1.2t41.4x32.4x4.8x
Wed, 11 Sep 2024₹39.1t₹7.8t₹1.2t41.1x33.4x5x
Fri, 09 Aug 2024₹35.5t₹7.8t₹1.2t38.8x30.4x4.5x
Sun, 07 Jul 2024₹34.7t₹7.7t₹1.1t39.9x30.4x4.5x
Tue, 04 Jun 2024₹30.6t₹7.7t₹1.1t34.1x26.9x4x
Thu, 02 May 2024₹31.4t₹7.7t₹1.1t38.8x27.7x4.1x
Sat, 30 Mar 2024₹32.6t₹7.7t₹1.1t32.7x29.3x4.2x
Mon, 26 Feb 2024₹35.2t₹7.7t₹1.1t37.6x31.8x4.6x
Wed, 24 Jan 2024₹34.1t₹7.8t₹1.1t41.1x29.9x4.4x
Fri, 22 Dec 2023₹33.0t₹7.8t₹1.1t42.1x28.9x4.2x
Sun, 19 Nov 2023₹30.2t₹7.7t₹1.1t37.3x26.6x3.9x
Tue, 17 Oct 2023₹29.9t₹7.6t₹1.1t37.5x26.3x3.9x
Thu, 14 Sep 2023₹30.5t₹7.6t₹1.1t36.2x27.2x4x
Sat, 12 Aug 2023₹28.8t₹50.3t-₹25,483,895,807,316.0037.7x-1.1x0.6x
Mon, 10 Jul 2023₹27.9t₹7.4t₹1.1t32.7x25.4x3.8x
Wed, 07 Jun 2023₹27.2t₹7.4t₹1.1t30x24.7x3.7x
Fri, 05 May 2023₹26.6t₹7.4t₹1.1t25.8x24.1x3.6x
Price to Earnings Ratio

24.1x


Total Market Cap: ₹26.6tTotal Earnings: ₹1.1tTotal Revenue: ₹7.4tTotal Market Cap vs Earnings and Revenue0%0%0%
Indian IT Industry Price to Earnings3Y Average 27.1x202420252026
Current Industry PE
  • Investors are pessimistic on the Indian IT 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 18.4x which is lower than its 3-year average PE of 27.1x.
  • The 3-year average PS ratio of 4.0x is higher than the industry's current PS ratio of 2.7x.
Past Earnings Growth
  • The earnings for companies in the IT industry have grown 6.3% per year over the last three years.
  • Revenues for these companies have grown 7.7% 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 industry?

IN Market0.47%
Tech-5.06%
IT-7.20%
Internet Services and Infrastructure9.86%
Data Processing Services-3.13%
IT Consulting-7.24%
Industry PE
  • Investors are most optimistic about the Internet Services and Infrastructure industry which is trading above its 3-year average PE ratio of 160x.
    • It looks like they are confident that earnings will grow faster in the future than they have historically.
  • Investors are most pessimistic about the IT Consulting industry, which is trading below its 3-year average of 27.1x.
Forecasted Growth
  • Analysts are most optimistic on the Data Processing Services industry, expecting annual earnings growth of 16% over the next 5 years.
  • This is better than its past earnings growth rate of 11% per year.
  • In contrast, the IT Consulting industry is expected to see its earnings grow by 8.7% 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
507685 Wipro₹205.051.3%
+₹27.8b		-14.7%PE16.3x
500463 Black Box₹579.409.9%
+₹9.7b		46.6%PE50.4x
E2E E2E Networks₹3.05k12.5%
+₹6.8b		32.1%PS25x
TATATECH Tata Technologies₹592.802.8%
+₹6.6b		-16.0%PE45.3x
SILVERTUC Silver Touch Technologies₹146.2318.6%
+₹2.9b		84.6%PE58.4x

Latest News

SILVERTUC
₹146.23
Silver Touch Technologies
7D
18.6%
1Y
84.6%
526299
₹2,265.65
Mphasis
7D
-6.2%
1Y
-9.5%

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

Analysts have maintained their overall fair value estimate for Mphasis at ₹2,716.83 per share, while modest tweaks to discount rate, revenue growth, profit margin and future P/E assumptions explain the minor adjustment in their price target narrative. What's in the News Mphasis reported the successful completion of a large-scale technology modernization program for Flagstar Bank, N.A., including the consolidation of six legacy data centers into two next generation facilities in roughly twelve months, creation of a new cloud platform, and migration of hundreds of business critical applications with zero downtime (Key Developments).
TECHM
₹1,396.10
Tech Mahindra
7D
-7.2%
1Y
-4.5%
INFY
₹1,170.30
Infosys
7D
-10.8%
1Y
-21.0%

INFY: AI Consulting And AI Partnerships Will Support 2026 IT Spending Turnaround

Analysts have trimmed Infosys's fair value estimate from ₹1,592.15 to ₹1,492.25, citing Street research that reflects more cautious assumptions on revenue growth and discount rates. This is partly offset by steady profit margin expectations and a slightly lower future P/E.
HCLTECH
₹1,228.20
HCL Technologies
7D
-14.0%
1Y
-20.7%
PERSISTENT
₹4,817.50
Persistent Systems
7D
-9.5%
1Y
-8.9%

Earnings Update: Persistent Systems Limited (NSE:PERSISTENT) Just Reported Its Yearly Results And Analysts Are Updating Their Forecasts

Apr 24
Earnings Update: Persistent Systems Limited (NSE:PERSISTENT) Just Reported Its Yearly Results And Analysts Are Updating Their Forecasts
LTM
₹4,346.00
LTM
7D
-7.8%
1Y
-3.1%

LTM: AI Tax Platform And Airline Oil Resilience Will Support Upside

The updated analyst price target on LTM is now set at ₹5,302.63, compared with the prior fair value estimate of ₹5,435.49, as analysts factor in slightly lower revenue growth and profit margin expectations, along with higher future P/E assumptions supported by recent upgrades from several global banks. Analyst Commentary Recent Street research on Latam Airlines has been active, with several upgrades and a fresh price target cut feeding into the updated fair value for LTM.
COFORGE
₹1,202.40
Coforge
7D
-6.7%
1Y
-18.5%
E2E
₹3,048.00
E2E Networks
7D
12.5%
1Y
32.1%
MASTEK
₹1,735.70
Mastek
7D
3.1%
1Y
-18.7%

Analysts Have Made A Financial Statement On Mastek Limited's (NSE:MASTEK) Yearly Report

Apr 22
Analysts Have Made A Financial Statement On Mastek Limited's (NSE:MASTEK) Yearly Report
TCS
₹2,447.60
Tata Consultancy Services
7D
-5.1%
1Y
-28.9%

TCS: AI Alliances And Dividend Visibility Will Drive Future Upside

Analysts have adjusted their price target for Tata Consultancy Services from ₹3,107.05 to ₹2,948.19, citing updates to discount rate assumptions, revenue growth expectations, profit margin projections and the P/E multiple applied to future earnings. What's in the News Nokian Tyres is expanding its cooperation with Tata Consultancy Services, transferring maintenance and development of IT applications and on-site support for internal operations to TCS from June 1, 2026, as part of Nokian Tyres' broader IT transformation (Key Developments).
539843
₹508.90
NINtec Systems
7D
8.4%
1Y
13.4%
500463
₹579.40
Black Box
7D
9.9%
1Y
46.6%

500463: Upcoming Board Meeting And Refined Assumptions Will Shape Fair Outlook

The analyst price target for Black Box has shifted modestly lower to ₹572.5 from ₹585, with analysts pointing to slightly adjusted assumptions on discount rate, revenue growth, profit margin and forward P/E to justify the new level. What's in the News A board meeting is scheduled for February 11, 2026, at 19:45 Indian Standard Time to review and approve the draft unaudited standalone and consolidated financial results for the quarter and period ended December 31, 2025 (company filing).
534535
₹9.15
String Metaverse
7D
14.8%
1Y
-4.2%
TATATECH
₹592.80
Tata Technologies
7D
2.8%
1Y
-16.0%

TATATECH: Safety Focus And Battery Compliance Will Support Balanced Long Term Outlook

Analysts have revised their fair value estimate for Tata Technologies from about ₹632 to about ₹606, reflecting updated assumptions on the discount rate, revenue growth, profit margins and future P/E expectations. What's in the News Upcoming board meeting scheduled for May 4, 2026, to consider and approve audited standalone and consolidated financial results for the quarter and year ended March 31, 2026, and to recommend a dividend on equity shares, if any, for shareholder approval at the next AGM (Board Meeting).
507685
₹205.05
Wipro
7D
1.3%
1Y
-14.7%