Investing IdeasBrowse All StocksMarkets
Have your own idea? Try our Stock Screener
Header cover image

Indian (NIFTY) IT Industry Analysis

UpdatedJul 17, 2026
DataAggregated Company Financials
Companies163
  • 7D5.0%
  • 3M-12.2%
  • 1Y-26.6%
  • YTD-27.9%

In the last week, the IT industry is up 5.0%, with Tata Consultancy Services up 9.7%. In the same time, Black Box was down 11%. In the past year, the industry is down 27%. Earnings are forecast to grow by 8.4% annually.

Industry Valuation and Performance

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

DateMarket CapRevenueEarningsPEAbsolute PEPS
Fri, 17 Jul 2026₹23.8t₹9.4t₹1.4t23x17.5x2.5x
Sun, 14 Jun 2026₹23.3t₹9.3t₹1.3t22.7x17.4x2.5x
Tue, 12 May 2026₹24.9t₹9.2t₹1.3t22.3x18.7x2.7x
Thu, 09 Apr 2026₹26.8t₹9.0t₹1.3t21.8x20.8x3x
Sat, 07 Mar 2026₹25.9t₹8.9t₹1.3t20.5x20.1x2.9x
Mon, 02 Feb 2026₹32.5t₹8.9t₹1.3t24.6x25.3x3.6x
Wed, 31 Dec 2025₹32.8t₹8.7t₹1.3t25.5x25x3.8x
Fri, 28 Nov 2025₹32.3t₹8.7t₹1.3t25.6x24.7x3.7x
Sun, 26 Oct 2025₹31.2t₹8.6t₹1.3t27.6x24.1x3.6x
Tue, 23 Sep 2025₹30.9t₹8.5t₹1.3t27.2x24x3.6x
Thu, 21 Aug 2025₹31.1t₹8.5t₹1.3t27.5x24.2x3.7x
Sat, 19 Jul 2025₹32.2t₹8.4t₹1.3t29.9x25.5x3.8x
Mon, 16 Jun 2025₹33.7t₹8.4t₹1.3t30.3x26.9x4x
Wed, 14 May 2025₹33.0t₹8.3t₹1.3t27.4x26.4x4x
Fri, 11 Apr 2025₹29.4t₹8.3t₹1.3t24.7x23.4x3.6x
Sun, 09 Mar 2025₹33.8t₹8.3t₹1.3t26.6x26.8x4.1x
Tue, 04 Feb 2025₹37.3t₹8.2t₹1.2t32.5x29.9x4.6x
Thu, 02 Jan 2025₹38.4t₹8.0t₹1.2t35.2x31.8x4.8x
Sat, 30 Nov 2024₹38.6t₹8.0t₹1.2t37.5x32.2x4.8x
Mon, 28 Oct 2024₹37.4t₹8.0t₹1.2t36.1x31.2x4.7x
Wed, 25 Sep 2024₹38.2t₹7.8t₹1.2t40x32.8x4.9x
Fri, 23 Aug 2024₹38.2t₹7.8t₹1.2t39.3x32.7x4.9x
Sun, 21 Jul 2024₹36.9t₹7.8t₹1.2t40.7x31.6x4.7x
Tue, 18 Jun 2024₹32.4t₹7.7t₹1.1t33.3x28.3x4.2x
Thu, 16 May 2024₹31.4t₹7.8t₹1.1t36.5x27.7x4.1x
Sat, 13 Apr 2024₹33.0t₹7.7t₹1.1t38.1x29.7x4.3x
Mon, 11 Mar 2024₹34.7t₹7.7t₹1.1t36.7x31.3x4.5x
Wed, 07 Feb 2024₹35.4t₹7.7t₹1.1t43.2x31.9x4.6x
Fri, 05 Jan 2024₹32.4t₹7.8t₹1.1t42.2x28.4x4.2x
Sun, 03 Dec 2023₹31.0t₹7.8t₹1.1t39.8x27.1x4x
Tue, 31 Oct 2023₹28.7t₹7.7t₹1.1t40.1x25.5x3.8x
Thu, 28 Sep 2023₹30.3t₹7.6t₹1.1t36.9x27x4x
Sat, 26 Aug 2023₹28.7t₹7.6t₹1.1t36x25.6x3.8x
Mon, 24 Jul 2023₹28.0t₹7.5t₹1.1t32.4x25x3.7x
Price to Earnings Ratio

25x


Total Market Cap: ₹28.0tTotal Earnings: ₹1.1tTotal Revenue: ₹7.5tTotal Market Cap vs Earnings and Revenue0%0%0%
Indian IT Industry Price to Earnings3Y Average 26.6x202420252026
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 17.5x which is lower than its 3-year average PE of 26.6x.
  • The 3-year average PS ratio of 3.9x is higher than the industry's current PS ratio of 2.5x.
Past Earnings Growth
  • The earnings for companies in the IT industry have grown 6.5% per year over the last three years.
  • Revenues for these companies have grown 7.9% 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 industry?

IN Market0.84%
Tech4.12%
IT4.98%
Internet Services and Infrastructure6.83%
IT Consulting4.98%
Data Processing Services3.31%
Industry PE
  • Investors are most optimistic about the Data Processing Services industry even though it's trading below its 3-year average PE ratio of 67.0x.
    • Analysts are expecting annual earnings growth of 15.4%, which is higher than its past year's earnings growth of 12.5% per year.
Forecasted Growth
  • Analysts are most optimistic on the Data Processing Services industry, expecting annual earnings growth of 15% over the next 5 years.
  • This is better than its past earnings growth rate of 13% per year.
  • In contrast, the IT Consulting industry is expected to see its earnings grow by 8.4% 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₹2.27k9.7%
+₹723.6b		-28.9%PE16.5x
INFY Infosys₹1.10k2.7%
+₹115.4b		-30.9%PE13.9x
HCLTECH HCL Technologies₹1.20k3.4%
+₹107.8b		-22.3%PE17.7x
TECHM Tech Mahindra₹1.57k8.1%
+₹104.6b		1.5%PE27.1x
PERSISTENT Persistent Systems₹5.18k2.6%
+₹19.4b		-6.6%PE41.5x

Latest News

PERSISTENT
₹5,183.90
Persistent Systems
7D
2.6%
1Y
-6.6%
526433
₹4,099.70
ASM Technologies
7D
-2.5%
1Y
40.9%
HAPPSTMNDS
₹379.65
Happiest Minds Technologies
7D
-1.7%
1Y
-39.4%
INFY
₹1,096.50
Infosys
7D
2.7%
1Y
-30.9%
Narrative Update • Jul 16

INFY: AI Spending Shift Will Shape Medium Term Upside Potential

Infosys' analyst fair value estimate has been revised lower to ₹1,704.72 from ₹1,773.34, reflecting a series of reduced Street price targets as analysts factor in muted near term growth expectations, an uncertain demand backdrop, and questions about how quickly the company can benefit from AI related spending. Analyst Commentary Recent Street research on Infosys points to a cautious but engaged stance from several firms, with price targets generally reset lower in response to softer near term growth expectations and a less certain demand backdrop.
TATATECH
₹758.05
Tata Technologies
7D
5.5%
1Y
6.4%
HCLTECH
₹1,203.90
HCL Technologies
7D
3.4%
1Y
-22.3%
TECHM
₹1,572.90
Tech Mahindra
7D
8.1%
1Y
1.5%
Narrative Update • Jul 15

TECHM: AI Partnerships And Dividend Payout Will Support Measured Medium Term Outlook

Analysts have reduced their fair value estimate for Tech Mahindra, with the target moving from ₹1,583 to ₹1,528. This change reflects slightly softer revenue growth and a modestly lower future P/E assumption, partly offset by a small uplift in expected profit margins and a reduced discount rate.
500463
₹823.30
Black Box
7D
-10.7%
1Y
56.4%
Narrative Update • Jul 15

500463: Alliance With AI Partner Will Drive Future Re-Rating Potential

Analysts have revised the Black Box price target from ₹625 to ₹1,000, citing updated assumptions around revenue growth, profit margins, and a higher future P/E multiple as key drivers of the change. What’s in the News for Black Box Black Box Limited entered a strategic alliance with AIONOS, an AI native enterprise technology company, to work with enterprises on AI transformation across infrastructure, OT/IoT connectivity, and applied AI platforms, with a focus on measurable business outcomes.
TCS
₹2,269.00
Tata Consultancy Services
7D
9.7%
1Y
-28.9%
HEXT
₹570.20
Hexaware Technologies
7D
3.6%
1Y
-33.8%
Narrative Update • Jul 10

HEXT: AI Partnerships And UK Expansion Will Support A Balanced Outlook

Analysts have lowered their price target for Hexaware Technologies from ₹801.67 to ₹554.00, citing updated assumptions around fair value, discount rate, revenue growth, profit margin and future P/E that together indicate a more conservative valuation framework. What’s in the News for Hexaware Technologies SmartRent, Inc.
526299
₹2,394.35
Mphasis
7D
3.2%
1Y
-15.4%
Narrative Update • Jul 08

526299: Dividend And AI Investments Will Drive Future Upside Potential

Analysts have reduced their fair value estimate for Mphasis from ₹3,521 to about ₹3,125, citing updated assumptions for the discount rate, revenue growth, profit margins, and future P/E multiples. What’s in the News for Mphasis Mphasis scheduled a board meeting on July 23, 2026 to consider and approve the audited standalone and consolidated financial results for the quarter ended June 30, 2026, and to take on record the auditor's report.
538891
₹28.40
Magellanic Cloud
7D
-3.4%
1Y
-66.4%
532365
₹1,214.00
Dynacons Systems & Solutions
7D
-8.2%
1Y
15.9%
531035
₹22.42
EBIX
7D
-12.4%
1Y
-56.0%
501421
₹3,304.70
TechNVision Ventures
7D
-8.2%
1Y
-11.8%
538734
₹904.55
Ceinsys Tech
7D
-3.2%
1Y
-37.4%