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Indian (NIFTY) IT Industry Analysis

UpdatedMar 16, 2026
DataAggregated Company Financials
Companies161
  • 7D-3.8%
  • 3M-24.6%
  • 1Y-23.1%
  • YTD-24.3%

Over the last 7 days, the IT industry has dropped 3.8%, driven by a pullback from Tata Consultancy Services of 4.8%. However, the industry is down 23% over the past year. Earnings are forecast to grow by 10% annually.

Industry Valuation and Performance

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

DateMarket CapRevenueEarningsPEAbsolute PEPS
Wed, 18 Mar 2026₹24.9t₹9.0t₹1.3t20.2x19.3x2.8x
Fri, 13 Feb 2026₹28.3t₹8.9t₹1.3t23.3x22.2x3.2x
Sun, 11 Jan 2026₹32.7t₹8.7t₹1.3t25.2x24.9x3.7x
Tue, 09 Dec 2025₹33.2t₹8.7t₹1.3t25.3x25.4x3.8x
Thu, 06 Nov 2025₹30.6t₹8.7t₹1.3t27.6x23.6x3.5x
Sat, 04 Oct 2025₹29.6t₹8.6t₹1.3t25.7x22.9x3.4x
Mon, 01 Sep 2025₹30.6t₹8.5t₹1.3t25.9x23.8x3.6x
Wed, 30 Jul 2025₹30.7t₹8.5t₹1.3t28.8x24.1x3.6x
Fri, 27 Jun 2025₹34.0t₹8.3t₹1.3t30x27.2x4.1x
Sun, 25 May 2025₹33.2t₹8.3t₹1.3t28.5x26.5x4x
Tue, 22 Apr 2025₹30.6t₹8.3t₹1.2t27.3x24.6x3.7x
Thu, 20 Mar 2025₹32.4t₹8.3t₹1.3t25.5x25.8x3.9x
Sat, 15 Feb 2025₹36.5t₹8.2t₹1.2t29.1x29.3x4.5x
Mon, 13 Jan 2025₹39.6t₹8.1t₹1.2t34.7x32.4x4.9x
Wed, 11 Dec 2024₹40.4t₹8.0t₹1.2t37x33.6x5.1x
Fri, 08 Nov 2024₹37.6t₹8.0t₹1.2t38.6x31.4x4.7x
Sun, 06 Oct 2024₹38.0t₹7.8t₹1.2t37.9x32.5x4.8x
Tue, 03 Sep 2024₹39.4t₹7.8t₹1.2t40.2x33.7x5x
Thu, 01 Aug 2024₹37.6t₹7.8t₹1.2t41.7x32.2x4.8x
Sat, 29 Jun 2024₹33.5t₹7.7t₹1.1t35.2x29.3x4.3x
Mon, 27 May 2024₹31.7t₹7.7t₹1.1t35.5x27.9x4.1x
Wed, 24 Apr 2024₹32.0t₹7.7t₹1.1t37.6x28.1x4.1x
Fri, 22 Mar 2024₹33.6t₹7.7t₹1.1t33.4x30.3x4.4x
Sun, 18 Feb 2024₹35.6t₹7.7t₹1.1t38.7x32.1x4.6x
Tue, 16 Jan 2024₹34.9t₹7.8t₹1.1t44.4x30.7x4.5x
Thu, 14 Dec 2023₹31.5t₹7.8t₹1.1t42.3x27.6x4x
Sat, 11 Nov 2023₹28.8t₹7.7t₹1.1t38.6x25.4x3.7x
Mon, 09 Oct 2023₹30.2t₹7.6t₹1.1t38.3x26.9x4x
Wed, 06 Sep 2023₹29.8t₹7.6t₹1.1t37.9x26.5x3.9x
Fri, 04 Aug 2023₹28.2t₹7.5t₹1.1t36.3x25.1x3.7x
Sun, 02 Jul 2023₹27.9t₹7.4t₹1.1t33.6x25.4x3.8x
Tue, 30 May 2023₹27.7t₹7.4t₹1.1t25.5x25x3.7x
Thu, 27 Apr 2023₹26.0t₹7.2t₹1.1t24.9x23.9x3.6x
Sat, 25 Mar 2023₹26.4t₹7.1t₹1.1t23.8x24.5x3.7x
Price to Earnings Ratio

24.5x


Total Market Cap: ₹26.4tTotal Earnings: ₹1.1tTotal Revenue: ₹7.1tTotal Market Cap vs Earnings and Revenue0%0%0%
Indian IT Industry Price to Earnings3Y Average 27.3x202420252026
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 19.3x which is lower than its 3-year average PE of 27.3x.
  • The 3-year average PS ratio of 4.1x is higher than the industry's current PS ratio of 2.8x.
Past Earnings Growth
  • The earnings for companies in the IT industry have grown 6.1% per year over the last three years.
  • Revenues for these companies have grown 8.2% 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 Market-4.42%
Tech-3.48%
IT-3.85%
Internet Services and Infrastructure-0.11%
Data Processing Services-0.54%
IT Consulting-3.86%
Industry PE
  • Investors are most optimistic about the Internet Services and Infrastructure industry which is trading above its 3-year average PE ratio of 90.5x.
    • 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 27.3x.
Forecasted Growth
  • Analysts are most optimistic on the Data Processing Services industry, expecting annual earnings growth of 17% 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 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₹1.34k0.4%
+₹4.6b		-6.2%PE25.7x
504067 Zensar Technologies₹566.550.9%
+₹1.2b		-15.1%PE17.4x
538734 Ceinsys Tech₹931.657.1%
+₹1.1b		-33.9%PE14.1x
500463 Black Box₹515.601.1%
+₹1.0b		48.1%PE41.4x
511144 Axis Solutions₹188.205.0%
+₹423.0m		n/aPE34.6x

Latest News

OPTIVALUE
₹78.60
Optivalue Tek Consulting
7D
13.9%
1Y
n/a
507685
₹191.25
Wipro
7D
-4.8%
1Y
-26.8%

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?
INFY
₹1,232.90
Infosys
7D
-4.8%
1Y
-23.4%
COFORGE
₹1,073.90
Coforge
7D
-5.7%
1Y
-29.0%

COFORGE: AI Platforms And Margins Will Guide Balanced Return Potential

Analysts have reduced their price target for Coforge from about ₹1,308 to around ₹1,145 as they reset fair value and P/E assumptions, while making only modest tweaks to growth and margin forecasts. What's in the News Coforge launched and later advanced its Coforge Data Cosmos platform, an AI-enabled, cloud-native data and analytics offering structured around five portfolios, with 55+ IPs, 38 AI agents, and sector focused Galaxy solutions across areas such as banking, insurance, travel, healthcare and public sector (Key Developments).
TCS
₹2,391.70
Tata Consultancy Services
7D
-4.8%
1Y
-32.7%

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.
PERSISTENT
₹4,529.40
Persistent Systems
7D
-6.2%
1Y
-14.7%

PERSISTENT: Dividend Payout And AI Expansion Will Support Upbeat Outlook

Analysts have trimmed their price target on Persistent Systems from about ₹6,818 to roughly ₹6,603, mainly reflecting a slightly higher discount rate applied to broadly unchanged expectations for revenue growth, profit margins, and future P/E multiples. What's in the News Persistent Systems launched a Melbourne Innovation Center as a hub for AI driven enterprise reinvention across Australia and New Zealand, with plans to grow local engineering and AI capabilities through hiring, partnerships, hackathons and skilling programs under Persistent University (Key Developments).
LTM
₹4,189.20
LTIMindtree
7D
-3.1%
1Y
-5.8%

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.
504067
₹566.55
Zensar Technologies
7D
0.9%
1Y
-15.1%

504067: Large Deal, Mastek Talks And Interim Dividend Will Shape Balanced Outlook

Analysts have trimmed their price target on Zensar Technologies from about ₹679 to about ₹555, citing more measured revenue growth expectations, slightly stronger profit margins, and a lower assumed future P/E multiple. What's in the News Zensar Technologies secured a large 5.5-year framework deal with an expected revenue of $210 million from a large financial company, focused on redesigning work delivery across the enterprise using AI led automation (Client announcement).
TECHM
₹1,341.80
Tech Mahindra
7D
0.4%
1Y
-6.2%

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.
TECHD
₹506.00
TechD Cybersecurity
7D
6.0%
1Y
n/a
526299
₹2,073.80
Mphasis
7D
-6.1%
1Y
-9.7%

AI Agent Adoption In BFSI Will Transform This IT Services Leader

Catalysts About Mphasis Mphasis is an IT services company focused on application development, modernization, cloud and AI led transformation for global enterprises, with a strong presence in BFSI and insurance. What are the underlying business or industry changes driving this perspective?
HCLTECH
₹1,321.10
HCL Technologies
7D
-3.0%
1Y
-15.2%

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.
538734
₹931.65
Ceinsys Tech
7D
7.1%
1Y
-33.9%
500463
₹515.60
Black Box
7D
1.1%
1Y
48.1%
511144
₹188.20
Axis Solutions
7D
5.0%
1Y
n/a
590057
₹18.39
Equippp Social Impact Technologies
7D
12.5%
1Y
-11.0%