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Indian (NIFTY) IT Industry Analysis

UpdatedJun 06, 2026
DataAggregated Company Financials
Companies160
  • 7D-0.7%
  • 3M-6.7%
  • 1Y-26.4%
  • YTD-26.5%

Over the last 7 days, the IT industry has remained flat, although notably Infosys gained 3.2%. Unfortunately though, the industry is down 26% over the past 12 months. Earnings are forecast to grow by 8.5% annually.

Industry Valuation and Performance

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

DateMarket CapRevenueEarningsPEAbsolute PEPS
Sat, 06 Jun 2026₹24.3t₹9.2t₹1.3t23x18.2x2.6x
Mon, 04 May 2026₹25.0t₹9.2t₹1.3t22.6x18.9x2.7x
Wed, 01 Apr 2026₹24.6t₹9.0t₹1.3t19.2x19x2.7x
Fri, 27 Feb 2026₹26.4t₹8.9t₹1.3t21.5x20.6x3x
Sun, 25 Jan 2026₹32.5t₹8.9t₹1.3t24.5x25.3x3.6x
Tue, 23 Dec 2025₹33.8t₹8.7t₹1.3t25.7x25.9x3.9x
Thu, 20 Nov 2025₹32.2t₹8.7t₹1.3t26.1x24.7x3.7x
Sat, 18 Oct 2025₹30.3t₹8.6t₹1.3t27.3x23.4x3.5x
Mon, 15 Sep 2025₹31.4t₹8.5t₹1.3t26.9x24.3x3.7x
Wed, 13 Aug 2025₹30.2t₹8.5t₹1.3t27.3x23.5x3.5x
Fri, 11 Jul 2025₹33.5t₹8.3t₹1.3t30.3x26.7x4x
Sun, 08 Jun 2025₹32.9t₹8.3t₹1.3t29.2x26.2x3.9x
Tue, 06 May 2025₹32.0t₹8.3t₹1.2t27.1x25.7x3.9x
Thu, 03 Apr 2025₹32.5t₹8.2t₹1.3t27.2x25.9x3.9x
Sat, 01 Mar 2025₹33.2t₹8.3t₹1.3t26x26.3x4x
Mon, 27 Jan 2025₹38.3t₹8.1t₹1.2t34.4x30.9x4.7x
Wed, 25 Dec 2024₹38.7t₹8.0t₹1.2t35.5x32.2x4.8x
Fri, 22 Nov 2024₹37.4t₹8.0t₹1.2t34.5x31.2x4.7x
Sun, 20 Oct 2024₹37.8t₹7.9t₹1.2t39.9x31.6x4.8x
Tue, 17 Sep 2024₹39.6t₹7.8t₹1.2t41.6x33.9x5x
Thu, 15 Aug 2024₹36.6t₹7.8t₹1.2t38.2x31.4x4.7x
Sat, 13 Jul 2024₹36.0t₹7.8t₹1.2t37.7x31.2x4.6x
Mon, 10 Jun 2024₹32.8t₹7.7t₹1.1t33.1x28.7x4.2x
Wed, 08 May 2024₹31.9t₹7.7t₹1.1t36.9x28.1x4.1x
Fri, 05 Apr 2024₹33.3t₹7.7t₹1.1t36.9x29.9x4.3x
Sun, 03 Mar 2024₹35.0t₹7.7t₹1.1t35.8x31.5x4.5x
Tue, 30 Jan 2024₹34.1t₹7.8t₹1.1t41.4x30.1x4.4x
Thu, 28 Dec 2023₹33.7t₹7.8t₹1.1t42x29.5x4.3x
Sat, 25 Nov 2023₹30.0t₹7.7t₹1.1t37x26.5x3.9x
Mon, 23 Oct 2023₹29.5t₹7.7t₹1.1t41.1x26x3.9x
Wed, 20 Sep 2023₹30.7t₹7.6t₹1.1t37.4x27.3x4.1x
Fri, 18 Aug 2023₹29.0t₹7.6t₹1.1t35x25.8x3.8x
Sun, 16 Jul 2023₹29.1t₹7.5t₹1.1t32.3x26x3.9x
Tue, 13 Jun 2023₹27.3t₹7.4t₹1.1t32.8x24.8x3.7x
Price to Earnings Ratio

24.8x


Total Market Cap: ₹27.3tTotal Earnings: ₹1.1tTotal Revenue: ₹7.4tTotal Market Cap vs Earnings and Revenue0%0%0%
Indian IT Industry Price to Earnings3Y Average 26.9x202420252026
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 18.2x which is lower than its 3-year average PE of 26.9x.
  • The 3-year average PS ratio of 4.0x is higher than the industry's current PS ratio of 2.6x.
Past Earnings Growth
  • The earnings for companies in the IT industry have grown 6.6% 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 Market-0.83%
Tech0.052%
IT-0.74%
Internet Services and Infrastructure13.13%
IT Consulting-0.79%
Data Processing Services-1.87%
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 67.1x.
    • Analysts are expecting annual earnings growth of 15.5%, 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 16% 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 8.5% 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
INFY Infosys₹1.20k3.2%
+₹148.1b		-23.4%PE15.4x
TATATECH Tata Technologies₹771.209.3%
+₹26.8b		1.7%PE57.3x
E2E E2E Networks₹452.9015.5%
+₹12.2b		65.8%PS37.1x
526299 Mphasis₹2.33k2.7%
+₹11.5b		-8.5%PE23.9x
HEXT Hexaware Technologies₹526.003.5%
+₹11.0b		-36.0%PE23x

Latest News

532365
₹1,287.25
Dynacons Systems & Solutions
7D
-26.3%
1Y
17.6%
TCS
₹2,198.90
Tata Consultancy Services
7D
-2.7%
1Y
-35.0%
Narrative Update • Jun 05

TCS: Expanding AI Partnerships Will Drive Future Upside Potential

Analysts have trimmed their fair value estimate for Tata Consultancy Services slightly, with the price target moving from about ₹2,948 to around ₹2,940, reflecting updated assumptions on the discount rate, revenue growth, profit margins and future P/E expectations. What's in the News QAD | Redzone, Amazon Web Services and Tata Consultancy Services (TCS) announced an expanded collaboration to offer a combined manufacturing platform that uses agentic AI, modern ERP and cloud infrastructure to help mid market manufacturers modernize operations, with TCS acting as the architect for phased ERP transformation and integration.
TATATECH
₹771.20
Tata Technologies
7D
9.3%
1Y
1.7%
Narrative Update • Jun 05

TATATECH: Lower Margins And One Time Dividend Will Constrain Future Returns

Analysts have lifted their fair value estimate for Tata Technologies from ₹605.71 to ₹621.79 as they factor in a lower discount rate, slightly adjusted revenue growth and profit margin assumptions, and a marginally higher future P/E multiple. What's in the News Tata Technologies has scheduled a board meeting for May 4, 2026 to consider and approve audited standalone and consolidated financial results for the quarter and financial year ended March 31, 2026, and to consider recommending a dividend on equity shares for shareholder approval at the AGM (source, Key Developments).
507685
₹198.35
Wipro
7D
-2.9%
1Y
-20.2%
COFORGE
₹1,435.50
Coforge
7D
1.0%
1Y
-19.1%
INFY
₹1,197.50
Infosys
7D
3.2%
1Y
-23.4%
Narrative Update • Jun 03

INFY: AI Services Expansion Will Support Margins Despite Recent Model Fine Tuning

Infosys' updated analyst price target edges down by about ₹1 to roughly ₹1,461 as analysts factor in slightly softer revenue growth assumptions, a modestly lower future P/E and a small uptick in expected profit margins. Analyst Commentary Recent Street research on Infosys has focused on fine tuning valuation assumptions, with several firms trimming their price targets in relatively small increments.
HEXT
₹526.00
Hexaware Technologies
7D
3.5%
1Y
-36.0%
511144
₹320.65
Axis Solutions
7D
27.6%
1Y
n/a
HCLTECH
₹1,154.70
HCL Technologies
7D
-2.5%
1Y
-29.5%
Narrative Update • Jun 02

HCLTECH: Expanding AI Collaboration With Cloud Partner Will Drive Measured Upside

Analysts have reduced their price target on HCL Technologies from ₹1,561.48 to ₹1,427.38, citing updated assumptions for revenue growth, profit margins, discount rate and future P/E that now point to a lower fair value estimate. What's in the News HCL Technologies has expanded its collaboration with Google Cloud to support enterprise adoption of Agentic AI, using Gemini Enterprise and Gemini models to build custom AI agents and integrating its AI Force platform with Google tools, with a plan to grow its Google Cloud certified workforce from 12,000 to over 35,000 within three years.
LTM
₹4,027.20
LTM
7D
-0.8%
1Y
-22.6%
Narrative Update • Jun 02

LTM: AI Offerings And Oil Shock Resilience Will Support Upside

Narrative Update on LTM The updated analyst price target for LTM is now set at ₹4,865.87, down from ₹5,302.63. Analysts cite revised assumptions for the discount rate, revenue growth, profit margins, and future P/E following mixed recent rating and target changes across major firms.
500463
₹1,073.60
Black Box
7D
2.8%
1Y
91.2%
532175
₹877.40
Cyient
7D
-2.6%
1Y
-33.9%
PERSISTENT
₹5,038.50
Persistent Systems
7D
-3.0%
1Y
-11.2%
Narrative Update • May 28

PERSISTENT: AI Partnerships And Dividend Payout Will Support Balanced Future Outlook

Analysts have trimmed their price target on Persistent Systems from about ₹6,603 to roughly ₹5,597, reflecting updated assumptions around discount rates, revenue growth, profit margins, and a lower future P/E of about 43x. What's in the News Persistent is collaborating with the Indian Institute of Management Ahmedabad on the "AI Value Compass" framework, aimed at helping enterprises prioritize and scale AI investments across areas such as business alignment, people readiness, operations, data and governance.
516038
₹185.50
KS Smart Technologies
7D
-12.7%
1Y
n/a
526299
₹2,329.35
Mphasis
7D
2.7%
1Y
-8.5%
Narrative Update • May 12

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

Analysts have trimmed their fair value estimate for Mphasis from about ₹2,716.83 to roughly ₹2,646.33. This reflects updated assumptions around the stock's discount rate, revenue growth outlook, profit margin profile, and future P/E multiple.
E2E
₹452.90
E2E Networks
7D
15.5%
1Y
65.8%