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Indian (NIFTY) IT Industry Analysis

UpdatedSep 22, 2026
DataAggregated Company Financials
Companies166
  • 7D-0.4%
  • 3M5.5%
  • 1Y-23.2%
  • YTD-27.7%

The IT is pretty flat in the last 7 days, but HCL Technologies has stood out, gaining 6.2%. Unfortunately though, the industry is down 26% over the past 12 months. As for the next few years, earnings are expected to grow by 9.0% per annum.

Industry Valuation and Performance

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

DateMarket CapRevenueEarningsPEAbsolute PEPS
Tue, 22 Sep 2026₹23.9t₹9.5t₹1.4t21.9x17.6x2.5x
Thu, 20 Aug 2026₹25.1t₹9.5t₹1.4t20.9x18.5x2.6x
Sat, 18 Jul 2026₹24.1t₹9.5t₹1.4t23.1x17.8x2.6x
Mon, 15 Jun 2026₹23.3t₹9.3t₹1.3t22.7x17.4x2.5x
Wed, 13 May 2026₹24.0t₹9.3t₹1.3t21.5x18x2.6x
Fri, 10 Apr 2026₹26.9t₹9.0t₹1.3t21.7x20.9x3x
Sun, 08 Mar 2026₹25.9t₹8.9t₹1.3t20.5x20.1x2.9x
Tue, 03 Feb 2026₹32.4t₹8.9t₹1.3t24.3x25.2x3.6x
Thu, 01 Jan 2026₹32.6t₹8.7t₹1.3t25.6x24.9x3.7x
Sat, 29 Nov 2025₹32.2t₹8.7t₹1.3t25.7x24.7x3.7x
Mon, 27 Oct 2025₹31.2t₹8.6t₹1.3t27.5x24.1x3.6x
Wed, 24 Sep 2025₹30.7t₹8.6t₹1.3t27.3x23.8x3.6x
Fri, 22 Aug 2025₹31.1t₹8.5t₹1.3t27.3x24.3x3.7x
Sun, 20 Jul 2025₹32.2t₹8.4t₹1.3t29.9x25.5x3.8x
Tue, 17 Jun 2025₹34.2t₹8.4t₹1.3t30.7x27.3x4.1x
Thu, 15 May 2025₹33.4t₹8.3t₹1.3t27.7x26.7x4x
Sat, 12 Apr 2025₹29.5t₹8.3t₹1.3t25.9x23.6x3.5x
Mon, 10 Mar 2025₹33.8t₹8.3t₹1.3t26.6x26.8x4.1x
Wed, 05 Feb 2025₹37.8t₹8.2t₹1.2t32.3x30.3x4.6x
Fri, 03 Jan 2025₹39.2t₹8.0t₹1.2t34.7x32.5x4.9x
Sun, 01 Dec 2024₹38.6t₹8.0t₹1.2t37.5x32.2x4.8x
Tue, 29 Oct 2024₹37.7t₹8.0t₹1.2t36.4x31.5x4.7x
Thu, 26 Sep 2024₹38.1t₹7.8t₹1.2t39.6x32.7x4.9x
Sat, 24 Aug 2024₹37.9t₹7.8t₹1.2t38.8x32.5x4.8x
Mon, 22 Jul 2024₹36.9t₹7.8t₹1.2t40.3x31.6x4.7x
Wed, 19 Jun 2024₹32.5t₹7.7t₹1.1t33.7x28.4x4.2x
Fri, 17 May 2024₹31.8t₹7.8t₹1.1t37.5x28x4.1x
Sun, 14 Apr 2024₹33.0t₹7.7t₹1.1t38.1x29.7x4.3x
Tue, 12 Mar 2024₹34.6t₹7.7t₹1.1t34.5x31.2x4.5x
Thu, 08 Feb 2024₹35.0t₹7.7t₹1.1t43.8x31.5x4.6x
Sat, 06 Jan 2024₹32.9t₹7.8t₹1.1t43.2x28.8x4.2x
Mon, 04 Dec 2023₹31.0t₹7.8t₹1.1t39.8x27.1x4x
Wed, 01 Nov 2023₹28.7t₹7.7t₹1.1t40.9x25.4x3.7x
Fri, 29 Sep 2023₹29.9t₹7.6t₹1.1t37.4x26.6x3.9x
Price to Earnings Ratio

26.6x


Total Market Cap: ₹29.9tTotal Earnings: ₹1.1tTotal Revenue: ₹7.6tTotal Market Cap vs Earnings and Revenue0%0%0%
Indian IT Industry Price to Earnings3Y Average 26.2x202420252026
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 26.2x.
  • 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 6.6% per year over the last three years.
  • Revenues for these companies have grown 8.0% 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-0.19%
Tech-1.01%
IT-0.40%
Data Processing Services2.38%
IT Consulting-0.35%
Internet Services and Infrastructure-4.56%
Industry PE
  • Investors are most optimistic about the Internet Services and Infrastructure industry even though it's trading below its 3-year average PE ratio of 444x.
    • Analysts expect its future annual earnings growth (50.9%) to be largely in line with prior year's earnings growth.
  • Investors are most pessimistic about the IT Consulting industry, which is trading below its 3-year average of 26.1x.
Forecasted Growth
  • Analysts are most optimistic on the Internet Services and Infrastructure industry, expecting annual earnings growth of 51% over the next 5 years.
  • This is roughly in line with its past earnings growth rate.
  • In contrast, the IT Consulting industry is expected to see its earnings grow by 8.6% 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
HCLTECH HCL Technologies₹1.28k6.2%
+₹202.7b		-11.0%PE18.9x
TECHM Tech Mahindra₹1.56k1.1%
+₹15.5b		3.5%PE26.9x
HEXT Hexaware Technologies₹515.253.7%
+₹11.1b		-29.1%PE23.4x
539895 Spice Lounge Food Works₹42.0127.5%
+₹6.3b		7.1%PE186.8x
500463 Black Box₹831.353.8%
+₹5.4b		65.6%PE65.3x

Latest News

ESDS
₹1,642.75
ESDS Software Solution
7D
-5.6%
1Y
n/a
544021
₹588.05
Protean eGov Technologies
7D
19.5%
1Y
-33.4%
XTRANET
₹341.43
Xtranet Technologies
7D
25.8%
1Y
n/a
HCLTECH
₹1,281.00
HCL Technologies
7D
6.2%
1Y
-11.0%
500463
₹831.35
Black Box
7D
3.8%
1Y
65.6%
PERSISTENT
₹5,449.00
Persistent Systems
7D
-1.2%
1Y
3.4%
Narrative Update • Sep 16

PERSISTENT: Rich P/E Will Persist As Debt-Funded M&A Risk Increases

Analysts have modestly lifted their price target fair value for Persistent Systems to about ₹3,915 from roughly ₹3,785, supported by slightly higher assumed profit margins, a marginally lower future P/E multiple and updated revenue growth expectations. What's in the News for Persistent Systems Persistent Systems has scheduled a Special or Extraordinary Shareholders Meeting on October 5, 2026 at 16:00 Indian Standard Time.
HEXT
₹515.25
Hexaware Technologies
7D
3.7%
1Y
-29.1%
COFORGE
₹1,814.00
Coforge
7D
-1.8%
1Y
5.7%
539895
₹42.01
Spice Lounge Food Works
7D
27.5%
1Y
7.1%
501421
₹4,188.45
TechNVision Ventures
7D
-12.1%
1Y
-15.6%
TECHM
₹1,558.50
Tech Mahindra
7D
1.1%
1Y
3.5%
STLNETWORK
₹45.09
STL Networks
7D
23.2%
1Y
54.8%
TATATECH
₹724.90
Tata Technologies
7D
-4.9%
1Y
3.2%
Narrative Update • Sep 03

TATATECH: Aerospace Expansion And New Partnership Will Support Long-Term Earnings Power

Analysts have lifted their fair value estimate for Tata Technologies by about ₹51 to roughly ₹1,144, reflecting updated assumptions around revenue growth, profit margins, a slightly lower discount rate, and a revised future P/E multiple. What’s in the News for Tata Technologies Tata Technologies plans to debut at the Farnborough International Airshow 2026, showcasing end to end aerospace engineering capabilities under the Shaping the Future of Flight theme.
TCS
₹2,128.70
Tata Consultancy Services
7D
-3.3%
1Y
-30.7%
Narrative Update • Sep 03

TCS: Expanding AI Partnerships And Airport Deal Will Shape Measured Future Outlook

The analyst price target for Tata Consultancy Services has been revised from ₹2,944.56 to ₹2,470.17, with analysts citing updated assumptions on discount rate, revenue growth, profit margin, and forward P/E as the key drivers of the change. What’s in the News for Tata Consultancy Services Tata Consultancy Services and MHP Management und IT Beratung GmbH have a five year, €1,250m partnership with Porsche AG that focuses on using AI across engineering, manufacturing, operations, customer experience, and enterprise transformation, including next generation automotive technology services and software defined mobility platforms.
E2E
₹592.85
E2E Networks
7D
-2.9%
1Y
85.7%
507685
₹164.95
Wipro
7D
-1.5%
1Y
-34.1%
Narrative Update • Aug 14

507685: AI Alliances And Buyback Will Shape Measured Medium Term Outlook

Analysts have trimmed their price target on Wipro to ₹177.75 from ₹197.28, citing updated assumptions that include a slightly higher discount rate, more measured revenue growth expectations, a broadly stable profit margin outlook, and a lower future P/E multiple. What’s in the News for Wipro Wipro and Rubrik launched Enterprise Resilience as a Service (ERaaS), which is built on Rubrik’s cyber and data resilience platform and uses Wipro Intelligence and the WINGS delivery platform to support prevention, rapid recovery, and automated resilience workflows across technology and business processes.