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Indian (NIFTY) IT Industry Analysis

UpdatedMar 09, 2026
DataAggregated Company Financials
Companies161
  • 7D-2.1%
  • 3M-21.7%
  • 1Y-23.3%
  • YTD-21.2%

Over the last 7 days, the IT industry has dropped 2.1%, driven by a pullback from Tata Consultancy Services of 3.3%. The industry has fallen 23% in the last year. As for the next few years, earnings are expected to grow by 10% per annum.

Industry Valuation and Performance

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

DateMarket CapRevenueEarningsPEAbsolute PEPS
Mon, 09 Mar 2026₹25.9t₹8.9t₹1.3t20.5x20.1x2.9x
Wed, 04 Feb 2026₹32.9t₹8.9t₹1.3t24.2x25.7x3.7x
Fri, 02 Jan 2026₹32.8t₹8.7t₹1.3t25.3x25.1x3.8x
Sun, 30 Nov 2025₹32.2t₹8.7t₹1.3t25.7x24.7x3.7x
Tue, 28 Oct 2025₹31.3t₹8.6t₹1.3t27.6x24.1x3.6x
Thu, 25 Sep 2025₹30.5t₹8.6t₹1.3t26.9x23.6x3.6x
Sat, 23 Aug 2025₹30.8t₹8.5t₹1.3t26.8x24x3.6x
Mon, 21 Jul 2025₹32.2t₹8.4t₹1.3t29.9x25.5x3.8x
Wed, 18 Jun 2025₹34.4t₹8.4t₹1.3t30.6x27.4x4.1x
Fri, 16 May 2025₹33.9t₹8.3t₹1.3t28.4x27x4.1x
Sun, 13 Apr 2025₹29.5t₹8.3t₹1.3t25.9x23.5x3.6x
Tue, 11 Mar 2025₹33.6t₹8.3t₹1.3t25.9x26.6x4x
Thu, 06 Feb 2025₹37.8t₹8.2t₹1.2t32.7x30.3x4.6x
Sat, 04 Jan 2025₹38.6t₹8.0t₹1.2t35.1x32x4.8x
Mon, 02 Dec 2024₹38.6t₹8.0t₹1.2t37.5x32.2x4.8x
Wed, 30 Oct 2024₹37.5t₹8.0t₹1.2t36.9x31.3x4.7x
Fri, 27 Sep 2024₹38.3t₹7.8t₹1.2t39.4x32.8x4.9x
Sun, 25 Aug 2024₹37.9t₹7.8t₹1.2t38.8x32.5x4.8x
Tue, 23 Jul 2024₹36.6t₹7.8t₹1.2t37.1x31.4x4.7x
Thu, 20 Jun 2024₹32.5t₹7.7t₹1.1t33.9x28.5x4.2x
Sat, 18 May 2024₹31.5t₹7.7t₹1.1t36.3x27.7x4.1x
Mon, 15 Apr 2024₹33.0t₹7.8t₹1.1t38.1x29.4x4.2x
Wed, 13 Mar 2024₹34.9t₹7.7t₹1.1t33.8x31.5x4.5x
Fri, 09 Feb 2024₹35.2t₹7.7t₹1.1t42.7x31.7x4.6x
Sun, 07 Jan 2024₹32.9t₹7.8t₹1.1t42.7x28.8x4.2x
Tue, 05 Dec 2023₹31.1t₹7.8t₹1.1t39.8x27.2x4x
Thu, 02 Nov 2023₹28.4t₹7.7t₹1.1t40.5x25.2x3.7x
Sat, 30 Sep 2023₹29.7t₹7.6t₹1.1t37.7x26.4x3.9x
Mon, 28 Aug 2023₹28.7t₹7.6t₹1.1t36x25.6x3.8x
Wed, 26 Jul 2023₹28.1t₹7.5t₹1.1t32.6x25x3.7x
Fri, 23 Jun 2023₹27.5t₹7.4t₹1.1t33.5x25x3.7x
Sun, 21 May 2023₹26.9t₹7.4t₹1.1t27.7x24.2x3.6x
Tue, 18 Apr 2023₹25.8t₹7.2t₹1.1t25.2x23.7x3.6x
Thu, 16 Mar 2023₹27.9t₹7.4t₹1.1t24.3x26x3.8x
Price to Earnings Ratio

26x


Total Market Cap: ₹27.9tTotal Earnings: ₹1.1tTotal Revenue: ₹7.4tTotal 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 20.1x 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 2.9x.
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 6.5% 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-3.02%
Tech-2.39%
IT-2.10%
IT Consulting-2.09%
Data Processing Services-3.39%
Internet Services and Infrastructure-9.87%
Industry PE
  • Investors are most optimistic about the Internet Services and Infrastructure industry which is trading above its 3-year average PE ratio of 85.4x.
    • 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
INFY Infosys₹1.32k2.0%
+₹105.6b		-22.7%PE18x
PERSISTENT Persistent Systems₹4.78k2.3%
+₹16.4b		-7.4%PE41.2x
RSYSTEMS R Systems International₹298.107.6%
+₹2.5b		-15.9%PE19x
COFORGE Coforge₹1.17k0.5%
+₹1.9b		-22.5%PE34.6x
507685 Wipro₹198.600.03%
+₹533.7m		-29.3%PE15.7x

Latest News

RSYSTEMS
₹298.10
R Systems International
7D
7.6%
1Y
-15.9%
PERSISTENT
₹4,783.10
Persistent Systems
7D
2.3%
1Y
-7.4%

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).
TATATECH
₹566.10
Tata Technologies
7D
-2.5%
1Y
-13.4%

TATATECH: Safety-Focused Software And Battery Traceability Will Support Long-Term Earnings Power

Analysts have nudged their fair value estimate for Tata Technologies slightly lower from about ₹1,072.56 to ₹1,071.63, reflecting refreshed assumptions on discount rate, revenue growth, profit margin, and future P/E that leave the overall price target broadly intact. What's in the News WITTENSTEIN High Integrity Systems and Tata Technologies announced a partnership to integrate SAFERTOS into Tata Technologies' automotive software stack for Software Defined Vehicles, with a focus on meeting safety standards such as ISO 26262 and supporting connected, autonomous and electrified vehicle features (Key Developments).
LTM
₹4,317.20
LTIMindtree
7D
-2.0%
1Y
-7.6%

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.
538713
₹199.10
Atishay
7D
22.3%
1Y
30.7%
504067
₹544.45
Zensar Technologies
7D
-4.2%
1Y
-25.0%

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
₹1,336.30
Tech Mahindra
7D
-0.7%
1Y
-10.1%

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.
TECHLABS
₹223.90
Trident Techlabs
7D
12.7%
1Y
-76.0%
COFORGE
₹1,168.50
Coforge
7D
0.5%
1Y
-22.5%
507685
₹198.60
Wipro
7D
0.03%
1Y
-29.3%

AI Adoption And Margin Pressures Will Shape A Balanced Long Term Outlook

Catalysts About Wipro Wipro is a global IT services and consulting company that provides technology, engineering and business process services across multiple sectors and regions. What are the underlying business or industry changes driving this perspective?
526299
₹2,185.90
Mphasis
7D
-3.2%
1Y
-3.4%

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
₹1,358.60
HCL Technologies
7D
-0.9%
1Y
-12.3%

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.
HEXT
₹456.05
Hexaware Technologies
7D
-2.3%
1Y
-41.5%

AI Adoption And Legacy Modernization Will Reshape Long Term Outcomes For This Business

Catalysts About Hexaware Technologies Hexaware Technologies is an IT and business process services company focused on application development, IT infrastructure, data, cloud, business process services and related digital solutions for global clients. What are the underlying business or industry changes driving this perspective?
INFY
₹1,315.00
Infosys
7D
2.0%
1Y
-22.7%

INFY: AI Business Mix Reset Will Support 2026 Repricing Potential

Analysts have trimmed their average Infosys price target by about ₹50, reflecting slightly higher discount rates and modestly softer assumptions for revenue growth and profit margins as AI related business mix risks are reassessed. Analyst Commentary Recent Street research around Infosys reflects a mixed setup, with some analysts recalibrating expectations lower while others are incrementally more constructive on the medium term opportunity set.
TCS
₹2,527.40
Tata Consultancy Services
7D
-3.3%
1Y
-29.6%

TCS: AI Alliances And New US Units Will Support Future Upside

Analysts have trimmed their price target on Tata Consultancy Services by about ₹34 to reflect a slightly higher discount rate and marginally softer fair value and margin assumptions, while keeping revenue growth and future P/E expectations broadly unchanged. What's in the News QAD | Redzone entered a long term alliance with TCS to help mid market manufacturers modernize ERP and scale AI driven operations, combining QAD | Redzone's manufacturing platform with TCS's global delivery and engineering capabilities (Key Developments).
511144
₹179.25
Axis Solutions
7D
5.0%
1Y
n/a