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Indian (NIFTY) IT Industry Analysis

UpdatedJul 09, 2026
DataAggregated Company Financials
Companies163
  • 7D5.4%
  • 3M-15.9%
  • 1Y-32.9%
  • YTD-31.3%

Over the last 7 days, the IT industry has risen 5.4%, and Infosys contributed the most with a gain of 8.5%. Meanwhile, Hexaware Technologies actually underperformed within the industry, shrinking 5.3% in the last week. However, the industry is down 33% over the past year. Looking forward, 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
Thu, 09 Jul 2026₹22.8t₹9.3t₹1.3t22x17x2.4x
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
Price to Earnings Ratio

26x


Total Market Cap: ₹29.1tTotal Earnings: ₹1.1tTotal Revenue: ₹7.5tTotal Market Cap vs Earnings and Revenue0%0%0%
Indian IT Industry Price to Earnings3Y Average 26.7x202420252026
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 17.0x which is lower than its 3-year average PE of 26.7x.
  • The 3-year average PS ratio of 4.0x is higher than the industry's current PS ratio of 2.4x.
Past Earnings Growth
  • The earnings for companies in the IT industry have grown 6.2% per year over the last three years.
  • Revenues for these companies have grown 7.5% 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-1.12%
Tech3.35%
IT5.42%
IT Consulting5.46%
Data Processing Services1.84%
Internet Services and Infrastructure-5.02%
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 15.3%, 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 8.5% 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₹1.07k8.5%
+₹339.9b		-34.5%PE13.7x
HCLTECH HCL Technologies₹1.15k10.8%
+₹301.4b		-31.6%PE17.3x
TCS Tata Consultancy Services₹2.06k3.8%
+₹271.0b		-39.2%PE15.1x
LTM LTM₹3.79k7.0%
+₹73.3b		-28.8%PE22.4x
PERSISTENT Persistent Systems₹4.77k10.1%
+₹65.6b		-16.7%PE38.2x

Latest News

507685
₹172.65
Wipro
7D
1.5%
1Y
-35.5%
COFORGE
₹1,445.90
Coforge
7D
5.5%
1Y
-25.1%
Narrative Update • Jul 07

COFORGE: Agentic AI Expansion Into Insurance And Airlines Will Support Future Upside

Analysts have increased their fair value estimate for Coforge from ₹1,666.91 to ₹1,719.86 as they update their assumptions on discount rate, revenue growth, profit margin and future P/E multiples. What’s in the News for Coforge Coforge announced the Nexa Agentic AI Platform for global insurers, a suite of modular AI orchestration tools built on the Coforge One AI platform, with more than 30 insurance focused AI assets and six flagship orchestrators spanning underwriting, product rollout, claims and core platform modernization.
TCS
₹2,057.50
Tata Consultancy Services
7D
3.8%
1Y
-39.2%
Narrative Update • Jul 07

TCS: Future Returns Will Depend On Resolution Of IP Case Risk

Analysts have reset their fair value estimate for Tata Consultancy Services to ₹1,860 from ₹2,602.79, citing updated assumptions on the discount rate, revenue growth, profit margins, and future P/E expectations. What’s in the News for Tata Consultancy Services DXC Technology collected $213.56 million from Tata Consultancy Services following final court rulings in a trade secrets case, after the U.S. Supreme Court declined to review lower court decisions that upheld a $168 million damages award plus interest, reinforcing the legal focus on intellectual property protection (source: DXC Technology).
SAKSOFT
₹167.31
Saksoft
7D
-14.2%
1Y
-27.1%
PERSISTENT
₹4,769.50
Persistent Systems
7D
10.1%
1Y
-16.7%
INFY
₹1,069.30
Infosys
7D
8.5%
1Y
-34.5%
HCLTECH
₹1,145.60
HCL Technologies
7D
10.8%
1Y
-31.6%
516038
₹119.10
KS Smart Technologies
7D
-11.4%
1Y
n/a
538891
₹29.36
Magellanic Cloud
7D
-7.4%
1Y
-61.6%
500463
₹931.30
Black Box
7D
-3.4%
1Y
75.4%
LTM
₹3,794.00
LTM
7D
7.0%
1Y
-28.8%
Narrative Update • Jul 02

LTM: Sector Tailwinds And Earnings Momentum Will Face Slower Traffic Risks

Analysts have trimmed the Latam Airlines price target to ₹3,285 from ₹4,438 as they factor in slightly lower assumed revenue growth and a more conservative future P/E, while still pointing to improving sector conditions, lighter balance sheets and earnings momentum highlighted in recent research. Analyst Commentary Recent Street research on Latam Airlines, or LTM, reflects a mix of optimism about sector conditions and reservations about how sustainable earnings momentum and valuation might be, especially if macro or industry trends turn less supportive.
TECHM
₹1,428.80
Tech Mahindra
7D
4.9%
1Y
-11.5%
Narrative Update • Jul 01

TECHM: Higher Risk Premium Leaves Little Cushion If Alliances Underperform

Analysts have trimmed their fair value estimate for Tech Mahindra from ₹1,271.27 to ₹1,184.98, reflecting a slightly higher discount rate and lower assumed future P/E multiple, even as they update revenue growth and profit margin assumptions. Analyst Commentary Recent fair value adjustments for Tech Mahindra signal that analysts are taking a more measured view on the stock.
HEXT
₹522.25
Hexaware Technologies
7D
-5.3%
1Y
-41.4%
532175
₹834.50
Cyient
7D
-3.2%
1Y
-35.4%
Narrative Update • Jun 24

532175: Share Buyback And Saudi Expansion Will Support Long Term Confidence

Analysts have trimmed their price target for Cyient to ₹1,016 from ₹1,097. This reflects updated views on its fair value, discount rate, revenue growth assumptions, profit margin outlook and future P/E expectations.
E2E
₹378.80
E2E Networks
7D
-5.9%
1Y
48.5%
501421
₹3,667.35
TechNVision Ventures
7D
-15.8%
1Y
0.7%