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Indian (NIFTY) IT Industry Analysis

UpdatedAug 27, 2026
DataAggregated Company Financials
Companies163
  • 7D-0.7%
  • 3M2.4%
  • 1Y-20.8%
  • YTD-24.4%

Last week, the IT industry hasn't moved much but Coforge is up 3.7% in that time. As for the longer term, the industry has declined 21% in the last year. As for the next few years, earnings are expected to grow by 8.6% per annum.

Industry Valuation and Performance

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

DateMarket CapRevenueEarningsPEAbsolute PEPS
Fri, 28 Aug 2026₹24.9t₹9.5t₹1.4t20.9x18.4x2.6x
Sun, 26 Jul 2026₹24.0t₹9.5t₹1.4t22.6x17.6x2.5x
Tue, 23 Jun 2026₹23.1t₹9.3t₹1.3t22.6x17.3x2.5x
Thu, 21 May 2026₹24.6t₹9.3t₹1.3t21.2x18.3x2.6x
Sat, 18 Apr 2026₹27.0t₹9.1t₹1.3t22.5x20.7x3x
Mon, 16 Mar 2026₹24.9t₹9.0t₹1.3t20.2x19.3x2.8x
Wed, 11 Feb 2026₹30.5t₹8.9t₹1.3t23.9x23.8x3.4x
Fri, 09 Jan 2026₹32.6t₹8.7t₹1.3t25.1x24.9x3.7x
Sun, 07 Dec 2025₹33.3t₹8.7t₹1.3t25.6x25.4x3.8x
Tue, 04 Nov 2025₹30.9t₹8.7t₹1.3t27.9x23.8x3.6x
Thu, 02 Oct 2025₹29.5t₹8.6t₹1.3t26.8x22.9x3.4x
Sat, 30 Aug 2025₹30.6t₹8.5t₹1.3t25.9x23.8x3.6x
Mon, 28 Jul 2025₹31.1t₹8.5t₹1.3t28.6x24.4x3.7x
Wed, 25 Jun 2025₹33.5t₹8.4t₹1.3t29.3x26.7x4x
Fri, 23 May 2025₹32.9t₹8.4t₹1.3t28.6x26.2x3.9x
Sun, 20 Apr 2025₹30.1t₹8.3t₹1.2t26.9x24.2x3.6x
Tue, 18 Mar 2025₹32.3t₹8.3t₹1.3t24.8x25.7x3.9x
Thu, 13 Feb 2025₹36.7t₹8.2t₹1.2t29.8x29.4x4.5x
Sat, 11 Jan 2025₹39.6t₹8.1t₹1.2t34.6x32.4x4.9x
Mon, 09 Dec 2024₹40.1t₹8.0t₹1.2t36.2x33.4x5x
Wed, 06 Nov 2024₹36.3t₹8.0t₹1.2t37.7x30.3x4.6x
Fri, 04 Oct 2024₹37.8t₹7.8t₹1.2t37.9x32.4x4.8x
Sun, 01 Sep 2024₹39.3t₹7.8t₹1.2t40.9x33.6x5x
Tue, 30 Jul 2024₹37.6t₹7.8t₹1.2t42.1x32.2x4.8x
Thu, 27 Jun 2024₹32.9t₹7.7t₹1.1t36.2x28.8x4.2x
Sat, 25 May 2024₹31.7t₹7.7t₹1.1t35.5x27.9x4.1x
Mon, 22 Apr 2024₹31.5t₹7.7t₹1.1t38x27.7x4.1x
Wed, 20 Mar 2024₹33.6t₹7.7t₹1.1t33.3x30.2x4.4x
Fri, 16 Feb 2024₹35.3t₹7.7t₹1.1t36.8x31.8x4.6x
Sun, 14 Jan 2024₹34.3t₹7.8t₹1.1t44.7x30.2x4.4x
Tue, 12 Dec 2023₹31.9t₹7.8t₹1.1t38.9x27.9x4.1x
Thu, 09 Nov 2023₹29.1t₹7.7t₹1.1t38.6x25.6x3.8x
Sat, 07 Oct 2023₹30.2t₹7.6t₹1.1t38.3x26.9x4x
Mon, 04 Sep 2023₹29.1t₹7.6t₹1.1t36.6x26x3.9x
Price to Earnings Ratio

26x


Total Market Cap: ₹29.1tTotal Earnings: ₹1.1tTotal Revenue: ₹7.6tTotal Market Cap vs Earnings and Revenue0%0%0%
Indian IT Industry Price to Earnings3Y Average 26.3x202420252026
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 18.4x which is lower than its 3-year average PE of 26.4x.
  • The 3-year average PS ratio of 3.9x 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 6.5% 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 Market0.83%
Tech-0.22%
IT-0.66%
Data Processing Services0.14%
IT Consulting-0.65%
Internet Services and Infrastructure-2.51%
Industry PE
  • Investors are most optimistic about the Internet Services and Infrastructure industry which is trading above its 3-year average PE ratio of 438x.
    • 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 26.3x.
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 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
532175 Cyient₹1.05k16.6%
+₹16.6b		-10.6%PE30.7x
COFORGE Coforge₹1.90k1.1%
+₹8.8b		9.5%PE47.9x
HEXT Hexaware Technologies₹556.602.3%
+₹7.6b		-28.3%PE25.2x
526433 ASM Technologies₹4.83k5.5%
+₹3.6b		23.9%PE97.8x
516038 KS Smart Technologies₹116.7019.5%
+₹2.2b		n/aPE18.1x

Latest News

532175
₹1,052.45
Cyient
7D
16.6%
1Y
-10.6%
INFY
₹1,110.80
Infosys
7D
-1.7%
1Y
-26.0%
HEXT
₹556.60
Hexaware Technologies
7D
2.3%
1Y
-28.3%
Narrative Update • Aug 22

HEXT: AI Delivery Framework And UK Expansion Will Support Future Upside

Analysts have raised the Hexaware Technologies price target from ₹620.00 to ₹730.00, citing updated assumptions for the discount rate, revenue growth, profit margin, and future P/E multiples in their valuation work. What's in the News for Hexaware Technologies Hexaware Technologies launched the Zero Friction Enterprise delivery framework, which connects its capabilities in modernization, cybersecurity, engineering, operations, quality, and enterprise software into a single system for clients.
TCS
₹2,248.40
Tata Consultancy Services
7D
-2.2%
1Y
-27.3%
Narrative Update • Aug 18

TCS: JFK Digital Terminal Partnership Will Drive Future ReRating Potential

Analysts now set a revised fair value price target for Tata Consultancy Services at ₹3,125, compared with the prior ₹3,228, reflecting updated views on discount rate assumptions, revenue, profit margin expectations, and future P/E multiples. What's in the News F1R3FLY Limited joined the Tata Consultancy Services Alliances and Partnerships ecosystem, with both companies working together to deploy F1R3FLY's concurrent computing on the TCS SovereignSecure Cloud to address enterprise cloud data security and compute infrastructure needs.
COFORGE
₹1,901.80
Coforge
7D
1.1%
1Y
9.5%
Narrative Update • Aug 18

COFORGE: AI Expansion And China Entry Will Support Balanced Medium-Term Upside

Analysts have raised their price target for Coforge from ₹1,719.86 to ₹1,904.40, based on updated assumptions regarding fair value, discount rate, revenue growth, profit margin and future P/E. What's in the News for Coforge Coforge launched a new business unit focused on the private equity sector that uses the Coforge Nuuron AI operating system to support portfolio-wide technology and operational programs.
516038
₹116.70
KS Smart Technologies
7D
19.5%
1Y
n/a
532329
₹1,703.20
Danlaw Technologies India
7D
22.4%
1Y
85.1%
506109
₹234.35
Genesys International
7D
27.7%
1Y
-58.6%
TATATECH
₹799.35
Tata Technologies
7D
-3.0%
1Y
20.7%
Narrative Update • Aug 14

TATATECH: Aerospace And SAP Ambitions Will Face Overheating Expectations

The analyst price target for Tata Technologies has been revised to ₹724 from ₹651, with analysts pointing to updated assumptions around fair value, discount rate, revenue growth, profit margin, and future P/E as the basis for this change. What’s in the News for Tata Technologies Tata Technologies is set to participate in the Farnborough International Airshow 2026, where it plans to showcase end to end aerospace engineering capabilities under the Shaping the Future of Flight theme across aircraft engineering, systems engineering, digital manufacturing and connected maintenance.
507685
₹177.00
Wipro
7D
-2.0%
1Y
-29.3%
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.
LTM
₹4,464.00
LTM
7D
-2.0%
1Y
-12.9%
Narrative Update • Aug 13

LTM: Sector Tailwinds And Earnings Momentum Will Support Future Upside

Analysts have trimmed their fair value estimate for Latam Airlines to ₹5,688.67 from ₹7,353.07, reflecting lower assumed revenue growth and profit margins as well as a reduced future P/E, even as recent research highlights improving sector conditions after geopolitical de escalation, along with expectations for steady air travel penetration and more rational competition. Analyst Commentary on Latam Airlines Recent Street research on Latam Airlines highlights a broadly constructive tone, with bullish analysts emphasizing both the sector backdrop and company specific attributes.
TECHM
₹1,585.00
Tech Mahindra
7D
-0.4%
1Y
6.0%
Narrative Update • Aug 12

TECHM: AI Partnerships And Margin Discipline Will Drive Future Upside Potential

Analysts have modestly lifted their fair value estimate for Tech Mahindra to ₹1,951 from ₹1,897, reflecting updated assumptions on revenue growth, profit margins, and a slightly different forward P/E framework. Analyst Commentary Recent Street research around Tech Mahindra sits against a backdrop of busy corporate activity in the wider technology and life sciences space.
HCLTECH
₹1,282.00
HCL Technologies
7D
-2.8%
1Y
-11.6%
Narrative Update • Aug 12

HCLTECH: AI Data Centres And New Deals Will Support Steady Outlook

Analysts have reduced their fair value estimate for HCL Technologies from about ₹1,551 to around ₹1,517. This reflects updated assumptions for discount rates, revenue growth, profit margins and future P/E multiples.
526433
₹4,828.60
ASM Technologies
7D
5.5%
1Y
23.9%
504067
₹464.35
Zensar Technologies
7D
-4.2%
1Y
-40.3%
Narrative Update • Jul 24

504067: Lower Forward P/E And AI Assurance Risk Will Drive Bearish View

Analysts have revised their price target for Zensar Technologies from ₹501.00 to about ₹425.34, citing updated fair value estimates based on a slightly adjusted discount rate, revenue growth outlook and forward P/E assumptions, along with a marginally different profit margin view. What's in the News for Zensar Technologies Zensar Technologies has scheduled a board meeting for July 29, 2026, to consider and approve its unaudited standalone and consolidated financial results for the quarter ended June 30, 2026, and to take on record the related limited review report.
SAHANA
₹924.50
Sahana System
7D
10.1%
1Y
-7.4%