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Indian (NIFTY) IT Industry Analysis

UpdatedMar 31, 2026
DataAggregated Company Financials
Companies161
  • 7D-0.9%
  • 3M-25.0%
  • 1Y-25.4%
  • YTD-25.2%

Last week, the IT industry hasn't moved much but Persistent Systems is up 3.2% in that time. As for the longer term, the industry has declined 25% in the last year. Earnings are forecast to grow by 10% annually.

Industry Valuation and Performance

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

DateMarket CapRevenueEarningsPEAbsolute PEPS
Wed, 01 Apr 2026₹24.6t₹9.0t₹1.3t19.2x18.9x2.7x
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
Thu, 11 May 2023₹26.8t₹7.4t₹1.1t26.1x24.3x3.6x
Sat, 08 Apr 2023₹27.2t₹7.1t₹1.1t23.9x25.3x3.8x
Price to Earnings Ratio

25.3x


Total Market Cap: ₹27.2tTotal Earnings: ₹1.1tTotal Revenue: ₹7.1tTotal Market Cap vs Earnings and Revenue0%0%0%
Indian IT Industry Price to Earnings3Y Average 27.2x202420252026
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 18.9x which is lower than its 3-year average PE of 27.2x.
  • The 3-year average PS ratio of 4.0x is higher than the industry's current PS ratio of 2.7x.
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 8.6% 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-0.82%
Tech-0.95%
IT-0.92%
Data Processing Services3.16%
IT Consulting-0.91%
Internet Services and Infrastructure-5.94%
Industry PE
  • Investors are most optimistic about the Internet Services and Infrastructure industry which is trading above its 3-year average PE ratio of 99x.
    • 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 27.2x.
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
526433 ASM Technologies₹2.43k5.0%
+₹1.7b		90.3%PE59.1x
COFORGE Coforge₹1.11k0.4%
+₹1.6b		-28.4%PE33x
539843 NINtec Systems₹397.9516.5%
+₹1.0b		-13.0%PE24.1x
516038 KS Smart Technologies₹240.153.0%
+₹819.9m		n/an/a
511144 Axis Solutions₹207.455.0%
+₹465.5m		n/aPE38.1x

Latest News

538713
₹218.85
Atishay
7D
9.9%
1Y
12.0%
507685
₹187.55
Wipro
7D
-0.6%
1Y
-28.6%

507685: AI Operating Model And New AI Hubs Will Drive Future Upside

Analysts now see Wipro's fair value at about ₹242, down from roughly ₹252. The adjustment is mainly tied to slightly softer future P/E assumptions, while revenue growth and profit margin expectations are kept broadly in line.
COFORGE
₹1,114.70
Coforge
7D
0.4%
1Y
-28.4%
526299
₹2,053.95
Mphasis
7D
-3.0%
1Y
-16.1%
511644
₹65.87
Omega Interactive Technologies
7D
15.7%
1Y
310.7%
INFY
₹1,250.60
Infosys
7D
-2.2%
1Y
-18.1%

INFY: AI Services Mix Reset Will Support 2026 IT Spending Turnaround

Infosys' updated analyst price target edges lower, with fair value moving from ₹1,724.32 to ₹1,667.80 as analysts factor in slightly softer revenue growth assumptions, a modestly lower future P/E, and higher perceived risk from AI driven shifts in the IT services mix. Analyst Commentary Recent Street research on Infosys reflects a mixed setup, with some analysts trimming expectations and others adjusting targets higher while staying cautious on execution and the evolving role of AI in IT services.
HCLTECH
₹1,341.60
HCL Technologies
7D
-2.3%
1Y
-12.3%

AI Factory And Data Intelligence Expansion Will Reshape Long Term Prospects

Catalysts About HCL Technologies HCL Technologies is a global IT services and software company providing IT and business services, engineering and R&D, and software products to clients across industries and geographies. What are the underlying business or industry changes driving this perspective?
539843
₹397.95
NINtec Systems
7D
16.5%
1Y
-13.0%
TCS
₹2,358.90
Tata Consultancy Services
7D
-1.7%
1Y
-33.6%

TCS: AI Collaborations And Special Dividend Will Support Future Upside

Analysts have reduced their price target for Tata Consultancy Services by about ₹100 to reflect slightly softer revenue growth expectations, a marginally lower discount rate, and a small uplift in projected profit margins and future P/E multiples. What's in the News TCS declared a special dividend of ₹46 per equity share, with a record date of January 17, 2026, and dividend payout scheduled for February 3, 2026.
LTM
₹4,013.80
LTM
7D
-4.7%
1Y
-9.3%
TATATECH
₹509.20
Tata Technologies
7D
-4.0%
1Y
-25.9%

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

Analysts have nudged their price target on Tata Technologies to ₹1,071.63, with updated assumptions reflecting slightly different views on discount rate, revenue growth, profit margin, and future P/E that underpin the revision. What's in the News WITTENSTEIN High Integrity Systems partnered with Tata Technologies to integrate its SAFERTOS real time operating system into Tata Technologies' software defined vehicle platform.
TECHM
₹1,384.00
Tech Mahindra
7D
-3.4%
1Y
-0.8%

TECHM: AI And Telecom Partnerships Will Support Medium Term Upside Potential

Analysts have increased Tech Mahindra's fair value estimate from ₹1,577.74 to ₹1,686.33, citing updated assumptions around revenue growth, profit margins, a slightly adjusted discount rate, and a modestly lower future P/E multiple. Analyst Commentary Recent changes to Tech Mahindra's fair value estimate reflect a mix of optimism and caution around how the company can execute on its revenue, profitability, and valuation assumptions over time.
526433
₹2,431.00
ASM Technologies
7D
5.0%
1Y
90.3%
511144
₹207.45
Axis Solutions
7D
5.0%
1Y
n/a
534758
₹1,094.65
Cigniti Technologies
7D
0.6%
1Y
-21.8%