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Indian (NIFTY) IT Industry Analysis

UpdatedFeb 23, 2026
DataAggregated Company Financials
Companies160
  • 7D-1.5%
  • 3M-13.9%
  • 1Y-23.8%
  • YTD-16.4%

Over the last 7 days, the IT industry has dropped 1.5%, driven by Infosys declining 2.8%. On the other hand Silver Touch Technologies is actually up 14%. However, the industry is down 24% over the past year. Earnings are forecast to grow by 11% annually.

Industry Valuation and Performance

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

DateMarket CapRevenueEarningsPEAbsolute PEPS
Tue, 24 Feb 2026₹27.5t₹8.9t₹1.3t22x21.4x3.1x
Thu, 22 Jan 2026₹32.3t₹8.9t₹1.3t23.6x25.1x3.6x
Sat, 20 Dec 2025₹33.4t₹8.7t₹1.3t25.3x25.5x3.8x
Mon, 17 Nov 2025₹31.5t₹8.7t₹1.3t27x24.2x3.6x
Wed, 15 Oct 2025₹30.5t₹8.6t₹1.3t26.9x23.6x3.5x
Fri, 12 Sep 2025₹31.3t₹8.5t₹1.3t26.5x24.3x3.7x
Sun, 10 Aug 2025₹30.0t₹8.5t₹1.3t26.2x23.4x3.5x
Tue, 08 Jul 2025₹33.8t₹8.4t₹1.3t30.2x27x4.1x
Thu, 05 Jun 2025₹32.7t₹8.4t₹1.3t28.8x26.1x3.9x
Sat, 03 May 2025₹31.9t₹8.3t₹1.2t26.3x25.6x3.9x
Mon, 31 Mar 2025₹33.0t₹8.2t₹1.3t27.1x26.3x4x
Wed, 26 Feb 2025₹34.8t₹8.3t₹1.3t28.8x27.6x4.2x
Fri, 24 Jan 2025₹38.3t₹8.1t₹1.2t35x30.8x4.7x
Sun, 22 Dec 2024₹38.8t₹8.0t₹1.2t36.7x32.3x4.9x
Tue, 19 Nov 2024₹37.0t₹8.0t₹1.2t34.5x30.9x4.6x
Thu, 17 Oct 2024₹37.9t₹7.9t₹1.2t41.3x32.2x4.8x
Sat, 14 Sep 2024₹39.6t₹7.8t₹1.2t41.1x33.9x5.1x
Mon, 12 Aug 2024₹36.0t₹7.8t₹1.2t38.8x30.8x4.6x
Wed, 10 Jul 2024₹34.7t₹7.7t₹1.1t37.6x30.3x4.5x
Fri, 07 Jun 2024₹31.9t₹7.7t₹1.1t32.2x27.9x4.1x
Sun, 05 May 2024₹31.4t₹7.8t₹1.1t37.9x27.6x4x
Tue, 02 Apr 2024₹32.9t₹7.7t₹1.1t33.8x29.5x4.3x
Thu, 29 Feb 2024₹35.1t₹7.7t₹1.1t35.8x31.7x4.6x
Sat, 27 Jan 2024₹34.1t₹7.8t₹1.1t41.6x30.1x4.4x
Mon, 25 Dec 2023₹33.6t₹7.8t₹1.1t41.8x29.4x4.3x
Wed, 22 Nov 2023₹30.3t₹7.7t₹1.1t37.5x26.7x3.9x
Fri, 20 Oct 2023₹29.5t₹7.6t₹1.1t39x25.9x3.9x
Sun, 17 Sep 2023₹30.8t₹7.6t₹1.1t37.1x27.5x4.1x
Tue, 15 Aug 2023₹29.0t₹7.6t₹1.1t38.8x25.8x3.8x
Thu, 13 Jul 2023₹27.4t₹7.4t₹1.1t32.2x24.9x3.7x
Sat, 10 Jun 2023₹26.9t₹7.4t₹1.1t32.4x24.5x3.6x
Mon, 08 May 2023₹26.5t₹7.4t₹1.1t25.9x24x3.6x
Wed, 05 Apr 2023₹27.1t₹7.1t₹1.1t23.8x25.1x3.8x
Fri, 03 Mar 2023₹28.8t₹7.4t₹1.1t24.8x26.8x3.9x
Price to Earnings Ratio

26.8x


Total Market Cap: ₹28.8tTotal Earnings: ₹1.1tTotal Revenue: ₹7.4tTotal Market Cap vs Earnings and Revenue0%0%0%
Indian IT Industry Price to Earnings3Y Average 27.4x202420252026
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 21.4x which is lower than its 3-year average PE of 27.4x.
  • The 3-year average PS ratio of 4.1x is higher than the industry's current PS ratio of 3.1x.
Past Earnings Growth
  • The earnings for companies in the IT industry have grown 6.0% per year over the last three years.
  • Revenues for these companies have grown 6.4% 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 Market0.28%
Tech-1.57%
IT-1.53%
Internet Services and Infrastructure10.31%
IT Consulting-1.56%
Data Processing Services-2.15%
Industry PE
  • Investors are most optimistic about the Internet Services and Infrastructure industry which is trading above its 3-year average PE ratio of 75.7x.
    • 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 27.4x.
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 11% 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
SILVERTUC Silver Touch Technologies₹1.45k14.3%
+₹2.3b		113.7%PE58x
SONATSOFTW Sonata Software₹281.653.0%
+₹2.3b		-30.6%PE17.7x
519602 Kellton Tech Solutions₹20.0217.4%
+₹1.6b		-18.5%PE11.6x
TATATECH Tata Technologies₹600.550.5%
+₹1.3b		-18.1%PE45.9x
KODYTECH Kody Technolab₹900.1012.2%
+₹1.2b		-16.4%PE96.4x

Latest News

519602
₹20.02
Kellton Tech Solutions
7D
17.4%
1Y
-18.5%
PERSISTENT
₹4,977.50
Persistent Systems
7D
-10.8%
1Y
-11.7%

PERSISTENT: Interim Dividend And ESOP Issuance Will Support A Higher Future Multiple

Analysts have maintained their price target for Persistent Systems at ₹8,865, supported by a slightly lower discount rate, a modestly higher revenue growth assumption of 21.92%, a stable profit margin view at 14.36%, and a small adjustment to the future P/E assumption to 60.56x, all contributing to this unchanged headline number. What's in the News The Board approved an interim dividend of ₹22 per share on a face value of ₹5 for the financial year from April 1, 2025 to March 31, 2026, with payment expected within 30 days of the January 20, 2026 declaration and a record date of January 27, 2026 (company filing).
HCLTECH
₹1,426.20
HCL Technologies
7D
-2.4%
1Y
-13.3%
LTIM
₹4,831.50
LTIMindtree
7D
-5.6%
1Y
-4.3%

LTIM: AI Tax Mandate Will Drive Future Upside Potential

Analysts have made a small trim to their price target on LTIMindtree, nudging it from ₹6,391.33 to ₹6,376.75 as they refresh their model inputs for discount rate, revenue growth, profit margin and forward P/E assumptions. What's in the News The board approved a proposed change of name from "LTIMindtree Limited" to "LTM Limited", with the change subject to shareholder and regulatory approvals and updates to the Memorandum and Articles of Association (board meeting held on February 11, 2026).
TATATECH
₹600.55
Tata Technologies
7D
0.5%
1Y
-18.1%

TATATECH: Battery Identity Platform And Margin Gains Will Support Future Earnings Power

Analysts have trimmed their fair value estimate for Tata Technologies from about ₹1,108 to roughly ₹1,073, reflecting updated assumptions around slightly higher revenue growth, modestly improved profit margins, a lower discount rate, and a reduced future P/E multiple. What's in the News Tata Technologies announced that its WATTSync battery intelligence platform is designed to meet India's upcoming Battery Aadhaar digital identity and traceability requirements while remaining aligned with the EU Battery Regulation (EU BR 2023/1542).
TECHM
₹1,440.90
Tech Mahindra
7D
-4.7%
1Y
-10.7%

TECHM: Tighter P E Multiple Will Likely Undercut The Margin Story

Analysts have trimmed their price target for Tech Mahindra by about ₹20 to reflect a slightly lower fair value and P/E assumption, even as they factor in marginally higher revenue growth and profit margin expectations. Analyst Commentary Bearish analysts appear to be using the recent trim in Tech Mahindra's fair value and P/E assumptions as a reminder of the execution and growth risks that can sit behind headline numbers.
500389
₹20.58
Silverline Technologies
7D
27.4%
1Y
68.7%
501421
₹6,522.95
TechNVision Ventures
7D
2.7%
1Y
36.6%
506109
₹314.15
Genesys International
7D
7.3%
1Y
-56.7%
HEXT
₹503.75
Hexaware Technologies
7D
-12.5%
1Y
-37.4%

Risks Still Elevated At These Prices As Hexaware Technologies Limited (NSE:HEXT) Shares Dive 26%

Feb 13
Risks Still Elevated At These Prices As Hexaware Technologies Limited (NSE:HEXT) Shares Dive 26%
INFY
₹1,327.50
Infosys
7D
-2.8%
1Y
-24.7%

INFY: Gradual IT Spend Recovery And AI Adoption Will Support 2026 Repricing

Infosys' analyst price targets have edged higher, with recent increases ranging from about $0.20 to $2.50 per share, as analysts factor in slightly updated assumptions around discount rates, revenue growth, profit margins, and future P/E levels. Analyst Commentary Recent Street research on Infosys has focused on fine tuning fair value estimates rather than making drastic revisions, with several price targets adjusted in small increments between about $0.20 and $2.50 per share.
SONATSOFTW
₹281.65
Sonata Software
7D
3.0%
1Y
-30.6%
TCS
₹2,676.30
Tata Consultancy Services
7D
-1.1%
1Y
-27.2%

TCS: AI Partnerships And New US Units Will Drive Future Upside

Analysts have modestly adjusted their price outlook for Tata Consultancy Services, reflecting updated assumptions for the discount rate, long term revenue growth, profit margins and future P/E levels. Together, these changes fine tune their overall valuation framework without a material shift in fair value.
SILVERTUC
₹1,451.30
Silver Touch Technologies
7D
14.3%
1Y
113.7%
KODYTECH
₹900.10
Kody Technolab
7D
12.2%
1Y
-16.4%
507685
₹205.95
Wipro
7D
-3.4%
1Y
-30.2%