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Indian (NIFTY) IT Industry Analysis

UpdatedMar 02, 2026
DataAggregated Company Financials
Companies161
  • 7D-3.8%
  • 3M-17.9%
  • 1Y-20.3%
  • YTD-19.6%

Over the last 7 days, the IT industry has dropped 3.8%, driven by Tata Consultancy Services declining 2.3%. On the other hand XTGlobal Infotech is actually up 24%. The industry has fallen 20% 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
Mon, 02 Mar 2026₹26.4t₹8.9t₹1.3t21.1x20.6x3x
Wed, 28 Jan 2026₹32.6t₹8.9t₹1.3t24.2x25.4x3.7x
Fri, 26 Dec 2025₹33.5t₹8.7t₹1.3t25.5x25.6x3.8x
Sun, 23 Nov 2025₹32.0t₹8.7t₹1.3t25.8x24.5x3.7x
Tue, 21 Oct 2025₹30.3t₹8.6t₹1.3t28.2x23.4x3.5x
Thu, 18 Sep 2025₹31.7t₹8.5t₹1.3t27x24.7x3.7x
Sat, 16 Aug 2025₹30.3t₹8.5t₹1.3t26.5x23.6x3.6x
Mon, 14 Jul 2025₹32.7t₹8.4t₹1.3t30.4x26x3.9x
Wed, 11 Jun 2025₹33.7t₹8.3t₹1.3t30.2x26.9x4x
Fri, 09 May 2025₹32.0t₹8.3t₹1.3t26x25.5x3.8x
Sun, 06 Apr 2025₹30.2t₹8.2t₹1.3t25.7x24.1x3.7x
Tue, 04 Mar 2025₹33.4t₹8.3t₹1.3t25.8x26.5x4x
Thu, 30 Jan 2025₹37.7t₹8.1t₹1.2t34.3x30.3x4.6x
Sat, 28 Dec 2024₹38.7t₹8.0t₹1.2t35.4x32.2x4.8x
Mon, 25 Nov 2024₹38.7t₹8.0t₹1.2t37x32.3x4.8x
Wed, 23 Oct 2024₹37.0t₹7.9t₹1.2t37.7x30.9x4.7x
Fri, 20 Sep 2024₹38.1t₹7.8t₹1.2t39.6x32.6x4.9x
Sun, 18 Aug 2024₹37.6t₹7.8t₹1.2t38.8x32.2x4.8x
Tue, 16 Jul 2024₹36.0t₹7.8t₹1.2t39.9x31.1x4.6x
Thu, 13 Jun 2024₹32.4t₹7.7t₹1.1t33.9x28.3x4.2x
Sat, 11 May 2024₹31.3t₹7.7t₹1.1t37x27.6x4x
Mon, 08 Apr 2024₹33.1t₹7.7t₹1.1t38.7x29.8x4.3x
Wed, 06 Mar 2024₹34.2t₹7.7t₹1.1t35.8x30.8x4.5x
Fri, 02 Feb 2024₹34.2t₹7.8t₹1.1t43x30.2x4.4x
Sun, 31 Dec 2023₹33.5t₹7.8t₹1.1t42.1x29.3x4.3x
Tue, 28 Nov 2023₹30.0t₹7.7t₹1.1t37.3x26.4x3.9x
Thu, 26 Oct 2023₹28.6t₹7.7t₹1.1t38.1x25.2x3.7x
Sat, 23 Sep 2023₹30.5t₹7.6t₹1.1t36.5x27.2x4x
Mon, 21 Aug 2023₹28.6t₹7.6t₹1.1t35.7x25.4x3.8x
Wed, 19 Jul 2023₹29.4t₹7.5t₹1.1t32.1x26.2x3.9x
Fri, 16 Jun 2023₹27.2t₹7.4t₹1.1t34x24.7x3.7x
Sun, 14 May 2023₹26.8t₹7.4t₹1.1t27.2x24.2x3.6x
Tue, 11 Apr 2023₹27.2t₹7.1t₹1.1t26x25.2x3.8x
Thu, 09 Mar 2023₹29.3t₹7.4t₹1.1t24.7x27.3x4x
Price to Earnings Ratio

27.3x


Total Market Cap: ₹29.3tTotal 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 20.6x 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 3.0x.
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-0.79%
Tech-3.37%
IT-3.77%
IT Consulting-3.76%
Data Processing Services-7.70%
Internet Services and Infrastructure-9.41%
Industry PE
  • Investors are most optimistic about the Internet Services and Infrastructure industry which is trading above its 3-year average PE ratio of 80.8x.
    • 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
531225 XTGlobal Infotech₹34.9924.0%
+₹908.0m		2.7%PE47.2x
511144 Axis Solutions₹170.755.0%
+₹382.8m		n/aPE31.4x
TECHLABS Trident Techlabs₹198.7512.4%
+₹377.6m		-73.8%PE17.7x
512169 Capricorn Systems Global Solutions₹10.904.9%
+₹263.4m		-32.8%PS2.4x
519463 IB Infotech Enterprises₹674.9527.6%
+₹187.0m		361.3%PE54.3x

Latest News

507685
₹198.55
Wipro
7D
-3.6%
1Y
-30.0%

507685: AI Operating Model And Agent Native Partnership Will Support Upside Outlook

Analysts have nudged their price target on Wipro higher to about ₹259 from roughly ₹254, citing updated assumptions around revenue growth, profit margins, discount rate and future P/E that slightly adjust their valuation framework. What's in the News Wipro is launching a new operating model for enterprise functions that combines advisory services, AI and transformation capabilities across People & Change, Supply Chain & Operations, Finance Transformation, and Sales, Marketing & Customer Experience, using its Wipro Intelligence suite to apply AI across client engagements (Key Developments).
531225
₹34.99
XTGlobal Infotech
7D
24.0%
1Y
2.7%
512169
₹10.90
Capricorn Systems Global Solutions
7D
4.9%
1Y
-32.8%
HCLTECH
₹1,371.00
HCL Technologies
7D
-3.9%
1Y
-12.8%

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.
INFY
₹1,288.90
Infosys
7D
-2.9%
1Y
-24.6%

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.
PERSISTENT
₹4,673.40
Persistent Systems
7D
-6.1%
1Y
-11.7%
COFORGE
₹1,162.70
Coforge
7D
-9.8%
1Y
-21.0%

COFORGE: AI Platform Expansion And Margin Outlook Will Shape Future Returns

Analysts have revised their Coforge price target from ₹1,402.87 to ₹1,307.50, reflecting updated assumptions for slightly lower revenue growth, a higher profit margin, a reduced discount rate, and a lower future P/E multiple. What's in the News Coforge has launched and then announced key advances to EvolveOps.AI, an agentic AI powered IT operations platform built on open source, aimed at autonomous management of hybrid cloud systems and integration with major hyperscalers such as AWS, Microsoft Azure, GCP and OCI (Key Developments).
TCS
₹2,613.50
Tata Consultancy Services
7D
-2.3%
1Y
-25.2%

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).
LTM
₹4,404.40
LTIMindtree
7D
-8.8%
1Y
-8.9%

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).
TECHM
₹1,345.40
Tech Mahindra
7D
-6.6%
1Y
-9.9%

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.
519463
₹674.95
IB Infotech Enterprises
7D
27.6%
1Y
361.3%
511144
₹170.75
Axis Solutions
7D
5.0%
1Y
n/a
511447
₹0.72
Sylph Industries
7D
18.0%
1Y
36.0%
TECHLABS
₹198.75
Trident Techlabs
7D
12.4%
1Y
-73.8%
IVALUE
₹226.67
iValue Infosolutions
7D
0.7%
1Y
n/a
531673
₹28.00
Anka India
7D
6.3%
1Y
99.3%