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Indian (NIFTY) IT Industry Analysis

UpdatedSep 02, 2026
DataAggregated Company Financials
Companies164
  • 7D2.3%
  • 3M5.0%
  • 1Y-17.1%
  • YTD-21.7%

Over the last 7 days, the IT industry has risen 2.3%, driven by gains from Tata Consultancy Services of 3.4%. During this same period, the Happiest Minds Technologies underperformed, falling 21%. In the past year, the industry is down 17%. Earnings are forecast to grow by 8.6% annually.

Industry Valuation and Performance

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

DateMarket CapRevenueEarningsPEAbsolute PEPS
Thu, 03 Sep 2026₹25.8t₹9.5t₹1.4t21.6x19.1x2.7x
Sat, 01 Aug 2026₹25.4t₹9.5t₹1.4t23.3x18.7x2.7x
Mon, 29 Jun 2026₹22.7t₹9.3t₹1.3t21.9x17.1x2.5x
Wed, 27 May 2026₹24.4t₹9.3t₹1.3t21.8x18.3x2.6x
Fri, 24 Apr 2026₹25.7t₹9.1t₹1.3t21.8x19.6x2.8x
Sun, 22 Mar 2026₹24.9t₹9.0t₹1.3t19.6x19.2x2.8x
Tue, 17 Feb 2026₹27.9t₹8.9t₹1.3t21.3x21.8x3.1x
Thu, 15 Jan 2026₹32.5t₹8.8t₹1.3t25.4x25.3x3.7x
Sat, 13 Dec 2025₹33.0t₹8.7t₹1.3t25.3x25.2x3.8x
Mon, 10 Nov 2025₹30.5t₹8.7t₹1.3t27.6x23.4x3.5x
Wed, 08 Oct 2025₹30.2t₹8.6t₹1.3t27.9x23.4x3.5x
Fri, 05 Sep 2025₹30.6t₹8.5t₹1.3t26.5x23.8x3.6x
Sun, 03 Aug 2025₹30.1t₹8.5t₹1.3t28x23.5x3.5x
Tue, 01 Jul 2025₹34.0t₹8.4t₹1.3t29.5x27.2x4.1x
Thu, 29 May 2025₹33.3t₹8.3t₹1.3t28.3x26.6x4x
Sat, 26 Apr 2025₹31.8t₹8.3t₹1.3t27.2x25.4x3.8x
Mon, 24 Mar 2025₹32.9t₹8.3t₹1.3t26.8x26.2x4x
Wed, 19 Feb 2025₹36.3t₹8.2t₹1.2t28.7x29.1x4.5x
Fri, 17 Jan 2025₹38.3t₹8.1t₹1.2t35.4x31.3x4.7x
Sun, 15 Dec 2024₹41.0t₹8.0t₹1.2t38.3x34.1x5.1x
Tue, 12 Nov 2024₹38.2t₹8.0t₹1.2t37.2x31.9x4.8x
Thu, 10 Oct 2024₹38.4t₹7.8t₹1.2t39.1x32.9x4.9x
Sat, 07 Sep 2024₹38.7t₹7.8t₹1.2t40x33.1x4.9x
Mon, 05 Aug 2024₹36.7t₹7.8t₹1.2t40.4x31.4x4.7x
Wed, 03 Jul 2024₹34.5t₹7.7t₹1.1t37x30.2x4.5x
Fri, 31 May 2024₹30.9t₹7.7t₹1.1t35.1x27.1x4x
Sun, 28 Apr 2024₹31.8t₹7.7t₹1.1t39.8x28.1x4.1x
Tue, 26 Mar 2024₹32.9t₹7.7t₹1.1t34x29.6x4.3x
Thu, 22 Feb 2024₹34.7t₹7.7t₹1.1t38.3x31.2x4.5x
Sat, 20 Jan 2024₹34.8t₹7.8t₹1.1t44.9x30.5x4.4x
Mon, 18 Dec 2023₹33.8t₹7.8t₹1.1t43x29.6x4.3x
Wed, 15 Nov 2023₹28.8t₹7.7t₹1.1t38.3x25.4x3.7x
Fri, 13 Oct 2023₹29.9t₹7.6t₹1.1t38x26.4x3.9x
Sun, 10 Sep 2023₹29.9t₹7.6t₹1.1t37.4x26.6x4x
Price to Earnings Ratio

26.6x


Total Market Cap: ₹29.9tTotal 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 19.1x which is lower than its 3-year average PE of 26.3x.
  • The 3-year average PS ratio of 3.9x 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 6.4% per year over the last three years.
  • Revenues for these companies have grown 7.9% 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-1.09%
Tech1.71%
IT2.28%
Internet Services and Infrastructure3.51%
IT Consulting2.27%
Data Processing Services1.49%
Industry PE
  • Investors are most optimistic about the Internet Services and Infrastructure industry which is trading above its 3-year average PE ratio of 441x.
    • 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
TCS Tata Consultancy Services₹2.35k3.4%
+₹282.2b		-24.2%PE17.1x
HCLTECH HCL Technologies₹1.33k2.5%
+₹89.3b		-9.2%PE19.8x
INFY Infosys₹1.14k1.8%
+₹81.0b		-22.9%PE14.6x
TECHM Tech Mahindra₹1.62k3.3%
+₹46.1b		7.6%PE28x
LTM LTM₹4.59k2.9%
+₹38.0b		-11.6%PE26x

Latest News

HEXT
₹543.60
Hexaware Technologies
7D
-2.0%
1Y
-27.5%
TCS
₹2,348.00
Tata Consultancy Services
7D
3.4%
1Y
-24.2%
504067
₹460.35
Zensar Technologies
7D
-2.4%
1Y
-40.9%
PERSISTENT
₹5,690.00
Persistent Systems
7D
1.8%
1Y
6.0%
TECHM
₹1,623.00
Tech Mahindra
7D
3.3%
1Y
7.6%
COFORGE
₹1,965.70
Coforge
7D
4.6%
1Y
13.5%
HAPPSTMNDS
₹354.85
Happiest Minds Technologies
7D
-20.8%
1Y
-38.1%
500463
₹725.05
Black Box
7D
-4.0%
1Y
56.7%
Narrative Update • Aug 26

500463: AI Alliance And Hyperscaler Wins Will Drive Future Re-Rating Potential

Analysts have trimmed their fair value estimate for Black Box from ₹1,000 to ₹900 as they now apply slightly higher discount rates, expect lower revenue growth and profit margins, and use a modestly reduced future P/E assumption. What’s in the News for Black Box Black Box secured a US$131 million order from a new U.S. based global Tier 1 hyperscaler for a major data centre project in the U.S., with delivery planned over roughly three years and potential further expansion in future.
INFY
₹1,140.00
Infosys
7D
1.8%
1Y
-22.9%
SONATSOFTW
₹289.30
Sonata Software
7D
-3.4%
1Y
-19.5%
544021
₹497.85
Protean eGov Technologies
7D
-12.0%
1Y
-45.4%
539895
₹23.43
Spice Lounge Food Works
7D
-10.8%
1Y
-54.0%
LTM
₹4,588.00
LTM
7D
2.9%
1Y
-11.6%
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.
HCLTECH
₹1,331.50
HCL Technologies
7D
2.5%
1Y
-9.2%
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.
511144
₹535.20
Axis Solutions
7D
-9.6%
1Y
1,991.4%
526299
₹2,481.50
Mphasis
7D
3.4%
1Y
-14.2%
Narrative Update • Jul 22

526299: Future Returns Will Likely Be Pressured By Lower Profitability Assumptions

Analysts have trimmed their price target on Mphasis from ₹2,164.64 to ₹2,044.86, reflecting updated assumptions for discount rate, revenue growth, profit margins, and future P/E levels. What’s in the News for Mphasis Mphasis scheduled a board meeting for July 23, 2026, to consider and approve audited standalone and consolidated financial results for the quarter ended June 30, 2026, along with the auditor's report.