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Indian (NIFTY) IT Industry Analysis

UpdatedJul 10, 2026
DataAggregated Company Financials
Companies163
  • 7D1.0%
  • 3M-14.5%
  • 1Y-32.6%
  • YTD-31.3%

The IT industry has stayed flat over the last week. As for the longer term, the industry has declined 33% in the last year. Looking forward, 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
Fri, 10 Jul 2026₹22.7t₹9.3t₹1.3t22.1x17x2.4x
Sun, 07 Jun 2026₹24.3t₹9.3t₹1.3t23x18.2x2.6x
Tue, 05 May 2026₹24.8t₹9.2t₹1.3t22.5x18.7x2.7x
Thu, 02 Apr 2026₹25.2t₹9.0t₹1.3t20.4x19.5x2.8x
Sat, 28 Feb 2026₹26.4t₹8.9t₹1.3t21.1x20.6x3x
Mon, 26 Jan 2026₹32.5t₹8.9t₹1.3t24.5x25.3x3.6x
Wed, 24 Dec 2025₹33.6t₹8.7t₹1.3t25.6x25.7x3.9x
Fri, 21 Nov 2025₹32.1t₹8.7t₹1.3t25.5x24.7x3.7x
Sun, 19 Oct 2025₹30.3t₹8.6t₹1.3t27.4x23.4x3.5x
Tue, 16 Sep 2025₹31.2t₹8.5t₹1.3t26.6x24.2x3.7x
Thu, 14 Aug 2025₹30.2t₹8.5t₹1.3t26.7x23.6x3.6x
Sat, 12 Jul 2025₹33.5t₹8.3t₹1.3t30.3x26.7x4x
Mon, 09 Jun 2025₹32.9t₹8.3t₹1.3t29.2x26.2x3.9x
Wed, 07 May 2025₹31.9t₹8.3t₹1.2t26x25.6x3.9x
Fri, 04 Apr 2025₹31.3t₹8.2t₹1.3t25.8x25x3.8x
Sun, 02 Mar 2025₹33.2t₹8.3t₹1.3t26x26.3x4x
Tue, 28 Jan 2025₹37.1t₹8.1t₹1.2t32.7x29.9x4.6x
Thu, 26 Dec 2024₹38.7t₹8.0t₹1.2t35.5x32.2x4.8x
Sat, 23 Nov 2024₹38.7t₹8.0t₹1.2t36.3x32.3x4.8x
Mon, 21 Oct 2024₹37.8t₹7.9t₹1.2t39.9x31.6x4.8x
Wed, 18 Sep 2024₹39.6t₹7.8t₹1.2t40.4x34x5x
Fri, 16 Aug 2024₹36.6t₹7.8t₹1.2t39.3x31.4x4.7x
Sun, 14 Jul 2024₹36.0t₹7.8t₹1.2t37.7x31.1x4.6x
Tue, 11 Jun 2024₹32.8t₹7.7t₹1.1t33.2x28.7x4.2x
Thu, 09 May 2024₹31.8t₹7.7t₹1.1t36.9x28x4.1x
Sat, 06 Apr 2024₹33.1t₹7.7t₹1.1t38.1x29.8x4.3x
Mon, 04 Mar 2024₹35.1t₹7.7t₹1.1t35.8x31.6x4.6x
Wed, 31 Jan 2024₹34.0t₹7.8t₹1.1t41.5x30x4.3x
Fri, 29 Dec 2023₹33.6t₹7.8t₹1.1t41.8x29.4x4.3x
Sun, 26 Nov 2023₹30.0t₹7.7t₹1.1t37.3x26.4x3.9x
Tue, 24 Oct 2023₹28.9t₹7.7t₹1.1t37.9x25.4x3.8x
Thu, 21 Sep 2023₹30.6t₹7.6t₹1.1t37.2x27.3x4x
Sat, 19 Aug 2023₹28.6t₹7.6t₹1.1t35.7x25.4x3.8x
Mon, 17 Jul 2023₹29.1t₹7.5t₹1.1t32.3x26x3.9x
Price to Earnings Ratio

26x


Total Market Cap: ₹29.1tTotal Earnings: ₹1.1tTotal Revenue: ₹7.5tTotal Market Cap vs Earnings and Revenue0%0%0%
Indian IT Industry Price to Earnings3Y Average 26.6x202420252026
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 17.0x which is lower than its 3-year average PE of 26.6x.
  • The 3-year average PS ratio of 4.0x is higher than the industry's current PS ratio of 2.4x.
Past Earnings Growth
  • The earnings for companies in the IT industry have grown 6.2% per year over the last three years.
  • Revenues for these companies have grown 7.5% 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-0.87%
Tech0.72%
IT1.00%
Internet Services and Infrastructure1.33%
IT Consulting0.99%
Data Processing Services0.92%
Industry PE
  • Investors are most optimistic about the Data Processing Services industry even though it's trading below its 3-year average PE ratio of 67.1x.
    • Analysts are expecting annual earnings growth of 15.3%, which is higher than its past year's earnings growth of 12.5% per year.
Forecasted Growth
  • Analysts are most optimistic on the Data Processing Services industry, expecting annual earnings growth of 15% over the next 5 years.
  • This is better than its past earnings growth rate of 13% per year.
  • 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
INFY Infosys₹1.07k2.0%
+₹84.2b		-33.0%PE13.7x
LTM LTM₹4.04k7.4%
+₹82.9b		-22.5%PE23.9x
HCLTECH HCL Technologies₹1.16k2.2%
+₹67.9b		-28.9%PE17.6x
PERSISTENT Persistent Systems₹5.05k7.9%
+₹55.4b		-9.4%PE40.4x
TECHM Tech Mahindra₹1.45k3.2%
+₹39.6b		-9.2%PE26.8x

Latest News

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Coforge
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532175
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Cyient
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1Y
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HAPPSTMNDS
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Happiest Minds Technologies
7D
10.4%
1Y
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Narrative Update • Jul 08

HAPPSTMNDS: Agentic AI Platform Adoption Will Drive Future Upside Potential

The analyst price target for Happiest Minds Technologies has been revised from ₹532.88 to ₹461.50, with analysts pointing to updated assumptions on discount rate, revenue growth, profit margins, and future P/E as key drivers of the change. What's in the News for Happiest Minds Technologies Happiest Minds Technologies launched Rel(AI)Build, an enterprise-grade Agentic AI development platform built around an Agentic Development Lifecycle (ADLC) to integrate AI across the full software development lifecycle.
526299
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Mphasis
7D
1.0%
1Y
-18.1%
Narrative Update • Jul 08

526299: Dividend And AI Investments Will Drive Future Upside Potential

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507685
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Wipro
7D
-0.4%
1Y
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TCS
₹2,069.00
Tata Consultancy Services
7D
-1.2%
1Y
-36.7%
Narrative Update • Jul 07

TCS: Future Returns Will Depend On Resolution Of IP Case Risk

Analysts have reset their fair value estimate for Tata Consultancy Services to ₹1,860 from ₹2,602.79, citing updated assumptions on the discount rate, revenue growth, profit margins, and future P/E expectations. What’s in the News for Tata Consultancy Services DXC Technology collected $213.56 million from Tata Consultancy Services following final court rulings in a trade secrets case, after the U.S. Supreme Court declined to review lower court decisions that upheld a $168 million damages award plus interest, reinforcing the legal focus on intellectual property protection (source: DXC Technology).
SAKSOFT
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Saksoft
7D
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1Y
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PERSISTENT
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Persistent Systems
7D
7.9%
1Y
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INFY
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Infosys
7D
2.0%
1Y
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HCLTECH
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HCL Technologies
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1Y
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504067
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538891
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500463
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Black Box
7D
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1Y
76.9%
LTM
₹4,037.20
LTM
7D
7.4%
1Y
-22.5%
Narrative Update • Jul 02

LTM: Sector Tailwinds And Earnings Momentum Will Face Slower Traffic Risks

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TECHM
₹1,454.80
Tech Mahindra
7D
3.2%
1Y
-9.2%
Narrative Update • Jul 01

TECHM: Higher Risk Premium Leaves Little Cushion If Alliances Underperform

Analysts have trimmed their fair value estimate for Tech Mahindra from ₹1,271.27 to ₹1,184.98, reflecting a slightly higher discount rate and lower assumed future P/E multiple, even as they update revenue growth and profit margin assumptions. Analyst Commentary Recent fair value adjustments for Tech Mahindra signal that analysts are taking a more measured view on the stock.
501421
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TechNVision Ventures
7D
-9.9%
1Y
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