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Indian (NIFTY) IT Industry Analysis

UpdatedMar 19, 2026
DataAggregated Company Financials
Companies161
  • 7D-0.7%
  • 3M-23.9%
  • 1Y-22.1%
  • YTD-23.2%

The IT industry has been flat over the last week, but Tata Consultancy Services has lost 3.5%. As for the longer term, the industry has declined 22% in the last year. As for the next few years, earnings are expected to grow by 10% per annum.

Industry Valuation and Performance

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

DateMarket CapRevenueEarningsPEAbsolute PEPS
Fri, 20 Mar 2026₹25.3t₹9.0t₹1.3t20.3x19.6x2.8x
Sun, 15 Feb 2026₹27.9t₹8.9t₹1.3t23x21.8x3.1x
Tue, 13 Jan 2026₹32.7t₹8.7t₹1.3t25.1x25x3.7x
Thu, 11 Dec 2025₹32.7t₹8.7t₹1.3t25.1x25x3.7x
Sat, 08 Nov 2025₹30.5t₹8.7t₹1.3t27.2x23.4x3.5x
Mon, 06 Oct 2025₹29.6t₹8.6t₹1.3t25.5x22.9x3.4x
Wed, 03 Sep 2025₹31.0t₹8.5t₹1.3t26.2x24.1x3.6x
Fri, 01 Aug 2025₹30.6t₹8.5t₹1.3t27.9x23.9x3.6x
Sun, 29 Jun 2025₹33.9t₹8.3t₹1.3t30.1x27.1x4.1x
Tue, 27 May 2025₹33.5t₹8.3t₹1.3t29x26.8x4x
Thu, 24 Apr 2025₹31.7t₹8.3t₹1.2t28.1x25.4x3.8x
Sat, 22 Mar 2025₹32.9t₹8.3t₹1.3t26.8x26.2x4x
Mon, 17 Feb 2025₹36.5t₹8.2t₹1.2t29.1x29.3x4.5x
Wed, 15 Jan 2025₹38.4t₹8.1t₹1.2t35.3x31.4x4.8x
Fri, 13 Dec 2024₹40.7t₹8.0t₹1.2t37.8x33.9x5.1x
Sun, 10 Nov 2024₹37.8t₹8.0t₹1.2t37.2x31.5x4.7x
Tue, 08 Oct 2024₹38.1t₹7.8t₹1.2t36.4x32.6x4.9x
Thu, 05 Sep 2024₹38.9t₹7.8t₹1.2t39.7x33.3x5x
Sat, 03 Aug 2024₹36.7t₹7.8t₹1.2t40.4x31.4x4.7x
Mon, 01 Jul 2024₹33.5t₹7.7t₹1.1t35.2x29.3x4.3x
Wed, 29 May 2024₹31.8t₹7.7t₹1.1t35.7x27.9x4.1x
Fri, 26 Apr 2024₹31.9t₹7.7t₹1.1t37.3x28x4.1x
Sun, 24 Mar 2024₹32.9t₹7.7t₹1.1t34x29.6x4.3x
Tue, 20 Feb 2024₹35.5t₹7.7t₹1.1t38.3x32x4.6x
Thu, 18 Jan 2024₹34.6t₹7.8t₹1.1t44.3x30.5x4.4x
Sat, 16 Dec 2023₹33.8t₹7.8t₹1.1t43x29.6x4.3x
Mon, 13 Nov 2023₹28.8t₹7.7t₹1.1t38.5x25.4x3.7x
Wed, 11 Oct 2023₹30.4t₹7.6t₹1.1t37.9x27.1x4x
Fri, 08 Sep 2023₹29.9t₹7.6t₹1.1t36.4x26.6x4x
Sun, 06 Aug 2023₹28.6t₹7.5t₹1.1t36.9x25.5x3.8x
Tue, 04 Jul 2023₹27.8t₹7.4t₹1.1t33.5x25.3x3.8x
Thu, 01 Jun 2023₹27.7t₹7.4t₹1.1t28.6x25.1x3.7x
Sat, 29 Apr 2023₹26.4t₹7.4t₹1.1t26x24x3.6x
Mon, 27 Mar 2023₹26.4t₹7.1t₹1.1t23.8x24.5x3.7x
Price to Earnings Ratio

24.5x


Total Market Cap: ₹26.4tTotal Earnings: ₹1.1tTotal Revenue: ₹7.1tTotal Market Cap vs Earnings and Revenue0%0%0%
Indian IT Industry Price to Earnings3Y Average 27.3x202420252026
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 19.6x which is lower than its 3-year average PE of 27.3x.
  • The 3-year average PS ratio of 4.1x is higher than the industry's current PS ratio of 2.8x.
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 8.2% 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-0.65%
Tech-0.019%
IT-0.66%
IT Consulting-0.65%
Data Processing Services-1.18%
Internet Services and Infrastructure-3.76%
Industry PE
  • Investors are most optimistic about the Internet Services and Infrastructure industry which is trading above its 3-year average PE ratio of 91.8x.
    • 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 27.2x.
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
HEXT Hexaware Technologies₹422.050.8%
+₹2.0b		-42.4%PE18.8x
516038 KS Smart Technologies₹222.008.2%
+₹2.0b		n/an/a
511144 Axis Solutions₹188.205.0%
+₹423.0m		n/aPE34.6x
590057 Equippp Social Impact Technologies₹18.9419.1%
+₹313.4m		-9.9%PE110.8x
OPTIVALUE Optivalue Tek Consulting₹80.5019.6%
+₹309.0m		n/aPE14.5x

Latest News

OPTIVALUE
₹80.50
Optivalue Tek Consulting
7D
19.6%
1Y
n/a
HEXT
₹422.05
Hexaware Technologies
7D
0.8%
1Y
-42.4%
526299
₹2,045.50
Mphasis
7D
-6.4%
1Y
-11.3%

AI Modernization Pipeline Will Shape Banking Exposure And Margin Stability

Catalysts About Mphasis Mphasis is an IT services company that provides application, infrastructure and AI led solutions to global clients, with a large presence in banking, financial services and insurance. What are the underlying business or industry changes driving this perspective?
507685
₹188.55
Wipro
7D
-6.8%
1Y
-29.6%

AI Adoption And Vendor Consolidation Will Drive Stronger Long Term Earnings Quality

Catalysts About Wipro Wipro is a global IT services and consulting company that provides technology, engineering and business process solutions to clients across multiple industries and regions. What are the underlying business or industry changes driving this perspective?
INFY
₹1,220.80
Infosys
7D
-3.6%
1Y
-24.4%
TCS
₹2,356.00
Tata Consultancy Services
7D
-3.5%
1Y
-33.9%

TCS: AI Partnerships And New Outsourcing Wins Will Support Future Upside

Analysts now see slightly less upside for Tata Consultancy Services, trimming their price target from ₹3,583.72 to ₹3,497.86. They are factoring in a marginally higher discount rate and a modestly lower future P/E, while keeping revenue growth and profit margin expectations broadly steady.
PERSISTENT
₹4,602.80
Persistent Systems
7D
-2.4%
1Y
-11.4%

PERSISTENT: Dividend Payout And AI Expansion Will Support Upbeat Outlook

Analysts have trimmed their price target on Persistent Systems from about ₹6,818 to roughly ₹6,603, mainly reflecting a slightly higher discount rate applied to broadly unchanged expectations for revenue growth, profit margins, and future P/E multiples. What's in the News Persistent Systems launched a Melbourne Innovation Center as a hub for AI driven enterprise reinvention across Australia and New Zealand, with plans to grow local engineering and AI capabilities through hiring, partnerships, hackathons and skilling programs under Persistent University (Key Developments).
TATATECH
₹522.50
Tata Technologies
7D
-5.3%
1Y
-21.5%

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

Analysts have nudged their fair value estimate for Tata Technologies slightly lower from about ₹1,072.56 to ₹1,071.63, reflecting refreshed assumptions on discount rate, revenue growth, profit margin, and future P/E that leave the overall price target broadly intact. What's in the News WITTENSTEIN High Integrity Systems and Tata Technologies announced a partnership to integrate SAFERTOS into Tata Technologies' automotive software stack for Software Defined Vehicles, with a focus on meeting safety standards such as ISO 26262 and supporting connected, autonomous and electrified vehicle features (Key Developments).
LTM
₹4,198.50
LTM
7D
-2.9%
1Y
-5.0%

LTM: AI Tax Analytics Mandate Will Drive Future Upside Potential

Analysts have trimmed their price target on LTIMindtree from ₹6,376.75 to ₹6,219.67. This reflects small shifts in assumptions around the discount rate, long term revenue growth, profit margin and future P/E multiples.
TECHD
₹515.05
TechD Cybersecurity
7D
6.8%
1Y
n/a
HCLTECH
₹1,311.80
HCL Technologies
7D
-3.4%
1Y
-16.0%

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.
CYBERTECH
₹109.42
CyberTech Systems and Software
7D
4.8%
1Y
-28.6%
511144
₹188.20
Axis Solutions
7D
5.0%
1Y
n/a
SYSTANGO
₹253.30
Systango Technologies
7D
4.2%
1Y
20.1%
590057
₹18.94
Equippp Social Impact Technologies
7D
19.1%
1Y
-9.9%