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Indian (NIFTY) IT Industry Analysis

UpdatedJul 03, 2026
DataAggregated Company Financials
Companies162
  • 7D-1.1%
  • 3M-13.1%
  • 1Y-34.0%
  • YTD-32.0%

Over the last 7 days, the IT industry has dropped 1.1%, driven by declines in Tech Mahindra and Persistent Systems of 1.9% and 3.3%, respectively. However, the industry is down 34% over the past 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
Sat, 04 Jul 2026₹22.5t₹9.3t₹1.3t22.1x16.8x2.4x
Mon, 01 Jun 2026₹24.5t₹9.2t₹1.3t23.4x18.4x2.6x
Wed, 29 Apr 2026₹24.7t₹9.2t₹1.3t22.7x18.6x2.7x
Fri, 27 Mar 2026₹25.2t₹9.0t₹1.3t19.9x19.4x2.8x
Sun, 22 Feb 2026₹27.5t₹8.9t₹1.3t22x21.4x3.1x
Tue, 20 Jan 2026₹33.0t₹8.9t₹1.3t24.3x25.8x3.7x
Thu, 18 Dec 2025₹33.0t₹8.7t₹1.3t25.3x25.1x3.8x
Sat, 15 Nov 2025₹31.5t₹8.7t₹1.3t26.9x24.2x3.6x
Mon, 13 Oct 2025₹30.9t₹8.6t₹1.3t27.7x23.9x3.6x
Wed, 10 Sep 2025₹30.6t₹8.5t₹1.3t26.4x23.8x3.6x
Fri, 08 Aug 2025₹30.2t₹8.5t₹1.3t27.1x23.6x3.6x
Sun, 06 Jul 2025₹34.0t₹8.3t₹1.3t30x27.2x4.1x
Tue, 03 Jun 2025₹32.9t₹8.3t₹1.3t28.5x26.3x3.9x
Thu, 01 May 2025₹31.9t₹8.3t₹1.2t26.4x25.5x3.8x
Sat, 29 Mar 2025₹33.0t₹8.2t₹1.3t27.1x26.3x4x
Mon, 24 Feb 2025₹36.1t₹8.3t₹1.3t29x28.7x4.4x
Wed, 22 Jan 2025₹37.1t₹8.1t₹1.2t35.4x29.9x4.6x
Fri, 20 Dec 2024₹39.8t₹8.0t₹1.2t37.1x33.1x5x
Sun, 17 Nov 2024₹37.9t₹8.0t₹1.2t34.5x31.6x4.8x
Tue, 15 Oct 2024₹38.0t₹7.9t₹1.2t41.4x32.4x4.8x
Thu, 12 Sep 2024₹38.9t₹7.8t₹1.2t40.6x33.3x5x
Sat, 10 Aug 2024₹36.0t₹7.8t₹1.2t38.8x30.9x4.6x
Mon, 08 Jul 2024₹34.7t₹7.7t₹1.1t37.4x30.4x4.5x
Wed, 05 Jun 2024₹30.5t₹7.7t₹1.1t29.9x26.6x3.9x
Fri, 03 May 2024₹31.5t₹7.7t₹1.1t38.3x27.8x4.1x
Sun, 31 Mar 2024₹32.6t₹7.7t₹1.1t32.7x29.3x4.2x
Tue, 27 Feb 2024₹34.8t₹7.7t₹1.1t37x31.4x4.5x
Thu, 25 Jan 2024₹34.5t₹7.8t₹1.1t40.8x30.2x4.4x
Sat, 23 Dec 2023₹33.6t₹7.8t₹1.1t41.8x29.4x4.3x
Mon, 20 Nov 2023₹30.2t₹7.7t₹1.1t37.3x26.6x3.9x
Wed, 18 Oct 2023₹29.9t₹7.6t₹1.1t37.5x26.3x3.9x
Fri, 15 Sep 2023₹30.6t₹7.6t₹1.1t36.8x27.2x4x
Sun, 13 Aug 2023₹28.8t₹7.6t₹1.1t37.7x25.7x3.8x
Tue, 11 Jul 2023₹27.5t₹7.4t₹1.1t32.3x25x3.7x
Price to Earnings Ratio

25x


Total Market Cap: ₹27.5tTotal Earnings: ₹1.1tTotal Revenue: ₹7.4tTotal Market Cap vs Earnings and Revenue0%0%0%
Indian IT Industry Price to Earnings3Y Average 26.7x202420252026
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 16.8x which is lower than its 3-year average PE of 26.7x.
  • 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 6.7% per year over the last three years.
  • Revenues for these companies have grown 7.8% 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 Market0.87%
Tech-1.20%
IT-1.07%
Data Processing Services-0.12%
IT Consulting-1.06%
Internet Services and Infrastructure-4.41%
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
HCLTECH HCL Technologies₹1.14k3.5%
+₹103.6b		-34.0%PE17.2x
HEXT Hexaware Technologies₹546.6010.5%
+₹31.5b		-36.9%PE23.9x
INFY Infosys₹1.05k0.6%
+₹24.3b		-36.2%PE13.4x
504067 Zensar Technologies₹516.2515.9%
+₹16.1b		-39.5%PE15.2x
507685 Wipro₹176.100.6%
+₹11.5b		-34.8%PE14x

Latest News

TATATECH
₹715.40
Tata Technologies
7D
-4.4%
1Y
1.0%
526299
₹2,297.85
Mphasis
7D
1.5%
1Y
-21.4%
504067
₹516.25
Zensar Technologies
7D
15.9%
1Y
-39.5%
507685
₹176.10
Wipro
7D
0.6%
1Y
-34.8%
Narrative Update • Jul 03

507685: AI Partnerships And Completed Buyback Will Support Constructive Medium Term Outlook

Analysts have trimmed their price target for Wipro to ₹197.28 from ₹209.78, reflecting updated assumptions around a slightly higher discount rate, more conservative revenue growth, and a marginally lower future P/E multiple and profit margin. What’s in the News for Wipro Wipro has completed a share buyback of 600,000,000 equity shares, about 5.73% of its issued shares, for ₹150,000 million under the program announced on April 16, 2026.
538891
₹31.92
Magellanic Cloud
7D
17.2%
1Y
-56.8%
500463
₹993.90
Black Box
7D
3.8%
1Y
84.2%
INFY
₹1,047.20
Infosys
7D
0.6%
1Y
-36.2%
Narrative Update • Jul 02

INFY: AI Client Wins Will Support Margins Despite Choppy Tech Budgets

The analyst fair value estimate for Infosys has been revised down from ₹1,460.95 to ₹1,395.13 as analysts factor in a slightly higher discount rate, more cautious revenue growth assumptions, and ongoing uncertainty around the near term impact of AI on client demand and tech services budgets. Analyst Commentary Recent research on Infosys highlights a mix of optimism and caution as investors weigh valuation against execution risks tied to AI adoption and a softer tech spending backdrop.
HCLTECH
₹1,139.00
HCL Technologies
7D
3.5%
1Y
-34.0%
New Narrative • Jul 02

AI Factory And Data Center Deals Will Shape A Fairly Priced Future

Catalysts About HCL Technologies HCL Technologies is a global IT services and software company that provides IT and business services, engineering and R&D services, and software products to clients across multiple industries. What are the underlying business or industry changes driving this perspective?
TECHM
₹1,410.10
Tech Mahindra
7D
-1.9%
1Y
-14.8%
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.
HEXT
₹546.60
Hexaware Technologies
7D
10.5%
1Y
-36.9%
PERSISTENT
₹4,682.70
Persistent Systems
7D
-3.3%
1Y
-20.6%
COFORGE
₹1,464.00
Coforge
7D
-1.9%
1Y
-24.9%
TCS
₹2,093.50
Tata Consultancy Services
7D
-0.06%
1Y
-38.8%
RSYSTEMS
₹220.16
R Systems International
7D
-11.8%
1Y
-50.8%
Narrative Update • Jun 23

RSYSTEMS: Capital Restructuring And OCRPS Issuance Will Support Future Upside

Analysts have kept the fair value estimate for R Systems International steady at ₹440.33 per share, with only small adjustments to the discount rate, revenue growth, profit margin, and future P/E assumptions reflected in the latest price target update. What's in the News R Systems International has received an order dated April 16, 2026 from the National Company Law Tribunal, New Delhi Bench, sanctioning a Scheme that became effective on May 1, 2026, with an appointed date of April 1, 2024, as disclosed under SEBI Listing Regulations.
E2E
₹382.00
E2E Networks
7D
-7.3%
1Y
52.2%
501421
₹3,995.45
TechNVision Ventures
7D
-16.8%
1Y
9.2%