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Indian (NIFTY) IT Industry Analysis

UpdatedJul 28, 2026
DataAggregated Company Financials
Companies163
  • 7D1.6%
  • 3M-1.0%
  • 1Y-20.7%
  • YTD-25.7%

Last week, the IT industry hasn't moved much but HCL Technologies is up 6.1% in that time. As for the longer term, the industry has declined 23% in the last year. As for the next few years, earnings are expected to grow by 8.2% per annum.

Industry Valuation and Performance

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

DateMarket CapRevenueEarningsPEAbsolute PEPS
Tue, 28 Jul 2026₹24.5t₹9.5t₹1.4t22.3x18x2.6x
Thu, 25 Jun 2026₹22.9t₹9.3t₹1.3t22.2x17.2x2.5x
Sat, 23 May 2026₹24.5t₹9.3t₹1.3t20.3x18.3x2.6x
Mon, 20 Apr 2026₹27.0t₹9.1t₹1.3t22.6x20.7x3x
Wed, 18 Mar 2026₹24.6t₹9.0t₹1.3t19.5x19.1x2.7x
Fri, 13 Feb 2026₹28.3t₹8.9t₹1.3t23.3x22.2x3.2x
Sun, 11 Jan 2026₹32.7t₹8.7t₹1.3t25.2x24.9x3.7x
Tue, 09 Dec 2025₹33.2t₹8.7t₹1.3t25.3x25.4x3.8x
Thu, 06 Nov 2025₹30.6t₹8.7t₹1.3t27.6x23.6x3.5x
Sat, 04 Oct 2025₹29.6t₹8.6t₹1.3t25.7x22.9x3.4x
Mon, 01 Sep 2025₹30.6t₹8.5t₹1.3t25.9x23.8x3.6x
Wed, 30 Jul 2025₹30.7t₹8.5t₹1.3t28.8x24.1x3.6x
Fri, 27 Jun 2025₹34.0t₹8.3t₹1.3t30x27.2x4.1x
Sun, 25 May 2025₹33.2t₹8.3t₹1.3t28.5x26.5x4x
Tue, 22 Apr 2025₹30.6t₹8.3t₹1.2t27.3x24.6x3.7x
Thu, 20 Mar 2025₹32.4t₹8.3t₹1.3t25.5x25.8x3.9x
Sat, 15 Feb 2025₹36.5t₹8.2t₹1.2t29.1x29.3x4.5x
Mon, 13 Jan 2025₹39.6t₹8.1t₹1.2t34.7x32.4x4.9x
Wed, 11 Dec 2024₹40.4t₹8.0t₹1.2t37x33.6x5.1x
Fri, 08 Nov 2024₹37.6t₹8.0t₹1.2t38.6x31.4x4.7x
Sun, 06 Oct 2024₹38.0t₹7.8t₹1.2t37.9x32.5x4.8x
Tue, 03 Sep 2024₹39.4t₹7.8t₹1.2t40.2x33.7x5x
Thu, 01 Aug 2024₹37.6t₹7.8t₹1.2t41.7x32.2x4.8x
Sat, 29 Jun 2024₹33.5t₹7.7t₹1.1t35.2x29.3x4.3x
Mon, 27 May 2024₹31.7t₹7.7t₹1.1t35.5x27.9x4.1x
Wed, 24 Apr 2024₹32.0t₹7.7t₹1.1t37.6x28.1x4.1x
Fri, 22 Mar 2024₹33.6t₹7.7t₹1.1t33.4x30.3x4.4x
Sun, 18 Feb 2024₹35.6t₹7.7t₹1.1t38.7x32.1x4.6x
Tue, 16 Jan 2024₹34.9t₹7.8t₹1.1t44.4x30.7x4.5x
Thu, 14 Dec 2023₹31.5t₹7.8t₹1.1t42.3x27.6x4x
Sat, 11 Nov 2023₹28.8t₹7.7t₹1.1t38.6x25.4x3.7x
Mon, 09 Oct 2023₹30.2t₹7.6t₹1.1t38.3x26.9x4x
Wed, 06 Sep 2023₹29.8t₹7.6t₹1.1t37.9x26.5x3.9x
Fri, 04 Aug 2023₹28.2t₹7.5t₹1.1t36.3x25.1x3.7x
Price to Earnings Ratio

25.1x


Total Market Cap: ₹28.2tTotal Earnings: ₹1.1tTotal Revenue: ₹7.5tTotal Market Cap vs Earnings and Revenue0%0%0%
Indian IT Industry Price to Earnings3Y Average 26.5x202420252026
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 17.6x which is lower than its 3-year average PE of 26.5x.
  • The 3-year average PS ratio of 3.9x is higher than the industry's current PS ratio of 2.5x.
Past Earnings Growth
  • The earnings for companies in the IT industry have grown 6.6% per year over the last three years.
  • Revenues for these companies have grown 8.0% 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-0.66%
Tech0.86%
IT1.63%
Internet Services and Infrastructure24.56%
IT Consulting1.54%
Data Processing Services0.76%
Industry PE
  • Investors are most optimistic about the Internet Services and Infrastructure industry, which is trading close to its 3-year average PE ratio of 427x.
    • 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 26.5x.
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 roughly in line with its past earnings growth rate.
  • In contrast, the IT Consulting industry is expected to see its earnings grow by 8.2% 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₹1.30k6.1%
+₹201.9b		-11.6%PE19.1x
TCS Tata Consultancy Services₹2.30k2.0%
+₹161.0b		-25.5%PE16.7x
LTM LTM₹4.19k2.6%
+₹31.7b		-17.0%PE23.8x
E2E E2E Networks₹542.5027.6%
+₹23.6b		166.9%PE350.3x
507685 Wipro₹178.501.2%
+₹21.3b		-28.6%PE13.4x

Latest News

532175
₹824.10
Cyient
7D
-3.0%
1Y
-33.2%
INFY
₹1,079.20
Infosys
7D
-0.7%
1Y
-28.8%
504067
₹515.10
Zensar Technologies
7D
-2.2%
1Y
-35.6%
Narrative Update • Jul 24

504067: Lower Forward P/E And AI Assurance Risk Will Drive Bearish View

Analysts have revised their price target for Zensar Technologies from ₹501.00 to about ₹425.34, citing updated fair value estimates based on a slightly adjusted discount rate, revenue growth outlook and forward P/E assumptions, along with a marginally different profit margin view. What's in the News for Zensar Technologies Zensar Technologies has scheduled a board meeting for July 29, 2026, to consider and approve its unaudited standalone and consolidated financial results for the quarter ended June 30, 2026, and to take on record the related limited review report.
PERSISTENT
₹5,268.20
Persistent Systems
7D
1.5%
1Y
2.3%
Narrative Update • Jul 24

PERSISTENT: AI Expansion And Nagarro Bid Will Support Measured Long-Term Outlook

Persistent Systems' analyst price target has been revised from about ₹5,596 to around ₹5,091. Analysts cite updated assumptions for discount rate, revenue growth, profit margins, and future P/E as key drivers of the change.
501421
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TechNVision Ventures
7D
47.0%
1Y
20.3%
526299
₹2,330.85
Mphasis
7D
-3.5%
1Y
-13.8%
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.
E2E
₹542.50
E2E Networks
7D
27.6%
1Y
166.9%
TCS
₹2,295.60
Tata Consultancy Services
7D
2.0%
1Y
-25.5%
Narrative Update • Jul 21

TCS: JFK Terminal Partnership And AI Alliances Will Support ReRating

Analysts have trimmed their fair value estimate for Tata Consultancy Services from about ₹4,442 to around ₹3,228, citing slightly softer assumptions on revenue growth, profit margins, discount rate, and future P/E multiples. What’s in the News for Tata Consultancy Services Tata Consultancy Services entered a partnership with the New Terminal One at John F.
COFORGE
₹1,528.40
Coforge
7D
1.4%
1Y
-11.4%
Narrative Update • Jul 21

COFORGE: AI Security And Insurance Focus Will Restrain Long Term Returns

Analysts have lifted their price target on Coforge from ₹1,115.00 to ₹1,207.03, citing updated assumptions that include a different balance of revenue growth, profit margin expectations, and a revised forward P/E multiple. What’s in the News for Coforge Coforge launched SecureEdge2Cloud, an AI-powered Zero Trust security offering built on the Zscaler Zero Trust Exchange platform, aimed at helping organizations manage cloud, AI, and digital adoption with a single, identity-centric security framework.
507685
₹178.50
Wipro
7D
1.2%
1Y
-28.6%
HCLTECH
₹1,295.90
HCL Technologies
7D
6.1%
1Y
-11.6%
TATATECH
₹713.30
Tata Technologies
7D
-4.7%
1Y
2.0%
SONATSOFTW
₹293.35
Sonata Software
7D
-5.3%
1Y
-28.1%
Narrative Update • Jul 16

SONATSOFTW: Leadership Transition Will Raise Concerns Over Future Earnings Quality

Analysts have lifted their fair value estimate for Sonata Software from ₹254.16 to ₹280.00, citing updated assumptions around the discount rate, revenue growth, profit margin, and future P/E. What’s in the News for Sonata Software A board meeting is scheduled on May 7, 2026 to consider and approve audited standalone and consolidated financial results for the quarter and year ended March 31, 2026, and to consider and recommend a final dividend for the 2025-26 financial year.
LTM
₹4,190.80
LTM
7D
2.6%
1Y
-17.0%
Narrative Update • Jul 16

LTM: Sector Tailwinds And Earnings Momentum Will Support Balanced Future Upside

Analysts have trimmed the fair value estimate for Latam Airlines to ₹4,387.77 from ₹4,858.23, reflecting slightly lower assumptions for revenue growth, profit margins and future P/E multiples, even as recent research highlights supportive sector drivers such as improving air travel penetration, more rational competition and a relatively lighter balance sheet. Analyst Commentary Recent research coverage on Latam Airlines highlights a mix of optimism around sector fundamentals and company positioning, along with clear caution flags that could influence how the stock trades around its fair value range.
500463
₹775.35
Black Box
7D
-7.7%
1Y
60.9%
Narrative Update • Jul 15

500463: Alliance With AI Partner Will Drive Future Re-Rating Potential

Analysts have revised the Black Box price target from ₹625 to ₹1,000, citing updated assumptions around revenue growth, profit margins, and a higher future P/E multiple as key drivers of the change. What’s in the News for Black Box Black Box Limited entered a strategic alliance with AIONOS, an AI native enterprise technology company, to work with enterprises on AI transformation across infrastructure, OT/IoT connectivity, and applied AI platforms, with a focus on measurable business outcomes.
539895
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Spice Lounge Food Works
7D
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1Y
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