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Indian (NIFTY) IT Industry Analysis

UpdatedJul 12, 2026
DataAggregated Company Financials
Companies163
  • 7D1.1%
  • 3M-13.1%
  • 1Y-30.0%
  • YTD-30.2%

Infosys is up 2.0%, leading the way for the IT industry, which has gained 1.1%. In the past year, the industry is down 30%. Looking forward, earnings are forecast to grow by 8.5% annually.

Industry Valuation and Performance

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

DateMarket CapRevenueEarningsPEAbsolute PEPS
Sun, 12 Jul 2026₹23.1t₹9.4t₹1.3t22.6x17.2x2.5x
Tue, 09 Jun 2026₹23.9t₹9.3t₹1.3t23x17.9x2.6x
Thu, 07 May 2026₹24.9t₹9.2t₹1.3t22.8x18.8x2.7x
Sat, 04 Apr 2026₹25.8t₹9.0t₹1.3t20.7x20x2.9x
Mon, 02 Mar 2026₹26.4t₹8.9t₹1.3t21.1x20.6x3x
Wed, 28 Jan 2026₹32.6t₹8.9t₹1.3t24.2x25.4x3.7x
Fri, 26 Dec 2025₹33.5t₹8.7t₹1.3t25.5x25.6x3.8x
Sun, 23 Nov 2025₹32.0t₹8.7t₹1.3t25.8x24.5x3.7x
Tue, 21 Oct 2025₹30.3t₹8.6t₹1.3t28.2x23.4x3.5x
Thu, 18 Sep 2025₹31.7t₹8.5t₹1.3t27x24.7x3.7x
Sat, 16 Aug 2025₹30.3t₹8.5t₹1.3t26.5x23.6x3.6x
Mon, 14 Jul 2025₹32.7t₹8.4t₹1.3t30.4x26x3.9x
Wed, 11 Jun 2025₹33.7t₹8.3t₹1.3t30.2x26.9x4x
Fri, 09 May 2025₹32.0t₹8.3t₹1.3t26x25.5x3.8x
Sun, 06 Apr 2025₹30.2t₹8.2t₹1.3t25.7x24.1x3.7x
Tue, 04 Mar 2025₹33.4t₹8.3t₹1.3t25.8x26.5x4x
Thu, 30 Jan 2025₹37.7t₹8.1t₹1.2t34.3x30.3x4.6x
Sat, 28 Dec 2024₹38.7t₹8.0t₹1.2t35.4x32.2x4.8x
Mon, 25 Nov 2024₹38.7t₹8.0t₹1.2t37x32.3x4.8x
Wed, 23 Oct 2024₹37.0t₹7.9t₹1.2t37.7x30.9x4.7x
Fri, 20 Sep 2024₹38.1t₹7.8t₹1.2t39.6x32.6x4.9x
Sun, 18 Aug 2024₹37.6t₹7.8t₹1.2t38.8x32.2x4.8x
Tue, 16 Jul 2024₹36.0t₹7.8t₹1.2t39.9x31.1x4.6x
Thu, 13 Jun 2024₹32.4t₹7.7t₹1.1t33.9x28.3x4.2x
Sat, 11 May 2024₹31.3t₹7.7t₹1.1t37x27.6x4x
Mon, 08 Apr 2024₹33.1t₹7.7t₹1.1t38.7x29.8x4.3x
Wed, 06 Mar 2024₹34.2t₹7.7t₹1.1t35.8x30.8x4.5x
Fri, 02 Feb 2024₹34.2t₹7.8t₹1.1t43x30.2x4.4x
Sun, 31 Dec 2023₹33.5t₹7.8t₹1.1t42.1x29.3x4.3x
Tue, 28 Nov 2023₹30.0t₹7.7t₹1.1t37.3x26.4x3.9x
Thu, 26 Oct 2023₹28.6t₹7.7t₹1.1t38.1x25.2x3.7x
Sat, 23 Sep 2023₹30.5t₹7.6t₹1.1t36.5x27.2x4x
Mon, 21 Aug 2023₹28.6t₹7.6t₹1.1t35.7x25.4x3.8x
Wed, 19 Jul 2023₹29.4t₹7.5t₹1.1t32.1x26.2x3.9x
Price to Earnings Ratio

26.2x


Total Market Cap: ₹29.4tTotal 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 17.2x which is lower than its 3-year average PE of 26.6x.
  • 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 6.3% 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 Market0.26%
Tech1.03%
IT1.09%
Data Processing Services3.14%
Internet Services and Infrastructure2.92%
IT Consulting1.08%
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 67.0x.
    • Analysts are expecting annual earnings growth of 15.4%, 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 8.5% 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

TCS
₹2,069.00
Tata Consultancy Services
7D
-1.2%
1Y
-36.7%
INFY
₹1,068.00
Infosys
7D
2.0%
1Y
-33.0%
504067
₹507.85
Zensar Technologies
7D
-1.6%
1Y
-37.9%
Narrative Update • Jul 10

504067: Dividend Prospects Will Support Future Shareholder Income

Analysts have trimmed their price target for Zensar Technologies to ₹577 from about ₹615, reflecting updated assumptions for slightly higher revenue growth, a modestly lower profit margin, and a reduced future P/E multiple in their valuation models. What's in the News for Zensar Technologies Zensar Technologies has scheduled a Board Meeting on April 24, 2026 to consider and approve audited standalone and consolidated financial results for the quarter and financial year ended March 31, 2026, along with the auditor's report.
HAPPSTMNDS
₹386.30
Happiest Minds Technologies
7D
10.4%
1Y
-38.6%
PERSISTENT
₹5,053.90
Persistent Systems
7D
7.9%
1Y
-9.4%
Narrative Update • Jul 10

PERSISTENT: Rich P/E Will Persist Despite Aggressive AI And M&A Expansion

Analysts have revised their fair value estimate for Persistent Systems from ₹3,999.16 to ₹3,784.92 as they recalibrate assumptions around revenue growth, profit margins, discount rate, and forward P/E. What’s in the News for Persistent Systems A board meeting is scheduled for Jun 26, 2026 to consider setting up Galaxy Germany Holding SE as a wholly owned subsidiary, acquiring 100% of this entity through a local consultant in Germany, and approving a proposed acquisition of Nagarro SE via a voluntary public takeover offer through the new subsidiary, along with a proposed corporate guarantee to Barclays Bank PLC to secure bridge financing.
COFORGE
₹1,503.80
Coforge
7D
2.7%
1Y
-19.5%
532175
₹840.60
Cyient
7D
-5.5%
1Y
-33.8%
526299
₹2,321.00
Mphasis
7D
1.0%
1Y
-18.1%
Narrative Update • Jul 08

526299: Dividend And AI Investments Will Drive Future Upside Potential

Analysts have reduced their fair value estimate for Mphasis from ₹3,521 to about ₹3,125, citing updated assumptions for the discount rate, revenue growth, profit margins, and future P/E multiples. What’s in the News for Mphasis Mphasis scheduled a board meeting on July 23, 2026 to consider and approve the audited standalone and consolidated financial results for the quarter ended June 30, 2026, and to take on record the auditor's report.
507685
₹175.35
Wipro
7D
-0.4%
1Y
-32.0%
SAKSOFT
₹171.06
Saksoft
7D
-4.4%
1Y
-29.1%
HCLTECH
₹1,164.10
HCL Technologies
7D
2.2%
1Y
-28.9%
538891
₹29.41
Magellanic Cloud
7D
-7.9%
1Y
-62.2%
500463
₹921.85
Black Box
7D
-7.2%
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

Analysts have trimmed the Latam Airlines price target to ₹3,285 from ₹4,438 as they factor in slightly lower assumed revenue growth and a more conservative future P/E, while still pointing to improving sector conditions, lighter balance sheets and earnings momentum highlighted in recent research. Analyst Commentary Recent Street research on Latam Airlines, or LTM, reflects a mix of optimism about sector conditions and reservations about how sustainable earnings momentum and valuation might be, especially if macro or industry trends turn less supportive.
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
₹3,600.00
TechNVision Ventures
7D
-9.9%
1Y
-1.6%