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Indian (NIFTY) IT Industry Analysis

UpdatedJun 23, 2026
DataAggregated Company Financials
Companies161
  • 7D-1.5%
  • 3M-8.5%
  • 1Y-31.4%
  • YTD-30.1%

Over the last 7 days, the IT industry has dropped 1.2%, driven by a pullback from Infosys of 6.1%. In contrast, Coforge has gained 5.8%. However, the industry is down 33% over the past year. Earnings are forecast to grow by 8.7% annually.

Industry Valuation and Performance

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

DateMarket CapRevenueEarningsPEAbsolute PEPS
Tue, 23 Jun 2026₹23.1t₹9.3t₹1.3t22.6x17.3x2.5x
Thu, 21 May 2026₹24.6t₹9.3t₹1.3t21.2x18.3x2.6x
Sat, 18 Apr 2026₹27.0t₹9.1t₹1.3t22.5x20.7x3x
Mon, 16 Mar 2026₹24.9t₹9.0t₹1.3t20.2x19.3x2.8x
Wed, 11 Feb 2026₹30.5t₹8.9t₹1.3t23.9x23.8x3.4x
Fri, 09 Jan 2026₹32.6t₹8.7t₹1.3t25.1x24.9x3.7x
Sun, 07 Dec 2025₹33.3t₹8.7t₹1.3t25.6x25.4x3.8x
Tue, 04 Nov 2025₹30.9t₹8.7t₹1.3t27.9x23.8x3.6x
Thu, 02 Oct 2025₹29.5t₹8.6t₹1.3t26.8x22.9x3.4x
Sat, 30 Aug 2025₹30.6t₹8.5t₹1.3t25.9x23.8x3.6x
Mon, 28 Jul 2025₹31.1t₹8.5t₹1.3t28.6x24.4x3.7x
Wed, 25 Jun 2025₹33.5t₹8.4t₹1.3t29.3x26.7x4x
Fri, 23 May 2025₹32.9t₹8.4t₹1.3t28.6x26.2x3.9x
Sun, 20 Apr 2025₹30.1t₹8.3t₹1.2t26.9x24.2x3.6x
Tue, 18 Mar 2025₹32.3t₹8.3t₹1.3t24.8x25.7x3.9x
Thu, 13 Feb 2025₹36.7t₹8.2t₹1.2t29.8x29.4x4.5x
Sat, 11 Jan 2025₹39.6t₹8.1t₹1.2t34.6x32.4x4.9x
Mon, 09 Dec 2024₹40.1t₹8.0t₹1.2t36.2x33.4x5x
Wed, 06 Nov 2024₹36.3t₹8.0t₹1.2t37.7x30.3x4.6x
Fri, 04 Oct 2024₹37.8t₹7.8t₹1.2t37.9x32.4x4.8x
Sun, 01 Sep 2024₹39.3t₹7.8t₹1.2t40.9x33.6x5x
Tue, 30 Jul 2024₹37.6t₹7.8t₹1.2t42.1x32.2x4.8x
Thu, 27 Jun 2024₹32.9t₹7.7t₹1.1t36.2x28.8x4.2x
Sat, 25 May 2024₹31.7t₹7.7t₹1.1t35.5x27.9x4.1x
Mon, 22 Apr 2024₹31.5t₹7.7t₹1.1t38x27.7x4.1x
Wed, 20 Mar 2024₹33.6t₹7.7t₹1.1t33.3x30.2x4.4x
Fri, 16 Feb 2024₹35.3t₹7.7t₹1.1t36.8x31.8x4.6x
Sun, 14 Jan 2024₹34.3t₹7.8t₹1.1t44.7x30.2x4.4x
Tue, 12 Dec 2023₹31.9t₹7.8t₹1.1t38.9x27.9x4.1x
Thu, 09 Nov 2023₹29.1t₹7.7t₹1.1t38.6x25.6x3.8x
Sat, 07 Oct 2023₹30.2t₹7.6t₹1.1t38.3x26.9x4x
Mon, 04 Sep 2023₹29.1t₹7.6t₹1.1t36.6x26x3.9x
Wed, 02 Aug 2023₹28.5t₹7.5t₹1.1t35.7x25.5x3.8x
Fri, 30 Jun 2023₹27.3t₹7.4t₹1.1t33.2x24.8x3.7x
Price to Earnings Ratio

24.8x


Total Market Cap: ₹27.3tTotal Earnings: ₹1.1tTotal Revenue: ₹7.4tTotal Market Cap vs Earnings and Revenue0%0%0%
Indian IT Industry Price to Earnings3Y Average 26.8x202420252026
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 17.3x which is lower than its 3-year average PE of 26.8x.
  • The 3-year average PS ratio of 4.0x 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 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 Market2.13%
Tech-0.10%
IT-1.48%
Internet Services and Infrastructure16.65%
Data Processing Services1.51%
IT Consulting-1.55%
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 8.7% 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
COFORGE Coforge₹1.48k5.8%
+₹35.0b		-19.0%PE43x
HCLTECH HCL Technologies₹1.13k1.0%
+₹30.3b		-33.6%PE17.3x
E2E E2E Networks₹447.1019.6%
+₹14.7b		76.4%PS36.6x
SONATSOFTW Sonata Software₹296.9014.0%
+₹10.1b		-24.8%PE17.7x
TECHM Tech Mahindra₹1.44k0.7%
+₹8.5b		-14.7%PE26.4x

Latest News

TCS
₹2,127.80
Tata Consultancy Services
7D
-1.6%
1Y
-37.3%
526299
₹2,279.20
Mphasis
7D
-1.3%
1Y
-14.7%
539607
₹21.64
Blue Cloud Softech Solutions
7D
19.4%
1Y
-25.7%
532365
₹1,474.15
Dynacons Systems & Solutions
7D
15.3%
1Y
38.4%
INFY
₹1,065.40
Infosys
7D
-6.1%
1Y
-32.7%
E2E
₹447.10
E2E Networks
7D
19.6%
1Y
76.4%
TATATECH
₹752.10
Tata Technologies
7D
-2.6%
1Y
7.5%
Narrative Update • Jun 19

TATATECH: SAP Cloud Transformation And Special Dividend Will Drive Long-Term Earnings Power

The analyst fair value estimate for Tata Technologies has been revised from approximately ₹1,071.63 to about ₹1,045.45. Analysts cite updated assumptions on revenue growth, profit margins, and the discount rate as the main factors behind the new price target.
507685
₹180.10
Wipro
7D
-0.7%
1Y
-31.5%
Narrative Update • Jun 19

507685: AI Native Expansion And Buyback Authorization Will Support Constructive Medium Term Outlook

Analysts have kept their fair value estimate for Wipro unchanged at ₹209.78, with a slightly higher assumed discount rate and modest tweaks to long term revenue growth, profit margin and future P/E inputs guiding the updated price target rationale. What’s in the News for Wipro Wipro completed a large scale, multi year data center migration to a multi cloud ecosystem for METRO, supporting METRO’s cloud first and AI transformation agenda and using Wipro Intelligence to automate key operational workflows.
SONATSOFTW
₹296.90
Sonata Software
7D
14.0%
1Y
-24.8%
Narrative Update • Jun 18

SONATSOFTW: Leadership Transition And Stable Outlook May Support Balanced Stock Prospects

Analysts have kept their fair value estimate for Sonata Software steady at ₹340.38, with only small tweaks to inputs such as the discount rate and future P/E assumption driving this largely unchanged price target narrative. What’s in the News for Sonata Software Board meeting 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 FY 2025-26.
LTM
₹3,830.20
LTM
7D
-1.7%
1Y
-28.1%
Narrative Update • Jun 18

LTM: Earnings Momentum And Strong Balance Sheet Will Support Future Upside

The analyst price target for Latam Airlines has been adjusted slightly to ₹4,858 from ₹4,866 as analysts balance recent upgrades and supporting views on earnings momentum and balance sheet strength with more conservative assumptions on discount rates and valuation multiples. Analyst Commentary Recent Street research on Latam Airlines highlights a split view on the stock, with several firms adjusting ratings and price targets as they reassess earnings momentum, balance sheet quality, and valuation assumptions.
TECHM
₹1,435.20
Tech Mahindra
7D
0.7%
1Y
-14.7%
Narrative Update • Jun 17

TECHM: Richer P E Leaves Little Cushion If New Alliances Disappoint

Analysts have inched their consolidated price target for Tech Mahindra slightly lower to about ₹1,271, reflecting small shifts in fair value, discount rate, revenue growth assumptions and profit margin expectations in their updated models. Analyst Commentary Recent price target adjustments on Tech Mahindra indicate that analysts are taking a more measured stance on the stock, with the revised consolidated target around ₹1,271 reflecting a tighter margin of safety around valuation and execution risks.
HCLTECH
₹1,130.50
HCL Technologies
7D
1.0%
1Y
-33.6%
Narrative Update • Jun 17

HCLTECH: Dividend Momentum And Client Wins Will Support Bullish Stock Outlook

Analysts kept their fair value estimate for HCL Technologies steady at ₹1,427.38 while modestly adjusting inputs such as the discount rate and future P/E assumptions. This reflects updated views on the stock's risk and earnings profile without a change in the headline target.
500463
₹982.65
Black Box
7D
-2.3%
1Y
101.4%
New Narrative • Jun 16

Black Box Stock Will Ride Data Center Pipeline And Brazil Expansion Catalysts

Catalysts About Black Box Black Box provides digital infrastructure, networking solutions and managed services for enterprises, public sector clients and large data center operators. What are the underlying business or industry changes driving this perspective?
PERSISTENT
₹4,860.50
Persistent Systems
7D
-0.6%
1Y
-20.1%
Narrative Update • Jun 11

PERSISTENT: AI Collaborations And Talent Initiatives Will Support Future Rerating Potential

Analysts have maintained the price target for Persistent Systems at ₹6,600, supported by updated assumptions that include adjusted discount rates, slightly different revenue growth expectations, profit margin forecasts, and a revised future P/E estimate. What's in the News Board meeting on Jun 8, 2026 to consider the reappointment of independent directors Avani Davda and Arvind Goel, along with other matters.
COFORGE
₹1,483.90
Coforge
7D
5.8%
1Y
-19.0%
Narrative Update • Jun 06

COFORGE: Agentic AI Offerings Will Drive Future Sectorwide Workflow Adoption

Analysts have adjusted their price target on Coforge to ₹1,644.85 from ₹2,021.33, citing updated assumptions around revenue growth of 23.44%, profit margin of 11.17%, a discount rate of 15.06% and a future P/E of 24.57x. What’s in the News Coforge plans a Board Meeting on Jul 27, 2026 to consider and approve unaudited consolidated and standalone financial results for the quarter ended Jun 30, 2026.
526433
₹4,049.65
ASM Technologies
7D
12.0%
1Y
55.4%