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Indian (NIFTY) IT Industry Analysis

UpdatedJan 27, 2026
DataAggregated Company Financials
Companies161
  • 7D0.3%
  • 3M4.6%
  • 1Y-12.9%
  • YTD-1.0%

The IT industry has stayed flat over the last week. As for the longer term, the industry has declined 13% in the last year. Earnings are forecast to grow by 10% annually.

Industry Valuation and Performance

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

DateMarket CapRevenueEarningsPEAbsolute PEPS
Wed, 28 Jan 2026₹32.5t₹8.9t₹1.3t24.5x25.3x3.6x
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
Fri, 16 Jun 2023₹27.2t₹7.4t₹1.1t34x24.7x3.7x
Sun, 14 May 2023₹26.8t₹7.4t₹1.1t27.2x24.2x3.6x
Tue, 11 Apr 2023₹27.2t₹7.1t₹1.1t26x25.2x3.8x
Thu, 09 Mar 2023₹29.3t₹7.4t₹1.1t24.7x27.3x4x
Sat, 04 Feb 2023₹29.9t₹7.4t₹1.1t26.7x28.1x4.1x
Price to Earnings Ratio

28.1x


Total Market Cap: ₹29.9tTotal Earnings: ₹1.1tTotal Revenue: ₹7.4tTotal Market Cap vs Earnings and Revenue0%0%0%
Indian IT Industry Price to Earnings3Y Average 27.5x202420252026
Current Industry PE
  • Investors are relatively neutral on the Indian IT industry at the moment, indicating that they anticipate long term growth rates to remain steady.
  • The industry is trading close to its 3-year average PE ratio of 27.5x.
  • The 3-year average PS ratio of 4.1x is higher than the industry's current PS ratio of 3.6x.
Past Earnings Growth
  • The earnings for companies in the IT industry have grown 6.4% per year over the last three years.
  • Revenues for these companies have grown 6.6% 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-1.43%
Tech-0.17%
IT0.28%
IT Consulting0.29%
Data Processing Services-1.81%
Internet Services and Infrastructure-5.18%
Industry PE
  • Investors are most optimistic about the Internet Services and Infrastructure industry which is trading above its 3-year average PE ratio of 68.6x.
    • 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 close to its 3-year average of 27.5x.
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 roughly in line with its past earnings growth rate.
  • 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
TCS Tata Consultancy Services₹3.16k1.8%
+₹201.5b		-21.8%PE23.9x
INFY Infosys₹1.68k1.4%
+₹96.3b		-8.0%PE23.2x
HCLTECH HCL Technologies₹1.72k1.9%
+₹89.0b		1.6%PE26.9x
TECHM Tech Mahindra₹1.75k4.0%
+₹59.0b		5.9%PE33.4x
501421 TechNVision Ventures₹6.19k10.5%
+₹3.7b		75.4%PE3040.5x

Latest News

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String Metaverse
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16.4%
1Y
195.9%
526433
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ASM Technologies
7D
3.1%
1Y
144.0%
COFORGE
₹1,664.30
Coforge
7D
-1.7%
1Y
-2.1%

COFORGE: Future Capital Raise And AI Platforms Will Drive Bullish Repricing

Narrative Update: Coforge Analyst Price Target Revision Analysts have lifted their fair value estimate for Coforge from ₹2,200 to ₹2,500, citing revised assumptions that include updated revenue growth, profit margin, discount rate, and future P/E expectations. What's in the News Coforge has called a special shareholders meeting via postal ballot on Jan 25, 2026 to seek approval to increase authorised share capital, issue equity shares on a preferential basis via a share swap, grant special rights linked to an SSPA, raise investment limits under Section 186, and raise capital through a Qualified Institutional Placement or other permitted routes.
504067
₹675.15
Zensar Technologies
7D
-3.9%
1Y
-14.0%
TCS
₹3,158.00
Tata Consultancy Services
7D
1.8%
1Y
-21.8%

TCS: AI Data Centers Will Drive Future Upside Despite Legal Overhang

The analyst fair value estimate for Tata Consultancy Services has been adjusted from ₹3,558.47 to ₹3,617.91 as analysts factor in updated views on revenue growth, profit margins, the discount rate, and future P/E assumptions. What's in the News U.S. Court of Appeals for the Fifth Circuit upheld an award of about US$194m to DXC subsidiary CSC in a trade secret misappropriation case, affirming earlier findings that Tata Consultancy Services had intentionally and maliciously misused CSC's trade secrets (Lawsuits & Legal Issues).
PERSISTENT
₹6,216.00
Persistent Systems
7D
-2.0%
1Y
5.2%

PERSISTENT: Experience Studio Expansion And Dividend Will Support A Higher Future Multiple

Narrative Update on Persistent Systems Analysts have lifted their price target on Persistent Systems from ₹7,536 to ₹8,865, citing refreshed assumptions for slightly higher revenue growth, improved profit margin, a lower discount rate, and a higher future P/E multiple in their models. What's in the News The Board of Directors declared an interim dividend of ₹22 per share on a face value of ₹5 for the financial year from April 1, 2025 to March 31, 2026, with a record date of January 27, 2026 and payment expected within 30 days of January 20, 2026 (company announcement).
532175
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Cyient
7D
-6.2%
1Y
-15.8%

532175: Future Returns Will Likely Lag Despite Expansion And Governance Updates

Analysts have kept their price target for Cyient unchanged at ₹1,000, pointing to slightly adjusted assumptions around discount rate, revenue growth, profit margin and future P/E. These changes are intended to reflect a more refined view of the company’s risk profile and earnings power.
MASTEK
₹1,975.20
Mastek
7D
-11.2%
1Y
-19.6%

MASTEK: New Finance Leadership And Sustainability Push Will Support Long-Term Upside

Analysts have slightly reduced their price target on Mastek to ₹2,914 from about ₹2,926, reflecting updated assumptions that combine marginally softer revenue growth with a modestly higher profit margin and a similar forward P/E profile. What's in the News The board declared an interim dividend of ₹8 per equity share of face value ₹5, described as 160% of face value, for FY 2025-26, payable on or before February 17, 2026 to shareholders on the record date set at the January 20, 2025 board meeting (company filing).
TATATECH
₹651.40
Tata Technologies
7D
0.6%
1Y
-13.6%

TATATECH: New Finance Leadership Will Support Future Earnings Power

Analysts have raised their fair value estimate for Tata Technologies from ₹1,090.19 to ₹1,108.31, citing updated assumptions for revenue growth, profit margins, the discount rate and future P/E. What's in the News A board meeting is scheduled for Jan 16, 2026 at 11:25 Indian Standard Time to review unaudited standalone and consolidated financial results for the quarter and nine months ended Dec 31, 2025, along with the auditors' limited review report (company filing).
TECHM
₹1,745.10
Tech Mahindra
7D
4.0%
1Y
5.9%

TECHM: Higher Margin Assumptions Will Likely Prove Too Optimistic

Narrative Update Analysts have raised their price target on Tech Mahindra to ₹1,347 from about ₹1,171, citing updated assumptions for revenue growth, profit margins, discount rate and future P/E that collectively support a higher fair value estimate. Analyst Commentary While the higher fair value estimate for Tech Mahindra reflects more constructive assumptions on growth and profitability, bearish analysts would still flag several risks that could cap valuation if execution does not line up with these inputs.
LTIM
₹5,940.50
LTIMindtree
7D
-0.6%
1Y
4.9%

LTIM: Future Performance Will Reflect AI Tax And Cyber Partnerships While Fairly Valued

Analysts have raised their price target for LTIMindtree to ₹6,391 from ₹6,088, citing updated assumptions for the discount rate, revenue growth, profit margin and future P/E that feed into their revised valuation framework. What's in the News Won the Insight 2.0 project from the Central Board of Direct Taxes to build an AI powered tax analytics platform for India, a 7 year mandate valued at around ₹30,000 million (Key Developments).
507685
₹235.00
Wipro
7D
-2.1%
1Y
-22.6%
INFY
₹1,682.70
Infosys
7D
1.4%
1Y
-8.0%

Infosys Limited Just Missed Earnings - But Analysts Have Updated Their Models

Jan 17
Infosys Limited Just Missed Earnings - But Analysts Have Updated Their Models
HCLTECH
₹1,720.20
HCL Technologies
7D
1.9%
1Y
1.6%
HEXT
₹695.90
Hexaware Technologies
7D
-2.7%
1Y
n/a
501421
₹6,190.00
TechNVision Ventures
7D
10.5%
1Y
75.4%