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

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 17.7x which is lower than its 3-year average PE of 26.2x. The 3-year average PS ratio of 3.9x is higher than the industry's current PS ratio of 2.5x.

Which industries have driven the changes within the Indian Tech industry?

Investors are most optimistic about the Internet Services and Infrastructure industry even though it's trading below its 3-year average PE ratio of 443x. Analysts expect its future annual earnings growth (50.9%) to be largely in line with prior year's earnings growth. Investors are most pessimistic about the IT Consulting industry, which is trading below its 3-year average of 26.2x.

Indian (NIFTY) IT Industry Analysis

Date	Market Cap	Revenue	Earnings	PE	Absolute PE	PS
Mon, 14 Sep 2026	₹24.0t	₹9.5t	₹1.4t	22.2x	17.7x	2.5x
Wed, 12 Aug 2026	₹26.3t	₹9.5t	₹1.4t	23.9x	19.4x	2.8x
Fri, 10 Jul 2026	₹22.7t	₹9.3t	₹1.3t	22.1x	17x	2.4x
Sun, 07 Jun 2026	₹24.3t	₹9.3t	₹1.3t	23x	18.2x	2.6x
Tue, 05 May 2026	₹24.8t	₹9.2t	₹1.3t	22.5x	18.7x	2.7x
Thu, 02 Apr 2026	₹25.2t	₹9.0t	₹1.3t	20.4x	19.5x	2.8x
Sat, 28 Feb 2026	₹26.4t	₹8.9t	₹1.3t	21.1x	20.6x	3x
Mon, 26 Jan 2026	₹32.5t	₹8.9t	₹1.3t	24.5x	25.3x	3.6x
Wed, 24 Dec 2025	₹33.6t	₹8.7t	₹1.3t	25.6x	25.7x	3.9x
Fri, 21 Nov 2025	₹32.1t	₹8.7t	₹1.3t	25.5x	24.7x	3.7x
Sun, 19 Oct 2025	₹30.3t	₹8.6t	₹1.3t	27.4x	23.4x	3.5x
Tue, 16 Sep 2025	₹31.2t	₹8.5t	₹1.3t	26.6x	24.2x	3.7x
Thu, 14 Aug 2025	₹30.2t	₹8.5t	₹1.3t	26.7x	23.6x	3.6x
Sat, 12 Jul 2025	₹33.5t	₹8.3t	₹1.3t	30.3x	26.7x	4x
Mon, 09 Jun 2025	₹32.9t	₹8.3t	₹1.3t	29.2x	26.2x	3.9x
Wed, 07 May 2025	₹31.9t	₹8.3t	₹1.2t	26x	25.6x	3.9x
Fri, 04 Apr 2025	₹31.3t	₹8.2t	₹1.3t	25.8x	25x	3.8x
Sun, 02 Mar 2025	₹33.2t	₹8.3t	₹1.3t	26x	26.3x	4x
Tue, 28 Jan 2025	₹37.1t	₹8.1t	₹1.2t	32.7x	29.9x	4.6x
Thu, 26 Dec 2024	₹38.7t	₹8.0t	₹1.2t	35.5x	32.2x	4.8x
Sat, 23 Nov 2024	₹38.7t	₹8.0t	₹1.2t	36.3x	32.3x	4.8x
Mon, 21 Oct 2024	₹37.8t	₹7.9t	₹1.2t	39.9x	31.6x	4.8x
Wed, 18 Sep 2024	₹39.6t	₹7.8t	₹1.2t	40.4x	34x	5x
Fri, 16 Aug 2024	₹36.6t	₹7.8t	₹1.2t	39.3x	31.4x	4.7x
Sun, 14 Jul 2024	₹36.0t	₹7.8t	₹1.2t	37.7x	31.1x	4.6x
Tue, 11 Jun 2024	₹32.8t	₹7.7t	₹1.1t	33.2x	28.7x	4.2x
Thu, 09 May 2024	₹31.8t	₹7.7t	₹1.1t	36.9x	28x	4.1x
Sat, 06 Apr 2024	₹33.1t	₹7.7t	₹1.1t	38.1x	29.8x	4.3x
Mon, 04 Mar 2024	₹35.1t	₹7.7t	₹1.1t	35.8x	31.6x	4.6x
Wed, 31 Jan 2024	₹34.0t	₹7.8t	₹1.1t	41.5x	30x	4.3x
Fri, 29 Dec 2023	₹33.6t	₹7.8t	₹1.1t	41.8x	29.4x	4.3x
Sun, 26 Nov 2023	₹30.0t	₹7.7t	₹1.1t	37.3x	26.4x	3.9x
Tue, 24 Oct 2023	₹28.9t	₹7.7t	₹1.1t	37.9x	25.4x	3.8x
Thu, 21 Sep 2023	₹30.6t	₹7.6t	₹1.1t	37.2x	27.3x	4x


IN Market	-1.40%
Tech	-3.50%
IT	-4.86%
Internet Services and Infrastructure	41.32%
Data Processing Services	-3.40%
IT Consulting	-5.30%

Company	Last Price	7D	1Y	Valuation
ESDS ESDS Software Solution	₹1.74k	59.7% +₹76.2b	n/a	PE169.6x
526433 ASM Technologies	₹6.90k	11.1% +₹10.1b	57.6%	PE139.7x
516038 KS Smart Technologies	₹114.80	7.9% +₹6.6b	n/a	PE25.3x
539895 Spice Lounge Food Works	₹32.94	27.5% +₹5.0b	-25.5%	PE146.5x
500463 Black Box	₹800.80	3.4% +₹4.7b	70.1%	PE62.9x

Announcement • Aug 25

Infosys Limited Announces Appointment of Mitrankur Majumdar as Segment Head for Sure and Senior Management Personnel, Effective August 24, 2026

Infosys Limited informed that, based on the recommendations of the Nomination and Remuneration Committee, the Board approved and appointed Mitrankur Majumdar as Segment Head for Services Utilities Resources and Energy (‘SURE’) and as Senior Management Personnel of the Company with immediate effect. The current Segment Head for SURE, Ashiss Kumar Dash, will spend more time with external training and transition activities as the CEO designate. Date of appointment as a Senior Management personnel - August 24, 2026. Mitrankur (Mit) Majumdar is the Executive Vice President and Global Head of the SURE segment at Infosys, leading the company's business across Services, Utilities, Resources and Energy. He collaborates with C-suite leaders across Global 2000 organizations and high-growth enterprises to shape business strategies, deliver transformative outcomes, and create lasting value through AI, data, cloud, and emerging technologies. With over 30 years of experience, Mit has evolved from a technology practitioner to a global business leader, bringing a distinctive blend of technical depth, strategic thinking, and market leadership. This broad experience enables him to help enterprises accelerate transformation, drive innovation, and achieve sustainable growth in an increasingly digital and AI-driven world. In addition to his role as the leader of the SURE segment Mit is also spearheads efforts to build and leverage strategic AI partnerships and ecosystems that strengthen Infosys' ability to deliver and scale Enterprise AI for clients globally. He also plays a pivotal role in advancing Infosys' Global Capability Center (GCC) practice, helping enterprises establish and transform GCCs into engines of innovation, talent, and business value. Prior to leading the SURE segment, Mit served as Global Head of Services at Infosys, where he led growth across travel and hospitality, information services, publishing, professional services, education, engineering, construction, and real estate industries. His deep understanding of industry transformation, coupled with a strong focus on AI and innovation, has enabled clients to build more resilient, adaptive, and future-ready enterprises. Mit also serves on the advisory boards of East Texas A&M University's College of Business and University of Maryland’s Robert H. Smith School of Business. Mit holds a Bachelor of Engineering degree in Electronics and Telecommunication and an MBA from McCombs School of Business at UT Austin. He has also completed a Global Leadership Program from Stanford University Graduate School of Business and a Leadership Program from Harvard Business School.

Indian (NIFTY) IT Industry Analysis

Industry Valuation and Performance

Industry Trends

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