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Indian (NIFTY) IT Industry Analysis

UpdatedAug 18, 2026
DataAggregated Company Financials
Companies163
  • 7D-2.9%
  • 3M3.1%
  • 1Y-16.0%
  • YTD-23.0%

Over the last 7 days, the IT industry has dropped 2.9%, driven by a pullback from Tata Consultancy Services of 6.8%. On the other hand E2E Networks is actually up 5.9%. The industry has fallen 16% in the last year. Looking forward, earnings are forecast to grow by 8.4% annually.

Industry Valuation and Performance

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

DateMarket CapRevenueEarningsPEAbsolute PEPS
Wed, 19 Aug 2026₹25.4t₹9.5t₹1.4t20.8x18.7x2.7x
Fri, 17 Jul 2026₹23.8t₹9.4t₹1.4t23x17.5x2.5x
Sun, 14 Jun 2026₹23.3t₹9.3t₹1.3t22.7x17.4x2.5x
Tue, 12 May 2026₹24.9t₹9.2t₹1.3t22.3x18.7x2.7x
Thu, 09 Apr 2026₹26.8t₹9.0t₹1.3t21.8x20.8x3x
Sat, 07 Mar 2026₹25.9t₹8.9t₹1.3t20.5x20.1x2.9x
Mon, 02 Feb 2026₹32.5t₹8.9t₹1.3t24.6x25.3x3.6x
Wed, 31 Dec 2025₹32.8t₹8.7t₹1.3t25.5x25x3.8x
Fri, 28 Nov 2025₹32.3t₹8.7t₹1.3t25.6x24.7x3.7x
Sun, 26 Oct 2025₹31.2t₹8.6t₹1.3t27.6x24.1x3.6x
Tue, 23 Sep 2025₹30.9t₹8.5t₹1.3t27.2x24x3.6x
Thu, 21 Aug 2025₹31.1t₹8.5t₹1.3t27.5x24.2x3.7x
Sat, 19 Jul 2025₹32.2t₹8.4t₹1.3t29.9x25.5x3.8x
Mon, 16 Jun 2025₹33.7t₹8.4t₹1.3t30.3x26.9x4x
Wed, 14 May 2025₹33.0t₹8.3t₹1.3t27.4x26.4x4x
Fri, 11 Apr 2025₹29.4t₹8.3t₹1.3t24.7x23.4x3.6x
Sun, 09 Mar 2025₹33.8t₹8.3t₹1.3t26.6x26.8x4.1x
Tue, 04 Feb 2025₹37.3t₹8.2t₹1.2t32.5x29.9x4.6x
Thu, 02 Jan 2025₹38.4t₹8.0t₹1.2t35.2x31.8x4.8x
Sat, 30 Nov 2024₹38.6t₹8.0t₹1.2t37.5x32.2x4.8x
Mon, 28 Oct 2024₹37.4t₹8.0t₹1.2t36.1x31.2x4.7x
Wed, 25 Sep 2024₹38.2t₹7.8t₹1.2t40x32.8x4.9x
Fri, 23 Aug 2024₹38.2t₹7.8t₹1.2t39.3x32.7x4.9x
Sun, 21 Jul 2024₹36.9t₹7.8t₹1.2t40.7x31.6x4.7x
Tue, 18 Jun 2024₹32.4t₹7.7t₹1.1t33.3x28.3x4.2x
Thu, 16 May 2024₹31.4t₹7.8t₹1.1t36.5x27.7x4.1x
Sat, 13 Apr 2024₹33.0t₹7.7t₹1.1t38.1x29.7x4.3x
Mon, 11 Mar 2024₹34.7t₹7.7t₹1.1t36.7x31.3x4.5x
Wed, 07 Feb 2024₹35.4t₹7.7t₹1.1t43.2x31.9x4.6x
Fri, 05 Jan 2024₹32.4t₹7.8t₹1.1t42.2x28.4x4.2x
Sun, 03 Dec 2023₹31.0t₹7.8t₹1.1t39.8x27.1x4x
Tue, 31 Oct 2023₹28.7t₹7.7t₹1.1t40.1x25.5x3.8x
Thu, 28 Sep 2023₹30.3t₹7.6t₹1.1t36.9x27x4x
Sat, 26 Aug 2023₹28.7t₹7.6t₹1.1t36x25.6x3.8x
Price to Earnings Ratio

25.6x


Total Market Cap: ₹28.7tTotal Earnings: ₹1.1tTotal Revenue: ₹7.6tTotal Market Cap vs Earnings and Revenue0%0%0%
Indian IT Industry Price to Earnings3Y Average 26.4x202420252026
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 18.7x which is lower than its 3-year average PE of 26.4x.
  • The 3-year average PS ratio of 3.9x is higher than the industry's current PS ratio of 2.7x.
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 8.1% 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-0.55%
Tech-2.59%
IT-2.87%
Internet Services and Infrastructure12.37%
Data Processing Services-0.81%
IT Consulting-2.94%
Industry PE
  • Investors are most optimistic about the Internet Services and Infrastructure industry which is trading above its 3-year average PE ratio of 434x.
    • 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 26.4x.
Forecasted Growth
  • Analysts are most optimistic on the Data Processing Services industry, expecting annual earnings growth of 16% 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 8.4% 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
E2E E2E Networks₹664.555.9%
+₹7.5b		207.7%PE429.1x
511144 Axis Solutions₹623.5527.6%
+₹6.4b		2,585.4%PE96.6x
HAPPSTMNDS Happiest Minds Technologies₹419.956.5%
+₹3.8b		-28.7%PE28.3x
539895 Spice Lounge Food Works₹27.889.8%
+₹1.7b		-27.9%PE124x
534535 String Metaverse₹8.0818.3%
+₹1.5b		-58.5%PE20.6x

Latest News

OPTIVALUE
₹192.50
Optivalue Tek Consulting
7D
26.3%
1Y
n/a
EXPLEOSOL
₹897.70
Expleo Solutions
7D
9.3%
1Y
-11.5%
539895
₹27.88
Spice Lounge Food Works
7D
9.8%
1Y
-27.9%
534535
₹8.08
String Metaverse
7D
18.3%
1Y
-58.5%
507685
₹178.15
Wipro
7D
-3.1%
1Y
-27.9%
Narrative Update • Aug 14

507685: AI Alliances And Buyback Will Shape Measured Medium Term Outlook

Analysts have trimmed their price target on Wipro to ₹177.75 from ₹197.28, citing updated assumptions that include a slightly higher discount rate, more measured revenue growth expectations, a broadly stable profit margin outlook, and a lower future P/E multiple. What’s in the News for Wipro Wipro and Rubrik launched Enterprise Resilience as a Service (ERaaS), which is built on Rubrik’s cyber and data resilience platform and uses Wipro Intelligence and the WINGS delivery platform to support prevention, rapid recovery, and automated resilience workflows across technology and business processes.
XTRANET
₹168.97
Xtranet Technologies
7D
12.5%
1Y
n/a
INFY
₹1,115.00
Infosys
7D
-6.4%
1Y
-22.6%
Narrative Update • Aug 13

INFY: AI Pricing And Productivity Shift Will Shape Medium Term Upside Potential

Analysts have reduced their fair value estimate for Infosys to ₹1,478 from ₹1,705 as price targets across the Street move lower on weaker Q1 results, reduced revenue guidance, and ongoing concerns about AI driven pricing and productivity pressures. Analyst Commentary on Infosys Recent research on Infosys points to a more cautious tone after the Q1 miss and guidance cut, with several firms trimming price targets and downgrading ratings.
LTM
₹4,562.20
LTM
7D
-5.9%
1Y
-10.7%
Narrative Update • Aug 13

LTM: Sector Tailwinds And Earnings Momentum Will Support Future Upside

Analysts have trimmed their fair value estimate for Latam Airlines to ₹5,688.67 from ₹7,353.07, reflecting lower assumed revenue growth and profit margins as well as a reduced future P/E, even as recent research highlights improving sector conditions after geopolitical de escalation, along with expectations for steady air travel penetration and more rational competition. Analyst Commentary on Latam Airlines Recent Street research on Latam Airlines highlights a broadly constructive tone, with bullish analysts emphasizing both the sector backdrop and company specific attributes.
COFORGE
₹1,773.00
Coforge
7D
-2.5%
1Y
7.3%
TECHM
₹1,592.00
Tech Mahindra
7D
-3.1%
1Y
6.4%
Narrative Update • Aug 12

TECHM: AI Partnerships And Margin Discipline Will Drive Future Upside Potential

Analysts have modestly lifted their fair value estimate for Tech Mahindra to ₹1,951 from ₹1,897, reflecting updated assumptions on revenue growth, profit margins, and a slightly different forward P/E framework. Analyst Commentary Recent Street research around Tech Mahindra sits against a backdrop of busy corporate activity in the wider technology and life sciences space.
HCLTECH
₹1,298.00
HCL Technologies
7D
-4.9%
1Y
-12.1%
Narrative Update • Aug 12

HCLTECH: AI Data Centres And New Deals Will Support Steady Outlook

Analysts have reduced their fair value estimate for HCL Technologies from about ₹1,551 to around ₹1,517. This reflects updated assumptions for discount rates, revenue growth, profit margins and future P/E multiples.
511144
₹623.55
Axis Solutions
7D
27.6%
1Y
2,585.4%
TCS
₹2,280.00
Tata Consultancy Services
7D
-6.8%
1Y
-24.4%
Narrative Update • Aug 04

TCS: Future Returns Will Be Constrained By Softer Profitability Assumptions

Analysts have trimmed their fair value estimate for Tata Consultancy Services, revising the price target from ₹1,860 to ₹1,800 as they factor in more measured assumptions on revenue growth, profit margins, the discount rate and future P/E expectations. What's in the News for Tata Consultancy Services F1R3FLY Limited joined the Tata Consultancy Services Alliances and Partnerships ecosystem to deploy its concurrent computing platform on TCS SovereignSecure Cloud, targeting enterprise cloud data security and compute infrastructure needs across industries.
HAPPSTMNDS
₹419.95
Happiest Minds Technologies
7D
6.5%
1Y
-28.7%
Analysis Article • Jul 30

Happiest Minds Technologies Limited (NSE:HAPPSTMNDS) Just Reported First-Quarter Earnings: Have Analysts Changed Their Mind On The Stock?

Investors in Happiest Minds Technologies Limited ( NSE:HAPPSTMNDS ) had a good week, as its shares rose 5.0% to close...
526299
₹2,434.50
Mphasis
7D
-4.2%
1Y
-11.2%
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
₹664.55
E2E Networks
7D
5.9%
1Y
207.7%