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Indian (NIFTY) IT Industry Analysis

UpdatedJun 30, 2026
DataAggregated Company Financials
Companies161
  • 7D-2.3%
  • 3M-8.6%
  • 1Y-34.0%
  • YTD-31.7%

Over the last 7 days, the IT industry has dropped 2.3%, driven by pullbacks in Infosys and Tata Consultancy Services of 2.7% and 1.4%, respectively. The industry has fallen 34% in the last year. As for the next few years, earnings are expected to grow by 8.8% per annum.

Industry Valuation and Performance

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

DateMarket CapRevenueEarningsPEAbsolute PEPS
Tue, 30 Jun 2026₹22.6t₹9.3t₹1.3t22.1x17x2.4x
Thu, 28 May 2026₹24.4t₹9.3t₹1.3t22.9x18.3x2.6x
Sat, 25 Apr 2026₹24.4t₹9.2t₹1.3t21.8x18.4x2.7x
Mon, 23 Mar 2026₹24.9t₹9.0t₹1.3t19.6x19.2x2.8x
Wed, 18 Feb 2026₹28.2t₹8.9t₹1.3t21.5x22.1x3.2x
Fri, 16 Jan 2026₹32.5t₹8.8t₹1.3t25.4x25.4x3.7x
Sun, 14 Dec 2025₹33.0t₹8.8t₹1.3t25.3x25.2x3.8x
Tue, 11 Nov 2025₹30.9t₹8.7t₹1.3t27x23.8x3.6x
Thu, 09 Oct 2025₹30.6t₹8.6t₹1.3t28.4x23.7x3.6x
Sat, 06 Sep 2025₹30.2t₹8.5t₹1.3t26.2x23.5x3.5x
Mon, 04 Aug 2025₹30.1t₹8.5t₹1.3t27.8x23.5x3.5x
Wed, 02 Jul 2025₹34.0t₹8.4t₹1.3t29.5x27.2x4.1x
Fri, 30 May 2025₹33.4t₹8.3t₹1.3t28.2x26.7x4x
Sun, 27 Apr 2025₹31.8t₹8.3t₹1.3t27.2x25.4x3.8x
Tue, 25 Mar 2025₹33.4t₹8.2t₹1.3t27.7x26.7x4.1x
Thu, 20 Feb 2025₹36.3t₹8.2t₹1.2t28.7x29.1x4.5x
Sat, 18 Jan 2025₹37.4t₹8.1t₹1.2t35.3x30.4x4.6x
Mon, 16 Dec 2024₹41.0t₹8.0t₹1.2t38.3x34.1x5.1x
Wed, 13 Nov 2024₹38.2t₹8.0t₹1.2t37.5x31.9x4.8x
Fri, 11 Oct 2024₹38.1t₹7.8t₹1.2t40.5x32.6x4.9x
Sun, 08 Sep 2024₹38.7t₹7.8t₹1.2t40x33.1x4.9x
Tue, 06 Aug 2024₹35.5t₹7.8t₹1.2t38x30.4x4.5x
Thu, 04 Jul 2024₹34.4t₹7.7t₹1.1t38.1x30.1x4.4x
Sat, 01 Jun 2024₹30.5t₹7.7t₹1.1t34.6x26.8x3.9x
Mon, 29 Apr 2024₹31.8t₹7.7t₹1.1t39.8x28.1x4.1x
Wed, 27 Mar 2024₹32.7t₹7.7t₹1.1t33x29.4x4.2x
Fri, 23 Feb 2024₹35.4t₹7.7t₹1.1t38x31.9x4.6x
Sun, 21 Jan 2024₹34.8t₹7.8t₹1.1t44.9x30.5x4.4x
Tue, 19 Dec 2023₹33.7t₹7.8t₹1.1t44.4x29.5x4.3x
Thu, 16 Nov 2023₹29.5t₹7.7t₹1.1t39.3x26x3.8x
Sat, 14 Oct 2023₹29.9t₹7.6t₹1.1t37.5x26.3x3.9x
Mon, 11 Sep 2023₹29.9t₹7.6t₹1.1t37.4x26.6x4x
Wed, 09 Aug 2023₹28.9t₹7.6t₹1.1t37x25.7x3.8x
Fri, 07 Jul 2023₹28.1t₹7.4t₹1.1t33.2x25.5x3.8x
Price to Earnings Ratio

25.5x


Total Market Cap: ₹28.1tTotal Earnings: ₹1.1tTotal Revenue: ₹7.4tTotal Market Cap vs Earnings and Revenue0%0%0%
Indian IT Industry Price to Earnings3Y Average 26.7x202420252026
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 17.0x which is lower than its 3-year average PE of 26.7x.
  • The 3-year average PS ratio of 4.0x is higher than the industry's current PS ratio of 2.4x.
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 7.7% 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-1.47%
Tech-1.94%
IT-2.31%
IT Consulting-2.28%
Data Processing Services-3.51%
Internet Services and Infrastructure-10.71%
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 15.4%, 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 8.8% 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
HEXT Hexaware Technologies₹519.404.2%
+₹12.7b		-38.9%PE22.7x
SAKSOFT Saksoft₹183.7730.0%
+₹5.4b		-8.3%PE17.6x
COFORGE Coforge₹1.49k0.5%
+₹3.3b		-22.5%PE44.4x
539843 NINtec Systems₹806.706.7%
+₹938.1m		67.0%PE46.8x
531439 AION-TECH Solutions₹58.5030.9%
+₹721.2m		-21.7%PE38.1x

Latest News

SAKSOFT
₹183.77
Saksoft
7D
30.0%
1Y
-8.3%
PERSISTENT
₹4,298.50
Persistent Systems
7D
-11.6%
1Y
-28.9%
COFORGE
₹1,491.40
Coforge
7D
0.5%
1Y
-22.5%
539843
₹806.70
NINtec Systems
7D
6.7%
1Y
67.0%
HEXT
₹519.40
Hexaware Technologies
7D
4.2%
1Y
-38.9%
Narrative Update • Jun 26

HEXT: UK And India Expansion Will Support Future AI Services Upside

Analysts have reduced the fair value estimate for Hexaware Technologies from ₹840.00 to ₹620.00, citing updated assumptions on discount rate, revenue growth, profit margins, and a lower future P/E multiple. What's in the News Hexaware Technologies plans to invest £25 million to expand its UK operations, including enlarging its Birmingham delivery center and setting up new R&D centers in Manchester and Leeds, with the UK Government announcing the project at the G7 Summit as part of its AI and clean energy agenda.
531439
₹58.50
AION-TECH Solutions
7D
30.9%
1Y
-21.7%
TCS
₹2,097.90
Tata Consultancy Services
7D
-1.4%
1Y
-39.4%
532175
₹881.90
Cyient
7D
0.6%
1Y
-31.6%
Narrative Update • Jun 24

532175: Share Buyback And Saudi Expansion Will Support Long Term Confidence

Analysts have trimmed their price target for Cyient to ₹1,016 from ₹1,097. This reflects updated views on its fair value, discount rate, revenue growth assumptions, profit margin outlook and future P/E expectations.
517536
₹287.10
Onward Technologies
7D
9.0%
1Y
-17.3%
526299
₹2,208.90
Mphasis
7D
-3.1%
1Y
-22.4%
Narrative Update • Jun 24

526299: Flagstar Modernization And AI Initiatives Will Support Future Earnings

Analysts have maintained their Mphasis price target at ₹2,646.11, citing only minimal tweaks to assumptions such as the discount rate, revenue growth, profit margin and future P/E, which they view as too small to justify a change in fair value at this stage. What's in the News Mphasis plans a board meeting on April 29, 2026 to consider audited standalone and consolidated financial results for the quarter and year ended March 31, 2026, and to discuss a potential dividend recommendation, according to a company filing.
INFY
₹1,036.70
Infosys
7D
-2.7%
1Y
-35.3%
TATATECH
₹715.00
Tata Technologies
7D
-4.9%
1Y
0.6%
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
₹175.50
Wipro
7D
-2.6%
1Y
-34.0%
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.
LTM
₹3,686.10
LTM
7D
-3.8%
1Y
-30.7%
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.
HCLTECH
₹1,102.40
HCL Technologies
7D
-2.5%
1Y
-36.2%
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.
AVATAR
₹168.95
ASL Industries
7D
12.4%
1Y
302.7%