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Indian (NIFTY) IT Industry Analysis

UpdatedSep 15, 2026
DataAggregated Company Financials
Companies166
  • 7D-3.2%
  • 3M-0.04%
  • 1Y-23.8%
  • YTD-27.4%

Over the last 7 days, the IT industry has dropped 3.2%, driven by Coforge declining 8.9%. Meanwhile, ESDS Software Solution actually outperformed within the industry, gaining 39% in the last week. The industry has fallen 24% in the last year. As for the next few years, earnings are expected to grow by 9.1% per annum.

Industry Valuation and Performance

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

DateMarket CapRevenueEarningsPEAbsolute PEPS
Wed, 16 Sep 2026₹24.0t₹9.5t₹1.4t22.2x17.7x2.5x
Fri, 14 Aug 2026₹26.0t₹9.5t₹1.4t22.1x19.2x2.7x
Sun, 12 Jul 2026₹23.1t₹9.4t₹1.3t22.6x17.2x2.5x
Tue, 09 Jun 2026₹23.9t₹9.3t₹1.3t23x17.9x2.6x
Thu, 07 May 2026₹24.9t₹9.2t₹1.3t22.8x18.8x2.7x
Sat, 04 Apr 2026₹25.8t₹9.0t₹1.3t20.7x20x2.9x
Mon, 02 Mar 2026₹26.4t₹8.9t₹1.3t21.1x20.6x3x
Wed, 28 Jan 2026₹32.6t₹8.9t₹1.3t24.2x25.4x3.7x
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
Price to Earnings Ratio

27.2x


Total Market Cap: ₹30.5tTotal Earnings: ₹1.1tTotal Revenue: ₹7.6tTotal Market Cap vs Earnings and Revenue0%0%0%
Indian IT Industry Price to Earnings3Y Average 26.2x202420252026
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 17.7x 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.
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 8.0% 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-0.97%
Tech-2.33%
IT-3.22%
Internet Services and Infrastructure27.09%
Data Processing Services-2.27%
IT Consulting-3.55%
Industry PE
  • Investors are most optimistic about the Internet Services and Infrastructure industry even though it's trading below its 3-year average PE ratio of 444x.
    • 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.
Forecasted Growth
  • Analysts are most optimistic on the Internet Services and Infrastructure industry, expecting annual earnings growth of 51% 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 8.7% 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
ESDS ESDS Software Solution₹1.82k39.5%
+₹60.6b		n/aPE177.8x
TECHM Tech Mahindra₹1.58k1.1%
+₹15.0b		2.9%PE27.2x
526299 Mphasis₹2.38k1.5%
+₹6.9b		-19.3%PE23.8x
539895 Spice Lounge Food Works₹34.5821.5%
+₹4.3b		-18.6%PE153.8x
STLNETWORK STL Networks₹37.2017.6%
+₹2.7b		54.6%PS1.9x

Latest News

COFORGE
₹1,775.50
Coforge
7D
-8.9%
1Y
-0.2%
539895
₹34.58
Spice Lounge Food Works
7D
21.5%
1Y
-18.6%
526433
₹6,502.85
ASM Technologies
7D
2.5%
1Y
50.4%
TECHM
₹1,575.90
Tech Mahindra
7D
1.1%
1Y
2.9%
STLNETWORK
₹37.20
STL Networks
7D
17.6%
1Y
54.6%
511144
₹616.50
Axis Solutions
7D
6.4%
1Y
2,086.2%
TATATECH
₹759.30
Tata Technologies
7D
-4.9%
1Y
6.8%
Narrative Update • Sep 03

TATATECH: Aerospace Expansion And New Partnership Will Support Long-Term Earnings Power

Analysts have lifted their fair value estimate for Tata Technologies by about ₹51 to roughly ₹1,144, reflecting updated assumptions around revenue growth, profit margins, a slightly lower discount rate, and a revised future P/E multiple. What’s in the News for Tata Technologies Tata Technologies plans to debut at the Farnborough International Airshow 2026, showcasing end to end aerospace engineering capabilities under the Shaping the Future of Flight theme.
LTM
₹4,346.60
LTM
7D
-1.9%
1Y
-19.1%
Narrative Update • Sep 03

LTM: Sector Tailwinds And AI Expansion Will Shape Balanced Future Upside

Latam Airlines saw its analyst price target revised from ₹4,387.77 to ₹4,489.28 as analysts point to slightly higher revenue growth assumptions, a marginally lower discount rate, and a similar mid term sector view supported by improving air travel penetration and more rational competition, despite ongoing concerns about sluggish Latin American economic growth. What's in the News for LTM LTM Limited opened a new Global Delivery and AI Competency Center in Kolkata, which is intended to expand its global delivery capabilities and AI-focused services while adding technology jobs in West Bengal and nearby states.
HCLTECH
₹1,253.70
HCL Technologies
7D
-1.8%
1Y
-15.5%
Narrative Update • Sep 03

HCLTECH: AI Data Center Expansion Will Likely Pressure Profitability

Analysts have lifted their price target for HCL Technologies from ₹1,021.19 to ₹1,045.00, reflecting updated views on its fair value, discount rate, revenue growth, profit margin and future P/E assumptions. What’s in the News for HCL Technologies HCLTech signed a new seven year agreement with The Guardian Life Insurance Company of America to support AI powered modernization across technology and operations, and will acquire Guardian India, integrating nearly 2,000 employees into a dedicated unit focused on Guardian.
TCS
₹2,251.00
Tata Consultancy Services
7D
-0.2%
1Y
-28.4%
Narrative Update • Sep 03

TCS: Expanding AI Partnerships And Airport Deal Will Shape Measured Future Outlook

The analyst price target for Tata Consultancy Services has been revised from ₹2,944.56 to ₹2,470.17, with analysts citing updated assumptions on discount rate, revenue growth, profit margin, and forward P/E as the key drivers of the change. What’s in the News for Tata Consultancy Services Tata Consultancy Services and MHP Management und IT Beratung GmbH have a five year, €1,250m partnership with Porsche AG that focuses on using AI across engineering, manufacturing, operations, customer experience, and enterprise transformation, including next generation automotive technology services and software defined mobility platforms.
PERSISTENT
₹5,477.50
Persistent Systems
7D
-1.5%
1Y
-0.2%
INFY
₹1,077.00
Infosys
7D
-0.5%
1Y
-28.7%
SONATSOFTW
₹281.30
Sonata Software
7D
2.6%
1Y
-25.7%
507685
₹169.85
Wipro
7D
-1.0%
1Y
-33.1%
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.
526299
₹2,380.00
Mphasis
7D
1.5%
1Y
-19.3%
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.