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Indian (NIFTY) IT Industry Analysis

UpdatedApr 08, 2026
DataAggregated Company Financials
Companies161
  • 7D8.0%
  • 3M-20.4%
  • 1Y-11.3%
  • YTD-19.2%

Over the last 7 days, the IT industry has risen 8.0%, driven by gains from Tata Consultancy Services of 6.3%. However, the industry is down 11% over the past year. As for the next few years, earnings are expected to grow by 10% per annum.

Industry Valuation and Performance

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

DateMarket CapRevenueEarningsPEAbsolute PEPS
Wed, 08 Apr 2026₹26.6t₹9.0t₹1.3t21.2x20.6x3x
Fri, 06 Mar 2026₹25.9t₹8.9t₹1.3t19.6x20.2x2.9x
Sun, 01 Feb 2026₹32.3t₹8.9t₹1.3t23.7x25.1x3.6x
Tue, 30 Dec 2025₹32.9t₹8.7t₹1.3t25.3x25.2x3.8x
Thu, 27 Nov 2025₹32.3t₹8.7t₹1.3t25.7x24.7x3.7x
Sat, 25 Oct 2025₹31.2t₹8.6t₹1.3t27.6x24.1x3.6x
Mon, 22 Sep 2025₹31.8t₹8.5t₹1.3t27.2x24.7x3.7x
Wed, 20 Aug 2025₹30.3t₹8.5t₹1.3t27.1x23.7x3.6x
Fri, 18 Jul 2025₹32.2t₹8.4t₹1.3t30.5x25.6x3.8x
Sun, 15 Jun 2025₹33.7t₹8.4t₹1.3t30.3x26.9x4x
Tue, 13 May 2025₹33.9t₹8.3t₹1.3t27x27.1x4.1x
Thu, 10 Apr 2025₹29.4t₹8.3t₹1.3t24.7x23.4x3.6x
Sat, 08 Mar 2025₹33.8t₹8.3t₹1.3t26.6x26.8x4.1x
Mon, 03 Feb 2025₹37.2t₹8.1t₹1.2t33x29.9x4.6x
Wed, 01 Jan 2025₹38.3t₹8.0t₹1.2t35x31.8x4.8x
Fri, 29 Nov 2024₹38.4t₹8.0t₹1.2t37.6x32.1x4.8x
Sun, 27 Oct 2024₹37.4t₹8.0t₹1.2t36.1x31.2x4.7x
Tue, 24 Sep 2024₹38.3t₹7.8t₹1.2t40x32.8x4.9x
Thu, 22 Aug 2024₹38.4t₹7.8t₹1.2t40.5x32.9x4.9x
Sat, 20 Jul 2024₹37.1t₹7.8t₹1.2t40.7x32x4.8x
Mon, 17 Jun 2024₹32.4t₹7.7t₹1.1t33.3x28.3x4.2x
Wed, 15 May 2024₹31.5t₹7.8t₹1.1t36.5x27.7x4.1x
Fri, 12 Apr 2024₹33.2t₹7.7t₹1.1t38.3x29.8x4.3x
Sun, 10 Mar 2024₹34.7t₹7.7t₹1.1t36.7x31.3x4.5x
Tue, 06 Feb 2024₹34.3t₹7.7t₹1.1t42.9x30.9x4.5x
Thu, 04 Jan 2024₹32.5t₹7.8t₹1.1t42.2x28.5x4.2x
Sat, 02 Dec 2023₹31.0t₹7.8t₹1.1t39.9x27.1x4x
Mon, 30 Oct 2023₹28.6t₹7.7t₹1.1t40.1x25.4x3.7x
Wed, 27 Sep 2023₹30.2t₹7.6t₹1.1t36.2x26.9x4x
Fri, 25 Aug 2023₹28.9t₹7.5t₹1.1t36.7x25.8x3.8x
Sun, 23 Jul 2023₹28.0t₹7.5t₹1.1t32.4x25x3.7x
Tue, 20 Jun 2023₹27.1t₹7.4t₹1.1t33.7x24.7x3.7x
Thu, 18 May 2023₹26.6t₹7.4t₹1.1t27.9x24x3.6x
Sat, 15 Apr 2023₹26.8t₹7.2t₹1.1t25.4x24.6x3.7x
Price to Earnings Ratio

24.6x


Total Market Cap: ₹26.8tTotal Earnings: ₹1.1tTotal Revenue: ₹7.2tTotal Market Cap vs Earnings and Revenue0%0%0%
Indian IT Industry Price to Earnings3Y Average 27.2x202420252026
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 20.6x which is lower than its 3-year average PE of 27.2x.
  • The 3-year average PS ratio of 4.0x is higher than the industry's current PS ratio of 3.0x.
Past Earnings Growth
  • The earnings for companies in the IT industry have grown 5.8% per year over the last three years.
  • Revenues for these companies have grown 7.8% 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 Market4.18%
Tech7.67%
IT8.04%
Internet Services and Infrastructure14.03%
Data Processing Services9.62%
IT Consulting8.03%
Industry PE
  • Investors are most optimistic about the Internet Services and Infrastructure industry which is trading above its 3-year average PE ratio of 104x.
    • 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 27.1x.
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 better than its past earnings growth rate of 11% per year.
  • 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₹2.56k6.3%
+₹546.3b		-21.2%PE19.4x
HCLTECH HCL Technologies₹1.46k7.9%
+₹288.4b		5.9%PE22.7x
INFY Infosys₹1.35k5.5%
+₹285.3b		-4.1%PE18.4x
507685 Wipro₹203.306.4%
+₹127.3b		-14.1%PE16.1x
LTM LTM₹4.52k10.1%
+₹123.3b		10.1%PE28.2x

Latest News

TCS
₹2,559.20
Tata Consultancy Services
7D
6.3%
1Y
-21.2%

TCS: AI Partnerships And Legal Overhang Will Shape Future Upside

The analyst price target for Tata Consultancy Services has been revised from about ₹3,399 to roughly ₹3,107. This reflects updated views on slightly lower revenue growth, a reduced profit margin profile and a modestly lower future P/E multiple.
HCLTECH
₹1,461.00
HCL Technologies
7D
7.9%
1Y
5.9%

HCLTECH: Expanded AI Security And Cloud Partnerships Will Drive Future Upside

Analysts have trimmed their price target on HCL Technologies from about ₹1,672 to roughly ₹1,584, citing updated assumptions around slightly softer revenue growth, a modestly higher profit margin outlook, and an adjusted future P/E multiple. What's in the News CrowdStrike and HCLTech expanded their partnership with Continuous Threat Exposure Management services, combining AI driven threat detection and exposure management across endpoints, cloud, identity, applications and data.
HAPPSTMNDS
₹382.40
Happiest Minds Technologies
7D
-2.6%
1Y
-29.6%

HAPPSTMNDS: Potential Control Sale Will Support Long Term Returns

Analysts have kept their fair value estimate for Happiest Minds Technologies steady at ₹614.0, reflecting updated views on discount rate, revenue growth, profit margin and future P/E assumptions without a change in the overall price target. What's in the News Happiest Minds announced a partnership with UnifyApps to use its AI OS architecture and horizontal platform, aiming to help enterprises move GenAI projects from pilots to secure, production grade deployments across workflows, with a focus on governance, interoperability, and scalability.
LTM
₹4,523.00
LTM
7D
10.1%
1Y
10.1%

LTM: AI Tax Modernization Wins And Airline Oil Resilience Will Support Upside

Analysts have trimmed the LTM price target from ₹5,951.97 to ₹5,435.49 as they balance slightly higher revenue growth and profit margin assumptions with a lower future P/E multiple and updated sector views following recent rating and target changes from major firms. Analyst Commentary Recent Street research on Latam Airlines points to a split view, with some analysts turning more positive on the stock while others take a more cautious line on valuation and targets.
PERSISTENT
₹5,373.90
Persistent Systems
7D
6.4%
1Y
22.1%

PERSISTENT: AI Drug Discovery And Healthcare Tie Up Will Drive Future Rerating

Analysts have adjusted their price target for Persistent Systems from ₹8,500 to ₹7,861, reflecting updated views on fair value, profit margin assumptions, and future P/E expectations. What's in the News Persistent Systems is working with NVIDIA to support AI powered solutions for Healthcare and Life Sciences, aiming to use the full stack NVIDIA AI platform and NVIDIA AI Enterprise for use cases such as preclinical research and computational drug discovery (Key Developments).
TECHM
₹1,451.40
Tech Mahindra
7D
3.3%
1Y
14.0%

TECHM: Higher Discount Rate And Lower P E Multiple Will Pressure Returns

Narrative Update on Tech Mahindra Analysts have reduced the updated fair value estimate for Tech Mahindra from about ₹1,327 to roughly ₹1,205. This reflects recalibrated expectations around discount rates, revenue growth, profit margins and future P/E multiples.
507685
₹203.30
Wipro
7D
6.4%
1Y
-14.1%
519602
₹14.72
Kellton Tech Solutions
7D
-2.2%
1Y
-30.0%
534535
₹108.25
String Metaverse
7D
-5.6%
1Y
31.1%
526299
₹2,348.50
Mphasis
7D
9.9%
1Y
10.9%
INFY
₹1,346.20
Infosys
7D
5.5%
1Y
-4.1%

INFY: AI Services Mix Reset Will Support 2026 IT Spending Turnaround

Infosys' updated analyst price target edges lower, with fair value moving from ₹1,724.32 to ₹1,667.80 as analysts factor in slightly softer revenue growth assumptions, a modestly lower future P/E, and higher perceived risk from AI driven shifts in the IT services mix. Analyst Commentary Recent Street research on Infosys reflects a mixed setup, with some analysts trimming expectations and others adjusting targets higher while staying cautious on execution and the evolving role of AI in IT services.
519463
₹559.25
IB Infotech Enterprises
7D
-7.7%
1Y
221.4%
542866
₹164.55
Colab Platforms
7D
-1.0%
1Y
208.1%
511447
₹0.54
Sylph Industries
7D
-15.6%
1Y
-20.7%
VERTEXPLUS
₹81.80
Vertexplus Technologies
7D
-5.0%
1Y
-12.4%