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Indian (NIFTY) IT Industry Analysis

UpdatedJun 27, 2026
DataAggregated Company Financials
Companies161
  • 7D-1.3%
  • 3M-9.7%
  • 1Y-33.4%
  • YTD-31.3%

Over the last 7 days, the IT industry has dropped 4.7%, driven by Tata Consultancy Services declining 1.4%. The industry has fallen 34% in the last year. Earnings are forecast to grow by 8.8% annually.

Industry Valuation and Performance

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

DateMarket CapRevenueEarningsPEAbsolute PEPS
Sat, 27 Jun 2026₹22.7t₹9.3t₹1.3t21.9x17.1x2.5x
Mon, 25 May 2026₹24.5t₹9.3t₹1.3t22.2x18.3x2.6x
Wed, 22 Apr 2026₹27.1t₹9.1t₹1.3t22.1x20.7x3x
Fri, 20 Mar 2026₹24.4t₹9.0t₹1.3t19.8x18.9x2.7x
Sun, 15 Feb 2026₹27.9t₹8.9t₹1.3t23x21.8x3.1x
Tue, 13 Jan 2026₹32.7t₹8.7t₹1.3t25.1x25x3.7x
Thu, 11 Dec 2025₹32.7t₹8.7t₹1.3t25.1x25x3.7x
Sat, 08 Nov 2025₹30.5t₹8.7t₹1.3t27.2x23.4x3.5x
Mon, 06 Oct 2025₹29.6t₹8.6t₹1.3t25.5x22.9x3.4x
Wed, 03 Sep 2025₹31.0t₹8.5t₹1.3t26.2x24.1x3.6x
Fri, 01 Aug 2025₹30.6t₹8.5t₹1.3t27.9x23.9x3.6x
Sun, 29 Jun 2025₹33.9t₹8.3t₹1.3t30.1x27.1x4.1x
Tue, 27 May 2025₹33.5t₹8.3t₹1.3t29x26.8x4x
Thu, 24 Apr 2025₹31.7t₹8.3t₹1.2t28.1x25.4x3.8x
Sat, 22 Mar 2025₹32.9t₹8.3t₹1.3t26.8x26.2x4x
Mon, 17 Feb 2025₹36.5t₹8.2t₹1.2t29.1x29.3x4.5x
Wed, 15 Jan 2025₹38.4t₹8.1t₹1.2t35.3x31.4x4.8x
Fri, 13 Dec 2024₹40.7t₹8.0t₹1.2t37.8x33.9x5.1x
Sun, 10 Nov 2024₹37.8t₹8.0t₹1.2t37.2x31.5x4.7x
Tue, 08 Oct 2024₹38.1t₹7.8t₹1.2t36.4x32.6x4.9x
Thu, 05 Sep 2024₹38.9t₹7.8t₹1.2t39.7x33.3x5x
Sat, 03 Aug 2024₹36.7t₹7.8t₹1.2t40.4x31.4x4.7x
Mon, 01 Jul 2024₹33.5t₹7.7t₹1.1t35.2x29.3x4.3x
Wed, 29 May 2024₹31.8t₹7.7t₹1.1t35.7x27.9x4.1x
Fri, 26 Apr 2024₹31.9t₹7.7t₹1.1t37.3x28x4.1x
Sun, 24 Mar 2024₹32.9t₹7.7t₹1.1t34x29.6x4.3x
Tue, 20 Feb 2024₹35.5t₹7.7t₹1.1t38.3x32x4.6x
Thu, 18 Jan 2024₹34.6t₹7.8t₹1.1t44.3x30.5x4.4x
Sat, 16 Dec 2023₹33.8t₹7.8t₹1.1t43x29.6x4.3x
Mon, 13 Nov 2023₹28.8t₹7.7t₹1.1t38.5x25.4x3.7x
Wed, 11 Oct 2023₹30.4t₹7.6t₹1.1t37.9x27.1x4x
Fri, 08 Sep 2023₹29.9t₹7.6t₹1.1t36.4x26.6x4x
Sun, 06 Aug 2023₹28.6t₹7.5t₹1.1t36.9x25.5x3.8x
Tue, 04 Jul 2023₹27.8t₹7.4t₹1.1t33.5x25.3x3.8x
Price to Earnings Ratio

25.3x


Total Market Cap: ₹27.8tTotal 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 17.1x which is lower than its 3-year average PE of 26.8x.
  • The 3-year average PS ratio of 4.0x 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 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 Market-0.48%
Tech-0.81%
IT-1.30%
Data Processing Services-0.83%
IT Consulting-1.29%
Internet Services and Infrastructure-3.07%
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 15.5%, 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
TECHM Tech Mahindra₹1.44k2.0%
+₹24.4b		-14.2%PE26.5x
COFORGE Coforge₹1.49k2.0%
+₹12.7b		-21.4%PE43.2x
532175 Cyient₹886.503.3%
+₹3.1b		-32.0%PE22.9x
SAKSOFT Saksoft₹160.4514.6%
+₹2.6b		-20.5%PE15.4x
TATATECH Tata Technologies₹748.350.8%
+₹2.5b		4.6%PE55.6x

Latest News

TECHM
₹1,437.10
Tech Mahindra
7D
2.0%
1Y
-14.2%
Analysis Article • 3h

Earnings Miss: Tech Mahindra Limited Missed EPS By 6.2% And Analysts Are Revising Their Forecasts

Tech Mahindra Limited ( NSE:TECHM ) last week reported its latest yearly results, which makes it a good time for...
539843
₹779.20
NINtec Systems
7D
8.1%
1Y
64.3%
PERSISTENT
₹4,841.50
Persistent Systems
7D
0.3%
1Y
-19.4%
Narrative Update • Jun 26

PERSISTENT: Elevated P/E Will Limit Returns Despite Expanding AI Partnerships

Analysts have trimmed their price target for Persistent Systems from about ₹4,274.73 to roughly ₹3,999.16, citing updated assumptions around revenue growth, profit margins and future P/E multiples, along with a revised discount rate. What’s in the News for Persistent Systems Persistent Systems signed an agreement to integrate a team of more than 90 professionals from Concise in Estonia, aiming to expand its Eastern European presence and nearshore delivery footprint through new delivery centers in Tallinn and Tartu.
SAKSOFT
₹160.45
Saksoft
7D
14.6%
1Y
-20.5%
TCS
₹2,094.70
Tata Consultancy Services
7D
-1.4%
1Y
-39.1%
532175
₹886.50
Cyient
7D
3.3%
1Y
-32.0%
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.
539607
₹21.03
Blue Cloud Softech Solutions
7D
16.4%
1Y
-33.3%
500463
₹957.55
Black Box
7D
-6.4%
1Y
92.2%
Narrative Update • Jun 23

500463: Planned Fundraising Will Highlight Limited Upside Versus Current Pricing

Analysts have kept their fair value estimate for Black Box unchanged at ₹837.5 per share, making only minor adjustments to the discount rate and future P/E assumptions. They describe this as fine tuning rather than a major shift in their valuation view.
COFORGE
₹1,492.90
Coforge
7D
2.0%
1Y
-21.4%
Narrative Update • Jun 23

COFORGE: Agentic AI Platforms Will Drive Future Insurance And Airline Workflow Adoption

Analysts have nudged their fair value estimate for Coforge higher from ₹1,644.85 to ₹1,666.91. They point to tweaked assumptions around discount rate, revenue growth, profit margin, and future P/E that modestly lift the stock's assessed worth.
INFY
₹1,041.20
Infosys
7D
-1.0%
1Y
-35.2%
TATATECH
₹748.35
Tata Technologies
7D
0.8%
1Y
4.6%
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
₹175.00
Wipro
7D
-3.1%
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.
SONATSOFTW
₹284.25
Sonata Software
7D
-4.4%
1Y
-31.1%
Narrative Update • Jun 18

SONATSOFTW: Leadership Transition And Stable Outlook May Support Balanced Stock Prospects

Analysts have kept their fair value estimate for Sonata Software steady at ₹340.38, with only small tweaks to inputs such as the discount rate and future P/E assumption driving this largely unchanged price target narrative. What’s in the News for Sonata Software Board meeting scheduled on May 7, 2026, to consider and approve audited standalone and consolidated financial results for the quarter and year ended March 31, 2026, and to consider and recommend a final dividend for FY 2025-26.
LTM
₹3,762.60
LTM
7D
-1.8%
1Y
-28.9%
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
₹1,100.70
HCL Technologies
7D
-2.7%
1Y
-36.1%
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.
HEXT
₹494.85
Hexaware Technologies
7D
-1.0%
1Y
-43.1%