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Indian (NIFTY) IT Industry Analysis

UpdatedJul 23, 2026
DataAggregated Company Financials
Companies163
  • 7D0.4%
  • 3M-7.9%
  • 1Y-26.4%
  • YTD-28.1%

The IT is pretty flat in the last 7 days, but HCL Technologies has stood out, gaining 4.8%. As for the longer term, the industry has declined 26% in the last year. As for the next few years, earnings are expected to grow by 8.2% per annum.

Industry Valuation and Performance

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

DateMarket CapRevenueEarningsPEAbsolute PEPS
Fri, 24 Jul 2026₹23.7t₹9.5t₹1.4t21.8x17.4x2.5x
Sun, 21 Jun 2026₹23.0t₹9.3t₹1.3t22.8x17.3x2.5x
Tue, 19 May 2026₹24.0t₹9.3t₹1.3t21.4x17.9x2.6x
Thu, 16 Apr 2026₹26.8t₹9.1t₹1.3t22.4x20.5x3x
Sat, 14 Mar 2026₹24.9t₹9.0t₹1.3t20.2x19.3x2.8x
Mon, 09 Feb 2026₹30.3t₹8.9t₹1.3t23.8x23.7x3.4x
Wed, 07 Jan 2026₹32.8t₹8.7t₹1.3t26.3x25x3.7x
Fri, 05 Dec 2025₹33.1t₹8.7t₹1.3t25.7x25.3x3.8x
Sun, 02 Nov 2025₹31.0t₹8.7t₹1.3t28x23.8x3.6x
Tue, 30 Sep 2025₹29.4t₹8.6t₹1.3t26x22.8x3.4x
Thu, 28 Aug 2025₹31.4t₹8.5t₹1.3t25.5x24.4x3.7x
Sat, 26 Jul 2025₹31.1t₹8.5t₹1.3t28.6x24.4x3.7x
Mon, 23 Jun 2025₹34.0t₹8.4t₹1.3t29.6x27x4.1x
Wed, 21 May 2025₹33.1t₹8.3t₹1.3t28.4x26.4x4x
Fri, 18 Apr 2025₹30.1t₹8.3t₹1.3t26.9x23.9x3.6x
Sun, 16 Mar 2025₹32.4t₹8.3t₹1.3t25.5x25.7x3.9x
Tue, 11 Feb 2025₹37.4t₹8.2t₹1.3t31.8x29.9x4.6x
Thu, 09 Jan 2025₹38.6t₹8.0t₹1.2t34.9x32x4.8x
Sat, 07 Dec 2024₹40.1t₹8.0t₹1.2t36.2x33.4x5x
Mon, 04 Nov 2024₹36.4t₹8.0t₹1.2t37.1x30.4x4.6x
Wed, 02 Oct 2024₹38.4t₹7.8t₹1.2t38.8x32.9x4.9x
Fri, 30 Aug 2024₹39.1t₹7.8t₹1.2t40.3x33.4x5x
Sun, 28 Jul 2024₹37.7t₹7.8t₹1.2t40.7x32.3x4.8x
Tue, 25 Jun 2024₹32.7t₹7.7t₹1.1t34.9x28.6x4.2x
Thu, 23 May 2024₹31.6t₹7.7t₹1.1t36.4x27.8x4.1x
Sat, 20 Apr 2024₹31.7t₹7.8t₹1.1t38.4x27.8x4.1x
Mon, 18 Mar 2024₹35.1t₹7.7t₹1.1t34x31.6x4.6x
Wed, 14 Feb 2024₹35.4t₹7.7t₹1.1t39.9x31.9x4.6x
Fri, 12 Jan 2024₹32.9t₹7.8t₹1.1t42.5x28.8x4.2x
Sun, 10 Dec 2023₹31.8t₹7.8t₹1.1t39.5x27.8x4.1x
Tue, 07 Nov 2023₹29.1t₹7.7t₹1.1t39x25.7x3.8x
Thu, 05 Oct 2023₹29.7t₹7.6t₹1.1t37.5x26.4x3.9x
Sat, 02 Sep 2023₹29.1t₹7.6t₹1.1t36.6x26x3.9x
Mon, 31 Jul 2023₹27.8t₹7.5t₹1.1t36x24.9x3.7x
Price to Earnings Ratio

24.9x


Total Market Cap: ₹27.8tTotal Earnings: ₹1.1tTotal Revenue: ₹7.5tTotal Market Cap vs Earnings and Revenue0%0%0%
Indian IT Industry Price to Earnings3Y Average 26.5x202420252026
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 17.4x which is lower than its 3-year average PE of 26.5x.
  • 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 6.7% 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-0.43%
Tech-0.54%
IT0.40%
Internet Services and Infrastructure11.08%
Data Processing Services1.63%
IT Consulting0.36%
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 425x.
    • 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 26.5x.
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 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 8.2% 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
HCLTECH HCL Technologies₹1.24k4.8%
+₹155.0b		-17.4%PE18.2x
TCS Tata Consultancy Services₹2.24k1.9%
+₹151.6b		-28.8%PE16.3x
TECHM Tech Mahindra₹1.56k3.0%
+₹40.3b		3.8%PE26.8x
E2E E2E Networks₹492.1016.2%
+₹13.8b		118.5%PE317.7x
501421 TechNVision Ventures₹4.40k31.1%
+₹6.6b		14.4%PE12770.4x

Latest News

501421
₹4,404.00
TechNVision Ventures
7D
31.1%
1Y
14.4%
526299
₹2,232.10
Mphasis
7D
-5.0%
1Y
-15.9%
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
₹492.10
E2E Networks
7D
16.2%
1Y
118.5%
TCS
₹2,242.90
Tata Consultancy Services
7D
1.9%
1Y
-28.8%
Narrative Update • Jul 21

TCS: JFK Terminal Partnership And AI Alliances Will Support ReRating

Analysts have trimmed their fair value estimate for Tata Consultancy Services from about ₹4,442 to around ₹3,228, citing slightly softer assumptions on revenue growth, profit margins, discount rate, and future P/E multiples. What’s in the News for Tata Consultancy Services Tata Consultancy Services entered a partnership with the New Terminal One at John F.
COFORGE
₹1,439.90
Coforge
7D
-5.9%
1Y
-14.1%
Narrative Update • Jul 21

COFORGE: AI Security And Insurance Focus Will Restrain Long Term Returns

Analysts have lifted their price target on Coforge from ₹1,115.00 to ₹1,207.03, citing updated assumptions that include a different balance of revenue growth, profit margin expectations, and a revised forward P/E multiple. What’s in the News for Coforge Coforge launched SecureEdge2Cloud, an AI-powered Zero Trust security offering built on the Zscaler Zero Trust Exchange platform, aimed at helping organizations manage cloud, AI, and digital adoption with a single, identity-centric security framework.
507685
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Wipro
7D
-1.7%
1Y
-33.2%
HCLTECH
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HCL Technologies
7D
4.8%
1Y
-17.4%
TATATECH
₹696.25
Tata Technologies
7D
-9.1%
1Y
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TECHM
₹1,555.80
Tech Mahindra
7D
3.0%
1Y
3.8%
Analysis Article • Jul 19

Tech Mahindra Limited Earnings Missed Analyst Estimates: Here's What Analysts Are Forecasting Now

It's been a good week for Tech Mahindra Limited ( NSE:TECHM ) shareholders, because the company has just released its...
531525
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Ace Software Exports
7D
13.1%
1Y
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INFY
₹1,047.40
Infosys
7D
-3.2%
1Y
-32.5%
Narrative Update • Jul 16

INFY: AI Spending Shift Will Shape Medium Term Upside Potential

Infosys' analyst fair value estimate has been revised lower to ₹1,704.72 from ₹1,773.34, reflecting a series of reduced Street price targets as analysts factor in muted near term growth expectations, an uncertain demand backdrop, and questions about how quickly the company can benefit from AI related spending. Analyst Commentary Recent Street research on Infosys points to a cautious but engaged stance from several firms, with price targets generally reset lower in response to softer near term growth expectations and a less certain demand backdrop.
LTM
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LTM
7D
-2.3%
1Y
-23.8%
Narrative Update • Jul 16

LTM: Sector Tailwinds And Earnings Momentum Will Support Balanced Future Upside

Analysts have trimmed the fair value estimate for Latam Airlines to ₹4,387.77 from ₹4,858.23, reflecting slightly lower assumptions for revenue growth, profit margins and future P/E multiples, even as recent research highlights supportive sector drivers such as improving air travel penetration, more rational competition and a relatively lighter balance sheet. Analyst Commentary Recent research coverage on Latam Airlines highlights a mix of optimism around sector fundamentals and company positioning, along with clear caution flags that could influence how the stock trades around its fair value range.
500463
₹786.75
Black Box
7D
-9.5%
1Y
53.6%
Narrative Update • Jul 15

500463: Alliance With AI Partner Will Drive Future Re-Rating Potential

Analysts have revised the Black Box price target from ₹625 to ₹1,000, citing updated assumptions around revenue growth, profit margins, and a higher future P/E multiple as key drivers of the change. What’s in the News for Black Box Black Box Limited entered a strategic alliance with AIONOS, an AI native enterprise technology company, to work with enterprises on AI transformation across infrastructure, OT/IoT connectivity, and applied AI platforms, with a focus on measurable business outcomes.
HEXT
₹540.70
Hexaware Technologies
7D
-3.7%
1Y
-34.6%
Narrative Update • Jul 10

HEXT: AI Partnerships And UK Expansion Will Support A Balanced Outlook

Analysts have lowered their price target for Hexaware Technologies from ₹801.67 to ₹554.00, citing updated assumptions around fair value, discount rate, revenue growth, profit margin and future P/E that together indicate a more conservative valuation framework. What’s in the News for Hexaware Technologies SmartRent, Inc.
511144
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Axis Solutions
7D
5.0%
1Y
n/a
ACCELYA
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Accelya Solutions India
7D
1.7%
1Y
-18.9%