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Indian (NIFTY) IT Industry Analysis

UpdatedDec 16, 2025
DataAggregated Company Financials
Companies159
  • 7D-0.2%
  • 3M5.1%
  • 1Y-19.9%
  • YTD-15.0%

Over the last 7 days, the IT industry has remained flat, although notably Coforge declined by 4.2%. As for the longer term, the industry has declined 20% in the last year. Looking forward, earnings are forecast to grow by 8.2% annually.

Industry Valuation and Performance

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

DateMarket CapRevenueEarningsPEAbsolute PEPS
Tue, 16 Dec 2025₹33.1t₹8.8t₹1.3t25.5x25.2x3.8x
Thu, 13 Nov 2025₹31.9t₹8.7t₹1.3t26.9x24.6x3.7x
Sat, 11 Oct 2025₹30.9t₹8.6t₹1.3t27.7x23.9x3.6x
Mon, 08 Sep 2025₹30.2t₹8.5t₹1.3t26.2x23.5x3.5x
Wed, 06 Aug 2025₹30.5t₹8.5t₹1.3t28.6x23.8x3.6x
Fri, 04 Jul 2025₹33.8t₹8.3t₹1.3t30.2x27x4.1x
Sun, 01 Jun 2025₹33.1t₹8.3t₹1.3t29.5x26.5x4x
Tue, 29 Apr 2025₹31.7t₹8.3t₹1.2t26.5x25.3x3.8x
Thu, 27 Mar 2025₹33.7t₹8.2t₹1.3t27.5x26.9x4.1x
Sat, 22 Feb 2025₹36.1t₹8.3t₹1.3t29x28.7x4.4x
Mon, 20 Jan 2025₹37.4t₹8.1t₹1.2t35.3x30.1x4.6x
Wed, 18 Dec 2024₹40.3t₹8.0t₹1.2t37.8x33.5x5x
Fri, 15 Nov 2024₹37.9t₹8.0t₹1.2t38.2x31.6x4.8x
Sun, 13 Oct 2024₹38.0t₹7.9t₹1.2t41.4x32.4x4.8x
Tue, 10 Sep 2024₹38.5t₹7.8t₹1.2t39.9x32.9x4.9x
Thu, 08 Aug 2024₹36.1t₹7.8t₹1.2t39.5x30.9x4.6x
Sat, 06 Jul 2024₹34.7t₹7.7t₹1.1t40.1x30.4x4.5x
Mon, 03 Jun 2024₹30.5t₹7.7t₹1.1t34.6x26.8x3.9x
Wed, 01 May 2024₹31.4t₹7.7t₹1.1t38.8x27.7x4.1x
Fri, 29 Mar 2024₹32.3t₹7.7t₹1.1t31.7x29.1x4.2x
Sun, 25 Feb 2024₹35.2t₹7.7t₹1.1t37.6x31.8x4.6x
Tue, 23 Jan 2024₹34.3t₹7.8t₹1.1t41x30.1x4.4x
Thu, 21 Dec 2023₹32.9t₹7.8t₹1.1t42.1x28.8x4.2x
Sat, 18 Nov 2023₹30.2t₹7.7t₹1.1t38.7x26.6x3.9x
Mon, 16 Oct 2023₹29.9t₹7.6t₹1.1t37.5x26.3x3.9x
Wed, 13 Sep 2023₹30.6t₹7.6t₹1.1t35.9x27.2x4x
Fri, 11 Aug 2023₹28.8t₹7.5t₹1.1t38.3x25.7x3.8x
Sun, 09 Jul 2023₹27.9t₹7.4t₹1.1t32.7x25.4x3.8x
Tue, 06 Jun 2023₹27.7t₹7.4t₹1.1t30x25.1x3.7x
Thu, 04 May 2023₹26.4t₹7.4t₹1.1t26x23.9x3.6x
Sat, 01 Apr 2023₹27.1t₹7.1t₹1.1t23.9x25.1x3.8x
Mon, 27 Feb 2023₹29.5t₹7.4t₹1.1t25.4x27.5x4x
Wed, 25 Jan 2023₹29.7t₹7.3t₹1.1t26.4x27.8x4x
Fri, 23 Dec 2022₹28.3t₹7.1t₹1.1t25.2x27x4x
Price to Earnings Ratio

27x


Total Market Cap: ₹28.3tTotal Earnings: ₹1.1tTotal Revenue: ₹7.1tTotal Market Cap vs Earnings and Revenue0%0%0%
Indian IT Industry Price to Earnings3Y Average 27.6x202320242025
Current Industry PE
  • Investors are relatively neutral on the Indian IT industry at the moment, indicating that they anticipate long term growth rates to remain steady.
  • The industry is trading close to its 3-year average PE ratio of 27.6x.
  • The industry is trading close to its 3-year average PS ratio of 4.1x.
Past Earnings Growth
  • The earnings for companies in the IT industry have grown 7.7% per year over the last three years.
  • Revenues for these companies have grown 7.1% 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 Market1.22%
Tech0.21%
IT-0.22%
Internet Services and Infrastructure3.79%
Data Processing Services1.39%
IT Consulting-0.23%
Industry PE
  • Investors are most optimistic about the Data Processing Services industry which is trading above its 3-year average PE ratio of 46.3x.
    • Analysts are expecting annual earnings growth of 16.9%, which is lower than the prior year's growth of 21.2% per year.
  • Investors are most pessimistic about the IT Consulting industry, which is trading close to its 3-year average of 27.5x.
Forecasted Growth
  • Analysts are most optimistic on the Data Processing Services industry, expecting annual earnings growth of 17% over the next 5 years.
  • However this is lower than its past earnings growth rate of 21% 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
507685 Wipro₹259.150.7%
+₹18.9b		-16.1%PE20.1x
TECHM Tech Mahindra₹1.58k1.1%
+₹14.7b		-10.9%PE31.2x
501421 TechNVision Ventures₹7.74k13.7%
+₹5.9b		122.3%PE3800.6x
532175 Cyient₹1.15k1.6%
+₹2.0b		-44.2%PE22.1x
SILVERTUC Silver Touch Technologies₹878.4018.7%
+₹1.8b		29.3%PE42.9x

Latest News

SILVERTUC
₹878.40
Silver Touch Technologies
7D
18.7%
1Y
29.3%
532365
₹996.05
Dynacons Systems & Solutions
7D
14.3%
1Y
-33.7%
507685
₹259.15
Wipro
7D
0.7%
1Y
-16.1%

507685: AI Partnerships And Self-Funded IT Overhaul Will Shape Balanced Outlook

Analysts have nudged their price target for Wipro slightly higher to about ₹254 per share, reflecting modestly improved assumptions for revenue growth, profit margins, and future valuation multiples. What's in the News Signed a multi-year engagement with Odido Netherlands B.V. to modernize its IT landscape using AI, boost customer experience, and run the program via a self-funded, productivity-savings model (Client Announcements).
504067
₹730.95
Zensar Technologies
7D
0.7%
1Y
-8.7%

504067: October 31 Results Will Support Upbeat Long Term Outlook

Analysts have nudged their price target on Zensar Technologies slightly higher to approximately ₹833 from about ₹825, citing modest upward revisions to long term revenue growth, profit margin expectations, and the stock’s future earnings multiple, despite a marginally higher discount rate. What's in the News Board meeting scheduled on October 31, 2025, at 16:00 IST to review and approve unaudited standalone and consolidated financial results for the quarter and half year ended September 30, 2025 (company filing) Limited Review Report on quarterly and half yearly results to be taken on record at the same October 31, 2025 board meeting (company filing) Board to consider other routine and strategic matters alongside financial results during the October 31, 2025 meeting (company filing) Valuation Changes Fair Value Estimate has risen slightly to about ₹833 from roughly ₹825 per share, reflecting modestly more optimistic assumptions.
532175
₹1,150.00
Cyient
7D
1.6%
1Y
-44.2%

532175: AI Skilling Expansion Will Support Stronger Long Term Outlook

Narrative Update on Cyient Analysts have modestly trimmed their price target on Cyient from ₹1,601 to about ₹1,580. This reflects a slightly higher growth outlook, offset by marginally lower margin and fair value assumptions, while future valuation multiples remain broadly unchanged.
INFY
₹1,592.90
Infosys
7D
-0.4%
1Y
-19.4%

INFY: US Visa Policy Shift And AI Contracts Will Shape Outlook

Analysts have nudged their fair value estimate for Infosys slightly higher to approximately ₹1,725 per share from about ₹1,719, citing a marginally higher required return, offset by modestly softer long term growth and profitability assumptions, and a largely unchanged forward valuation multiple. What's in the News Infosys launched an AI Agent for the energy sector using Infosys Topaz, Infosys Cobalt, Microsoft Copilot Studio, Azure OpenAI and chatGPT4o to provide real time insights, predictive warnings and automation that improve safety, reliability and operational efficiency in drilling and production environments.
TECHM
₹1,578.20
Tech Mahindra
7D
1.1%
1Y
-10.9%

TECHM: AI And 5G Solutions Will Drive Earnings Upside Ahead

Analysts have modestly reduced their fair value estimate for Tech Mahindra, trimming the target by roughly ₹70 to about ₹1,948, as slightly lower valuation multiples offset improved expectations for revenue growth and profitability. Analyst Commentary Bullish analysts remain constructive on Tech Mahindra despite the modest trimming of fair value, highlighting improving fundamentals and a more supportive demand backdrop across key verticals.
LTIM
₹6,216.00
LTIMindtree
7D
-0.5%
1Y
-7.2%

LTIM: Future Performance Will Reflect AI Partnerships And Expanding Global Collaborations

Analysts have modestly raised their price target on LTIMindtree to ₹5,867 from ₹5,825, reflecting slightly stronger assumptions on long term revenue growth, profit margins, and valuation multiples, despite a marginally higher discount rate. What's in the News LTIMindtree and Xage Security announced a strategic partnership to deliver identity based Zero Trust cybersecurity across IT, OT, and cloud for critical infrastructure sectors such as energy, utilities, transportation, and chemicals (Client Announcements).
TCS
₹3,205.10
Tata Consultancy Services
7D
-0.1%
1Y
-26.0%

TCS: Future AI Data Centers And Cloud Deal Will Shape Measured Upside Potential

Analysts have nudged their price target on Tata Consultancy Services slightly higher to ₹3,476 from ₹3,467, citing marginally stronger long term revenue growth, stable profit margins, and a modest uplift in expected future valuation multiples. What's in the News Board to meet on December 10, 2025, to approve a Securities Purchase Agreement and Plan of Merger for the acquisition of Coastal Cloud Holdings, LLC and its subsidiaries, marking a sizable inorganic growth move in cloud consulting (Board Meeting) New wholly owned subsidiary HyperVault AI Data Center Limited incorporated to build multiple AI and sovereign data centers in India, fully funded by TCS with INR 75 million in initial capital and 100 percent ownership (Business Expansions) Earlier board approval on October 9, 2025, for setting up a wholly owned Indian subsidiary focused on AI and sovereign data centers, underscoring a strategic pivot toward infrastructure-led AI services (Board Meeting) Strategic partnership with Box, Inc.
PERSISTENT
₹6,263.00
Persistent Systems
7D
-0.6%
1Y
-4.4%

PERSISTENT: Studio Expansion And Margins Will Shape Measured Outlook Ahead

Analysts have modestly raised their price target on Persistent Systems to reflect an updated fair value estimate of Rs 6,088 from Rs 6,018, citing slightly stronger expectations for revenue growth, profit margins, and future valuation multiples. What's in the News Launch of the Experience Transformation (XT) Studio in Pune to help enterprises design AI powered, human centered digital experiences across the full product lifecycle (Key Developments) XT Studio positioned as a co innovation hub, integrating business strategy, UX consulting and product engineering to accelerate time to value and improve ROI from AI initiatives (Key Developments) Planned expansion of XT Studio locations across India, the U.S., Europe and APAC to deepen global client engagement and attract talent and partners (Key Developments) Board meeting scheduled on October 13, 2025 to approve audited standalone and consolidated financial results for the quarter and half year ended September 30, 2025 (Key Developments) Board meeting on October 14, 2025 to review the same financial results and consider transfer of equity shares of Aepona Group Limited, Ireland, to Persistent Systems Limited, India (Key Developments) Valuation Changes The fair value estimate has risen slightly from ₹6,018 to about ₹6,088 per share, reflecting a modestly more optimistic outlook.
526299
₹2,860.80
Mphasis
7D
-0.6%
1Y
-10.0%

526299: AI And Quantum Offerings Will Shape A Measured Outlook

Analysts have modestly raised their price target on Mphasis to ₹3,058 from ₹3,006, citing slightly stronger expectations for revenue growth and a still robust long term earnings multiple that more than offset a minor trim to projected profit margins. What's in the News Mphasis launched its global brand campaign, "AI Without Intelligence Is Artificial," to position its next generation AI platform Mphasis NeoIP as a contextual, outcome driven partner for enterprises across banking, healthcare, insurance, and hi tech (company announcement) The new campaign focuses on intelligent engineering and continuous learning AI systems, aiming to differentiate Mphasis in a crowded AI market and highlight real world business and IT transformation use cases (company announcement) Mphasis introduced NeoIP, a unified AI platform that connects data, systems, and processes to automate complex decisions, predict and prevent issues, and enable continuous modernization across application development, ITOps, and business operations (company announcement) Early NeoIP deployments reportedly delivered up to 60 percent improvement in development and modernization efficiency and about 50 percent reduction in incident detection and resolution times for clients, strengthening the company’s value proposition in large transformation deals (company announcement) The company also unveiled quantum focused offerings qCryptsec for quantum safe cryptography and QOptiDecision for quantum enhanced decision optimization, targeting use cases such as route optimization, bin packing, and crew scheduling (company announcement) Valuation Changes Fair Value: Raised slightly to ₹3,058 from ₹3,006, reflecting a modestly higher intrinsic value estimate for Mphasis shares.
HCLTECH
₹1,651.70
HCL Technologies
7D
-0.4%
1Y
-15.3%

HCLTECH: Future AI Alliances And Global Expansion Will Guide Measured Outlook

Analysts have modestly raised their price target for HCL Technologies from ₹1,645.30 to ₹1,648.93. This reflects minor adjustments in the company’s discount rate, projected revenue growth, and profit margin outlooks.
500463
₹509.90
Black Box
7D
-3.1%
1Y
-26.3%
539895
₹52.40
Spice Lounge Food Works
7D
4.4%
1Y
709.9%
526433
₹3,052.30
ASM Technologies
7D
-9.2%
1Y
114.8%
501421
₹7,737.45
TechNVision Ventures
7D
13.7%
1Y
122.3%