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Indian (NIFTY) IT Industry Analysis

UpdatedDec 29, 2025
DataAggregated Company Financials
Companies160
  • 7D-0.06%
  • 3M13.5%
  • 1Y-15.4%
  • YTD-14.4%

Over the last 7 days, the IT industry has remained flat, although notably Coforge declined by 9.3%. Unfortunately though, the industry is down 15% over the past 12 months. Earnings are forecast to grow by 8.3% annually.

Industry Valuation and Performance

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

DateMarket CapRevenueEarningsPEAbsolute PEPS
Mon, 29 Dec 2025₹33.2t₹8.7t₹1.3t25.4x25.4x3.8x
Wed, 26 Nov 2025₹31.8t₹8.7t₹1.3t25.4x24.4x3.7x
Fri, 24 Oct 2025₹31.3t₹8.6t₹1.3t28.1x24.2x3.6x
Sun, 21 Sep 2025₹31.8t₹8.5t₹1.3t27.2x24.7x3.7x
Tue, 19 Aug 2025₹30.2t₹8.5t₹1.3t26.9x23.5x3.5x
Thu, 17 Jul 2025₹32.6t₹8.4t₹1.3t31.3x26x3.9x
Sat, 14 Jun 2025₹33.7t₹8.4t₹1.3t30.3x26.9x4x
Mon, 12 May 2025₹31.9t₹8.3t₹1.3t25.7x25.4x3.8x
Wed, 09 Apr 2025₹30.0t₹8.3t₹1.3t25.4x23.9x3.6x
Fri, 07 Mar 2025₹34.0t₹8.3t₹1.3t26.6x27x4.1x
Sun, 02 Feb 2025₹37.7t₹8.1t₹1.2t33x30.3x4.6x
Tue, 31 Dec 2024₹38.8t₹8.0t₹1.2t34.9x32.2x4.8x
Thu, 28 Nov 2024₹39.3t₹8.0t₹1.2t38x32.8x4.9x
Sat, 26 Oct 2024₹37.4t₹8.0t₹1.2t36.8x31.3x4.7x
Mon, 23 Sep 2024₹38.3t₹7.8t₹1.2t40x32.8x4.9x
Wed, 21 Aug 2024₹38.3t₹7.8t₹1.2t39.6x32.8x4.9x
Fri, 19 Jul 2024₹37.0t₹7.8t₹1.2t39.9x31.9x4.7x
Sun, 16 Jun 2024₹32.4t₹7.7t₹1.1t33.5x28.3x4.2x
Tue, 14 May 2024₹31.5t₹7.8t₹1.1t35.5x27.7x4.1x
Thu, 11 Apr 2024₹33.2t₹7.7t₹1.1t38.3x29.8x4.3x
Sat, 09 Mar 2024₹34.7t₹7.7t₹1.1t36.7x31.3x4.5x
Mon, 05 Feb 2024₹35.0t₹7.8t₹1.1t43.5x30.9x4.5x
Wed, 03 Jan 2024₹33.3t₹7.8t₹1.1t42.3x29.2x4.3x
Fri, 01 Dec 2023₹31.0t₹7.8t₹1.1t39.4x27.1x4x
Sun, 29 Oct 2023₹28.6t₹7.7t₹1.1t40.1x25.4x3.7x
Tue, 26 Sep 2023₹30.3t₹7.6t₹1.1t36.5x27x4x
Thu, 24 Aug 2023₹28.8t₹7.6t₹1.1t37.2x25.7x3.8x
Sat, 22 Jul 2023₹28.0t₹7.5t₹1.1t34.6x25x3.7x
Mon, 19 Jun 2023₹27.0t₹7.4t₹1.1t33.6x24.6x3.7x
Wed, 17 May 2023₹26.9t₹7.4t₹1.1t28.1x24.3x3.6x
Fri, 14 Apr 2023₹26.8t₹7.2t₹1.1t24.4x24.6x3.7x
Sun, 12 Mar 2023₹28.8t₹7.4t₹1.1t24.6x26.9x3.9x
Tue, 07 Feb 2023₹29.8t₹7.4t₹1.1t26.4x27.8x4x
Thu, 05 Jan 2023₹28.4t₹7.1t₹1.1t25.5x27x4x
Price to Earnings Ratio

27x


Total Market Cap: ₹28.4tTotal Earnings: ₹1.1tTotal Revenue: ₹7.1tTotal Market Cap vs Earnings and Revenue0%0%0%
Indian IT Industry Price to Earnings3Y Average 27.6x20242025
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 7.6% per year over the last three years.
  • Revenues for these companies have grown 6.9% 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 Market0.59%
Tech-0.046%
IT-0.056%
Data Processing Services0.45%
IT Consulting-0.055%
Internet Services and Infrastructure-0.46%
Industry PE
  • Investors are most optimistic about the Data Processing Services industry which is trading above its 3-year average PE ratio of 48.6x.
    • Analysts are expecting annual earnings growth of 17.1%, 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.
  • 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 8.3% 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
INFY Infosys₹1.66k1.1%
+₹70.4b		-13.6%PE22.8x
HCLTECH HCL Technologies₹1.66k1.1%
+₹50.1b		-12.2%PE25.3x
507685 Wipro₹266.300.7%
+₹20.4b		-13.8%PE20.7x
500463 Black Box₹551.107.3%
+₹6.4b		-14.9%PE42.7x
SONATSOFTW Sonata Software₹366.656.4%
+₹6.1b		-38.9%PE23x

Latest News

SONATSOFTW
₹366.65
Sonata Software
7D
6.4%
1Y
-38.9%

Sonata Software (NSE:SONATSOFTW) Might Be Having Difficulty Using Its Capital Effectively

Dec 29
Sonata Software (NSE:SONATSOFTW) Might Be Having Difficulty Using Its Capital Effectively
PERSISTENT
₹6,300.50
Persistent Systems
7D
-0.9%
1Y
-1.5%

PERSISTENT: Experience Studio Expansion And Stable Margins Will Guide Balanced Outlook Ahead

Analysts have nudged their price target for Persistent Systems slightly higher to reflect modest improvements in fair value, revenue growth expectations, profit margins, and forward earnings multiples. This indicates a marginally more optimistic outlook on the company’s long term fundamentals.
COFORGE
₹1,673.30
Coforge
7D
-9.3%
1Y
-11.5%

COFORGE: Future AI Spending Wave Will Likely Pressure Margins And Returns

Analysts have modestly raised their price target on Coforge from ₹1,226 to ₹1,334, citing a slightly higher required return, somewhat tempered expectations for revenue growth and margins, and a lower assumed future price to earnings multiple that still supports upside from current levels. What's in the News The board will meet on December 26, 2025 to consider raising funds via equity or other eligible securities through routes such as private placement, QIP, or preferential issue, subject to regulatory and shareholder approvals (board meeting, fund-raising proposal).
SIGMA
₹57.89
Sigma Solve
7D
13.3%
1Y
69.7%

A Look At The Fair Value Of Sigma Solve Limited (NSE:SIGMA)

Dec 25
A Look At The Fair Value Of Sigma Solve Limited (NSE:SIGMA)
526299
₹2,849.60
Mphasis
7D
-1.5%
1Y
-1.2%

526299: AI And Quantum Offerings Will Shape A Balanced Future Outlook

Analysts have slightly raised their price target on Mphasis by approximately ₹6 to around ₹3,064, citing marginal improvements in fair value estimates and forward valuation assumptions despite minimal changes in growth and profitability forecasts. What's in the News Mphasis has scheduled a board meeting on January 22, 2026 to consider and approve audited standalone and consolidated financial results for the quarter ended December 31, 2025, among other matters (company filing).
TCS
₹3,280.00
Tata Consultancy Services
7D
-0.06%
1Y
-21.2%
538734
₹1,119.05
Ceinsys Tech
7D
15.8%
1Y
-42.7%
HCLTECH
₹1,660.90
HCL Technologies
7D
1.1%
1Y
-12.2%
507685
₹266.30
Wipro
7D
0.7%
1Y
-13.8%

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
₹723.15
Zensar Technologies
7D
-2.5%
1Y
-1.7%

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
₹1,119.85
Cyient
7D
-3.3%
1Y
-42.0%

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
₹1,656.10
Infosys
7D
1.1%
1Y
-13.6%

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.
LTIM
₹6,035.50
LTIMindtree
7D
-2.6%
1Y
6.3%

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).
HEXT
₹751.20
Hexaware Technologies
7D
-5.2%
1Y
n/a
500463
₹551.10
Black Box
7D
7.3%
1Y
-14.9%
526433
₹3,436.45
ASM Technologies
7D
9.3%
1Y
155.2%