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Indian (NIFTY) IT Industry Analysis

UpdatedJul 31, 2026
DataAggregated Company Financials
Companies164
  • 7D8.8%
  • 3M3.4%
  • 1Y-15.8%
  • YTD-21.6%

Over the last 7 days, the IT industry has risen 8.8%, driven by gains from Tata Consultancy Services of 8.4%. In the same time, Black Box was down 7.5%. In the past year, the industry is down 16%. 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
Fri, 31 Jul 2026₹25.8t₹9.5t₹1.4t22.7x19x2.7x
Sun, 28 Jun 2026₹22.7t₹9.3t₹1.3t21.9x17.1x2.5x
Tue, 26 May 2026₹24.5t₹9.2t₹1.3t21.1x18.4x2.7x
Thu, 23 Apr 2026₹26.0t₹9.1t₹1.3t22.2x19.9x2.9x
Sat, 21 Mar 2026₹24.9t₹9.0t₹1.3t19.6x19.3x2.8x
Mon, 16 Feb 2026₹27.9t₹8.9t₹1.3t23x21.8x3.1x
Wed, 14 Jan 2026₹32.9t₹8.8t₹1.3t24.8x25.6x3.7x
Fri, 12 Dec 2025₹32.9t₹8.7t₹1.3t25.4x25.1x3.8x
Sun, 09 Nov 2025₹30.5t₹8.7t₹1.3t27.4x23.4x3.5x
Tue, 07 Oct 2025₹30.2t₹8.6t₹1.3t26.7x23.4x3.5x
Thu, 04 Sep 2025₹30.9t₹8.5t₹1.3t26.7x24x3.6x
Sat, 02 Aug 2025₹30.1t₹8.5t₹1.3t28x23.5x3.5x
Mon, 30 Jun 2025₹33.9t₹8.3t₹1.3t30.1x27.1x4.1x
Wed, 28 May 2025₹33.3t₹8.3t₹1.3t28.1x26.5x4x
Fri, 25 Apr 2025₹31.6t₹8.3t₹1.2t28.4x25.4x3.8x
Sun, 23 Mar 2025₹32.9t₹8.3t₹1.3t26.8x26.2x4x
Tue, 18 Feb 2025₹36.3t₹8.2t₹1.2t28.8x29.1x4.4x
Thu, 16 Jan 2025₹38.6t₹8.1t₹1.2t34.5x31.6x4.8x
Sat, 14 Dec 2024₹41.0t₹8.0t₹1.2t38.3x34.1x5.1x
Mon, 11 Nov 2024₹37.8t₹8.0t₹1.2t37.2x31.5x4.7x
Wed, 09 Oct 2024₹38.2t₹7.8t₹1.2t38.1x32.7x4.9x
Fri, 06 Sep 2024₹39.0t₹7.8t₹1.2t39.9x33.4x5x
Sun, 04 Aug 2024₹36.7t₹7.8t₹1.2t40.4x31.4x4.7x
Tue, 02 Jul 2024₹34.1t₹7.7t₹1.1t37.7x29.9x4.4x
Thu, 30 May 2024₹31.5t₹7.7t₹1.1t34.1x27.6x4.1x
Sat, 27 Apr 2024₹31.8t₹7.7t₹1.1t39.8x28.1x4.1x
Mon, 25 Mar 2024₹32.9t₹7.7t₹1.1t34x29.6x4.3x
Wed, 21 Feb 2024₹35.1t₹7.7t₹1.1t38x31.7x4.6x
Fri, 19 Jan 2024₹34.5t₹7.8t₹1.1t44.1x30.3x4.4x
Sun, 17 Dec 2023₹33.8t₹7.8t₹1.1t43x29.6x4.3x
Tue, 14 Nov 2023₹28.8t₹7.7t₹1.1t38.3x25.4x3.7x
Thu, 12 Oct 2023₹30.4t₹7.6t₹1.1t37.6x27x4x
Sat, 09 Sep 2023₹29.9t₹7.6t₹1.1t37.4x26.6x4x
Mon, 07 Aug 2023₹28.6t₹7.5t₹1.1t36.9x25.5x3.8x
Price to Earnings Ratio

25.5x


Total Market Cap: ₹28.6tTotal 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 19.0x 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 2.7x.
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 8.1% 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 Market1.18%
Tech6.50%
IT8.76%
IT Consulting8.79%
Data Processing Services7.07%
Internet Services and Infrastructure0.63%
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 428x.
    • 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 roughly in line with its past earnings growth rate.
  • 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
TCS Tata Consultancy Services₹2.37k4.9%
+₹402.7b		-21.2%PE17.2x
INFY Infosys₹1.13k8.6%
+₹361.2b		-23.1%PE14.4x
HCLTECH HCL Technologies₹1.35k6.0%
+₹205.4b		-7.2%PE20x
COFORGE Coforge₹1.72k15.9%
+₹105.0b		0.9%PE43.4x
TECHM Tech Mahindra₹1.65k5.9%
+₹81.3b		14.8%PE28.5x

Latest News

COFORGE
₹1,721.00
Coforge
7D
15.9%
1Y
0.9%
TECHM
₹1,651.30
Tech Mahindra
7D
5.9%
1Y
14.8%
Narrative Update • Jul 29

TECHM: AI Partnerships And Margins Will Support Measured Medium Term Outlook

Analysts have raised their price target for Tech Mahindra to ₹1,615 from ₹1,528, pointing to updated assumptions for slightly higher revenue growth, a modestly improved profit margin, and a broadly similar future P/E multiple. Together, these factors support a higher fair value estimate despite a marginally higher discount rate.
500463
₹755.25
Black Box
7D
-3.0%
1Y
49.4%
Narrative Update • Jul 29

500463: AI Alliances And Planned Fundraising Will Support Future Upside

Analysts have reset their price target on Black Box from ₹837.5 to ₹1,100.5, citing updated assumptions around discount rate, revenue growth, profit margins and a higher future P/E multiple as the key drivers of this change. What’s in the News for Black Box Black Box entered a strategic alliance with AIONOS, an AI native enterprise technology company, to support AI related transformation for enterprises across digital infrastructure, AI platforms, and industry focused solutions, covering India, North America, EMEA, and APAC.
HCLTECH
₹1,346.90
HCL Technologies
7D
6.0%
1Y
-7.2%
Narrative Update • Jul 29

HCLTECH: Large AI Contracts Will Support Future Multi-Year Earnings Strength

Analysts have trimmed their price target for HCL Technologies from ₹1,697 to about ₹1,551, reflecting updated views on fair value in light of revised discount rate, revenue growth, profit margin and future P/E assumptions. What's in the News for HCL Technologies HCL Technologies signed a seven year agreement with The Guardian Life Insurance Company of America to support AI powered modernization across technology and operations.
IVALUE
₹274.05
iValue Infosolutions
7D
-4.7%
1Y
n/a
INFY
₹1,130.10
Infosys
7D
8.6%
1Y
-23.1%
PERSISTENT
₹5,549.00
Persistent Systems
7D
6.7%
1Y
9.6%
Narrative Update • Jul 24

PERSISTENT: AI Expansion And Nagarro Bid Will Support Measured Long-Term Outlook

Persistent Systems' analyst price target has been revised from about ₹5,596 to around ₹5,091. Analysts cite updated assumptions for discount rate, revenue growth, profit margins, and future P/E as key drivers of the change.
501421
₹4,465.00
TechNVision Ventures
7D
-10.6%
1Y
11.3%
TCS
₹2,365.60
Tata Consultancy Services
7D
4.9%
1Y
-21.2%
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.
507685
₹183.60
Wipro
7D
3.6%
1Y
-24.4%
LTM
₹4,362.10
LTM
7D
6.6%
1Y
-13.1%
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.
516038
₹112.40
KS Smart Technologies
7D
-7.9%
1Y
n/a
539843
₹789.45
NINtec Systems
7D
-10.6%
1Y
85.4%
539607
₹19.50
Blue Cloud Softech Solutions
7D
-4.7%
1Y
-42.5%
506109
₹271.20
Genesys International
7D
-8.7%
1Y
-53.5%
538734
₹838.95
Ceinsys Tech
7D
-3.6%
1Y
-52.1%