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Indian (NIFTY) Software Industry Analysis

UpdatedApr 14, 2026
DataAggregated Company Financials
Companies77
  • 7D3.9%
  • 3M-19.4%
  • 1Y-12.6%
  • YTD-18.9%

In the last week, the Software industry is up 3.9%, with Oracle Financial Services Software up 2.1%. However, the industry is down 13% over the past year. Looking forward, earnings are forecast to grow by 23% annually.

Industry Valuation and Performance

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

DateMarket CapRevenueEarningsPEAbsolute PEPS
Tue, 14 Apr 2026₹2.3t₹552.5b₹77.8b26.1x29x4.1x
Thu, 12 Mar 2026₹2.2t₹552.2b₹77.7b24.4x28.1x4x
Sat, 07 Feb 2026₹2.3t₹516.4b₹74.1b33.6x31.6x4.5x
Mon, 05 Jan 2026₹2.6t₹506.2b₹74.4b37.5x35.4x5.2x
Wed, 03 Dec 2025₹2.7t₹506.0b₹74.3b38.7x36.2x5.3x
Fri, 31 Oct 2025₹2.7t₹488.3b₹69.2b41.3x39.2x5.6x
Sun, 28 Sep 2025₹2.7t₹485.2b₹69.9b38.9x38x5.5x
Tue, 26 Aug 2025₹2.7t₹485.5b₹69.9b37.1x38.5x5.5x
Thu, 24 Jul 2025₹2.8t₹474.8b₹68.7b39x40.2x5.8x
Sat, 21 Jun 2025₹2.8t₹484.4b₹71.2b35.9x39.8x5.9x
Mon, 19 May 2025₹2.8t₹484.8b₹68.9b30.6x40.6x5.8x
Wed, 16 Apr 2025₹2.4t₹473.0b₹64.5b29.5x37.3x5.1x
Fri, 14 Mar 2025₹2.4t₹473.0b₹64.5b27.7x36.5x5x
Sun, 09 Feb 2025₹3.0t₹473.2b₹65.7b33.8x44.9x6.2x
Tue, 07 Jan 2025₹3.3t₹465.6b₹67.4b41.2x49.6x7.2x
Thu, 05 Dec 2024₹3.4t₹466.5b₹70.2b37.9x47.8x7.2x
Sat, 02 Nov 2024₹3.1t₹462.6b₹69.4b36.1x45.4x6.8x
Mon, 30 Sep 2024₹3.4t₹453.4b₹66.6b36.9x50.8x7.5x
Wed, 28 Aug 2024₹3.5t₹452.8b₹66.7b40.7x51.9x7.6x
Fri, 26 Jul 2024₹3.3t₹449.0b₹66.9b40x49.6x7.4x
Sun, 23 Jun 2024₹3.1t₹438.2b₹64.4b38.8x48.2x7.1x
Tue, 21 May 2024₹2.8t₹439.4b₹64.1b36.7x43.6x6.4x
Thu, 18 Apr 2024₹2.8t₹432.1b₹62.1b42x44.6x6.4x
Sat, 16 Mar 2024₹2.8t₹432.0b₹62.0b37.2x45.2x6.5x
Mon, 12 Feb 2024₹2.9t₹430.7b₹61.4b40.4x47.1x6.7x
Wed, 10 Jan 2024₹2.6t₹411.2b₹53.4b42.1x48.1x6.2x
Fri, 08 Dec 2023₹2.4t₹411.1b₹53.4b40.1x45.4x5.9x
Sun, 05 Nov 2023₹2.2t₹408.1b₹53.5b36.4x41.3x5.4x
Tue, 03 Oct 2023₹2.3t₹458.4b₹57.9b34.9x39.7x5x
Thu, 31 Aug 2023₹2.3t₹453.0b₹57.6b33.3x39.1x5x
Sat, 29 Jul 2023₹2.1t₹447.6b₹56.5b32.6x37.6x4.7x
Mon, 26 Jun 2023₹2.0t₹432.3b₹54.3b31.1x37.4x4.7x
Wed, 24 May 2023₹1.8t₹426.5b₹52.9b29.2x34.8x4.3x
Fri, 21 Apr 2023₹1.6t₹407.2b₹52.6b28.9x31.1x4x
Price to Earnings Ratio

31.1x


Total Market Cap: ₹1.6tTotal Earnings: ₹52.6bTotal Revenue: ₹407.2bTotal Market Cap vs Earnings and Revenue0%0%0%
Indian Software Industry Price to Earnings3Y Average 41.2x202420252026
Current Industry PE
  • Investors are pessimistic on the Indian Software 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 29.0x which is lower than its 3-year average PE of 41.2x.
  • The 3-year average PS ratio of 5.8x is higher than the industry's current PS ratio of 4.1x.
Past Earnings Growth
  • The earnings for companies in the Software industry have grown 14% per year over the last three years.
  • Revenues for these companies have grown 11% 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 Market4.97%
Tech1.79%
Software3.93%
Application Software4.58%
Systems Software2.56%
Industry PE
  • Investors are most optimistic about the Systems Software industry even though it's trading below its 3-year average PE ratio of 56.7x.
    • Analysts are expecting annual earnings growth of 20.4%, which is higher than its past year's earnings decline of 12.2% per year.
  • Investors are most pessimistic about the Application Software industry, which is trading below its 3-year average of 34.4x.
Forecasted Growth
  • Analysts are most optimistic on the Application Software industry, expecting annual earnings growth of 25% over the next 5 years.
  • This is better than its past earnings growth rate of 13% per year.
  • In contrast, the Systems Software industry is expected to see its earnings grow by 20% 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
532466 Oracle Financial Services Software₹7.17k2.1%
+₹12.9b		-5.4%PE25.5x
FRACTAL Fractal Analytics₹849.607.5%
+₹10.2b		n/aPE63.7x
500408 Tata Elxsi₹4.41k3.3%
+₹8.7b		-7.2%PE47.3x
RATEGAIN RateGain Travel Technologies₹557.4511.8%
+₹7.0b		23.4%PE36.7x
TANLA Tanla Platforms₹461.759.7%
+₹5.4b		-4.6%PE12.4x

Latest News

532466
₹7,165.30
Oracle Financial Services Software
7D
2.1%
1Y
-5.4%
500408
₹4,411.20
Tata Elxsi
7D
3.3%
1Y
-7.2%
531209
₹791.70
Nucleus Software Exports
7D
-4.9%
1Y
-2.2%

531209: Vietnam Hub And New Equity Incentive Overhaul Will Support Future Upside

Analysts have kept the fair value for Nucleus Software Exports steady at ₹1,200, reflecting only marginal tweaks in assumptions around the discount rate, revenue growth, profit margin, and future P/E to support their unchanged price target. What's in the News A board meeting is scheduled on Feb 10, 2026 to consider audited standalone financial results and unaudited consolidated financial results for the quarter and nine months ending Dec 31, 2025 (company filing).
AURIONPRO
₹875.20
Aurionpro Solutions
7D
11.3%
1Y
-43.8%

AURIONPRO: Data Centre And Metro Contracts Will Support Future Earnings

Analysts have kept Aurionpro Solutions' fair value estimate steady at ₹1,545, with only minor tweaks to the discount rate, revenue growth, profit margin and future P/E assumptions, indicating their core view on the stock is largely unchanged. What's in the News Aurionpro announced its largest-ever order win in the data centre segment, an AI ready green data centre project in India valued at close to ₹3,500 million.
PELATRO
₹302.00
Pelatro
7D
-1.0%
1Y
-13.0%
540735
₹235.55
IRIS RegTech Solutions
7D
-1.7%
1Y
-28.6%
AURUM
₹169.55
Aurum PropTech
7D
-1.7%
1Y
-3.2%
INTELLECT
₹652.05
Intellect Design Arena
7D
-0.04%
1Y
-1.3%

INTELLECT: Future Upside Will Be Driven By AI-Led Advisory And Banking Platforms

Analysts have lowered their price target on Intellect Design Arena from ₹1,000 to ₹763, citing updated assumptions around fair value, discount rate, revenue growth, profit margin, and future P/E multiples. What's in the News The board has approved a 50:50 joint venture with UK-based Fintel PLC to form a new company in the UK, with a five-member board that will include two nominees each from Intellect Design Arena and Fintel plus one independent director, subject to regulatory clearances (Key Developments).
KPITTECH
₹709.85
KPIT Technologies
7D
2.2%
1Y
-36.6%
RATEGAIN
₹557.45
RateGain Travel Technologies
7D
11.8%
1Y
23.4%

RATEGAIN: AI Commerce And Payments Platform Expansion Will Support Future Upside

Analysts have maintained their overall fair value estimate for RateGain Travel Technologies at ₹719.88, while making only marginal tweaks to inputs such as the discount rate and future P/E assumptions. This has led to a largely unchanged price target rationale.
TANLA
₹461.75
Tanla Platforms
7D
9.7%
1Y
-4.6%

OTT Pricing And Authentication Shifts Will Pressure Messaging Economics Yet Leave Long Term Upside

Catalysts About Tanla Platforms Tanla Platforms provides communications platform as a service and related messaging solutions to enterprises and telcos. What are the underlying business or industry changes driving this perspective?
FRACTAL
₹849.60
Fractal Analytics
7D
7.5%
1Y
n/a
543897
₹252.35
Sancode Technologies
7D
-5.0%
1Y
478.4%
CAPILLARY
₹547.90
Capillary Technologies India
7D
12.5%
1Y
n/a
532332
₹111.75
Cura Technologies
7D
-2.0%
1Y
131.3%
GSTL
₹34.35
Globesecure Technologies
7D
-5.8%
1Y
148.9%