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Indian (NIFTY) Application Software Industry Analysis

UpdatedMay 02, 2026
DataAggregated Company Financials
Companies63
  • 7D4.8%
  • 3M9.0%
  • 1Y3.9%
  • YTDn/a

The Application Software industry is up 4.8% in the last week, with Oracle Financial Services Software up 8.5%. Meanwhile, BlackBuck actually underperformed within the industry, shrinking 8.2% in the last week. This takes the industry's 12 month performance to a gain of 3.9%. Earnings are forecast to grow by 18% annually.

Industry Valuation and Performance

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

DateMarket CapRevenueEarningsPEAbsolute PEPS
Sat, 02 May 2026₹1.8t₹366.2b₹57.9b25.2x31.7x5x
Mon, 30 Mar 2026₹1.4t₹359.8b₹55.5b20.9x25.9x4x
Wed, 25 Feb 2026₹1.5t₹358.4b₹55.4b25.2x26.7x4.1x
Fri, 23 Jan 2026₹1.6t₹332.3b₹51.3b31.6x31.4x4.8x
Sun, 21 Dec 2025₹1.6t₹315.8b₹50.5b34.7x32.4x5.2x
Tue, 18 Nov 2025₹1.7t₹305.4b₹49.6b39.1x33.5x5.4x
Thu, 16 Oct 2025₹1.7t₹296.7b₹45.6b35.7x37.3x5.7x
Sat, 13 Sep 2025₹1.7t₹296.7b₹45.5b34.8x37.8x5.8x
Mon, 11 Aug 2025₹1.6t₹293.5b₹45.9b33x35.2x5.5x
Wed, 09 Jul 2025₹1.7t₹287.9b₹44.1b32.9x39x6x
Fri, 06 Jun 2025₹1.7t₹298.9b₹46.2b28.4x36.4x5.6x
Sun, 04 May 2025₹1.5t₹290.8b₹41.0b27.9x37.7x5.3x
Tue, 01 Apr 2025₹1.5t₹289.0b₹40.5b27.2x36.3x5.1x
Thu, 27 Feb 2025₹1.5t₹289.0b₹40.4b26.6x37.6x5.3x
Sat, 25 Jan 2025₹1.8t₹284.0b₹42.1b32.4x42.6x6.3x
Mon, 23 Dec 2024₹2.1t₹285.1b₹44.3b35.9x46.9x7.3x
Wed, 20 Nov 2024₹1.8t₹283.2b₹48.8b26.1x37.6x6.5x
Fri, 18 Oct 2024₹2.0t₹277.7b₹47.3b32.6x41.6x7.1x
Sun, 15 Sep 2024₹2.1t₹277.1b₹47.3b33.6x43.9x7.5x
Tue, 13 Aug 2024₹1.9t₹277.0b₹47.8b34.1x39.5x6.8x
Thu, 11 Jul 2024₹1.9t₹267.7b₹46.6b33.5x40.3x7x
Sat, 08 Jun 2024₹1.6t₹267.3b₹46.4b27.5x34.1x5.9x
Mon, 06 May 2024₹1.6t₹272.1b₹46.4b34.6x33.5x5.7x
Wed, 03 Apr 2024₹1.6t₹268.5b₹45.4b34.4x36.1x6.1x
Fri, 01 Mar 2024₹1.6t₹268.5b₹45.4b32.6x34.5x5.8x
Sun, 28 Jan 2024₹1.5t₹265.4b₹44.0b31.1x33x5.5x
Tue, 26 Dec 2023₹1.2t₹254.7b₹39.4b34.9x30.7x4.8x
Thu, 23 Nov 2023₹1.2t₹254.7b₹39.5b32.3x29.2x4.5x
Sat, 21 Oct 2023₹1.1t₹248.4b₹37.5b34.2x29.6x4.5x
Mon, 18 Sep 2023₹1.1t₹240.1b₹36.7b33.3x29.9x4.6x
Wed, 16 Aug 2023₹1.0t₹239.9b₹36.7b30.8x28.3x4.3x
Fri, 14 Jul 2023₹967.9b₹230.1b₹34.4b30.9x28.1x4.2x
Sun, 11 Jun 2023₹873.4b₹227.3b₹33.8b25.7x25.8x3.8x
Tue, 09 May 2023₹819.0b₹223.3b₹33.4b29x24.5x3.7x
Price to Earnings Ratio

24.5x


Total Market Cap: ₹819.0bTotal Earnings: ₹33.4bTotal Revenue: ₹223.3bTotal Market Cap vs Earnings and Revenue0%0%0%
Indian Application Software Industry Price to Earnings3Y Average 34.5x202420252026
Current Industry PE
  • Investors are relatively neutral on the Indian Application Software 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 34.5x.
  • The industry is trading close to its 3-year average PS ratio of 5.4x.
Past Earnings Growth
  • The earnings for companies in the Application Software industry have grown 20% per year over the last three years.
  • Revenues for these companies have grown 18% per year.
  • This means that more sales are being generated by these companies overall, and subsequently their profits are increasing too.

Industry Comparison

How does Indian Application Software compare with similar industries?

IN Market0.39%
Tech2.05%
Software4.09%
Application Software4.80%
Systems Software2.33%
Industry PEThere are no additional sub-industries under this industry.
Forecasted GrowthThere are no additional sub-industries under this industry.

Top Stock Gainers and Losers

Which companies have driven the market over the last 7 days?

CompanyLast Price7D1YValuation
532466 Oracle Financial Services Software₹9.72k8.5%
+₹66.1b		11.8%PE32x
532408 Sigma Advanced Systems₹287.6021.5%
+₹9.0b		317.7%PE38.3x
INTELLECT Intellect Design Arena₹745.358.2%
+₹7.9b		-5.8%PE28.9x
TANLA Tanla Platforms₹511.955.4%
+₹3.5b		3.1%PE13.3x
526881 63 moons technologies₹747.559.3%
+₹2.9b		15.8%PS34.6x

Latest News

UNIECOM
₹92.59
Unicommerce eSolutions
7D
-9.8%
1Y
-22.7%

UNIECOM: New AI Focused M&A And Client Wins Will Drive Upside

Analysts have reset their price target on Unicommerce eSolutions from ₹172 to ₹128, reflecting updated assumptions around slightly lower revenue growth expectations, a modest tweak to discount rates, improved profit margin forecasts, and a reduced future P/E multiple. What's in the News Management outlined four medium term priorities, including building more AI led products, pursuing selective acquisitions that are profitable or have a clear path to profitability, and maintaining cost discipline while investing for growth.
532466
₹9,717.15
Oracle Financial Services Software
7D
8.5%
1Y
11.8%
ROUTE
₹527.15
Route Mobile
7D
5.9%
1Y
-45.6%
RATEGAIN
₹602.60
RateGain Travel Technologies
7D
2.2%
1Y
34.3%

RATEGAIN: New AI And Payments Push Will Likely Leave Shares Overpriced

Analysts have kept the price target for RateGain Travel Technologies steady at ₹520, citing only minor adjustments to assumptions on discount rate, revenue growth, profit margins, and future P/E that largely offset one another. What's in the News RateGain launched RG Pay, a unified payments platform for travel and hospitality that combines localized payment acceptance, affordability options such as BNPL and EMI, virtual card management, and cross-border settlement within a single infrastructure.
CAPILLARY
₹551.40
Capillary Technologies India
7D
-1.7%
1Y
n/a
TANLA
₹511.95
Tanla Platforms
7D
5.4%
1Y
3.1%
FRACTAL
₹936.05
Fractal Analytics
7D
-1.2%
1Y
n/a
INTELLECT
₹745.35
Intellect Design Arena
7D
8.2%
1Y
-5.8%
AURIONPRO
₹869.90
Aurionpro Solutions
7D
4.6%
1Y
-37.9%

AURIONPRO: Data Centre Wins And Metro Orders Will Support Future Earnings

Aurionpro Solutions’ analyst price target remains steady at ₹1,545, with analysts pointing to essentially unchanged assumptions for growth, profitability and future P/E as the basis for keeping their valuation view intact. What's in the News Aurionpro launched Fintra, an AI native trade finance platform that uses specialized AI agents for document processing, compliance screening, clause recommendation, and risk scoring.
532408
₹287.60
Sigma Advanced Systems
7D
21.5%
1Y
317.7%
MAPMYINDIA
₹919.70
C. E. Info Systems
7D
-0.2%
1Y
-50.0%

MAPMYINDIA: Leadership Changes And Mapping Partnership Will Shape A Balanced Outlook

The consensus analyst price target for C. E.
ZAGGLE
₹240.76
Zaggle Prepaid Ocean Services
7D
-6.0%
1Y
-24.3%

ZAGGLE: New Long-Term Client Wins Will Support A Stronger Future

Analysts have cut their 12 month price target on Zaggle Prepaid Ocean Services from ₹520 to ₹430, reflecting updated assumptions on revenue growth, profit margins, the discount rate and a lower future P/E multiple. What's in the News Zaggle has entered into a 2 year domestic agreement to provide its Zaggle Zoyer platform to Generali Central Insurance Company Limited, previously known as Future Generali India Insurance Company Limited (Key Developments).
517447
₹38.57
R S Software (India)
7D
-13.8%
1Y
-39.7%
526544
₹3.50
SGL Resources
7D
-13.4%
1Y
17.4%
526881
₹747.55
63 moons technologies
7D
9.3%
1Y
15.8%
BLACKBUCK
₹548.05
BlackBuck
7D
-8.2%
1Y
30.1%