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Indian (NIFTY) Application Software Industry Analysis

UpdatedDec 13, 2025
DataAggregated Company Financials
Companies62
  • 7D-1.1%
  • 3M-7.7%
  • 1Y-24.4%
  • YTDn/a

Over the last 7 days, the Application Software industry has dropped 1.1%, driven by a pullback from Oracle Financial Services Software of 2.8%. However, the industry is down 24% over the past year. Looking forward, earnings are forecast to grow by 16% annually.

Industry Valuation and Performance

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

DateMarket CapRevenueEarningsPEAbsolute PEPS
Sat, 13 Dec 2025₹1.7t₹317.0b₹50.5b35.4x32.9x5.2x
Mon, 10 Nov 2025₹1.6t₹304.3b₹48.0b38.4x34.3x5.4x
Wed, 08 Oct 2025₹1.7t₹296.7b₹45.6b34.2x38.2x5.9x
Fri, 05 Sep 2025₹1.6t₹296.9b₹45.5b35.2x36.1x5.5x
Sun, 03 Aug 2025₹1.6t₹291.0b₹44.3b37.7x36.2x5.5x
Tue, 01 Jul 2025₹1.7t₹297.6b₹46.0b32.8x37.1x5.7x
Thu, 29 May 2025₹1.6t₹297.5b₹46.5b28.9x35.5x5.5x
Sat, 26 Apr 2025₹1.5t₹289.2b₹40.3b28.7x38.1x5.3x
Mon, 24 Mar 2025₹1.5t₹289.0b₹40.5b24.4x35.9x5x
Wed, 19 Feb 2025₹1.5t₹289.0b₹40.4b26x38.3x5.4x
Fri, 17 Jan 2025₹1.9t₹283.7b₹42.3b34.4x44.4x6.6x
Sun, 15 Dec 2024₹2.1t₹285.6b₹47.0b33.9x44.4x7.3x
Tue, 12 Nov 2024₹2.0t₹282.0b₹49.2b29.8x39.8x6.9x
Thu, 10 Oct 2024₹2.0t₹277.7b₹47.3b32.4x41.6x7.1x
Sat, 07 Sep 2024₹1.9t₹277.2b₹47.4b33.5x40.8x7x
Mon, 05 Aug 2024₹1.9t₹275.7b₹47.4b33.7x39.7x6.8x
Wed, 03 Jul 2024₹1.9t₹267.5b₹46.5b36.2x39.9x6.9x
Fri, 31 May 2024₹1.5t₹270.5b₹46.3b28.1x31.8x5.4x
Sun, 28 Apr 2024₹1.5t₹272.0b₹46.4b30.6x33.2x5.7x
Tue, 26 Mar 2024₹1.6t₹268.5b₹45.4b33.9x34.5x5.8x
Thu, 22 Feb 2024₹1.5t₹268.5b₹45.4b32.7x33.8x5.7x
Sat, 20 Jan 2024₹1.5t₹259.0b₹42.6b32.1x35.1x5.8x
Mon, 18 Dec 2023₹1.2t₹254.7b₹39.5b33.7x31.1x4.8x
Wed, 15 Nov 2023₹1.1t₹254.5b₹39.4b29.3x28.5x4.4x
Fri, 13 Oct 2023₹1.1t₹245.4b₹37.0b33.5x30.4x4.6x
Sun, 10 Sep 2023₹1.1t₹240.0b₹36.7b34.5x30.2x4.6x
Tue, 08 Aug 2023₹1.0t₹238.4b₹36.2b32.1x28.3x4.3x
Thu, 06 Jul 2023₹957.7b₹230.1b₹34.4b30.7x27.8x4.2x
Sat, 03 Jun 2023₹868.8b₹228.4b₹33.9b30.4x25.6x3.8x
Mon, 01 May 2023₹797.0b₹223.1b₹33.5b29.3x23.8x3.6x
Wed, 29 Mar 2023₹712.5b₹218.4b₹33.2b24.9x21.5x3.3x
Fri, 24 Feb 2023₹766.6b₹218.4b₹33.2b26.1x23.1x3.5x
Sun, 22 Jan 2023₹796.7b₹160.6b₹32.5b30.4x24.5x5x
Tue, 20 Dec 2022₹732.7b₹205.2b₹32.1b34x22.8x3.6x
Price to Earnings Ratio

22.8x


Total Market Cap: ₹732.7bTotal Earnings: ₹32.1bTotal Revenue: ₹205.2bTotal Market Cap vs Earnings and Revenue0%0%0%
Indian Application Software Industry Price to Earnings3Y Average 33.7x202320242025
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 33.7x.
  • The industry is trading close to its 3-year average PS ratio of 5.3x.
Past Earnings Growth
  • The earnings for companies in the Application Software industry have grown 16% per year over the last three years.
  • Revenues for these companies have grown 16% 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 Market-0.34%
Tech-0.68%
Software-1.40%
Application Software-1.08%
Systems Software-1.93%
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
BLACKBUCK BlackBuck₹653.703.6%
+₹4.2b		54.5%PE39.4x
AURIONPRO Aurionpro Solutions₹1.15k7.1%
+₹4.1b		-33.2%PE30.4x
CAPILLARY Capillary Technologies India₹719.352.3%
+₹1.3b		n/aPE224x
543931 Veefin Solutions₹384.7010.3%
+₹921.1m		-46.0%PE49.7x
544626 Exato Technologies₹356.3527.6%
+₹775.5m		n/aPE36.8x

Latest News

BLACKBUCK
₹653.70
BlackBuck
7D
3.6%
1Y
54.5%

BlackBuck (NSE:BLACKBUCK) Has A Rock Solid Balance Sheet

Dec 09
BlackBuck (NSE:BLACKBUCK) Has A Rock Solid Balance Sheet
SASKEN
₹1,228.70
Sasken Technologies
7D
-2.5%
1Y
-42.4%

Sasken Technologies (NSE:SASKEN) May Have Issues Allocating Its Capital

Dec 09
Sasken Technologies (NSE:SASKEN) May Have Issues Allocating Its Capital
544626
₹356.35
Exato Technologies
7D
27.6%
1Y
n/a
AURIONPRO
₹1,151.50
Aurionpro Solutions
7D
7.1%
1Y
-33.2%

AURIONPRO: Upcoming UK Expansion Will Drive Future AI-Led Lending Opportunities

Narrative Update on Aurionpro Solutions Analysts have reaffirmed their fair value estimate for Aurionpro Solutions at ₹1,570, citing largely unchanged expectations for revenue growth, profit margins, and future valuation multiples, despite a slightly higher discount rate. What's in the News Lexsi Labs, an Aurionpro Solutions subsidiary, launched Orion-MSP foundation models and the TabTune open source library to bring enterprise grade AI to structured and tabular data use cases in sectors such as banking, insurance, and healthcare (Key Developments) Aurionpro won a multi year, multi million dollar mandate to implement its next generation cash management platform for a leading Indian public sector bank, including software licensing, implementation, and an extended AMC, strengthening its position in transaction banking solutions (Key Developments) The company announced a major European expansion via a strategic win with a leading UK based financial institution, committing over £20 million to establish a UK headquarters, create more than 150 jobs, and deploy AI native lending and credit assessment solutions (Key Developments) Aurionpro scheduled a board meeting on November 3, 2025 to review unaudited Q2 FY2025 to 2026 financial results and consider a second interim dividend of INR 1 per share (Key Developments) A separate board meeting on September 17, 2025 will consider the retirement of a director and the appointment of a new director (Key Developments) Valuation Changes Fair Value Estimate remains unchanged at ₹1,570 per share, indicating no revision to the overall valuation framework.
RATEGAIN
₹661.75
RateGain Travel Technologies
7D
-0.5%
1Y
-7.1%

Earnings Not Telling The Story For RateGain Travel Technologies Limited (NSE:RATEGAIN)

Dec 06
Earnings Not Telling The Story For RateGain Travel Technologies Limited (NSE:RATEGAIN)
EXCELSOFT
₹98.46
Excelsoft Technologies
7D
5.4%
1Y
n/a
INTELLECT
₹1,030.00
Intellect Design Arena
7D
-2.5%
1Y
24.1%

INTELLECT: AI Lending And Transaction Banking Wins Will Drive Stronger 2025 Outlook

Analysts have nudged their fair value estimate for Intellect Design Arena slightly higher to ₹1,222.50, citing modestly increased discount rate and earnings multiple assumptions while keeping growth and margin expectations broadly unchanged. What's in the News Launched PF Credit, a Philippines-specific suite of AI-powered digital lending experts on the Purple Fabric platform, aimed at speeding up, automating, and ensuring regulatory-compliant credit workflows for local banks (company announcement).
TANLA
₹555.00
Tanla Platforms
7D
0.6%
1Y
-21.6%

TANLA: Interim Dividend Decision Will Drive Momentum In Upcoming Board Meeting

Analysts have maintained their fair value estimate for Tanla Platforms at ₹768. They cite slight adjustments to the discount rate, growth forecasts, and profit margins, which leave the fundamental outlook unchanged.
532408
₹184.15
Megasoft
7D
-7.7%
1Y
162.3%
543931
₹384.70
Veefin Solutions
7D
10.3%
1Y
-46.0%
ZAGGLE
₹348.20
Zaggle Prepaid Ocean Services
7D
-1.0%
1Y
-37.9%

There May Be Underlying Issues With The Quality Of Zaggle Prepaid Ocean Services' (NSE:ZAGGLE) Earnings

Nov 22
There May Be Underlying Issues With The Quality Of Zaggle Prepaid Ocean Services' (NSE:ZAGGLE) Earnings
MAPMYINDIA
₹1,645.30
C. E. Info Systems
7D
-1.6%
1Y
-5.5%

Earnings Miss: C. E. Info Systems Limited Missed EPS By 63% And Analysts Are Revising Their Forecasts

Nov 13
Earnings Miss: C. E. Info Systems Limited Missed EPS By 63% And Analysts Are Revising Their Forecasts
INFOBEAN
₹693.85
InfoBeans Technologies
7D
1.7%
1Y
51.4%

Improved Earnings Required Before InfoBeans Technologies Limited (NSE:INFOBEAN) Stock's 28% Jump Looks Justified

Nov 13
Improved Earnings Required Before InfoBeans Technologies Limited (NSE:INFOBEAN) Stock's 28% Jump Looks Justified
526881
₹761.65
63 moons technologies
7D
-5.7%
1Y
-11.0%
532466
₹7,987.60
Oracle Financial Services Software
7D
-2.8%
1Y
-34.9%