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Indian (NIFTY) Application Software Industry Analysis

UpdatedDec 29, 2025
DataAggregated Company Financials
Companies61
  • 7D-0.09%
  • 3M-5.1%
  • 1Y-27.3%
  • YTDn/a

Last week, the Application Software industry hasn't moved much but Sasken Technologies is up 33% in that time. Unfortunately though, the industry is down 27% over the past 12 months. 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
Mon, 29 Dec 2025₹1.6t₹315.8b₹50.5b32.5x32.4x5.2x
Wed, 26 Nov 2025₹1.7t₹315.6b₹50.4b37.7x33.4x5.3x
Fri, 24 Oct 2025₹1.7t₹298.6b₹45.2b35.1x36.7x5.6x
Sun, 21 Sep 2025₹1.7t₹296.6b₹45.5b34.1x38.3x5.9x
Tue, 19 Aug 2025₹1.7t₹294.8b₹45.5b37.7x36.5x5.6x
Thu, 17 Jul 2025₹1.7t₹287.9b₹44.1b33x39x6x
Sat, 14 Jun 2025₹1.8t₹297.5b₹46.1b32.8x38.1x5.9x
Mon, 12 May 2025₹1.5t₹294.9b₹42.9b26.2x34.5x5x
Wed, 09 Apr 2025₹1.4t₹289.0b₹40.5b25.7x34.9x4.9x
Fri, 07 Mar 2025₹1.5t₹289.0b₹40.5b25.7x36.6x5.1x
Sun, 02 Feb 2025₹1.7t₹287.2b₹41.7b30.6x40.9x5.9x
Tue, 31 Dec 2024₹2.2t₹285.1b₹44.3b37x48.7x7.6x
Thu, 28 Nov 2024₹2.0t₹285.6b₹47.1b29.9x42x6.9x
Sat, 26 Oct 2024₹1.8t₹281.7b₹49.2b29.8x37.1x6.5x
Mon, 23 Sep 2024₹2.0t₹277.1b₹47.3b33.4x41.7x7.1x
Wed, 21 Aug 2024₹2.0t₹277.1b₹47.4b34.7x41.2x7x
Fri, 19 Jul 2024₹1.9t₹268.6b₹46.7b35.3x41.7x7.2x
Sun, 16 Jun 2024₹1.7t₹267.5b₹46.5b32.5x37.3x6.5x
Tue, 14 May 2024₹1.5t₹274.6b₹45.0b32.2x33.4x5.5x
Thu, 11 Apr 2024₹1.6t₹268.5b₹45.4b33.7x35.2x6x
Sat, 09 Mar 2024₹1.6t₹268.5b₹45.4b33.7x35.2x6x
Mon, 05 Feb 2024₹1.4t₹266.7b₹44.6b30.7x32.4x5.4x
Wed, 03 Jan 2024₹1.2t₹255.4b₹39.5b35.4x31.4x4.8x
Fri, 01 Dec 2023₹1.1t₹254.7b₹39.5b31x29x4.5x
Sun, 29 Oct 2023₹1.1t₹252.2b₹37.9b32.3x28.9x4.3x
Tue, 26 Sep 2023₹1.1t₹245.7b₹37.0b34.1x29.6x4.4x
Thu, 24 Aug 2023₹1.1t₹240.0b₹36.7b32.5x28.7x4.4x
Sat, 22 Jul 2023₹1.0t₹231.7b₹34.8b32.2x28.9x4.3x
Mon, 19 Jun 2023₹938.0b₹230.8b₹34.4b30.1x27.2x4.1x
Wed, 17 May 2023₹818.9b₹225.1b₹33.2b30.1x24.6x3.6x
Fri, 14 Apr 2023₹754.7b₹218.4b₹33.2b25.5x22.7x3.5x
Sun, 12 Mar 2023₹761.8b₹218.4b₹33.2b25.6x22.9x3.5x
Tue, 07 Feb 2023₹792.4b₹224.6b₹33.0b27.7x24x3.5x
Thu, 05 Jan 2023₹789.8b₹213.5b₹32.5b32.4x24.3x3.7x
Price to Earnings Ratio

24.3x


Total Market Cap: ₹789.8bTotal Earnings: ₹32.5bTotal Revenue: ₹213.5bTotal Market Cap vs Earnings and Revenue0%0%0%
Indian Application Software Industry Price to Earnings3Y Average 33.9x20242025
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 33.9x.
  • 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 14% 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 Market0.59%
Tech-0.046%
Software-0.17%
Application Software-0.09%
Systems Software-0.30%
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₹659.903.6%
+₹4.1b		30.1%PE39.8x
SASKEN Sasken Technologies₹1.55k18.3%
+₹3.6b		-26.9%PE59.8x
RATEGAIN RateGain Travel Technologies₹667.451.4%
+₹1.1b		-7.7%PE37.6x
532408 Megasoft₹193.806.4%
+₹855.7m		125.4%PE10.4x
AURUM Aurum PropTech₹186.872.7%
+₹370.0m		-16.4%PS5x

Latest News

INTELLECT
₹997.50
Intellect Design Arena
7D
-2.9%
1Y
3.4%

We Like These Underlying Return On Capital Trends At Intellect Design Arena (NSE:INTELLECT)

Dec 27
We Like These Underlying Return On Capital Trends At Intellect Design Arena (NSE:INTELLECT)
532408
₹193.80
Megasoft
7D
6.4%
1Y
125.4%
SASKEN
₹1,551.70
Sasken Technologies
7D
18.3%
1Y
-26.9%
530595
₹38.58
Telecanor Global
7D
21.5%
1Y
375.7%
PELATRO
₹360.00
Pelatro
7D
2.9%
1Y
-33.2%
AURIONPRO
₹1,066.30
Aurionpro Solutions
7D
-8.6%
1Y
-37.5%

AURIONPRO: Upcoming AI Cash Management Wins Will Drive Future Earnings Potential

Analysts have slightly fine tuned their fair value estimate for Aurionpro Solutions to ₹1,570 per share. This reflects marginal adjustments to discount rate, growth, and profitability assumptions while maintaining their overall positive view on the company.
ROUTE
₹694.15
Route Mobile
7D
-3.1%
1Y
-51.0%

ROUTE: Middle East Telecom Partnership Will Drive Earnings Upside Next Year

Analysts have modestly revised their price target on Route Mobile, keeping fair value broadly unchanged at ₹870. This reflects a slightly higher discount rate, stable growth and margin expectations, and a largely steady future earnings multiple.
TANLA
₹531.55
Tanla Platforms
7D
-1.4%
1Y
-20.5%

TANLA: Interim Dividend Decision Will Drive Upside Into Upcoming Board Meeting

Analysts have modestly reiterated their outlook on Tanla Platforms, keeping the fair value estimate unchanged at ₹768.00 per share, as minor tweaks to the discount rate and long term assumptions were not enough to justify a revision in the target price. What's in the News Board meeting scheduled for October 17, 2025, to review unaudited standalone and consolidated financial results for the quarter and half year ended September 30, 2025 (company filing) Consideration of an interim dividend for FY 2025-26 included on the October 17, 2025, board meeting agenda (company filing) Valuation Changes Fair Value Estimate: unchanged at ₹768.00 per share, reflecting negligible impact from updated assumptions Discount Rate: risen slightly to 15.18 percent from 15.12 percent, implying a marginally higher required return Revenue Growth: effectively unchanged at about 11.25 percent, indicating no material shift in top line expectations Net Profit Margin: broadly stable at around 12.49 percent, with no significant revision to profitability assumptions Future P/E: edged up slightly to about 20.92x from 20.89x, signaling a marginally higher implied earnings multiple
RATEGAIN
₹667.45
RateGain Travel Technologies
7D
1.4%
1Y
-7.7%

RATEGAIN: AI Travel Solutions Will Drive Long Term Upside Potential

Analysts have raised their price target on RateGain Travel Technologies from ₹690 to ₹875, citing sharply upgraded long term revenue growth expectations despite slightly lower margin and discount rate assumptions. What's in the News Launched Rev-AI Clarity, an intelligent revenue assistant for car rental operators that converts complex demand and pricing data into conversational insights and decision ready recommendations (company announcement) Renewed a long term AirGain pricing intelligence contract with Singapore Airlines, extending a seven year partnership to support real time fare monitoring and revenue optimization (client announcement) Formed multiple strategic hotel tech partnerships, including integrations with Arpon Enterprise, HotelIQ, FLYR, and Oracle OPERA Cloud, to embed RateGain channel management and rate intelligence tools directly into partner platforms (client announcements) Expanded its relationship with Royal Orchid Hotels, which adopted RateGain's AI first UNO suite across its growing portfolio to boost direct bookings and unify commercial operations (client announcement) Issued fiscal 2026 guidance targeting approximately 55 to 60 percent year on year revenue growth over fiscal 2025, reflecting confidence in post acquisition scaling (corporate guidance) Valuation Changes Consensus Analyst Price Target has risen significantly from ₹690 to ₹875, implying a materially higher assessed fair value for RateGain Travel Technologies.
BLACKBUCK
₹659.90
BlackBuck
7D
3.6%
1Y
30.1%

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

Dec 09
BlackBuck (NSE:BLACKBUCK) Has A Rock Solid Balance Sheet
532341
₹807.35
IZMO
7D
-7.5%
1Y
45.4%
532372
₹23.89
Virinchi
7D
3.3%
1Y
-20.1%
526881
₹724.85
63 moons technologies
7D
-4.8%
1Y
-15.8%
532466
₹7,690.45
Oracle Financial Services Software
7D
-2.1%
1Y
-40.8%
AURUM
₹186.87
Aurum PropTech
7D
2.7%
1Y
-16.4%