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Indian (NIFTY) Application Software Industry Analysis

UpdatedJan 07, 2026
DataAggregated Company Financials
Companies61
  • 7D0.3%
  • 3M-10.1%
  • 1Y-26.3%
  • YTDn/a

In the last week, Application Software has been flat. Unfortunately though, the industry is down 26% over the past 12 months. 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
Thu, 08 Jan 2026₹1.6t₹315.8b₹50.5b33.8x32x5.1x
Sat, 06 Dec 2025₹1.7t₹317.0b₹50.5b35.1x33.2x5.3x
Mon, 03 Nov 2025₹1.7t₹301.5b₹45.8b34.6x37x5.6x
Wed, 01 Oct 2025₹1.6t₹296.6b₹45.5b36.1x36.2x5.6x
Fri, 29 Aug 2025₹1.6t₹296.9b₹45.5b35.5x36.1x5.5x
Sun, 27 Jul 2025₹1.7t₹290.7b₹44.2b38.6x37.5x5.7x
Tue, 24 Jun 2025₹1.7t₹297.5b₹46.1b33x36.5x5.7x
Thu, 22 May 2025₹1.6t₹298.5b₹43.4b29.2x37.8x5.5x
Sat, 19 Apr 2025₹1.5t₹289.0b₹40.5b26.6x36.7x5.1x
Mon, 17 Mar 2025₹1.4t₹289.0b₹40.5b23.9x34.1x4.8x
Wed, 12 Feb 2025₹1.7t₹289.5b₹41.3b26.3x40.5x5.8x
Fri, 10 Jan 2025₹2.0t₹285.1b₹44.3b32.8x45.9x7.1x
Sun, 08 Dec 2024₹2.1t₹285.6b₹47.0b35.2x44.3x7.3x
Tue, 05 Nov 2024₹1.9t₹281.7b₹49.1b29.2x37.9x6.6x
Thu, 03 Oct 2024₹2.0t₹277.7b₹47.3b32.6x41.6x7.1x
Sat, 31 Aug 2024₹2.0t₹277.1b₹47.4b33.9x41.2x7x
Mon, 29 Jul 2024₹1.9t₹274.3b₹47.8b33.9x40.8x7.1x
Wed, 26 Jun 2024₹1.8t₹267.5b₹46.5b34.7x38.6x6.7x
Fri, 24 May 2024₹1.5t₹270.3b₹46.0b29.8x33x5.6x
Sun, 21 Apr 2024₹1.5t₹268.6b₹45.5b30.8x33.3x5.6x
Tue, 19 Mar 2024₹1.6t₹268.5b₹45.4b34.9x34.6x5.9x
Thu, 15 Feb 2024₹1.5t₹268.6b₹45.4b31.5x33.9x5.7x
Sat, 13 Jan 2024₹1.3t₹255.0b₹39.7b32.2x32.6x5.1x
Mon, 11 Dec 2023₹1.2t₹254.7b₹39.5b32.5x29.5x4.6x
Wed, 08 Nov 2023₹1.1t₹252.3b₹38.0b36.3x29.3x4.4x
Fri, 06 Oct 2023₹1.1t₹245.3b₹36.9b33.5x29.7x4.5x
Sun, 03 Sep 2023₹1.1t₹240.0b₹36.7b34.3x29.4x4.5x
Tue, 01 Aug 2023₹1.0t₹237.4b₹35.8b31.4x28.3x4.3x
Thu, 29 Jun 2023₹938.8b₹231.1b₹34.4b30.9x27.3x4.1x
Sat, 27 May 2023₹839.5b₹227.2b₹32.8b28.2x25.6x3.7x
Mon, 24 Apr 2023₹754.2b₹219.2b₹33.2b28.1x22.7x3.4x
Wed, 22 Mar 2023₹730.3b₹218.4b₹33.2b24.9x22x3.3x
Fri, 17 Feb 2023₹773.0b₹218.5b₹33.2b27.1x23.3x3.5x
Sun, 15 Jan 2023₹800.2b₹213.5b₹32.5b30.4x24.6x3.7x
Price to Earnings Ratio

24.6x


Total Market Cap: ₹800.2bTotal Earnings: ₹32.5bTotal Revenue: ₹213.5bTotal Market Cap vs Earnings and Revenue0%0%0%
Indian Application Software Industry Price to Earnings3Y Average 34x202420252026
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 34.0x.
  • 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 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 Market1.67%
Tech-0.17%
Software0.26%
Application Software0.32%
Systems Software0.17%
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₹7.83k1.9%
+₹12.4b		-34.6%PE28.7x
INFOBEAN InfoBeans Technologies₹1.00k22.3%
+₹4.4b		131.0%PE38.4x
AURIONPRO Aurionpro Solutions₹1.12k7.7%
+₹4.3b		-35.9%PE29.5x
INTELLECT Intellect Design Arena₹991.402.1%
+₹2.8b		7.1%PE34.3x
BLACKBUCK BlackBuck₹690.851.6%
+₹2.0b		63.9%PE41.7x

Latest News

SASKEN
₹1,494.80
Sasken Technologies
7D
-1.8%
1Y
-31.0%
RATEGAIN
₹686.00
RateGain Travel Technologies
7D
-0.8%
1Y
-4.9%

RATEGAIN: Expanding Travel Partnerships And AI Tools Will Support Measured Future Performance

Analysts have held their fair value estimate for RateGain Travel Technologies steady at ₹766.13 per share, with only minimal tweaks to assumptions around discount rate, revenue growth, profit margin and future P/E feeding into an unchanged overall price target. What's in the News RateGain integrated its UNO Booking Engine with PayU to offer Indian hotels AI-driven booking journeys and localized payment options such as UPI, wallets, cards and Pay Later, with a focus on secure, low friction checkout for domestic travelers (Client Announcement).
532466
₹7,833.20
Oracle Financial Services Software
7D
1.9%
1Y
-34.6%
INFOBEAN
₹1,004.90
InfoBeans Technologies
7D
22.3%
1Y
131.0%
INTELLECT
₹991.40
Intellect Design Arena
7D
2.1%
1Y
7.1%

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
₹200.35
Megasoft
7D
6.5%
1Y
89.9%
AURIONPRO
₹1,115.60
Aurionpro Solutions
7D
7.7%
1Y
-35.9%

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.
EXCELSOFT
₹87.64
Excelsoft Technologies
7D
-5.7%
1Y
n/a
TANLA
₹527.55
Tanla Platforms
7D
0.4%
1Y
-24.9%

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
BLACKBUCK
₹690.85
BlackBuck
7D
1.6%
1Y
63.9%

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

Dec 09
BlackBuck (NSE:BLACKBUCK) Has A Rock Solid Balance Sheet
ZAGGLE
₹337.05
Zaggle Prepaid Ocean Services
7D
-3.1%
1Y
-36.7%

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
532341
₹792.55
IZMO
7D
-2.5%
1Y
52.6%
MAPMYINDIA
₹1,697.40
C. E. Info Systems
7D
-1.7%
1Y
2.3%

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
SOFTTECH
₹332.55
SoftTech Engineers
7D
4.8%
1Y
-32.8%
526881
₹714.45
63 moons technologies
7D
-0.7%
1Y
-21.0%