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Indian (NIFTY) Application Software Industry Analysis

UpdatedMar 09, 2026
DataAggregated Company Financials
Companies62
  • 7D-2.8%
  • 3M-19.7%
  • 1Y-12.8%
  • YTDn/a

Over the last 7 days, the Application Software industry has dropped 2.8%, driven by a pullback from Oracle Financial Services Software of 3.0%. Overall the industry is down 13% in 12 months. Looking forward, 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
Mon, 09 Mar 2026₹1.5t₹359.8b₹55.5b23.7x26.4x4.1x
Wed, 04 Feb 2026₹1.6t₹335.8b₹51.0b31.5x31.9x4.8x
Fri, 02 Jan 2026₹1.6t₹315.8b₹50.5b31.8x32.2x5.1x
Sun, 30 Nov 2025₹1.7t₹315.7b₹50.4b38.5x33.7x5.4x
Tue, 28 Oct 2025₹1.7t₹298.6b₹45.2b34.9x37.3x5.7x
Thu, 25 Sep 2025₹1.7t₹296.6b₹45.5b36.9x38.1x5.9x
Sat, 23 Aug 2025₹1.7t₹296.9b₹45.5b37.6x37x5.7x
Mon, 21 Jul 2025₹1.7t₹287.4b₹43.9b33x38.9x5.9x
Wed, 18 Jun 2025₹1.8t₹297.5b₹46.1b33.5x38.5x6x
Fri, 16 May 2025₹1.6t₹297.6b₹43.2b28.9x37.8x5.5x
Sun, 13 Apr 2025₹1.4t₹289.0b₹40.5b26.1x35.4x5x
Tue, 11 Mar 2025₹1.4t₹289.0b₹40.5b25.9x35.2x4.9x
Thu, 06 Feb 2025₹1.7t₹287.5b₹41.6b30x42x6.1x
Sat, 04 Jan 2025₹2.1t₹285.1b₹44.3b36.1x48.2x7.5x
Mon, 02 Dec 2024₹2.0t₹285.6b₹47.0b30.3x41.7x6.9x
Wed, 30 Oct 2024₹1.8t₹281.7b₹49.1b29.2x37.6x6.6x
Fri, 27 Sep 2024₹2.0t₹277.7b₹47.3b31.8x41.6x7.1x
Sun, 25 Aug 2024₹1.9t₹277.1b₹47.4b35.1x41.1x7x
Tue, 23 Jul 2024₹1.9t₹271.1b₹46.7b32.8x40.9x7x
Thu, 20 Jun 2024₹1.8t₹267.5b₹46.5b31.6x38.1x6.6x
Sat, 18 May 2024₹1.5t₹276.1b₹45.2b32.8x33.9x5.6x
Mon, 15 Apr 2024₹1.6t₹268.5b₹45.4b33.2x34.7x5.9x
Wed, 13 Mar 2024₹1.6t₹268.5b₹45.4b33.5x34.5x5.8x
Fri, 09 Feb 2024₹1.5t₹267.3b₹44.9b32.6x34.2x5.7x
Sun, 07 Jan 2024₹1.2t₹254.8b₹39.4b34x31.7x4.9x
Tue, 05 Dec 2023₹1.2t₹254.7b₹39.5b33.9x29.4x4.6x
Thu, 02 Nov 2023₹1.1t₹252.2b₹37.9b32.4x28.8x4.3x
Sat, 30 Sep 2023₹1.1t₹245.4b₹37.0b34.7x29.7x4.5x
Mon, 28 Aug 2023₹1.1t₹240.0b₹36.7b32.4x28.8x4.4x
Wed, 26 Jul 2023₹1.0t₹232.9b₹34.9b32.2x28.6x4.3x
Fri, 23 Jun 2023₹960.4b₹231.1b₹34.4b30.5x27.9x4.2x
Sun, 21 May 2023₹834.4b₹225.7b₹33.1b28.3x25.2x3.7x
Tue, 18 Apr 2023₹755.1b₹218.4b₹33.2b27.7x22.7x3.5x
Thu, 16 Mar 2023₹732.5b₹218.4b₹33.2b25.4x22.1x3.4x
Price to Earnings Ratio

22.1x


Total Market Cap: ₹732.5bTotal Earnings: ₹33.2bTotal Revenue: ₹218.4bTotal Market Cap vs Earnings and Revenue0%0%0%
Indian Application Software Industry Price to Earnings3Y Average 34.3x202420252026
Current Industry PE
  • Investors are pessimistic on the Indian Application 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 26.4x which is lower than its 3-year average PE of 34.3x.
  • The 3-year average PS ratio of 5.4x is higher than the industry's current PS ratio of 4.1x.
Past Earnings Growth
  • The earnings for companies in the Application Software industry have grown 19% 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 Market-3.02%
Tech-2.39%
Software-3.96%
Application Software-2.78%
Systems Software-6.33%
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
FRACTAL Fractal Analytics₹776.303.3%
+₹4.3b		n/aPE58.2x
CAPILLARY Capillary Technologies India₹516.902.4%
+₹971.6m		n/aPE185.8x
539724 HyperSoft Technologies₹91.9821.4%
+₹267.7m		375.3%PE61.4x
532344 Madala Holdings₹207.104.0%
+₹117.4m		-25.4%PE25.4x
540654 GlobalSpace Technologies₹20.3520.1%
+₹117.2m		19.9%PE283.3x

Latest News

TANLA
₹447.00
Tanla Platforms
7D
1.2%
1Y
-0.8%

TANLA: January Results Review Will Reinforce Confident Outlook On Earnings Quality

Analysts have kept their fair value estimate for Tanla Platforms steady at ₹733, while fine tuning assumptions on discount rate, revenue growth, profit margin and future P/E. This signals a more calibrated view on risk and earnings quality without a change to the headline price target.
FRACTAL
₹798.40
Fractal Analytics
7D
6.2%
1Y
n/a
RATEGAIN
₹479.85
RateGain Travel Technologies
7D
-2.8%
1Y
-1.9%

RATEGAIN: Expanding AI Travel Partnerships Will Support Future Upside Potential

Analysts have trimmed their price target for RateGain Travel Technologies from ₹766.13 to ₹719.88, citing updated assumptions around the discount rate, revenue growth, profit margin, and future P/E expectations. What's in the News Board meeting scheduled for February 13, 2026 to consider and approve unaudited standalone and consolidated financial results for the quarter and nine months ended December 31, 2025 (Board Meeting) Deployment of Sojern's AI Concierge solution across Red Roof properties in the U.S., extending an existing relationship that already includes the Reputation Manager tool across more than 700 hotels (Client Announcements) Sunlight Air selects AirGain to use real time rate intelligence and parity insights across Southeast Asia, including AI powered Route Performance Digest for route level pricing and performance monitoring (Client Announcements) Exclusive reseller partnership with Aztech Digital to distribute UNO VIVA, an AI voice reservation agent for hotels in Greece and Cyprus, integrated with CRS, PMS, and booking engines and supporting more than 30 languages (Client Announcements) Integration of UNO Booking Engine with PayU to offer AI driven booking and localized digital payment options such as UPI, wallets, cards, and Pay Later for Indian hotels, plus launch of Rev AI Clarity revenue assistant for car rental operators (Client Announcements, Product Related Announcements) Valuation Changes Fair Value: trimmed from ₹766.13 to ₹719.88, reflecting a moderate reduction in the implied valuation per share.
INFOBEAN
₹155.24
InfoBeans Technologies
7D
-12.8%
1Y
96.1%
CANARYS
₹23.70
Canarys Automations
7D
8.0%
1Y
-18.8%
539724
₹87.64
HyperSoft Technologies
7D
15.7%
1Y
352.9%
ROUTE
₹478.45
Route Mobile
7D
-2.2%
1Y
-50.9%
UNIECOM
₹99.70
Unicommerce eSolutions
7D
-4.1%
1Y
-4.4%

UNIECOM: New Client Wins And AI Tools Will Drive Future Upside

Analysts have kept their ₹172 price target for Unicommerce eSolutions unchanged, citing adjustments to their model inputs such as revenue growth, profit margin and future P/E assumptions that broadly offset each other in their valuation work. What's in the News Board meeting scheduled for February 14, 2026, to review and approve audited standalone and consolidated financial results for the quarter and nine months ended December 31, 2025, along with other matters (Board Meeting).
MAPMYINDIA
₹998.90
C. E. Info Systems
7D
-1.1%
1Y
-39.0%

MAPMYINDIA: New Mobility Alliances And Transit Rollout Will Support Long-Term Thesis

The analyst price target for C. E.
ZAGGLE
₹226.87
Zaggle Prepaid Ocean Services
7D
1.8%
1Y
-35.1%
526881
₹574.25
63 moons technologies
7D
-4.0%
1Y
-20.0%
EXCELSOFT
₹81.70
Excelsoft Technologies
7D
1.4%
1Y
n/a
532341
₹675.65
IZMO
7D
-4.3%
1Y
126.2%
CAPILLARY
₹521.80
Capillary Technologies India
7D
3.4%
1Y
n/a
BLACKBUCK
₹586.50
BlackBuck
7D
2.4%
1Y
33.2%
532466
₹6,714.55
Oracle Financial Services Software
7D
-2.0%
1Y
-9.1%