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Indian (NIFTY) Application Software Industry Analysis

UpdatedApr 05, 2026
DataAggregated Company Financials
Companies62
  • 7D1.9%
  • 3M-20.2%
  • 1Y-10.7%
  • YTDn/a

Over the last 7 days, the Application Software industry has risen 1.9%, and Zaggle Prepaid Ocean Services contributed the most with a gain of 17%. In contrast, the industry has lost 11% in the last 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
Sun, 05 Apr 2026₹1.5t₹359.8b₹55.5b23.2x26.4x4.1x
Tue, 03 Mar 2026₹1.5t₹358.5b₹55.4b25.4x27.1x4.2x
Thu, 29 Jan 2026₹1.6t₹334.5b₹51.4b29.4x31.4x4.8x
Sat, 27 Dec 2025₹1.6t₹315.8b₹50.5b32.5x32.4x5.2x
Mon, 24 Nov 2025₹1.7t₹313.2b₹50.0b38.2x33.4x5.3x
Wed, 22 Oct 2025₹1.7t₹298.6b₹45.2b35.8x37.3x5.6x
Fri, 19 Sep 2025₹1.7t₹296.7b₹45.5b34.3x38.3x5.9x
Sun, 17 Aug 2025₹1.6t₹295.0b₹45.5b36.9x36.2x5.6x
Tue, 15 Jul 2025₹1.7t₹287.9b₹44.1b33x38.6x5.9x
Thu, 12 Jun 2025₹1.8t₹298.1b₹46.2b32.6x38.3x5.9x
Sat, 10 May 2025₹1.5t₹290.7b₹42.4b25.5x34.9x5.1x
Mon, 07 Apr 2025₹1.4t₹289.0b₹40.5b25.8x35.4x5x
Wed, 05 Mar 2025₹1.4t₹289.0b₹40.5b25x35.5x5x
Fri, 31 Jan 2025₹1.7t₹287.1b₹41.6b30.4x40.3x5.8x
Sun, 29 Dec 2024₹2.1t₹285.1b₹44.3b36.7x48.4x7.5x
Tue, 26 Nov 2024₹2.0t₹285.6b₹47.1b29.3x41.7x6.9x
Thu, 24 Oct 2024₹1.9t₹279.3b₹47.5b30.8x39.8x6.8x
Sat, 21 Sep 2024₹2.0t₹277.1b₹47.3b33.4x41.7x7.1x
Mon, 19 Aug 2024₹1.9t₹277.1b₹47.4b33.3x40.5x6.9x
Wed, 17 Jul 2024₹2.0t₹267.9b₹46.6b34x42.3x7.4x
Fri, 14 Jun 2024₹1.7t₹267.5b₹46.5b30.2x35.6x6.2x
Sun, 12 May 2024₹1.5t₹274.1b₹46.1b31.8x32.1x5.4x
Tue, 09 Apr 2024₹1.6t₹268.5b₹45.4b34.7x35.7x6x
Thu, 07 Mar 2024₹1.6t₹268.5b₹45.4b32.5x34.6x5.8x
Sat, 03 Feb 2024₹1.4t₹265.6b₹44.4b30.7x32.5x5.4x
Mon, 01 Jan 2024₹1.2t₹255.4b₹39.5b32.4x30.7x4.7x
Wed, 29 Nov 2023₹1.1t₹254.7b₹39.5b30.3x28.8x4.5x
Fri, 27 Oct 2023₹1.1t₹248.5b₹37.3b31.2x28.9x4.3x
Sun, 24 Sep 2023₹1.1t₹245.7b₹37.0b33.6x29.6x4.5x
Tue, 22 Aug 2023₹1.1t₹240.0b₹36.7b32.2x28.7x4.4x
Thu, 20 Jul 2023₹991.1b₹230.1b₹34.5b32.5x28.8x4.3x
Sat, 17 Jun 2023₹938.0b₹227.0b₹33.9b30.4x27.7x4.1x
Mon, 15 May 2023₹813.4b₹225.1b₹33.2b28.9x24.5x3.6x
Wed, 12 Apr 2023₹742.1b₹218.4b₹33.2b25.5x22.4x3.4x
Price to Earnings Ratio

22.4x


Total Market Cap: ₹742.1bTotal Earnings: ₹33.2bTotal Revenue: ₹218.4bTotal Market Cap vs Earnings and Revenue0%0%0%
Indian Application Software Industry Price to Earnings3Y Average 34.4x202420252026
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 34.4x.
  • 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 Market0.0059%
Tech2.41%
Software2.81%
Application Software1.95%
Systems Software4.68%
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
ZAGGLE Zaggle Prepaid Ocean Services₹234.9216.6%
+₹4.5b		-30.9%PE24.6x
532466 Oracle Financial Services Software₹6.99k0.7%
+₹4.3b		-7.0%PE24.9x
INTELLECT Intellect Design Arena₹657.904.4%
+₹3.9b		-2.5%PE25.5x
TANLA Tanla Platforms₹422.756.1%
+₹3.2b		-6.9%PE11.4x
RATEGAIN RateGain Travel Technologies₹493.505.3%
+₹2.9b		10.6%PE32.5x

Latest News

ZAGGLE
₹234.92
Zaggle Prepaid Ocean Services
7D
16.6%
1Y
-30.9%
INTELLECT
₹657.90
Intellect Design Arena
7D
4.4%
1Y
-2.5%

INTELLECT: Future Upside Will Be Driven By AI-Led Advisory And Banking Platforms

Analysts have lowered their price target on Intellect Design Arena from ₹1,000 to ₹763, citing updated assumptions around fair value, discount rate, revenue growth, profit margin, and future P/E multiples. What's in the News The board has approved a 50:50 joint venture with UK-based Fintel PLC to form a new company in the UK, with a five-member board that will include two nominees each from Intellect Design Arena and Fintel plus one independent director, subject to regulatory clearances (Key Developments).
RATEGAIN
₹493.50
RateGain Travel Technologies
7D
5.3%
1Y
10.6%

RATEGAIN: AI Commerce And Payments Platform Expansion Will Support Future Upside

Analysts have maintained their overall fair value estimate for RateGain Travel Technologies at ₹719.88, while making only marginal tweaks to inputs such as the discount rate and future P/E assumptions. This has led to a largely unchanged price target rationale.
TANLA
₹422.75
Tanla Platforms
7D
6.1%
1Y
-6.9%

OTT Pricing And Authentication Shifts Will Pressure Messaging Economics Yet Leave Long Term Upside

Catalysts About Tanla Platforms Tanla Platforms provides communications platform as a service and related messaging solutions to enterprises and telcos. What are the underlying business or industry changes driving this perspective?
531209
₹792.25
Nucleus Software Exports
7D
5.6%
1Y
-2.3%

531209: Vietnam Hub And New Equity Incentives Will Support Future Upside

Analysts now hold the fair value estimate for Nucleus Software Exports steady at ₹1,200, with only minor tweaks to the discount rate, revenue growth, profit margin and future P/E assumptions. As a result, the price target remains essentially unchanged while reflecting slightly refined modelling inputs.
MAPMYINDIA
₹875.70
C. E. Info Systems
7D
3.8%
1Y
-50.0%

MAPMYINDIA: Future Mapping Investments And Public Transport Expansion Will Drive Upside

Analysts have kept their price target for C. E.
ROUTE
₹459.20
Route Mobile
7D
4.2%
1Y
-51.2%

ROUTE: Leadership Transition And Stable Assumptions Will Support Future Upside Potential

Analysts have kept Route Mobile's fair value estimate steady at ₹766.25, with only marginal fine tuning to the discount rate, revenue growth, profit margin and future P/E inputs that together support an unchanged overall price target. What's in the News Board meeting scheduled for February 9, 2026 to consider and approve unaudited standalone and consolidated financial results for the quarter and nine months ended December 31, 2025, along with other agenda items permitted by the Chair (company filing).
MOBILISE
₹54.85
Mobilise App Lab
7D
-6.5%
1Y
n/a
532466
₹6,994.45
Oracle Financial Services Software
7D
0.7%
1Y
-7.0%
532271
₹2.01
Orchasp
7D
-4.3%
1Y
-44.0%
DIGISPICE
₹16.02
DiGiSPICE Technologies
7D
-3.4%
1Y
-15.9%
539724
₹118.45
HyperSoft Technologies
7D
-0.5%
1Y
483.2%
532344
₹179.30
Madala Holdings
7D
-7.5%
1Y
-23.6%
ONMOBILE
₹43.88
OnMobile Global
7D
-1.6%
1Y
-2.7%
CAPILLARY
₹493.10
Capillary Technologies India
7D
-3.9%
1Y
n/a
BLACKBUCK
₹573.45
BlackBuck
7D
-2.4%
1Y
38.6%