Indian (NIFTY) Application Software Industry Analysis

Industry Valuation and Performance

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

Date	Market Cap	Revenue	Earnings	PE	Absolute PE	PS
Sun, 10 May 2026	₹1.9t	₹366.6b	₹58.3b	27.2x	32.1x	5.1x
Tue, 07 Apr 2026	₹1.5t	₹359.8b	₹55.5b	23.7x	26.5x	4.1x
Thu, 05 Mar 2026	₹1.5t	₹358.5b	₹55.4b	24x	26.4x	4.1x
Sat, 31 Jan 2026	₹1.6t	₹334.5b	₹51.4b	29.5x	31.3x	4.8x
Mon, 29 Dec 2025	₹1.6t	₹315.8b	₹50.5b	32.5x	32.4x	5.2x
Wed, 26 Nov 2025	₹1.7t	₹315.6b	₹50.4b	37.7x	33.4x	5.3x
Fri, 24 Oct 2025	₹1.7t	₹298.6b	₹45.2b	35.1x	36.7x	5.6x
Sun, 21 Sep 2025	₹1.7t	₹296.6b	₹45.5b	34.1x	38.3x	5.9x
Tue, 19 Aug 2025	₹1.7t	₹294.8b	₹45.5b	37.7x	36.5x	5.6x
Thu, 17 Jul 2025	₹1.7t	₹287.9b	₹44.1b	33x	39x	6x
Sat, 14 Jun 2025	₹1.8t	₹297.5b	₹46.1b	32.8x	38.1x	5.9x
Mon, 12 May 2025	₹1.5t	₹294.9b	₹42.9b	26.2x	34.5x	5x
Wed, 09 Apr 2025	₹1.4t	₹289.0b	₹40.5b	25.7x	34.9x	4.9x
Fri, 07 Mar 2025	₹1.5t	₹289.0b	₹40.5b	25.7x	36.6x	5.1x
Sun, 02 Feb 2025	₹1.7t	₹287.2b	₹41.7b	30.6x	40.9x	5.9x
Tue, 31 Dec 2024	₹2.2t	₹285.1b	₹44.3b	37x	48.7x	7.6x
Thu, 28 Nov 2024	₹2.0t	₹285.6b	₹47.1b	29.9x	42x	6.9x
Sat, 26 Oct 2024	₹1.8t	₹281.7b	₹49.2b	29.8x	37.1x	6.5x
Mon, 23 Sep 2024	₹2.0t	₹277.1b	₹47.3b	33.4x	41.7x	7.1x
Wed, 21 Aug 2024	₹2.0t	₹277.1b	₹47.4b	34.7x	41.2x	7x
Fri, 19 Jul 2024	₹1.9t	₹268.6b	₹46.7b	35.3x	41.7x	7.2x
Sun, 16 Jun 2024	₹1.7t	₹267.5b	₹46.5b	32.5x	37.3x	6.5x
Tue, 14 May 2024	₹1.5t	₹274.6b	₹45.0b	32.2x	33.4x	5.5x
Thu, 11 Apr 2024	₹1.6t	₹268.5b	₹45.4b	33.7x	35.2x	6x
Sat, 09 Mar 2024	₹1.6t	₹268.5b	₹45.4b	33.7x	35.2x	6x
Mon, 05 Feb 2024	₹1.4t	₹266.7b	₹44.6b	30.7x	32.4x	5.4x
Wed, 03 Jan 2024	₹1.2t	₹255.4b	₹39.5b	35.4x	31.4x	4.8x
Fri, 01 Dec 2023	₹1.1t	₹254.7b	₹39.5b	31x	29x	4.5x
Sun, 29 Oct 2023	₹1.1t	₹252.2b	₹37.9b	32.3x	28.9x	4.3x
Tue, 26 Sep 2023	₹1.1t	₹245.7b	₹37.0b	34.1x	29.6x	4.4x
Thu, 24 Aug 2023	₹1.1t	₹240.0b	₹36.7b	32.5x	28.7x	4.4x
Sat, 22 Jul 2023	₹1.0t	₹231.7b	₹34.8b	32.2x	28.9x	4.3x
Mon, 19 Jun 2023	₹938.0b	₹230.8b	₹34.4b	30.1x	27.2x	4.1x
Wed, 17 May 2023	₹818.9b	₹225.1b	₹33.2b	30.1x	24.6x	3.6x

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 34.6x.

The industry is trading close to its 3-year average PS ratio of 5.5x.

Past Earnings Growth

The earnings for companies in the Application Software industry have grown 21% 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	2.14%
Tech	0.71%
Software	1.68%
Application Software	1.85%
Systems Software	1.24%

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?

Company	Last Price	7D	1Y	Valuation
FRACTAL Fractal Analytics	₹1.07k	14.5% +₹23.3b	n/a	PE80.4x
INTELLECT Intellect Design Arena	₹806.80	8.2% +₹8.6b	-4.3%	PE32.7x
TANLA Tanla Platforms	₹564.80	10.3% +₹7.0b	20.1%	PE14.7x
532408 Sigma Advanced Systems	₹322.20	12.0% +₹6.1b	408.4%	PE42.9x
BLACKBUCK BlackBuck	₹579.10	5.7% +₹5.6b	42.5%	PE27.7x

New minor risk - Dividend sustainability

The dividend is not well covered by cash flows. The company is paying a dividend despite having no free cash flows. Dividend yield: 0.5% This is considered a minor risk. Dividends are ultimately paid out of the company's available cash reserves. Companies that pay out too much of their cash flow are at risk of having to reduce or cut their dividend in future. If cash flow growth slows or cash flows fall, then there may not be enough cash reserves to maintain the same dividend. Or in extreme cases, companies may opt to take on debt to maintain the dividend. This risk is mitigated by the fact the dividend is covered by earnings, however, cash flows are generally more important. For dividend paying companies, any reduction in the dividend can significantly impact the share price. Currently, the following risks have been identified for the company: Major Risk High level of non-cash earnings (20% accrual ratio). Minor Risk Paying a dividend despite having no free cash flows.

Indian (NIFTY) Application Software Industry Analysis

Industry Valuation and Performance

Industry Comparison

Top Stock Gainers and Losers

Latest News

Full year 2026 earnings released: ₹10.87 loss per share (vs ₹3.40 profit in FY 2025)

New minor risk - Dividend sustainability

TANLA: Upcoming Results And Tax Dispute Outcome Will Support Earnings Quality Confidence

Full year 2026 earnings released: EPS: ₹17.18 (vs ₹13.16 in FY 2025)

ZAGGLE: New Banking Alliance And Client Wins Will Support Upside Potential

Full year 2026 earnings released: EPS: ₹8.93 (vs ₹3.89 in FY 2025)

Investor sentiment improves as stock rises 19%

RATEGAIN: New AI And Payments Push Will Likely Leave Shares Overpriced

Investor sentiment improves as stock rises 16%

Full year 2026 earnings: EPS and revenues exceed analyst expectations

Investor sentiment improves as stock rises 25%

MAPMYINDIA: Leadership Changes And Mapping Partnership Will Shape A Balanced Outlook

High number of new directors

Investor sentiment improves as stock rises 17%

NTT DATA Group Corporation completed the acquisition of an additional minority stake in atom technologies Ltd. from 63 moons technologies limited (BSE:526881).

New major risk - Revenue and earnings growth