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Indian (NIFTY) Application Software Industry Analysis

UpdatedMar 31, 2026
DataAggregated Company Financials
Companies62
  • 7D-1.3%
  • 3M-23.4%
  • 1Y-18.2%
  • YTDn/a

Over the last 7 days, the Application Software industry has dropped 1.3%, driven by Fractal Analytics declining 7.5%. Overall the industry is down 18% in 12 months. Earnings are forecast to grow by 17% annually.

Industry Valuation and Performance

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

DateMarket CapRevenueEarningsPEAbsolute PEPS
Wed, 01 Apr 2026₹1.4t₹359.8b₹55.5b19.6x24.9x3.8x
Fri, 27 Feb 2026₹1.5t₹358.4b₹55.4b24.8x27.1x4.2x
Sun, 25 Jan 2026₹1.6t₹334.5b₹51.4b30x31x4.8x
Tue, 23 Dec 2025₹1.6t₹315.8b₹50.5b33.1x32.7x5.2x
Thu, 20 Nov 2025₹1.7t₹306.3b₹49.8b39.4x33.3x5.4x
Sat, 18 Oct 2025₹1.7t₹296.8b₹45.6b35.2x37.1x5.7x
Mon, 15 Sep 2025₹1.7t₹296.7b₹45.5b34.8x37.8x5.8x
Wed, 13 Aug 2025₹1.6t₹293.7b₹46.2b33x35.2x5.5x
Fri, 11 Jul 2025₹1.7t₹287.9b₹44.1b32.5x38.7x5.9x
Sun, 08 Jun 2025₹1.7t₹298.5b₹46.2b31.8x36.4x5.6x
Tue, 06 May 2025₹1.6t₹290.9b₹42.4b26.6x36.6x5.3x
Thu, 03 Apr 2025₹1.5t₹289.0b₹40.5b26.1x36.4x5.1x
Sat, 01 Mar 2025₹1.5t₹289.0b₹40.4b25.6x35.9x5x
Mon, 27 Jan 2025₹1.8t₹284.3b₹41.9b32.4x42.9x6.3x
Wed, 25 Dec 2024₹2.1t₹285.1b₹44.3b36.3x47.4x7.4x
Fri, 22 Nov 2024₹1.9t₹286.1b₹47.3b24.8x39.6x6.6x
Sun, 20 Oct 2024₹2.0t₹277.6b₹47.2b33.4x41.7x7.1x
Tue, 17 Sep 2024₹2.1t₹277.1b₹47.3b33.3x43.8x7.5x
Thu, 15 Aug 2024₹1.9t₹276.7b₹47.2b34.8x39.6x6.8x
Sat, 13 Jul 2024₹1.9t₹267.8b₹46.6b34x41.1x7.2x
Mon, 10 Jun 2024₹1.6t₹267.2b₹46.4b27.5x34.1x5.9x
Wed, 08 May 2024₹1.5t₹272.1b₹46.4b32.9x32.8x5.6x
Fri, 05 Apr 2024₹1.7t₹268.5b₹45.4b35.7x36.4x6.2x
Sun, 03 Mar 2024₹1.6t₹268.5b₹45.4b32.6x34.6x5.9x
Tue, 30 Jan 2024₹1.4t₹265.5b₹44.1b28.3x32.6x5.4x
Thu, 28 Dec 2023₹1.2t₹254.7b₹39.4b35x30.9x4.8x
Sat, 25 Nov 2023₹1.1t₹254.7b₹39.5b31.1x28.9x4.5x
Mon, 23 Oct 2023₹1.1t₹247.8b₹37.3b34.2x29.7x4.5x
Wed, 20 Sep 2023₹1.1t₹240.1b₹36.7b33.3x29.6x4.5x
Fri, 18 Aug 2023₹1.1t₹240.0b₹36.7b35.3x29.1x4.4x
Sun, 16 Jul 2023₹1.0t₹230.1b₹34.5b31x29.2x4.4x
Tue, 13 Jun 2023₹883.3b₹227.5b₹33.9b27.1x26.1x3.9x
Thu, 11 May 2023₹797.6b₹223.3b₹33.4b28.8x23.9x3.6x
Sat, 08 Apr 2023₹745.5b₹218.4b₹33.2b26.4x22.5x3.4x
Price to Earnings Ratio

22.5x


Total Market Cap: ₹745.5bTotal 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 24.9x 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 3.8x.
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-0.82%
Tech-0.95%
Software-2.04%
Application Software-1.27%
Systems Software-3.65%
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₹6.73k1.9%
+₹11.1b		-11.3%PE24x
539724 HyperSoft Technologies₹118.943.2%
+₹308.2m		485.6%PE406.5x
DRCSYSTEMS DRC Systems India₹14.4610.4%
+₹196.0m		-47.9%PE11.3x
CAPILLARY Capillary Technologies India₹479.450.5%
+₹182.6m		n/aPE172.5x
534920 Covidh Technologies₹55.166.1%
+₹26.7m		n/aPS98.5x

Latest News

DRCSYSTEMS
₹14.46
DRC Systems India
7D
10.4%
1Y
-47.9%
TANLA
₹377.45
Tanla Platforms
7D
-8.2%
1Y
-21.4%

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?
AURIONPRO
₹724.70
Aurionpro Solutions
7D
-8.7%
1Y
-55.8%

AURIONPRO: Data Centre Wins Will Support Future Earnings

Analysts have kept the price target for Aurionpro Solutions steady at ₹1,545, citing unchanged assumptions around fair value, revenue growth, profit margin and future P/E, with only marginal adjustments to model inputs such as the discount rate. What's in the News Largest ever order win in the data centre segment, with a multi year, AI ready green data centre project in India valued at close to ₹3,500 million for a hyperscale operator, covering design, engineering and full MEP execution (Client announcement).
MAPMYINDIA
₹801.10
C. E. Info Systems
7D
-7.8%
1Y
-53.0%

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

Analysts have kept their price target for C. E.
ROUTE
₹415.60
Route Mobile
7D
-9.7%
1Y
-57.4%

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).
INTELLECT
₹598.55
Intellect Design Arena
7D
-6.9%
1Y
-12.5%

INTELLECT: AI Partnerships And New Platforms Will Support Future Upside Potential

Analysts have trimmed their price target on Intellect Design Arena by ₹210, from about ₹1,195.75 to ₹985.75, as they now apply a slightly lower assumed profit margin and P/E multiple, despite only small adjustments to discount rate and revenue growth inputs. What's in the News Fintel PLC signed non binding heads of terms with Intellect Design Arena to form a 50:50 joint venture to build an AI led financial advisory platform for the UK retail financial services market, subject to regulatory approvals (Strategic Alliances).
FRACTAL
₹759.45
Fractal Analytics
7D
-7.5%
1Y
n/a
RATEGAIN
₹438.15
RateGain Travel Technologies
7D
-8.9%
1Y
-2.5%

RATEGAIN: Emerging AI And Payments Offerings Will Balance Moderating Expectations

Analysts have trimmed their price target on RateGain Travel Technologies from ₹600 to ₹520, citing updated assumptions that include revised revenue growth expectations, a slightly lower discount rate and a reduced future P/E multiple, partly offset by a small improvement in projected profit margins. What's in the News Launch of RG Pay, a unified travel payments infrastructure that embeds fintech tools like localized payment acceptance, BNPL and EMI options, multi currency virtual card management, and cross border settlement within RateGain’s platform, with pilot deployments planned in key markets before broader scaling (Key Developments).
532466
₹6,726.25
Oracle Financial Services Software
7D
1.9%
1Y
-11.3%
532408
₹145.50
Sigma Advanced Systems
7D
-11.6%
1Y
180.3%
531268
₹44.87
B2B Software Technologies
7D
2.8%
1Y
73.8%
539724
₹118.94
HyperSoft Technologies
7D
3.2%
1Y
485.6%
534920
₹55.16
Covidh Technologies
7D
6.1%
1Y
n/a
540143
₹66.00
Sagarsoft (India)
7D
3.0%
1Y
-56.8%
CAPILLARY
₹479.45
Capillary Technologies India
7D
0.5%
1Y
n/a
540189
₹30.82
Unipro Technologies
7D
6.1%
1Y
n/a