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Indian (NIFTY) Application Software Industry Analysis

UpdatedApr 08, 2026
DataAggregated Company Financials
Companies62
  • 7D8.1%
  • 3M-18.9%
  • 1Y-7.5%
  • YTDn/a

Over the last 7 days, the Application Software industry has risen 6.4%, driven by gains from Oracle Financial Services Software of 6.9%. In contrast, the industry has lost 6.7% in the last 12 months. As for the next few years, earnings are expected to grow by 24% per annum.

Industry Valuation and Performance

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

DateMarket CapRevenueEarningsPEAbsolute PEPS
Wed, 08 Apr 2026₹1.5t₹359.8b₹55.5b24x26.9x4.1x
Fri, 06 Mar 2026₹1.5t₹358.4b₹55.4b23.9x26.3x4.1x
Sun, 01 Feb 2026₹1.6t₹335.8b₹51.0b29.5x31.5x4.8x
Tue, 30 Dec 2025₹1.6t₹315.8b₹50.5b33.6x32.2x5.1x
Thu, 27 Nov 2025₹1.7t₹315.6b₹50.4b38x33.8x5.4x
Sat, 25 Oct 2025₹1.7t₹298.6b₹45.2b34.5x36.8x5.6x
Mon, 22 Sep 2025₹1.7t₹296.6b₹45.5b34.1x38.3x5.9x
Wed, 20 Aug 2025₹1.7t₹295.0b₹45.5b35.7x36.6x5.6x
Fri, 18 Jul 2025₹1.7t₹287.9b₹44.1b33x38.8x6x
Sun, 15 Jun 2025₹1.8t₹297.5b₹46.1b32.8x38.1x5.9x
Tue, 13 May 2025₹1.6t₹294.9b₹42.9b26.8x36.9x5.4x
Thu, 10 Apr 2025₹1.4t₹289.0b₹40.5b25.3x34.2x4.8x
Sat, 08 Mar 2025₹1.5t₹289.0b₹40.5b25.9x36.1x5.1x
Mon, 03 Feb 2025₹1.7t₹287.2b₹41.7b30x40.7x5.9x
Wed, 01 Jan 2025₹2.1t₹285.1b₹44.3b36.6x48.1x7.5x
Fri, 29 Nov 2024₹2.0t₹285.6b₹47.1b29.7x41.6x6.9x
Sun, 27 Oct 2024₹1.8t₹281.4b₹49.0b29.8x37.3x6.5x
Tue, 24 Sep 2024₹2.0t₹277.1b₹47.3b33.4x41.7x7.1x
Thu, 22 Aug 2024₹2.0t₹277.1b₹47.4b34.8x41.5x7.1x
Sat, 20 Jul 2024₹1.9t₹268.6b₹46.7b34x41.3x7.2x
Mon, 17 Jun 2024₹1.7t₹267.5b₹46.5b32.5x37.3x6.5x
Wed, 15 May 2024₹1.5t₹275.3b₹45.1b32.5x33.9x5.6x
Fri, 12 Apr 2024₹1.6t₹268.5b₹45.4b33.7x35.2x6x
Sun, 10 Mar 2024₹1.6t₹268.5b₹45.4b33.7x35.2x6x
Tue, 06 Feb 2024₹1.5t₹266.7b₹44.8b31.6x32.4x5.4x
Thu, 04 Jan 2024₹1.2t₹255.4b₹39.5b35.7x31.2x4.8x
Sat, 02 Dec 2023₹1.1t₹254.7b₹39.5b31.3x29.1x4.5x
Mon, 30 Oct 2023₹1.1t₹252.2b₹37.9b32.3x28.9x4.3x
Wed, 27 Sep 2023₹1.1t₹245.7b₹37.0b34.2x29.7x4.5x
Fri, 25 Aug 2023₹1.1t₹240.0b₹36.7b32.4x28.8x4.4x
Sun, 23 Jul 2023₹1.0t₹232.9b₹34.9b32.9x28.8x4.3x
Tue, 20 Jun 2023₹942.0b₹230.8b₹34.4b30.9x27.4x4.1x
Thu, 18 May 2023₹833.9b₹225.4b₹32.9b28.8x25.3x3.7x
Sat, 15 Apr 2023₹754.7b₹218.4b₹33.2b25.5x22.7x3.5x
Price to Earnings Ratio

22.7x


Total Market Cap: ₹754.7bTotal 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 26.5x 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 Market4.18%
Tech7.67%
Software9.11%
Application Software8.12%
Systems Software11.27%
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₹7.19k6.9%
+₹40.5b		-4.7%PE25.6x
INTELLECT Intellect Design Arena₹667.3511.5%
+₹9.6b		5.3%PE25.9x
RATEGAIN RateGain Travel Technologies₹507.3015.8%
+₹8.2b		14.0%PE33.4x
TANLA Tanla Platforms₹426.1012.9%
+₹6.5b		-6.9%PE11.5x
FRACTAL Fractal Analytics₹794.154.6%
+₹6.0b		n/aPE59.6x

Latest News

ZAGGLE
₹230.35
Zaggle Prepaid Ocean Services
7D
22.9%
1Y
-27.2%
INTELLECT
₹667.35
Intellect Design Arena
7D
11.5%
1Y
5.3%

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).
532303
₹4.20
Integrated Hitech
7D
-9.9%
1Y
-35.4%
RATEGAIN
₹507.30
RateGain Travel Technologies
7D
15.8%
1Y
14.0%

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
₹426.10
Tanla Platforms
7D
12.9%
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?
AURIONPRO
₹794.05
Aurionpro Solutions
7D
9.6%
1Y
-44.0%

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
₹883.65
C. E. Info Systems
7D
10.3%
1Y
-49.6%

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

Analysts have kept their price target for C. E.
FRACTAL
₹794.15
Fractal Analytics
7D
4.6%
1Y
n/a
532466
₹7,191.45
Oracle Financial Services Software
7D
6.9%
1Y
-4.7%
532271
₹2.01
Orchasp
7D
-2.0%
1Y
-43.9%
543897
₹265.60
Sancode Technologies
7D
-2.0%
1Y
520.9%
539724
₹106.95
HyperSoft Technologies
7D
-10.1%
1Y
426.6%
512093
₹3.16
Cranes Software International
7D
-4.8%
1Y
-19.2%
538743
₹11.85
Mudunuru
7D
-1.3%
1Y
100.8%
BLACKBUCK
₹561.85
BlackBuck
7D
-2.6%
1Y
43.4%
532332
₹114.00
Cura Technologies
7D
-2.7%
1Y
185.4%