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Indian (NIFTY) Software Industry Analysis

UpdatedJun 07, 2026
DataAggregated Company Financials
Companies76
  • 7D1.0%
  • 3M20.8%
  • 1Y-15.4%
  • YTD-5.3%

Over the last 7 days, the Software industry has risen 1.0%, driven by gains from Newgen Software Technologies of 10%. However, the industry is down 15% over the past year. Earnings are forecast to grow by 18% annually.

Industry Valuation and Performance

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

DateMarket CapRevenueEarningsPEAbsolute PEPS
Sun, 07 Jun 2026₹2.6t₹581.3b₹79.3b28.2x33.2x4.5x
Tue, 05 May 2026₹2.6t₹560.1b₹80.6b28.4x32x4.6x
Thu, 02 Apr 2026₹2.1t₹552.2b₹77.7b23.6x27.2x3.8x
Sat, 28 Feb 2026₹2.3t₹551.0b₹77.7b26.4x29.1x4.1x
Mon, 26 Jan 2026₹2.5t₹525.2b₹74.2b30.9x34x4.8x
Wed, 24 Dec 2025₹2.7t₹506.2b₹74.4b36.8x36x5.3x
Fri, 21 Nov 2025₹2.7t₹503.3b₹73.9b39.4x36.6x5.4x
Sun, 19 Oct 2025₹2.7t₹486.3b₹69.0b38.5x38.8x5.5x
Tue, 16 Sep 2025₹2.8t₹485.3b₹69.9b35.6x39.4x5.7x
Thu, 14 Aug 2025₹2.6t₹482.7b₹70.8b37.1x37.2x5.5x
Sat, 12 Jul 2025₹2.8t₹474.9b₹69.3b36.7x40.3x5.9x
Mon, 09 Jun 2025₹2.8t₹485.5b₹71.4b32.3x39.6x5.8x
Wed, 07 May 2025₹2.5t₹477.5b₹67.0b30.1x37.9x5.3x
Fri, 04 Apr 2025₹2.4t₹473.0b₹64.5b29.9x37.9x5.2x
Sun, 02 Mar 2025₹2.4t₹473.0b₹64.5b29.4x37.8x5.2x
Tue, 28 Jan 2025₹2.8t₹465.6b₹65.2b35.1x43.5x6.1x
Thu, 26 Dec 2024₹3.4t₹465.6b₹67.4b42.1x50.6x7.3x
Sat, 23 Nov 2024₹3.1t₹467.0b₹70.5b31.9x43.8x6.6x
Mon, 21 Oct 2024₹3.4t₹454.7b₹66.9b36.6x50.3x7.4x
Wed, 18 Sep 2024₹3.5t₹452.8b₹66.6b37.5x52.6x7.7x
Fri, 16 Aug 2024₹3.2t₹452.8b₹66.6b37.4x47.9x7x
Sun, 14 Jul 2024₹3.3t₹439.2b₹64.4b41.9x51.6x7.6x
Tue, 11 Jun 2024₹2.8t₹437.8b₹64.2b41.4x44.3x6.5x
Thu, 09 May 2024₹2.8t₹442.9b₹64.6b38.4x42.8x6.2x
Sat, 06 Apr 2024₹2.9t₹432.1b₹62.1b43.6x47.4x6.8x
Mon, 04 Mar 2024₹2.9t₹432.0b₹62.0b39.2x46.7x6.7x
Wed, 31 Jan 2024₹2.7t₹425.4b₹60.4b38.1x44.9x6.4x
Fri, 29 Dec 2023₹2.5t₹411.8b₹53.4b40.4x47.4x6.1x
Sun, 26 Nov 2023₹2.4t₹411.1b₹53.4b37.6x44.4x5.8x
Tue, 24 Oct 2023₹2.3t₹466.3b₹59.7b33.2x38.4x4.9x
Thu, 21 Sep 2023₹2.3t₹453.2b₹57.7b33.9x39.2x5x
Sat, 19 Aug 2023₹2.2t₹453.0b₹57.7b35.8x38.3x4.9x
Mon, 17 Jul 2023₹2.1t₹431.3b₹54.3b32.1x39.3x4.9x
Wed, 14 Jun 2023₹2.0t₹428.6b₹53.7b31.3x38.1x4.8x
Price to Earnings Ratio

38.1x


Total Market Cap: ₹2.0tTotal Earnings: ₹53.7bTotal Revenue: ₹428.6bTotal Market Cap vs Earnings and Revenue0%0%0%
Indian Software Industry Price to Earnings3Y Average 41.1x202420252026
Current Industry PE
  • Investors are pessimistic on the Indian 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 33.2x which is lower than its 3-year average PE of 41.1x.
  • The 3-year average PS ratio of 5.8x is higher than the industry's current PS ratio of 4.5x.
Past Earnings Growth
  • The earnings for companies in the Software industry have grown 14% per year over the last three years.
  • Revenues for these companies have grown 11% per year.
  • This means that more sales are being generated by these companies overall, and subsequently their profits are increasing too.

Industry Trends

Which industries have driven the changes within the Indian Tech industry?

IN Market-0.83%
Tech0.053%
Software1.02%
Systems Software2.12%
Application Software0.60%
Industry PE
  • Investors are most optimistic about the Application Software industry, which is trading close to its 3-year average PE ratio of 34.8x.
    • Analysts are expecting annual earnings growth of 17.8%, which is higher than its past year's earnings growth of 7.3% per year.
  • Investors are most pessimistic about the Systems Software industry, which is trading below its 3-year average of 55.8x.
Forecasted Growth
  • Analysts are most optimistic on the Application Software industry, expecting annual earnings growth of 18% over the next 5 years.
  • This is better than its past earnings growth rate of 7.3% per year.
  • In contrast, the Systems Software industry is expected to see its earnings grow by 17% per year over the next few years.

Top Stock Gainers and Losers

Which companies have driven the market over the last 7 days?

CompanyLast Price7D1YValuation
NEWGEN Newgen Software Technologies₹489.0510.5%
+₹6.5b		-60.4%PE22.9x
INTELLECT Intellect Design Arena₹745.954.1%
+₹4.1b		-35.9%PE30.2x
RAMCOSYS Ramco Systems₹562.2523.6%
+₹4.0b		21.9%PE50.5x
539724 HyperSoft Technologies₹200.6526.9%
+₹3.6b		841.1%PE414.5x
532341 IZMO₹917.1022.4%
+₹2.5b		200.7%PE28.9x

Latest News

RAMCOSYS
₹562.25
Ramco Systems
7D
23.6%
1Y
21.9%
532408
₹435.85
Sigma Advanced Systems
7D
2.7%
1Y
367.7%
NEWGEN
₹489.05
Newgen Software Technologies
7D
10.5%
1Y
-60.4%
Narrative Update • Jun 05

NEWGEN: Dividend Strength And Middle East Contracts Will Support Future Upside

Analysts have kept their fair value estimate for Newgen Software Technologies steady at ₹1,119.58. They have made minor model adjustments to the discount rate, revenue growth, profit margin and future P/E assumptions that underlie the unchanged price target.
ZAGGLE
₹200.81
Zaggle Prepaid Ocean Services
7D
-4.4%
1Y
-53.7%
Narrative Update • Jun 05

ZAGGLE: New CFO Transition And Client Wins Will Support Upside Potential

Analysts have trimmed their price target for Zaggle Prepaid Ocean Services from ₹430 to ₹417.5, reflecting updated assumptions on revenue growth, profit margins and future P/E expectations. What's in the News The Board approved the appointment of Mr. Venkatesh Ramachandran as Group Chief Financial Officer, effective May 18, 2026, and confirmed that interim CFO Mr. Rajesh Tummalaganti will continue as Deputy CFO.
532341
₹917.10
IZMO
7D
22.4%
1Y
200.7%
INFOBEAN
₹172.82
InfoBeans Technologies
7D
15.9%
1Y
85.8%
Analysis Article • Jun 03

Here's Why We Think InfoBeans Technologies (NSE:INFOBEAN) Is Well Worth Watching

The excitement of investing in a company that can reverse its fortunes is a big draw for some speculators, so even...
BSOFT
₹327.80
Birlasoft
7D
2.6%
1Y
-20.3%
AURIONPRO
₹778.00
Aurionpro Solutions
7D
-2.1%
1Y
-42.5%
Narrative Update • Jun 02

AURIONPRO: AI Banking Stack Will Drive Long Term Upside

The analyst price target for Aurionpro Solutions has been revised from ₹1,545 to ₹1,095, with analysts citing updated assumptions on revenue growth, profit margins, and future P/E multiples as the drivers of this change. What's in the News Aurionpro Solutions launched Fintra, an AI native trade finance platform that uses specialized AI agents for document processing, compliance screening, clause recommendation, and risk scoring, with human oversight built in through an operating layer and the Confidence-Gated Handoff Protocol (source: company announcement).
SASKEN
₹2,181.20
Sasken Technologies
7D
-3.4%
1Y
49.2%
EXCELSOFT
₹85.77
Excelsoft Technologies
7D
-4.5%
1Y
n/a
Analysis Article • May 30

We Think You Should Be Aware Of Some Concerning Factors In Excelsoft Technologies' (NSE:EXCELSOFT) Earnings

Excelsoft Technologies Limited's ( NSE:EXCELSOFT ) robust recent earnings didn't do much to move the stock. We believe...
TANLA
₹517.15
Tanla Platforms
7D
-1.6%
1Y
-17.0%
Narrative Update • May 29

TANLA: Upcoming Results And Tax Dispute Resolution Will Shape Earnings Quality Confidence

Analysts have lowered their price target on Tanla Platforms from ₹652 to about ₹571.5, citing updated assumptions around revenue growth, profit margins, the discount rate, and future P/E multiples. What's in the News A board meeting is scheduled for April 24, 2026 at 14:30 Indian Standard Time to consider and approve the audited financial results for the quarter and financial year ended March 31, 2026 (Key Developments).
531209
₹716.15
Nucleus Software Exports
7D
-6.2%
1Y
-41.6%
Narrative Update • May 27

531209: Governance Overhaul And New RSU Scheme Will Support Future Upside

Analysts have kept their fair value estimate for Nucleus Software Exports steady at ₹1,200. Minor updates to assumptions around discount rate, revenue growth, profit margins and future P/E informed this unchanged price target.
BLACKBUCK
₹506.70
BlackBuck
7D
-0.8%
1Y
15.1%
INTELLECT
₹745.95
Intellect Design Arena
7D
4.1%
1Y
-35.9%
Narrative Update • May 25

INTELLECT: Expanding Global Banking Partnerships Will Support A Stronger Long Term Outlook

Analysts have adjusted their fair value estimate for Intellect Design Arena from ₹1,228 to ₹1,250, citing updated assumptions on the discount rate, revenue growth, profit margin, and future P/E that refine, rather than overhaul, their prior view. What's in the News Partnering with VantageOne Credit Union to modernize lending using eMACH.ai Lending and PF Credit, shifting from manual workflows to automated credit evaluation and AI based underwriting support (Client announcement).
539724
₹200.65
HyperSoft Technologies
7D
26.9%
1Y
841.1%
532466
₹9,940.50
Oracle Financial Services Software
7D
-0.2%
1Y
13.0%