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Indian (NIFTY) Tech Sector Analysis

UpdatedJun 19, 2026
DataAggregated Company Financials
Companies365
  • 7D3.8%
  • 3M2.2%
  • 1Y-23.9%
  • YTD-20.1%

Over the last 7 days, the Tech industry has risen 3.8%, driven by gains from HCL Technologies of 2.0%. During this same period, the Infosys underperformed, falling 5.8%. In the past year, the industry is down 24%. Looking forward, earnings are forecast to grow by 12% annually.

Sector Valuation and Performance

Has the Indian Tech Sector valuation changed over the past few years?

DateMarket CapRevenueEarningsPEAbsolute PEPS
Fri, 19 Jun 2026₹32.2t₹12.5t₹1.6t24.8x20.7x2.6x
Sun, 17 May 2026₹30.9t₹12.4t₹1.6t24.2x19.9x2.5x
Tue, 14 Apr 2026₹33.0t₹12.1t₹1.5t24.8x21.8x2.7x
Thu, 12 Mar 2026₹31.7t₹12.0t₹1.5t22.7x21.3x2.7x
Sat, 07 Feb 2026₹37.1t₹11.8t₹1.5t26.8x25.1x3.1x
Mon, 05 Jan 2026₹40.2t₹11.6t₹1.5t29.9x26.8x3.5x
Wed, 03 Dec 2025₹39.9t₹11.6t₹1.5t31.5x26.6x3.5x
Fri, 31 Oct 2025₹39.0t₹11.4t₹1.5t33.8x26.5x3.4x
Sun, 28 Sep 2025₹37.0t₹11.2t₹1.5t33.6x25.3x3.3x
Tue, 26 Aug 2025₹38.9t₹11.2t₹1.5t32.5x26.8x3.5x
Thu, 24 Jul 2025₹39.3t₹10.9t₹1.4t35.2x27.7x3.6x
Sat, 21 Jun 2025₹41.1t₹10.9t₹1.4t34.1x29.1x3.8x
Mon, 19 May 2025₹40.6t₹10.8t₹1.4t31.7x29.1x3.8x
Wed, 16 Apr 2025₹36.0t₹10.7t₹1.4t30.1x26x3.4x
Fri, 14 Mar 2025₹38.1t₹10.7t₹1.4t30.2x27.3x3.6x
Sun, 09 Feb 2025₹44.6t₹10.6t₹1.4t37.1x32.2x4.2x
Tue, 07 Jan 2025₹46.9t₹10.3t₹1.3t41.3x35.2x4.6x
Thu, 05 Dec 2024₹47.4t₹10.2t₹1.3t42x35.8x4.6x
Sat, 02 Nov 2024₹44.0t₹10.1t₹1.3t42.6x33.4x4.3x
Mon, 30 Sep 2024₹45.4t₹9.9t₹1.3t41.6x35.9x4.6x
Wed, 28 Aug 2024₹45.1t₹9.9t₹1.3t43.6x35.6x4.6x
Fri, 26 Jul 2024₹43.2t₹9.8t₹1.3t42.4x34.2x4.4x
Sun, 23 Jun 2024₹38.6t₹9.7t₹1.2t41.4x31.3x4x
Tue, 21 May 2024₹36.9t₹9.7t₹1.2t44.9x29.9x3.8x
Thu, 18 Apr 2024₹36.8t₹9.7t₹1.2t45.7x30.2x3.8x
Sat, 16 Mar 2024₹40.0t₹9.6t₹1.2t40.6x33.2x4.2x
Mon, 12 Feb 2024₹40.2t₹9.5t₹1.2t49.5x33.4x4.2x
Wed, 10 Jan 2024₹37.3t₹9.5t₹1.2t47.3x30.4x3.9x
Fri, 08 Dec 2023₹35.8t₹9.5t₹1.2t42.9x29.1x3.8x
Sun, 05 Nov 2023₹33.0t₹9.4t₹1.2t42.8x27x3.5x
Tue, 03 Oct 2023₹33.8t₹9.3t₹1.2t40.3x27.8x3.6x
Thu, 31 Aug 2023₹32.8t₹9.3t₹1.2t38.7x27.1x3.5x
Sat, 29 Jul 2023₹31.5t₹9.2t₹1.2t36.7x26.1x3.4x
Mon, 26 Jun 2023₹30.5t₹9.0t₹1.2t33.5x25.7x3.4x
Price to Earnings Ratio

25.7x


Total Market Cap: ₹30.5tTotal Earnings: ₹1.2tTotal Revenue: ₹9.0tTotal Market Cap vs Earnings and Revenue0%0%0%
Indian Tech Sector Price to Earnings3Y Average 28.8x202420252026
Current Industry PE
  • Investors are pessimistic on the Indian Information Technology 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 20.7x which is lower than its 3-year average PE of 28.8x.
  • The 3-year average PS ratio of 3.7x is higher than the industry's current PS ratio of 2.6x.
Past Earnings Growth
  • The earnings for companies in the Information Technology industry have grown 9.5% 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 sector?

IN Market5.06%
Tech3.77%
Tech Hardware18.96%
Communications11.12%
Electronic Equipment and Components9.36%
Software3.85%
IT2.89%
Semiconductors2.14%
Industry PE
  • Investors are most optimistic about the Tech Hardware industry even though it's trading below its 3-year average PE ratio of 109x.
    • Analysts expect its future annual earnings growth (26.3%) to be largely in line with prior year's earnings growth.
Forecasted Growth
  • Analysts are most optimistic on the Communications industry, expecting annual earnings growth of 44% over the next 5 years.
  • This is better than its past earnings growth rate of 17% per year.
  • In contrast, the IT industry is expected to see its earnings grow by 8.6% 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
HCLTECH HCL Technologies₹1.13k2.0%
+₹59.8b		-35.0%PE17.3x
COFORGE Coforge₹1.46k7.0%
+₹41.3b		-20.1%PE42.4x
REDINGTON Redington₹280.7618.9%
+₹34.9b		-4.2%PE14.7x
532374 Sterlite Technologies₹652.7512.1%
+₹34.5b		515.6%PE569x
CPPLUS Aditya Infotech₹3.64k7.8%
+₹30.9b		n/aPE116.5x

Latest News

532374
₹652.75
Sterlite Technologies
7D
12.1%
1Y
515.6%
Narrative Update • Jun 18

532374: Fibre Breakthroughs And US Data Centre Expansion Shape Balanced Outlook

Sterlite Technologies' analyst price target has moved from about ₹280 to around ₹655, with analysts linking the change to updated assumptions around fair value, discount rate, revenue growth, profit margin and future P/E expectations. What’s in the News for Sterlite Technologies Sterlite Technologies has scheduled a Special / Extraordinary Shareholders Meeting on June 16, 2026, via postal ballot in India to consider approvals for potential fund raising through instruments such as Qualified Institutional Placement (QIP), External Commercial Borrowings (ECBs) with conversion rights, Foreign Currency Convertible Bonds (FCCBs), American Depository Receipts (ADRs), Global Depository Receipts (GDRs), and optionally or compulsorily convertible redeemable preference shares, under Section 62 of the Companies Act, 2013.
REDINGTON
₹280.76
Redington
7D
18.9%
1Y
-4.2%
EMMVEE
₹332.10
Emmvee Photovoltaic Power
7D
-3.3%
1Y
n/a
LTM
₹3,832.50
LTM
7D
-0.3%
1Y
-28.7%
Narrative Update • Jun 18

LTM: Earnings Momentum And Strong Balance Sheet Will Support Future Upside

The analyst price target for Latam Airlines has been adjusted slightly to ₹4,858 from ₹4,866 as analysts balance recent upgrades and supporting views on earnings momentum and balance sheet strength with more conservative assumptions on discount rates and valuation multiples. Analyst Commentary Recent Street research on Latam Airlines highlights a split view on the stock, with several firms adjusting ratings and price targets as they reassess earnings momentum, balance sheet quality, and valuation assumptions.
INFY
₹1,051.40
Infosys
7D
-5.8%
1Y
-35.2%
Narrative Update • Jun 18

INFY: AI And Cloud Deals Will Support Margins Despite Cautious Models

Infosys enters this Narrative Update with a slightly lower analyst price target, trimmed by ₹2 to reflect revised views on discount rates, revenue growth expectations, profit margins and future P/E assumptions. Analyst Commentary Recent research on Infosys clusters around modestly reduced price targets, with analysts fine tuning their models for discount rates, revenue growth, margins and future P/E assumptions.
TECHM
₹1,409.60
Tech Mahindra
7D
-1.4%
1Y
-16.9%
Narrative Update • Jun 17

TECHM: Richer P E Leaves Little Cushion If New Alliances Disappoint

Analysts have inched their consolidated price target for Tech Mahindra slightly lower to about ₹1,271, reflecting small shifts in fair value, discount rate, revenue growth assumptions and profit margin expectations in their updated models. Analyst Commentary Recent price target adjustments on Tech Mahindra indicate that analysts are taking a more measured stance on the stock, with the revised consolidated target around ₹1,271 reflecting a tighter margin of safety around valuation and execution risks.
NETWEB
₹5,060.90
Netweb Technologies India
7D
10.3%
1Y
186.9%
HCLTECH
₹1,131.70
HCL Technologies
7D
2.0%
1Y
-35.0%
Narrative Update • Jun 17

HCLTECH: Dividend Momentum And Client Wins Will Support Bullish Stock Outlook

Analysts kept their fair value estimate for HCL Technologies steady at ₹1,427.38 while modestly adjusting inputs such as the discount rate and future P/E assumptions. This reflects updated views on the stock's risk and earnings profile without a change in the headline target.
532466
₹9,649.85
Oracle Financial Services Software
7D
3.5%
1Y
2.7%
TATATECH
₹742.25
Tata Technologies
7D
-2.5%
1Y
5.0%
COFORGE
₹1,463.30
Coforge
7D
7.0%
1Y
-20.1%
Narrative Update • Jun 06

COFORGE: Agentic AI Offerings Will Drive Future Sectorwide Workflow Adoption

Analysts have adjusted their price target on Coforge to ₹1,644.85 from ₹2,021.33, citing updated assumptions around revenue growth of 23.44%, profit margin of 11.17%, a discount rate of 15.06% and a future P/E of 24.57x. What’s in the News Coforge plans a Board Meeting on Jul 27, 2026 to consider and approve unaudited consolidated and standalone financial results for the quarter ended Jun 30, 2026.
TCS
₹2,125.00
Tata Consultancy Services
7D
-1.7%
1Y
-38.1%
Narrative Update • Jun 05

TCS: Expanding AI Partnerships Will Drive Future Upside Potential

Analysts have trimmed their fair value estimate for Tata Consultancy Services slightly, with the price target moving from about ₹2,948 to around ₹2,940, reflecting updated assumptions on the discount rate, revenue growth, profit margins and future P/E expectations. What's in the News QAD | Redzone, Amazon Web Services and Tata Consultancy Services (TCS) announced an expanded collaboration to offer a combined manufacturing platform that uses agentic AI, modern ERP and cloud infrastructure to help mid market manufacturers modernize operations, with TCS acting as the architect for phased ERP transformation and integration.
CPPLUS
₹3,637.80
Aditya Infotech
7D
7.8%
1Y
n/a
Analysis Article • Jun 04

Solid Earnings May Not Tell The Whole Story For Aditya Infotech (NSE:CPPLUS)

Aditya Infotech Limited ( NSE:CPPLUS ) just released a solid earnings report, and the stock displayed some strength...
SEDEMAC
₹2,696.10
SEDEMAC Mechatronics
7D
-2.7%
1Y
n/a
VIKRAMSOLR
₹200.42
Vikram Solar
7D
-4.5%
1Y
n/a
Analysis Article • May 15

Vikram Solar's (NSE:VIKRAMSOLR) Solid Profits Have Weak Fundamentals

Investors were disappointed with Vikram Solar Limited's ( NSE:VIKRAMSOLR ) earnings, despite the strong profit numbers...
WAAREEENER
₹3,125.40
Waaree Energies
7D
3.1%
1Y
4.6%
Analysis Article • May 07

We Think That There Are Issues Underlying Waaree Energies' (NSE:WAAREEENER) Earnings

Investors were disappointed with Waaree Energies Limited's ( NSE:WAAREEENER ) earnings, despite the strong profit...