Investing IdeasBrowse All StocksMarkets
Have your own idea? Try our Stock Screener
Header cover image

Indian (NIFTY) Market Analysis & Valuation

UpdatedApr 23, 2026
DataAggregated Company Financials
Companies4986
  • 7D2.4%
  • 3M1.8%
  • 1Y3.5%
  • YTD-2.2%

The market has climbed 2.4% in the last 7 days, lead by the Industrials sector with a gain of 4.3%. As for the past 12 months, the market is up 3.5%. Looking forward, earnings are forecast to grow by 18% annually.

Trending IndustriesOil and GasBiotechSoftwareRenewable Energy

Market Valuation and Performance

Has the Indian Market valuation changed over the past few years?

DateMarket CapRevenueEarningsPEAbsolute PEPS
Thu, 23 Apr 2026₹468.5t₹191.6t₹18.8t23.8x24.9x2.4x
Sat, 21 Mar 2026₹428.9t₹191.1t₹18.7t21.2x22.9x2.2x
Mon, 16 Feb 2026₹465.2t₹189.5t₹18.7t23.3x24.9x2.5x
Wed, 14 Jan 2026₹468.0t₹184.4t₹18.2t24.6x25.7x2.5x
Fri, 12 Dec 2025₹465.4t₹184.1t₹18.2t25.3x25.6x2.5x
Sun, 09 Nov 2025₹466.1t₹181.4t₹18.1t27.6x25.7x2.6x
Tue, 07 Oct 2025₹458.9t₹178.9t₹17.6t28x26x2.6x
Thu, 04 Sep 2025₹451.9t₹177.8t₹17.6t27.8x25.7x2.5x
Sat, 02 Aug 2025₹442.3t₹175.2t₹17.4t29x25.4x2.5x
Mon, 30 Jun 2025₹458.3t₹173.3t₹17.1t29.5x26.7x2.6x
Wed, 28 May 2025₹441.9t₹173.1t₹17.1t27.8x25.8x2.6x
Fri, 25 Apr 2025₹426.4t₹169.3t₹16.8t27.4x25.3x2.5x
Sun, 23 Mar 2025₹408.9t₹169.0t₹16.8t25.8x24.4x2.4x
Tue, 18 Feb 2025₹396.4t₹168.9t₹16.7t26.2x23.7x2.3x
Thu, 16 Jan 2025₹422.4t₹168.0t₹16.4t31x25.8x2.5x
Sat, 14 Dec 2024₹457.4t₹167.6t₹16.4t33x28x2.7x
Mon, 11 Nov 2024₹442.6t₹166.6t₹16.2t33.3x27.3x2.7x
Wed, 09 Oct 2024₹456.2t₹163.0t₹16.0t33.3x28.5x2.8x
Fri, 06 Sep 2024₹462.2t₹162.8t₹16.0t34.6x28.9x2.8x
Sun, 04 Aug 2024₹453.0t₹161.8t₹15.8t34.5x28.7x2.8x
Tue, 02 Jul 2024₹440.7t₹160.1t₹15.8t33.4x27.9x2.8x
Thu, 30 May 2024₹413.3t₹164.4t₹16.6t30.2x25x2.5x
Sat, 27 Apr 2024₹399.7t₹156.2t₹15.0t31.7x26.7x2.6x
Mon, 25 Mar 2024₹378.0t₹154.9t₹14.8t29x25.6x2.4x
Wed, 21 Feb 2024₹386.7t₹154.8t₹14.8t31.6x26.2x2.5x
Fri, 19 Jan 2024₹365.2t₹153.0t₹14.2t30.9x25.7x2.4x
Sun, 17 Dec 2023₹353.8t₹152.2t₹14.2t29.1x25x2.3x
Tue, 14 Nov 2023₹318.4t₹152.8t₹14.1t27.7x22.5x2.1x
Thu, 12 Oct 2023₹317.9t₹151.2t₹13.2t28.2x24.2x2.1x
Sat, 09 Sep 2023₹322.3t₹152.3t₹13.4t28x24.1x2.1x
Mon, 07 Aug 2023₹306.4t₹151.9t₹13.3t27x23x2x
Wed, 05 Jul 2023₹295.8t₹149.9t₹12.5t25.6x23.7x2x
Fri, 02 Jun 2023₹281.3t₹150.3t₹12.5t24x22.5x1.9x
Sun, 30 Apr 2023₹269.3t₹146.2t₹12.2t22.3x22x1.8x
Price to Earnings Ratio

22x


Total Market Cap: ₹269.3tTotal Earnings: ₹12.2tTotal Revenue: ₹146.2tTotal Market Cap vs Earnings and Revenue0%0%0%
Indian Market Price to Earnings3Y Average 25.4x202420252026
Current Market PE
  • Investors are relatively neutral on the Indian market at the moment, indicating that they expect earnings will grow in line with historical growth rates.
  • The market is trading close to its 3-year average PE ratio of 25.4x.
Past Earnings Growth
  • The earnings for Indian listed companies have grown 15% per year over the last three years.
  • Revenues for these companies have grown 9.4% per year.
  • This means that more sales are being generated by these companies overall, and subsequently their profits are increasing too.

Sector Trends

Which sectors have driven the changes within the Indian Market?

IN Market2.37%
Utilities7.98%
Consumer Staples6.17%
Industrials4.31%
Materials3.09%
Real Estate2.31%
Consumer Discretionary1.82%
Financials1.51%
Energy1.38%
Healthcare0.61%
Telecom-0.73%
Tech-1.58%
Sector PE
  • Investors favour the Consumer Discretionary sector the most for future growth, which is trading above its 3-year average PE ratio of 39.8x.
    • The market's confidence is likely because analysts are expecting annual earnings growth of 23.0%, which is higher than its past year's earnings growth of 11.9% per year.
  • The Energy sector is the least preferred by investors for future growth, which is trading close to its 3-year average of 13.7x.
Forecasted Growth
  • Analysts are most optimistic on the Real Estate sector, expecting annual earnings growth of 31% over the next 5 years.
  • This is better than its past earnings growth rate of 19% per year.
  • In contrast, the Energy sector is expected to see its earnings grow by 6.1% per year over the next few years.

Top Stock Gainers and Losers

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

CompanyLast Price7D1YValuationSector
ADANIPOWER Adani Power₹215.6517.6%
+₹621.4b		86.1%PE37.9xUtilities
HINDUNILVR Hindustan Unilever₹2.37k9.8%
+₹545.9b		-2.3%PE60.5xConsumer Staples
SBIN State Bank of India₹1.10k3.0%
+₹293.5b		35.6%PB1.7xFinancials
500790 Nestlé India₹1.40k11.1%
+₹268.8b		14.7%PE76.9xConsumer Staples
RELIANCE Reliance Industries₹1.36k1.3%
+₹243.7b		4.8%PE22.2xEnergy
See more

Market Insights

Header cover image
A (virtual) reality check for VR, Web3 and Metaverse
Richard Bowman avatar
Richard Bowman
The Metaverse, NFTs, and Web3 all burst into the spotlight in 2021 and then faded away just as quickly. Welcome to part 3 of the three-part “What’s happening with…” series.
Continue reading
Is it time to revisit Cybersecurity and Cloud?

Latest News

ADANIPOWER
₹215.65
Adani Power
7D
17.6%
1Y
86.1%
HDFCBANK
₹799.90
HDFC Bank
7D
-1.2%
1Y
-16.8%
500790
₹1,395.70
Nestlé India
7D
11.1%
1Y
14.7%
HCLTECH
₹1,285.30
HCL Technologies
7D
-11.4%
1Y
-19.4%
ADANIGREEN
₹1,198.95
Adani Green Energy
7D
9.4%
1Y
25.9%

ADANIGREEN: Future Earnings Visibility Will Strengthen Through New Renewable Joint Venture

Analysts have set a lower price target for Adani Green Energy at ₹1,350, down from ₹1,522. This reflects revised assumptions around revenue growth, profit margins, the discount rate, and future P/E expectations.
532454
₹1,829.70
Bharti Airtel
7D
-1.4%
1Y
-2.8%

532454: New 5G Rollout And AI Fraud Protection Will Drive Future Upside

Analysts have nudged Bharti Airtel's fair value estimate slightly lower from ₹2,347.63 to ₹2,346.58, reflecting updated assumptions that combine a higher forecast revenue growth rate of 13.51%, a modestly lower profit margin of 20.04%, and a small adjustment to the future P/E to 34.11x. What's in the News More than 4,300 new 5G sites rolled out across 48 districts in UP East over the last 12 months, extending coverage to about 34 million people across cities, towns and rural areas, alongside a ₹399 recharge pack offering 28 days of unlimited 4G and 5G data plus unlimited calls (Business Expansions).
HINDUNILVR
₹2,368.80
Hindustan Unilever
7D
9.8%
1Y
-2.3%

HINDUNILVR: Capacity Expansion Investment Will Support Future Upside Potential

Analysts have trimmed their price target for Hindustan Unilever to about ₹2,607 from roughly ₹2,658, citing updated assumptions around discount rates, revenue growth, profit margins and future P/E multiples that slightly adjust their view of fair value. What's in the News Board meeting scheduled for April 30, 2026, to review audited standalone and consolidated financial results for the quarter and year ended March 31, 2026, and to consider a final dividend for the year (company filing).
HDFCLIFE
₹604.05
HDFC Life Insurance
7D
-5.7%
1Y
-14.8%

HDFC Life Insurance Company Limited Just Missed Revenue By 12%: Here's What Analysts Think Will Happen Next

Apr 19
HDFC Life Insurance Company Limited Just Missed Revenue By 12%: Here's What Analysts Think Will Happen Next
SBILIFE
₹1,884.80
SBI Life Insurance
7D
-4.4%
1Y
16.7%

SBILIFE: Upcoming Board Actions Will Support Future Upside Potential

Analysts have kept the SBI Life Insurance price target unchanged at ₹2,850. This reflects their view that slightly adjusted assumptions for revenue growth, profit margin, and future P/E still support the same fair value estimate.
RELIANCE
₹1,362.10
Reliance Industries
7D
1.3%
1Y
4.8%

RELIANCE: Green Energy Agreements Will Support Future Earnings Resilience

Analysts have nudged their price framework for Reliance Industries higher, with the fair value marker moving from about ₹1,719.94 to roughly ₹1,732.03, citing updated assumptions for revenue growth, profit margins and a lower future P/E multiple in their rationale. Analyst Commentary Recent Street research around transport and logistics peers, such as Ryder, gives some context for how analysts are thinking about value, execution risk and growth when they tweak fair values.
ADANIPORTS
₹1,588.60
Adani Ports and Special Economic Zone
7D
5.1%
1Y
28.2%
LICI
₹820.50
Life Insurance Corporation of India
7D
-2.6%
1Y
-0.02%

LICI: Government Stake Sale Plans And Bonus Share Proposal Will Shape Fair Pricing

Analysts are keeping the price target for Life Insurance Corporation of India steady at ₹850.00. This reflects changed assumptions that now pair projected revenue growth of about 10.60% with a profit margin of about 4.67% and a lower future P/E estimate of about 18.19x.
M&M
₹3,149.70
Mahindra & Mahindra
7D
-3.3%
1Y
7.9%

M&M: Maharashtra Capacity Buildout Will Define Next Phase Of Upside Potential

Analysts have trimmed their price target on Mahindra & Mahindra to about ₹4,199 from roughly ₹4,312. This reflects slightly adjusted assumptions around discount rate, revenue growth, profit margins and future P/E multiples.
ADANIENSOL
₹1,368.10
Adani Energy Solutions
7D
16.8%
1Y
45.7%
INFY
₹1,268.60
Infosys
7D
-2.8%
1Y
-14.0%

INFY: AI Consulting Shift Will Support 2026 IT Spending Turnaround

Infosys' implied fair value price target has been revised from ₹1,667.80 to ₹1,592.15 as analysts factor in a slightly lower assumed future P/E multiple and evolving views on how AI could shift IT services demand, cyclicality and risk across consulting, implementation and managed services. Analyst Commentary Recent Street research on Infosys has shifted toward a more cautious tone as analysts reassess how AI could reshape the mix between consulting, implementation and managed services, and what that might mean for earnings stability and valuation multiples.
SBIN
₹1,103.30
State Bank of India
7D
3.0%
1Y
35.6%

SBIN: Upcoming Related Party Approvals Will Support Governance And Bullish Outlook

Analysts have trimmed their price target for State Bank of India by around ₹7, reflecting slightly adjusted assumptions on fair value, discount rate, revenue growth, profit margin and future P/E that still remain broadly in line with prior views. What's in the News Board meeting scheduled for Feb 7, 2026 at 10:00 Indian Standard Time to review financial results for the quarter ended Dec 31, 2025 and related regulatory disclosures, including security cover on non convertible debt securities and deviation or variation statements under SEBI (LODR) regulations, 2015 (Key Developments).