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Indian (NIFTY) Market Analysis & Valuation

UpdatedDec 29, 2025
DataAggregated Company Financials
Companies4921
  • 7D0.6%
  • 3M2.3%
  • 1Y2.1%
  • YTD1.8%

The market has stayed flat over the 7 days. In line with that, the market has also been flat over the past year. As for the next few years, earnings are expected to grow by 16% per annum.

Trending IndustriesOil and GasBiotechSoftwareRenewable Energy

Market Valuation and Performance

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

DateMarket CapRevenueEarningsPEAbsolute PEPS
Mon, 29 Dec 2025₹472.9t₹184.3t₹18.2t25.4x25.9x2.6x
Wed, 26 Nov 2025₹462.9t₹173.7t₹17.6t26x26.3x2.7x
Fri, 24 Oct 2025₹469.6t₹179.8t₹17.8t27.8x26.4x2.6x
Sun, 21 Sep 2025₹465.0t₹178.6t₹17.6t28.4x26.4x2.6x
Tue, 19 Aug 2025₹450.0t₹177.7t₹17.7t27.6x25.5x2.5x
Thu, 17 Jul 2025₹459.2t₹173.7t₹17.2t30x26.7x2.6x
Sat, 14 Jun 2025₹445.9t₹173.4t₹17.1t29.6x26x2.6x
Mon, 12 May 2025₹413.0t₹170.7t₹16.9t25.4x24.5x2.4x
Wed, 09 Apr 2025₹392.2t₹169.0t₹16.8t24.9x23.4x2.3x
Fri, 07 Mar 2025₹393.4t₹169.0t₹16.8t25.4x23.4x2.3x
Sun, 02 Feb 2025₹418.9t₹163.4t₹16.4t29.1x25.5x2.6x
Tue, 31 Dec 2024₹439.1t₹167.9t₹16.4t32.2x26.8x2.6x
Thu, 28 Nov 2024₹442.4t₹167.4t₹16.3t31.6x27.1x2.6x
Sat, 26 Oct 2024₹433.5t₹165.5t₹16.2t31.5x26.7x2.6x
Mon, 23 Sep 2024₹468.4t₹163.0t₹16.0t34.3x29.3x2.9x
Wed, 21 Aug 2024₹452.9t₹162.7t₹16.0t33.1x28.4x2.8x
Fri, 19 Jul 2024₹452.3t₹160.2t₹15.8t34.1x28.6x2.8x
Sun, 16 Jun 2024₹432.9t₹160.1t₹15.8t32.2x27.4x2.7x
Tue, 14 May 2024₹394.1t₹157.8t₹15.3t31x25.7x2.5x
Thu, 11 Apr 2024₹397.7t₹154.9t₹14.8t31.1x26.9x2.6x
Sat, 09 Mar 2024₹388.2t₹154.8t₹14.8t30.5x26.3x2.5x
Mon, 05 Feb 2024₹378.4t₹154.5t₹14.7t31.9x25.7x2.4x
Wed, 03 Jan 2024₹360.9t₹152.3t₹14.2t30x25.5x2.4x
Fri, 01 Dec 2023₹332.0t₹152.4t₹14.2t28x23.4x2.2x
Sun, 29 Oct 2023₹307.1t₹152.0t₹13.6t27.5x22.5x2x
Tue, 26 Sep 2023₹319.4t₹152.2t₹13.4t27.5x23.8x2.1x
Thu, 24 Aug 2023₹311.0t₹152.3t₹13.4t26.5x23.3x2x
Sat, 22 Jul 2023₹304.2t₹150.6t₹12.6t26.4x24.2x2x
Mon, 19 Jun 2023₹290.0t₹149.9t₹12.5t25.4x23.2x1.9x
Wed, 17 May 2023₹275.4t₹147.6t₹12.3t22.9x22.3x1.9x
Fri, 14 Apr 2023₹263.4t₹145.1t₹12.2t21.7x21.6x1.8x
Sun, 12 Mar 2023₹260.0t₹144.9t₹12.1t21.4x21.4x1.8x
Tue, 07 Feb 2023₹263.7t₹142.9t₹12.1t22x21.9x1.8x
Thu, 05 Jan 2023₹279.3t₹139.3t₹11.9t22.9x23.4x2x
Price to Earnings Ratio

23.4x


Total Market Cap: ₹279.3tTotal Earnings: ₹11.9tTotal Revenue: ₹139.3tTotal Market Cap vs Earnings and Revenue0%0%0%
Indian Market Price to Earnings3Y Average 25.1x20242025
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 25.1x.
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 9.8% 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 Market0.59%
Materials2.40%
Industrials1.27%
Utilities0.83%
Telecom0.80%
Financials0.49%
Consumer Staples0.40%
Real Estate0.049%
Energy0.041%
Tech-0.046%
Healthcare-0.20%
Consumer Discretionary-0.22%
Sector PE
  • Investors favour the Real Estate sector the most for future growth, which is trading close to its 3-year average PE ratio of 51.2x.
    • The market's confidence is likely because analysts are expecting annual earnings growth of 32.4%, which is higher than its past year's earnings growth of 19.2% 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 32% 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 7.3% 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
IRFC Indian Railway Finance₹133.6417.2%
+₹256.9b		-8.6%PE25.6xFinancials
500188 Hindustan Zinc₹636.758.1%
+₹202.2b		40.1%PE25.5xMaterials
RVNL Rail Vikas Nigam₹387.9516.7%
+₹115.6b		-5.0%PE71.2xIndustrials
COALINDIA Coal India₹402.154.3%
+₹109.4b		5.7%PE8.5xEnergy
HDFCBANK HDFC Bank₹992.100.7%
+₹101.5b		10.3%PB2.8xFinancials
See more

Market Insights

Header cover image
Three Sectors Expected to Rally in 2026 📈
With the backdrop of consistently strong broad market returns over the last few years, analysts are now looking at sector-specific plays that could outperform in 2026.
Continue reading
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Latest News

RVNL
₹387.95
Rail Vikas Nigam
7D
16.7%
1Y
-5.0%

RVNL: Future Orders Will Struggle To Justify Elevated Share Price

Analysts have nudged their price target on Rail Vikas Nigam higher to Rs 204.0, reflecting slightly stronger assumptions around revenue growth, profit margins and future valuation multiples despite a modestly higher discount rate. What's in the News Received a Letter of Award from North Eastern Railway for construction of the substructure of Important Bridge No. 50 over the river Gandak, a double line project worth about INR 1.65 billion including GST, to be executed in 24 months (company filing).
IRFC
₹133.64
Indian Railway Finance
7D
17.2%
1Y
-8.6%
SUNPHARMA
₹1,719.50
Sun Pharmaceutical Industries
7D
-1.5%
1Y
-7.6%

SUNPHARMA: ESG Power Shift And Obesity Pipeline Will Drive Bullish Long Term Outlook

Analysts have reiterated their price target on Sun Pharmaceutical Industries at ₹1,950.68 per share, citing broadly unchanged assumptions around discount rates, long term revenue growth, profit margins, and future valuation multiples. What's in the News The U.S. FDA has approved an updated label for Sun Pharma's immunotherapy UNLOXCYT for advanced cutaneous squamous cell carcinoma, incorporating long term pivotal trial data that showed durable responses and no treatment related deaths, with commercial launch targeted for early 2026 (Key Developments).
511218
₹960.05
Shriram Finance
7D
6.5%
1Y
65.7%
COFORGE
₹1,673.30
Coforge
7D
-9.3%
1Y
-11.5%

COFORGE: Future AI Spending Wave Will Likely Pressure Margins And Returns

Analysts have modestly raised their price target on Coforge from ₹1,226 to ₹1,334, citing a slightly higher required return, somewhat tempered expectations for revenue growth and margins, and a lower assumed future price to earnings multiple that still supports upside from current levels. What's in the News The board will meet on December 26, 2025 to consider raising funds via equity or other eligible securities through routes such as private placement, QIP, or preferential issue, subject to regulatory and shareholder approvals (board meeting, fund-raising proposal).
SWIGGY
₹391.90
Swiggy
7D
-4.9%
1Y
-28.2%
HDFCBANK
₹992.10
HDFC Bank
7D
0.7%
1Y
10.3%
DIXON
₹12,328.00
Dixon Technologies (India)
7D
-7.1%
1Y
-31.4%

Dixon Technologies (India) (NSE:DIXON) Knows How To Allocate Capital

Dec 18
Dixon Technologies (India) (NSE:DIXON) Knows How To Allocate Capital
SBIN
₹966.30
State Bank of India
7D
-1.4%
1Y
20.8%

SBIN: Subsidiary Stake Sale And Audit Changes Will Shape Future Earnings Profile

Analysts have nudged their price target on State Bank of India slightly higher to ₹1,077.36 from ₹1,076.59, citing marginal improvements in long term profit margin assumptions and a modestly lower discount rate that together support a slightly richer future earnings multiple. What's in the News State Bank of India received regulatory approval to appoint 10 Chartered Accountant firms as Statutory Central Auditors for FY 2025-26, including 8 continuing and 2 newly appointed firms, reinforcing audit oversight for the bank.
VEDL
₹600.95
Vedanta
7D
3.3%
1Y
33.2%

VEDL: New Finance Hub And Stable Outlook Will Shape Balanced Future Prospects

Analysts have raised their price target for Vedanta slightly to reflect a modest increase in fair value to ₹564.31. This is supported by marginally stronger long term revenue growth expectations that more than offset a small downward tweak to profit margin assumptions and a higher discount rate.
RELIANCE
₹1,559.20
Reliance Industries
7D
-0.4%
1Y
27.7%

RELIANCE: AI Partnership And Diversified Platforms Will Support Future Earnings Resilience

Analysts have nudged their price target on Reliance Industries slightly higher, with fair value rising by about ₹4 per share to roughly ₹1,701. They cite sustained long term growth drivers and improved confidence in the company’s evolving business mix.
500188
₹636.75
Hindustan Zinc
7D
8.1%
1Y
40.1%

500188: Rising Output Guidance Will Likely Fail To Justify Current Downside Risk

Analysts have marginally raised their fair value estimate for Hindustan Zinc from ₹489.46 to ₹498.07 per share, reflecting slightly higher assumed revenue growth, profit margins and future earnings multiples, even after incorporating a modest uptick in the discount rate. What's in the News Board meeting scheduled for October 17, 2025 to review unaudited consolidated and standalone financial results for Q2 and H1 FY 2025, along with other matters (company filing) Production results for Q2 FY 2026 show marginally higher mined metal at 258,000 MT versus 256,000 MT a year earlier, but lower total refined metal at 246,000 MT versus 262,000 MT and reduced silver output at 144 MT versus 184 MT (company announcement) For the first half of FY 2026, mined metal production rose slightly to 523,000 MT versus 519,000 MT, while total refined metal declined to 496,000 MT from 524,000 MT and silver output fell to 293 MT from 350 MT (company announcement) Revised FY 2026 guidance sets mined metal production at 1,125 (±10) kt, refined metal at 1,075 (±10) kt and saleable silver at 680 (±10) MT.
ULTRACEMCO
₹11,794.00
UltraTech Cement
7D
2.6%
1Y
3.4%

Should You Be Adding UltraTech Cement (NSE:ULTRACEMCO) To Your Watchlist Today?

Dec 13
Should You Be Adding UltraTech Cement (NSE:ULTRACEMCO) To Your Watchlist Today?
MEESHO
₹197.84
Meesho
7D
-11.7%
1Y
n/a
COALINDIA
₹402.15
Coal India
7D
4.3%
1Y
5.7%

Returns On Capital At Coal India (NSE:COALINDIA) Have Stalled

Dec 02
Returns On Capital At Coal India (NSE:COALINDIA) Have Stalled
500251
₹4,283.80
Trent
7D
5.5%
1Y
-39.8%