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Indian (NIFTY) Market Analysis & Valuation

UpdatedJun 23, 2026
DataAggregated Company Financials
Companies5049
  • 7D2.1%
  • 3M12.3%
  • 1Y1.5%
  • YTD-0.8%

The Industrials and Financials sectors drove a 2.1% in the market over the last week. In the last 12 months, the market has been flat. Earnings are forecast to grow by 16% annually.

Trending IndustriesOil and GasBiotechSoftwareRenewable Energy

Market Valuation and Performance

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

DateMarket CapRevenueEarningsPEAbsolute PEPS
Tue, 23 Jun 2026₹478.1t₹197.4t₹19.5t24x24.5x2.4x
Thu, 21 May 2026₹460.4t₹195.5t₹19.4t23.1x23.7x2.4x
Sat, 18 Apr 2026₹464.8t₹191.3t₹18.7t23.6x24.8x2.4x
Mon, 16 Mar 2026₹429.5t₹191.1t₹18.7t21.2x23x2.2x
Wed, 11 Feb 2026₹474.4t₹188.3t₹18.6t24x25.5x2.5x
Fri, 09 Jan 2026₹472.2t₹184.3t₹18.2t25.1x25.9x2.6x
Sun, 07 Dec 2025₹469.7t₹184.0t₹18.2t25.6x25.8x2.6x
Tue, 04 Nov 2025₹471.8t₹180.4t₹18.0t27.9x26.2x2.6x
Thu, 02 Oct 2025₹454.2t₹178.8t₹17.6t27.7x25.8x2.5x
Sat, 30 Aug 2025₹442.8t₹177.8t₹17.6t27.4x25.1x2.5x
Mon, 28 Jul 2025₹449.6t₹174.5t₹17.4t29.3x25.8x2.6x
Wed, 25 Jun 2025₹448.5t₹173.3t₹17.1t29.1x26.2x2.6x
Fri, 23 May 2025₹437.4t₹173.0t₹17.1t27.6x25.6x2.5x
Sun, 20 Apr 2025₹416.8t₹168.9t₹16.8t26.7x24.9x2.5x
Tue, 18 Mar 2025₹388.5t₹169.0t₹16.8t24.6x23.2x2.3x
Thu, 13 Feb 2025₹402.5t₹164.2t₹16.7t27.5x24.2x2.5x
Sat, 11 Jan 2025₹427.7t₹168.0t₹16.4t31.3x26.1x2.5x
Mon, 09 Dec 2024₹457.1t₹167.6t₹16.3t32.8x28x2.7x
Wed, 06 Nov 2024₹442.9t₹166.5t₹16.1t33x27.5x2.7x
Fri, 04 Oct 2024₹461.8t₹163.0t₹16.0t33.8x28.8x2.8x
Sun, 01 Sep 2024₹460.8t₹162.8t₹16.0t34.3x28.8x2.8x
Tue, 30 Jul 2024₹455.9t₹161.3t₹15.9t34.6x28.8x2.8x
Thu, 27 Jun 2024₹433.7t₹160.1t₹15.8t32.8x27.5x2.7x
Sat, 25 May 2024₹418.1t₹164.3t₹16.5t30.9x25.3x2.5x
Mon, 22 Apr 2024₹389.5t₹155.6t₹14.9t30.7x26.2x2.5x
Wed, 20 Mar 2024₹369.5t₹154.9t₹14.8t28.5x25x2.4x
Fri, 16 Feb 2024₹382.6t₹155.1t₹14.8t31x25.8x2.5x
Sun, 14 Jan 2024₹368.9t₹152.5t₹14.2t31.5x26.1x2.4x
Tue, 12 Dec 2023₹347.2t₹152.2t₹14.1t28.9x24.6x2.3x
Thu, 09 Nov 2023₹316.9t₹152.4t₹14.0t28x22.6x2.1x
Sat, 07 Oct 2023₹321.2t₹152.4t₹13.4t27.8x23.9x2.1x
Mon, 04 Sep 2023₹313.9t₹152.3t₹13.4t27.3x23.4x2.1x
Wed, 02 Aug 2023₹308.8t₹151.4t₹13.0t26.7x23.8x2x
Fri, 30 Jun 2023₹291.3t₹149.9t₹12.5t25.4x23.3x1.9x
Price to Earnings Ratio

23.3x


Total Market Cap: ₹291.3tTotal Earnings: ₹12.5tTotal Revenue: ₹149.9tTotal Market Cap vs Earnings and Revenue0%0%0%
Indian Market Price to Earnings3Y Average 25.5x202420252026
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 25.5x.
Past Earnings Growth
  • The earnings for Indian listed companies have grown 16% per year over the last three years.
  • Revenues for these companies have grown 9.6% 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 Market2.13%
Industrials4.26%
Telecom3.64%
Utilities3.54%
Healthcare2.32%
Financials2.32%
Consumer Discretionary1.78%
Real Estate1.37%
Consumer Staples1.15%
Energy1.01%
Materials0.83%
Tech-0.10%
Sector PE
  • Investors favour the Consumer Discretionary sector the most for future growth, which is trading above its 3-year average PE ratio of 40.0x.
    • The market's confidence is likely because analysts are expecting annual earnings growth of 22.5%, which is higher than its past year's earnings growth of 15.4% per year.
  • The Energy sector is the least preferred by investors for future growth, which is trading below its 3-year average of 13.6x.
Forecasted Growth
  • Analysts are most optimistic on the Real Estate sector, expecting annual earnings growth of 26% over the next 5 years.
  • This is better than its past earnings growth rate of 22% per year.
  • In contrast, the Energy sector is expected to see its earnings grow by 5.5% 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
LICI Life Insurance Corporation of India₹442.409.0%
+₹464.3b		-5.9%PE8.7xFinancials
532454 Bharti Airtel₹1.92k4.1%
+₹463.5b		-1.0%PE43.7xTelecom
RELIANCE Reliance Industries₹1.33k1.5%
+₹263.9b		-8.9%PE22.2xEnergy
ADANIPOWER Adani Power₹233.786.0%
+₹255.7b		117.3%PE35.3xUtilities
NTPC NTPC₹367.055.4%
+₹183.8b		10.4%PE13.2xUtilities
See more

Market Insights

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Tata Consultancy Services
7D
-1.6%
1Y
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INFY
₹1,065.40
Infosys
7D
-6.1%
1Y
-32.7%
MARUTI
₹13,421.00
Maruti Suzuki India
7D
-2.8%
1Y
5.7%
Narrative Update • Jun 22

MARUTI: Gujarat Capacity Expansion And Land Purchase Will Support Future Upside

Analysts have trimmed their fair value estimate for Maruti Suzuki India slightly to ₹15,794 from about ₹15,840, reflecting small adjustments to the discount rate, revenue growth, profit margin and future P/E assumptions. What's in the News Maruti Suzuki India announced an annual dividend of ₹140.00 per share, with an ex-date and record date of August 7, 2026, and a scheduled payment date of September 9, 2026.
522275
₹5,494.45
GE Vernova T&D India
7D
14.4%
1Y
136.2%
Narrative Update • Jun 22

522275: Higher Future P/E Assumptions Will Likely Pressure Stretched Earnings Multiple

Analysts have raised their fair value estimate for GE Vernova T&D India to ₹3,337.85 from ₹3,268.00, citing updated assumptions for revenue growth, discount rate, profit margin and future P/E that remain broadly in line with prior expectations. What’s in the News for GE Vernova T&D India A board meeting is scheduled for May 18, 2026 to consider and approve audited financial results for the year and quarter ended March 31, 2026, and to consider a dividend recommendation, if any.
500570
₹361.45
Tata Motors Passenger Vehicles
7D
-8.9%
1Y
-46.2%
532454
₹1,916.95
Bharti Airtel
7D
4.1%
1Y
-1.0%
SBIN
₹1,040.75
State Bank of India
7D
1.9%
1Y
31.7%
Narrative Update • Jun 19

SBIN: Upcoming Dividend And Debt Fundraising Plan Will Support Bullish Outlook

The latest narrative update on State Bank of India reflects a marginally higher analyst fair value estimate, with the price target moving from ₹1,195 to about ₹1,195.61 as analysts adjust inputs such as discount rate, expected revenue growth, profit margin, and future P/E assumptions. What’s in the News for State Bank of India Board meeting scheduled on June 18, 2026 to consider seeking approval for raising funds during FY27 through public or private issuance of debt instruments, including capital instruments, to overseas and Indian investors in INR and foreign currencies.
ICICIBANK
₹1,352.40
ICICI Bank
7D
1.9%
1Y
-4.8%
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M&M
₹3,063.40
Mahindra & Mahindra
7D
-2.3%
1Y
-2.3%
Narrative Update • Jun 18

M&M: New Life Insurance Venture And Dividend Will Support Future Upside

Analysts have made a small downward revision to the Mahindra & Mahindra price target, trimming it by about ₹18 per share. This reflects slightly updated assumptions around discount rate, fair value and future P/E multiples.
LICI
₹442.40
Life Insurance Corporation of India
7D
9.0%
1Y
-5.9%
NTPC
₹367.05
NTPC
7D
5.4%
1Y
10.4%
Narrative Update • Jun 17

NTPC: Dividend And Storage Investment Will Support Future Stock Appeal

Analysts have nudged their fair value estimate for NTPC slightly higher from ₹436.04 to ₹436.93, reflecting updated views on revenue growth, profit margins, and future P/E assumptions. What's in the News for NTPC The board has scheduled a meeting on May 23, 2026 to review NTPC's annual standalone and consolidated financial statements for the year ended March 31, 2026 and to consider a final dividend for FY 2025-26, subject to shareholder approval at the AGM.
ASIANPAINT
₹2,674.00
Asian Paints
7D
-2.4%
1Y
18.1%
Narrative Update • Jun 17

ASIANPAINT: Dividend Payout And Board Review Will Shape Fairly Valued Outlook

Analysts have nudged their fair value estimate for Asian Paints higher from ₹2,818.22 to ₹2,848.14, reflecting small tweaks to the discount rate and future P/E assumptions, while keeping the underlying revenue growth and profit margin forecasts broadly unchanged. What’s in the News for Asian Paints Asian Paints held a board meeting on May 29, 2026, to consider and approve audited standalone financial results for the quarter and year ended March 31, 2026, source: company board agenda.
RELIANCE
₹1,326.50
Reliance Industries
7D
1.5%
1Y
-8.9%
Narrative Update • Jun 17

RELIANCE: Green Ammonia Agreement Will Support Future Stock Earnings Visibility

Analysts have nudged their fair value estimate for Reliance Industries slightly higher to about ₹1,699 from roughly ₹1,696, citing updated assumptions for revenue growth, profit margins and future P/E. These changes reflect a more constructive long term earnings outlook, while the discount rate remains unchanged.
ADANIPOWER
₹233.78
Adani Power
7D
6.0%
1Y
117.3%
Narrative Update • Jun 09

ADANIPOWER: Upcoming Results Will Test Slightly Higher Fair Value Assumptions

Analysts have adjusted the fair value estimate for Adani Power from about ₹208 to about ₹223, reflecting tweaks to assumptions around the discount rate, revenue growth, profit margins, and future P/E expectations. What's in the News The board meeting is scheduled for Apr 29, 2026 to consider and approve the audited financial results for the quarter and year ended Mar 31, 2026.
VBL
₹512.95
Varun Beverages
7D
-5.2%
1Y
11.1%
Narrative Update • Jun 08

VBL: Upcoming Board Meeting And Interim Dividend Decision Will Support Bullish Outlook

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