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Indian (NIFTY) Market Analysis & Valuation

UpdatedApr 01, 2026
DataAggregated Company Financials
Companies4978
  • 7D-2.6%
  • 3M-13.8%
  • 1Y-4.1%
  • YTD-14.0%

Over the last 7 days, the market has dropped 2.6%, driven by pullbacks in every sector, especially the Financials sector. As for last year, the market is also down 4.1%. Earnings are forecast to grow by 17% annually.

Trending IndustriesOil and GasBiotechSoftwareRenewable Energy

Market Valuation and Performance

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

DateMarket CapRevenueEarningsPEAbsolute PEPS
Wed, 01 Apr 2026₹411.6t₹191.2t₹18.7t19.4x22x2.2x
Fri, 27 Feb 2026₹468.1t₹191.0t₹18.7t22.7x25.1x2.5x
Sun, 25 Jan 2026₹451.4t₹186.1t₹18.3t23.1x24.6x2.4x
Tue, 23 Dec 2025₹473.9t₹184.3t₹18.2t25.5x26x2.6x
Thu, 20 Nov 2025₹469.0t₹173.7t₹17.6t26.7x26.7x2.7x
Sat, 18 Oct 2025₹466.1t₹179.5t₹17.7t27.7x26.3x2.6x
Mon, 15 Sep 2025₹457.5t₹177.9t₹17.6t27.9x26x2.6x
Wed, 13 Aug 2025₹442.3t₹177.3t₹17.6t27.9x25.2x2.5x
Fri, 11 Jul 2025₹458.2t₹173.4t₹17.2t29.6x26.7x2.6x
Sun, 08 Jun 2025₹449.7t₹173.4t₹17.1t29.1x26.2x2.6x
Tue, 06 May 2025₹423.9t₹170.0t₹16.9t26.4x25.1x2.5x
Thu, 03 Apr 2025₹408.7t₹169.0t₹16.8t25.6x24.4x2.4x
Sat, 01 Mar 2025₹380.1t₹169.1t₹16.8t24.8x22.6x2.2x
Mon, 27 Jan 2025₹414.8t₹162.6t₹16.3t30.2x25.4x2.6x
Wed, 25 Dec 2024₹439.8t₹167.8t₹16.4t32.3x26.9x2.6x
Fri, 22 Nov 2024₹423.7t₹167.6t₹16.3t30.8x25.9x2.5x
Sun, 20 Oct 2024₹455.0t₹163.4t₹16.1t34.1x28.3x2.8x
Tue, 17 Sep 2024₹467.3t₹163.0t₹16.0t34.6x29.2x2.9x
Thu, 15 Aug 2024₹440.4t₹162.9t₹15.9t33x27.6x2.7x
Sat, 13 Jul 2024₹450.4t₹160.1t₹15.8t34x28.5x2.8x
Mon, 10 Jun 2024₹421.6t₹160.0t₹15.8t30.5x26.8x2.6x
Wed, 08 May 2024₹395.5t₹157.0t₹15.2t31.1x26.1x2.5x
Fri, 05 Apr 2024₹393.9t₹154.9t₹14.8t30.9x26.7x2.5x
Sun, 03 Mar 2024₹387.6t₹154.8t₹14.8t31.4x26.3x2.5x
Tue, 30 Jan 2024₹374.5t₹153.8t₹14.6t31.6x25.6x2.4x
Thu, 28 Dec 2023₹357.3t₹152.3t₹14.2t29.5x25.2x2.3x
Sat, 25 Nov 2023₹325.1t₹152.2t₹14.2t27.8x22.9x2.1x
Mon, 23 Oct 2023₹315.4t₹151.9t₹13.4t28.4x23.6x2.1x
Wed, 20 Sep 2023₹324.4t₹152.3t₹13.4t27.7x24.2x2.1x
Fri, 18 Aug 2023₹306.0t₹152.1t₹13.4t26.1x22.9x2x
Sun, 16 Jul 2023₹303.8t₹150.1t₹12.5t26.1x24.3x2x
Tue, 13 Jun 2023₹285.1t₹149.9t₹12.5t25x22.8x1.9x
Thu, 11 May 2023₹274.4t₹146.7t₹12.3t22.6x22.4x1.9x
Sat, 08 Apr 2023₹260.0t₹144.9t₹12.2t21.2x21.4x1.8x
Price to Earnings Ratio

21.4x


Total Market Cap: ₹260.0tTotal Earnings: ₹12.2tTotal Revenue: ₹144.9tTotal Market Cap vs Earnings and Revenue0%0%0%
Indian Market Price to Earnings3Y Average 25.3x202420252026
Current Market PE
  • Investors are pessimistic on the Indian market, indicating that they anticipate earnings will not grow as fast as they have historically.
  • The market is trading at a PE ratio of 22.0x which is lower than its 3-year average PE of 25.3x.
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 9.7% 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 Market-2.63%
Healthcare-0.54%
Consumer Staples-1.30%
Materials-1.31%
Telecom-1.58%
Utilities-1.76%
Energy-2.28%
Tech-2.37%
Consumer Discretionary-2.74%
Industrials-3.23%
Real Estate-3.53%
Financials-4.23%
Sector PE
  • Investors favour the Consumer Discretionary sector the most for future growth, which is trading close to its 3-year average PE ratio of 39.7x.
    • The market's confidence is likely because analysts are expecting annual earnings growth of 23.4%, which is higher than its past year's earnings growth of 12.6% 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 17% per year.
  • In contrast, the Energy sector is expected to see its earnings grow by 6.4% 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
DMART Avenue Supermarts₹4.27k9.2%
+₹239.7b		3.6%PE97.2xConsumer Staples
ONGC Oil and Natural Gas₹288.056.6%
+₹224.6b		14.9%PE9.5xEnergy
TCS Tata Consultancy Services₹2.41k1.3%
+₹111.4b		-32.0%PE18.3xTech
500440 Hindalco Industries₹904.604.2%
+₹80.2b		36.8%PE12.5xMaterials
ADANIPOWER Adani Power₹157.112.3%
+₹66.7b		53.0%PE27.6xUtilities
See more

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Latest News

ADANIPOWER
₹157.11
Adani Power
7D
2.3%
1Y
53.0%
ICICIBANK
₹1,212.70
ICICI Bank
7D
-3.7%
1Y
-8.9%

ICICIBANK: Future GST Dispute Resolutions Will Support Bullish Case

Analysts have made a small cut to the ICICI Bank price target, trimming it by about ₹5 to reflect slightly adjusted fair value, discount rate, growth and margin assumptions, while keeping the forward P/E view largely consistent. What's in the News GST order from Maharashtra authority raises a tax demand of ₹3,843,353,972 with an equivalent penalty and applicable interest on services linked to specified minimum balance accounts.
LICI
₹746.00
Life Insurance Corporation of India
7D
-4.5%
1Y
-8.0%

LICI: Future Government Stake Dilution Will Unlock Undervalued Upside Potential

Analysts have trimmed their price target on Life Insurance Corporation of India from about ₹1,110 to roughly ₹1,080, reflecting updated assumptions that combine higher revenue growth expectations with slightly lower profit margins and a modestly reduced forward P/E. What's in the News The government is considering a further public offering of LIC shares in the next financial year, with Financial Services Secretary M Nagaraju stating that LIC stake dilution will be handled gradually and in coordination with DIPAM (Financial Services Secretary briefing).
HDFCBANK
₹742.25
HDFC Bank
7D
-5.1%
1Y
-17.4%

HDFCBANK: Governance Resolutions And Leadership Reappointment Will Support Future Share Price Rebound

Analysts have slightly reduced their price target on HDFC Bank, with fair value moving from about ₹1,152.82 to roughly ₹1,137.03, reflecting updated assumptions for revenue growth, profit margin and future P/E. What's in the News Board meeting scheduled for February 3, 2026 to consider the reappointment of Mr. Kaizad Bharucha as Deputy Managing Director for a 3-year term from April 19, 2026 to April 18, 2029 (board meeting agenda).
NATIONALUM
₹399.45
National Aluminium
7D
8.8%
1Y
129.3%

NATIONALUM: Energy Partnership And Alloy Expansion Will Shape Balanced Forward Outlook

Analysts have slightly raised their price target on National Aluminium from ₹351.82 to ₹353.45, reflecting minor adjustments to fair value, discount rate and assumed future P/E, while keeping revenue growth and profit margin expectations broadly in line with earlier views. What's in the News A board meeting is scheduled on Mar 06, 2026, to consider a fine levied by the stock exchanges.
SBIN
₹1,017.80
State Bank of India
7D
-4.0%
1Y
31.2%

SBIN: Upcoming Shareholder Meetings Will Strengthen Governance And Support Bullish Outlook

Analysts have inched their fair value estimate for State Bank of India slightly lower from about ₹1,207.82 to around ₹1,207.05, reflecting modest tweaks to assumptions on discount rate, revenue growth, profit margin and future P/E rather than any major shift in the core outlook. What's in the News Board meeting scheduled for Feb 07, 2026 at 10:00 Indian Standard Time to consider financial results for the quarter ended Dec 31, 2025 and review related regulatory disclosures, including security cover certificates on non convertible debt securities and statements of deviation or variation under SEBI LODR regulations (Company event filing).
TCS
₹2,408.20
Tata Consultancy Services
7D
1.3%
1Y
-32.0%

TCS: AI Collaborations And Special Dividend Will Support Future Upside

Analysts have reduced their price target for Tata Consultancy Services by about ₹100 to reflect slightly softer revenue growth expectations, a marginally lower discount rate, and a small uplift in projected profit margins and future P/E multiples. What's in the News TCS declared a special dividend of ₹46 per equity share, with a record date of January 17, 2026, and dividend payout scheduled for February 3, 2026.
500440
₹904.60
Hindalco Industries
7D
4.2%
1Y
36.8%

500440: Odisha Aluminium Expansion Will Drive Future Returns And Margin Resilience

Analysts have nudged their price target for Hindalco Industries slightly higher, from ₹940.18 to ₹945.00. They cited refreshed assumptions on discount rate, revenue growth, profit margin and future P/E multiples.
RELIANCE
₹1,369.20
Reliance Industries
7D
-3.1%
1Y
9.4%
500049
₹418.80
Bharat Electronics
7D
1.3%
1Y
48.3%

500049: Defence Electronics Order Wins And Dividend Will Support Long Term Upside

Analysts have kept the price target for Bharat Electronics steady at about ₹485.56 per share, with only marginal fine tuning to inputs such as the discount rate and assumed future P/E. This reflects largely unchanged views on the stock’s valuation drivers.
HINDUNILVR
₹2,064.70
Hindustan Unilever
7D
-3.3%
1Y
-7.7%

HINDUNILVR: Capacity Expansion And Governance Reset Will Support Future Margin Resilience

Analysts have trimmed their price target on Hindustan Unilever from about ₹2,760 to roughly ₹2,670, citing tempered revenue growth expectations and a largely unchanged profit margin and P/E outlook. What's in the News Proposed investment of up to ₹20,000m over two years to expand manufacturing capacity in premium Beauty & Wellbeing and Home Care liquid categories across multiple locations, with a focus on advanced automation, digital technologies, and 100% renewable energy usage at the new facilities (company announcement).
BAJFINANCE
₹817.30
Bajaj Finance
7D
-7.4%
1Y
-5.7%

BAJFINANCE: Future Returns Will Strengthen As Upcoming Results Day Eases Overhang

Analysts have trimmed their price target for Bajaj Finance from ₹1,329 to ₹1,270, reflecting updated views on growth, profitability and the appropriate future P/E multiple for the stock. What's in the News Bajaj Finance has scheduled a board meeting on Feb 03, 2026 to consider and approve unaudited standalone financial results for the quarter and nine months ended 31 Dec 2025 (company filing).
COALINDIA
₹449.40
Coal India
7D
1.3%
1Y
13.1%
ONGC
₹288.05
Oil and Natural Gas
7D
6.6%
1Y
14.9%

ONGC: Ethane Logistics And Deepwater Tie Up Will Support Future Cash Flows

Analysts have lifted their average price target for the oil and natural gas name from ₹330 to about ₹363.71, citing modestly higher revenue growth and profit margin assumptions, as well as a slightly lower future P/E, as key drivers of the change. Analyst Commentary Recent Street research on the broader energy and industrial complex signals how quickly sentiment can pivot when analysts see improving execution, clearer growth drivers or a more comfortable valuation.
532454
₹1,782.00
Bharti Airtel
7D
-2.9%
1Y
1.6%

532454: Digital Financial Services Arm Will Drive Stronger Long Term Outlook

Analysts have trimmed their price target for Bharti Airtel slightly from ₹2,356.73 to ₹2,351.47, reflecting updated assumptions around revenue, profit margins and future P/E multiples. What's in the News Bharti Airtel plans to inject ₹20,000m into its NBFC arm, Airtel Money Limited, over the next few years, with Airtel providing 70% of the capital and the promoter group the remaining 30%, following the NBFC license granted on February 13, 2026 (Key Developments).
DMART
₹4,271.10
Avenue Supermarts
7D
9.2%
1Y
3.6%

Avenue Supermarts (NSE:DMART) Is Experiencing Growth In Returns On Capital

Jan 26
Avenue Supermarts (NSE:DMART) Is Experiencing Growth In Returns On Capital