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

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.

Which sectors have driven the changes within the Indian Market?

Investors favour the Consumer Discretionary sector the most for future growth, which is trading above its 3-year average PE ratio of 39.9x. The market's confidence is likely because analysts are expecting annual earnings growth of 23.8%, which is higher than its past year's earnings growth of 16.8% per year. The Energy sector is the least preferred by investors for future growth, which is trading close to its 3-year average of 13.6x.

Indian (NIFTY) Market Analysis & Valuation

Date	Market Cap	Revenue	Earnings	PE	Absolute PE	PS
Thu, 28 May 2026	₹467.9t	₹196.3t	₹19.5t	23.5x	24x	2.4x
Sat, 25 Apr 2026	₹461.2t	₹191.6t	₹18.8t	23.5x	24.5x	2.4x
Mon, 23 Mar 2026	₹428.9t	₹191.2t	₹18.7t	21.2x	22.9x	2.2x
Wed, 18 Feb 2026	₹469.6t	₹189.5t	₹18.7t	23.2x	25.1x	2.5x
Fri, 16 Jan 2026	₹468.4t	₹184.6t	₹18.3t	24.6x	25.7x	2.5x
Sun, 14 Dec 2025	₹469.1t	₹184.2t	₹18.2t	25.5x	25.8x	2.5x
Tue, 11 Nov 2025	₹467.2t	₹181.6t	₹18.2t	27.4x	25.7x	2.6x
Thu, 09 Oct 2025	₹457.1t	₹179.0t	₹17.6t	27.7x	25.9x	2.6x
Sat, 06 Sep 2025	₹450.5t	₹177.8t	₹17.6t	27.8x	25.6x	2.5x
Mon, 04 Aug 2025	₹442.3t	₹175.3t	₹17.4t	29x	25.4x	2.5x
Wed, 02 Jul 2025	₹459.4t	₹173.4t	₹17.1t	29.6x	26.8x	2.7x
Fri, 30 May 2025	₹443.9t	₹173.5t	₹17.2t	27.9x	25.9x	2.6x
Sun, 27 Apr 2025	₹418.6t	₹169.8t	₹16.8t	26.8x	24.9x	2.5x
Tue, 25 Mar 2025	₹414.0t	₹169.0t	₹16.8t	26x	24.7x	2.4x
Thu, 20 Feb 2025	₹394.5t	₹168.9t	₹16.8t	25.7x	23.5x	2.3x
Sat, 18 Jan 2025	₹426.7t	₹168.1t	₹16.4t	31.4x	26x	2.5x
Mon, 16 Dec 2024	₹457.4t	₹167.6t	₹16.3t	33x	28x	2.7x
Wed, 13 Nov 2024	₹436.6t	₹166.4t	₹16.2t	32.5x	26.9x	2.6x
Fri, 11 Oct 2024	₹459.1t	₹163.0t	₹16.0t	33.7x	28.7x	2.8x
Sun, 08 Sep 2024	₹456.9t	₹162.8t	₹16.0t	34.5x	28.6x	2.8x
Tue, 06 Aug 2024	₹437.9t	₹161.9t	₹15.8t	33.5x	27.7x	2.7x
Thu, 04 Jul 2024	₹443.4t	₹160.1t	₹15.8t	33.8x	28.1x	2.8x
Sat, 01 Jun 2024	₹410.3t	₹165.5t	₹16.6t	30.1x	24.7x	2.5x
Mon, 29 Apr 2024	₹399.7t	₹156.7t	₹15.1t	31.7x	26.5x	2.6x
Wed, 27 Mar 2024	₹378.2t	₹154.9t	₹14.8t	28.7x	25.6x	2.4x
Fri, 23 Feb 2024	₹387.4t	₹154.8t	₹14.8t	31.7x	26.2x	2.5x
Sun, 21 Jan 2024	₹369.3t	₹153.1t	₹14.2t	31.2x	25.9x	2.4x
Tue, 19 Dec 2023	₹354.6t	₹152.2t	₹14.2t	29.3x	25.1x	2.3x
Thu, 16 Nov 2023	₹321.8t	₹152.7t	₹14.2t	27.6x	22.6x	2.1x
Sat, 14 Oct 2023	₹318.2t	₹151.2t	₹13.2t	28.4x	24.2x	2.1x
Mon, 11 Sep 2023	₹322.3t	₹152.3t	₹13.4t	28x	24.1x	2.1x
Wed, 09 Aug 2023	₹307.5t	₹151.4t	₹13.3t	26.9x	23x	2x
Fri, 07 Jul 2023	₹298.8t	₹150.0t	₹12.5t	26x	23.9x	2x
Sun, 04 Jun 2023	₹282.4t	₹150.3t	₹12.5t	24.3x	22.6x	1.9x


IN Market	1.96%
Utilities	3.93%
Industrials	3.79%
Financials	2.48%
Consumer Discretionary	2.37%
Materials	2.32%
Energy	2.01%
Real Estate	1.59%
Tech	0.37%
Healthcare	-0.098%
Consumer Staples	-0.80%
Telecom	-1.61%

Company	Last Price	7D	1Y	Valuation	Sector
ADANIPOWER Adani Power	₹248.91	13.0% +₹552.9b	126.0%	PE37.4x	Utilities
512599 Adani Enterprises	₹2.97k	9.9% +₹348.3b	18.2%	PE41.4x	Industrials
ICICIBANK ICICI Bank	₹1.27k	2.9% +₹254.5b	-12.5%	PB2.5x	Financials
ADANIENSOL Adani Energy Solutions	₹1.54k	14.4% +₹233.0b	77.2%	PE81.1x	Utilities
ATGL Adani Total Gas	₹808.55	32.4% +₹217.7b	20.1%	PE135.6x	Utilities

Announcement • May 26

Sun Pharmaceutical Industries Limited Presents Updated Results from Locally Advanced Cutaneous Squamous Cell Carcinoma Expansion Cohort from Pivotal CK-301-101 Trial of UNLOXCYT (Cosibelimab-Ipdl) at ASCO 2026 Annual Meeting

Sun Pharmaceutical Industries Limited announced the company will share updated results from the locally advanced cutaneous squamous cell carcinoma (laCSCC) expansion cohort from the pivotal CK-301-101 trial of UNLOXCYT (cosibelimab-ipdl) at the 2026 American Society of Clinical Oncology (ASCO) Annual Meeting on May 31, 2026 in Chicago. In the investigator-reviewed data being presented at ASCO, 64 patients with laCSCC received =1 dose of UNLOXCYT. The median age of patients in the cohort was 77 years old and 66% were male. Patients received a median of 29 doses over a median treatment duration of 60 weeks. The objective response rate was 50%, including 17 (27%) complete responses and 15 (23%) partial responses. Over a median follow-up of 31 months, responses were durable and the median duration of response was not yet reached. The safety profile was comparable to what was observed in an earlier analysis of a smaller cohort. The most common adverse events (AEs) were anemia and diarrhea, recorded in 17 (27%) patients each. Immune-related adverse reactions (irAEs) were observed in 22 (34%) patients. Grade =3 irAEs occurred in 1 (2%) patient and were dermatologic in nature (maculo-papular and pruritic rashes) and considered treatment-related. Treatment-emergent AEs (TEAEs) were reported in 61 (95%) patients and considered treatment-related in 50 (78%) patients; none were fatal. Grade =3 TEAEs were reported in 26 (41%) patients and considered treatment-related in 7 (11%). Poster Presentation Details: Title: Efficacy and safety of cosibelimab 800 mg every 2 weeks for locally advanced cutaneous squamous cell carcinoma: Updated follow-up from a pivotal study. Poster Session: Melanoma/Skin Cancers. Abstract Number: 9585. Poster Board Number: 301. Date and Time: May 31, 2026; 9:00am-12:00pm CDT. UNLOXCYT (cosibelimab-ipdl) is indicated for the treatment of adults with metastatic cutaneous squamous cell carcinoma (mCSCC) or locally advanced CSCC (laCSCC) who are not candidates for curative surgery or curative radiation. The recommended dosage of UNLOXCYT is 1,200 mg as an intravenous infusion over 60 minutes every 3 weeks. UNLOXCYT (cosibelimab-ipdl) was approved at 1,200 mg Q3W because PK/PD modeling showed it provides similar overall exposure and PD-L1 receptor coverage as the trial regimen of 800 mg Q2W. Since checkpoint inhibitors have flat exposure-response curves, they have been utilized with more convenient dosing schedules if equivalent efficacy and safety are maintained. The safety analyses included patients who received both 800 mg Q2W and 1,200 mg Q3W. Cutaneous squamous cell carcinoma (CSCC) is among the most common skin cancers worldwide. While early stages are treatable, an estimated 40,000 US patients each year progress to advanced disease, resulting in nearly 15,000 deaths. Important risk factors for CSCC include chronic ultraviolet radiation exposure and immunosuppressive conditions. In addition to being life threatening, CSCC causes significant functional morbidities and cosmetic deformities due to tumors that commonly arise in the head and neck region and that invade blood vessels, nerves, and vital organs such as the eye or ear. INDICATIONS AND USAGE: UNLOXCYT (cosibelimab-ipdl) is indicated for the treatment of adults with metastatic cutaneous squamous cell carcinoma (mCSCC) or locally advanced CSCC (laCSCC) who are not candidates for curative surgery or curative radiation. It is not known if UNLOXCYT is safe and effective in children. The recommended dosage of UNLOXCYT is 1,200 mg as an intravenous infusion over 60 minutes every 3 weeks. IMPORTANT SAFETY INFORMATION: WARNING AND PRECAUTIONS: Immune-mediated Adverse Reactions: Immune-mediated adverse reactions, which can be severe or fatal, can occur in any organ system or tissue, including immune-mediated pneumonitis, colitis, hepatitis, endocrinopathies, dermatologic adverse reactions, nephritis and renal dysfunction, and solid organ transplant rejection. Immune-mediated adverse reactions affecting more than one body system can occur simultaneously. While such adverse reactions usually manifest during treatment, they can also manifest after discontinuation of PD-1/PD-L1–blocking antibodies. Monitor for early identification and management. Evaluate liver enzymes, creatinine, and thyroid function at baseline and periodically during treatment. Withhold or permanently discontinue UNLOXCYT based on the severity of reaction. Infusion-Related Reactions: Infusion-related reactions were reported in 11% (24/223) of patients, including Grade 2 in 5.8% (13/223) of patients receiving UNLOXCYT. Monitor patients for signs and symptoms of infusion-related reactions. Interrupt or slow the rate of infusion or permanently discontinue UNLOXCYT based on severity of reaction. Consider premedication with an antipyretic and/or an antihistamine for patients who have had previous systemic reactions to infusions of therapeutic proteins. Complications of Allogeneic HSCT: Fatal and other serious complications can occur in patients who receive allogeneic Hematopoietic Stem Cell Transplantation (HSCT) before or after being treated with a PD-1/PDL1 blocking antibody. Follow patients closely for evidence of transplant-related complications and intervene promptly. Consider the benefit versus risks of treatment with a PD-1/PD-L1–blocking antibody prior to or after an allogeneic HSCT. Embryo-Fetal Toxicity/Females and Males of Reproductive Potential: UNLOXCYT can cause fetal harm when administered to a pregnant woman. Verify pregnancy status in females of reproductive potential prior to initiating UNLOXCYT. Females should use effective contraception during treatment with UNLOXCYT and for 4 months after the last dose. Advise female patients not to breastfeed during treatment with UNLOXCYT and for 4 months after the last dose. ADVERSE REACTIONS: The most common adverse reactions (=10%) were fatigue, musculoskeletal pain, rash, diarrhea, hypothyroidism, constipation, nausea, headache, pruritus, edema, localized infection, and urinary tract infection.

Indian (NIFTY) Market Analysis & Valuation

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Latest News

Full year 2026 earnings: Revenues exceed analysts expectations while EPS lags behind

IntelliSmart Infrastructure Reportedly Enters Final Leg Of Sale Process With Adani Energy Solutions, GMR Smart Electricity Distribution, Genus Power Infrastructures And Partners Group In Shortlist

Sun Pharmaceutical Industries Limited Presents Updated Results from Locally Advanced Cutaneous Squamous Cell Carcinoma Expansion Cohort from Pivotal CK-301-101 Trial of UNLOXCYT (Cosibelimab-Ipdl) at ASCO 2026 Annual Meeting

ADANIPOWER: Upcoming Board Results May Expose Stretch In Current Pricing

500510: New Hydrocarbon And Defence Orders Will Support Future Prospects

Life Insurance Corporation of India Just Beat Analyst Forecasts, And Analysts Have Been Updating Their Predictions

Final dividend of ₹8.00 announced

Adani Enterprises Limited (BSE:512599) completed the acquisition of 24% stake in Jaiprakash Power Ventures Limited (NSEI:JPPOWER) from Jaiprakash Associates Limited (BSE:532532) for INR 29.9 billion.

Full year 2026 earnings: EPS and revenues miss analyst expectations

Upcoming dividend of ₹31.00 per share

RELIANCE: Long Term Green Ammonia Offtake Will Support Future Earnings Profile

Now 21% overvalued

Bharti Airtel Limited (BSE:532454) agreed to acquire 16.31% stake in Airtel Africa Plc (LSE:AAF) from Indian Continent Investment Limited for £1.9 billion.

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

Dividend of ₹0.25 announced

MD, CEO & Executive Director exercised options to buy ₹292m worth of stock.