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Indian (NIFTY) Market Analysis & Valuation

UpdatedMar 06, 2026
DataAggregated Company Financials
Companies4970
  • 7D-3.4%
  • 3M-4.7%
  • 1Y8.8%
  • YTD-5.3%

Over the last 7 days, the market has dropped 3.4%, driven by losses in every sector, especially the Financials sector. As for the longer term, the market has actually risen by 8.8% in the last year. 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
Fri, 06 Mar 2026₹452.3t₹191.0t₹18.7t21.8x24.2x2.4x
Sun, 01 Feb 2026₹459.6t₹187.3t₹18.5t23.3x24.9x2.5x
Tue, 30 Dec 2025₹470.6t₹184.3t₹18.2t25.3x25.8x2.6x
Thu, 27 Nov 2025₹468.3t₹173.7t₹17.6t26.1x26.6x2.7x
Sat, 25 Oct 2025₹468.2t₹179.8t₹17.8t27.8x26.3x2.6x
Mon, 22 Sep 2025₹465.1t₹178.6t₹17.6t28.4x26.4x2.6x
Wed, 20 Aug 2025₹453.6t₹177.7t₹17.7t27.8x25.7x2.6x
Fri, 18 Jul 2025₹458.3t₹173.7t₹17.2t30.2x26.7x2.6x
Sun, 15 Jun 2025₹445.9t₹173.4t₹17.1t29.6x26x2.6x
Tue, 13 May 2025₹428.8t₹170.7t₹16.9t26.6x25.4x2.5x
Thu, 10 Apr 2025₹389.5t₹169.0t₹16.8t24.9x23.2x2.3x
Sat, 08 Mar 2025₹394.2t₹169.0t₹16.8t25.8x23.5x2.3x
Mon, 03 Feb 2025₹418.7t₹163.4t₹16.4t29.1x25.5x2.6x
Wed, 01 Jan 2025₹440.0t₹167.9t₹16.4t32.4x26.9x2.6x
Fri, 29 Nov 2024₹441.0t₹167.5t₹16.3t31.7x27x2.6x
Sun, 27 Oct 2024₹435.1t₹165.8t₹16.1t31.6x27x2.6x
Tue, 24 Sep 2024₹468.4t₹163.0t₹16.0t34.3x29.3x2.9x
Thu, 22 Aug 2024₹455.3t₹162.7t₹16.0t33.7x28.5x2.8x
Sat, 20 Jul 2024₹446.3t₹160.2t₹15.8t33.5x28.2x2.8x
Mon, 17 Jun 2024₹432.9t₹160.1t₹15.8t32.2x27.4x2.7x
Wed, 15 May 2024₹397.8t₹157.8t₹15.4t31.3x25.9x2.5x
Fri, 12 Apr 2024₹397.7t₹154.9t₹14.8t31.1x26.9x2.6x
Sun, 10 Mar 2024₹388.2t₹154.8t₹14.8t30.5x26.3x2.5x
Tue, 06 Feb 2024₹377.6t₹154.2t₹14.7t32x25.7x2.4x
Thu, 04 Jan 2024₹360.8t₹152.3t₹14.2t30.1x25.5x2.4x
Sat, 02 Dec 2023₹334.1t₹152.1t₹14.1t28.2x23.7x2.2x
Mon, 30 Oct 2023₹307.1t₹152.0t₹13.6t27.5x22.5x2x
Wed, 27 Sep 2023₹319.7t₹152.2t₹13.4t27.3x23.9x2.1x
Fri, 25 Aug 2023₹310.6t₹152.3t₹13.4t26.6x23.2x2x
Sun, 23 Jul 2023₹304.3t₹150.7t₹12.6t26.4x24.2x2x
Tue, 20 Jun 2023₹289.6t₹149.9t₹12.5t25.4x23.2x1.9x
Thu, 18 May 2023₹274.4t₹148.8t₹12.4t23x22.1x1.8x
Sat, 15 Apr 2023₹263.4t₹145.0t₹12.2t21.7x21.7x1.8x
Mon, 13 Mar 2023₹260.0t₹144.9t₹12.1t21.4x21.4x1.8x
Price to Earnings Ratio

21.4x


Total Market Cap: ₹260.0tTotal Earnings: ₹12.1tTotal Revenue: ₹144.9tTotal Market Cap vs Earnings and Revenue0%0%0%
Indian Market Price to Earnings3Y Average 25.3x202420252026
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 25.3x.
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-3.41%
Healthcare-1.82%
Telecom-1.82%
Energy-1.88%
Tech-1.98%
Utilities-2.99%
Industrials-3.63%
Consumer Staples-3.70%
Materials-3.76%
Consumer Discretionary-4.03%
Financials-4.17%
Real Estate-4.84%
Sector PE
  • Investors favour the Consumer Discretionary sector the most for future growth, which is trading above its 3-year average PE ratio of 39.6x.
    • The market's confidence is likely because analysts are expecting annual earnings growth of 23.3%, 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 16% per year.
  • In contrast, the Energy sector is expected to see its earnings grow by 5.3% 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
COALINDIA Coal India₹449.403.7%
+₹105.1b		17.5%PE10xEnergy
SOLARINDS Solar Industries India₹14.67k6.7%
+₹82.9b		56.3%PE91.4xMaterials
500049 Bharat Electronics₹460.002.4%
+₹80.4b		68.6%PE56.4xIndustrials
INFY Infosys₹1.31k1.3%
+₹67.6b		-23.9%PE18xTech
NATIONALUM National Aluminium₹395.959.6%
+₹63.6b		105.4%PE11.8xMaterials
See more

Market Insights

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Latest News

HINDUNILVR
₹2,255.00
Hindustan Unilever
7D
-5.4%
1Y
1.6%
500049
₹460.00
Bharat Electronics
7D
2.4%
1Y
68.6%
ICICIBANK
₹1,357.60
ICICI Bank
7D
-3.4%
1Y
11.5%

ICICIBANK: Future GST Dispute Resolutions Will Support Bullish Case

Analysts have made a slight reduction to their fair value estimate for ICICI Bank, with the updated price target moving from about ₹1,709 to roughly ₹1,707, as small tweaks to the discount rate, revenue growth assumptions and future P/E expectations feed through their models. What's in the News Board meeting on February 26, 2026 to consider purchasing up to 2.0% additional shareholding in subsidiary ICICI Prudential Life Insurance Company Limited, ICICI Life, which would increase the bank's stake if approved (company filing).
SOLARINDS
₹14,671.00
Solar Industries India
7D
6.7%
1Y
56.3%

SOLARINDS: Defence Export Pipeline Will Support Multi Year Upside

Analysts have trimmed their fair value estimate for Solar Industries India from ₹17,167 to about ₹16,697, reflecting updated assumptions for revenue growth, profit margins, discount rate, and future P/E multiples. What's in the News Solar Industries India and its subsidiary received international export orders for defence products worth about ₹8,300 million, with execution scheduled over four years, governed by standard terms for cross border defence supplies (company client announcement).
MAZDOCK
₹2,352.50
Mazagon Dock Shipbuilders
7D
4.5%
1Y
4.9%
HDFCBANK
₹877.75
HDFC Bank
7D
-2.3%
1Y
3.8%

HDFCBANK: Future Compliance Improvements Will Support Rebound After Recent Regulatory Penalty

Analysts have made a very small downward adjustment to their HDFC Bank price target, trimming it from about ₹1,155.18 to roughly ₹1,155.05. This reflects slightly updated views on discount rates, revenue growth, profit margins and forward P/E assumptions.
INFY
₹1,305.80
Infosys
7D
1.3%
1Y
-23.9%

INFY: AI Business Mix Reset Will Support 2026 Repricing Potential

Analysts have trimmed their average Infosys price target by about ₹50, reflecting slightly higher discount rates and modestly softer assumptions for revenue growth and profit margins as AI related business mix risks are reassessed. Analyst Commentary Recent Street research around Infosys reflects a mixed setup, with some analysts recalibrating expectations lower while others are incrementally more constructive on the medium term opportunity set.
NATIONALUM
₹395.95
National Aluminium
7D
9.6%
1Y
105.4%

NATIONALUM: Steady Energy Projects And Dividends Will Support Fairly Valued Outlook

Analysts have kept their price target for National Aluminium broadly unchanged at around ₹349, reflecting only minor adjustments to assumptions on discount rate, profit margin and future P/E, rather than any change in their overall view on the stock. What's in the News NLC India and National Aluminium signed an MoU to work together on developing thermal and renewable energy projects, with the option to set up a joint venture company for future projects (company announcement).
MARUTI
₹14,415.00
Maruti Suzuki India
7D
-5.2%
1Y
23.6%

MARUTI: New Gujarat Plant Will Support Long Term Export-Led Upside

Analysts have made a small upward adjustment to their price target on Maruti Suzuki India, lifting it by about ₹7 to reflect refreshed assumptions around discount rate, revenue growth, profit margin and future P/E that remain broadly consistent with prior estimates. What's in the News Plans to set up a new manufacturing facility in Khoraj, Gujarat, with an investment of ₹3,50,000 million.
SBIN
₹1,169.50
State Bank of India
7D
-3.3%
1Y
59.8%

SBIN: New Leadership And Governance Reviews Will Shape Earnings Outlook

Analysts have lifted their price target on State Bank of India from ₹1,122.69 to ₹1,200.26, citing updated assumptions around revenue trends, profitability, and a slightly higher future P/E multiple. What's in the News Board meeting scheduled for Feb 7, 2026, at 10:00 Indian Standard Time to consider financial results for the quarter ended Dec 31, 2025; review the security cover certificate on non convertible debt securities under SEBI (LODR) regulation 54(3); and review statements of deviation or variation under regulations 32 and 52(7)/52(7A) (Key Developments).
TCS
₹2,578.80
Tata Consultancy Services
7D
-2.6%
1Y
-28.4%

TCS: AI Alliances And New US Units Will Support Future Upside

Analysts have trimmed their price target on Tata Consultancy Services by about ₹34 to reflect a slightly higher discount rate and marginally softer fair value and margin assumptions, while keeping revenue growth and future P/E expectations broadly unchanged. What's in the News QAD | Redzone entered a long term alliance with TCS to help mid market manufacturers modernize ERP and scale AI driven operations, combining QAD | Redzone's manufacturing platform with TCS's global delivery and engineering capabilities (Key Developments).
500510
₹4,032.95
Larsen & Toubro
7D
-5.9%
1Y
23.7%

500510: Major Order Wins And AI Data Centers Will Support Steady Outlook

Analysts have made a slight upward adjustment to their fair value estimate for Larsen & Toubro, lifting it from about ₹4,598.90 to ₹4,608.20. This reflects small tweaks to assumptions around discount rate, margin profile and forward P/E multiples.
500440
₹954.80
Hindalco Industries
7D
1.5%
1Y
40.0%

500440: Future Returns Will Reflect Odisha Aluminium Capex And Margin Trade Off

Analysts have lifted their price target on Hindalco Industries by about ₹39, reflecting updated assumptions that include a higher revenue growth outlook, a slightly higher discount rate, a lower profit margin and a reduced future P/E multiple. What's in the News Hindalco Industries announced a major expansion of its aluminium operations in Odisha, including a ₹210b, 3.6 million-tonne-per-annum smelter expansion at the Aditya Aluminium complex in Sambalpur.
BAJFINANCE
₹962.40
Bajaj Finance
7D
-5.0%
1Y
14.4%

BAJFINANCE: Block Deal Overhang And Rich P E Will Constrain Returns

Analysts have raised their fair value estimate for Bajaj Finance from about ₹738 to roughly ₹821, citing updated assumptions around discount rates, revenue growth, profit margins, and future P/E multiples. What's in the News Bajaj Finance has scheduled a board meeting on 3 Feb 2026 to consider and approve the unaudited standalone and consolidated financial results for the quarter and nine months ended 31 Dec 2025 (company filing).
500488
₹27,595.20
Abbott India
7D
4.8%
1Y
-11.0%
COALINDIA
₹449.40
Coal India
7D
3.7%
1Y
17.5%