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Indian (NIFTY) Market Analysis & Valuation

UpdatedSep 28, 2025
DataAggregated Company Financials
Companies4775
  • 7D-3.4%
  • 3M-3.1%
  • 1Y-9.5%
  • YTD-0.8%

Over the last 7 days, the market has dropped 3.4%, driven by pullbacks in every sector, especially the Information Technology sector. The market has dropped 9.5% in the last 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 Sep 2025₹449.8t₹178.7t₹17.6t27.5x25.5x2.5x
Wed, 27 Aug 2025₹448.6t₹177.8t₹17.6t27.7x25.5x2.5x
Fri, 25 Jul 2025₹456.1t₹174.3t₹17.4t29.7x26.2x2.6x
Sun, 22 Jun 2025₹446.1t₹173.3t₹17.1t29x26x2.6x
Tue, 20 May 2025₹439.8t₹171.4t₹17.0t27.6x25.9x2.6x
Thu, 17 Apr 2025₹410.4t₹169.0t₹16.8t26.4x24.5x2.4x
Sat, 15 Mar 2025₹387.1t₹169.0t₹16.8t24.8x23.1x2.3x
Mon, 10 Feb 2025₹418.8t₹164.0t₹16.6t29.3x25.2x2.6x
Wed, 08 Jan 2025₹439.7t₹167.9t₹16.4t32.3x26.9x2.6x
Fri, 06 Dec 2024₹457.4t₹167.6t₹16.4t32.6x28x2.7x
Sun, 03 Nov 2024₹446.2t₹166.4t₹16.1t33.3x27.7x2.7x
Tue, 01 Oct 2024₹470.8t₹163.0t₹16.0t34.3x29.4x2.9x
Thu, 29 Aug 2024₹459.0t₹162.8t₹16.0t34.6x28.7x2.8x
Sat, 27 Jul 2024₹454.8t₹161.6t₹15.9t34.5x28.7x2.8x
Mon, 24 Jun 2024₹432.6t₹160.1t₹15.8t32.4x27.4x2.7x
Wed, 22 May 2024₹410.8t₹163.3t₹16.4t31.3x25.1x2.5x
Fri, 19 Apr 2024₹388.5t₹155.2t₹14.8t30.8x26.2x2.5x
Sun, 17 Mar 2024₹374.1t₹154.8t₹14.8t28.5x25.3x2.4x
Tue, 13 Feb 2024₹374.0t₹154.7t₹14.7t31.3x25.4x2.4x
Thu, 11 Jan 2024₹364.4t₹152.4t₹14.2t31.3x25.7x2.4x
Sat, 09 Dec 2023₹345.5t₹152.2t₹14.1t28.7x24.4x2.3x
Mon, 06 Nov 2023₹311.7t₹152.2t₹13.9t27.7x22.4x2x
Wed, 04 Oct 2023₹320.4t₹152.3t₹13.4t27.8x23.9x2.1x
Fri, 01 Sep 2023₹311.1t₹152.3t₹13.4t27.3x23.2x2x
Sun, 30 Jul 2023₹306.2t₹151.5t₹12.9t26.6x23.7x2x
Tue, 27 Jun 2023₹287.9t₹149.9t₹12.5t25.2x23x1.9x
Thu, 25 May 2023₹276.9t₹149.9t₹12.6t23x22x1.8x
Sat, 22 Apr 2023₹262.4t₹145.1t₹12.2t22x21.5x1.8x
Mon, 20 Mar 2023₹253.9t₹144.6t₹12.2t20.7x20.9x1.8x
Wed, 15 Feb 2023₹263.1t₹144.1t₹12.2t21.6x21.6x1.8x
Fri, 13 Jan 2023₹277.6t₹139.4t₹11.9t23x23.3x2x
Sun, 11 Dec 2022₹285.3t₹139.1t₹11.9t23x24x2.1x
Tue, 08 Nov 2022₹278.4t₹135.8t₹11.8t22.1x23.5x2x
Thu, 06 Oct 2022₹267.3t₹131.2t₹11.9t21.9x22.5x2x
Price to Earnings Ratio

22.5x


Total Market Cap: ₹267.3tTotal Earnings: ₹11.9tTotal Revenue: ₹131.2tTotal Market Cap vs Earnings and Revenue0%0%0%
Indian Market Price to Earnings3Y Average 24.9x202320242025
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 24.9x.
Past Earnings Growth
  • The earnings for Indian listed companies have grown 14% per year over the last three years.
  • Revenues for these companies have grown 11% 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-3.36%
Utilities-1.32%
Energy-1.60%
Financials-2.53%
Telecom-2.69%
Consumer Staples-3.16%
Materials-3.18%
Industrials-3.21%
Consumer Discretionary-3.82%
Real Estate-4.45%
Healthcare-4.76%
Tech-6.97%
Sector PE
  • Investors favour the Consumer Staples sector the most for future growth, which is trading close to its 3-year average PE ratio of 48.4x.
    • The market's confidence is likely because analysts are expecting annual earnings growth of 13.7%, which is higher than its past year's earnings growth of 10.6% per year.
  • The Energy sector is the least preferred by investors for future growth, which is trading close to its 3-year average of 13.6x.
Forecasted Growth
  • Analysts are most optimistic on the Real Estate sector, expecting annual earnings growth of 28% over the next 5 years.
  • This is better than its past earnings growth rate of 12% per year.
  • In contrast, the Energy sector is expected to see its earnings grow by 8.6% 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
MARUTI Maruti Suzuki India₹16.29k2.7%
+₹132.7b		20.7%PE35.2xConsumer Discretionary
ADANIPOWER Adani Power₹146.253.1%
+₹84.3b		11.8%PE23.6xUtilities
500510 Larsen & Toubro₹3.73k1.5%
+₹76.0b		0.7%PE33.3xIndustrials
501301 Tata Investment₹8.66k18.1%
+₹67.1b		26.5%PE133.9xFinancials
532215 Axis Bank₹1.15k1.6%
+₹55.3b		-9.3%PB1.8xFinancials
See more

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500510
₹3,731.10
Larsen & Toubro
7D
1.5%
1Y
0.7%
ADANIPOWER
₹146.25
Adani Power
7D
3.1%
1Y
11.8%

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M&M
₹3,396.50
Mahindra & Mahindra
7D
-5.4%
1Y
6.7%
PFOCUS
₹183.41
Prime Focus
7D
-0.3%
1Y
25.2%
HDFCBANK
₹945.05
HDFC Bank
7D
-2.3%
1Y
7.8%
ICICIBANK
₹1,359.60
ICICI Bank
7D
-3.0%
1Y
4.1%
TCS
₹2,899.10
Tata Consultancy Services
7D
-8.5%
1Y
-32.7%
MARUTI
₹16,286.00
Maruti Suzuki India
7D
2.7%
1Y
20.7%

Global Exports And Diversified Models Will Shape Future Markets

The upward revision in Maruti Suzuki India’s price target reflects a lower discount rate and a modest increase in future P/E, resulting in a new consensus target of ₹15,092. What's in the News Maruti Suzuki launched the VICTORIS SUV, featuring hyperconnected technology, strong hybrid, ALLGRIP 4x4, and S-CNG powertrains; bookings have commenced.
INFY
₹1,448.90
Infosys
7D
-5.9%
1Y
-24.0%
539533
₹214.55
Elitecon International
7D
15.4%
1Y
7,063.6%
532215
₹1,153.75
Axis Bank
7D
1.6%
1Y
-9.3%

Digital Adoption And Expanding Rural Banking Will Fuel Future Success

With both the discount rate and future P/E estimates essentially unchanged, Axis Bank’s consensus analyst price target remains stable at ₹1329. What's in the News Board meeting scheduled to consider appointment of a whole time director and changes in senior management.
MUTHOOTFIN
₹3,020.30
Muthoot Finance
7D
2.9%
1Y
46.8%

Government Reforms And Digital Upgrades Will Transform Credit Ecosystem

With both the discount rate and Future P/E multiple remaining virtually flat, consensus analyst fair value for Muthoot Finance is unchanged at ₹2735. What's in the News Approved alteration of Articles of Association.
RELIANCE
₹1,377.60
Reliance Industries
7D
-2.1%
1Y
-9.7%

Digital, Retail, And Green Energy Trends Will Power India

With both the Future P/E ratio and revenue growth forecasts holding steady, analysts have maintained Reliance Industries' consensus fair value at ₹1640. What's in the News Board approved formation of new AI-focused subsidiary, Reliance Intelligence Limited, and a joint venture with Meta to deliver enterprise AI solutions in India, with Meta and Reliance investing INR 855 million (70/30 split).
532454
₹1,916.70
Bharti Airtel
7D
-2.3%
1Y
10.5%

Smartphone Adoption And Broadband Rollout Will Unlock Future Upside

With consensus forecasts for both revenue growth (13.2% p.a.) and net profit margin (18.31%) remaining steady, analysts see no material change to Bharti Airtel’s outlook, leaving the fair value unchanged at ₹2087. What's in the News Approved dividend of INR 16 per fully paid-up share and INR 4 per partly paid-up share for FY25.
501301
₹8,662.30
Tata Investment
7D
18.1%
1Y
26.5%
507685
₹235.65
Wipro
7D
-8.0%
1Y
-13.0%