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Indian (NIFTY) Market Analysis & Valuation

UpdatedMar 13, 2026
DataAggregated Company Financials
Companies4971
  • 7D-2.8%
  • 3M-7.1%
  • 1Y7.4%
  • YTD-8.0%

Over the last 7 days, the market has dropped 2.8%, driven by a pullback of 4.9% in the Financials sector. In contrast, the Utilities sector has actually gained 3.6%. In the last year, the market is actually up 7.4%. 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, 13 Mar 2026₹439.7t₹191.1t₹18.7t21.6x23.5x2.3x
Sun, 08 Feb 2026₹467.0t₹188.2t₹18.8t23.5x24.8x2.5x
Tue, 06 Jan 2026₹480.2t₹184.3t₹18.2t25.6x26.3x2.6x
Thu, 04 Dec 2025₹468.5t₹184.0t₹18.2t25.9x25.7x2.5x
Sat, 01 Nov 2025₹469.6t₹180.2t₹18.0t28x26.1x2.6x
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
Price to Earnings Ratio

20.9x


Total Market Cap: ₹253.9tTotal Earnings: ₹12.2tTotal Revenue: ₹144.6tTotal 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-2.82%
Utilities3.56%
Healthcare0.31%
Energy-0.84%
Tech-1.78%
Materials-1.94%
Industrials-2.15%
Consumer Staples-2.84%
Real Estate-3.62%
Telecom-4.61%
Financials-4.87%
Consumer Discretionary-5.21%
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 13.1% 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 5.7% 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
ADANIPOWER Adani Power₹149.116.4%
+₹173.6b		45.6%PE26.2xUtilities
COALINDIA Coal India₹470.104.6%
+₹136.9b		24.3%PE10.4xEnergy
ATGL Adani Total Gas₹607.6025.7%
+₹136.5b		0.5%PE104.1xUtilities
NTPC NTPC₹390.553.3%
+₹121.2b		17.7%PE15.7xUtilities
FACT Fertilisers and Chemicals Travancore₹845.1024.6%
+₹108.1b		41.1%PE1955.7xMaterials
See more

Market Insights

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Why international stocks are starting to outpace the U.S.
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Stella Ong
From Europe to Asia, global markets surged in 2025 while U.S. earnings growth became more concentrated. Early signs suggest this might continue.
Continue reading
What the next 25 years will look like 🔮

Latest News

MARUTI
₹12,591.00
Maruti Suzuki India
7D
-11.1%
1Y
9.4%

MARUTI: New Gujarat Facility Will Support Long Term Export-Focused Upside

Analysts have trimmed their price target on Maruti Suzuki India by ₹65 to ₹17,484, reflecting slightly higher assumed discount rates and valuation multiples that remain broadly consistent with earlier expectations. What's in the News Maruti Suzuki plans a new manufacturing facility in Khoraj, Gujarat, with an investment of ₹3,50,000 million, a targeted annual capacity of 1 million vehicles and around 12,000 potential jobs on 1,750 acres allotted by GIDC, positioned as part of the "Make in India, Made for the World" push (Key Developments).
FACT
₹851.50
Fertilisers and Chemicals Travancore
7D
25.1%
1Y
42.2%
SBIN
₹1,047.00
State Bank of India
7D
-8.4%
1Y
43.8%

SBIN: New Leadership And Upcoming Governance Reviews Will Guide Balanced Outlook

The analyst price target for State Bank of India has been adjusted slightly higher from ₹1,200.26 to ₹1,207.82 as analysts refine their assumptions regarding the discount rate, revenue growth, profit margin and future P/E. What's in the News Board meeting scheduled for Feb 07, 2026 at 10:00 IST 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).
M&M
₹2,931.10
Mahindra & Mahindra
7D
-12.0%
1Y
10.9%

M&M: New Maharashtra Mega Facility Will Define Next Phase Of Upside Potential

Analysts have adjusted their price target on Mahindra & Mahindra slightly lower, from ₹4,320.29 to ₹4,314.29, reflecting updated assumptions around the discount rate, revenue growth, profit margins, and future P/E expectations. What's in the News Mahindra Group plans to set up its largest integrated automobile and tractor manufacturing facility in Nagpur, Maharashtra, across 1,500 acres, with a 150 acre supplier park in Sambhajinagar and a planned capacity of over 5 million vehicles and 1 million tractors annually, supported by a ₹15,000 million investment over 10 years in Maharashtra (Key Developments).
TCS
₹2,410.50
Tata Consultancy Services
7D
-5.8%
1Y
-31.3%

TCS: AI Partnerships And New Outsourcing Wins Will Support Future Upside

Analysts now see slightly less upside for Tata Consultancy Services, trimming their price target from ₹3,583.72 to ₹3,497.86. They are factoring in a marginally higher discount rate and a modestly lower future P/E, while keeping revenue growth and profit margin expectations broadly steady.
500510
₹3,440.95
Larsen & Toubro
7D
-12.9%
1Y
7.9%

500510: New Infrastructure And AI Factory Orders Will Support Future Upside

Analysts have nudged their price target for Larsen & Toubro slightly lower from ₹4,608.20 to about ₹4,604.00, reflecting updated assumptions on discount rate, revenue growth, profit margin and future P/E. Taken together, these updates point to only a marginal recalibration of their valuation framework.
500400
₹394.95
Tata Power
7D
5.2%
1Y
12.6%

500400: Expanding High Voltage Transmission Network Will Support Long Term Upside Potential

Analysts maintained their fair value estimate for Tata Power at ₹510, citing only minor adjustments to projected revenue growth, profit margins and future P/E that were not significant enough to change their overall view. What's in the News The University of Warwick signed an MoU with Tata Power to work on grid modernization, fast charging, power storage, industrial decarbonisation, digital energy systems and advanced manufacturing, alongside joint research, executive education and talent development initiatives (Key Developments).
533148
₹512.75
JSW Energy
7D
5.0%
1Y
-0.2%

533148: Fair Outlook Will Weigh Preferential Issue And Private Placement Warrants

Analysts have trimmed their price target on JSW Energy from ₹486 to ₹450, citing updated assumptions for revenue growth, profit margins, and a higher future P/E multiple. What's in the News Board meeting on January 21, 2026 to consider and approve allotment of equity shares and warrants on a preferential basis, along with other matters.
500002
₹6,394.60
ABB India
7D
5.4%
1Y
24.9%

500002: Metro Contracts And Restructuring Will Balance Margin Risks And Premium Valuation

Analysts have lifted their price target on ABB India from about ₹5,275 to roughly ₹5,864, citing adjustments to revenue growth, profit margin assumptions, and a lower forward P/E multiple in their models. What's in the News Board meeting on February 19, 2026 to consider audited financial results for the quarter and year ended December 31, 2025, a final dividend of ₹29.59 per share, AGM notice for May 9, 2026, and related book-closure dates (Board Meeting).
ADANIPOWER
₹146.57
Adani Power
7D
5.5%
1Y
43.1%

ADANIPOWER: Upcoming Results And Assam Expansion Will Support Long Term Upside

Analysts have kept their fair value estimate for Adani Power steady at ₹182.17, with only small tweaks to inputs like discount rate, revenue growth and future P/E assumptions driving this unchanged price target. What's in the News A board meeting is scheduled for January 29, 2026 to consider and approve the unaudited financial results for the quarter and nine months ended December 31, 2025, which may provide fresh clarity on recent business trends (company filing).
BAJFINANCE
₹855.05
Bajaj Finance
7D
-10.0%
1Y
1.5%

BAJFINANCE: Elevated P E And Higher Discount Rate Will Constrain Returns

Bajaj Finance's analyst fair value estimate has been revised slightly higher from ₹821.28 to ₹835.51, with analysts citing updated assumptions around discount rate, revenue growth, profit margin, and future P/E as the main drivers of the change. What's in the News Bajaj Finance has scheduled a Board Meeting for Feb 3, 2026 to consider and approve the unaudited standalone and consolidated financial results for the quarter and nine months ended Dec 31, 2025 (Key Developments).
ICICIBANK
₹1,254.80
ICICI Bank
7D
-4.5%
1Y
0.4%

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).
HDFCBANK
₹817.00
HDFC Bank
7D
-4.7%
1Y
-4.3%

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.
COALINDIA
₹467.00
Coal India
7D
6.0%
1Y
23.4%
NTPCGREEN
₹98.15
NTPC Green Energy
7D
11.6%
1Y
2.0%
ATGL
₹565.90
Adani Total Gas
7D
17.2%
1Y
-6.4%