The measure
Every index has its own normal P/E. FMCG companies have traded at 40 times earnings for years; public-sector companies at 10. Comparing the two says little.
So this post compares each index with itself: its P/E on 1 October 2026 against its own median since 31 March 2021, the day NSE moved its index P/Es to consolidated earnings. The universe is the 60 NSE indices that had a published P/E on that day, on 1 October 2026, and on at least 1,300 of the 1,359 sessions between.
On that measure, 47 of the 60 were below their median and 13 above. Seven were at their lowest P/E of the whole period.
The ten furthest below
| Index | Median P/E | 1 Oct 2026 | Gap | Sessions lower |
|---|---|---|---|---|
| Nifty IT | 27.45 | 17.80 | −35.2% | 5 |
| Nifty FMCG | 42.02 | 30.37 | −27.7% | 0 |
| NIFTY Alpha Quality Value Low-Volatility 30 | 21.00 | 15.48 | −26.3% | 110 |
| NIFTY100 Alpha 30 | 23.31 | 17.25 | −26.0% | 57 |
| Nifty Growth Sectors 15 | 32.78 | 24.45 | −25.4% | 0 |
| NIFTY Alpha Low-Volatility 30 | 31.43 | 23.97 | −23.7% | 324 |
| Nifty100 ESG Sector Leaders | 25.37 | 19.67 | −22.5% | 4 |
| Nifty Low Volatility 50 | 28.81 | 22.41 | −22.2% | 0 |
| Nifty Next 50 | 23.12 | 18.08 | −21.8% | 15 |
| Nifty50 Value 20 | 17.75 | 13.94 | −21.5% | 2 |
"Sessions lower" counts the days, out of 1,359, that closed below today's P/E. A zero means today is the low of the period.
For comparison, the Nifty 50 is 13.4% below its median (19.19 against 22.15) and Nifty Bank 20.2% below (12.91 against 16.17).
The ten furthest above
| Index | Median P/E | 1 Oct 2026 | Gap | Sessions lower |
|---|---|---|---|---|
| Nifty Midcap Liquid 15 | 25.86 | 40.93 | +58.3% | 1,329 |
| Nifty Smallcap 100 | 29.49 | 37.37 | +26.7% | 1,280 |
| Nifty Pharma | 33.56 | 40.70 | +21.3% | 1,313 |
| Nifty Smallcap 50 | 29.21 | 34.73 | +18.9% | 1,209 |
| Nifty Smallcap 250 | 28.85 | 34.05 | +18.0% | 1,209 |
| Nifty High Beta 50 | 20.14 | 22.53 | +11.9% | 1,024 |
| Nifty Healthcare Index | 37.49 | 41.91 | +11.8% | 1,190 |
| Nifty PSE | 9.81 | 10.37 | +5.7% | 748 |
| Nifty Energy | 13.72 | 14.41 | +5.0% | 765 |
| Nifty CPSE | 11.30 | 11.81 | +4.5% | 710 |
The Healthcare Index has 1,356 sessions in the window rather than 1,359.
What put them there
A P/E moves when the price moves or when the earnings do. Splitting the year to 1 October 2026 into the two shows two different stories.
| Index | Price, 1 year | Earnings, 1 year | P/E then | P/E now |
|---|---|---|---|---|
| Nifty IT | −16.5% | +14.8% | 24.47 | 17.80 |
| Nifty FMCG | −20.5% | +6.6% | 40.74 | 30.37 |
| Nifty Pharma | +21.1% | −0.4% | 33.50 | 40.70 |
| Nifty Smallcap 100 | +7.3% | −11.9% | 30.66 | 37.37 |
"Earnings" here is the price divided by the P/E: the profit behind one unit of the index.
The cheap end got there by falling prices on rising profits. IT and FMCG companies earned more than a year ago, and their shares fell anyway. Nifty FMCG's 30.37 is its lowest P/E since March 2021; Nifty IT's low of the period, 16.91, came on 1 July 2026.
The dear end got there by rising prices on flat or falling profits. Pharma rose 21.1% with earnings unchanged, and touched its highest P/E of the period, 43.01, on 3 August 2026. Small caps rose while their earnings fell. The Smallcap 250 post takes that apart.
What this does not tell you
Below its own median is not the same as cheap. FMCG at 30.37 still costs more than half as much again as the Nifty 50 on earnings. The PSE, CPSE and Energy indices sit above their own medians at P/Es between 10 and 15.
Small baskets swing. The Midcap Liquid 15 holds 15 stocks, and one company's earnings can move the whole index. Its P/E reached 47.98 on 17 April 2026; its low of the period was 16.84.
Five and a half years is one cycle, not a law. A median from 2021 to 2026 reflects that period's interest rates and earnings, and nothing guarantees an index returns to it. Earnings that fell can keep falling.
These are indices, not funds. A sector fund holds its own selection and weights.
Where to go from here
Every index here has its own page under the NSE index P/E hub, with daily history and percentile bands, including Nifty IT and Nifty Pharma.
For the banks, where book value matters more than earnings, see Nifty Bank's P/B. The guide to sectoral and thematic funds covers what concentrated exposure costs in risk.
Frequently asked questions
Which NSE index is cheapest against its own history?
On 1 October 2026, Nifty IT, at a P/E of 17.80 against a median of 27.45 since 31 March 2021, 35.2% below. Nifty FMCG was next, at 30.37 against 42.02, and that was its lowest P/E of the whole period.
Which NSE index is most expensive against its own history?
The Nifty Midcap Liquid 15, a 15-stock index, at 40.93 against a median of 25.86, 58.3% above. Among broader indices, the Nifty Smallcap 100 was 26.7% above its median and Nifty Pharma 21.3% above.
How many NSE indices are below their median P/E?
Of the 60 NSE indices with a published P/E on 31 March 2021, on 1 October 2026 and on at least 1,300 sessions in between, 47 were below their own median and 13 above. Seven were at their lowest P/E of the whole period.
This is commentary on published data, not investment advice. WealthTicker is not a SEBI-registered adviser or distributor. Figures are as of the dates stated and can be revised by their source.
Keep reading
Nifty 50 P/E at 19.2: where it stands against history
The Nifty 50's P/E closed at 19.19 on 1 October 2026, lower than on all but four days since NSE changed how it calculates the ratio in 2021. What that means.
Nifty Bank P/B at 1.64, near its lowest since 2020
Nifty Bank closed at a price-to-book of 1.64 on 1 October 2026. Since 2021 only two days were lower, and since 2003 only 5.4% of days. Why P/B matters here.
Nifty dividend yield at 1.23%, and the payout behind it
The Nifty 50 yielded 1.23% on 1 October 2026, below its 1.30% median since 1999, though its P/E is low. The dividends behind the index fell 17% in a year.