2.84 times book
On 16 October 2026 NSE's data put the Nifty 50 at 2.84 times book value, with a P/E of 19.77 and a dividend yield of 1.49%, at an index level of 23,146. That is the lowest price-to-book reading since 17 June 2020, when it was 2.81 in the middle of the pandemic recovery.
The index's daily history on WealthTicker goes back to 1 January 1999. Of the 6,888 days in it, 809 (11.7%) had a price-to-book below today's. Our Nifty 50 P/E post for October covers the earnings-based view of the same day.
The 2026 range
| Reading | Date | P/B | P/E | Nifty 50 |
|---|---|---|---|---|
| 2026 high | 2 Jan 2026 | 3.58 | 22.92 | 26,329 |
| 2026 low | 8 Oct 2026 | 2.73 | 19.02 | 22,232 |
| Latest | 16 Oct 2026 | 2.84 | 19.77 | 23,146 |
The ratio fell from 3.58 on the first trading day of the year to 2.73 on 8 October, a drop of about 24%, and has recovered a little since. Twenty-three trading days this year have closed below 2.84, and all of them fall between 9 September and 15 October.
How far back you have to go
| Look-back | Date | P/B | P/E |
|---|---|---|---|
| One year ago | 16 Oct 2025 | 3.50 | 22.70 |
| Five years ago | 14 Oct 2021 | 4.59 | 28.02 |
| Ten years ago | 14 Oct 2016 | 3.25 | 22.98 |
| Twenty years ago | 16 Oct 2006 | 4.81 | 21.64 |
Against its own last ten years the index looks cheap: of 2,472 trading days since October 2016, only 79 (3.2%) had a lower price-to-book, almost all of them in 2020. The median over that period is 3.62. Against the full 28 years, with the long stretch of low ratios in the early 2000s included, the share of lower days is the 11.7% above.
Yearly averages since 1999
| Year | Average P/B | Year | Average P/B |
|---|---|---|---|
| 2001 | 3.02 | 2018 | 3.56 |
| 2003 | 2.67 | 2020 | 3.17 |
| 2007 | 5.40 | 2021 | 4.29 |
| 2008 | 4.24 | 2023 | 4.13 |
| 2012 | 3.00 | 2025 | 3.49 |
| 2013 | 3.00 | 2026 so far | 3.16 |
The all-time high was 6.55 on 8 January 2008, and the low 1.92 on 21 September 2001. The 2026 average of 3.16 is the lowest yearly average since 2013, but it sits well above the early-2000s years, when the yearly average was 2.72 in 2002 and 2.67 in 2003.
What the ratio does and does not capture
Banks dominate book value. Financial companies are a large slice of the Nifty 50, and for a bank the balance sheet is the business, so price-to-book is a natural measure there. For an IT company with little capital employed it says very little. The index-level figure is a blend of both, which is why it is read alongside P/E and dividend yield. Our guide to P/E, P/B and ROE explains what each one leaves out.
The ratio can fall without prices falling. Book value grows as companies retain profits. If the index stays flat for a year, price-to-book drifts lower on its own.
Low readings have lasted. The index was below 2.84 on 56 days in 2020 and about 34 in 2013, and in 2001 and 2008 it went far lower before turning. A reading is a description of one day, not a timetable.
Reading it as an investor
- Valuation ratios help set expectations, not entry dates. A SIP runs through high and low readings alike; our five-year SIP study across every start month since 1999 shows how start valuations and outcomes lined up.
- Use more than one ratio. On 16 October the P/E (19.77) is also below its 2026 average of 20.8, while the dividend yield (1.49%) is above the 2026 average of 1.27%.
- This is a statement about where the index stood, not a forecast and not a recommendation to buy or sell.
Source: NSE index valuation data (price-to-book, P/E, dividend yield) for the Nifty 50, 1 January 1999 to 16 October 2026, as held on WealthTicker.
Frequently asked questions
What is the Nifty 50 price-to-book ratio?
It is the index's market value divided by the book value (net assets on the balance sheet) of its companies, as published by NSE. On 16 October 2026 it stood at 2.84, with a P/E of 19.77 and a dividend yield of 1.49%.
Is a low price-to-book ratio a buy signal?
No. The ratio describes how the market prices each rupee of book value on a date. The index has also been cheaper on this measure and stayed there for months, as in 2001 and 2008, so it says nothing about what comes next.
Why does price-to-book matter less than P/E for the Nifty 50?
Banks and financial companies hold a large weight in the index, and book value is the usual yardstick for them. For software and consumer companies, which earn a lot on little book value, earnings-based ratios describe the price better.
This is commentary on published data, not investment advice. WealthTicker is not a SEBI-registered adviser or distributor. Figures are WealthTicker’s own calculations from public data — AMFI’s fund NAVs and disclosures, NSE’s index and FII/DII files, and the fund houses’ monthly portfolios (how we calculate). They are as of the dates stated and can be revised by their source.
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