Nifty Consumer Durables P/E at 59.1: earnings caught up

The reading

Nifty Consumer Durables closed at 36,750.10 on Tuesday, 6 October 2026, at a price-to-earnings ratio of 59.05. Its price-to-book ratio was 9.47 and its dividend yield 0.41%.

These are NSE's published end-of-day ratios, and the daily history is on the Nifty Consumer Durables valuation page. Even after the fall described below, it was the ninth-highest P/E of the 144 NSE indices with one published that day, about three times the Nifty 50's.

Low against its own record

The comparisons start on 31 March 2021, when NSE moved its index P/Es to consolidated earnings. That leaves 1,363 sessions to 6 October.

On P/E the index is at about the 18th percentile. The highest P/E of the period, 93.75, came on 23 September 2024, the same day as its record close. The lowest, 52.42, came on 23 March 2026, at the bottom of this year's fall. On P/B the range runs from 15.93 on 18 October 2021 to 8.34 on 31 March 2023.

Earnings caught up with the price

Dividing the index by its P/E and by its P/B gives a rough earnings and book figure per index unit:

Since the September 2024 record, the index has fallen 17.0% while the earnings figure has risen 31.7%. That combination, not a collapse in prices alone, is what took the P/E from 93.75 to 59.05. Over the past year the price is down 2.8% and earnings up 13.3%; in 2026 the price is flat and earnings are up 3.7%.

September's P/B drop was mostly book

The P/B fell from 12.46 on 31 August to 9.44 on 30 September. The index fell 9.4% over that month, but most of the drop came from the other side of the ratio: book per index unit rose 19.6%, in steps between 8 and 30 September, as new annual figures were taken in. The earnings figure barely moved over the same weeks, up 1.4%.

So the P/B, which had been near its median as recently as August, is now lower than on all but 47 sessions since 2021, largely because of a once-a-year accounting update.

Not cheap against the market

The index ends the period where it began the year, against a 12.8% fall for the Nifty 50. It rose 23.9% from the March low to the August high, then gave back 10.0% in six weeks.

Its premium over the broad market is ordinary. Since 2021 its P/E has ranged from 2.51 to 4.09 times the Nifty 50's, with a median of 2.96. On 6 October it was 3.03 times; 808 of 1,363 sessions had a lower multiple.

That premium did shrink after the 2024 peak, from 3.89 times on 23 September 2024 to 2.69 times at the end of 2025. It has widened again this year, because the Nifty 50's P/E fell from 22.75 to 19.49 while this index's barely moved, from 61.25 to 59.05.

The yield

The 0.41% dividend yield is a touch above its 0.39% median; 500 of 1,363 sessions yielded more. It is a third of the Nifty 50's 1.21%. Multiplying the yield by the P/E gives a payout of about 24% of earnings, and at 59 times earnings that is a small share of the price.

What this does not tell you

A high multiple moves a long way on small changes. At a P/E near 60, a few percent more or less earnings shifts the ratio by several points, so single readings say little on their own.

The ratios step when data updates. Earnings arrive quarterly and book mostly once a year, as September showed. The published numbers cannot separate company results from changes in the index's members.

This is an index, not a fund. Consumption funds hold durables alongside staples and services. The Nifty FMCG post covers the staples side, and the guide to sectoral and thematic funds explains how those funds are built.

Where to go from here

The guide to reading an index P/E explains the measure, and is the market expensive? puts index valuations in context. For the market as a whole, see the Nifty 50 P/E post for October.