Nifty Energy P/E at 14.9; Oil & Gas near a five-year low

Two energy indices, two readings

Nifty Energy closed at 39,908.40 on Wednesday, 24 June 2026, at a price-to-earnings ratio of 14.86. Its price-to-book ratio was 2.42 and its dividend yield 1.87%.

The narrower Nifty Oil & Gas closed at 11,241.60 the same day, at a P/E of 8.82, a P/B of 1.52 and a yield of 2.49%.

Both sets of figures are NSE's published end-of-day ratios, charted on the Nifty Energy and Nifty Oil & Gas valuation pages.

Against their own history

The comparisons start on 31 March 2021, when NSE moved its index P/Es to consolidated earnings. That day Energy's P/E went from 17.71 to 15.68 and Oil & Gas's from 19.73 to 17.26. Both have 1,290 sessions since.

Energy is above its middle on both measures, around the 66th percentile on P/E and the 70th on P/B. Its highest P/E of the period, 16.89, came only two months ago, on 28 April 2026.

Oil & Gas is near its low. Its P/E sits around the 13th percentile and its P/B around the 7th. Its lowest P/E of the period, 6.87, came on 21 November 2023; most of the sessions below today's level were in 2022 and 2023.

The prices went separate ways

So far in 2026, Energy is up 13.0%. Oil & Gas is down 8.1%, the same as the Nifty 50's 8.1% fall.

Most of Energy's gain came in one month: from 30 March to 30 April it rose 17.0%. That lifted its P/E to the April peak. Since then the price has drifted 2.6% lower from 28 April while the earnings behind the index, the price divided by the P/E, rose about 10.7%, with steps of 5.0% on 12 May and 2.1% on 1 June. That pulled the P/E back from 16.89 to 14.86.

Energy is still 11.2% below its peak close of 44,954.45 on 1 August 2024. Oil & Gas is 16.7% below its own, 13,486.55 on 2 September 2024.

Oil & Gas: profits up by half

Over the year from 24 June 2025:

Earnings and book are worked out from the published ratios, as price divided by P/E and by P/B.

The earnings behind Oil & Gas rose in almost every month of the year, from about 831 index points at the end of May 2025 to 1,275 now. The price ended close to where it began. So nearly all of the fall in its P/E, from 13.78 to 8.82, is rising profit.

Energy's earnings grew too, by about a quarter, but its price rose by more than a tenth, so its P/E fell less.

The yields

Energy's dividend yield of 1.87% is low for it: 1,223 of 1,290 sessions since March 2021 yielded more, and the median is 2.64%. The dividends behind the index, the price times the yield, fell about 18% on a single day, 9 February 2026, and have only partly come back.

Oil & Gas yields 2.49%, a little under its median of 2.70%. Both yield more than the Nifty 50's 1.37%.

What this does not tell you

Energy earnings swing. A P/E of 8.82 on earnings that rose 53% in a year would look very different if those earnings fell back. In a cyclical sector a low P/E can come at a profit peak.

The two indices overlap. Energy is the broader index, and the gap between them comes from the companies Oil & Gas leaves out. The published ratios do not show which ones.

The ratios step when data updates. Some of the moves in earnings and dividends happen on single days, and some may be changes in the index's members.

These are indices, not funds. Energy and infrastructure funds hold their own mix and weights.

Where to go from here

Earlier this month our Nifty Metal post found earnings keeping pace with a rising price, and the Nifty 50 P/E post for June covers the market as a whole. The guide on infrastructure and PSU funds covers a related fund theme, and how to read an index P/E ratio covers the measure.