Nifty EV index P/E at 39.2, and half of it is Nifty Auto

The number

Nifty EV & New Age Automotive closed at 2,928.35 on Friday, 9 October 2026, at a price-to-earnings ratio of 39.21. Its price-to-book ratio was 4.20; its dividend yield as of 8 October was 0.87%. The same day Nifty Auto closed at a P/E of 28.89.

These are NSE's end-of-day figures, charted on the EV & New Age Automotive valuation page. When our May Nifty Auto post last looked at this index, its P/E was 40.97.

Two years of history, and where today sits

The daily series starts on 30 May 2024, 586 sessions. One isolated earlier reading, from 12 April 2023, is why the page's history says 2023; the table uses the daily run.

Since 30 May 2024	P/E	P/B	Dividend yield
9 Oct 2026 (yield 8 Oct)	39.21	4.20	0.87%
Lowest	25.95	4.17	0.64%
Median	34.32	4.89	0.85%
Highest	44.73	6.94	1.11%

P/E: 478 of 586 sessions closed lower, about the 82nd percentile. The low came on 7 April 2025, the high on 18 August 2026.
P/B: only one session closed lower, 4.17 on 8 October. The high, 6.94, was on 18 June 2024.
Dividend yield: close to its median.

That is the same split our October Nifty Auto post found for the bigger index: dear on earnings, cheap on book.

Earnings slipped in steps

	Close	P/E	Earnings (index pts)
27 Sep 2024 (record close)	3,530.94	37.30	94.7
9 Oct 2025	3,095.75	32.52	95.2
31 Dec 2025	3,150.10	36.74	85.7
30 Mar 2026	2,631.45	33.43	78.7
18 Aug 2026	3,388.30	44.73	75.7
9 Oct 2026	2,928.35	39.21	74.7

Earnings are the close divided by the P/E: the profit behind one unit of the index.

Over the year the price fell 5.4%, the P/E rose 20.6% and the earnings behind the index fell 21.5%. The decline came in four steps of 5% to 10%, on 20 November 2025, 31 December 2025, 9 February 2026 and 6 May 2026.

The price meanwhile ran up 28.8% from the 30 March low to 18 August, which is how the P/E reached its record 44.73. Since then the index has fallen 13.6%. It is 17.1% below its record close, and down 7.0% in 2026, against 11.8% for Nifty Auto and 13.8% for the Nifty 50.

Next to Nifty Auto

9 Oct 2026	P/E	P/B	Dividend yield	1-year price	Earnings, 1 year
EV & New Age Automotive	39.21	4.20	0.87%	−5.4%	−21.5%
Nifty Auto	28.89	3.88	1.19%	−6.5%	−10.8%
Nifty 50	19.27	2.77	1.24%	−10.6%

Dividend yields are 8 October's. Price changes exclude dividends.

The EV index costs 1.36 times Nifty Auto per rupee of earnings. Since May 2024 that ratio has ranged from 1.11 to 1.50, with a median of 1.32, and 229 of 586 sessions showed a higher one. So the premium over Nifty Auto is about normal.

Against the Nifty 50 it is not. The EV index's P/E is 2.03 times the Nifty 50's, against a median of 1.52; only 73 of 587 sessions on the page showed a higher multiple. Nifty Auto's is 1.50. Both indices fell less than the Nifty 50 this year, so both look dearer next to it.

Half of it is Nifty Auto

The Groww Nifty EV & New Age Automotive ETF held 37 companies on 30 September 2026. The ICICI Prudential Nifty Auto Index Fund held Nifty Auto's 15. All 15 were inside the EV basket, at 51.4% of its weight, led by Maruti Suzuki 8.1% and Mahindra & Mahindra 8.0%.

The other half is the supply chain and its adjacent businesses: Sona BLW, Bosch, Uno Minda, Exide and Amara Raja in components and batteries; Reliance, CG Power and KEI; chemical makers Gujarat Fluorochemicals, Himadri and Tata Chemicals; and engineering-software firms KPIT, Tata Elxsi and Tata Technologies.

The listed pure EV makers are a sliver: Ather Energy 0.88%, Ola Electric 0.27% and Olectra Greentech 0.15%, 1.3% between them. Since Nifty Auto's earnings fell 10.8% over the year and the EV index's 21.5%, the non-Auto half did worse, though the published ratios cannot say by exactly how much.

Funds that track it include the Groww EV ETF FOF, −5.26% over the year, and the ICICI Prudential EV ETF FOF, −5.40%; both sit under domestic fund of funds. Our auto stocks in mutual fund portfolios post shows how much of the wider industry's money these companies already take.

What this does not tell you

The name oversells the theme. An investor buying "EV" gets mostly conventional carmakers and their suppliers, which is why its ratios move with Nifty Auto.

The history is under two and a half years. The median of 34.32 comes from a short run that began near the 2024 high.

Earnings are derived and baskets change. The figure is the close divided by NSE's P/E, so a rebalancing can move it as much as a weak quarter. How to read an index P/E ratio explains the arithmetic and the P/E ratio entry defines the term.

None of this is a recommendation. For the risks of single-theme funds, read sectoral and thematic funds. NSE's index factsheets are at niftyindices.com.

Frequently asked questions

What is the P/E ratio of the Nifty EV & New Age Automotive index?

It closed at a P/E of 39.21 on 9 October 2026, with the index at 2,928.35. Its price-to-book ratio was 4.20, and its dividend yield as of 8 October 0.87%. Of 586 daily sessions since 30 May 2024, 478 closed at a lower P/E; the median is 34.32.

Is the EV index more expensive than Nifty Auto?

Yes, by about the usual margin. On 9 October 2026 its P/E of 39.21 was 1.36 times Nifty Auto's 28.89. Since May 2024 that ratio has ranged from 1.11 to 1.50 with a median of 1.32, so the premium is close to normal even though both are dear against the Nifty 50.

How much of the Nifty EV index is electric-vehicle makers?

Very little. In an ETF tracking the index on 30 September 2026, the three listed pure EV makers, Ather Energy, Ola Electric and Olectra Greentech, made up 1.3%. All 15 Nifty Auto companies were in it, at 51.4% of the weight.

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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