The scorecard
FMCG is the defensive consumer sector: soap, biscuits and cigarettes get bought in good years and bad. Autos are the cyclical one: a car or a truck is a purchase people delay. The two indices are a clean test of defensive against cyclical.
Over 14 calendar-year periods from the end of 2012 to 16 October 2026, Nifty FMCG finished ahead of Nifty Auto 6 times and behind 8 times. Nifty Auto compounded 12.9% a year over the period and Nifty FMCG 8.1%; Nifty Auto is up 5.33 times and Nifty FMCG 2.94 times. All figures are price-index returns, without dividends, using the last close of each year.
Year by year
| Year | Nifty FMCG | Nifty Auto | Nifty FMCG minus Nifty Auto (points) |
|---|---|---|---|
| 2013 | +12.2% | +9.4% | +2.8 |
| 2014 | +18.2% | +56.7% | −38.5 |
| 2015 | +0.3% | −0.3% | +0.6 |
| 2016 | +2.8% | +10.7% | −8.0 |
| 2017 | +29.4% | +31.4% | −2.0 |
| 2018 | +13.6% | −23.1% | +36.7 |
| 2019 | −1.3% | −10.7% | +9.4 |
| 2020 | +13.5% | +11.5% | +2.0 |
| 2021 | +10.0% | +19.0% | −9.0 |
| 2022 | +17.5% | +15.3% | +2.2 |
| 2023 | +29.0% | +47.6% | −18.6 |
| 2024 | −0.3% | +22.6% | −23.0 |
| 2025 | −2.3% | +23.5% | −25.8 |
| 2026 to 16 Oct | −19.6% | −8.6% | −11.0 |
The widest lead for Nifty FMCG was +36.7 points in 2018 (+13.6% against −23.1%). The widest for Nifty Auto was +38.5 points in 2014 (+56.7% against +18.2%). In 8 periods both rose, in 2 both fell, and in 4 one rose while the other fell.
What ₹1 lakh would have become
| 31 December 2012 | 16 October 2026 | Multiple | Per year | |
|---|---|---|---|---|
| Nifty FMCG | ₹1,00,000 | ₹2,94,006 | 2.94× | 8.1% |
| Nifty Auto | ₹1,00,000 | ₹5,33,449 | 5.33× | 12.9% |
The gap compounds quietly. Nifty Auto ended 81.4% ahead of Nifty FMCG in total, but its edge came from particular years, not from winning every year. The longest unbroken run of leads was four years for Nifty Auto, ending 2026.
How volatile each one was
Across the 13 full calendar years, the yearly return of Nifty FMCG had a standard deviation of 10.8 points and Nifty Auto 21.6 points. Nifty Auto was the bumpier of the two. The year-on-year swing, not the average, is what an investor in a single index actually lives through.
Where valuations stand
| As of 16 October 2026 | P/E | P/B | Dividend yield | Median P/E since 1999 |
|---|---|---|---|---|
| Nifty FMCG | 30.8 | 7.41 | 2.58% | 34.9 |
| Nifty Auto | 29.9 | 4.03 | 1.13% | 30.5 |
Nifty FMCG's P/E sits at the 37th percentile of its own record and Nifty Auto's at the 48th. A low percentile means cheaper than usual for that index, not that it must rise. Each index's own history is the fair yardstick; comparing a P/E of one against the other mixes different businesses.
Reading the comparison
- Calendar years are a blunt cut. A year that ends on a peak or a trough can flip a winner, so a different start month would change several rows.
- These are price returns. Dividends are excluded for both, so total returns are higher than shown, by different amounts for each.
- Past leads are not a forecast. A sector or metal that led for several years has also been the one that lagged for several.
- None of this is a recommendation to buy or sell any index or fund.
More on these
- Nifty FMCG P/E in October 2026
- Nifty Auto P/E in October 2026
- FMCG stocks in mutual fund portfolios
- Auto stocks in mutual fund portfolios
Source: NSE Nifty FMCG and Nifty Auto daily closes and valuation ratios, 31 December 2012 to 16 October 2026; calendar-year returns, latest period to 16 October 2026.
Frequently asked questions
Which has done better since 2013, Nifty FMCG or Nifty Auto?
Nifty Auto. From 31 December 2012 to 16 October 2026 Nifty FMCG rose 2.94 times (8.1% a year) and Nifty Auto rose 5.33 times (12.9% a year), as price-index returns, without dividends.
In how many years did Nifty FMCG beat Nifty Auto?
6 of 14 calendar-year periods, counting the partial year to 16 Oct. Nifty Auto was ahead in 8.
What was the biggest gap between Nifty FMCG and Nifty Auto in one year?
38.5 points, in 2014 in favour of Nifty Auto.
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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