Nifty Infrastructure P/E at 22.0: book up, earnings down

The reading

Nifty Infrastructure closed at 8,797.55 on Tuesday, 6 October 2026, at a price-to-earnings ratio of 22.00. Its price-to-book ratio was 2.61 and its dividend yield 0.99%.

These are NSE's published end-of-day ratios, and the daily history is on the Nifty Infrastructure valuation page. The index spans companies in several sectors, so it does not move with one sector's economics.

Middling on P/E, low on P/B

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, Infrastructure is at about the 64th percentile. On P/B it is near the 5th. The extremes of the period are wide: the P/E was 34.97 on 8 April 2021 and 14.52 on 20 June 2022.

The 73 sessions with a lower P/B come in three clusters: March to May 2021, when earnings were depressed and the P/E was above 31; September to November 2023, when the P/E was between 17 and 20; and several days in the last three weeks.

Why the two ratios disagree

Price divided by the P/E and by the P/B gives a rough earnings and book measure per index unit:

Over the past year the index fell 3.5%, earnings fell 3.6% and book value rose 9.5%. The two fell together, which is why the P/E barely changed (21.97 to 22.00). Book value, though, kept growing, which pulled the P/B down from 2.96 to 2.61.

On this measure earnings were about 443 at the end of 2025, so they are about 9.8% lower since. They are still 6.5% above where they stood two years ago.

Down with the market, less than the market

So far in 2026 Infrastructure is down 8.5%, against the Nifty 50's 12.8%. It set its record close, 9,765.75, on 2 January and is 9.9% below it. From the 30 March low it has gained 2.8%, a little more than the Nifty 50's 2.0% (22,331.40 to 22,776.10).

The P/E moved the opposite way to the price in the second half: from 19.67 in March to 22.65 at the end of August, as the earnings measure slipped from about 435 to 405 and the price rose.

The yield

The 0.99% dividend yield is below its 1.24% median; 1,272 of 1,363 sessions yielded more. That is also a little under the Nifty 50's 1.21%, so this is a low-yield index.

What this does not tell you

The ratios step when data updates. Earnings arrive quarterly, so the P/E can move on a day with no price change, and the published numbers cannot separate company results from changes in the index's members.

Book value for infrastructure is asset-heavy. A low P/B in a capital-intensive sector is less of a bargain signal than in a light-asset one.

These are indices, not funds. Infrastructure funds hold their own mix. Our infrastructure and manufacturing funds post shows how they have returned.

Where to go from here

The guide to infrastructure and PSU funds covers the theme, and how to read an index P/E explains the measure. For the broader market, see the Nifty 50 P/E post for October and the Nifty Energy post.