The number
The NIFTY SME EMERGE tracks companies listed on NSE's platform for small and medium enterprises. From its first close in our data, 1,411.22 on 17 November 2017, it has risen to 15,196.75 on 6 October 2026: 10.77 times, or 30.7% a year.
| 17 Nov 2017 to 6 Oct 2026 | Start | 6 Oct 2026 | Multiple | Per year |
|---|---|---|---|---|
| NIFTY SME EMERGE | 1,411.22 | 15,196.75 | 10.77x | 30.7% |
| Nifty Smallcap 250 | 6,669.76 | 17,902.30 | 2.68x | 11.8% |
| Nifty 50 | 10,283.60 | 22,776.10 | 2.21x | 9.4% |
These are price returns from NSE's closing values, without dividends, which are tiny for both new-issue indices. The Nifty IPO, which tracks recently listed companies, has a much shorter record here: one reading on 12 April 2023, then nothing until daily closes begin on 18 July 2024. We use only the daily series, 550 sessions, a little over two years.
Year by year
| Year | SME Emerge | Smallcap 250 | Nifty 50 | Nifty IPO |
|---|---|---|---|---|
| 2018 | -15.2% | -26.8% | 3.2% | – |
| 2019 | -12.7% | -8.3% | 12.0% | – |
| 2020 | 25.5% | 25.1% | 14.9% | – |
| 2021 | 126.6% | 61.9% | 24.1% | – |
| 2022 | 70.7% | -3.6% | 4.3% | – |
| 2023 | 65.2% | 48.1% | 20.0% | – |
| 2024 | 54.0% | 26.4% | 8.8% | 1.6% from 18 Jul |
| 2025 | -13.5% | -6.0% | 10.5% | -8.0% |
| 2026 to 6 Oct | 5.8% | 7.3% | -12.8% | 20.0% |
- Four years did the work. From the end of 2020 to the end of 2024 the SME index rose 9.84 times. In the three years before that it gained 19.6% in all, and today's 15,196.75 is below the 16,606.35 it ended 2024 at.
- It beat the Smallcap 250 in six of eight years, losing in 2019 and 2025. It lost money in three years (2018, 2019, 2025); the Nifty 50 lost money in none of them.
- 2026 so far has favoured the small end. The SME, Smallcap 250 and IPO indices are all up while the Nifty 50 is down 12.8%.
The falls
| Largest fall from a high | Since Nov 2017 | Since 18 Jul 2024 | Below its record now |
|---|---|---|---|
| NIFTY SME EMERGE | -44.1% | -36.0% | 11.8% |
| Nifty IPO | – | -28.4% | 0.8% |
| Nifty Smallcap 250 | -60.8% | -26.1% | 3.9% |
| Nifty 50 | -38.4% | -15.8% | 13.5% |
The long-run falls all ended in March 2020; the Smallcap 250's started from a high of 7,568.30 in January 2018. Since July 2024 the SME index fell from its record of 17,223.66 on 17 December 2024 to 11,025.80 on 30 March 2026. The IPO index fell from 2,387.54 on 23 September 2024 to 1,709.60 on 7 April 2025, then recovered to a new record of 2,478.65 on 23 September 2026.
Day to day the SME index looks calm: its annualised volatility since 2017 is 15.7%, below the Nifty 50's 16.8%. The falls say otherwise. SME shares trade in large lots and less often than main-board shares, which can smooth an index's daily moves without making it any less risky over months.
Valuation
| 6 Oct 2026 | P/E | P/B | Dividend yield |
|---|---|---|---|
| NIFTY SME EMERGE | 23.33 | 3.60 | 0.06% |
| Nifty IPO | 104.28 | 9.91 | 0.09% |
| Nifty Smallcap 250 | 34.66 | 3.44 | 0.61% |
| Nifty 50 | 19.49 | 2.80 | 1.21% |
Treat the P/Es of the two new-issue indices with care. The Nifty IPO's jumped from 57.69 on 31 August to 102.64 on 30 September while its price rose 1.1%, so the change came from its earnings base, not its price; today's 104.28 is the highest of its 550 sessions. The SME index's P/E went from 148.76 at the end of 2024 to 77.09 a month later and has ranged from 17.23 to 150.61 since July 2024. Small and changing earnings, and a changing membership, can make these figures jumpy.
What this does not tell you
An index return is not an investor's return. SME shares are bought in large minimum lots and trade thinly, so the index is easier to compute than to own.
The members keep changing. SME companies that grow can move to the main board, and an IPO index by design holds recent listings. Today's index is not the one that earned the past returns.
The IPO series is short. Two years and a bit is a short record, and our early gap means we cannot say how it did in 2023.
It is not a forecast. A 126.6% year and a 44.1% fall are both in the record.
Where to go from here
Our IPO basics for retail investors explains how listings work, and the Nifty Smallcap 250 P/E post covers the larger small companies. Mid and small cap index funds against active funds looks at what investors in this end of the market have actually earned.
Frequently asked questions
How much has the NIFTY SME EMERGE index risen?
From its first close of 1,411.22 on 17 November 2017 to 15,196.75 on 6 October 2026 it rose 10.77 times, 30.7% a year in price. The Nifty 50 rose 2.21 times (9.4% a year) and the Nifty Smallcap 250 2.68 times (11.8% a year) over the same span.
How far has the SME index fallen in bad spells?
It fell 44.1% from its high to 26 March 2020, and 36.0% from its record close of 17,223.66 on 17 December 2024 to 11,025.80 on 30 March 2026. On 6 October 2026 it was 11.8% below that record.
How has the Nifty IPO index done?
Our daily data for it starts on 18 July 2024. From then to 6 October 2026 it rose 12.1% while the Nifty 50 fell 8.2%. It gained 20.0% in 2026 to 6 October, closed 0.8% below its record of 2,478.65 set on 23 September 2026, and traded at a P/E of 104.28.
This is commentary on published data, not investment advice. WealthTicker is not a SEBI-registered adviser or distributor. Figures are as of the dates stated and can be revised by their source.
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