Nifty Midcap 150 P/E at 27.8: lower than in March

Thursday's close

The Nifty Midcap 150 closed at 21,733.05 on Thursday, 11 June 2026, at a price-to-earnings ratio of 27.81. Its price-to-book ratio was 4.58 and its dividend yield 0.69%.

The index set a new record close of 22,884.90 on 27 May, above January's 22,606.50, and is 5.0% below it now. The daily series is on the Midcap 150 valuation page.

Has the March discount gone?

When we looked in mid-March, the index was at 20,366.95 and the P/E at 30.34, close to its median. The honest answer to the question depends on which number you watch.

On price, the fall is gone. The index bottomed at 19,430.90 on 30 March. From there it rose 17.8% to the 27 May record, and it first closed above the January record on 7 May.

On earnings, the index is cheaper than it was in March. Since 17 March:

• The index rose 6.7%.
• The P/E fell 8.3%, from 30.34 to 27.81.
• Dividing one by the other, the earnings behind the index rose about 16%.

A higher price with a lower P/E means the profits grew faster than the price recovered.

Two steps in the earnings line

That 16% did not arrive smoothly. Two sessions account for most of the movement.

• 30 March: the index fell 2.6% but the P/E rose, from 29.73 to 30.61. The earnings figure fell about 5.4%, and the book value behind the index fell by a similar 5.7% the same day. Both measures stepping down together is consistent with a change in the basket, and NSE reviews this index's members each March and September.
• 19 May: the index rose 0.8% while the P/E fell from 32.26 to 28.79. The earnings figure rose about 12.9% in one session, and this time the book value barely moved.

We can see the steps in NSE's figures, not what caused them. Their effect is clear, though: without the 19 May step, the P/E would be well above 30 now.

Against its own record

The comparisons start on 31 March 2021, when NSE moved to consolidated earnings: 1,281 sessions to 11 June 2026.

• P/E: 515 sessions closed lower, about the 40th percentile, down from the 48th in March.
• P/B: 892 sessions closed lower, about the 70th percentile. It rose from 4.12 to 4.58 since March while the P/E fell.
• Dividend yield: 1,193 sessions offered more than 0.69%. The lowest yield of the period, 0.65%, came on 27 May, the day of the record close.

The measures disagree more than they did in March. On earnings the index is below its middle; on book value and dividends it is at the dear end.

Against the Nifty 50

The Nifty 50 closed at a P/E of 19.98 on 11 June, so the Midcap 150's was 1.39 times it. The median since 2021 is 1.25, and 739 of 1,281 sessions had a lower multiple, about 58%. In mid-March the figure was 1.47.

So the premium over large caps has narrowed, but it is still wider than usual.

A year ago, on 11 June 2025, the index closed at 21,846.05 at a P/E of 34.94. Since then the price is 0.5% lower, the P/E 20.4% lower, and the implied earnings about 25% higher.

What this does not tell you

One session can rewrite the ratio. The 19 May step moved the P/E by more than three points. A step the other way would do the same.

A P/E below the median is not a signal. It says the index costs less than usual against its own five years, measured on trailing profits.

It is not your mid-cap fund. Funds hold their own selection at their own weights, often with some large and small caps.

Where to go from here

For the funds themselves, see mid-cap fund returns in May and the mid cap fund rankings. For the large-cap side this month, see the June Nifty 50 P/E post.