Nifty Midcap 150 P/E at 28.1: below its median

The number

The Nifty Midcap 150 closed at 21,643.85 on 1 October 2026, at a price-to-earnings ratio of 28.10. Its price-to-book ratio was 3.79 and its dividend yield 0.72%.

These are NSE's published end-of-day figures. The full daily series is on the Nifty Midcap 150 valuation page.

Against its own five and a half years

Every comparison below starts on 31 March 2021, the day NSE switched to consolidated earnings. That gives 1,359 trading sessions.

• P/E: 532 of the 1,359 sessions closed lower than 28.10, so today sits at about the 39th percentile. The low was 21.59 on 20 June 2022 and the high 45.80 on 1 October 2024.
• P/B: 504 sessions closed lower than 3.79, about the 37th percentile. Both the high (5.91) and the P/E high came on 1 October 2024.
• Dividend yield: this is the measure that disagrees. On 1,126 sessions the yield was higher than 0.72%, so only about one day in six offered less. The lowest yield of the period, 0.58%, came on 21 September 2026.

On earnings and on book value the index is a little below its middle. On dividends it is near the expensive end.

Why the history starts in 2021

Before 31 March 2021 NSE divided the index by standalone company profits. For the Midcap 150 that series was close to unusable. The published P/E was 19.67 at the end of March 2020 and 145.06 at the end of December 2020.

On 30 March 2021 it stood at 73.56. The next day, on consolidated earnings, it was 40.58, while the index rose 0.4%. Our Nifty 50 P/E post explains the same switch for the large-cap index, where the drop was much smaller, from 40.43 to 33.20.

A year of rising profits

A year earlier, on 1 October 2025, the Midcap 150 closed at 21,220.45 at a P/E of 33.12.

• The index is up 2.0% over the year.
• The P/E is down 15.2%.
• Dividing one by the other, the earnings behind the index are up about 20.2%.

So the ratio fell because profits grew while the price went almost nowhere. The index set its record close of 23,539.35 on 13 August 2026 and is now 8.1% below it. Most of that came in September, when it fell 7.1%, from 23,536.80 to 21,867.50.

Against the Nifty 50

Mid caps usually trade at a higher P/E than large caps. The question is how much higher.

On 1 October 2026 the Midcap 150's P/E was 1.46 times the Nifty 50's 19.19. Since March 2021 that multiple has ranged from 1.06 to 1.99, with a median of 1.26. It was lower than today on 872 of the 1,359 sessions.

The Midcap 150's own P/E is below its median, but the Nifty 50's has fallen further. Next to large caps, mid caps cost more than they usually do.

What this does not tell you

It is not a buy signal. A P/E below its median says the index is less expensive than usual, measured against itself. It says nothing about the next twelve months.

The basket changes. NSE rebalances the index twice a year, at the end of March and September. On 30 September 2026 the earnings behind the index fell 3.7% in a day as members changed, so a year-on-year earnings figure partly reflects a different set of companies.

Five and a half years is a short record. It covers one sharp fall (2022) and one long rise (2023–24). The median of so short a window is not a "fair value".

It is not your mid-cap fund. A fund holds its own selection, at its own weights, and may hold small caps too.

Where to go from here

The Midcap 150 valuation page has the daily history and percentile bands. For the small-cap index, which reads very differently, see the Smallcap 250 P/E post.

To see how mid-cap funds have done, the mid cap fund rankings are computed from daily NAVs. The guide on how to read an index P/E ratio covers the arithmetic.

For how mid-cap funds have actually done, see mid-cap fund returns.