Where realty stands
Nifty Realty closed at 839.70 on Monday, 5 October 2026, at a price-to-earnings ratio of 35.56. Its price-to-book ratio was 3.67 and its dividend yield 0.50%.
These are NSE's published end-of-day ratios. The daily history is on the Nifty Realty valuation page. Our May post was the last look at this index.
Why the window starts in 2022
Most index P/E comparisons here start on 31 March 2021, when NSE moved to consolidated earnings. For realty that window includes early-2021 readings above 700 (the highest, 766.56, on 27 April 2021), when the sector's reported profit was tiny, and they would distort the median. So this post starts on 3 January 2022, which leaves 1,174 sessions.
| P/E | |
|---|---|
| 5 Oct 2026 | 35.56 |
| Lowest since Jan 2022 (23 Mar 2026) | 29.88 |
| Median since Jan 2022 | 45.81 |
| Highest since Jan 2022 (11 Sep 2023) | 88.12 |
Only 66 of 1,174 sessions closed lower than today, about the 6th percentile. The low came less than seven months ago.
Off the peak, but earnings kept climbing
| Index | P/E | Earnings behind the index | |
|---|---|---|---|
| 3 Oct 2022 | 418.75 | 39.45 | about 10.6 |
| 3 Oct 2023 | 578.30 | 47.90 | about 12.1 |
| 1 Oct 2024 | 1,096.85 | 56.97 | about 19.3 |
| 1 Oct 2025 | 877.15 | 42.98 | about 20.4 |
| 5 Oct 2026 | 839.70 | 35.56 | about 23.6 |
The last column is the index divided by its P/E, a rough stand-in for earnings per index unit. It has risen every year: 16% over the past 12 months, 23% since October 2024, and 2.2 times since October 2022.
The price has not kept up. The index closed at a record 1,150.30 on 18 June 2024 and is 27.0% below it. Over the last year it fell 4.3%, and since 31 December 2025 it is down 4.4% (from 877.95). The Nifty 50 is down 13.7% over that stretch, so realty has held up better than the market this year.
The March low
On 23 March 2026 the P/E touched 29.88, the lowest in the window. On 30 March the index closed at 651.15 at a P/E of 30.80. Since then it has risen 29% to 839.70, while the P/E recovered to 35.56 and the earnings measure rose from about 21.1 to about 23.6.
Against the Nifty 50
Realty's P/E is 1.84 times the Nifty 50's 19.30. Realty is a sector where reported profit follows project completions and handovers, so it jumps around from quarter to quarter, and a sector P/E tends to run above the market.
What this does not tell you
Profit is lumpy. Developers book revenue when projects are delivered, so a trailing twelve-month P/E can swing a lot on one quarter, as the early-2021 readings above 700 show.
The ratios update in steps. A P/E can change on a day with no change in price, when new results feed in. The published numbers cannot separate company results from changes in the index's members.
A falling P/E is not a signal. It says price and profit have moved apart. It does not say which will give way.
These are indices, not funds. Few funds hold realty as a standalone bet. The guide to sectoral and thematic funds covers the concentration risk.
Where to go from here
The guide to reading an index P/E explains the ratio and its limits. If you want to compare property with funds, real estate vs mutual funds returns sets the two side by side, and the screener ranks funds from their daily NAVs.
Frequently asked questions
What is the Nifty Realty P/E ratio now?
Nifty Realty closed at a P/E of 35.56 on 5 October 2026, with the index at 839.70. Its price-to-book ratio was 3.67 and its dividend yield 0.50%. Since the start of 2022 its median P/E is 45.81, and 66 of 1,174 sessions closed lower than today.
How far is Nifty Realty from its peak?
The index closed at a record 1,150.30 on 18 June 2024. At 839.70 on 5 October 2026 it is 27.0% below that. It is down 4.4% so far in 2026 and 4.3% over the past year.
Why did the realty P/E fall while earnings rose?
The index fell while the earnings behind it grew. Dividing the index by its P/E gives about 20.4 a year ago and 23.6 now, a rise of about 16%. A falling price on rising profit pulls the ratio down.
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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