Group indices, side by side
NSE publishes indices of the listed companies in a handful of large business groups. This post looks at three of them, plus a five-group index, using their daily closes to 6 October 2026. Their series are complete from 1 January 2025, so that is where the comparisons start.
| 31 Dec 2024 | 6 Oct 2025 | 31 Dec 2025 | 6 Oct 2026 | |
|---|---|---|---|---|
| Tata Group | 18,388.45 | 15,628.15 | 16,223.40 | 13,547.16 |
| Mahindra Group | 34,127.69 | 36,395.77 | 39,811.55 | 33,009.29 |
| Aditya Birla Group | 7,594.39 | 8,568.05 | 9,048.10 | 9,170.63 |
| Five-group index | 35,211.55 | 37,000.70 | 38,967.95 | 36,200.05 |
| Nifty 50 | 23,644.80 | 25,077.65 | 26,129.60 | 22,776.10 |
The full names are Nifty India Corporate Group Index for each group, and Nifty India Select 5 Corporate Groups for the combined index.
The percentage moves
| 2026 so far | Past year | Since 31 Dec 2024 | |
|---|---|---|---|
| Tata Group | −16.5% | −13.3% | −26.3% |
| Tata Group 25% Cap | −11.6% | −8.3% | −17.6% |
| Mahindra Group | −17.1% | −9.3% | −3.3% |
| Aditya Birla Group | +1.4% | +7.0% | +20.8% |
| Five-group index | −7.1% | −2.2% | +2.8% |
| Nifty 50 | −12.8% | −9.2% | −3.7% |
Over the past 21 months the groups did not move together. The Aditya Birla index gained a fifth, the Tata index lost a quarter and Mahindra ended up roughly where the Nifty 50 did.
Tata: at the bottom of the window
The Tata Group index set a high of 18,770.90 on 2 January 2025 and a low of 13,287.89 on 1 October 2026, five days ago. At 13,547.16 it is 27.8% below the high and 2.0% above the low.
Its capped sibling, which limits any one company to 25% of the index, is down less this year (11.6% against 16.5%) and has a higher P/E, 31.94 against 28.92. The gap between the two suggests that the heaviest members of the uncapped index have fallen more than the rest, since the cap is the only difference in method.
Valuation has not fallen with the price as much as one might expect. Tata Group's P/E is 28.92, against a median of 30.34 over the 436 sessions since January 2025 and a lowest of 26.43. Its dividend yield, 2.19%, is the highest of the group indices and well above the Nifty 50's 1.21%.
Mahindra: the cheapest it has been in the window
The Mahindra Group index peaked at 40,603.48 on 2 January 2026 and is 18.7% below it. It bottomed at 27,787.06 on 7 April 2025 and is 18.8% above that low.
Its P/E of 19.59 is the lowest of any session since January 2025, below the median of 27.85 and a little above the Nifty 50's 19.49. On 31 December 2025 the same index traded at 30.45 times earnings, and its P/B has gone from 5.00 then to 3.38 now.
Aditya Birla: up while the market fell
The Aditya Birla Group index reached its high of 10,172.65 on 26 August 2026 and is 9.9% below it. From 30 March, when the Nifty 50 closed at 22,331.40, it has gained 13.0% against the Nifty 50's 2.0%.
Its P/E is the one to be careful with. Over the window its median was 89.30 and its highest 285.89, and then it dropped from 83.50 to 15.13 on 19 May 2026 with almost no change in price. That is a change in the published earnings behind it, not a market re-pricing, so the 13.40 now shown cannot be compared with the readings before May. The dividend yield, 0.18%, is the lowest of the group.
The five-group index
The index that blends five groups is down 7.1% this year and 2.2% over the year, against 12.8% and 9.2% for the Nifty 50. Its high of 40,159.45 came on 10 August 2026, and it is 9.9% below that. Its P/E of 22.47 is close to the lowest of the window, 22.10, and well below the median of 29.25.
What this does not tell you
A group is not a sector. Each index mixes businesses with different economics, so a move in a group index says little about any one company.
The window is short. Only 435 sessions give complete series, so these are 21-month comparisons, not long-run ones.
P/E breaks are real. The Aditya Birla step shows how a ratio can change without the market doing anything. Our guide to reading an index P/E covers what these ratios can and cannot say.
Indices are not funds. For a view of the market as a whole, see our Nifty 50 P/E post for October.
Where to go from here
How concentrated is a fund in a handful of names? Our look at fund portfolio overlap and the list of stocks held most widely by mutual funds show how much the same companies appear across fund portfolios.
Frequently asked questions
How have the Tata, Mahindra and Aditya Birla group indices done in 2026?
From 31 December 2025 to 6 October 2026, NSE's Mahindra Group index fell 17.1%, the Tata Group index 16.5% and the Tata Group 25% Cap index 11.6%. The Aditya Birla Group index rose 1.4%. The Nifty 50 fell 12.8%.
Which group index is at its lowest in nearly two years?
The Tata Group index closed at 13,287.89 on 1 October 2026, its lowest since at least January 2025, and 6 October's 13,547.16 is only 2.0% above it. It is 27.8% below its 18,770.90 close of 2 January 2025.
Why does the Aditya Birla Group P/E show 13.4?
The index's P/E fell from 83.50 to 15.13 on 19 May 2026, a day when its price was little changed. The published earnings figure behind the ratio was re-based, so the P/E before and after that date is not comparable.
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.
Keep reading
Nifty 50 by calendar month: February is the weak one
From 2013 to 2025 the Nifty 50 fell in eight Februaries and rose in ten Julys and ten Octobers. September 2026's 6.1% fall was the second-worst September.
Low-volatility indices lost 3 points less than the Nifty 50
In 2026 to 1 October the Nifty Low Volatility 50 fell 10.98% against 14.19% for the Nifty 50. Over three years it gained 7.54% a year to the Nifty's 4.52%.
Nifty 50 returns over 1, 3, 5, 10 and 15 years
The Nifty 50 returned 10.14% a year on price, about 11.5% with dividends, in the ten years to 30 September 2026. Every period, and why the last five stand out.