Three groups, three different stretches
NSE publishes a family of indices for the stocks of a single business group. Three of them have a continuous record on WealthTicker from 29 April 2024: the Tata, Mahindra and Aditya Birla group indices. To 22 October 2026, in price terms, they have gone in three directions while the Nifty 50 went nowhere.
| Index | 29 Apr 2024 | 22 Oct 2026 | Change |
|---|---|---|---|
| Mahindra Group | 25,311.7 | 34,442.0 | +36.1% |
| Aditya Birla Group | 7,677.1 | 8,836.8 | +15.1% |
| Nifty 50 | 22,643.4 | 22,687.7 | +0.2% |
| Tata Group 25% Cap | 16,378.4 | 13,757.8 | -16.0% |
| Tata Group | 18,191.6 | 14,091.2 | -22.5% |
The Tata Group 25% Cap version limits any single company to a quarter of the index. Over this period the capped version fell less than the uncapped one, -16.0% against -22.5%. The figures are price levels, so dividends are not counted for any of the five.
Year by year
Calendar 2025 and the part of 2026 so far split the groups differently.
| Index | 2025 | 2026 to 22 Oct |
|---|---|---|
| Aditya Birla Group | +19.1% | -2.3% |
| Mahindra Group | +16.7% | -13.5% |
| Nifty 50 | +10.5% | -13.2% |
| Tata Group | -11.8% | -13.1% |
Two things stand out. Mahindra Group rose faster than the Nifty 50 in 2025 and has fallen by almost exactly the same amount in 2026, so its lead over the benchmark since April 2024 was built mainly before this year. Aditya Birla Group is the only one of the three that has held most of its 2025 gain: it is 2.3% down this year against 13.2% for the Nifty 50.
Tata Group is the outlier in the other direction. It fell in 2025, when the Nifty 50 rose 10.5%, and again in 2026. For the benchmark's own year, our Nifty 50 2026 year-to-date post has the wider picture.
What each index is priced at
NSE publishes P/E, P/B and dividend yield alongside the closing level. On 22 October 2026:
| Index | P/E | P/B | Dividend yield |
|---|---|---|---|
| Tata Group | 29.34 | 4.82 | 2.12% |
| Mahindra Group | 20.16 | 3.52 | 1.48% |
| Nifty 50 | 19.13 | 2.79 | 1.50% |
| Aditya Birla Group | not used* | 2.51 | 0.96% |
*The Aditya Birla Group P/E swings widely in the record, from 203 at the end of 2024 to 87 at the end of 2025, so it is left out here and only the price-to-book is shown.
The Tata Group index is the dearest of the four on every measure we show, even after its fall. Its P/B has come down from 8.04 at the end of 2024 to 6.03 at the end of 2025 and 4.82 now, and its P/E has ranged between 26.43 and 40.34 since April 2024. A group index built from a limited set of companies is a different object from a broad index: a few stocks, and a few sectors, can set its P/E for months.
Mahindra Group's P/B moved the other way for a while, from 4.71 at the end of 2024 to 5.00 a year later, before falling to 3.52 this year. That fits its price path: a rise through 2025 followed by a 13.5% fall.
How to read a group index
A few cautions apply before drawing anything from these tables.
- Concentration. Each index holds only the listed companies of one group, so it carries the sector tilt of that group. It is not a diversified view of India.
- Short record. Two and a half years is one market cycle at most. The pre-April 2024 series exists under other index names but is not joined here.
- Price only. Tata Group's dividend yield of 2.12% is the highest of the four. Counting dividends would narrow its gap with the others, though not by enough to change the order of the table above.
The broad benchmark these are measured against is covered in our Nifty 50 price-to-book post. Everything above is index data from NSE; nothing here is a recommendation to buy or avoid any company or group.
Frequently asked questions
How have the Tata, Mahindra and Aditya Birla group indices done since April 2024?
From 29 April 2024 to 22 October 2026, NSE's Nifty India Corporate Group indices returned +36.1% for Mahindra Group, +15.1% for Aditya Birla Group and -22.5% for Tata Group. The Nifty 50 returned +0.2% over the same dates. These are price-index levels, so dividends are not included.
Why does the comparison start on 29 April 2024?
WealthTicker's stored history for these three indices is continuous from 29 April 2024. An older series under different names ended on 26 April 2024, and the two are not spliced here, so the earlier years are left out rather than joined by guesswork.
Which group index is the most expensive on 22 October 2026?
Tata Group, at 29.34 times earnings and 4.82 times book value on NSE's figures. Mahindra Group stood at 20.16 and 3.52, Aditya Birla Group at 2.51 times book, and the Nifty 50 at 19.13 and 2.79.
This is commentary on published data, not investment advice. WealthTicker is not a SEBI-registered adviser or distributor. Figures are WealthTicker’s own calculations from public data — AMFI’s fund NAVs and disclosures, NSE’s index and FII/DII files, and the fund houses’ monthly portfolios (how we calculate). They are as of the dates stated and can be revised by their source.
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