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Nifty Financial Services Ex-Bank P/E ratio today

Price to earnings (P/E), price to book (P/B) and dividend yield for the Nifty Financial Services Ex-Bank, which is currently fairly valued — the 45th percentile of 1,137 daily closes since 2016. Close of 11 Sept 2026.

Every NSE index, cheapest first

How the Nifty Financial Services Ex-Bank’s valuation reads today

  • Against the market. The Nifty Financial Services Ex-Bank trades at 1.07× the Nifty 50’s P/E, against a median of 1.00× across 1,137 days they were both priced — a wider premium than usual. A sector can look dear on its own numbers while being cheap against the market, and that gap is usually the more useful of the two.
  • The range it has actually traded in. Its P/E has been as low as 16.31 (Mar 2023) and as high as 26.06 (Sept 2024). Both ends are real closes, not a model — and the high end of an index P/E is usually an earnings collapse rather than a price melt-up, which is why the bands below are percentiles and not a mean.
  • Versus a year ago. 21.13 today, down from 22.99 a year ago. The ratio moves on price and on earnings, so a falling P/E can mean the index got cheaper or that its constituents earned more — the Nifty Financial Services Ex-Bank level itself is what separates the two.
  • The metrics disagree. Earnings say cheap (P/E 21.13 against a median of 21.58) while dividends say expensive (yield 0.75% against 0.87%). That split is usually a payout-ratio story rather than a valuation one: earnings and dividends do not have to move together, and a company can grow profits for years without raising its dividend.
Price to earnings
21.13Fairly valued

45th percentile of 1,137 days · median 21.58

Price to book
3.86Fairly valued

45th percentile of 1,137 days · median 3.95

Dividend yield
0.75%Expensive

7th percentile of 1,137 days · median 0.87

Where the Nifty Financial Services Ex-Bank P/E ratio sits today

Valuation zones for the Nifty Financial Services Ex-Bank price to earnings
ZoneP/E rangeWhat it has meant
Undervaluedbelow 18.51Historically cheap — the zone that has rewarded adding, not waiting.
Fairly valuedyou are here18.51 – 21.58Nothing to act on. Keep SIPs running at their normal size.
Slightly expensive21.58 – 24.15Above the ten-year middle. Stagger a lump sum rather than timing it.
Expensiveabove 24.15Historically dear — rebalancing to your target allocation is the honest response.

Bands are the 10th and 90th percentiles of 1,137 daily closes, with the median as the middle line — so the cheapest and dearest tenth of this index’s own history bound the outer zones, and one freak print cannot move them. They describe where this index has traded, not where it should — a market can stay expensive for years, and this is not a signal to act on.

All three, since 2016

Each cell is the median of that month’s daily closes — one day’s print can be an earnings-revision artefact, and on a grid this size that day would colour the whole month. Hover a cell for the trading-day count behind it, or the line above it for any day’s close. All three are always shown; the buttons at the top only change which metric the valuation zones describe.

Nifty Financial Services Ex-Bank P/E ratio, month by month

above +1 SD 23.58median 21.58below −1 SD 19.23
Price to earnings by month, 2016 to 2026, as the median of each month’s daily closes
JanFebMarAprMayJunJulAugSepOctNovDec
2016
·
·
·
·
·
·
19.73
·
·
·
·
·
2022
·
22.33
21.36
22.50
19.05
17.95
18.81
19.55
19.85
19.53
19.37
19.20
2023
18.63
17.41
16.65
17.80
18.31
18.54
20.61
19.27
19.85
20.27
19.17
20.16
2024
20.73
21.37
21.12
23.70
22.07
22.94
23.69
23.51
25.36
23.82
21.83
22.38
2025
21.47
20.17
19.82
22.91
23.68
24.49
24.75
22.97
23.03
24.07
24.32
24.07
2026
24.09
24.01
22.08
22.56
22.64
22.33
22.75
22.49
21.27
·
·
·
cheapestdearest· shaded by rank among all 57 months, not by absolute value — the series is skewed enough that a linear ramp would flatten a decade into one colour

Nifty Financial Services Ex-Bank P/B ratio, month by month

above +1 SD 4.32median 3.95below −1 SD 3.44
Price to book by month, 2016 to 2026, as the median of each month’s daily closes
JanFebMarAprMayJunJulAugSepOctNovDec
2016
·
·
·
·
·
·
2.91
·
·
·
·
·
2022
·
4.16
3.97
4.25
3.82
3.67
3.74
4.17
4.16
4.12
4.24
4.26
2023
4.11
4.04
3.90
3.96
4.17
4.35
4.73
4.45
4.46
3.31
3.38
3.56
2024
3.66
3.65
3.61
3.36
3.30
3.45
3.45
3.38
3.44
3.33
3.20
3.24
2025
3.12
3.13
3.08
3.54
3.71
3.87
3.73
3.89
4.13
4.37
4.47
4.46
2026
4.45
4.49
4.15
4.19
4.33
4.29
4.24
4.06
3.89
·
·
·
cheapestdearest

Nifty Financial Services Ex-Bank dividend yield, month by monthgreen is a HIGH yield, which is the cheap end

above +1 SD 1.08median 0.87below −1 SD 0.77
Dividend yield by month, 2016 to 2026, as the median of each month’s daily closes
JanFebMarAprMayJunJulAugSepOctNovDec
2016
·
·
·
·
·
·
1.58
·
·
·
·
·
2022
·
0.95
1.08
0.91
1.03
1.16
1.10
0.97
0.95
1.00
1.00
0.99
2023
1.06
1.19
1.20
1.16
1.29
1.17
1.08
1.15
1.08
1.02
1.04
1.02
2024
0.96
0.89
0.88
0.83
0.82
0.83
0.79
0.80
0.77
0.79
0.84
0.82
2025
0.85
0.86
0.91
0.84
0.85
0.92
0.80
0.87
0.84
0.79
0.78
0.78
2026
0.78
0.79
0.82
0.79
0.73
0.61
0.74
0.73
0.74
·
·
·
cheapestdearest

Frequently asked questions

What is the Nifty Financial Services Ex-Bank P/E ratio today?

The Nifty Financial Services Ex-Bank closed at a price-to-earnings ratio of 21.13 on 11 September 2026. NSE publishes it once a day after the close, on a consolidated trailing-twelve-month basis, so it moves on the index and on quarterly earnings revisions — there is no intraday figure.

Is the Nifty Financial Services Ex-Bank overvalued right now?

Against its own history it is fairly valued: a P/E of 21.13 is the 45th percentile of 1,137 daily closes, with a ten-year median of 21.58. That describes where this index has traded, not where it should — a market can stay expensive for years, and this is not a signal to act on.

What is a good P/E ratio for the Nifty Financial Services Ex-Bank?

There is no single good number, but there is a measured middle: 18.51 to 24.15 is the middle 80% of 1,137 daily closes, and the median sits at 21.58. Below 18.51 is the cheapest tenth of this index's own history and above 24.15 the dearest tenth. Compare it to the index's own past rather than to another market's — earnings mix and growth differ, so an Indian P/E and a US one are not the same quantity.

What is the Nifty Financial Services Ex-Bank P/B ratio?

The Nifty Financial Services Ex-Bank price-to-book ratio is 3.86 as of 11 September 2026, against a ten-year median of 3.95. P/B compares the index to the book value of its constituents' assets, which makes it the steadier of the two — book value does not swing on one quarter's earnings the way a P/E denominator can.

What is the Nifty Financial Services Ex-Bank dividend yield?

The Nifty Financial Services Ex-Bank dividend yield is 0.75% as of 11 September 2026, against a ten-year median of 0.87%. It reads backwards from the other two: a HIGH yield is the cheap end, because the same dividends are being bought for a lower price.

How often does this page update, and where do the numbers come from?

From NSE's own daily index file, which carries P/E, P/B and dividend yield for every index it prices — 142 of them have a meaningful P/E today. It is published once after each close and picked up by the hourly refresh, so the figures here are the last published close, never a live quote.

Nearby indices

Nifty EnergyNifty FMCGNifty Financial ServicesNifty Financial Services 25/50Nifty Growth Sectors 15Nifty Healthcare IndexNifty High Beta 50Nifty Housing

How to read these numbers

How to read an index P/E ratio

Consolidated trailing-twelve-month, free-float weighted, one value a day — and why the absolute number tells you almost nothing on its own.

Is the market expensive?

Valuation predicts ten-year returns and not next year’s. What that gap means, and when a reading should change anything.

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