India • Equity markets
India — Equity Market Returns & Valuations
Last update: 15 Oct 2026
Including dividends, the Nifty Smallcap 250 rose 7.2% in the 12 months to September 2026, against −7.1% for the Nifty 50 and +4.6% for the Nifty Midcap 150. At the end of September 2026 small caps traded at 34.5 times earnings, a 77.9% premium to the Nifty 50's 19.4.
The small-cap total return index closed September 2026 within 5% of its highest month-end close.
Part of the research India’s mutual fund industry: these indices are the market outcomes that mutual fund flows are compared with, and the benchmarks small-, mid- and large-cap funds are judged against.
- Month-end historyJan 2015 – Sep 2026NSE Indices
- Latest close13 Oct 2026NSE Indices
- ValuationsSep 2026month-end P/E, P/B, yield
- Database loaded15 Oct 2026Exalytics
22,722
P/E 19.4+0.4% since the September close
13 Oct 2026 · NSE Indices
Nifty Smallcap 250, price
PublishedNifty 50, 12-month total return
CalculatedNifty Smallcap 250, 12-month total return
CalculatedSmall-cap P/E premium to the Nifty 50
CalculatedFeatured
Growth of ₹100 invested, dividends reinvested
Each selected index rebased to 100 at the first month-end of the window, so every line starts at the same point. A line that ends higher grew more over the window.
For example: A line ending at 250 means ₹100 invested at the start of the window would have grown to ₹250, before costs and taxes.
Index, first month of the window = 100
100
- Nifty 50
- Nifty Midcap 150
- Nifty Smallcap 250
1 · Returns and risk
Rolling returns, drawdowns and the size gap
12-month returns
Rolling 12-month return
Each point is the index's percentage change over the 12 months to that month-end. Wider swings above and below zero mean a bumpier ride for investors.
For example: A reading of +15% at the end of March means an investor who bought at the end of the previous March was 15% ahead twelve months later.
Per cent over the previous 12 months
- Nifty 50
- Nifty Midcap 150
- Nifty Smallcap 250
Drawdowns
Drawdown from the previous peak
How far each index stood below its highest earlier month-end close. Zero means the index closed at a new high.
For example: If an index peaked at 20,000 and now closes at 17,000, its drawdown is −15%.
Per cent below the previous month-end high
- Nifty 50
- Nifty Midcap 150
- Nifty Smallcap 250
Size effect
Small-cap return minus Nifty 50 return, 12 months
The Nifty Smallcap 250's 12-month return minus the Nifty 50's, in percentage points. Above zero, small caps did better; below zero, the large companies in the Nifty 50 did better.
For example: If small caps returned 30% and the Nifty 50 returned 18% over the same 12 months, the gap is +12 percentage points.
Percentage points
- Small caps minus Nifty 50
2 · Valuations
Price-to-earnings, price-to-book and dividend yield
Price to earnings
Price-to-earnings ratios
Index price divided by the past 12 months' consolidated earnings of its companies, at month end, from March 2021. A high P/E can reflect expected profit growth as well as optimism.
For example: A P/E of 20 means investors pay ₹20 for every ₹1 of annual profit the index companies earned.
Times trailing earnings
- Nifty 50
- Nifty Midcap 150
- Nifty Smallcap 250
Relative valuation
Small-cap P/E premium to the Nifty 50
How much more small caps cost per rupee of earnings than the Nifty 50. The dashed line is the median since March 2021, a reference for what has been typical.
For example: If small caps trade at a P/E of 30 and the Nifty 50 at 20, the small-cap premium is 50%.
Per cent above the Nifty 50 P/E
Median 28.0%
- Small-cap P/E premium
Book value and dividends
Price-to-book ratio and dividend yield
Price-to-book ratios (lines) and dividend yields (in the table) of the selected indices at month end. Book value is the accounting value of the companies' net assets.
For example: A price-to-book of 4 means the market values the companies at four times their net assets; a dividend yield of 1.2% means ₹1.20 of dividends a year for every ₹100 invested.
Times book value
- Nifty 50
- Nifty Midcap 150
- Nifty Smallcap 250
Sources
Publishers in this snapshot
- NSE Indices Ltd, historical index data ↗3,735 observations · Jan 2015 – Oct 2026 · verified
Snapshot
Citation and snapshot details
Dataset india-equity-market-2026-09-20261015-e9723dad, refresh 743f837b-6477-53cc-96fa-3f3fd83adb75, published 15 Oct 2026,
loaded into the database 15 Oct 2026. Every chart's table, CSV and Copy for AI carry each observation's Id,
status and source page.
Methodology and definitions
Figure selection
Month-end values are NSE Indices' closes on the last trading day of each month. The latest daily close is shown separately and is not mixed into monthly calculations.
Returns and drawdowns
Returns are calculated from the published closes: month-end over month-end. Drawdown compares a month-end close with the highest earlier month-end close, so an intra-month low can be deeper than shown. Nothing is annualised unless the chart says so.
Valuation basis
Index levels are NSE Indices month-end closes on the last trading day of each month. Total return indices reinvest dividends; price indices do not. Returns and drawdowns are calculated from the published closes, never stored. P/E uses consolidated earnings from 31 March 2021 (standalone before). No currency conversion.
Index composition
Nifty 50: Largest 50 companies. Nifty 100: Largest 100 companies (large caps). Nifty 500: Largest 500 companies (broad market). Nifty Midcap 150: Companies ranked 101–250 (mid caps). Nifty Smallcap 250: Companies ranked 251–500 (small caps). Nifty Microcap 250: Companies ranked 501–750 (micro caps).
Not measured here
Earnings growth, forward estimates, free-float ownership by mutual funds, trading volumes and volatility indices. A valuation premium alone does not predict returns.
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