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Nifty Valuation Lab

Nifty PE ratio today, measured five ways

NSE publishes one P/E for the NIFTY 50. How it is measured changes the answer: reported or core earnings, with or without the banks, the index or the typical stock. Here is each of them, side by side, every trading day, and why they differ.

The first reading appears after the first factsheet is loaded and a day's prices are in.

How it is built

  1. The index P/E is total free-float market value divided by total free-float earnings, which is the same as 1 ÷ the weighted average earnings yield of the 50 stocks.
  2. Weights: NSE's monthly factsheet gives the top 10 exactly. The other 40 are estimated from market value × (1 − promoter holding), scaled to fill exactly the weight NSE leaves for them. Between factsheets each weight moves with its own price, as the index does.
  3. Earnings: each company's last four published quarters (consolidated where available), counted only once published.
  4. Core earnings: pre-tax profit less other income and exceptional items, at the quarter's own tax rate; lenders keep their other income.
  5. A company without four published quarters is left out, and the share of the index covered is printed. Nothing is filled in by assumption.
What is the Nifty PE ratio today?

This page shows NSE's published NIFTY 50 P/E for the latest trading day alongside four rebuilt measures: trailing P/E from the last four published quarters, core P/E without other income and one-off items, P/E without financials, and the median constituent's P/E.

Why do different sources quote different Nifty P/E figures?

Because they measure different things: reported or adjusted earnings, standalone or consolidated, trailing or forward, the index aggregate or the median stock, with or without banks. Each choice moves the figure by several points; this page shows them side by side and explains the gaps.

What is core P/E?

The P/E on profit from the business itself: pre-tax profit without other income (treasury and investment gains) and exceptional items, taxed at the quarter's own rate. For banks and other lenders only exceptional items are removed, because their other income is part of their business.

Does the history use numbers that were not known at the time?

No. On each day, only quarters already published are used, counted from 45 days after the quarter ends (60 days for the March quarter).

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