Nifty 200 PE Ratio
Valuation Percentile
Nifty 200's PE is cheaper than 97% of the last 5 years.
The Nifty 200 PE ratio is 20.25 as of 1 October 2026, about 12% below its 5-year median of 23.09, which places it in moderately undervalued territory on a historical basis.
PE Ratio vs Historical Medians
| Period | Median PE | Current vs Median |
|---|---|---|
| Full history | 23.32 | -13.18% |
| 15 Years | 23.37 | -13.35% |
| 10 Years | 24.97 | -18.90% |
| 7 Years | 23.60 | -14.19% |
| 5 Years | 23.09 | -12.30% |
| 3 Years | 23.41 | -13.50% |
| 1 Year | 22.34 | -9.36% |
Historical PE Ratio
Series start. P/E is published from 19 Jul 2011. Index values go back to 1 Jan 2004.
Earnings
Index earnings are the profits behind the index level: the closing value divided by the P/E ratio, in index points. The line moves in steps because it changes only when trailing four-quarter profits are updated or the constituents change. Compare it with price to see whether a move came from earnings or from a change in what investors pay for them.
Nifty 200 earnings grew +13.80% a year over the last 5 years, while the index moved +7.03% a year and its P/E went from 27.5 to 20.3.
Earnings growth is annualised from the last trading day at or before the start of each window to 1 Oct 2026. Price growth uses the index level over the same two dates, excluding dividends. EPS is undefined on days with no published P/E, so those days are skipped. Past growth, not a forecast.
Ways to invest in Nifty 200
1 ETF and 0 index funds track this index. Prices and NAVs as of 1 Oct 2026.
ETFs (1)
| ETF | Symbol | Price | NAV | Premium | 1Y |
|---|---|---|---|---|---|
| Groww Nifty 200 ETF | GROWWN200 | 10.69 | - | - | -5.59% |
Listed for information only, not a recommendation. Check expense ratio and tracking difference before investing.
Performance and risk
1-year holding windows since 2011 returned a median of +11.25% (best +98.12%, worst -33.02%).
Today's PE of 20.25 sits in band 2 of 5 of this index's history (PE 20.1 to 22.6). From this band, 5-year forward returns had a median of +10.71% a year and were positive in 100% of windows (332 windows since 2011).
View full performance and risk
Returns as of September 2026, from the NSE factsheet for the Nifty 200. 1-year returns are absolute; 5-year returns are annualized.
Stocks in the Nifty 200
The Nifty 200 contains 200 constituents. Its largest sectors by weight are Financial Services (32.5%) and Oil, Gas & Consumable Fuels (7.5%).
Recent changes
4 October 2026: Added Apar Industries Ltd., Bank of Maharashtra, Hindustan Copper Ltd., Life Insurance Corporation of India, Meesho Ltd., NLC India Ltd., Vedanta Aluminium Metal Ltd.. Removed Alkem Laboratories Ltd., Coromandel International Ltd., Housing & Urban Development Corporation Ltd., KPIT Technologies Ltd., Shree Cement Ltd., Tata Elxsi Ltd., Tata Investment Corporation Ltd..
Constituent list as of 4 October 2026, sourced from NSE Indices. Weights as of 30 September 2026, from the NSE factsheet.
How this index works
- Universe
- The review of broad market indices is undertaken semi-annually based on data for six months ending January and July. To be considered for inclusion in Nifty 500 index, companies must form part of eligible universe.
- Selection
- Nifty 200 includes all companies forming part of Nifty 100 and Nifty Midcap 100 index.
- Rebalanced
- Quarterly
Summarised from NSE's official methodology document (PDF) for the Nifty 200; the PDF is authoritative.
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Frequently Asked Questions
What is the current Nifty 200 PE ratio?
As of 1 October 2026, the Nifty 200 PE ratio is 20.25. That is about 12% below its 5-year median of 23.09 and about 9% below its 1-year median of 22.34.
Is the Nifty 200 undervalued right now?
On a historical basis it screens as moderately undervalued. Its current PE of 20.25 sits below every median window: 1-year (22.34), 3-year (23.41), 5-year (23.09), 7-year (23.60), 10-year (24.97), 15-year (23.37) and full-history (23.32).
What is a normal PE ratio for the Nifty 200?
Over the past five years its median PE has been 23.09, and over the past three years 23.41. Today's 20.25 is toward the lower end of that historical range.
How many stocks are in the Nifty 200?
The Nifty 200 contains 200 stocks. By number of companies, its largest sectors are Financial Services (48 stocks), Capital Goods (24 stocks) and Healthcare (15 stocks).
What returns has the Nifty 200 delivered?
As of September 2026, the Nifty 200 total return (with dividends reinvested) is -3.23% over the past year and +8.30% annualized over the past five years. One-year figures are absolute; multi-year figures are annualized (CAGR). Data from the NSE factsheet.
How volatile is the Nifty 200?
Over the year to September 2026, the Nifty 200 had an annualized volatility (standard deviation of daily returns) of 14.03%. Its beta versus the Nifty 50 is 1.03, meaning it has moved roughly in line with the broad market.
What is a typical one-year return for the Nifty 200?
Across every one-year holding window since 2011, the Nifty 200 total return has a median of +11.25%, with the best window at +98.12% and the worst at -33.02%. Based on NSE Total Returns Index data; a past distribution, not a prediction.
What have 5-year returns been from PE levels like today's?
The Nifty 200 currently trades at a PE of 20.25, in band 2 of 5 of its own PE history. Across 332 overlapping 5-year windows since 2011 that began in this band, the median forward return was +10.71% a year, positive in 100% of windows. A past distribution, not a prediction.
How fast have Nifty 200 earnings grown?
Nifty 200 earnings, measured as the index level divided by its P/E, grew +13.80% a year over the last 5 years, while the index itself moved +7.03% a year and its P/E fell from 27.52 to 20.25. Past growth, not a forecast.
How often is the Nifty 200 rebalanced?
The Nifty 200 is rebalanced quarterly. Details are in the official NSE methodology document.
Last updated: 1 October 2026.