Nifty Financial Services Ex-Bank PE Ratio
Valuation Percentile
Nifty Financial Services Ex-Bank's PB is cheaper than 58% of the last 3 years.
Not enough history for a 5Y percentile, showing 3Y instead.
The Nifty Financial Services Ex-Bank PE ratio is 19.46 as of 1 October 2026, about 14% below its 3-year median of 22.72, which places it in moderately undervalued territory on a historical basis.
PE Ratio vs Historical Medians
| Period | Median PE | Current vs Median |
|---|---|---|
| 3 Years | 22.72 | -14.35% |
| 1 Year | 22.91 | -15.04% |
Historical PE Ratio
Series start. P/E is published from 2 Feb 2022. Index values go back to 1 Apr 2005.
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 Financial Services Ex-Bank earnings grew +13.68% a year over the last 3 years, while the index moved +12.29% a year and its P/E went from 20.2 to 19.5.
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 Financial Services Ex-Bank
1 ETF and 1 index fund track this index. Prices and NAVs as of 1 Oct 2026.
ETFs (1)
| ETF | Symbol | Price | NAV | Premium | 1Y |
|---|---|---|---|---|---|
| ICICI Prudential Nifty Financial Services Ex-Bank ETF | FINIETF | 30.18 | - | - | +0.26% |
Index funds (1)
| Fund | AMC | NAV | Since |
|---|---|---|---|
| Kotak Nifty Financial Services Ex-Bank Index Fund | Kotak Mahindra Asset Management Company Limited. | 15.171 Oct 2026 | 2023 |
Listed for information only, not a recommendation. Check expense ratio and tracking difference before investing.
Performance and risk
1-year holding windows since 2022 returned a median of +21.03% (best +49.88%, worst -11.43%).
View full performance and risk
Returns as of September 2026, from the NSE factsheet for the Nifty Financial Services Ex-Bank. 1-year returns are absolute; 5-year returns are annualized.
Stocks in the Nifty Financial Services Ex-Bank
The Nifty Financial Services Ex-Bank contains 30 constituents.
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
- Selection
- The index is designed to reflect the behaviour and performance of portfolio of stocks from the Financial Services sector other than Banks. The largest 30 stocks from eligible basic industries are chosen based on 6 month average free-float market capitalisation.
- Rebalanced
- Semi-annually. The review of sectoral indices is undertaken semi-annually based on data for six months ending January and July.
- Weight cap
- For all other sectoral indices, the weight of each stock is capped at 33% and the weight of top 3 stocks is capped at 62%
Summarised from NSE's official methodology document (PDF) for the Nifty Financial Services Ex-Bank; the PDF is authoritative.
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Frequently Asked Questions
What is the current Nifty Financial Services Ex-Bank PE ratio?
As of 1 October 2026, the Nifty Financial Services Ex-Bank PE ratio is 19.46. That is about 14% below its 3-year median of 22.72 and about 15% below its 1-year median of 22.91.
Is the Nifty Financial Services Ex-Bank undervalued right now?
On a historical basis it screens as moderately undervalued. Its current PE of 19.46 sits below every median window: 1-year (22.91) and 3-year (22.72).
What is a normal PE ratio for the Nifty Financial Services Ex-Bank?
Over the past three years its median PE has been 22.72, and over the past one year 22.91. Today's 19.46 is toward the lower end of that historical range.
How many stocks are in the Nifty Financial Services Ex-Bank?
The Nifty Financial Services Ex-Bank contains 30 stocks. By number of companies, its largest sectors are Financial Services (30 stocks).
What returns has the Nifty Financial Services Ex-Bank delivered?
As of September 2026, the Nifty Financial Services Ex-Bank total return (with dividends reinvested) is +1.01% over the past year and +10.18% 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 Financial Services Ex-Bank?
Over the year to September 2026, the Nifty Financial Services Ex-Bank had an annualized volatility (standard deviation of daily returns) of 21.19%. Its beta versus the Nifty 50 is 1.36, meaning it has moved more than the broad market.
What is a typical one-year return for the Nifty Financial Services Ex-Bank?
Across every one-year holding window since 2022, the Nifty Financial Services Ex-Bank total return has a median of +21.03%, with the best window at +49.88% and the worst at -11.43%. Based on NSE Total Returns Index data; a past distribution, not a prediction.
How fast have Nifty Financial Services Ex-Bank earnings grown?
Nifty Financial Services Ex-Bank earnings, measured as the index level divided by its P/E, grew +13.68% a year over the last 3 years, while the index itself moved +12.29% a year and its P/E fell from 20.19 to 19.46. Past growth, not a forecast.
How often is the Nifty Financial Services Ex-Bank rebalanced?
The Nifty Financial Services Ex-Bank is rebalanced semi-annually. The review of sectoral indices is undertaken semi-annually based on data for six months ending January and July. Details are in the official NSE methodology document.
Last updated: 1 October 2026.