Nifty India Defence PE Ratio
Valuation Percentile
Nifty India Defence's PB is cheaper than 68% of the last 3 years.
Not enough history for a 5Y percentile, showing 3Y instead.
The Nifty India Defence PE ratio is 56.96 as of 1 October 2026, about 7% above its 3-year median of 53.33, which places it in slightly overvalued territory on a historical basis.
PE Ratio vs Historical Medians
| Period | Median PE | Current vs Median |
|---|---|---|
| 3 Years | 53.33 | +6.81% |
| 1 Year | 55.68 | +2.30% |
Historical PE Ratio
Series start. P/E is published from 19 Jan 2022. Index values go back to 2 Apr 2018.
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 India Defence earnings grew +21.87% a year over the last 3 years, while the index moved +40.74% a year and its P/E went from 37.0 to 57.0.
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 India Defence
2 ETFs and 4 index funds track this index. Prices and NAVs as of 1 Oct 2026.
ETFs (2)
| ETF | Symbol | Price | NAV | Premium | 1Y |
|---|---|---|---|---|---|
| Motilal Oswal Nifty India Defence ETF | MODEFENCE | 101.34 | 101.85 | -0.50% | +12.65% |
| Groww Nifty India Defence ETF | GROWWDEFNC | 92.59 | 92.68 | -0.10% | +12.93% |
Index funds (4)
| Fund | AMC | NAV | Since |
|---|---|---|---|
| Motilal Oswal Nifty India Defence Index Fund | Motilal Oswal Asset Management Company Limited | 11.981 Oct 2026 | 2024 |
| Aditya Birla Sun Life Nifty India Defence Index Fund | Aditya Birla Sun Life AMC Limited | 13.091 Oct 2026 | 2024 |
| Axis Nifty India Defence Index Fund | Axis Asset Management Co. Ltd. | 10.141 Oct 2026 | 2026 |
| Invesco India Nifty India Defence Index Fund | Invesco Asset Management (India) Private Limited | - | 2026 |
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 +51.05% (best +207.03%, worst +0.41%).
View full performance and risk
Returns as of September 2026, from the NSE factsheet for the Nifty India Defence. 1-year returns are absolute; 5-year returns are annualized.
Stocks in the Nifty India Defence
The Nifty India Defence contains 22 constituents. Its largest sectors by weight are Capital Goods (74.8%) and Automobile and Auto Components (13.3%).
Recent changes
4 October 2026: Added Centum Electronics Ltd., SIGMA ADVANCED SYSTEMS LTD., Unimech Aerospace and Manufacturing 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
- Selection
- NSE Indices has developed the Nifty India Defence Index which aims to track the performance of portfolio of stocks that broadly represent the Defence theme.
- Weight cap
- At the time of rebalancing of shares/ change in index constituents/ change in investable weight factors (IWFs), the weightage of the index constituent (where applicable) is capped at 10%.
Summarised from NSE's official methodology document (PDF) for the Nifty India Defence; the PDF is authoritative.
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Frequently Asked Questions
What is the current Nifty India Defence PE ratio?
As of 1 October 2026, the Nifty India Defence PE ratio is 56.96. That is about 7% above its 3-year median of 53.33 and about 2% above its 1-year median of 55.68.
Is the Nifty India Defence undervalued right now?
On a historical basis it screens as slightly overvalued. Its current PE of 56.96 sits above every median window: 1-year (55.68) and 3-year (53.33).
What is a normal PE ratio for the Nifty India Defence?
Over the past three years its median PE has been 53.33, and over the past one year 55.68. Today's 56.96 is toward the upper end of that historical range.
How many stocks are in the Nifty India Defence?
The Nifty India Defence contains 22 stocks. By number of companies, its largest sectors are Capital Goods (20 stocks), Automobile and Auto Components (1 stock) and Chemicals (1 stock).
What returns has the Nifty India Defence delivered?
As of September 2026, the Nifty India Defence total return (with dividends reinvested) is +18.79% over the past year and +51.01% 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 India Defence?
Over the year to September 2026, the Nifty India Defence had an annualized volatility (standard deviation of daily returns) of 24.20%. Its beta versus the Nifty 50 is 1.10, meaning it has moved more than the broad market.
What is a typical one-year return for the Nifty India Defence?
Across every one-year holding window since 2022, the Nifty India Defence total return has a median of +51.05%, with the best window at +207.03% and the worst at +0.41%. Based on NSE Total Returns Index data; a past distribution, not a prediction.
How fast have Nifty India Defence earnings grown?
Nifty India Defence earnings, measured as the index level divided by its P/E, grew +21.87% a year over the last 3 years, while the index itself moved +40.74% a year and its P/E rose from 36.95 to 56.96. Past growth, not a forecast.
Last updated: 1 October 2026.