Nifty Metal PE Ratio
Valuation Percentile
Nifty Metal's PB is more expensive than 68% of the last 5 years.
The Nifty Metal PE ratio is 16.34 as of 1 October 2026, about 14% below its 5-year median of 19.07, which places it in moderately undervalued territory on a historical basis.
PE Ratio vs Historical Medians
| Period | Median PE | Current vs Median |
|---|---|---|
| Full history | 14.17 | +15.31% |
| 15 Years | 14.28 | +14.43% |
| 10 Years | 15.95 | +2.45% |
| 7 Years | 16.23 | +0.68% |
| 5 Years | 19.07 | -14.32% |
| 3 Years | 20.52 | -20.37% |
| 1 Year | 19.32 | -15.42% |
Historical PE Ratio
Series start. P/E is published from 12 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 Metal earnings grew +3.66% a year over the last 5 years, while the index moved +17.19% a year and its P/E went from 8.8 to 16.3.
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 Metal
6 ETFs and 0 index funds track this index. Prices and NAVs as of 1 Oct 2026.
ETFs (6)
| ETF | Symbol | Price | NAV | Premium | 1Y |
|---|---|---|---|---|---|
| ICICI Prudential Nifty Metal ETF | METALIETF | 12.62 | - | - | +21.84% |
| Mirae Asset Nifty Metal ETF | METAL | 12.6 | - | - | +21.88% |
| Groww Nifty Metal ETF | GROWWMETAL | 12.02 | - | - | - |
| HDFCNIMEG | HDFCNIMEG | 127.5 | - | - | - |
| Motilal Oswal Nifty Metal ETF | MOMETAL | 12.8 | - | - | - |
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 +10.95% (best +230.63%, worst -49.70%).
Today's PE of 16.34 sits in band 4 of 5 of this index's history (PE 15.6 to 20.4). From this band, 5-year forward returns had a median of +14.03% a year and were positive in 91% of windows (357 windows since 2011).
View full performance and risk
Returns as of September 2026, from the NSE factsheet for the Nifty Metal. 1-year returns are absolute; 5-year returns are annualized.
Stocks in the Nifty Metal
The Nifty Metal contains 15 constituents. Its largest sectors by number of companies are Metals & Mining (14) and Capital Goods (1).
Recent changes
4 October 2026: Added Vedanta Aluminium Metal Ltd.. Removed Welspun Corp 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
- The Nifty Metal Index is designed to reflect the behavior and performance of the metals sector.
- 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 Metal; the PDF is authoritative.
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Frequently Asked Questions
What is the current Nifty Metal PE ratio?
As of 1 October 2026, the Nifty Metal PE ratio is 16.34. That is about 14% below its 5-year median of 19.07 and about 15% below its 1-year median of 19.32.
Is the Nifty Metal undervalued right now?
On a historical basis it screens as moderately undervalued. Its current PE of 16.34 compares with its historical medians: 1-year (19.32), 3-year (20.52), 5-year (19.07), 7-year (16.23), 10-year (15.95), 15-year (14.28) and full-history (14.17).
What is a normal PE ratio for the Nifty Metal?
Over the past five years its median PE has been 19.07, and over the past three years 20.52. Today's 16.34 is toward the lower end of that historical range.
How many stocks are in the Nifty Metal?
The Nifty Metal contains 15 stocks. By number of companies, its largest sectors are Metals & Mining (14 stocks) and Capital Goods (1 stock).
What returns has the Nifty Metal delivered?
As of September 2026, the Nifty Metal total return (with dividends reinvested) is +28.45% over the past year and +19.34% 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 Metal?
Over the year to September 2026, the Nifty Metal had an annualized volatility (standard deviation of daily returns) of 22.63%. Its beta versus the Nifty 50 is 1.07, meaning it has moved more than the broad market.
What is a typical one-year return for the Nifty Metal?
Across every one-year holding window since 2011, the Nifty Metal total return has a median of +10.95%, with the best window at +230.63% and the worst at -49.70%. 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 Metal currently trades at a PE of 16.34, in band 4 of 5 of its own PE history. Across 357 overlapping 5-year windows since 2011 that began in this band, the median forward return was +14.03% a year, positive in 91% of windows. A past distribution, not a prediction.
How fast have Nifty Metal earnings grown?
Nifty Metal earnings, measured as the index level divided by its P/E, grew +3.66% a year over the last 5 years, while the index itself moved +17.19% a year and its P/E rose from 8.85 to 16.34. Past growth, not a forecast.
How often is the Nifty Metal rebalanced?
The Nifty Metal 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.