NIFTY Smallcap 100 PE Ratio
Valuation Percentile
NIFTY Smallcap 100's PB is more expensive than 50% of the last 5 years.
The NIFTY Smallcap 100 PE ratio is 37.37 as of 1 October 2026, about 29% above its 5-year median of 29.04, which places it in significantly overvalued territory on a historical basis.
PE Ratio vs Historical Medians
| Period | Median PE | Current vs Median |
|---|---|---|
| Full history | 31.39 | +19.05% |
| 15 Years | 31.70 | +17.91% |
| 10 Years | 31.65 | +18.07% |
| 7 Years | 29.97 | +24.69% |
| 5 Years | 29.04 | +28.68% |
| 3 Years | 30.33 | +23.21% |
| 1 Year | 31.23 | +19.64% |
Historical PE Ratio
Data gap. P/E is unavailable from 18 May 2016 to 16 Feb 2017 and 27 Jan 2020 to 25 Jun 2020 because the index’s aggregate earnings were negative, so no ratio could be published. The line bridges those dates, and medians and forward returns skip them.
Series start. P/E is published from 30 Mar 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 Smallcap 100 earnings grew +5.58% a year over the last 5 years, while the index moved +11.82% a year and its P/E went from 28.1 to 37.4.
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 Smallcap 100
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 |
|---|---|---|---|---|---|
| Zerodha Nifty Smallcap 100 ETF | SML100CASE | 10.92 | - | - | +7.55% |
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 +6.79% (best +146.20%, worst -47.46%).
Today's PE of 37.37 sits in band 4 of 5 of this index's history (PE 33.7 to 62.5). From this band, 5-year forward returns had a median of +15.41% a year and were positive in 91% of windows (643 windows since 2011).
View full performance and risk
Returns as of September 2026, from the NSE factsheet for the NIFTY Smallcap 100. 1-year returns are absolute; 5-year returns are annualized.
Stocks in the NIFTY Smallcap 100
The NIFTY Smallcap 100 contains 100 constituents. Its largest sectors by weight are Financial Services (26.0%) and Capital Goods (15.5%).
Recent changes
4 October 2026: Added Acutaas Chemicals Ltd., Apollo Tyres Ltd., Avanti Feeds Ltd., Belrise Industries Ltd., Bharat Coking Coal Ltd., Cemindia Projects Ltd., Central Mine Planning & Design Institute Ltd., Chennai Petroleum Corporation Ltd., Cupid Ltd., Emmvee Photovoltaic Power Ltd., Gallantt Ispat Ltd., HFCL Ltd., KPIT Technologies Ltd., Kirloskar Oil Eng Ltd., MTAR Technologies Ltd., Onesource Specialty Pharma Ltd., R R Kabel Ltd., Sammaan Capital Ltd., Sterlite Technologies Ltd., Syrma SGS Technology Ltd., TD Power Systems Ltd., Tata Elxsi Ltd., Vedanta Power Ltd.. Removed Aditya Birla Real Estate Ltd., Afcons Infrastructure Ltd., Aptus Value Housing Finance India Ltd., Aster DM Quality Care Ltd., BLS International Services Ltd., Brainbees Solutions Ltd., Castrol India Ltd., Chambal Fertilizers & Chemicals Ltd., Five-Star Business Finance Ltd., Hindustan Copper Ltd., IRCON International Ltd., JM Financial Ltd., Meesho Ltd., Narayana Hrudayalaya Ltd., Piramal Finance Ltd., Reliance Power Ltd., Sarda Energy and Minerals Ltd., Signatureglobal (India) Ltd., Star Health and Allied Insurance Company Ltd., Swan Corp Ltd., The Ramco Cements Ltd., Whirlpool of India Ltd., Zensar Technolgies 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
- It includes all companies from Nifty Smallcap 50.
- Rebalanced
- Quarterly
Summarised from NSE's official methodology document (PDF) for the NIFTY Smallcap 100; the PDF is authoritative.
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Frequently Asked Questions
What is the current NIFTY Smallcap 100 PE ratio?
As of 1 October 2026, the NIFTY Smallcap 100 PE ratio is 37.37. That is about 29% above its 5-year median of 29.04 and about 20% above its 1-year median of 31.23.
Is the NIFTY Smallcap 100 undervalued right now?
On a historical basis it screens as significantly overvalued. Its current PE of 37.37 sits above every median window: 1-year (31.23), 3-year (30.33), 5-year (29.04), 7-year (29.97), 10-year (31.65), 15-year (31.70) and full-history (31.39).
What is a normal PE ratio for the NIFTY Smallcap 100?
Over the past five years its median PE has been 29.04, and over the past three years 30.33. Today's 37.37 is toward the upper end of that historical range.
How many stocks are in the NIFTY Smallcap 100?
The NIFTY Smallcap 100 contains 100 stocks. By number of companies, its largest sectors are Financial Services (21 stocks), Capital Goods (17 stocks) and Healthcare (11 stocks).
What returns has the NIFTY Smallcap 100 delivered?
As of September 2026, the NIFTY Smallcap 100 total return (with dividends reinvested) is +10.24% over the past year and +12.92% 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 Smallcap 100?
Over the year to September 2026, the NIFTY Smallcap 100 had an annualized volatility (standard deviation of daily returns) of 18.06%. 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 Smallcap 100?
Across every one-year holding window since 2011, the NIFTY Smallcap 100 total return has a median of +6.79%, with the best window at +146.20% and the worst at -47.46%. 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 Smallcap 100 currently trades at a PE of 37.37, in band 4 of 5 of its own PE history. Across 643 overlapping 5-year windows since 2011 that began in this band, the median forward return was +15.41% a year, positive in 91% of windows. A past distribution, not a prediction.
How fast have NIFTY Smallcap 100 earnings grown?
NIFTY Smallcap 100 earnings, measured as the index level divided by its P/E, grew +5.58% a year over the last 5 years, while the index itself moved +11.82% a year and its P/E rose from 28.05 to 37.37. Past growth, not a forecast.
How often is the NIFTY Smallcap 100 rebalanced?
The NIFTY Smallcap 100 is rebalanced quarterly. Details are in the official NSE methodology document.
Last updated: 1 October 2026.