Nifty Smallcap 250 PE Ratio
Valuation Percentile
Nifty Smallcap 250's PB is cheaper than 69% of the last 5 years.
The Nifty Smallcap 250 PE ratio is 34.05 as of 1 October 2026, about 20% above its 5-year median of 28.30, which places it in moderately overvalued territory on a historical basis.
PE Ratio vs Historical Medians
| Period | Median PE | Current vs Median |
|---|---|---|
| Full history | 32.55 | +4.59% |
| 10 Years | 32.14 | +5.94% |
| 7 Years | 30.03 | +13.39% |
| 5 Years | 28.30 | +20.32% |
| 3 Years | 30.24 | +12.60% |
| 1 Year | 30.01 | +13.46% |
Historical PE Ratio
Data gap. P/E is unavailable from 23 Aug 2016 to 4 Oct 2016, 20 Oct 2016 to 30 Mar 2017 and 27 Aug 2018 to 27 Sept 2018 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 1 Apr 2016. 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 Smallcap 250 earnings grew +9.74% a year over the last 5 years, while the index moved +13.37% a year and its P/E went from 28.9 to 34.0.
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 Smallcap 250
7 ETFs and 11 index funds track this index. Prices and NAVs as of 1 Oct 2026.
ETFs (7)
| ETF | Symbol | Price | NAV | Premium | 1Y |
|---|---|---|---|---|---|
| HDFC NIFTY Smallcap 250 ETF | HDFCSML250 | 178.45 | - | - | +3.64% |
| Motilal Oswal Nifty Smallcap 250 ETF | MOSMALL250 | 17.79 | - | - | +3.75% |
| Mirae Asset Nifty Smallcap 250 ETF | SMALL250 | 17.61 | - | - | - |
| DSP Nifty Smallcap 250 ETF | SMALLADD | 17.65 | - | - | - |
| ICICI Prudential Nifty Smallcap 250 ETF | SMALLIETF | 17.94 | - | - | - |
Index funds (11)
| Fund | AMC | NAV | Since |
|---|---|---|---|
| Motilal Oswal Nifty Smallcap 250 Index Fund | Motilal Oswal Asset Management Company Limited | 39.421 Oct 2026 | 2019 |
| Nippon India Nifty Smallcap 250 Index Fund | Nippon Life India Asset Management Limited | 34.861 Oct 2026 | 2020 |
| ICICI Prudential Nifty Smallcap 250 Index Fund | ICICI Prudential Asset Management Company Limited | 18.031 Oct 2026 | 2021 |
| SBI Nifty Smallcap 250 Index Fund | SBI Funds Management Limited | 19.161 Oct 2026 | 2022 |
| Edelweiss Nifty Smallcap 250 Index Fund | Edelweiss Asset Management Limited | 18.351 Oct 2026 | 2022 |
Listed for information only, not a recommendation. Check expense ratio and tracking difference before investing.
Performance and risk
1-year holding windows since 2016 returned a median of +8.64% (best +135.79%, worst -42.80%).
Today's PE of 34.05 sits in band 3 of 5 of this index's history (PE 30.6 to 36.5). From this band, 3-year forward returns had a median of +23.71% a year and were positive in 100% of windows (140 windows since 2016).
View full performance and risk
Returns as of September 2026, from the NSE factsheet for the Nifty Smallcap 250. 1-year returns are absolute; 5-year returns are annualized.
Stocks in the Nifty Smallcap 250
The Nifty Smallcap 250 contains 251 constituents. Its largest sectors by weight are Financial Services (19.5%) and Capital Goods (16.4%).
Recent changes
4 October 2026: Added ACC Ltd., AWL Agri Business Ltd., Aether Industries Ltd., Apollo Tyres Ltd., Avanti Feeds Ltd., Azad Engineering Ltd., Bagmane Prime Office REIT, Bharat Coking Coal Ltd., Black Box Ltd., Brookfield India Real Estate Trust, Central Mine Planning & Design Institute Ltd., Clean Max Enviro Energy Solutions Ltd., Cupid Ltd., Fractal Analytics Ltd., Honeywell Automation India Ltd., INOX India Ltd., KPIT Technologies Ltd., KSB Ltd., Kirloskar Brothers Ltd., MTAR Technologies Ltd., Privi Speciality Chemicals Ltd., Rubicon Research Ltd., SJVN Ltd., SPR Auto Technologies Ltd., Sansera Engineering Ltd., Sterlite Technologies Ltd., TD Power Systems Ltd., Tata Elxsi Ltd., Thangamayil Jewellery Ltd., The New India Assurance Company Ltd., Vedanta Iron and Steel Ltd., Vedanta Oil and Gas Ltd., Vedanta Power Ltd.. Removed Aditya Birla Fashion and Retail Ltd., Aditya Birla Lifestyle Brands Ltd., Aster DM Quality Care Ltd., Bayer Cropscience Ltd., Bikaji Foods International Ltd., Blue Dart Express Ltd., Blue Jet Healthcare Ltd., Bombay Burmah Trading Corporation Ltd., C.E. Info Systems Ltd., Chalet Hotels Ltd., DCM Shriram Ltd., Eris Lifesciences Ltd., Fertilisers and Chemicals Travancore Ltd., Go Digit General Insurance Ltd., Hindustan Copper Ltd., Indegene Ltd., Indian Overseas Bank, JSW Dulux Ltd., Jubilant Pharmova Ltd., Latent View Analytics Ltd., Leela Palaces Hotels & Resorts Ltd., Meesho Ltd., Narayana Hrudayalaya Ltd., Newgen Software Technologies Ltd., Niva Bupa Health Insurance Company Ltd., Pfizer Ltd., Piramal Finance Ltd., SBFC Finance Ltd., Sapphire Foods India Ltd., Saregama India Ltd, Sonata Software Ltd., Supreme Petrochem Ltd., Travel Food Services Ltd..
27 September 2026: Added HEG Advanced Materials Ltd.. Removed HEG Ltd..
13 September 2026: Added Dummy HEG 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 Smallcap 250 represents the balance 250 companies (companies ranked 251-500) from Nifty 500.
- Rebalanced
- Quarterly
Summarised from NSE's official methodology document (PDF) for the Nifty Smallcap 250; the PDF is authoritative.
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Frequently Asked Questions
What is the current Nifty Smallcap 250 PE ratio?
As of 1 October 2026, the Nifty Smallcap 250 PE ratio is 34.05. That is about 20% above its 5-year median of 28.30 and about 13% above its 1-year median of 30.01.
Is the Nifty Smallcap 250 undervalued right now?
On a historical basis it screens as moderately overvalued. Its current PE of 34.05 sits above every median window: 1-year (30.01), 3-year (30.24), 5-year (28.30), 7-year (30.03), 10-year (32.14) and full-history (32.55).
What is a normal PE ratio for the Nifty Smallcap 250?
Over the past five years its median PE has been 28.30, and over the past three years 30.24. Today's 34.05 is toward the upper end of that historical range.
How many stocks are in the Nifty Smallcap 250?
The Nifty Smallcap 250 contains 251 stocks. By number of companies, its largest sectors are Capital Goods (43 stocks), Financial Services (38 stocks) and Automobile and Auto Components (22 stocks).
What returns has the Nifty Smallcap 250 delivered?
As of September 2026, the Nifty Smallcap 250 total return (with dividends reinvested) is +7.23% over the past year and +14.51% 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 250?
Over the year to September 2026, the Nifty Smallcap 250 had an annualized volatility (standard deviation of daily returns) of 17.13%. Its beta versus the Nifty 50 is 1.04, meaning it has moved roughly in line with the broad market.
What is a typical one-year return for the Nifty Smallcap 250?
Across every one-year holding window since 2016, the Nifty Smallcap 250 total return has a median of +8.64%, with the best window at +135.79% and the worst at -42.80%. Based on NSE Total Returns Index data; a past distribution, not a prediction.
What have 3-year returns been from PE levels like today's?
The Nifty Smallcap 250 currently trades at a PE of 34.05, in band 3 of 5 of its own PE history. Across 140 overlapping 3-year windows since 2016 that began in this band, the median forward return was +23.71% a year, positive in 100% of windows. A past distribution, not a prediction.
How fast have Nifty Smallcap 250 earnings grown?
Nifty Smallcap 250 earnings, measured as the index level divided by its P/E, grew +9.74% a year over the last 5 years, while the index itself moved +13.37% a year and its P/E rose from 28.94 to 34.05. Past growth, not a forecast.
How often is the Nifty Smallcap 250 rebalanced?
The Nifty Smallcap 250 is rebalanced quarterly. Details are in the official NSE methodology document.
Last updated: 1 October 2026.