We are pleased to launch the 16th edition of our Industry Multiples in India. This report provides an overview of trading multiples for various key industries in India as of December 31, 2021, using constituents belonging to the S&P BSE LargeCap, S&P BSE MidCap and S&P BSE SmallCap indices.


  • After nearly two years into the COVID-19 pandemic, high uncertainty continues to surround the global financial outlook.
  • Based on the International Monetary Fund’s World Economic Outlook (April 2021), global growth was projected to be at 6.0% in 2021 and 4.4% in 2022.
  • India experienced a vicious second wave of the pandemic and this has moderated economic recovery during CY 2021. However, India's stock market is moving more in line with its global peers.
  • There was an uptick in sectors such as automotive, construction and engineering, electric and gas utilities, healthcare facilities and services, industrial machinery and tech since December 2020 in terms of EV/EBIDTA multiples.
  • The country's manufacturing sector is on an uptrend. Health care has become one of the largest sectors of the Indian economy in terms of both revenue and employment. The trading multiples in the automotive sector also exhibited a sharp increase mainly due to a strong rebound in sales

We hope you find this report helpful in getting an overview of the range of trading multiples for major industries in India. If you would like to receive further information or discuss any findings of this analysis, please contact us.

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