Industry Multiples in India Report 2023—23rd Edition

We are pleased to launch the 23rd edition of our Industry Multiples in India report. The report provides an overview of trading multiples for various key industries in India as of March 31, 2024, using constituents belonging to the Standard and Poor’s (S&P) BSE LargeCap, S&P BSE MidCap and S&P BSE SmallCap indices.

Key Highlights

  • According to the International Monetary Funds’ (IMF) World Economic Outlook report, global headline inflation is expected to fall from an annual average of 6.8% in 2023 to 5.9% in 2024 and 4.5% in 2025 as advanced economies are expected to meet their inflation targets sooner than emerging economies.
  • During Q1 CY 2024, the IMF raised its growth projection for India’s GDP in the current FY 2024-25 to 6.8% from its earlier forecast of 6.5%, due to strong domestic demand and increased growth in exports.
  • In December 2023, the Reserve Bank of India (RBI) revised its growth forecast for the economy in FY24 to 7%, up from its previous projection of 6.5%. India continues to remain one of the world’s fastest-growing major economies.


  • Market capitalization of companies in the automobile manufacturers industry considered has increased by 11.1% from Q4 CY 2023 to Q1 CY 2024. The industry is poised for significant deal activities owing to global growth projections and resilience of emerging markets. India’s EV sales have nearly doubled in 2023, driven by rising consumer interest, government initiatives, infrastructure development and concerns over climate change.
  • Market capitalization of companies in the real estate industry has increased by 11.4% from Q4 CY 2023 to Q1 CY 2024. The real estate sector is expected to touch market size of USD 1.3 trillion (13.8% of projected GDP) by FY 2034 and USD 5.17 trillion (17.5% of projected GDP) by 2047. Shares of real estate companies saw an increase in market capitalization amid reports on the government’s plan to spend Rs 60,000 crore (USD 7.2 billion) to provide subsidized loans for small urban housing over the next five years.

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