We are pleased to launch the 13th edition of our Industry Multiples in India quarterly report.

This report provides an overview of trading multiples for various key industries in India as of December 31, 2020, using constituents belonging to the S&P BSE LargeCap, S&P BSE MidCap and S&P BSE SmallCap Indices.


  • The Nifty 50 and BSE Sensex in India achieved new highs in November and December and gained around 25.0% in Q4 2020.
  • The equity markets were also boosted by robust foreign Institutional Investors’ (FII) inflows. FIIs infused INR 65,238 crore in Indian markets in November 2020, the highest ever in a single month, followed by strong inflows in December 2020 as well. The FIIs turned net positive for the year 2020 in the domestic market.
  • The global economic contraction for 2020 is estimated at -3.5%, reflecting stronger-than-expected momentum in H2 2020. Based on the International Monetary Fund’s World Economic Outlook Update (January 2021), global growth is projected to be at 5.5% in 2021 and 4.2% in 2022. 
  • The EV/EBITDA multiples across all sectors have surged upwards during Q4 2020 especially sectors like construction and engineering, real estate, banks, automobile manufacturers and industrial machinery have seen a significant uptick since September 2020.

Our report provides a detailed overview of the P/B, P/E, EV/ EBITDA and EV/Sales multiples of companies in the S&P BSE 500 Index and in the S&P BSE LargeCap, S&P BSE MidCap and S&P BSE SmallCap Indices across 23 major industries for which such data is available. 

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.

Disclaimer: Considering the high levels of volatility in the financial markets and increased uncertainty because of COVID-19, certain industries may experience temporary distortions in trading multiples. Readers need to use significant judgment when it comes to relying on and applying these multiples.


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