Markets
Nifty India Railways PSU
Nifty India Railways PSU is an NSE theme index of 17 stocks. Since 2021 it has compounded 21.1% a year with dividends reinvested; over the past year it fell 23.6%. Its deepest fall was 51%, from Jul 2024 to Oct 2026, and it has not yet regained that high.
Written for anyone who holds, tracks or is thinking of buying Nifty India Railways PSU. Data to 14 Oct 2026.
- Trend
- Downtrend since Oct 2024
- Momentum
- 132nd of 133 markets, by rank
- Below its high
- 49.1% total return
- P/E
- 20.3 33rd percentile
- 1 year
- −23.6% total return
- 5 years
- 13.5% a year
- 10 years
- – a year
- Since 2021
- 21.1% a year
- Volatility
- 21.8% past year; usual 25%
NSE launched Nifty India Railways PSU in Nov 2024. Figures before that use NSE's back-calculated history: today's rules applied to the past, chosen with that past in view. Charts mark the launch.
Returns
Total return counts dividends reinvested; price return does not. Since 2021, dividends added about 2.2 percentage points a year. Returns over more than a year are a year, compounded.
Nifty India Railways PSU: growth of 100
Weekly, from Apr 2021, log scale: equal slopes are equal rates of growth. Drag the range below the chart to start anywhere; both lines restart at 100.
How to read it. The gap between the two lines is what dividends were worth. It widens slowly and never closes.
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To 14 Oct 2026. Before any fund cost or tax.
| Period | Total return | Price return | Dividends added | More |
|---|---|---|---|---|
| 1 month | −3.4% | −3.6% | +0.1 pts | |
| 3 months | −8.6% | −8.9% | +0.3 pts | |
| 6 months | −14.1% | −14.4% | +0.3 pts | |
| This year | −24.8% | −25.6% | +0.7 pts | |
| 1 year | −23.6% | −24.7% | +1.1 pts | |
| 3 years, a year | +2.3% | +1.0% | +1.3 pts | |
| 5 years, a year | +13.5% | +11.6% | +1.9 pts | |
| Since Apr 2021, a year | +21.1% | +18.9% | +2.2 pts |
Year by year
3 of the 4 full calendar years since 2022 ended higher. 4 of them had a fall of 10% or more from a peak somewhere inside the year, so even good years are rarely smooth.
Nifty India Railways PSU: each calendar year
The worst fall is the largest drop from a peak within the year, with the previous year-end as the first peak (the convention of J.P. Morgan's Guide to the Markets). Total return, %.
| Year | Total return | Price return | Dividends | Worst fall in the year | More |
|---|---|---|---|---|---|
| 2026 so far | −24.8% | −25.6% | +0.7 pts | −29.7% | |
| 2025 | −8.6% | −9.9% | +1.3 pts | −22.1% | |
| 2024 | +26.8% | +25.4% | +1.4 pts | −27.6% | |
| 2023 | +91.8% | +89.1% | +2.7 pts | −13.3% | |
| 2022 | +25.7% | +22.4% | +3.3 pts | −19.6% |
The falls
Every fall of 10% or more from a high, deepest first. The worst, 51%, took 2.2 years to reach bottom and has not been recovered. Today it is 49.1% below its high.
Nifty India Railways PSU: how far below its previous high
Weekly, the week's lowest close against the highest close before it, total return, %.
How to read it. Zero is a new high. The depth of each dip is what a holder sat through; its width is how long getting back took.
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Total return, closing prices. A fall ends when the index closes at or above the high it fell from. Calendar time.
| Fall | From the high of | To the low of | Falling for | Recovering for | Back at the high | High to high |
|---|---|---|---|---|---|---|
| −51.4% | 12 Jul 2024 | 8 Oct 2026 | 2.2 years | +5% off the low | not yet | 6 days since the low |
| −24.6% | 18 Oct 2021 | 20 Jun 2022 | 8 months | 4 months | 3 Nov 2022 | 13 months |
| −17.8% | 29 Nov 2022 | 28 Mar 2023 | 4 months | 35 days | 2 May 2023 | 5 months |
| −16.6% | 20 Jan 2024 | 13 Mar 2024 | 53 days | 43 days | 25 Apr 2024 | 3 months |
| −15.4% | 3 Jun 2024 | 4 Jun 2024 | 1 days | 31 days | 5 Jul 2024 | 32 days |
| −12.4% | 11 Sept 2023 | 26 Oct 2023 | 45 days | 39 days | 4 Dec 2023 | 3 months |
What holding it was like
From every day in its history, what holding Nifty India Railways PSU for a fixed span would have returned a year. Over five years the middle outcome was 22.4% a year; the worst 13.3% and the best 30.5%; no five-year span lost money.
Total return a year, %, over every span of that length starting on any session. Spans overlap, so 'separate spans' is how many non-overlapping ones the history holds: the longer the span, the fewer truly independent readings behind each figure.
| Held for | Worst | 1 in 10 worse than | Middle | 1 in 10 better than | Best | Spans that lost | Separate spans |
|---|---|---|---|---|---|---|---|
| 1 year | −29.9% | −21.2% | +17.0% | +140.9% | +193.6% | 38% | 5.5 |
| 3 years | +1.3% | +17.5% | +39.5% | +63.2% | +69.4% | 0% | 1.8 |
| 5 years | +13.3% | +16.1% | +22.4% | +29.2% | +30.5% | 0% | 1.1 |
Rolling returns, a year
Weekly: the return a year over the 3 and 5 years to each date, total return, %.
How to read it. Each point is what someone who bought 3 or 5 years earlier had earned a year by then. The lows mark the worst times to have bought.
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₹10,000 on the first session of every month into the index itself, from January of each year to 14 Oct 2026. Before any fund cost or tax; an index fund would have returned a little less.
| Started in January | Months | Put in | Worth now | Multiple | Return a year (XIRR) | More |
|---|---|---|---|---|---|---|
| 2025 | 22 | ₹2,20,000 | ₹1,77,532 | 0.81× | −21.8% | |
| 2024 | 34 | ₹3,40,000 | ₹2,54,871 | 0.75× | −19.4% | |
| 2023 | 46 | ₹4,60,000 | ₹4,28,485 | 0.93× | −3.7% | |
| 2022 | 58 | ₹5,80,000 | ₹6,74,282 | 1.16× | +6.3% |
How bumpy
Volatility is how widely daily returns swing, scaled to a year. Over the past year it was 21.8%, against a usual 25.0% for this index. 57% of months ended higher, and 98 days moved 3% or more either way.
Nifty India Railways PSU: volatility over the past year
Weekly: standard deviation of daily total returns over the past 252 sessions, annualised, %.
How to read it. Spikes come with sell-offs; calm stretches come with rising markets. High readings rarely last.
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| Worst days | Return |
|---|---|
| 4 Jun 2024 | −15.4% |
| 23 Jan 2024 | −8.0% |
| 12 Feb 2024 | −7.9% |
| 13 Mar 2024 | −7.7% |
| 23 Dec 2022 | −6.0% |
| Best days | Return |
|---|---|
| 19 Jan 2024 | +7.8% |
| 4 Sept 2023 | +7.0% |
| 12 May 2025 | +6.7% |
| 20 Jan 2024 | +6.6% |
| 3 Jun 2024 | +6.4% |
| Worst months | Return |
|---|---|
| Feb 2025 | −22.0% |
| Mar 2026 | −14.0% |
| Feb 2023 | −9.1% |
| Jun 2022 | −8.7% |
| Jul 2025 | −8.1% |
| Best months | Return |
|---|---|
| Jan 2024 | +31.1% |
| Sept 2023 | +19.3% |
| Dec 2023 | +18.3% |
| Apr 2026 | +16.8% |
| Nov 2022 | +16.6% |
Valuation
NSE's own price-to-earnings, price-to-book and dividend yield, at each month-end since Aug 2026. Today's P/E of 20.3 is in the middle of its range since NSE moved to consolidated earnings in March 2021. Price to book, 2.55, is in the middle of its range over the full history.
Price to earnings
Month-ends, as NSE publishes them.
How to read it. Higher is dearer. Before March 2021 NSE used standalone earnings, so readings on either side of the line are not strictly comparable.
Price to earnings. Line chart, Aug 2026 to Oct 2026. Price to earnings: latest 20.3×, range 20.3× to 21.6×.
Price to book
Month-ends, as NSE publishes them.
How to read it. Higher is dearer. Book value has no accounting break, so the whole history compares.
Price to book. Line chart, Aug 2026 to Oct 2026. Price to book: latest 2.55×, range 2.55× to 2.76×.
Today is 14 Oct 2026; the history is month-ends. A percentile is the share of month-ends at or below today's reading: 90 means dearer than nine months in ten (for dividend yield, the reverse).
| Today | Percentile, full history | Last 10 years | Since March 2021 | Median | Low | High | |
|---|---|---|---|---|---|---|---|
| Price to earnings | 20.31 | 33 | – | – | 20.36 | 20.31 | 21.60 |
| Price to book | 2.55 | 67 | – | – | 2.55 | 2.55 | 2.76 |
| Dividend yield, % | 2.16 | 100 | – | – | 1.94 | 1.76 | 2.16 |
What it holds
17 stocks as NSE lists them today. The ten largest make up 93.3% of the index. It is weighted by periodic capped free-float and rebalanced twice a year.
Sector weights
NSE's factsheet, 30 Sept 2026. % of the index.
How to read it. Sectors as NSE classifies them. A sector index of one industry has no split to show.
Sector weights. Bar chart of 9 items. Weight, %: highest Construction at 21.9%, lowest Metals & Mining at 0.9%.
NSE's factsheet, 30 Sept 2026. NSE publishes the weights of the ten largest members only.
| Largest holdings | Weight | |
|---|---|---|
| 1 | Indian Railway Finance Corporation Ltd. | 20.02% |
| 2 | Container Corporation of India Ltd. | 18.74% |
| 3 | Indian Railway Catering And Tourism Corporation Ltd. | 16.67% |
| 4 | Rail Vikas Nigam Ltd. | 13.89% |
| 5 | NTPC Ltd. | 5.30% |
| 6 | Bharat Electronics Ltd. | 4.80% |
| 7 | IRCON International Ltd. | 4.63% |
| 8 | RITES Ltd. | 3.40% |
| 9 | Oil & Natural Gas Corporation Ltd. | 3.03% |
| 10 | Railtel Corporation Of India Ltd. | 2.82% |
NSE's constituent list for Nifty India Railways PSU, as seen on 14 Oct 2026. NSE changes members at each rebalance.
| Member | Industry | NSE symbol | More |
|---|---|---|---|
| BEML Ltd. | Capital Goods | BEML | |
| Bharat Electronics Ltd. | Capital Goods | BEL | |
| Bharat Heavy Electricals Ltd. | Capital Goods | BHEL | |
| Bharat Petroleum Corporation Ltd. | Oil Gas & Consumable Fuels | BPCL | |
| Container Corporation of India Ltd. | Services | CONCOR | |
| Hindustan Petroleum Corporation Ltd. | Oil Gas & Consumable Fuels | HINDPETRO | |
| IRCON International Ltd. | Construction | IRCON | |
| ITI Ltd. | Telecommunication | ITI | |
| Indian Railway Catering And Tourism Corporation Ltd. | Consumer Services | IRCTC | |
| Indian Railway Finance Corporation Ltd. | Financial Services | IRFC | |
| Mangalore Refinery & Petrochemicals Ltd. | Oil Gas & Consumable Fuels | MRPL | |
| NTPC Ltd. | Power | NTPC | |
| Oil & Natural Gas Corporation Ltd. | Oil Gas & Consumable Fuels | ONGC | |
| RITES Ltd. | Construction | RITES | |
| Rail Vikas Nigam Ltd. | Construction | RVNL | |
| Railtel Corporation Of India Ltd. | Telecommunication | RAILTEL | |
| Steel Authority of India Ltd. | Metals & Mining | SAIL |
Against the Nifty 500
How Nifty India Railways PSU has done against the broad market it is part of. Over 5 years it beat the Nifty 500 by 9.2 percentage points a year, and was ahead in 3 of 4 calendar years.
Relative strength
Weekly: Nifty India Railways PSU's total return divided by the Nifty 500's, 100 at the start of the range shown.
How to read it. Rising: Nifty India Railways PSU is outrunning the Nifty 500. Falling: it is lagging. The level means nothing; the direction is the reading.
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Three-year lead or lag
Weekly: Nifty India Railways PSU's return a year over the past three years minus the Nifty 500's, percentage points.
How to read it. Above zero, someone who bought three years earlier was ahead of the broad index; below, behind.
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Monthly total returns. Up capture: how much of the Nifty 500's gain in its rising months this index caught (100 is all of it); down capture: the same for falling months. Beta above 1 means bigger swings than the Nifty 500.
| Ahead by, a year | Up capture | Down capture | Beta | Correlation | Tracking error | |
|---|---|---|---|---|---|---|
| Full history, from May 2021 | +9.2 pts | 152 | 136 | 1.46 | 0.69 | 23.6% |
| Last 5 years, from Oct 2021 | +6.9 pts | 150 | 136 | 1.48 | 0.69 | 23.8% |
Models and ETFs
No Tipsheet model uses Nifty India Railways PSU. 1 ETFs track it. Its trend and momentum have a page of their own.
From the ETF desk. Tracking difference: what a holder buying and selling on the exchange got, minus the index's total return, over the past year. Tracking error: how much that gap wobbled week to week.
| ETF | NSE symbol | Expense ratio | Assets | Tracking difference, 1 year | Tracking error, 1 year | Daily traded value (median) | More |
|---|---|---|---|---|---|---|---|
| Groww Nifty India Railways PSU ETF | GROWWRAIL | 0.45% | ₹161 cr | −0.81 pts | 2.80% | ₹1.4 cr |
Data and sources
Nifty India Railways PSU is computed and published by NSE Indices. History here starts 1 Apr 2021; NSE launched the index on 25 Nov 2024, from a base date of April 01, 2021. All returns are on NSE's total-return index unless marked as price return.
Historical index data. NSE publishes daily index values, total-return values and P/E, P/B and dividend yield for every index on niftyindices.com: historical data. Pick Nifty India Railways PSU there to download its full series.
- Nifty India Railways PSU on niftyindices.com: description and methodology
- NSE's monthly factsheet (PDF)
- Current constituents (CSV)
- The weekly series on this page (JSON): growth of 100, drawdown, volatility and rolling returns
Index values themselves are NSE's and are not republished here; the charts show growth of 100 and other figures computed from them.
The workings
The question
Data
Every chart has a table view, a CSV download and a link to its published JSON. Bundles are listed in data status.