Markets
Nifty IPO
Nifty IPO is an NSE theme index of 112 stocks. Since 2017 it has compounded 10.0% a year with dividends reinvested; over the past year it rose 11.6%. Its deepest fall was 44%, from Jan 2018 to Mar 2020, and it took 2.9 years from that high to a new one.
Written for anyone who holds, tracks or is thinking of buying Nifty IPO. Data to 14 Oct 2026.
- Trend
- Uptrend since Apr 2026
- Momentum
- 7th of 133 markets, by rank
- Below its high
- 3.2% total return
- P/E
- 104.4 100th percentile
- 1 year
- +11.6% total return
- 5 years
- 4.3% a year
- 10 years
- – a year
- Since 2017
- 10.0% a year
- Volatility
- 16.9% past year; usual 17%
NSE launched Nifty IPO in Jul 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 2017, dividends added about 0.6 percentage points a year. Returns over more than a year are a year, compounded.
Nifty IPO: growth of 100
Weekly, from Jan 2017, 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 | −1.8% | −1.8% | 0.0 pts | |
| 3 months | +4.7% | +4.6% | +0.1 pts | |
| 6 months | +20.0% | +19.9% | +0.1 pts | |
| This year | +17.7% | +17.6% | +0.2 pts | |
| 1 year | +11.6% | +11.4% | +0.2 pts | |
| 3 years, a year | +12.3% | +12.1% | +0.2 pts | |
| 5 years, a year | +4.3% | +4.0% | +0.3 pts | |
| Since Jan 2017, a year | +10.0% | +9.4% | +0.6 pts |
Year by year
5 of the 8 full calendar years since 2018 ended higher. 8 of them had a fall of 10% or more from a peak somewhere inside the year, so even good years are rarely smooth.
Nifty IPO: 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 | +17.7% | +17.6% | +0.2 pts | −13.6% | |
| 2025 | −7.8% | −8.1% | +0.3 pts | −24.9% | |
| 2024 | +24.2% | +24.0% | +0.3 pts | −12.9% | |
| 2023 | +32.1% | +31.8% | +0.3 pts | −14.7% | |
| 2022 | −22.1% | −22.5% | +0.4 pts | −30.3% | |
| 2021 | +30.5% | +29.7% | +0.8 pts | −16.0% | |
| 2020 | +13.8% | +13.2% | +0.6 pts | −41.5% | |
| 2019 | +14.9% | +14.2% | +0.8 pts | −11.0% | |
| 2018 | −18.3% | −18.8% | +0.5 pts | −28.5% |
The falls
Every fall of 10% or more from a high, deepest first. The worst, 44%, took 2.2 years to reach bottom and 9 months more to climb back. Today it is 3.2% below its high.
Nifty IPO: 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 |
|---|---|---|---|---|---|---|
| −43.5% | 15 Jan 2018 | 23 Mar 2020 | 2.2 years | 9 months | 11 Dec 2020 | 2.9 years |
| −41.2% | 18 Oct 2021 | 28 Mar 2023 | 17 months | 11 months | 22 Feb 2024 | 2.3 years |
| −28.4% | 23 Sept 2024 | 7 Apr 2025 | 6 months | 16 months | 20 Aug 2026 | 23 months |
| −11.8% | 23 Feb 2024 | 13 Mar 2024 | 19 days | 48 days | 30 Apr 2024 | 2 months |
What holding it was like
From every day in its history, what holding Nifty IPO for a fixed span would have returned a year. Over five years the middle outcome was 8.4% a year; the worst −0.3% and the best 20.4%; 1% of five-year spans 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 | −29.5% | −19.2% | +6.4% | +50.9% | +96.4% | 41% | 9.8 |
| 3 years | −11.9% | −0.4% | +10.9% | +15.9% | +26.6% | 11% | 3.3 |
| 5 years | −0.3% | +2.6% | +8.4% | +15.6% | +20.4% | 1% | 2.0 |
| 7 years | +4.9% | +6.9% | +9.4% | +12.0% | +13.3% | 0% | 1.4 |
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. Of SIPs that ran five years or more, the weakest started in 2017 (+10.9% a year).
| Started in January | Months | Put in | Worth now | Multiple | Return a year (XIRR) | More |
|---|---|---|---|---|---|---|
| 2025 | 22 | ₹2,20,000 | ₹2,58,025 | 1.17× | +18.6% | |
| 2024 | 34 | ₹3,40,000 | ₹3,98,398 | 1.17× | +11.6% | |
| 2023 | 46 | ₹4,60,000 | ₹5,99,378 | 1.30× | +14.2% | |
| 2022 | 58 | ₹5,80,000 | ₹7,95,586 | 1.37× | +13.3% | |
| 2021 | 70 | ₹7,00,000 | ₹9,80,836 | 1.40× | +11.6% | |
| 2020 | 82 | ₹8,20,000 | ₹12,56,643 | 1.53× | +12.5% | |
| 2019 | 94 | ₹9,40,000 | ₹15,28,886 | 1.63× | +12.3% | |
| 2018 | 106 | ₹10,60,000 | ₹17,83,172 | 1.68× | +11.5% | |
| 2017 | 118 | ₹11,80,000 | ₹20,42,853 | 1.73× | +10.9% |
How bumpy
Volatility is how widely daily returns swing, scaled to a year. Over the past year it was 16.9%, against a usual 16.7% for this index. 60% of months ended higher, and 52 days moved 3% or more either way.
Nifty IPO: 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 |
|---|---|
| 23 Mar 2020 | −13.3% |
| 18 Mar 2020 | −8.2% |
| 12 Mar 2020 | −8.0% |
| 4 Jun 2024 | −6.4% |
| 16 Mar 2020 | −5.9% |
| Best days | Return |
|---|---|
| 26 Mar 2020 | +6.5% |
| 7 Apr 2020 | +5.1% |
| 25 Mar 2020 | +4.9% |
| 20 Sept 2019 | +4.7% |
| 8 Apr 2026 | +4.0% |
| Worst months | Return |
|---|---|
| Mar 2020 | −28.9% |
| Sept 2018 | −14.6% |
| Feb 2025 | −12.5% |
| Jan 2025 | −10.7% |
| Feb 2022 | −9.2% |
| Best months | Return |
|---|---|
| Apr 2026 | +19.4% |
| Apr 2020 | +13.3% |
| Nov 2020 | +12.0% |
| Jun 2020 | +9.9% |
| Feb 2021 | +9.4% |
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 104.4 is near the top of its range since NSE moved to consolidated earnings in March 2021. Price to book, 9.59, 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 104.4×, range 57.7× to 104.4×.
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 9.59×, range 9.17× to 10.16×.
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 | 104.41 | 100 | – | – | 102.64 | 57.69 | 104.41 |
| Price to book | 9.59 | 67 | – | – | 9.59 | 9.17 | 10.16 |
| Dividend yield, % | 0.09 | 33 | – | – | 0.10 | 0.09 | 0.13 |
What it holds
112 stocks as NSE lists them today. The ten largest make up 54.4% of the index. It is weighted by periodic capped free float and rebalanced quarterly.
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 19 items. Weight, %: highest Financial Services at 29.1%, lowest Media, Entertainment & Publication at 0.1%.
NSE's factsheet, 30 Sept 2026. NSE publishes the weights of the ten largest members only.
| Largest holdings | Weight | |
|---|---|---|
| 1 | Lenskart Solutions Ltd. | 10.11% |
| 2 | Billionbrains Garage Ventures Ltd. | 9.87% |
| 3 | Meesho Ltd. | 8.42% |
| 4 | ICICI Prudential Asset Management Company Ltd. | 7.40% |
| 5 | INDO-MIM Ltd. | 4.13% |
| 6 | Pine Labs Ltd. | 3.90% |
| 7 | SBI Funds Management Ltd. | 2.99% |
| 8 | Physicswallah Ltd. | 2.93% |
| 9 | Manipal Health Enterprises Ltd. | 2.44% |
| 10 | Shadowfax Technologies Ltd. | 2.26% |
NSE's constituent list for Nifty IPO, as seen on 14 Oct 2026. NSE changes members at each rebalance.
| Member | Industry | NSE symbol | More |
|---|---|---|---|
| A-One Steels India Ltd. | Capital Goods | AONESTEELS | |
| Aastha Spintex Ltd. | Textiles | AASTHA | |
| AceVector Ltd. | Consumer Services | ACEVECTOR | |
| Adroit Industries (India) Ltd. | Automobile and Auto Components | ADROITIND | |
| Advit Jewels Ltd. | Consumer Durables | RAMBHAJO | |
| Aequs Ltd. | Capital Goods | AEQUS | |
| Alpine Texworld Ltd. | Textiles | ALPINETEX | |
| Amagi Media Labs Ltd. | Information Technology | AMAGI | |
| Amir Chand Jagdish Kumar (Exports) Ltd. | Fast Moving Consumer Goods | AEROPLANE | |
| Annu Projects Ltd. | Construction | ANNU | |
| ArMee Infotech Ltd. | Information Technology | ARMEE | |
| Ardee Industries Ltd. | Metals & Mining | ARDEE | |
| Asset Reconstruction Company (India) Ltd. | Financial Services | ARCIL | |
| Augmont Enterprises Ltd. | Metals & Mining | AUGMONT | |
| Aye Finance Ltd. | Financial Services | AYE | |
| Behari Lal Engineering Ltd. | Capital Goods | BLEL | |
| Bharat Coking Coal Ltd. | Oil Gas & Consumable Fuels | BHARATCOAL | |
| Billionbrains Garage Ventures Ltd. | Financial Services | GROWW | |
| CMR Green Technologies Ltd. | Capital Goods | CMRGREEN | |
| CORONA Remedies Ltd. | Healthcare | CORONA | |
| CSM Technologies Ltd. | Information Technology | CSM | |
| Caliber Mining and Logistics Ltd. | Oil Gas & Consumable Fuels | CMLL | |
| Canara HSBC Life Insurance Company Ltd. | Financial Services | CANHLIFE | |
| Capillary Technologies India Ltd. | Information Technology | CAPILLARY | |
| Central Mine Planning & Design Institute Ltd. | Services | CMPDI | |
| Clean Max Enviro Energy Solutions Ltd. | Power | CLEANMAX | |
| Deepa Jewellers Ltd. | Consumer Durables | DEEPA | |
| Dhoot Transmission Ltd. | Automobile and Auto Components | DHOOTTRANS | |
| ESDS Software Solution Ltd. | Information Technology | ESDS | |
| Elevate Campuses Ltd. | Services | ELEVATE | |
| Emmvee Photovoltaic Power Ltd. | Capital Goods | EMMVEE | |
| Excelsoft Technologies Ltd. | Information Technology | EXCELSOFT | |
| Fractal Analytics Ltd. | Information Technology | FRACTAL | |
| Fujiyama Power Systems Ltd. | Capital Goods | UTLSOLAR | |
| GSP Crop Science Ltd. | Chemicals | GSPCROP | |
| Gaja Alternative Asset Management Ltd. | Financial Services | GAJA | |
| Gaudium IVF and Women Health Ltd. | Healthcare | GAUDIUMIVF | |
| German Green Steel and Power Ltd. | Capital Goods | GERMAN | |
| Glass Wall Systems (India) Ltd. | Construction Materials | GLASSWALL | |
| Gujarat Kidney And Super Speciality Ltd. | Healthcare | GKSL | |
| Hero Motors Ltd. | Automobile and Auto Components | HEROMOTORS | |
| Hexagon Nutrition Ltd. | Fast Moving Consumer Goods | HEXAGON | |
| Horizon Industrial Parks Ltd. | Realty | HORIZONIND | |
| Hy-Tech Engineers Ltd. | Capital Goods | HTEL | |
| ICICI Prudential Asset Management Company Ltd. | Financial Services | ICICIAMC | |
| INDO-MIM Ltd. | Capital Goods | INDOMIM | |
| Innovision Ltd. | Services | INNOVISION | |
| Jindal Supreme (India) Ltd. | Capital Goods | JSIPL | |
| Juniper Green Energy Ltd. | Power | JNPR | |
| KSH International Ltd. | Capital Goods | KSHINTL | |
| Kanohar Electricals Ltd. | Capital Goods | KANOHAR | |
| Karamtara Engineering Ltd. | Capital Goods | KARAMTARA | |
| Knack Packaging Ltd. | Capital Goods | KNACK | |
| Kusumgar Ltd. | Textiles | KUSUMGAR | |
| LCC Projects Ltd. | Construction | LCCPROJECT | |
| LEAP India Ltd. | Services | LEAPIND | |
| Lalithaa Jewellery Mart Ltd. | Consumer Durables | LALITHAA | |
| Laser Power & Infra Ltd. | Capital Goods | LASERPOWER | |
| Lenskart Solutions Ltd. | Consumer Services | LENSKART | |
| Lohia Corp Ltd. | Capital Goods | LCL | |
| Lumino Industries Ltd. | Capital Goods | LUMINO | |
| MV Electrosystems Ltd. | Capital Goods | MVELECTRO | |
| Manipal Health Enterprises Ltd. | Healthcare | MANIPALHOS | |
| Manipal Payment and Identity Solutions Ltd. | Financial Services | MPIMANIPAL | |
| Meesho Ltd. | Consumer Services | MEESHO | |
| Midwest Ltd. | Consumer Durables | MIDWESTLTD | |
| Milky Mist Dairy Food Ltd. | Fast Moving Consumer Goods | MILKYMIST | |
| Molbio Diagnostics Ltd. | Healthcare | MOLBIO | |
| Moneyview Ltd. | Financial Services | MONEYVIEW | |
| Nephrocare Health Services Ltd. | Healthcare | NEPHROPLUS | |
| Om Power Transmission Ltd. | Construction | OMPOWER | |
| Omnitech Engineering Ltd. | Capital Goods | OMNI | |
| OnEMI Technology Solutions Ltd. | Financial Services | KISSHT | |
| Orient Cables (India) Ltd. | Telecommunication | ORIENTCABL | |
| Orkla India Ltd. | Fast Moving Consumer Goods | ORKLAINDIA | |
| PNGS Reva Diamond Jewellery Ltd. | Consumer Durables | PNGSREVA | |
| Park Medi World Ltd. | Healthcare | PARKHOSPS | |
| Physicswallah Ltd. | Consumer Services | PWL | |
| Pine Labs Ltd. | Financial Services | PINELABS | |
| Powerica Ltd. | Capital Goods | POWERICA | |
| Pranav Constructions Ltd. | Realty | PRANAV | |
| Prasol Chemicals Ltd. | Chemicals | PRASOLCHEM | |
| Purple Style Labs Ltd. | Consumer Services | PERNIASPOP | |
| Rajputana Stainless Ltd. | Capital Goods | RSL | |
| Rentomojo Ltd. | Services | RENTOMOJO | |
| Runwal Enterprises Ltd. | Realty | RUNWALENTR | |
| SBI Funds Management Ltd. | Financial Services | SBIFUNDS | |
| SEDEMAC Mechatronics Ltd. | Automobile and Auto Components | SEDEMAC | |
| SRIT India Ltd. | Information Technology | SRIT | |
| SS Retail Ltd. | Consumer Services | SSRETAIL | |
| Sai Parenterals Ltd. | Healthcare | SAIPARENT | |
| Shadowfax Technologies Ltd. | Services | SHADOWFAX | |
| Shankesh Jewellers Ltd. | Consumer Durables | SHANKESH | |
| Shiprocket Ltd. | Services | SHIPROCKET | |
| Skyways Air Services Ltd. | Services | SKYWAYS | |
| Sonaselection India Ltd. | Textiles | SONA | |
| Steamhouse India Ltd. | Chemicals | STEAMHOUSE | |
| Studds Accessories Ltd. | Automobile and Auto Components | STUDDS | |
| Sudeep Pharma Ltd. | Chemicals | SUDEEPPHRM | |
| Sunshine Pictures Ltd. | Media Entertainment & Publication | SUNSHINE | |
| Swastika Infra Ltd. | Construction | SWASTIKAIN | |
| Symbiotec Pharmalab Ltd. | Healthcare | SYMBIOTEC | |
| Technocraft Ventures Ltd. | Utilities | TECHNOCRAF | |
| Tempsens Instruments (India) Ltd. | Capital Goods | TEMPSENS | |
| Tenneco Clean Air India Ltd. | Automobile and Auto Components | TENNIND | |
| Turtlemint Fintech Solutions Ltd. | Financial Services | TURTLEMINT | |
| Varmora Granito Ltd. | Consumer Durables | VARMORA | |
| Veegaland Developers Ltd. | Realty | VEEGALAND | |
| Vidya Wires Ltd. | Capital Goods | VIDYAWIRES | |
| Wakefit Innovations Ltd. | Consumer Durables | WAKEFIT | |
| Waterways Leisure Tourism Ltd. | Consumer Services | CORDELIA | |
| Xtranet Technologies Ltd. | Information Technology | XTRANET |
Against the Nifty 500
How Nifty IPO has done against the broad market it is part of. Over 10 years it trailed the Nifty 500 by 3.5 percentage points a year, and was ahead in 3 of 8 calendar years.
Relative strength
Weekly: Nifty IPO's total return divided by the Nifty 500's, 100 at the start of the range shown.
How to read it. Rising: Nifty IPO 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 IPO'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 Feb 2017 | −3.5 pts | 95 | 111 | 1.06 | 0.86 | 10.7% |
| Last 5 years, from Oct 2021 | −2.9 pts | 96 | 111 | 1.05 | 0.77 | 12.8% |
Models and ETFs
No Tipsheet model uses Nifty IPO. No ETF listed on NSE tracks it. Its trend and momentum have a page of their own.
Data and sources
Nifty IPO is computed and published by NSE Indices. History here starts 2 Jan 2017; NSE launched the index on 19 Jul 2024, from a base date of January 02, 2017. 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 IPO there to download its full series.
- Nifty IPO 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.