Industry Multiples India Report – Seventh Edition

Duff & Phelps’ Industry Multiples India Report – Seventh Edition provides trading multiples for various key industries in India as of March 31, 2019. 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 across 22 major industries for which such data is available.

Key Findings of the Report

Overall, the Indian equity market i.e. the S&P BSE 500 Index, experienced an increase during Q1 2019 on the back of hopes of a stable government and a moderate increase in crude oil prices. The P/E multiples of a majority of industries have improved in the first quarter of 2019.

  • The banking sector has recovered partially post the IL&FS issue due to capital infusion in public sector banks and this has led to an improvement in credit growth, stable asset quality and pick-up in public and private capex.
  • The recent listing of Embassy REIT has brought positive news to the cash-starved Indian real estate sector.
  • Consumer durables witnessed a slight improvement during this quarter due to the reduction of GST rates for a few goods and services.
  • The healthcare, internet and software sectors witnessed a turnaround from last quarter’s decline because of optimistic demand outlook.
  • On the other hand, a decline in multiples was observed in the automobile space due to subdued demand in the global automotive market and high inventory levels. The automotive slowdown has affected the Indian metal industry and the ongoing trade dispute has resulted in further decline of other commodity prices.


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