Wed, Feb 5, 2025

Industry Multiples in India Report 2025–26th Edition

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Umakanta Panigrahi

/en/our-team/aviral-jain

Aviral Jain

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Sanjay Ray

We are pleased to launch the 26th edition of our Industry Multiples in India report. The report provides an overview of trading multiples for various key industries in India as of December 31, 2024, using constituents of the Standard and Poor’s (S&P) BSE LargeCap, S&P BSE MidCap and S&P BSE SmallCap indices.

Key Highlights

Per the International Monetary Fund’s (IMF's) World Economic Outlook report, global growth expectation for 2024 and 2025 remains muted at 3.2%. Global headline inflation is expected to fall from an annual average of 6.7% in 2023 to 5.8% in 2024 and 4.3% in 2025, with advanced economies returning to their inflation targets sooner than emerging market and developing economies.
Per a recent Moody's report, India’s real GDP expanded by 6.7% year over year in the second quarter of 2024. This was fueled by a resurgence in household consumption, increased investment, and solid manufacturing activity.
Market capitalization in the automobile industry declined by 18% between Q3CY24 and Q4CY24. The sector experienced sluggish demand in the latter half of 2024 after two years of strong growth.

Market capitalization in the electric and gas utilities industry declined by 19% from Q3CY24 to Q4CY24. Power demand in India is expected to grow at a CAGR of over 7%, an increase from the previous estimate of 5%.
Market capitalization in the chemicals industry declined by 8% from Q3CY24 to Q4CY24. Persistent trade disruptions and geopolitical tensions are impacting supply chains and export momentum, leading analysts to predict muted growth for the sector despite resilient domestic demand.
Market capitalization in the banking industry declined by 9% from Q3CY24 to Q4CY24. The Indian banking sector is witnessing a decline in the current account and savings account (CASA) ratio as customers shift their savings to higher-return investments like mutual funds, gold, equity, and SIPs. This trend is prompting banks to increase interest rates on fixed deposits and open new accounts to retain funds.

Connect with us to receive additional information on related topics or to discuss any findings of this analysis.

Connect with Us

Umakanta Panigrahi

Managing Director

Valuation Advisory Services

Mumbai

+91 22 6623 1002 Umakanta Panigrahi

Aviral Jain

Managing Director

Valuation Advisory Services

New Delhi

+91 (0)11 4935 9801 Aviral Jain

Sanjay Ray

Managing Director

Valuation Advisory Services

Mumbai

+91 99309 44313

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