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SMID premium tracker

What the market pays for mid and smallcap earnings relative to large-cap earnings, recomputed every trading day from NSE's official index P/E numbers.

+65.6%smallcap premium to Nifty 50 P/E · as of 14 August 2026
Elevatedfive-year mean +22.8% · today +1.9 SD

Between one and two standard deviations on the rich side of the five-year norm. Richer than usual, not extreme. Today's premium is higher than 97% of the 1,326 trading days since April 2021.

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Nifty Smallcap 250 trailing P/E premium to Nifty 50, daily, April 2021 to 14 August 2026. Zones: mean ± 1 and ± 2 standard deviations over the full window, recomputed daily. Data: NSE end-of-day index reports.

Methodology

The premium is the Nifty Midcap 150 or Smallcap 250 trailing P/E divided by the Nifty 50 trailing P/E, minus one, from NSE's official end-of-day numbers across 1,326 trading days. Zones are mechanical: one and two standard deviations either side of the full-window mean, recomputed daily per segment. Note this uses trailing earnings; the forward-P/E premiums quoted in broker research (a 27% smallcap premium against a 5% long-run norm, for instance) are a different, analyst-estimate-based measure and will not match these levels.

What this is, and isn't

A relative gauge: it compares what the market pays for smaller companies' earnings against larger ones', not whether either is cheap outright. A high premium can persist while earnings catch up, and FY26 delivered exactly that argument. The zone names describe position, not action. Nothing here recommends a scheme. The debate in full: the premium problem and the earnings leg it grew.