Quant – Navigating Crests & Troughs – Apr’26 sectoral PE trend
Published on 05 May 2026
Overall, Apr’26 valuations remain mixed. Industrial and cyclical sectors like capital goods, cement, chemicals, automobiles and power continue to
trade above historical levels, with defense and power the most expensive. On the other hand, sectors such as IT, FMCG, hospitals, hotels, agro
chemicals, building materials and real estate are below long-term trends, offering relatively better valuation comfort, while retail remains the most
undervalued. Consumer durables stay expensive, pharma is broadly fair valued, and metals, oil & gas and textiles are moderately above average,
reflecting cyclical strength.
