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Overall, Jun’26 valuations remained mixed. Cyclical and industrial sectors such as capital goods, cement, chemicals, automobiles, auto parts & equipment and textiles continued to trade above their LTAs, while defence and power generation & distribution remained the most expensive sectors. In contrast, IT, FMCG, hotels, agro chemicals, building materials and real estate traded below historical averages, with retail remaining the most undervalued sector. Hospitals were valued broadly in line with their LTA, while consumer durables, pharma, metals & mining and oil & gas continued to trade at a premium. Despite valuation differences across sectors, most remained within their historical ranges, indicating a broadly balanced market.

Agro Chemicals PE remained stable from 18 at the start of Jun’26 to 18 by month end. Compared to the LTA PE of 20, the current valuation is below average but within the historical band of 9–39, with ±1 standard deviation levels at 26 and 14.

Auto Parts & Equipment PE increased from 33 at the start of Jun’26 to 34 by month end. Compared to the LTA PE of 30, the current valuation is above average but within the historical band of 17–46, with ±1 standard deviation levels at 36 and 24.

Automobile PE remained stable from 25 at the start of Jun’26 to 25 by month end. Compared to the LTA PE of 23, the current valuation is above average but within the historical band of 16–32, with ±1 standard deviation levels at 27 and 19.

Building Material PE remained stable from 45 at the start of Jun’26 to 45 by month end. Compared to the LTA PE of 49, the current valuation is below average but within the historical band of 32–75, with ±1 standard deviation levels at 59 and 39

Capital Goods PE increased from 37 at the start of Jun’26 to 38 by month end. Compared to the LTA PE of 31, the current valuation is above average but within the historical band of 19–50, with ±1 standard deviation levels at 38 and 24.

Cements PE increased from 31 at the start of Jun’26 to 32 by month end. Compared to the LTA PE of 25, the current valuation is above average but within the historical band of 11–37, with ±1 standard deviation levels at 31 and 19.

Chemicals PE remained stable from 32 at the start of Jun’26 to 32 by month end. Compared to the LTA PE of 29, the current valuation is above average but within the historical band of 11–68, with ±1 standard deviation levels at 46 and 12.

Consumer Durables PE remained stable from 50 at the start of Jun’26 to 50 by month end. Compared to the LTA PE of 41, the current valuation is above average but within the historical band of 18–67, with ±1 standard deviation levels at 53 and 29.

Defence PE remained stable from 36 at the start of Jun’26 to 36 by month end. Compared to the LTA PE of 19, the current valuation is above average but within the historical band of 6–47, with ±1 standard deviation levels at 30 and 8.

FMCG PE remained stable from 36 at the start of Jun’26 to 36 by month end. Compared to the LTA PE of 39, the current valuation is below average but within the historical band of 30–49, with ±1 standard deviation levels at 42 and 35.

Hospitals PE increased from 47 at the start of Jun’26 to 49 by month end. Compared to the LTA PE of 49, the current valuation is in line with the LTA and within the historical band of 28–98, with ±1 standard deviation levels at 62 and 37.

Hotels PE increased from 32 at the start of Jun’26 to 35 by month end. Compared to the LTA PE of 47, the current valuation is below average but within the historical band of 27–95, with ±1 standard deviation levels at 63 and 30.

IT PE declined from 17 at the start of Jun’26 to 15 by month end. Compared to the LTA PE of 21, the current valuation is below average but within the historical band of 14–33, with ±1 standard deviation levels at 26 and 17.

Metals & Mining PE declined from 11 at the start of Jun’26 to 10 by month end. Compared to the LTA PE of 9, the current valuation is above average but within the historical band of 3–16, with ±1 standard deviation levels at 12 and 7.

Oil & Gas PE remained stable from 16 at the start of Jun’26 to 16 by month end. Compared to the LTA PE of 12, the current valuation is above average but within the historical band of 7–21, with ±1 standard deviation levels at 15 and 10.

Pharma PE increased from 32 at the start of Jun’26 to 33 by month end. Compared to the LTA PE of 29, the current valuation is above average but within the historical band of 17–39, with ±1 standard deviation levels at 34 and 24.

Power Generation Distribution PE declined from 24 at the start of Jun’26 to 23 by month end. Compared to the LTA PE of 15, the current valuation is above average but within the historical band of 7–26, with ±1 standard deviation levels at 19 and 10.

Real Estate PE increased from 24 at the start of Jun’26 to 26 by month end. Compared to the LTA PE of 36, the current valuation is below average but within the historical band of 12–104, with ±1 standard deviation levels at 50 and 21.

Retail PE increased from 59 at the start of Jun’26 to 61 by month end. Compared to the LTA PE of 78, the current valuation is below average but within the historical band of 33–169, with ±1 standard deviation levels at 103 and 53.

Textile PE increased from 23 at the start of Jun’26 to 24 by month end. Compared to the LTA PE of 18, the current valuation is above average but within the historical band of 5–39, with ±1 standard deviation levels at 27 and 9.

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