Most Expensive Stocks in India by P/E (Sep 2026): Is the Premium Justified?
Indian stocks above 60x earnings with ₹10,000 Cr+ market cap — ranked by P/E, with the growth and quality numbers that do (or don't) justify the premium.
The most expensive stocks in India by earnings multiple include businesses trading at P/E ratios ranging from 127.98x to 608.45x as of 15 September 2026. A high P/E can reflect growth expectations, but figures such as PAT growth, ROE, free cash flow and Piotroski scores help assess whether the operating fundamentals currently support that premium.
Methodology
How This List Was Generated
Screened 12 stocks from the InvestSights screening dataset (6,000+ securities in the screening dataset).
Criteria: Stocks trading above P/E 60. Expensive doesn't always mean overvalued — but it means the market expects exceptional growth. Let's check whether the fundamentals justify the premium.
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The 12 companies are presented in descending order of P/E, from 608.45x for Max Financial Services to 127.98x for Biocon.
Most Expensive Stocks in India: Summary
| # | Stock | Market Cap | Key Metric | P/E | Piotroski | Verdict |
|---|---|---|---|---|---|---|
| 1 | Max Financial Services | ₹63,387.23 Cr | PAT growth: -74.34% | 608.45x | 2/9 | Premium faces weak PAT growth and a 2/9 score |
| 2 | Eternal | ₹2,28,851.54 Cr | Revenue growth: 168.56% | 572.45x | 3/9 | Rapid revenue growth, but PAT fell 30.55% |
| 3 | GMR Airports | ₹1,07,120.81 Cr | PAT growth: 144.67% | 525.24x | 8/9 | Strong growth and 8/9 score, but negative FCF |
| 4 | FSN E-Commerce Ventures | ₹75,719.30 Cr | PAT growth: 201.82% | 335.71x | 6/9 | High growth with positive ₹434.32 Cr FCF |
| 5 | Pine Labs | ₹16,841.77 Cr | ROE: 191.0% | 256.01x | Not available | Positive FCF, but several metrics are unavailable |
| 6 | PTC Industries | ₹26,902.54 Cr | Revenue growth: 95.66% | 221.15x | 3/9 | Strong growth, but ROE is 6.74% |
| 7 | Delhivery | ₹32,785.31 Cr | FCF: ₹685.15 Cr | 204.26x | 6/9 | Positive FCF, but PAT declined 5.82% |
| 8 | NMDC Steel | ₹11,804.48 Cr | PAT growth: 102.47% | 166.0x | 5/9 | PAT recovery with low 0.45% ROE |
| 9 | NTPC Green Energy | ₹75,432.50 Cr | OPM: 48.04% | 158.74x | Not available | High margin, but FCF is ₹-12,879.64 Cr |
| 10 | Lenskart Solutions | ₹84,042.53 Cr | FCF: ₹841.13 Cr | 141.94x | Not available | Positive FCF, but profitability metrics are unavailable |
| 11 | Amber Enterprises India | ₹28,067.26 Cr | PAT growth: -27.06% | 129.73x | 2/9 | Earnings contraction and negative FCF |
| 12 | Biocon | ₹49,580.08 Cr | PAT growth: -61.95% | 127.98x | 6/9 | Weak PAT trend with an Altman Z-score of 1.58 |
Individual Stock Analysis
1. Max Financial Services Limited (MFSL) — ₹63,387.23 Cr
The dataset classifies Max Financial Services in Financial Services, with FII ownership of 48.06% and promoter ownership of 1.25%. It leads this list at a P/E of 608.45x, even as revenue grew 2.8% and PAT declined 74.34% year on year. The premium is accompanied by ROE of 1.59%, ROCE of 0.06%, OPM of 0.25% and a low Piotroski score of 2/9, although reported FCF was positive at ₹11,228.27 Cr.
🔍 Full Analysis — investsights.in/stock/MFSL
2. Eternal Ltd. (ETERNAL) — ₹2,28,851.54 Cr
Eternal is classified in Communication Services and has FII ownership of 29.08%. Its 572.45x P/E coincides with rapid revenue growth of 168.56%, but PAT declined 30.55%, while OPM was -0.72% and ROCE was -1.11%. An Altman Z-score of 20.21 and D/E of 0.15 provide context, but FCF of ₹-1,119.00 Cr and a 3/9 Piotroski score remain key counterpoints.
🔍 Full Analysis — investsights.in/stock/ETERNAL
3. GMR Airports Limited (GMRAIRPORT) — ₹1,07,120.81 Cr
GMR Airports is classified in Industrials, with promoter ownership of 67.16% and FII ownership of 21.74%. Its P/E of 525.24x is accompanied by revenue growth of 42.18%, PAT growth of 144.67%, OPM of 28.2% and a Piotroski score of 8/9. The risk indicators include ROE of -7.08%, FCF of ₹-1,136.92 Cr and a reported D/E of -17.45, which makes conventional leverage interpretation difficult.
🔍 Full Analysis — investsights.in/stock/GMRAIRPORT
4. FSN E-Commerce Ventures Limited (NYKAA) — ₹75,719.30 Cr
FSN E-Commerce Ventures is classified in Consumer Cyclical, with promoter ownership of 52.08% and FII ownership of 13.73%. Its 335.71x P/E is supported by revenue growth of 26.07%, PAT growth of 201.82%, ROCE of 23.31% and positive FCF of ₹434.32 Cr. The operating margin remains 4.31%, while D/E of 0.86 and a 6/9 Piotroski score should be considered alongside the 71/100 management credibility score.
🔍 Full Analysis — investsights.in/stock/NYKAA
5. Pine Labs Ltd (PINELABS) — ₹16,841.77 Cr
Pine Labs is classified in Financial Services and has a market capitalisation of ₹16,841.77 Cr. Its P/E is 256.01x, while reported ROE is 191.0%, FCF is ₹157.01 Cr and management credibility is 72/100. Revenue growth, PAT growth, ROCE, OPM, D/E and Piotroski data are unavailable, limiting the number of reported fundamentals that can be compared with the valuation.
🔍 Full Analysis — investsights.in/stock/PINELABS
6. PTC Industries Limited (PTCIL) — ₹26,902.54 Cr
PTC Industries is classified in Industrials, with promoter ownership of 59.72% and FII ownership of 3.95%. Its P/E of 221.15x is paired with revenue growth of 95.66%, PAT growth of 66.44% and OPM of 15.77%. However, ROCE of 5.61%, ROE of 6.74%, FCF of ₹-372.69 Cr and a Piotroski score of 3/9 provide a more restrained view of the current fundamentals.
🔍 Full Analysis — investsights.in/stock/PTCIL
7. Delhivery Limited (DELHIVERY) — ₹32,785.31 Cr
Delhivery is classified in Industrials and has FII ownership of 41.93%. Its 204.26x P/E comes with revenue growth of 17.65% and positive FCF of ₹685.15 Cr, but PAT declined 5.82%, OPM was -0.53% and ROCE was -0.51%. D/E of 0.15, a Piotroski score of 6/9 and management credibility of 72/100 add balance to the profitability risks.
🔍 Full Analysis — investsights.in/stock/DELHIVERY
8. NMDC Steel Limited (NSLNISP) — ₹11,804.48 Cr
NMDC Steel is classified in Basic Materials, with promoter ownership of 60.79% and FII ownership of 5.49%. Its P/E of 166.0x coincides with revenue growth of 60.43%, PAT growth of 102.47% and positive FCF of ₹1,110.49 Cr. The premium must also be viewed against ROE of 0.45%, ROCE of 2.97%, OPM of 3.49% and a mid-range Piotroski score of 5/9.
🔍 Full Analysis — investsights.in/stock/NSLNISP
9. NTPC Green Energy Ltd. (NTPCGREEN) — ₹75,432.50 Cr
NTPC Green Energy is classified in Utilities and has promoter ownership of 89.01%, compared with FII ownership of 1.67%. Its P/E is 158.74x, while OPM stands at 48.04%, revenue growth at 29.36% and PAT growth at 9.91%. D/E of 1.67, ROE of 2.76%, ROCE of 2.53% and FCF of ₹-12,879.64 Cr are the principal numbers challenging the premium.
🔍 Full Analysis — investsights.in/stock/NTPCGREEN
10. Lenskart Solutions Ltd (LENSKART) — ₹84,042.53 Cr
Lenskart Solutions is classified in Consumer Services, with promoter ownership of 17.53% and FII ownership of 12.76%. The company trades at a P/E of 141.94x and reports positive FCF of ₹841.13 Cr, while its management credibility score is 39/100. Revenue growth, PAT growth, ROCE, ROE, OPM, D/E and Piotroski data are unavailable, making the 141.94x valuation harder to test against a complete profitability set.
🔍 Full Analysis — investsights.in/stock/LENSKART
11. Amber Enterprises India Limited (AMBER) — ₹28,067.26 Cr
Amber Enterprises is classified in Consumer Cyclical, with promoter ownership of 38.09% and FII ownership of 20.48%. Its P/E of 129.73x is accompanied by revenue growth of 22.19%, but PAT declined 27.06% and FCF was ₹-1,247.98 Cr. ROCE of 7.81%, ROE of 4.06%, OPM of 5.17% and a Piotroski score of 2/9 indicate that current return and financial-strength metrics remain modest relative to the multiple.
🔍 Full Analysis — investsights.in/stock/AMBER
12. Biocon Limited (BIOCON) — ₹49,580.08 Cr
Biocon is classified in Healthcare, with promoter ownership of 44.67% and FII ownership of 8.14%. Its P/E of 127.98x comes with revenue growth of 10.91%, while PAT declined 61.95%, ROE was 1.13% and ROCE was 3.02%. A 6/9 Piotroski score provides one positive indicator, but FCF of ₹-521.30 Cr, an Altman Z-score of 1.58 and management credibility of 41/100 require attention.
🔍 Full Analysis — investsights.in/stock/BIOCON
Is the Premium Justified?
The most expensive stocks in India do not present a uniform fundamental picture. GMR Airports combines 144.67% PAT growth with an 8/9 Piotroski score, while FSN E-Commerce Ventures reports 201.82% PAT growth and ₹434.32 Cr of positive FCF; by contrast, Max Financial Services has -74.34% PAT growth and a 2/9 score despite the list’s highest P/E of 608.45x.
Cash generation also varies sharply: Max Financial Services reports FCF of ₹11,228.27 Cr and NMDC Steel reports ₹1,110.49 Cr, whereas NTPC Green Energy reports ₹-12,879.64 Cr. These differences show why a P/E-above-60 screen should be followed by company-level checks of growth, returns, margins, leverage and cash flow.
What This List Doesn’t Tell You
This list uses reported metrics as of 15 September 2026, so figures such as Eternal’s 168.56% revenue growth or Biocon’s -61.95% PAT growth are backward-looking snapshots rather than forecasts. Sector comparisons also require care because the list spans Financial Services, Communication Services, Industrials, Consumer Cyclical, Basic Materials, Utilities, Consumer Services and Healthcare, with OPM ranging from -0.72% for Eternal to 48.04% for NTPC Green Energy.
The most expensive stocks in India can also respond to market conditions not captured by these figures. Missing metrics for Pine Labs and Lenskart Solutions further limit direct comparison with companies carrying Piotroski, ROCE, OPM and leverage data.
How to Use This List
Treat this P/E-above-60 screen as a research starting point, not a buy list. Compare each valuation with its reported growth, profitability, leverage and cash flow—for example, FSN E-Commerce Ventures’ 335.71x P/E with 201.82% PAT growth, or Amber Enterprises’ 129.73x P/E with -27.06% PAT growth.
Investors researching the most expensive stocks in India can also examine forensic indicators and management commentary before making an investment decision.
🔍 Screen stocks yourself — investsights.in/screener
🔬 Check forensic health — investsights.in/stock/SYMBOL?tab=forensic
🎙️ Read management commentary — investsights.in/stock/SYMBOL?tab=concall
Disclaimer
This list is for informational and educational purposes only. It does not constitute investment advice. Consult a SEBI-registered investment advisor before making investment decisions. Data as of the most recent screener refresh on InvestSights.
Related: All curated stock lists · Stock screener · Methodology & data sourcing
InvestSights is an analytics platform and is not SEBI-registered as a Research Analyst or Investment Adviser. All figures are educational, descriptive data — not investment advice. Consult a SEBI-registered adviser before investing.