“Since the beginning of 2026, the Nifty India Defence Index has witnessed an upward re-rating of 9.2% (with the index P/E expanding from 51.8x to 56.5x), while the broader Nifty 50 Index has undergone a de-rating (-8.8% with Nifty 50 index P/E contracting from 22.8x to 20.8x),” pointed out Ashwini Shami, smallcase manager, president and chief portfolio manager, OmniScience Capital.
