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Several companies in the market are trading at 100 times or more of their trailing earnings, with some of them also hovering close to their 52-week or all-time highs.
Stocks in the 100x PE Club.
India’s benchmark indices may be going through a phase of consolidation, but a clutch of richly valued stocks continues to command extraordinary valuations. Several companies in the stock market are trading at 100 times or more of their trailing earnings, with some of them also hovering close to their 52-week or all-time highs.
PTC Industries remains at the top with a price-to-earnings (PE) multiple of around 283x, followed by Aster DM Healthcare at 190x, Lenskart at 184x and Adani Enterprises at 168x. Cochin Shipyard, Pine Labs, Paytm, Amber Enterprises, Hitachi Energy India, Netweb Technologies and CG Power also feature among stocks with triple-digit valuations.
The numbers stand out even more against the backdrop of a weak broader market. The Nifty 50 ended at 23,398.10 on September 11, extending its weekly losing streak to five weeks, as elevated crude prices, geopolitical tensions and concerns around inflation continued to weigh on investor sentiment. Yet, some of the most expensive stocks have remained remarkably resilient.
PTC Industries is the clearest example. At around 283x earnings, it has one of the richest valuations in the market. The stock closed at about Rs 152.78 on September 11. However, it is over 33 per cent lower than its 52-week high of Rs 229.51.
Lenskart, Paytm among stocks near highs
Lenskart is another striking example. The stock recently touched an all-time high of Rs 703.75 on September 10 and remains close to that level. At roughly 184x PE, the valuation leaves little room for a sharp slowdown in earnings growth. The stock’s performance indicates that investors continue to be willing to pay a substantial premium for its prospects.
Paytm presents a similar picture. The stock climbed to around Rs 1,840 on September 11, its 52-week high, before closing near Rs 1,808. Market-data estimates put its PE in the region of 130-140x, depending on the earnings period and methodology used.
The sharp rerating in Paytm reflects a significant change in market expectations around the company’s earnings trajectory.
Laurus Labs, Solar Industries: valuations meet record highs
Some of the strongest valuation-plus-momentum combinations are visible in Laurus Labs and Solar Industries. Laurus Labs touched an all-time high of Rs 1,981.80 on September 11 and closed at Rs 1,969. The stock is therefore trading virtually at its record level despite the triple-digit PE indicated in the snapshot.
Solar Industries is similarly close to its peak. It closed at around Rs 22,308 on September 11, after touching ₹22,490 intraday. Its 52-week high is around Rs 22,625.
It is important to know that the exact PE varies across data providers, with some placing Solar Industries below the 100x mark on trailing earnings. That’s why PE comparisons should be made using the same earnings period and methodology.
Defence and industrial stocks remain expensive
Data Patterns was trading around Rs 4,829 on September 11, against a 52-week high of Rs 5,000, which is barely 3-4 per cent below its peak. Its trailing PE is around the 100x mark.
Netweb Technologies, another high-growth technology play, was around Rs 5,015 against a 52-week high near Rs 5,813. Its trailing PE is roughly 114x.
Hitachi Energy India, meanwhile, was trading around Rs 31,400, compared with a 52-week high of nearly Rs 38,785. Its PE remains above 100x despite the stock being around 19% below its peak.
These valuations reflect investor expectations around themes such as data centres, electrification, defence, manufacturing and India’s long-term capital expenditure cycle.
Apart from these, Adani Enterprises, at around 168x PE, currently trades near Rs 3,060, against a 52-week high of roughly Rs 3,245. The stock has also benefited from renewed investor interest in its airport business after the group announced a major equity transaction involving investors including Temasek and BlackRock.
Adani Green Energy and Adani Total Gas, however, remain considerably further below their respective 52-week highs. This shows that a high PE by itself does not necessarily translate into price momentum.
For investors, the bigger issue is not whether a 100x PE stock is automatically overvalued. It is whether the company’s future earnings can grow rapidly enough to justify the multiple. At 100x earnings, even a modest disappointment can lead to a sharp valuation reset. Conversely, if earnings compound rapidly, today’s seemingly extreme multiple can decline substantially without a major fall in the share price.
That is particularly relevant in the current environment. With the Nifty facing pressure from crude oil, geopolitical uncertainty and inflation concerns, expensive growth stocks could become more sensitive to any disappointment in earnings or guidance.
Quick Answers
Ask News18PTC Industries leads with a price-to-earnings (PE) multiple of around 283x, followed by Aster DM Healthcare at 190x, Lenskart at 184x, and Adani Enterprises at 168x. Other companies featuring triple-digit valuations include Cochin Shipyard, Pine Labs, Paytm, Amber Enterprises, Hitachi Energy India, Netweb Technologies, and CG Power.
Ask News18About the Author
Haris is Deputy News Editor (Business) at news18.com. He writes on various issues related to personal finance, markets, economy and companies. Having over a decade of experience in financial journalis…Read More
September 15, 2026, 08:37 IST
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