Nifty200 Alpha 30 stocks list
NSEStrategy30 companies
- P/EPrice to earnings of an index. The index's P/E as the exchange publishes it with the close: its members' market value divided by their profit over the last twelve months, each member counted as the index weighs it. Price to earnings of an index: how it is worked out
- 16.72
- P/BPrice to book of an index. The index's P/B as the exchange publishes it: its members' market value divided by their net worth, the assets they own less everything they owe.
- 3.86
- Dividend yieldDividend yield of an index. The index's dividend yield as the exchange publishes it: dividends its members paid over the last twelve months as a percentage of their market value.
- 0.94%
- 1MOne-month return of an index. The latest close against the close a month earlier, on the same date or the last trading day before it, as a percentage. One-month return of an index in the glossary
- −3.22%
- 3MThree-month return of an index. The latest close against the close three months earlier, on the same date or the last trading day before it, as a percentage. Three-month return of an index in the glossary
- −4.35%
- 1YOne-year return of an index. The latest close against the close a year earlier, on the same date or the last trading day before it, as a percentage. One-year return of an index in the glossary
- −3.22%
P/E against its own past
Where today's P/E sits among every trading day of each window: the dot is today, the tick the middle day.
At or below today's level on 17% of 1,058 trading days over the last 5 years.
At or below today's level on 2% of 744 trading days over the last 3 years.
At or below today's level on 2% of 247 trading days over the last 1 year.
P/E at each month's last trading day, and on 28 Oct 2026
What the Nifty200 Alpha 30 companies earned
Revenue against the same quarter a year earlier, over today's members that filed both; profit after tax added up over the members that filed the quarter. A quarter fewer than 60% of them filed is left out, and the newest is added once nearly as many have filed it as the one before.
- Revenue growthRevenue growth, against a year earlier. Revenue of the quarter to Jun 2026 against the same quarter a year earlier, added up over the 29 companies that filed both.
- +19.5%quarter to Jun 2026
- ProfitProfit after tax, added up. Profit after tax of the quarter to Jun 2026, added up over the 30 companies that filed it; a loss counts as negative.
- ₹47,358 Crquarter to Jun 2026
- Filed the quarterCompanies that filed the quarter. How many of the index's 30 listed companies have filed results for the quarter to Jun 2026; the revenue growth and the profit are theirs.
- 30of 30
- Median ROCEMedian return on capital employed. The middle figure of the 22 companies' ROCE for the year to Mar 2026, half above and half below. Operating profit after depreciation (revenue less operating expenses and depreciation, without other income and one-off items) as a percentage of all the money the business runs on: the whole group's net worth, the other owners of its subsidiaries included, plus borrowings. Lease liabilities are not counted: the results filings do not state them.
- 12.3%year to Mar 2026
Revenue against the same quarter a year earlier, per cent
Profit after tax, ₹ crore, added up over the companies that filed
The largest companies
The 12 largest companies in the Nifty200 Alpha 30, each sized by its market cap.
Market cap, ₹ crore
- Adani Power₹3,55,976 Cr
- Adani Green Energy₹2,09,027 Cr
- Hindalco Industries₹2,00,846 Cr
- Shriram Finance₹1,95,903 Cr
- Samvardhana Motherson International₹1,69,219 Cr
- Adani Energy Solutions₹1,58,250 Cr
- BSE₹1,42,148 Cr
- Bharat Heavy Electricals₹1,41,128 Cr
- Union Bank of India₹1,39,680 Cr
- Vodafone Idea₹1,28,495 Cr
- Cummins India₹1,28,066 Cr
- Hitachi Energy India₹1,26,742 Cr
Companies in the Nifty200 Alpha 30
Largest first, by market cap.
Shriram FinanceSHRIRAMFIN · Finance₹832.55+1.09%₹1,95,903 Cr15.40Lender: Not worked out for a bank, an NBFC or an insurer: it borrows to lend, so capital employed is not its measure.1.30%+15.0%
Samvardhana Motherson InternationalMOTHERSON · Auto Components₹160.33+1.51%₹1,69,219 Cr38.6012.2%0.37%+49.9%
Union Bank of IndiaUNIONBANK · Banks₹182.98−0.88%₹1,39,680 Cr6.30Lender: Not worked out for a bank, an NBFC or an insurer: it borrows to lend, so capital employed is not its measure.2.73%+24.4%
Hitachi Energy IndiaPOWERINDIA · Electrical Equipment₹28,435.00+0.14%₹1,26,742 Cr110.2025.4%0.03%+67.7%
Laurus LabsLAURUSLABS · Pharmaceuticals & Biotechnology₹2,181.90+1.86%₹1,17,891 Cr107.8019.8%0.09%+127.4%
Indian BankINDIANB · Banks₹839.80−0.02%₹1,13,118 Cr8.60Lender: Not worked out for a bank, an NBFC or an insurer: it borrows to lend, so capital employed is not its measure.2.17%−1.5%
One 97 CommunicationsPAYTM · Financial Technology (Fintech)₹1,631.50+1.87%₹1,04,678 Cr122.401.3%None+24.6%
Aditya Birla CapitalABCAPITAL · Finance₹356.00+0.69%₹97,466 Cr23.70Lender: Not worked out for a bank, an NBFC or an insurer: it borrows to lend, so capital employed is not its measure.None+13.9%
Aurobindo PharmaAUROPHARMA · Pharmaceuticals & Biotechnology₹1,644.80+1.06%₹94,638 Cr25.5011.5%None+49.6%
The Federal BankFEDERALBNK · Banks₹346.00+1.29%₹85,555 Cr16.50Lender: Not worked out for a bank, an NBFC or an insurer: it borrows to lend, so capital employed is not its measure.0.35%+46.7%
Ashok LeylandASHOKLEY · Agricultural, Commercial & Construction Vehicles₹144.85+2.01%₹85,083 Cr24.5011.9%2.42%+3.4%
Multi Commodity Exchange of IndiaMCX · Capital Markets₹3,180.60−0.19%₹81,103 Cr52.6063.7%0.25%+74.4%
AU Small Finance BankAUBANK · Banks₹879.10+3.67%₹66,053 Cr20.90Lender: Not worked out for a bank, an NBFC or an insurer: it borrows to lend, so capital employed is not its measure.0.11%−0.1%
L&T FinanceLTF · Finance₹246.50+2.37%₹61,782 Cr18.10Lender: Not worked out for a bank, an NBFC or an insurer: it borrows to lend, so capital employed is not its measure.1.12%−8.1%
Bank of MaharashtraMAHABANK · Banks₹79.95−0.06%₹61,494 Cr7.70Lender: Not worked out for a bank, an NBFC or an insurer: it borrows to lend, so capital employed is not its measure.2.75%+33.2%
National Aluminium CompanyNATIONALUM · Non - Ferrous Metals₹323.50+4.96%₹59,415 Cr8.8038.9%3.55%+36.6%
Funds that follow the Nifty200 Alpha 30
2 index funds and ETFs track the Nifty200 Alpha 30; 1 other fund uses it as its benchmark.
Mirae Asset Nifty 200 Alpha 30 ETFETF · Mirae Asset Mutual FundNAV₹24.35391Y−4.55%3Y+13.44%5Y–Size₹415 CrCost0.78%
Tata Nifty200 Alpha 30 Index FundIndex Fund · Tata Mutual FundNAV₹8.30991Y−4.68%3Y–5Y–Size₹203 CrCost0.82%
About the Nifty200 Alpha 30
The Nifty200 Alpha 30 is an index of 30 stocks selected from the Nifty 200 based on Jensen’s Alpha, with weights based on their alpha scores. It is calculated and administered by NSE Indices Limited.
How companies are chosen
Stocks that are part of, or going to be part of, the Nifty 200 at the time of review are eligible. They need a minimum listing history of 1 year as on the cut-off date and must be available for trading in the derivative segment (F&O) as on the effective date.
For each eligible stock, Jensen’s Alpha is computed using 1-year trailing prices adjusted for corporate actions. Stocks with positive Jensen’s Alpha form the eligible universe, and the 30 with the highest Jensen’s Alpha are selected. If the eligible universe holds fewer than 30 stocks, the deficit is made up from existing stocks with the least negative Jensen’s Alpha.
How it is weighted
Each stock's alpha score comes from its Z score: its Jensen’s Alpha minus the mean Jensen’s Alpha of the eligible universe, divided by the standard deviation of Jensen’s Alpha in that universe. The alpha score is (1 + Z score) if the Z score is above 0, and (1 − Z score) to the power of −1 if it is below 0.
Each stock is capped at the lower of 5% or 5 times its weight in the index based only on free float market capitalization, which counts only the shares normally expected to be available for trading. The cap is applied quarterly in Mar, Jun, Sep and Dec.
When it is reviewed
The index is reconstituted quarterly in Mar, Jun, Sep and Dec, using trailing 1 year prices for the period ending the last trading day of Feb, May, Aug and Nov.
A stock whose Jensen’s Alpha rank within the existing portfolio goes beyond 45 is compulsorily excluded and replaced by the next ranked stock in the eligible universe. The top 15 ranked stocks not already in the index are compulsorily included, replacing the lowest Jensen’s Alpha stocks. A stock that moves out of the Nifty 200 moves out of the index at the subsequent review.
Base date and value
The index has a base date of 1 Apr 2005 and a base value of 1000. It was launched on 21 Jul 2022.
- Published by
- NSE
- Kind
- Strategy
- CompaniesCompanies in an index. How many companies the index holds on its current list, which the exchange revises from time to time. Companies in an index in the glossary
- 30
- List last changed
- 9 Oct 2026
- Above 200-day averageMembers above their 200-day average. The share of the index's members whose latest close is above their own average close of the last 200 trading days; members listed too recently to have one are left out. Members above their 200-day average in the glossary
- 12 of 30
Strategy indices
Others in this group, the most used as a fund's benchmark first.All
- Nifty200 Value 3030 companiesP/E 8.54
BSE 200 Equal Weight Index200 companiesP/E 22.70- BSE Enhanced Value Index30 companiesP/E 8.65
- BSE LargeMid (60:40) Stable Dividend 5050 companiesP/E 23.38
Nifty Top 15 Equal Weight15 companiesP/E 17.78
Nifty Top 20 Equal Weight20 companiesP/E 19.29
Nifty Total Market Momentum Quality 5050 companiesP/E 32.87
Nifty500 Flexicap Quality 3030 companiesP/E 30.03- Nifty500 Low Volatility 5050 companiesP/E 20.72
- Nifty500 Multicap Momentum Quality 5050 companiesP/E 27.59