This report reviews one year forward PE and market cap trends across major sectors in Mar'26, benchmarking current valuations against long term averages to assess sector positioning. Out of the 20 sectors analysed, 10 are currently trading below their long term averages. Overall, valuation patterns were mixed, with Automobiles, Cement, Chemicals, Consumer Durables, Defence, Metals & Mining, Oil & Gas, Pharma, Power Generation & Distribution and Textiles trading at or above their historical averages. Agro Chemicals, Auto Parts & Equipment, Building Materials, Capital Goods, FMCG, Hospitals, Hotels and IT remained slightly below long-term trends, while Real Estate and Retail continued to trade well below historical norms. Defence, Metals & Mining and Oil & Gas reflected the strongest premium multiples during the month. Agro Chemicals PE declined from 18 at the start of Mar'26 to 17 by month-end. Compared to the long-term average PE of 20, the current valuation...