India’s market cap-to-GDP ratio, a widely followed measure of equity market valuation, climbed to 141% in July 2026, nearing the two-decade high seen in 2007 as a broader market rally and robust IPO activity added nearly ₹74 lakh crore in value since March. While stronger corporate earnings may help justify elevated valuations, the sharp rise has renewed debate over whether Indian equities are becoming increasingly expensive.
An 18% rise in the market capitalisation of companies listed in India, driven by a rally in the broader market and the addition of new listings, has pushed the country’s market cap-to-GDP ratio to 141% in July 2026, bringing it close to the two-decade high of around 147% recorded in 2007.
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