My Analysis of the Nifty MidSmall Healthcare Index
In my opinion, the Nifty MidSmall Healthcare Index is a great platform that follows the performance of both mid-cap and small-cap stocks of the youthful healthcare sector. The index opens growth doors through featuring up to 30 of the parent Nifty MidSmallcap 400 index. This provides me with a wide but narrow sight concerning the new players in Indian healthcare.
What I appreciate is that the index selects the best of the bunch—the 30 stocks are chosen based on their six-month average free-float market capitalization. The weighting is also true-to-life, reflecting the actual market power of each company's tradable shares.
Key Performance & Fundamental Metrics
The following are the most important statistics. The 1-year and 5-year performance results were quite high, which means that this market is of strong interest to investors. The P/E ratio at 42.67 implies the market has great growth expectations of said companies.
Total Return (1 Year)
Total Return (5 Yr CAGR)
P/E Ratio
P/B Ratio
Dividend Yield
Beta (vs NIFTY 50)
Also Read:
Index Performance Visualized
In order to get more insights about the nature of the index, I have plotted its performance over history as well as its current composition. The trend in the historical chart has been very high with an increasing inclination in the recent years. The constituents chart in the top shows that the index has a combination of both hospitals and pharmaceutical industries (Max, Fortis, KIMS, Lupin, Aurobindo) hence neutral bias to the healthcare theme.
Historical Performance (Since 2006)
Top 10 Constituents by Weightage (%)
1-Year Return vs. Other Sectors (%)
Constituents Breakdown (29 Stocks)
For a more detailed analysis, here is the complete list of the 29 companies in the index, updated with their latest market data. The table is fully interactive—you can search for a specific company or sort any column to explore the data.
| Company Name | Symbol | Price (INR) | Market Cap | P/E Ratio | Volume |
|---|
Further Reading
If you are interested in other specialized mid- and small-cap indices, you can explore the Nifty MidSmall Financial Services Index.
Nifty MidSmall Financial Services Index Stocks ListMy Notes on the Index Methodology
The rules for this index ensure a high-quality, diversified portfolio of emerging healthcare leaders.
- Universe: All stocks must be part of the Nifty MidSmallcap 400 index at the time of review.
- Liquidity Screen: Non-F&O stocks that hit circuit filters on 20% or more of trading days are ineligible, which I believe is a prudent way to ensure tradability.
- Selection: The final 30 stocks are selected based on their free-float market capitalization within the healthcare universe.
- Rebalancing: To keep the index current, the constituents are reconstituted semi-annually, and the weights are rebalanced quarterly.