Mutual fund PE ratio checker
Last updated
Your funds 2 of 4
Weighted harmonic average- Fund ALarge cap fundLarge capRatios Aug 2026
- Fund BFlexi cap fundFlexi capRatios Aug 2026
Valuation results: 2 funds
ExampleExample with a large cap and a flexi cap fund. Search above to check the funds you hold.
Portfolio P/E · Large cap fund
19.9
8.7% below the median of 35 large cap funds (21.8)
Portfolio P/B
2.0
Category median 2.0
Dividend yield
1.84%
Category median 1.25%
Side by side with the category
| Fund | Fund P/E | Category medianMedian | Fund vs medianvs median |
|---|---|---|---|
| Large cap fundLarge cap funds · 35 funds | 19.9 | 21.8 | −8.7% |
| Flexi cap fundFlexi cap funds · 38 funds | 23.5 | 23.5 | 0.0% |
Weighted harmonic averages of the stocks each fund holds, as Morningstar calculates them; a simple average of the same stocks would come out higher. Category median: the middle value across funds in the same category. Index P/E is not shown: Kalpi has no index valuation feed.
Size mix: share of each fund's stocks by company size
% of the fund's stocksLarge cap fund
Giant 56.3% · Large 41.2% · Mid 2.5%
Flexi cap fund
Giant 43.5% · Large 43.0% · Mid 12.0% · Small 1.5%
- Giant
- Large
- Mid
- Small
- Micro
Morningstar sorts stocks by size: giant companies make up the top 40% of the market's value, large the next 30%, mid the next 20%, small the next 7% and micro the rest. Smaller companies often trade on different valuations, so the size mix helps explain a fund's ratios.
Source: Morningstar portfolio statistics via Kalpi, as of Aug 2026. Valuation ratios describe the portfolio; they do not predict returns.
How are all your funds valued, together?
Upload your CAS and Kalpi looks through every fund you hold: the stocks you really own, their overlap, what regular plans cost you and a health score for the whole portfolio. How Kalpi handles your data
What is the PE ratio of a mutual fund?
A fund has no earnings of its own, so its P/E is worked out from the stocks it holds: the market value of those stocks divided by the profits they earned over the last year, in proportion to how much of each stock the fund owns. P/B does the same with book value, and dividend yield with dividends paid.
How the checker calculates it
Portfolio ratios use the weighted harmonic mean, the method Morningstar and Value Research use. It treats the fund like one big company: how much you pay for its stocks against how much profit they earn. A simple weighted average of P/E ratios overstates the figure, because one stock with a very high P/E pulls it up far more than its profits justify.
Portfolio P/E = (sum of weights) ÷ sum of (weight ÷ stock P/E), over stocks with positive earnings
Example: ₹100 split equally between a stock at P/E 10 and one at P/E 50. The ₹50 in the first buys ₹5 of yearly profit, the ₹50 in the second buys ₹1. You pay ₹100 for ₹6 of profit, a P/E of 16.7. A simple average of 10 and 50 would say 30.
The figures are Morningstar's monthly portfolio statistics for each fund, provided through Kalpi's mutual fund data: the stocks a fund held at month-end, valued at month-end prices against trailing reported profits. Loss-making companies are left out of P/E and still count in P/B and dividend yield. For hybrid funds the ratios cover the equity part only, and the page shows how big that part is. All plans of a fund hold the same stocks, so direct and regular plans have the same ratios.
The category figure is the median across funds in the same category with ratios for the same month, for example every flexi cap fund. Sector and theme funds are compared with funds on the same theme, and index funds with other funds that track the same index. Index P/E is not shown: Kalpi has no index valuation feed, so the checker compares each fund with its category instead.
How to read the result
| What you see | What it means |
|---|---|
| P/E above the category median | The fund leans towards companies priced for faster growth than similar funds hold. |
| P/E below the category median | The fund leans towards companies priced lower for their profits, common in value-style funds. |
| Large share in small and micro companies | Smaller companies often trade on different valuations, which moves the fund's ratios. |
| No P/E shown | The portfolio's P/E is not meaningful that month; P/B and dividend yield still describe it. |
Valuation is one input. Compare funds in the same category, and read it alongside costs, risk and how the fund picks stocks: compare mutual funds side by side, or check how much two funds overlap. The portfolio analyser looks through every fund you own.
Frequently Asked Questions
What is the PE ratio of a mutual fund?
It is the combined price-to-earnings ratio of the stocks the fund holds, weighted by how much of each it owns. It shows how much the market is paying for each rupee of yearly profit earned by the fund’s companies. A fund itself has no earnings.
How is the PE ratio of a mutual fund calculated?
Using the weighted harmonic mean: the sum of the weights divided by the sum of each weight divided by that stock’s P/E. This equals the total value of the stocks divided by the total profits they earn, so one very high P/E stock cannot distort it. The figures on this page are Morningstar’s, which use this method.
Why do different websites show different P/E for the same fund?
They may use different portfolio dates, trailing or forward earnings, standalone or consolidated results, and a harmonic or simple average. Loss-making companies may be dropped or included differently. Check the date and method before comparing figures from two sources.
Is a lower P/E better for a mutual fund?
Not by itself. A lower P/E means the fund holds companies priced lower for their current profits; a higher one usually means companies expected to grow faster. Both styles have good and bad periods. Compare a fund with funds in its own category.
What is the P/B ratio of a mutual fund?
Price-to-book compares the market value of the fund’s stocks with the book value, roughly the net assets, of those companies. It is calculated the same way as P/E. Banks and financial companies are often judged on P/B because their assets are mostly financial.
How are loss-making companies treated?
They have no meaningful P/E, so they are left out of the P/E figure. They are still counted in P/B and dividend yield. When a portfolio’s P/E is not meaningful in a month, the checker shows no P/E for it and still shows P/B and dividend yield.
Why compare a fund’s P/E with its benchmark?
A mid-cap fund and a large-cap fund normally sit at different valuations, so the useful comparison is with similar funds. This checker compares each fund with the median of its category, because Kalpi has no index valuation feed and index P/E is not shown. You can follow the indices themselves on Kalpi's index pages. The gap shows the fund's tilt, not whether it is right.
Does a high P/E mean the fund will fall?
No. Valuation ratios describe prices today and do not predict short-term returns. High-P/E portfolios can keep doing well if profits grow as expected, and low-P/E ones can stay low. Use the ratios to understand what you own, not to time the market.
How often do these figures change?
Prices change every trading day and funds disclose their holdings every month. The ratios here are monthly: they use each fund’s month-end portfolio and prices, and the page shows the month each figure refers to.
Do I need to share any personal details?
No. The checker needs no login, PAN or email. It only uses the funds you pick, and those sit in the page link so you can share the result.
For education only. This tool describes how the stocks inside a fund are valued; it is not a recommendation to buy, sell or switch any fund, and valuation ratios do not predict returns. Ratios are Morningstar’s monthly portfolio statistics, based on trailing reported figures and month-end prices, and change every month.