The P/E multiples of a majority of industries have improved in the first quarter of 2019, according to the Duff & Phelps “Industry Multiples India Report – Seventh Edition.” “Overall, the Indian equity market, i.e., the S&P BSE 500 Index, experienced an increase during Q1 2019 on the back of hopes of a stable government and a moderate increase in crude oil prices,” the report says. Some observations: The banking sector has recovered partially due to capital infusion in public-sector banks; a reduction of GST rates gave consumer durables a slight improvement; the healthcare, internet, and software sectors recovered from last quarter’s decline because of an optimistic demand outlook; and the automobile sector saw a decline in multiples due to subdued demand and high inventory levels. The report, for the quarter ended March 31, 2019, provides a detailed overview of the market multiples of companies in 22 major industries in the S&P BSE 500 Index.