PE banta kaise hai, kam PE hamesha sasta kyun nahi hota, aur kis cheez se compare karna chahiye
Published by The Retail Trader · AUG 09, 2026 · Features
PE ratio har jagah likha hota hai aur lagbhag har jagah galat istemal hota hai. 'PE 12 hai, sasta hai' — ye ek line hai jisne bahut portfolio kharab kiye hain.
PE matlab price divided by earnings per share. Doosre shabdon mein: company jitna ek saal mein kamati hai, uske kitne guna aap uske ek share ke liye de rahe ho.
PE 20 ka mota matlab hai ki aaj ki kamai ke hisaab se apna paisa wapas aane mein 20 saal lagenge — agar kamai wahi rahe. Wo 'agar' hi poori kahani hai.
Market aksar kisi company ko kam PE isliye deta hai kyunki use lagta hai ki uski kamai aage ghategi. Wahi 'value trap' kehlata hai: aaj ka PE kam hai, agle saal earnings gir jaati hain, aur PE apne aap upar ho jaata hai bina price ke chale.
Isliye pehla sawaal ye nahi hai ki PE kitna hai. Pehla sawaal ye hai ki PE itna kyun hai.
PE akela number bekaar hai. Uski tulna teen cheezon se hoti hai:
• Usi company ka apna itihaas — company aaj apne 5 ya 10 saal ke normal range ke upar hai ya neeche.
• Ussi industry ki doosri companies — ek bank ka PE ek FMCG company se compare karna bekaar hai. Alag business, alag structure.
• Growth — tez badhne wali company ka PE zyada hona normal hai. Isi ko dekhne ke liye PEG jaisa paimana banaya gaya, jo PE ko growth se taulta hai.
• Interest rates — jab rates neeche hote hain to sab kuch mehnga dikhta hai, aur wo galat nahi hota.
Trailing PE pichle 12 mahine ki asli kamai par bana hota hai. Forward PE aane wale saal ke anumaan par. Pehla sach hai par purana, doosra taaza hai par anumaan hai.
Jab koi 'PE sirf 15 hai' bole, to poochho — trailing ya forward, aur forward hai to kiska anumaan.
Loss mein chal rahi company ka PE hota hi nahi. Cyclical companies mein PE ulta kaam karta hai — sabse acche saal mein kamai peak par hoti hai aur PE sabse kam dikhta hai, aur wahi sabse khatarnak waqt hota hai.
Isliye PE ek shuruaati sawaal hai, aakhri jawab nahi. Wo ye batata hai ki market is business se kya umeed kar raha hai — aur uske baad kaam ye dekhna hai ki wo umeed vaajib hai ya nahi.
Ye article sirf educational hai — koi buy ya sell recommendation nahi, koi guaranteed return ka daawa nahi, aur koi advisory nahi. Rules, rates aur mechanics exchange, SEBI aur RBI time-time par badalte hain, isliye har number apne broker ya official source par khud verify karo.