From financials to industrials: Here's how Nifty 500 composition has shifted over the years

An NSE report highlights the structural transformation of the Nifty 500 over 26 years, with financials emerging as the dominant sector. Financials' representation rose from 8 percent of constituents and 7 percent of market capitalisation in March 2000 to 20 percent and 26 percent respectively by March 2026, overtaking energy as the largest revenue contributor in FY25. Aggregate net sales of Nifty 500 companies grew 21-fold between FY03 and FY26 while profits grew 31-fold, with PAT margins improving from 6 percent in FY00 to 10.9 percent in FY26. Earnings growth has broadened beyond heavyweights, with the Nifty 50's share of Nifty 500 profits falling from 87 percent in FY18 to 51 percent in FY26, and the broader universe delivering a PAT CAGR of 16.9 percent versus 12.5 percent for the Nifty 50 during FY17 to FY26.