Forward price to earnings

Share price divided by expected earnings per share for the coming year, rather than the past one.

At ₹1,200 with expected earnings of ₹15.50, the forward multiple is 77.4 against a trailing 97.6.

Markets price the future, so the forward figure is generally the more relevant one, and it is also the one that carries somebody's forecast inside it. When that forecast comes from consensus, the multiple embeds the average sell-side view, which tends to be too optimistic early in a downturn and too cautious after one.

The gap between trailing and forward tells you what growth is assumed. A large gap means the price depends on the earnings arriving.

Check whose estimate it is.