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Australian (ASX) Industrials Sector Analysis

UpdatedMar 26, 2026
DataAggregated Company Financials
Companies126
  • 7D-1.4%
  • 3M-6.7%
  • 1Y3.5%
  • YTD-6.5%

Over the last 7 days, the Industrials industry has dropped 1.4%, driven by a pullback from Transurban Group of 3.3%. On the other hand Worley is actually up 7.5%. This takes the industry's 12 month performance to a gain of 3.5%. Looking forward, earnings are forecast to grow by 17% annually.

Sector Valuation and Performance

Has the Australian Industrials Sector valuation changed over the past few years?

DateMarket CapRevenueEarningsPEAbsolute PEPS
Thu, 26 Mar 2026AU$228.4bAU$148.5bAU$8.2b18.4x27.7x1.5x
Sat, 21 Feb 2026AU$247.2bAU$145.0bAU$8.6b21.3x28.8x1.7x
Mon, 19 Jan 2026AU$249.8bAU$144.9bAU$8.1b21.2x30.7x1.7x
Wed, 17 Dec 2025AU$241.0bAU$145.1bAU$8.1b20.8x29.6x1.7x
Fri, 14 Nov 2025AU$242.2bAU$145.1bAU$8.2b20.4x29.7x1.7x
Sun, 12 Oct 2025AU$250.1bAU$146.3bAU$8.2b19.8x30.5x1.7x
Tue, 09 Sep 2025AU$246.4bAU$146.0bAU$8.2b20x30x1.7x
Thu, 07 Aug 2025AU$243.2bAU$144.8bAU$8.4b17.9x28.9x1.7x
Sat, 05 Jul 2025AU$234.6bAU$144.5bAU$8.4b17x27.9x1.6x
Mon, 02 Jun 2025AU$232.9bAU$145.0bAU$8.5b16.8x27.5x1.6x
Wed, 30 Apr 2025AU$223.5bAU$146.1bAU$8.3b16.1x26.9x1.5x
Fri, 28 Mar 2025AU$222.9bAU$146.5bAU$8.4b16.4x26.7x1.5x
Sun, 23 Feb 2025AU$217.4bAU$122.9bAU$7.0b18.7x31.1x1.8x
Tue, 21 Jan 2025AU$210.7bAU$121.7bAU$6.7b19.4x31.4x1.7x
Thu, 19 Dec 2024AU$207.9bAU$122.3bAU$6.7b20x31.1x1.7x
Sat, 16 Nov 2024AU$205.4bAU$120.5bAU$6.6b20.2x31.3x1.7x
Mon, 14 Oct 2024AU$206.1bAU$120.6bAU$6.5b20x31.7x1.7x
Wed, 11 Sep 2024AU$205.5bAU$123.4bAU$6.3b18.3x32.5x1.7x
Fri, 09 Aug 2024AU$192.7bAU$121.1bAU$5.6b17.9x34.6x1.6x
Sun, 07 Jul 2024AU$190.1bAU$120.6bAU$5.4b17.9x35.3x1.6x
Tue, 04 Jun 2024AU$193.3bAU$120.9bAU$5.4b18x35.9x1.6x
Thu, 02 May 2024AU$192.2bAU$122.6bAU$5.8b18.4x32.9x1.6x
Sat, 30 Mar 2024AU$201.7bAU$122.3bAU$5.9b18.5x34.3x1.6x
Mon, 26 Feb 2024AU$194.4bAU$120.5bAU$5.6b17x34.7x1.6x
Wed, 24 Jan 2024AU$186.8bAU$118.3bAU$4.8b18.4x39x1.6x
Fri, 22 Dec 2023AU$187.6bAU$117.8bAU$4.7b17.3x39.6x1.6x
Sun, 19 Nov 2023AU$177.7bAU$118.4bAU$4.8b16.6x37x1.5x
Tue, 17 Oct 2023AU$175.3bAU$118.9bAU$4.9b16.7x36x1.5x
Thu, 14 Sep 2023AU$179.5bAU$118.6bAU$4.8b16.5x37.1x1.5x
Sat, 12 Aug 2023AU$183.8bAU$112.1bAU$3.1b18.7x59.1x1.6x
Mon, 10 Jul 2023AU$176.4bAU$111.2bAU$3.6b18.5x49.6x1.6x
Wed, 07 Jun 2023AU$174.8bAU$110.0bAU$3.5b17.2x49.8x1.6x
Fri, 05 May 2023AU$176.8bAU$110.0bAU$3.5b18.5x50.6x1.6x
Sun, 02 Apr 2023AU$162.4bAU$99.5bAU$3.5b17.9x46.2x1.6x
Price to Earnings Ratio

46.2x


Total Market Cap: AU$162.4bTotal Earnings: AU$3.5bTotal Revenue: AU$99.5bTotal Market Cap vs Earnings and Revenue0%0%0%
Australian Industrials Sector Price to Earnings3Y Average 34.8x202420252026
Current Industry PE
  • Investors are pessimistic on the Australian Industrials industry, indicating that they anticipate long term growth rates will be lower than they have historically.
  • The industry is trading at a PE ratio of 27.7x which is lower than its 3-year average PE of 34.8x.
  • The industry is trading close to its 3-year average PS ratio of 1.6x.
Past Earnings Growth
  • The earnings for companies in the Industrials industry have grown 33% per year over the last three years.
  • Revenues for these companies have grown 14% per year.
  • This means that more sales are being generated by these companies overall, and subsequently their profits are increasing too.

Industry Trends

Which industries have driven the changes within the Australian Industrials sector?

AU Market-1.24%
Industrials-1.39%
Machinery1.52%
Construction1.15%
Trade Distributors0.82%
Airlines-0.24%
Commercial Services-0.72%
Transportation-0.72%
Building-0.94%
Industrials-0.99%
Professional Services-2.94%
Infrastructure-3.22%
Logistics-3.75%
Aerospace & Defense-4.05%
Electrical-6.68%
Industry PE
  • Investors are most optimistic about the Aerospace & Defense industry which is trading above its 3-year average PE ratio.
    • Analysts are expecting annual earnings growth of 59.6%, which is lower than the prior year's growth of 240.1% per year.
Forecasted Growth
  • Analysts are most optimistic on the Machinery industry, expecting annual earnings growth of 63% over the next 5 years.
  • This is better than its past earnings growth rate of 27% per year.
  • In contrast, the Transportation industry is expected to see its earnings grow by 7.8% per year over the next few years.

Top Stock Gainers and Losers

Which companies have driven the market over the last 7 days?

CompanyLast Price7D1YValuation
WOR WorleyAU$10.937.5%
+AU$357.6m		-24.9%PE15.6x
SRG SRG GlobalAU$2.6511.3%
+AU$169.2m		122.7%PE30.1x
SGH SGHAU$41.670.9%
+AU$154.5m		-18.5%PE34x
TEA TasmeaAU$4.7513.9%
+AU$151.0m		73.4%PE26x
DOW Downer EDIAU$7.752.4%
+AU$118.5m		41.4%PE34.4x

Latest News

SGH
AU$41.67
SGH
7D
0.9%
1Y
-18.5%

SGH: Potential Bingo Deal And 2026 Guidance Will Support Further Upside

Analysts have kept their A$56.00 price target for SGH unchanged, as small updates to the discount rate, revenue growth assumptions and profit margin expectations largely offset one another in their refreshed valuation work. What's in the News SGH is reported to be a serious contender to acquire Bingo Industries, a waste management company carrying between A$800 million and A$1,000 million of debt, in a sale process run by MA Moelis for Macquarie Group (Key Developments).
REH
AU$14.34
Reece
7D
0.8%
1Y
-9.2%

REH: FY26 EBIT Guidance And Dividend Outlook Will Support Rerating Potential

Analysts have lifted the price target for Reece to A$15.61 from A$15.43, reflecting updated views on revenue growth, margins and P/E assumptions following recent research updates from major brokers. Analyst Commentary Bullish Takeaways Bullish analysts highlight the recent upgrade as a sign that updated revenue and margin assumptions can support the revised A$15.61 price target without relying on aggressive P/E multiples.
ALX
AU$4.32
Atlas Arteria
7D
-7.3%
1Y
-11.3%
BXB
AU$22.23
Brambles
7D
-0.5%
1Y
7.8%

BXB: Dividend Commitment And Stable Guidance Will Support A Positive Outlook

Analysts have made a small upward adjustment to Brambles' implied value, with the price target moving from A$25.82 to A$25.84. This change reflects only minor tweaks to assumptions around discount rate, revenue growth, profit margin and future P/E.
MND
AU$28.58
Monadelphous Group
7D
2.0%
1Y
83.2%

MND: Higher Fair Value And Upcoming Dividend Will Likely Support Upside

Analysts have raised their price target on Monadelphous Group from A$25.63 to A$30.96, citing updated assumptions around discount rates, revenue growth, profit margins and future P/E expectations. What's in the News Monadelphous Group declared an ordinary fully franked dividend of A$0.49 per security for the six months ended December 31, 2025, giving investors a clear view of cash returns over that period (Key Developments).
DOW
AU$7.75
Downer EDI
7D
2.4%
1Y
41.4%

DOW: Bullish Coverage And Execution Risks Will Likely Limit Future Upside

Analysts have lifted their price target for Downer EDI to A$6.80 from A$6.70, citing updated assumptions around revenue growth, profit margins, discount rate and future P/E following recent bullish research coverage. Analyst Commentary Even with a higher price target on the table, not every analyst is fully comfortable with the risk and reward profile at current levels.
TEA
AU$4.75
Tasmea
7D
13.9%
1Y
73.4%
DRO
AU$4.26
DroneShield
7D
-4.1%
1Y
332.5%

Recurring SaaS And Expanding Pipeline Will Reshape Counter Drone Market Trajectory

Catalysts About DroneShield DroneShield provides integrated hardware, software and SaaS solutions for detecting and defeating drones and other unmanned threats across military and civilian markets. What are the underlying business or industry changes driving this perspective?
TCL
AU$13.83
Transurban Group
7D
-3.3%
1Y
4.6%
EOS
AU$9.03
Electro Optic Systems Holdings
7D
-6.9%
1Y
559.1%
ALQ
AU$20.50
ALS
7D
-4.8%
1Y
29.6%

ALQ: Recent Upgrade And Stable Metrics Will Underpin Future Return Potential

Narrative Update on ALS The consensus analyst price target for ALS remains at A$28.00, with analysts pointing to steady assumptions for revenue growth, profit margins and future P/E, supported by a recent upgrade in Street research sentiment. Analyst Commentary Bullish analysts point to the A$28.00 consensus price target as a signal that the market view on ALS is anchored around steady assumptions for revenue growth, margins and future P/E, with sentiment recently supported by upgraded research.
WOR
AU$10.93
Worley
7D
7.5%
1Y
-24.9%
CPU
AU$28.03
Computershare
7D
-2.2%
1Y
-29.9%

CPU: Citi Upgrade And Dividend Outlook Will Support Bullish Setup

Analysts have inched their fair value estimate for Computershare to about A$35.55 per share, a small adjustment that reflects updated discount rate and future P/E assumptions, along with recent Street research support, including the new A$39.60 price target from Citi. Analyst Commentary Recent commentary from bullish analysts has become more positive, with an upgraded rating and a formal A$39.60 price target helping anchor expectations around Computershare’s potential valuation range.
SRG
AU$2.65
SRG Global
7D
11.3%
1Y
122.7%

SRG: Future Returns Will Reflect Growing Fully Franked Dividend Support

Analysts have kept their A$3.19 price target for SRG Global unchanged, citing stable fair value, only slight adjustments to the discount rate and growth assumptions, and a largely consistent forward P/E outlook. What's in the News SRG Global declared an interim fully franked dividend of A$0.03 per share for the six months ended 31 December 2025, compared with 2.5 cents per share fully franked for the prior comparable period (Key Developments).
CWY
AU$2.34
Cleanaway Waste Management
7D
-3.7%
1Y
-11.0%
SLX
AU$5.55
Silex Systems
7D
4.3%
1Y
42.7%