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Australian (ASX) Industrials Sector Analysis

UpdatedJan 21, 2026
DataAggregated Company Financials
Companies125
  • 7D0.2%
  • 3M-0.4%
  • 1Y11.6%
  • YTD1.6%

The Industrials is pretty flat in the last 7 days, but DroneShield has stood out, gaining 22%. The past year has been better, since the industry has gained 12% in that time. Looking forward, earnings are forecast to grow by 18% annually.

Sector Valuation and Performance

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

DateMarket CapRevenueEarningsPEAbsolute PEPS
Wed, 21 Jan 2026AU$248.4bAU$144.8bAU$8.1b20.7x30.6x1.7x
Fri, 19 Dec 2025AU$239.4bAU$145.1bAU$8.1b20.5x29.4x1.6x
Sun, 16 Nov 2025AU$240.5bAU$145.2bAU$8.2b20.4x29.5x1.7x
Tue, 14 Oct 2025AU$247.4bAU$146.2bAU$8.2b19.8x30.2x1.7x
Thu, 11 Sep 2025AU$245.5bAU$146.0bAU$8.2b19.9x29.9x1.7x
Sat, 09 Aug 2025AU$242.4bAU$144.7bAU$8.4b18.2x28.8x1.7x
Mon, 07 Jul 2025AU$234.6bAU$144.5bAU$8.4b17x27.9x1.6x
Wed, 04 Jun 2025AU$234.8bAU$145.0bAU$8.5b16.8x27.8x1.6x
Fri, 02 May 2025AU$226.3bAU$144.9bAU$8.2b16.6x27.4x1.6x
Sun, 30 Mar 2025AU$222.4bAU$146.5bAU$8.4b16x26.6x1.5x
Tue, 25 Feb 2025AU$215.6bAU$122.8bAU$7.0b18.4x31x1.8x
Thu, 23 Jan 2025AU$213.6bAU$121.5bAU$6.7b19.5x32x1.8x
Sat, 21 Dec 2024AU$206.0bAU$122.6bAU$6.7b19.2x30.7x1.7x
Mon, 18 Nov 2024AU$205.4bAU$120.5bAU$6.6b20.2x31.3x1.7x
Wed, 16 Oct 2024AU$207.8bAU$120.7bAU$6.5b19.9x31.9x1.7x
Fri, 13 Sep 2024AU$207.4bAU$123.4bAU$6.3b18.9x32.8x1.7x
Sun, 11 Aug 2024AU$195.1bAU$121.0bAU$5.6b18.1x35.1x1.6x
Tue, 09 Jul 2024AU$189.6bAU$120.6bAU$5.4b18.1x35.2x1.6x
Thu, 06 Jun 2024AU$193.8bAU$120.9bAU$5.4b17.8x36x1.6x
Sat, 04 May 2024AU$194.0bAU$122.3bAU$5.8b18.4x33.4x1.6x
Mon, 01 Apr 2024AU$201.7bAU$122.3bAU$5.9b18.7x34.3x1.6x
Wed, 28 Feb 2024AU$196.1bAU$120.8bAU$5.6b17.6x34.9x1.6x
Fri, 26 Jan 2024AU$186.0bAU$118.2bAU$4.8b18.4x38.9x1.6x
Sun, 24 Dec 2023AU$187.6bAU$117.7bAU$4.7b17.3x39.7x1.6x
Tue, 21 Nov 2023AU$177.4bAU$118.3bAU$4.8b16.6x37x1.5x
Thu, 19 Oct 2023AU$173.8bAU$118.7bAU$4.9b16.7x35.8x1.5x
Sat, 16 Sep 2023AU$179.5bAU$118.5bAU$4.8b16.5x37.2x1.5x
Mon, 14 Aug 2023AU$183.8bAU$112.2bAU$3.1b17.8x58.9x1.6x
Wed, 12 Jul 2023AU$177.2bAU$111.2bAU$3.6b18.7x49.7x1.6x
Fri, 09 Jun 2023AU$175.8bAU$110.0bAU$3.5b18.3x50.2x1.6x
Sun, 07 May 2023AU$177.0bAU$109.8bAU$3.5b18.2x50.9x1.6x
Tue, 04 Apr 2023AU$163.9bAU$99.4bAU$3.5b17.9x46.8x1.6x
Thu, 02 Mar 2023AU$148.4bAU$93.7bAU$3.5b17.1x42.7x1.6x
Sat, 28 Jan 2023AU$146.9bAU$87.0bAU$3.7b19.6x40x1.7x
Price to Earnings Ratio

40x


Total Market Cap: AU$146.9bTotal Earnings: AU$3.7bTotal Revenue: AU$87.0bTotal Market Cap vs Earnings and Revenue0%0%0%
Australian Industrials Sector Price to Earnings3Y Average 35.6x202420252026
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 30.6x which is lower than its 3-year average PE of 35.6x.
  • 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 30% per year over the last three years.
  • Revenues for these companies have grown 18% 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 Market0.069%
Industrials0.17%
Machinery5.58%
Industrials5.00%
Aerospace & Defense4.46%
Airlines3.76%
Logistics2.32%
Professional Services2.31%
Electrical0.37%
Construction0.13%
Infrastructure-0.096%
Trade Distributors-1.16%
Commercial Services-1.89%
Transportation-2.42%
Building-6.16%
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 58.7%, which is lower than the prior year's growth of 239.2% per year.
Forecasted Growth
  • Analysts are most optimistic on the Aerospace & Defense industry, expecting annual earnings growth of 59% over the next 5 years.
  • However this is lower than its past earnings growth rate of 239% per year.
  • In contrast, the Airlines industry is expected to see its earnings grow by 7.4% 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
ALQ ALSAU$24.044.7%
+AU$543.1m		50.3%PE45x
QAN Qantas AirwaysAU$10.492.3%
+AU$355.7m		11.8%PE9.7x
DRO DroneShieldAU$4.328.8%
+AU$319.9m		569.8%PE704x
MAD Mader GroupAU$8.5711.3%
+AU$177.0m		37.1%PE30.5x
GNP GenusPlus GroupAU$7.2912.7%
+AU$148.9m		160.4%PE37.4x

Latest News

TCL
AU$13.76
Transurban Group
7D
-1.6%
1Y
0.3%

Some Confidence Is Lacking In Transurban Group's (ASX:TCL) P/S

Jan 21
Some Confidence Is Lacking In Transurban Group's (ASX:TCL) P/S
DUR
AU$2.26
Duratec
7D
10.8%
1Y
45.3%

Duratec Limited's (ASX:DUR) Shares Climb 25% But Its Business Is Yet to Catch Up

Jan 20
Duratec Limited's (ASX:DUR) Shares Climb 25% But Its Business Is Yet to Catch Up
GNP
AU$7.29
GenusPlus Group
7D
12.7%
1Y
160.4%

GNP: Elevated P/E And Margins Will Likely Restrain Future Share Returns

Analysts have kept their fair value estimate for GenusPlus Group steady at A$6.50, with only minor tweaks to assumptions such as discount rate, long term revenue growth, profit margin and future P/E informing this unchanged price target view. Valuation Changes Fair Value Estimate: unchanged at A$6.50 per share, reflecting a stable overall valuation view.
DRO
AU$4.32
DroneShield
7D
8.8%
1Y
569.8%

DRO: Index Inclusion And Stable Outlook Will Support Measured Future Upside Potential

Analysts have slightly reduced their price target on DroneShield to reflect a minor adjustment in the discount rate and future P/E assumptions, while keeping their fair value estimate unchanged at A$4.70. Valuation Changes Fair Value: The fair value estimate is unchanged at A$4.70 per share.
SGH
AU$45.96
SGH
7D
-3.5%
1Y
-4.5%
RWC
AU$3.69
Reliance Worldwide
7D
-9.3%
1Y
-32.3%
ALQ
AU$24.04
ALS
7D
4.7%
1Y
50.3%

ALQ: Raised FY26 Guidance And Dividend Will Support Higher Future Returns

Analysts have nudged their price target for ALS up by A$1 to A$27, citing slightly adjusted assumptions around fair value, discount rate, revenue growth, profit margin and future P/E to reflect updated expectations. What's in the News ALS raised its fiscal 2026 guidance to target 6% to 8% organic revenue growth, up from 5% to 7%, and is aiming for steady margin improvement in FY26 (Corporate Guidance, Key Developments).
REH
AU$13.93
Reece
7D
-4.1%
1Y
-41.4%

Reece (ASX:REH) Has Some Way To Go To Become A Multi-Bagger

Jan 17
Reece (ASX:REH) Has Some Way To Go To Become A Multi-Bagger
MND
AU$29.57
Monadelphous Group
7D
1.8%
1Y
108.1%
BXB
AU$22.51
Brambles
7D
-3.1%
1Y
16.6%

With EPS Growth And More, Brambles (ASX:BXB) Makes An Interesting Case

Jan 13
With EPS Growth And More, Brambles (ASX:BXB) Makes An Interesting Case
CPU
AU$34.08
Computershare
7D
-1.6%
1Y
-1.0%

CPU: FY26 Delivery Confidence And AGM Update Support Balanced Outlook

Analysts have lifted their fair value estimate for Computershare to A$37.40 from A$37.26, citing the recent AGM update that supported their assumptions on discount rate, modest revenue growth, profit margin and future P/E, and contributed to an upgrade in the consensus view following a higher A$40 price target from recent Street research. Analyst Commentary Recent commentary around Computershare has focused on how the AGM update lines up with existing expectations on revenue growth, margins and the P/E that analysts are using in their models.
ASB
AU$7.96
Austal
7D
-9.1%
1Y
130.7%

ASB: AI Digital Twin Roles Will Support Measured Long Term Earnings Outlook

Analysts have modestly adjusted their price targets on Austal, citing refined assumptions around revenue growth, profit margins and future P/E expectations. Collectively, these changes point to a slightly higher fair value estimate for the shares than previously modeled.
QAN
AU$10.49
Qantas Airways
7D
2.3%
1Y
11.8%

Calculating The Intrinsic Value Of Qantas Airways Limited (ASX:QAN)

Jan 07
Calculating The Intrinsic Value Of Qantas Airways Limited (ASX:QAN)
MAD
AU$8.57
Mader Group
7D
11.3%
1Y
37.1%

MAD: Stable Margins And Earnings Assumptions Will Support Stronger Outlook

Analysts have adjusted their price target for Mader Group to A$9.15 from A$9.15, reflecting updated views on discount rate, revenue growth, profit margins and future P/E assumptions, while leaving their overall valuation conclusion effectively unchanged. Valuation Changes Fair Value: Fair value estimate is unchanged at A$9.15 per share.
CWY
AU$2.48
Cleanaway Waste Management
7D
-2.0%
1Y
-11.1%

Cleanaway Waste Management Limited (ASX:CWY) Not Flying Under The Radar

Dec 07
Cleanaway Waste Management Limited (ASX:CWY) Not Flying Under The Radar
MPW
AU$2.80
Metal Powder Works
7D
15.7%
1Y
n/a