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Brazilian (BOVESPA) Industrials Sector Analysis

UpdatedMar 20, 2026
DataAggregated Company Financials
Companies45
  • 7D1.0%
  • 3M-4.1%
  • 1Y4.8%
  • YTD-2.2%

In the last week, the Industrials industry is up 1.0%, with WEG leading the way with a 0.8% gain. During this same period, the Azul underperformed, falling 21%. In the last 12 months, the industry was up 4.8%. As for the next few years, earnings are expected to grow by 21% per annum.

Sector Valuation and Performance

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

DateMarket CapRevenueEarningsPEAbsolute PEPS
Fri, 20 Mar 2026R$451.0bR$344.5bR$18.6b10.5x24.2x1.3x
Sun, 15 Feb 2026R$517.1bR$341.8bR$18.4b11.3x28.1x1.5x
Tue, 13 Jan 2026R$465.0bR$344.8bR$18.4b10.7x25.3x1.3x
Thu, 11 Dec 2025R$466.1bR$344.8bR$18.4b10.2x25.3x1.4x
Sat, 08 Nov 2025R$448.2bR$341.8bR$21.0b10.2x21.4x1.3x
Mon, 06 Oct 2025R$417.8bR$343.5bR$21.0b8.9x19.9x1.2x
Wed, 03 Sep 2025R$433.6bR$343.4bR$20.9b9x20.7x1.3x
Fri, 01 Aug 2025R$426.2bR$335.7bR$18.3b8.8x23.3x1.3x
Sun, 29 Jun 2025R$464.0bR$335.3bR$17.5b9.2x26.5x1.4x
Tue, 27 May 2025R$459.7bR$336.1bR$16.6b8.9x27.6x1.4x
Thu, 24 Apr 2025R$469.6bR$326.5bR$15.8b9.3x29.6x1.4x
Sat, 22 Mar 2025R$465.5bR$326.8bR$17.8b8x26.2x1.4x
Mon, 17 Feb 2025R$485.4bR$313.7bR$18.2b8.2x26.7x1.5x
Wed, 15 Jan 2025R$461.7bR$313.7bR$18.5b7.9x24.9x1.5x
Fri, 13 Dec 2024R$519.7bR$313.7bR$18.5b8.9x28x1.7x
Sun, 10 Nov 2024R$506.5bR$305.2bR$18.3b8.7x27.7x1.7x
Tue, 08 Oct 2024R$501.4bR$295.8bR$16.5b10.4x30.5x1.7x
Thu, 05 Sep 2024R$491.7bR$295.7bR$16.5b11.8x29.9x1.7x
Sat, 03 Aug 2024R$481.9bR$285.5bR$18.6b10.3x25.9x1.7x
Mon, 01 Jul 2024R$425.0bR$297.4bR$18.5b11.7x23x1.4x
Wed, 29 May 2024R$416.3bR$297.5bR$18.5b12.4x22.5x1.4x
Fri, 26 Apr 2024R$417.7bR$287.3bR$17.2b11.5x24.2x1.5x
Sun, 24 Mar 2024R$443.9bR$285.2bR$17.9b11.3x24.9x1.6x
Tue, 20 Feb 2024R$399.7bR$292.9bR$16.1b10.3x24.8x1.4x
Thu, 18 Jan 2024R$418.1bR$292.2bR$15.5b11x27x1.4x
Sat, 16 Dec 2023R$445.1bR$292.1bR$15.5b11.7x28.7x1.5x
Mon, 13 Nov 2023R$404.1bR$290.7bR$15.4b11.7x26.2x1.4x
Wed, 11 Oct 2023R$404.6bR$285.9bR$15.3b12.4x26.4x1.4x
Fri, 08 Sep 2023R$428.4bR$285.9bR$15.3b12.6x28x1.5x
Sun, 06 Aug 2023R$455.9bR$276.4bR$15.6b13x29.2x1.6x
Tue, 04 Jul 2023R$439.3bR$274.4bR$15.0b12.7x29.3x1.6x
Thu, 01 Jun 2023R$425.8bR$273.8bR$15.2b12.4x28x1.6x
Sat, 29 Apr 2023R$417.1bR$267.3bR$18.5b10.1x22.6x1.6x
Mon, 27 Mar 2023R$398.7bR$263.0bR$18.5b9.3x21.6x1.5x
Price to Earnings Ratio

21.6x


Total Market Cap: R$398.7bTotal Earnings: R$18.5bTotal Revenue: R$263.0bTotal Market Cap vs Earnings and Revenue0%0%0%
Brazilian Industrials Sector Price to Earnings3Y Average 25.6x202420252026
Current Industry PE
  • Investors are relatively neutral on the Brazilian Industrials industry at the moment, indicating that they anticipate long term growth rates to remain steady.
  • The industry is trading close to its 3-year average PE ratio of 25.6x.
  • The 3-year average PS ratio of 1.5x is higher than the industry's current PS ratio of 1.3x.
Past Earnings Growth
  • The earnings for companies in the Industrials industry have remained mostly flat over the last three years.
  • Meanwhile revenues for these companies have grown 9.4% per year.
  • This means that although more sales are being generated, either the cost of doing business or the level of investment back into businesses has increased and as a result, profits have held steady.

Industry Trends

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

BR Market0.96%
Industrials1.02%
Construction8.48%
Industrials3.32%
Aerospace & Defense2.63%
Transportation1.63%
Electrical0.82%
Infrastructure0.54%
Logistics0%0
Airlines0%0
Marine and Shipping-0.0005%
Commercial Services-0.49%
Trade Distributors-1.05%
Machinery-1.33%
Building-2.88%
Professional Services-3.90%
Industry PE
  • Investors are most optimistic about the Marine and Shipping industry which is trading above its 3-year average PE ratio.
    • Analysts are expecting annual earnings growth of 30.5%, which is lower than the prior year's growth of 135.8% per year.
Forecasted Growth
  • Analysts are most optimistic on the Transportation industry, expecting annual earnings growth of 40% over the next 5 years.
  • This is better than its past earnings decline of 10.0% per year.
  • In contrast, the Professional Services industry is expected to see its earnings decline by 7.6% 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
WEGE3 WEGR$46.590.8%
+R$1.6b		-2.6%PE30.7x
EMBJ3 EmbraerR$75.832.7%
+R$1.4b		1.4%PE27.4x
MRSA3B MRS LogísticaR$45.909.3%
+R$1.3b		48.1%PE10x
RENT3 Localiza Rent a CarR$44.421.8%
+R$876.0m		32.8%PE25.9x
MOTV3 Motiva Infraestrutura de MobilidadeR$15.121.7%
+R$502.6m		28.2%PE10.5x

Latest News

WEGE3
R$46.59
WEG
7D
0.8%
1Y
-2.6%
MRSA3B
R$45.90
MRS Logística
7D
9.3%
1Y
48.1%
ECOR3
R$8.58
EcoRodovias Infraestrutura e Logística
7D
-4.7%
1Y
59.5%
MOTV3
R$15.12
Motiva Infraestrutura de Mobilidade
7D
1.7%
1Y
28.2%
JSLG3
R$6.02
JSL
7D
-4.6%
1Y
6.9%

JSLG3: Higher Margins And P/E Expansion Will Support Fair Outlook

Analysts now see JSL's fair value at R$8.00, compared to R$7.60 previously, citing slightly higher assumptions for revenue growth, profit margins and future P/E as the key drivers of this adjustment. Valuation Changes Fair Value: R$8.00 compared with R$7.60 previously, indicating a small upward adjustment in the valuation anchor.
TUPY3
R$11.50
Tupy
7D
-6.7%
1Y
-38.5%

TUPY3: Revised Assumptions And Undervalued P/E Will Support Future Upside

Analysts have trimmed their price target for Tupy from R$19.28 to R$16.83. They cited updated assumptions for revenue growth, profit margins, discount rate and future P/E, which collectively point to a more conservative valuation profile.
TGMA3
R$27.56
Tegma Gestão Logística
7D
-12.4%
1Y
-21.3%
ARML3
R$4.79
Armac Locação Logística e Serviços
7D
1.9%
1Y
-5.3%
GGPS3
R$16.48
GPS Participações e Empreendimentos
7D
-2.2%
1Y
30.0%

GGPS3: Upcoming Stock Split Will Support Stronger Forward Return Potential

Analysts have slightly adjusted their view on GPS Participações e Empreendimentos, with the fair value estimate moving from R$23.22 to R$23.31 as they refresh assumptions around revenue growth, profit margins and future P/E expectations. What's in the News GPS Participações e Empreendimentos S.A. has announced a stock split or significant stock dividend with a ratio of 1.107384148 to 1, effective December 17, 2025 (Key Developments).
ORVR3
R$66.25
Orizon Valorização de Resíduos
7D
3.3%
1Y
53.1%

ORVR3: Future Upside Will Depend On Margins And Higher P/E

Analysts have raised their fair value estimate for Orizon Valorização de Resíduos to R$81.46 from R$78.15, citing updated assumptions for revenue growth, profit margins and future P/E levels as key drivers of the new target. Valuation Changes Fair Value: Updated from R$78.15 to R$81.46, a modest upward move in the modelled estimate.
EMBJ3
R$75.83
Embraer
7D
2.7%
1Y
1.4%
RAIL3
R$16.19
Rumo
7D
-0.4%
1Y
-8.9%
VAMO3
R$3.38
Vamos Locação de Caminhões Máquinas e Equipamentos
7D
-4.2%
1Y
-22.7%

VAMO3: Index Inclusion Will Support Future Upside With Steady Fundamentals

Analysts have raised their fair value estimate for Vamos Locação de Caminhões Máquinas e Equipamentos slightly, adjusting the target from about R$5.34 to around R$5.38. This change reflects updated views on steady revenue growth, profit margins and future P/E assumptions.
MOVI3
R$12.22
Movida Participações
7D
8.1%
1Y
143.9%
RENT3
R$44.42
Localiza Rent a Car
7D
1.8%
1Y
32.8%

RENT3: Index Rebalancing And Governance Changes Will Shape Fairly Valued Outlook

Analysts have nudged their price target on Localiza Rent a Car to R$50.00. Updated assumptions point to slightly lower revenue growth and profit margins but a higher future P/E, while the fair value estimate remains at R$50.00 and the discount rate is modestly adjusted.
AZUL53
R$0.00014
Azul
7D
-21.3%
1Y
n/a