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Indian (NIFTY) Industrials Sector Analysis

UpdatedApr 09, 2026
DataAggregated Company Financials
Companies1116
  • 7D6.6%
  • 3M-2.2%
  • 1Y14.2%
  • YTD-3.5%

Over the last 7 days, the Industrials industry has risen 6.6%, driven by gains from Larsen & Toubro of 7.8%. This takes the industry's 12 month performance to a gain of 14%. Looking forward, earnings are forecast to grow by 18% annually.

Sector Valuation and Performance

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

DateMarket CapRevenueEarningsPEAbsolute PEPS
Fri, 10 Apr 2026₹59.9t₹19.3t₹1.7t21.1x35x3.1x
Sun, 08 Mar 2026₹60.2t₹19.2t₹1.7t20.7x35.4x3.1x
Tue, 03 Feb 2026₹58.0t₹18.9t₹1.7t21.8x34.7x3.1x
Thu, 01 Jan 2026₹60.5t₹18.7t₹1.7t24.5x36.6x3.2x
Sat, 29 Nov 2025₹61.5t₹18.6t₹1.6t25.4x39.2x3.3x
Mon, 27 Oct 2025₹60.5t₹18.1t₹1.6t28x39x3.3x
Wed, 24 Sep 2025₹61.4t₹17.9t₹1.5t28.5x40x3.4x
Fri, 22 Aug 2025₹59.2t₹17.8t₹1.5t28.4x38.6x3.3x
Sun, 20 Jul 2025₹60.2t₹17.5t₹1.5t30.3x39.8x3.4x
Tue, 17 Jun 2025₹59.1t₹17.4t₹1.5t29.9x39.5x3.4x
Thu, 15 May 2025₹53.4t₹16.4t₹1.4t28.1x37.2x3.3x
Sat, 12 Apr 2025₹47.4t₹16.1t₹1.4t26.6x34.1x2.9x
Mon, 10 Mar 2025₹48.0t₹16.1t₹1.4t27x34.6x3x
Wed, 05 Feb 2025₹51.1t₹15.9t₹1.4t31.6x37.2x3.2x
Fri, 03 Jan 2025₹59.7t₹16.3t₹1.4t37x43.8x3.7x
Sun, 01 Dec 2024₹59.1t₹16.3t₹1.4t34.5x43.6x3.6x
Tue, 29 Oct 2024₹56.4t₹15.7t₹1.3t34.7x43.9x3.6x
Thu, 26 Sep 2024₹60.6t₹14.8t₹1.2t37.4x50.2x4.1x
Sat, 24 Aug 2024₹60.3t₹14.7t₹1.2t37.5x50.5x4.1x
Mon, 22 Jul 2024₹60.7t₹15.0t₹1.2t36.6x50.7x4x
Wed, 19 Jun 2024₹62.0t₹15.0t₹1.2t35.3x51.8x4.1x
Fri, 17 May 2024₹53.4t₹14.0t₹1.1t35.3x50.4x3.8x
Sun, 14 Apr 2024₹49.5t₹13.8t₹1.0t33.5x47.8x3.6x
Tue, 12 Mar 2024₹46.3t₹13.8t₹1.0t31.9x44.8x3.4x
Thu, 08 Feb 2024₹45.4t₹13.6t₹1.0t34.2x44.8x3.3x
Sat, 06 Jan 2024₹43.1t₹13.5t₹964.8b32.4x44.7x3.2x
Mon, 04 Dec 2023₹38.1t₹13.4t₹959.4b29.5x39.7x2.8x
Wed, 01 Nov 2023₹34.6t₹13.3t₹927.2b29.8x37.3x2.6x
Fri, 29 Sep 2023₹36.4t₹13.2t₹924.0b29x39.4x2.8x
Sun, 27 Aug 2023₹34.1t₹13.1t₹917.8b28x37.2x2.6x
Tue, 25 Jul 2023₹32.6t₹12.9t₹892.4b28.3x36.6x2.5x
Thu, 22 Jun 2023₹31.0t₹12.8t₹880.7b26.7x35.2x2.4x
Sat, 20 May 2023₹27.7t₹12.7t₹827.2b25.3x33.5x2.2x
Mon, 17 Apr 2023₹26.1t₹12.4t₹798.1b22.8x32.7x2.1x
Price to Earnings Ratio

32.7x


Total Market Cap: ₹26.1tTotal Earnings: ₹798.1bTotal Revenue: ₹12.4tTotal Market Cap vs Earnings and Revenue0%0%0%
Indian Industrials Sector Price to Earnings3Y Average 40.3x202420252026
Current Industry PE
  • Investors are pessimistic on the Indian 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 34.9x which is lower than its 3-year average PE of 40.3x.
  • The industry is trading close to its 3-year average PS ratio of 3.2x.
Past Earnings Growth
  • The earnings for companies in the Industrials industry have grown 29% per year over the last three years.
  • Revenues for these companies have grown 16% 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 Indian Industrials sector?

IN Market5.58%
Industrials6.56%
Trade Distributors10.07%
Construction8.74%
Machinery6.98%
Logistics6.76%
Industrials6.69%
Transportation6.08%
Electrical5.65%
Commercial Services5.48%
Professional Services5.07%
Marine and Shipping4.88%
Aerospace & Defense4.84%
Infrastructure4.71%
Building3.07%
Airlines0%0
Industry PE
  • Investors are most optimistic about the Logistics industry even though it's trading below its 3-year average PE ratio of 76.1x.
    • Analysts are expecting annual earnings growth of 37.3%, which is higher than its past year's earnings growth of 11.9% per year.
  • Investors are most pessimistic about the Marine and Shipping industry, although it looks like investor sentiment has improved given that it's trading above its 3-year average of 14.5x.
Forecasted Growth
  • Analysts are most optimistic on the Marine and Shipping industry, expecting annual earnings growth of 61% over the next 5 years.
  • This is better than its past earnings growth rate of 26% per year.
  • In contrast, the Trade Distributors industry is expected to see its earnings decline by 19% 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
500510 Larsen & Toubro₹3.90k7.8%
+₹389.9b		27.4%PE31.3x
512599 Adani Enterprises₹2.04k11.3%
+₹266.9b		-8.8%PE19.9x
HAL Hindustan Aeronautics₹4.03k9.4%
+₹231.3b		0.05%PE30.3x
ADANIPORTS Adani Ports and Special Economic Zone₹1.45k5.1%
+₹160.8b		27.9%PE26.7x
TMCV Tata Motors₹425.609.7%
+₹138.1b		n/an/a

Latest News

ASHOKLEY
₹170.38
Ashok Leyland
7D
14.8%
1Y
66.5%
LATENTVIEW
₹298.15
Latent View Analytics
7D
-4.5%
1Y
-17.5%

LATENTVIEW: Upcoming Board Decisions And CFO Stability Will Support Further Upside Potential

Analysts have nudged their price target on Latent View Analytics lower from about ₹429 to ₹416, reflecting slightly more conservative assumptions on fair value, discount rate, revenue growth, profit margin and future P/E multiples. What's in the News A board meeting is scheduled for May 4, 2026 to review and approve audited standalone and consolidated financial results for the quarter and financial year ending March 31, 2026, prepared under Ind AS (Key Developments).
HAL
₹4,032.90
Hindustan Aeronautics
7D
9.4%
1Y
0.05%

HAL: Defence Contracts And Dividend Will Support Future Share Returns

Analysts have slightly reduced their fair value estimate for Hindustan Aeronautics from ₹5,179.45 to ₹5,164.10, citing modest adjustments to assumptions for the discount rate, revenue growth, profit margins and future P/E. What's in the News Ministry of Defence signed contracts on 3 March 2026 that include an ALH Mk-III (Maritime Role) helicopter order worth ₹29,010 million with Hindustan Aeronautics under the Buy (Indian Indigenously Designed Developed and Manufactured) category, supporting maritime security roles for the Indian Coast Guard and involving supply from more than 200 MSMEs, with an estimated 6.5 million man hours of employment (Key Developments).
ADANIPORTS
₹1,447.40
Adani Ports and Special Economic Zone
7D
5.1%
1Y
27.9%

ADANIPORTS: UAE Logistics Expansion And Vizhinjam Project Will Support Future Earnings

Analysts have trimmed their price target for Adani Ports and Special Economic Zone to ₹1,832.61 from ₹1,841.13, citing updated assumptions around slightly lower revenue growth, a more conservative profit margin profile, a modestly higher discount rate, and a higher future P/E multiple. What's in the News Revised earnings guidance for FY 2026, with revenue now expected at ₹380,000 million, compared with the previous range of ₹360,000 million to ₹380,000 million (Corporate guidance).
POLYCAB
₹7,607.00
Polycab India
7D
10.6%
1Y
52.0%

POLYCAB: Leadership Reappointments And Fair Value View Will Shape Balanced Outlook

Analysts have trimmed their fair value estimate for Polycab India from about ₹7,024 to roughly ₹6,799, citing updated assumptions around revenue growth, profit margins and future P/E expectations. What's in the News Polycab India has scheduled a Special or Extraordinary Shareholders Meeting for February 22, 2026 at 17:00 Indian Standard Time, to be conducted via postal ballot in India (Key Developments).
500049
₹439.80
Bharat Electronics
7D
4.3%
1Y
57.0%

500049: New Defence Orders And Dividend Will Still Leave Shares Overpriced

Analysts have modestly raised their fair value estimate for Bharat Electronics from about ₹353 to roughly ₹356, reflecting updated assumptions around discount rates, revenue growth, profit margins and future P/E levels. What's in the News Bharat Electronics signed an MoU with RRP Electronics and RRP Defense to jointly pursue work in semiconductors, electro optics, unmanned systems and other defence technologies, with a focus on indigenisation, capability building and potential export opportunities (Key Developments).
AIAENG
₹3,631.80
AIA Engineering
7D
-1.2%
1Y
16.9%

AIAENG: Upcoming Results And Director Appointment Will Shape Balanced Outlook

Analysts have trimmed their fair value estimate for AIA Engineering slightly, with the target easing from about ₹3,952 to roughly ₹3,915 as they factor in a marginally higher discount rate and slightly softer revenue growth assumptions, while keeping profit margin and future P/E expectations broadly unchanged. What's in the News A special or extraordinary shareholders meeting is scheduled for Mar 14, 2026 via postal ballot in India to consider appointing Nitin Chandrashanker Shukla as an Independent Director for a five year term (company event filing).
RPSGVENT
₹966.70
RPSG Ventures
7D
-5.3%
1Y
25.2%
IRB
₹20.89
IRB Infrastructure Developers
7D
-4.2%
1Y
-8.4%

IRB: Bonus Shares And Dividend Plans Will Shape Measured Future Outlook

Analysts have reduced their price target on IRB Infrastructure Developers from ₹52.00 to ₹24.00, citing updated assumptions on revenue growth, profit margins and future P/E that together reflect a more conservative view of fair value. What's in the News Board meeting scheduled for Feb 13, 2026 to review consolidated and standalone unaudited financial results for the quarter and nine months ended Dec 31, 2025, and to consider a 3rd interim dividend for FY 2025-26, if any, along with a proposal to issue bonus equity shares subject to approvals (Board Meeting).
533655
₹455.05
Triveni Turbine
7D
-1.2%
1Y
-4.7%

533655: Interim Dividend And Leadership Continuity Will Support Further Upside

Analysts have kept their fair value estimate for Triveni Turbine steady at ₹622.33 per share, with only marginal tweaks to discount rate, revenue growth, profit margin and future P/E assumptions supporting this unchanged price target. What's in the News Board meeting held on February 3, 2026, to review unaudited standalone and consolidated financial results for the quarter and nine months ended December 31, 2025; consider an interim dividend; review the reappointment of Managing Director Nikhil Sawhney; and discuss senior management changes (Key Developments).
512599
₹2,040.00
Adani Enterprises
7D
11.3%
1Y
-8.8%

512599: Data Centre Expansion Will Drive Future Upside In This Undervalued Stock

Analysts have kept the price target for Adani Enterprises steady around ₹2,870, citing only minor tweaks to the discount rate, revenue growth, profit margin and future P/E assumptions that do not materially change their overall valuation view. What's in the News Adani Enterprises has incorporated a wholly owned subsidiary, CORR Tollways Limited, to handle tolling, operations and maintenance for both phases of the Chennai Outer Ring Road, with authorized and paid-up capital of ₹1,000,000 across 100,000 equity shares (company filing).
501423
₹1,994.85
Shaily Engineering Plastics
7D
-4.5%
1Y
44.0%

501423: Long Term Pharma Supply Agreement Will Support Future Upside

Analysts now keep the fair value estimate for Shaily Engineering Plastics steady at ₹3,526, with only minor tweaks to inputs such as discount rate, revenue growth, profit margin and future P/E assumptions guiding this narrative update. What's in the News Received a Manufacturing & Commercial Supply Agreement from a large domestic pharma company for pen injectors, with supply scheduled over 4 years and an approximate contract value of ₹4,230 million (Company announcement).
500510
₹3,897.20
Larsen & Toubro
7D
7.8%
1Y
27.4%

500510: New Infrastructure And AI Factory Orders Will Drive Future Upside

The analyst price target for Larsen & Toubro has been adjusted slightly lower from ₹4,604 to ₹4,544 as analysts factor in modest changes to the discount rate, revenue growth, profit margin and future P/E assumptions. What's in the News L&T is part of a Deed of Novation with Malaysia Marine and Heavy Engineering and TenneT for offshore substation subcontracts, with the scope revised to exclude one topside while keeping Malaysia Marine and Heavy Engineering responsible for its existing obligations (Client announcement, Mar 4, 2026).
TCI
₹1,007.65
Transport Corporation of India
7D
-3.1%
1Y
-5.4%

Transport Corporation of India's (NSE:TCI) Upcoming Dividend Will Be Larger Than Last Year's

Feb 07
Transport Corporation of India's (NSE:TCI) Upcoming Dividend Will Be Larger Than Last Year's
SPECTRUM
₹1,222.10
Spectrum Electrical Industries
7D
-12.9%
1Y
-28.4%