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Indian (NIFTY) Industrials Sector Analysis

UpdatedMar 11, 2026
DataAggregated Company Financials
Companies1105
  • 7D-1.8%
  • 3M-0.5%
  • 1Y13.2%
  • YTD-3.4%

Over the last 7 days, the Industrials industry has dropped 3.2%, driven by Larsen & Toubro declining 4.7%. In contrast, Mazagon Dock Shipbuilders has gained 12%. This takes the industry's 12 month performance to a gain of 11%. Earnings are forecast to grow by 19% annually.

Sector Valuation and Performance

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

DateMarket CapRevenueEarningsPEAbsolute PEPS
Wed, 11 Mar 2026₹59.5t₹19.2t₹1.7t20.6x35x3.1x
Fri, 06 Feb 2026₹60.7t₹19.1t₹1.7t22.1x34.8x3.2x
Sun, 04 Jan 2026₹61.4t₹18.7t₹1.7t24.7x37.2x3.3x
Tue, 02 Dec 2025₹61.5t₹18.6t₹1.6t25.3x38.3x3.3x
Thu, 30 Oct 2025₹61.1t₹18.1t₹1.6t27.8x39.4x3.4x
Sat, 27 Sep 2025₹59.8t₹17.9t₹1.5t28.1x38.8x3.3x
Mon, 25 Aug 2025₹59.0t₹17.8t₹1.5t28.9x38.5x3.3x
Wed, 23 Jul 2025₹60.9t₹17.5t₹1.5t30.5x40.2x3.5x
Fri, 20 Jun 2025₹57.7t₹17.3t₹1.5t29.6x38.5x3.3x
Sun, 18 May 2025₹55.3t₹16.6t₹1.5t29.2x37.9x3.3x
Tue, 15 Apr 2025₹47.4t₹16.1t₹1.4t26.7x34.1x2.9x
Thu, 13 Mar 2025₹46.7t₹16.1t₹1.4t26.2x33.6x2.9x
Sat, 08 Feb 2025₹51.0t₹16.0t₹1.4t31.6x37.1x3.2x
Mon, 06 Jan 2025₹59.3t₹16.3t₹1.4t37.1x43.6x3.6x
Wed, 04 Dec 2024₹60.3t₹16.3t₹1.4t35.5x44.5x3.7x
Fri, 01 Nov 2024₹57.9t₹15.9t₹1.3t35.1x43.9x3.6x
Sun, 29 Sep 2024₹60.6t₹14.8t₹1.2t37.6x50.3x4.1x
Tue, 27 Aug 2024₹60.4t₹14.8t₹1.2t37.4x50.5x4.1x
Thu, 25 Jul 2024₹61.3t₹15.0t₹1.2t36.8x51.1x4.1x
Sat, 22 Jun 2024₹61.0t₹15.0t₹1.2t35.4x51x4.1x
Mon, 20 May 2024₹54.7t₹14.1t₹1.1t35.8x51x3.9x
Wed, 17 Apr 2024₹48.7t₹13.8t₹1.0t32.9x47x3.5x
Fri, 15 Mar 2024₹44.6t₹13.8t₹1.0t29.9x43.2x3.2x
Sun, 11 Feb 2024₹45.0t₹13.7t₹1.0t33.6x44x3.3x
Tue, 09 Jan 2024₹42.9t₹13.5t₹964.9b33x44.5x3.2x
Thu, 07 Dec 2023₹40.1t₹13.4t₹959.4b30.2x41.8x3x
Sat, 04 Nov 2023₹35.0t₹13.2t₹937.7b30.3x37.3x2.6x
Mon, 02 Oct 2023₹35.6t₹13.2t₹924.6b29.1x38.5x2.7x
Wed, 30 Aug 2023₹34.6t₹13.1t₹918.2b28.7x37.7x2.6x
Fri, 28 Jul 2023₹32.8t₹13.0t₹878.5b28.8x37.3x2.5x
Sun, 25 Jun 2023₹30.2t₹12.8t₹882.1b26.5x34.3x2.4x
Tue, 23 May 2023₹27.6t₹12.7t₹829.8b24.8x33.2x2.2x
Thu, 20 Apr 2023₹26.0t₹12.4t₹798.0b23x32.6x2.1x
Sat, 18 Mar 2023₹25.2t₹12.2t₹781.8b21.1x32.2x2.1x
Price to Earnings Ratio

32.2x


Total Market Cap: ₹25.2tTotal Earnings: ₹781.8bTotal Revenue: ₹12.2tTotal Market Cap vs Earnings and Revenue0%0%0%
Indian Industrials Sector Price to Earnings3Y Average 40.2x202420252026
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 34.5x which is lower than its 3-year average PE of 40.2x.
  • 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 30% per year over the last three years.
  • Revenues for these companies have grown 17% 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 Market-2.09%
Industrials-1.78%
Aerospace & Defense3.85%
Airlines0%0
Building-0.78%
Logistics-0.91%
Electrical-1.23%
Transportation-1.75%
Infrastructure-2.17%
Professional Services-2.25%
Marine and Shipping-2.76%
Machinery-2.90%
Commercial Services-3.58%
Industrials-3.61%
Construction-3.76%
Trade Distributors-5.15%
Industry PE
  • Investors are most optimistic about the Logistics industry even though it's trading below its 3-year average PE ratio of 75.6x.
    • Analysts are expecting annual earnings growth of 37.0%, 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 14.3x.
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
MAZDOCK Mazagon Dock Shipbuilders₹2.48k12.3%
+₹109.8b		10.0%PE41.6x
500049 Bharat Electronics₹463.402.1%
+₹70.5b		67.2%PE56.8x
HAL Hindustan Aeronautics₹4.04k2.2%
+₹59.2b		16.8%PE30.4x
500002 ABB India₹6.22k4.0%
+₹50.4b		21.3%PE79x
BDL Bharat Dynamics₹1.38k9.2%
+₹42.7b		24.0%PE87.5x

Latest News

INDIGO
₹4,380.40
InterGlobe Aviation
7D
-3.1%
1Y
-5.8%
500510
₹3,875.70
Larsen & Toubro
7D
-4.7%
1Y
21.3%

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

Analysts have nudged their price target for Larsen & Toubro slightly lower from ₹4,608.20 to about ₹4,604.00, reflecting updated assumptions on discount rate, revenue growth, profit margin and future P/E. Taken together, these updates point to only a marginal recalibration of their valuation framework.
HAL
₹4,040.10
Hindustan Aeronautics
7D
2.2%
1Y
16.8%

HAL: Dividend And New Contracts Will Support Confidence In Future Returns

Analysts have revised their price target on Hindustan Aeronautics slightly lower from about ₹5,261 to ₹5,179 as they reset assumptions around the discount rate, revenue growth, profit margins and future P/E levels. What's in the News The Board of Directors approved a first interim dividend of ₹35 per equity share of ₹5 each, described as 700% on the face value, for the 2025-26 financial year.
ADANIPORTS
₹1,424.10
Adani Ports and Special Economic Zone
7D
-3.1%
1Y
25.5%

ADANIPORTS: Port Expansion And New UAE Logistics Arm Will Support Earnings

Analysts have slightly raised their price target for Adani Ports and Special Economic Zone to about ₹1,843 from roughly ₹1,838, citing small model tweaks, including a slightly higher assumed profit margin and future P/E multiple, along with marginal adjustments to the discount rate and revenue growth assumptions. What's in the News Revised earnings guidance for FY 2026, with revenue now expected at ₹380,000 million, compared with the prior range of ₹360,000 million to ₹380,000 million, narrowing the outlook to the upper end of the earlier band (Corporate guidance).
500049
₹463.40
Bharat Electronics
7D
2.1%
1Y
67.2%

500049: Defence Electronics Orders And Dividend Will Support Balanced Long Term Outlook

Analysts have adjusted their price target for Bharat Electronics from ₹463.81 to ₹485.56, citing updated assumptions on discount rate, revenue growth, profit margins, and future P/E as the key drivers of this change. What's in the News Bharat Electronics declared an interim dividend of ₹1.95 per equity share of face value ₹1, for the 2025-26 financial year, with payment expected within 30 days of the 27 February 2026 board decision (company announcement).
POLYCAB
₹7,723.00
Polycab India
7D
-9.7%
1Y
57.4%

POLYCAB: Upcoming Board Decisions Will Tighten Already Stretched Risk Profile

Analysts have lifted their price target for Polycab India from ₹6,702.88 to ₹7,062.83, citing updated assumptions around fair value, discount rate, revenue growth, profit margin and future P/E as key drivers of the change. What's in the News Board meeting scheduled for Jan 16, 2026, to review and approve unaudited standalone and consolidated financial results for the quarter and nine months ended Dec 31, 2025, along with limited review reports (Key Developments).
ASHOKLEY
₹193.56
Ashok Leyland
7D
-7.4%
1Y
93.6%

ASHOKLEY: Fair Value View Will Weigh Execution And Electric Mobility Funding Plans

The updated analyst model nudges the fair value estimate for Ashok Leyland to about ₹204 per share from roughly ₹203. Analysts cite slightly adjusted assumptions around discount rates, long term revenue growth, profit margins and future P/E multiples as the basis for the revised price target.
MAZDOCK
₹2,482.10
Mazagon Dock Shipbuilders
7D
12.3%
1Y
10.0%

MAZDOCK: Naval Maintenance MoU And Dividend Will Support Measured Long-Term Order Upside

The analyst fair value estimate for Mazagon Dock Shipbuilders has been revised from ₹2,975 to ₹2,731.80, with analysts citing updated assumptions on the discount rate, revenue growth, profit margin and future P/E to justify the change. What's in the News The Board approved a 2nd interim dividend of ₹7.50 per equity share of face value ₹5 for FY 2025-26.
500002
₹6,223.45
ABB India
7D
4.0%
1Y
21.3%

500002: Metro Contracts And Restructuring Will Balance Margin Risks And Premium Valuation

Analysts have lifted their price target on ABB India from about ₹5,275 to roughly ₹5,864, citing adjustments to revenue growth, profit margin assumptions, and a lower forward P/E multiple in their models. What's in the News Board meeting on February 19, 2026 to consider audited financial results for the quarter and year ended December 31, 2025, a final dividend of ₹29.59 per share, AGM notice for May 9, 2026, and related book-closure dates (Board Meeting).
CGPOWER
₹728.20
CG Power and Industrial Solutions
7D
2.3%
1Y
19.7%

CGPOWER: Data Center Mega Order And New Assumptions Will Shape Returns

Analysts have cut their price target on CG Power and Industrial Solutions by about ₹99 to ₹692, citing adjusted assumptions for revenue growth, profit margins, and future P/E expectations. What's in the News CG Power and Industrial Solutions has secured a landmark order valued at €900 million (about $99.2 million) from Tallgrass Integrated Logistics Solutions LLC in the US for a large scale data center project, focused on supplying power transformers for hyperscale data center applications (Key Developments).
522275
₹3,855.65
GE Vernova T&D India
7D
2.2%
1Y
161.2%

522275: Softer Margins And Discount Rate Will Limit Multi Year Contract Upside

Analysts have trimmed their price target on GE Vernova T&D India to ₹3,057 from ₹3,141, reflecting updated assumptions for slightly lower revenue growth, a modestly softer profit margin profile, a reduced future P/E multiple, and a marginal adjustment to the discount rate. What's in the News GE Vernova T&D India has a Special or Extraordinary Shareholders Meeting scheduled for March 20, 2026, to be conducted via postal ballot in India (company filing).
JSWINFRA
₹262.90
JSW Infrastructure
7D
4.4%
1Y
-0.8%

JSWINFRA: Equity Raise And FY26 Revenue Plan Will Support Bullish Re Rating

Analysts have made a small upward adjustment to their price target for JSW Infrastructure to about ₹335 per share, citing slightly revised assumptions around fair value, discount rate, revenue growth, profit margin, and future P/E. What's in the News Board meeting on February 20, 2026 to review fund raising options via equity issuance, including qualified institutional placement, rights issue or other permissible methods, subject to shareholder and regulatory approvals (Board Meeting).
517569
₹4,534.75
KEI Industries
7D
-12.8%
1Y
49.4%

517569: Interim Dividend And Delisting Proposal Will Shape Measured Near-Term Outlook

Analysts have slightly lifted their fair value estimate for KEI Industries from about ₹4,758 to roughly ₹4,800, citing updated assumptions around discount rates, steady revenue growth, a modestly higher profit margin, and a lower future P/E multiple. What's in the News Board meeting on January 21, 2026 to consider and approve the unaudited standalone and consolidated financial results for the quarter and nine months ended December 31, 2025 (company filing).
512599
₹1,998.15
Adani Enterprises
7D
-5.9%
1Y
-11.2%

512599: Data Centre Expansion And Rights Issue Will Support Future Upside

Analysts have kept their price target for Adani Enterprises broadly unchanged at around ₹2,870, citing only marginal tweaks to the discount rate, revenue growth, profit margin, and future P/E assumptions in their models. What's in the News Adani Group announced a $100b investment plan to build renewable-energy-powered hyperscale, AI-ready data centres by 2035, with capacity expansion of the AdaniConneX national data centre platform from 2GW to 5GW and a focus on supporting Indian AI startups and research institutions (company press release, India AI Impact Summit 2026).
BDL
₹1,384.40
Bharat Dynamics
7D
9.2%
1Y
24.0%

Bharat Dynamics (NSE:BDL) Is Increasing Its Dividend To ₹4.50

Feb 08
Bharat Dynamics (NSE:BDL) Is Increasing Its Dividend To ₹4.50