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Indian (NIFTY) Industrials Sector Analysis

UpdatedMar 02, 2026
DataAggregated Company Financials
Companies1104
  • 7D0.1%
  • 3M-0.6%
  • 1Y22.5%
  • YTD0.5%

Last week, the Industrials industry hasn't moved much but Bharat Electronics is up 3.2% in that time. As for the the longer term, the industry is up 22% over the past 12 months. 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
Tue, 03 Mar 2026₹61.9t₹19.2t₹1.7t21.2x36.4x3.2x
Thu, 29 Jan 2026₹58.0t₹18.8t₹1.6t21.9x35.3x3.1x
Sat, 27 Dec 2025₹60.2t₹18.7t₹1.7t24.8x36.5x3.2x
Mon, 24 Nov 2025₹61.4t₹18.6t₹1.6t25.6x39x3.3x
Wed, 22 Oct 2025₹60.8t₹18.1t₹1.5t28x39.2x3.4x
Fri, 19 Sep 2025₹61.5t₹17.9t₹1.5t28.9x40.1x3.4x
Sun, 17 Aug 2025₹58.2t₹17.8t₹1.5t28.1x38x3.3x
Tue, 15 Jul 2025₹60.8t₹17.5t₹1.5t29.9x40.2x3.5x
Thu, 12 Jun 2025₹60.1t₹17.4t₹1.5t30x40.1x3.5x
Sat, 10 May 2025₹49.6t₹16.2t₹1.4t26.2x34.8x3.1x
Mon, 07 Apr 2025₹48.7t₹16.1t₹1.4t26.6x35.1x3x
Wed, 05 Mar 2025₹45.7t₹16.1t₹1.4t25.6x32.9x2.8x
Fri, 31 Jan 2025₹51.2t₹15.8t₹1.3t32x38.9x3.2x
Sun, 29 Dec 2024₹58.6t₹16.3t₹1.4t36.3x43x3.6x
Tue, 26 Nov 2024₹57.5t₹16.3t₹1.4t33.7x42.5x3.5x
Thu, 24 Oct 2024₹56.1t₹14.9t₹1.2t35.2x46.4x3.8x
Sat, 21 Sep 2024₹59.8t₹14.8t₹1.2t37.5x49.6x4x
Mon, 19 Aug 2024₹59.7t₹14.7t₹1.2t35.8x49.9x4.1x
Wed, 17 Jul 2024₹63.5t₹15.0t₹1.2t37.9x53.2x4.2x
Fri, 14 Jun 2024₹59.2t₹15.0t₹1.2t34.6x49.5x4x
Sun, 12 May 2024₹50.0t₹14.0t₹1.1t34.7x47.3x3.6x
Tue, 09 Apr 2024₹49.7t₹13.8t₹1.0t33.9x48x3.6x
Thu, 07 Mar 2024₹46.3t₹13.8t₹1.0t32.4x44.9x3.4x
Sat, 03 Feb 2024₹45.2t₹13.7t₹1.0t33.6x44.9x3.3x
Mon, 01 Jan 2024₹42.0t₹13.5t₹964.5b30.7x43.5x3.1x
Wed, 29 Nov 2023₹37.3t₹13.4t₹956.3b29.3x39x2.8x
Fri, 27 Oct 2023₹34.0t₹13.2t₹920.7b28.8x36.9x2.6x
Sun, 24 Sep 2023₹35.4t₹13.2t₹923.8b28.8x38.3x2.7x
Tue, 22 Aug 2023₹33.6t₹13.0t₹917.6b27.7x36.6x2.6x
Thu, 20 Jul 2023₹32.3t₹12.8t₹885.4b28.3x36.5x2.5x
Sat, 17 Jun 2023₹31.0t₹12.8t₹879.8b26.3x35.3x2.4x
Mon, 15 May 2023₹27.7t₹12.6t₹825.2b24.3x33.6x2.2x
Wed, 12 Apr 2023₹26.0t₹12.4t₹798.5b22.5x32.5x2.1x
Fri, 10 Mar 2023₹25.8t₹12.2t₹781.9b21.9x33x2.1x
Price to Earnings Ratio

33x


Total Market Cap: ₹25.8tTotal Earnings: ₹781.9bTotal 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 36.4x 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 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 Market-0.79%
Industrials0.13%
Industrials4.36%
Electrical3.05%
Machinery1.08%
Marine and Shipping0.83%
Infrastructure0.58%
Building0.19%
Trade Distributors0.0085%
Airlines0%0
Logistics-0.84%
Transportation-0.85%
Construction-1.71%
Aerospace & Defense-2.50%
Professional Services-4.30%
Commercial Services-6.39%
Industry PE
  • Investors are most optimistic about the Logistics industry even though it's trading below its 3-year average PE ratio of 75.5x.
    • Analysts are expecting annual earnings growth of 37.1%, 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 14.2x.
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
500049 Bharat Electronics₹453.753.2%
+₹102.7b		76.3%PE55.6x
POLYCAB Polycab India₹8.55k7.2%
+₹86.5b		75.5%PE49x
TMCV Tata Motors₹498.003.8%
+₹67.0b		n/an/a
POWERINDIA Hitachi Energy India₹25.50k5.2%
+₹56.0b		116.9%PE135.1x
ENRIN Siemens Energy India₹2.97k5.6%
+₹55.9b		n/aPE89.6x

Latest News

POWERINDIA
₹25,500.00
Hitachi Energy India
7D
5.2%
1Y
116.9%

POWERINDIA: Future Returns Will Depend On Margin Pressure And Lower P/E

Analysts have lifted their price target on Hitachi Energy India from ₹17,400 to ₹18,400, citing updated assumptions on discount rate, revenue growth, profit margin and future P/E, which refine their long term valuation view. What's in the News Hitachi Energy and Pakal Technologies agreed to collaborate on integrating Pakal's Insulated Gate Turn-Off Thyristor, IGTO(t), silicon power switch into high-voltage power modules used in rail, renewables, energy storage, AI and data center infrastructure (Client Announcements).
517569
₹5,202.95
KEI Industries
7D
9.2%
1Y
66.0%

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).
FINCABLES
₹946.45
Finolex Cables
7D
14.7%
1Y
18.0%
SUZLON
₹40.95
Suzlon Energy
7D
-7.5%
1Y
-17.7%

SUZLON: Order Wins And Execution Progress Will Support Future Upside

Analysts have adjusted their view on Suzlon Energy with a revised price target of ₹65.45. This reflects updated assumptions on the discount rate and future P/E, while keeping revenue growth and profit margin expectations broadly consistent.
512599
₹2,123.25
Adani Enterprises
7D
-3.0%
1Y
0.3%

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).
INDIGO
₹4,520.40
InterGlobe Aviation
7D
-7.0%
1Y
1.2%
GMRAIRPORT
₹96.49
GMR Airports
7D
-4.3%
1Y
38.2%

GMRAIRPORT: Revised Outlook Will Balance Lower Risk With Moderate Profit Expectations

Analysts have raised their fair value estimate for GMR Airports from ₹80.00 to ₹93.00, reflecting updated views on a lower discount rate, revised revenue growth assumptions, a higher profit margin outlook and an adjusted future P/E multiple. What's in the News Board meeting scheduled on Feb 13, 2026, to consider and approve the unaudited standalone and consolidated financial results for the quarter ended Dec 31, 2025 (company filing).
HAL
₹3,951.60
Hindustan Aeronautics
7D
-1.8%
1Y
24.0%

HAL: Upcoming Dividend Payout Will Support Confidence In Future Returns

Analysts have trimmed their price target on Hindustan Aeronautics from about ₹5,560 to roughly ₹5,260, citing updated assumptions around a slightly higher discount rate, a revised revenue growth outlook, a different profit margin profile, and a lower future P/E multiple. What's in the News The board declared a first interim dividend of ₹35 per equity share with a face value of ₹5 each, equal to about 7x the face value, for the 2025-26 financial year.
500510
₹4,066.45
Larsen & Toubro
7D
-7.9%
1Y
27.1%

500510: Major Order Wins And AI Data Centers Will Support Steady Outlook

Analysts have made a slight upward adjustment to their fair value estimate for Larsen & Toubro, lifting it from about ₹4,598.90 to ₹4,608.20. This reflects small tweaks to assumptions around discount rate, margin profile and forward P/E multiples.
IRCTC
₹568.95
Indian Railway Catering & Tourism
7D
-11.0%
1Y
-15.9%

IRCTC: Second Interim Dividend Will Support Constructive Forward Share Price View

The analyst price target for Indian Railway Catering & Tourism has been revised from ₹800.25 to ₹768.50, with analysts citing updated assumptions on revenue growth, profit margin and future P/E as the key drivers of this change. What's in the News A board meeting is scheduled on February 12, 2026 to review and approve unaudited standalone and consolidated financial results for the quarter and nine months ended December 31, 2025, following Audit Committee review (Key Developments).
POLYCAB
₹8,548.50
Polycab India
7D
7.2%
1Y
75.5%

POLYCAB: Future Returns Will Reflect Governance Resolutions And Fine-Tuned Outlook

Analysts have nudged their fair value estimate for Polycab India higher from about ₹8,327 to roughly ₹8,587, reflecting updated assumptions around discount rate, revenue growth, profit margin, and future P/E. What's in the News A board meeting is 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 (company filing).
ADANIPORTS
₹1,470.30
Adani Ports and Special Economic Zone
7D
-5.5%
1Y
39.6%

ADANIPORTS: Port Expansion And Dubai Logistics Subsidiary Will Support Future Earnings

Analysts have maintained their fair value estimate for Adani Ports and Special Economic Zone at ₹1,838.19 per share, with only very small adjustments to inputs such as the discount rate and future P/E. This reflects a broadly unchanged view on the stock's risk and earnings profile.
500049
₹453.75
Bharat Electronics
7D
3.2%
1Y
76.3%

500049: Defence Order Wins And Dividend Plans Will Not Justify Current Pricing

Analysts have lifted their price target on Bharat Electronics by roughly ₹40 to ₹353, citing updated assumptions that include a revised fair value estimate, a slightly lower discount rate, a recalibration of expected revenue growth, a higher profit margin outlook, and a modest change in the future P/E multiple. What's in the News Bharat Electronics has scheduled a board meeting on February 27, 2026, to consider, among other items, the declaration of an interim dividend for FY 2025-26 (company filing).
522275
₹3,772.30
GE Vernova T&D India
7D
1.7%
1Y
188.5%

522275: Multi Year HVDC Wins And Upcoming Meeting Will Support Long Term Upside

Analysts have maintained their fair value estimate for GE Vernova T&D India at ₹4,050, making only small adjustments to assumptions around the discount rate, revenue growth, profit margin and future P/E to reflect updated views on the company’s risk profile and earnings potential. What's in the News GE Vernova T&D India is scheduled to hold a Special and Extraordinary Shareholders Meeting on March 20, 2026, via postal ballot in India, with details yet to be disclosed (company filing).
ENRIN
₹2,972.70
Siemens Energy India
7D
5.6%
1Y
n/a