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Indian (NIFTY) Industrials Sector Analysis

UpdatedDec 26, 2025
DataAggregated Company Financials
Companies1099
  • 7D2.4%
  • 3M-1.5%
  • 1Y-3.9%
  • YTD-4.1%

In the last week, the Industrials industry is up 2.4%, with Bharat Electronics leading the way, up 4.3%. Meanwhile, Siemens Energy India actually underperformed within the industry, shrinking 8.6% in the last week. However, the industry is down 3.9% over the past year. Looking forward, 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
Fri, 26 Dec 2025₹60.2t₹18.7t₹1.7t24.8x36.5x3.2x
Sun, 23 Nov 2025₹61.4t₹18.6t₹1.6t25.6x39x3.3x
Tue, 21 Oct 2025₹60.4t₹18.1t₹1.5t27.7x38.9x3.3x
Thu, 18 Sep 2025₹61.6t₹17.9t₹1.5t28.9x40.1x3.4x
Sat, 16 Aug 2025₹58.2t₹17.8t₹1.5t28.3x38x3.3x
Mon, 14 Jul 2025₹60.8t₹17.5t₹1.5t29.9x40.3x3.5x
Wed, 11 Jun 2025₹60.4t₹17.4t₹1.5t30.2x40.3x3.5x
Fri, 09 May 2025₹49.4t₹16.2t₹1.4t26.6x34.5x3x
Sun, 06 Apr 2025₹48.7t₹16.1t₹1.4t26.6x35.1x3x
Tue, 04 Mar 2025₹45.1t₹16.1t₹1.4t25.5x32.5x2.8x
Thu, 30 Jan 2025₹51.1t₹15.8t₹1.3t32.1x39x3.2x
Sat, 28 Dec 2024₹58.6t₹16.3t₹1.4t36.3x43x3.6x
Mon, 25 Nov 2024₹55.8t₹16.3t₹1.4t33.5x41.3x3.4x
Wed, 23 Oct 2024₹56.5t₹14.9t₹1.2t35.9x46.7x3.8x
Fri, 20 Sep 2024₹58.5t₹14.8t₹1.2t36.8x48.6x4x
Sun, 18 Aug 2024₹59.7t₹14.7t₹1.2t35.8x49.9x4.1x
Tue, 16 Jul 2024₹63.7t₹15.0t₹1.2t37.7x53.3x4.3x
Thu, 13 Jun 2024₹58.6t₹15.0t₹1.2t34.1x49x3.9x
Sat, 11 May 2024₹50.0t₹14.0t₹1.0t34.7x47.6x3.6x
Mon, 08 Apr 2024₹49.6t₹13.8t₹1.0t33.8x47.9x3.6x
Wed, 06 Mar 2024₹46.9t₹13.8t₹1.0t32.8x45.4x3.4x
Fri, 02 Feb 2024₹44.9t₹13.7t₹983.9b33.9x45.6x3.3x
Sun, 31 Dec 2023₹42.0t₹13.5t₹964.5b30.7x43.5x3.1x
Tue, 28 Nov 2023₹36.9t₹13.4t₹956.3b29x38.6x2.8x
Thu, 26 Oct 2023₹34.2t₹13.2t₹920.5b28.7x37.2x2.6x
Sat, 23 Sep 2023₹35.4t₹13.2t₹922.4b28.8x38.4x2.7x
Mon, 21 Aug 2023₹33.6t₹13.0t₹917.6b27.6x36.6x2.6x
Wed, 19 Jul 2023₹32.1t₹12.8t₹883.1b28x36.3x2.5x
Fri, 16 Jun 2023₹30.6t₹12.8t₹879.6b26.7x34.8x2.4x
Sun, 14 May 2023₹27.7t₹12.6t₹824.6b24.3x33.6x2.2x
Tue, 11 Apr 2023₹25.8t₹12.4t₹798.5b22.3x32.3x2.1x
Thu, 09 Mar 2023₹25.9t₹12.2t₹781.9b22x33.2x2.1x
Sat, 04 Feb 2023₹24.1t₹12.0t₹761.4b22.9x31.7x2x
Mon, 02 Jan 2023₹27.3t₹11.8t₹741.9b23.8x36.8x2.3x
Price to Earnings Ratio

36.8x


Total Market Cap: ₹27.3tTotal Earnings: ₹741.9bTotal Revenue: ₹11.8tTotal Market Cap vs Earnings and Revenue0%0%0%
Indian Industrials Sector Price to Earnings3Y Average 40.1x20242025
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 36.5x which is lower than its 3-year average PE of 40.1x.
  • The industry is trading close to its 3-year average PS ratio of 3.1x.
Past Earnings Growth
  • The earnings for companies in the Industrials industry have grown 31% 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 Market1.68%
Industrials2.41%
Aerospace & Defense5.17%
Marine and Shipping4.51%
Machinery2.98%
Professional Services2.64%
Construction2.56%
Electrical2.53%
Logistics1.98%
Commercial Services1.68%
Transportation1.55%
Infrastructure0.80%
Trade Distributors0.49%
Industrials0.19%
Airlines0%0
Building-1.83%
Industry PE
  • Investors are most optimistic about the Professional Services industry which is trading above its 3-year average PE ratio of 41.0x.
    • Analysts are expecting annual earnings growth of 17.1%, which is higher than its past year's earnings growth of 13.1% 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 13.5x.
Forecasted Growth
  • Analysts are most optimistic on the Marine and Shipping industry, expecting annual earnings growth of 63% 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 grow by 8.5% 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₹400.054.3%
+₹119.9b		35.4%PE51.3x
HAL Hindustan Aeronautics₹4.42k3.8%
+₹108.2b		4.5%PE34.9x
RVNL Rail Vikas Nigam₹345.7013.0%
+₹82.9b		-19.2%PE63.5x
POLYCAB Polycab India₹7.63k7.5%
+₹80.0b		6.8%PE46.7x
522275 GE Vernova T&D India₹3.16k10.3%
+₹75.7b		51.5%PE88x

Latest News

RVNL
₹345.70
Rail Vikas Nigam
7D
13.0%
1Y
-19.2%

Is Rail Vikas Nigam (NSE:RVNL) A Risky Investment?

Dec 25
Is Rail Vikas Nigam (NSE:RVNL) A Risky Investment?
500067
₹1,777.50
Blue Star
7D
-4.2%
1Y
-12.7%
INDIGO
₹5,081.50
InterGlobe Aviation
7D
-0.7%
1Y
7.5%
MAZDOCK
₹2,540.30
Mazagon Dock Shipbuilders
7D
7.7%
1Y
7.4%

Getting In Cheap On Mazagon Dock Shipbuilders Limited (NSE:MAZDOCK) Is Unlikely

Dec 22
Getting In Cheap On Mazagon Dock Shipbuilders Limited (NSE:MAZDOCK) Is Unlikely
500233
₹973.35
Kajaria Ceramics
7D
-8.8%
1Y
-12.4%
522275
₹3,162.90
GE Vernova T&D India
7D
10.3%
1Y
51.5%

522275: Capacity Expansion And Profitability Improvements Will Drive Stronger Long Term Upside

Analysts have raised their price target on GE Vernova T&D India from ₹3,032 to ₹3,700, citing expectations of slightly stronger long term profitability and a higher justified future earnings multiple, despite a marginally softer revenue growth outlook. What's in the News Board approves approximately INR 8,060 million capex to expand transformer and reactor capacities at Vadodara, and GIS and AIS product capacities at Padappai and Hosur, including new manufacturing lines for air core reactors and bushings at Hosur (company filing) Planned capacity expansion aims to strengthen GE Vernova T&D India's domestic manufacturing footprint and support anticipated growth in power transmission and grid modernization demand (company filing) Board meeting scheduled for November 3, 2025, to consider and approve unaudited financial results for the quarter and period ended September 30, 2025 (company filing) Valuation Changes Fair Value Target: Raised from ₹3,032 to ₹3,700, indicating a moderate upward revision in the long term valuation.
500049
₹400.05
Bharat Electronics
7D
4.3%
1Y
35.4%
COCHINSHIP
₹1,649.30
Cochin Shipyard
7D
9.5%
1Y
12.5%

COCHINSHIP: Electric Tug Collaboration Will Likely Fail To Justify Rich Expectations

Analysts have modestly revised their price target for Cochin Shipyard upward to ₹1,150.50 from ₹1,150.00, citing marginally lower discount rate assumptions and a slightly improved long term profitability outlook. What's in the News Board meeting scheduled on November 12, 2025 to review standalone and consolidated unaudited financial results for the quarter and half year ended September 30, 2025, and to consider declaration of an interim dividend for FY 2025-26, with November 18, 2025 proposed as the record date (company filing) Cochin Shipyard and Svitzer sign a Letter of Intent to construct a new generation of electric TRAnsverse tugboats at CSL's Indian yards, supporting Svitzer's global fleet renewal and India's ambition to become a leading maritime manufacturing hub (company announcement) The Svitzer collaboration aims to deploy advanced, low emission TRAnsverse tugs designed for high manoeuvrability and efficiency in confined waters, aligning with India's green port and green towage initiatives (company announcement) Valuation Changes Fair Value: Unchanged at ₹1,150.50 per share, indicating no material shift in the central valuation estimate.
512599
₹2,221.55
Adani Enterprises
7D
-0.3%
1Y
-7.5%

512599: Future Infrastructure And Capital Raises Will Drive Expansion

Analysts have slightly raised their price target on Adani Enterprises to ₹2,965 per share from ₹2,965 previously. This reflects steady assumptions on long term growth, margins and valuation multiples despite only marginal tweaks to the discount rate and forward earnings estimates.
AEQUS
₹139.63
Aequs
7D
-7.7%
1Y
n/a
POLYCAB
₹7,630.50
Polycab India
7D
7.5%
1Y
6.8%

POLYCAB: Future Returns Will Be Driven By CFO Transition And Promoter Stake Sale

Analysts have modestly raised their fair value estimate for Polycab India from ₹8,210 to about ₹8,215 per share, citing slightly higher long term margin and earnings visibility, reflected in a marginally richer forward P E assumption. What's in the News The board approves unaudited standalone and consolidated results for the quarter and half year ended September 30, 2025, at its October 17, 2025 meeting (company filing).
HAL
₹4,421.30
Hindustan Aeronautics
7D
3.8%
1Y
4.5%

What Hindustan Aeronautics Limited's (NSE:HAL) P/E Is Not Telling You

Dec 09
What Hindustan Aeronautics Limited's (NSE:HAL) P/E Is Not Telling You
ENRIN
₹2,595.50
Siemens Energy India
7D
-8.6%
1Y
n/a

Shareholders Will Be Pleased With The Quality of Siemens Energy India's (NSE:ENRIN) Earnings

Dec 02
Shareholders Will Be Pleased With The Quality of Siemens Energy India's (NSE:ENRIN) Earnings
BDL
₹1,481.20
Bharat Dynamics
7D
10.3%
1Y
24.6%

Bharat Dynamics' (NSE:BDL) Solid Earnings May Rest On Weak Foundations

Nov 21
Bharat Dynamics' (NSE:BDL) Solid Earnings May Rest On Weak Foundations
523395
₹34,493.75
3M India
7D
-1.5%
1Y
11.3%
IWEL
₹10,652.00
Inox Wind Energy
7D
-5.2%
1Y
50.1%