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Indian (NIFTY) Industrials Sector Analysis

UpdatedJul 21, 2026
DataAggregated Company Financials
Companies1140
  • 7D-0.4%
  • 3M5.6%
  • 1Y6.0%
  • YTD10.5%

Last week, the Industrials industry hasn't moved much but ABB India is up 9.2% in that time. The past year has been better, since the industry has gained 6.0% in that time. Looking forward, earnings are forecast to grow by 21% annually.

Sector Valuation and Performance

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

DateMarket CapRevenueEarningsPEAbsolute PEPS
Wed, 22 Jul 2026₹68.8t₹20.8t₹1.7t24.3x39.3x3.3x
Fri, 19 Jun 2026₹69.9t₹20.7t₹1.7t23.9x40.3x3.4x
Sun, 17 May 2026₹65.4t₹20.6t₹1.8t22.5x36.9x3.2x
Tue, 14 Apr 2026₹61.0t₹19.3t₹1.7t21.5x35.6x3.2x
Thu, 12 Mar 2026₹59.0t₹19.2t₹1.7t20.5x34.7x3.1x
Sat, 07 Feb 2026₹60.7t₹19.1t₹1.7t21.8x34.8x3.2x
Mon, 05 Jan 2026₹61.4t₹18.7t₹1.7t24.7x37.2x3.3x
Wed, 03 Dec 2025₹61.1t₹18.6t₹1.6t25.2x38.1x3.3x
Fri, 31 Oct 2025₹61.3t₹18.2t₹1.6t28.1x39.2x3.4x
Sun, 28 Sep 2025₹59.8t₹17.9t₹1.5t28.2x38.8x3.3x
Tue, 26 Aug 2025₹59.0t₹17.8t₹1.5t28.8x38.5x3.3x
Thu, 24 Jul 2025₹60.9t₹17.5t₹1.5t29.8x40.2x3.5x
Sat, 21 Jun 2025₹59.3t₹17.4t₹1.5t29.6x39.6x3.4x
Mon, 19 May 2025₹55.3t₹16.6t₹1.5t29.2x37.9x3.3x
Wed, 16 Apr 2025₹49.0t₹16.1t₹1.4t27.4x35.3x3x
Fri, 14 Mar 2025₹46.5t₹16.1t₹1.4t25.8x33.5x2.9x
Sun, 09 Feb 2025₹51.0t₹16.0t₹1.4t31.9x37.2x3.2x
Tue, 07 Jan 2025₹57.4t₹16.3t₹1.4t36.1x42.2x3.5x
Thu, 05 Dec 2024₹60.5t₹16.3t₹1.4t35.6x44.7x3.7x
Sat, 02 Nov 2024₹59.2t₹16.1t₹1.3t35.8x44.8x3.7x
Mon, 30 Sep 2024₹60.6t₹14.8t₹1.2t37.6x50.3x4.1x
Wed, 28 Aug 2024₹60.5t₹14.8t₹1.2t37.5x50.6x4.1x
Fri, 26 Jul 2024₹61.4t₹15.1t₹1.2t37.1x51x4.1x
Sun, 23 Jun 2024₹61.0t₹15.0t₹1.2t35.5x51.1x4.1x
Tue, 21 May 2024₹54.7t₹14.1t₹1.1t35.8x51x3.9x
Thu, 18 Apr 2024₹49.0t₹13.8t₹1.0t33.4x47.2x3.5x
Sat, 16 Mar 2024₹44.5t₹13.8t₹1.0t29.8x43.1x3.2x
Mon, 12 Feb 2024₹45.0t₹13.7t₹1.0t33.6x44x3.3x
Wed, 10 Jan 2024₹43.3t₹13.5t₹965.3b33.3x44.8x3.2x
Fri, 08 Dec 2023₹40.3t₹13.4t₹959.4b30.3x42x3x
Sun, 05 Nov 2023₹35.0t₹13.2t₹939.5b30.2x37.2x2.6x
Tue, 03 Oct 2023₹35.6t₹13.2t₹924.7b29.1x38.5x2.7x
Thu, 31 Aug 2023₹34.8t₹13.1t₹918.4b29x37.9x2.6x
Sat, 29 Jul 2023₹33.1t₹13.0t₹880.5b28.9x37.5x2.5x
Price to Earnings Ratio

37.5x


Total Market Cap: ₹33.1tTotal Earnings: ₹880.5bTotal Revenue: ₹13.0tTotal Market Cap vs Earnings and Revenue0%0%0%
Indian Industrials Sector Price to Earnings3Y Average 40.7x202420252026
Current Industry PE
  • Investors are relatively neutral on the Indian 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 40.7x.
  • The industry is trading close to its 3-year average PS ratio of 3.3x.
Past Earnings Growth
  • The earnings for companies in the Industrials industry have grown 26% 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 Market0.002%
Industrials-0.43%
Transportation4.55%
Marine and Shipping1.83%
Industrials1.59%
Building1.44%
Infrastructure1.32%
Professional Services0.53%
Electrical0.35%
Airlines0%0
Trade Distributors-0.051%
Aerospace & Defense-1.28%
Commercial Services-1.29%
Machinery-1.39%
Construction-2.01%
Logistics-2.70%
Industry PE
  • Investors are most optimistic about the Electrical industry even though it's trading below its 3-year average PE ratio of 64.6x.
    • Analysts expect its future annual earnings growth (21.3%) to be largely in line with prior year's earnings growth.
  • 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 15.7x.
Forecasted Growth
  • Analysts are most optimistic on the Marine and Shipping industry, expecting annual earnings growth of 54% over the next 5 years.
  • This is better than its past earnings growth rate of 38% per year.
  • In contrast, the Professional Services industry is expected to see its earnings grow by 15% 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
500002 ABB India₹7.53k9.2%
+₹134.8b		30.9%PE102.7x
HAL Hindustan Aeronautics₹4.58k3.1%
+₹93.2b		-3.7%PE33.6x
INDIGO InterGlobe Aviation₹5.31k3.9%
+₹76.2b		-10.8%PS2.4x
ADANIPORTS Adani Ports and Special Economic Zone₹1.85k1.4%
+₹56.7b		30.0%PE33.2x
SIEMENS Siemens₹3.67k4.5%
+₹56.1b		16.7%PE87.3x

Latest News

517569
₹4,975.15
KEI Industries
7D
-2.9%
1Y
24.7%
500480
₹5,583.10
Cummins India
7D
1.7%
1Y
55.7%
Narrative Update • Jul 20

500480: Elevated P E And Rich Dividends Will Pressure Future Returns

Analysts have updated their view on Cummins India with a revised price target of ₹3,795.32 from ₹3,400.00, reflecting refreshed assumptions for fair value, discount rate, revenue growth, profit margin and future P/E multiple in their models. What’s in the News for Cummins India A board meeting is scheduled for August 5, 2026 to consider and approve Cummins India’s unaudited standalone and consolidated financial results for the quarter ending June 30, 2026, along with other business matters.
POLYCAB
₹8,903.50
Polycab India
7D
-6.6%
1Y
27.9%
Analysis Article • Jul 19

Earnings Beat: Polycab India Limited Just Beat Analyst Forecasts, And Analysts Have Been Updating Their Models

A week ago, Polycab India Limited ( NSE:POLYCAB ) came out with a strong set of quarterly numbers that could...
523395
₹35,105.55
3M India
7D
-3.8%
1Y
12.4%
DELHIVERY
₹484.75
Delhivery
7D
-5.3%
1Y
11.0%
Narrative Update • Jul 17

DELHIVERY: GST Disputes And New Fintech Arm Will Shape A Measured Outlook

Analysts have increased their price target for Delhivery from ₹455.93 to ₹480.00, citing updated assumptions on revenue growth, discount rate, profit margin and future P/E that refine their assessment of the company’s valuation profile. What’s in the News for Delhivery Delhivery received an order under Section 74 of the CGST/Maharashtra GST Act, 2017, for FY 2020-21, confirming a tax demand of ₹2.954358 million and a matching penalty related to disallowed input tax credit, with the company stating there is no material impact on its financials, operations, or other activities.
500103
₹413.40
Bharat Heavy Electricals
7D
2.3%
1Y
65.1%
INDIGO
₹5,305.00
InterGlobe Aviation
7D
3.9%
1Y
-10.8%
KIRLOSENG
₹2,221.70
Kirloskar Oil Engines
7D
-6.0%
1Y
144.5%
Narrative Update • Jul 16

KIRLOSENG: Data Centre Order And Dividend Will Shape A Measured Outlook

Analysts have lifted their price target on Kirloskar Oil Engines from ₹2,256.80 to ₹2,349.83, citing updated assumptions around fair value, discount rate, revenue growth, profit margin and future P/E as the key drivers of the change. What's in the News Kirloskar Oil Engines received a large order from HyperNext for 96 units of its 2,500 kVA Optiprime Dual Core power systems, totaling 192 MW of standby capacity for hyperscale ready, AI focused data centers.
SIEMENS
₹3,667.80
Siemens
7D
4.5%
1Y
16.7%
THERMAX
₹4,841.00
Thermax
7D
10.5%
1Y
22.7%
ADANIPORTS
₹1,846.50
Adani Ports and Special Economic Zone
7D
1.4%
1Y
30.0%
MTARTECH
₹5,573.50
MTAR Technologies
7D
-13.0%
1Y
263.6%
Narrative Update • Jul 08

MTARTECH: Large International Orders And Raised Guidance Will Support Bullish Outlook

Analysts have lifted their fair value estimate for MTAR Technologies from ₹6,000 to ₹10,007, supported by revised assumptions for revenue growth, profit margins, and future P/E expectations. What's in the News MTAR Technologies reported new international purchase orders worth US$48.68 million (₹4,673 million) from an existing overseas customer, with deliveries scheduled around March 20, 2027 and June 20, 2027, according to a client announcement filed with the exchanges.
GMRAIRPORT
₹111.48
GMR Airports
7D
-1.7%
1Y
21.3%
Narrative Update • Jul 08

GMRAIRPORT: Stake Realignment And Board Decisions Will Shape Balanced Future Outlook

Analysts have lifted their price target for GMR Airports to ₹115 from ₹112.43, citing updated assumptions for the discount rate, revenue growth, profit margins, and future P/E as the key drivers behind the revised valuation. What's in the News for GMR Airports A board meeting is scheduled for May 27, 2026, at 17:00 IST to consider and approve audited standalone and consolidated financial results for the quarter and year ended March 31, 2026 (Source: Company board meeting notice).
500002
₹7,533.35
ABB India
7D
9.2%
1Y
30.9%
Narrative Update • Jul 08

500002: Elevated P/E And Lower Margin Outlook Will Pressure Future Returns

Analysts have lifted the fair value estimate for ABB India slightly, with the price target moving from ₹4,800 to about ₹4,930. This reflects updated assumptions around revenue growth, profit margins and future P/E expectations.
TMCV
₹411.75
Tata Motors
7D
-1.4%
1Y
n/a
Narrative Update • Jul 07

TMCV: Expanding Electric Commercial Vehicle Orders Will Drive Future Upside Potential

Analysts have lifted the Tata Motors price target from ₹582.93 to ₹601.27, citing updated assumptions for revenue growth, profit margins and forward P/E that support a slightly higher fair value range. What’s in the News for Tata Motors Tata Motors announced more than 3,400 electric commercial vehicle orders across small commercial vehicles and pick ups, trucks and buses, highlighting wider use of its eCV line up in freight and passenger transport.
HAL
₹4,581.70
Hindustan Aeronautics
7D
3.1%
1Y
-3.7%