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Indian (NIFTY) Industrials Sector Analysis

UpdatedApr 05, 2026
DataAggregated Company Financials
Companies1115
  • 7D1.1%
  • 3M-10.3%
  • 1Y2.2%
  • YTD-9.3%

Over the last 7 days, the Industrials industry has risen 1.1%, driven by gains from Bharat Electronics of 4.1%. In the same time, Tata Motors was down 9.2%. Despite this gain, the industry's performance has been flat over the past year. As for the next few years, earnings are expected to grow by 19% per annum.

Sector Valuation and Performance

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

DateMarket CapRevenueEarningsPEAbsolute PEPS
Sun, 05 Apr 2026₹56.1t₹19.3t₹1.7t19.9x32.8x2.9x
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
Price to Earnings Ratio

32.5x


Total Market Cap: ₹26.0tTotal Earnings: ₹798.5bTotal 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 32.8x 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 Market0.0059%
Industrials1.06%
Professional Services3.73%
Aerospace & Defense3.62%
Commercial Services2.54%
Logistics2.16%
Infrastructure2.06%
Construction1.73%
Trade Distributors1.00%
Marine and Shipping0.61%
Electrical0.29%
Airlines0%0
Transportation-0.042%
Machinery-0.48%
Industrials-1.15%
Building-2.71%
Industry PE
  • Investors are most optimistic about the Logistics industry even though it's trading below its 3-year average PE ratio of 76.0x.
    • Analysts are expecting annual earnings growth of 36.8%, 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
500049 Bharat Electronics₹421.504.1%
+₹122.4b		50.5%PE51.7x
ADANIPORTS Adani Ports and Special Economic Zone₹1.38k3.0%
+₹91.7b		20.0%PE25.4x
HAL Hindustan Aeronautics₹3.69k2.7%
+₹65.8b		-13.0%PE27.7x
500510 Larsen & Toubro₹3.61k1.3%
+₹65.7b		10.9%PE29x
MAZDOCK Mazagon Dock Shipbuilders₹2.26k4.7%
+₹41.0b		-10.9%PE38x

Latest News

INDIGO
₹4,193.50
InterGlobe Aviation
7D
2.3%
1Y
-17.8%
GRSE
₹2,255.30
Garden Reach Shipbuilders & Engineers
7D
9.0%
1Y
37.8%
VOLTAS
₹1,235.40
Voltas
7D
-6.6%
1Y
-4.8%

VOLTAS: Upcoming Results Will Confirm Stronger Margins And Supportive Earnings Multiple

Analysts have revised their fair value estimate for Voltas to ₹1,432.89 from ₹1,407.59, reflecting updated views on the discount rate, revenue growth, profit margins and future P/E assumptions. What's in the News A board meeting is scheduled on January 29, 2026 to consider and approve the unaudited financial results for the quarter and nine months ended December 31, 2025 (company filing).
POWERINDIA
₹25,325.00
Hitachi Energy India
7D
2.6%
1Y
109.0%

POWERINDIA: New Power Module Partnership Will Support Long Term Upside

Analysts have lifted their price target on Hitachi Energy India from ₹26,600 to ₹28,500, citing updated assumptions on the discount rate, revenue growth, profit margin and future P/E as the key drivers behind the change. What's in the News Hitachi Energy and Pakal Technologies announced a collaboration focused on shared value creation and sustainable growth, centered on integrating Pakal Technologies' Insulated Gate Turn-Off (Thyristor), IGTO(t), silicon power switch into Hitachi Energy's high-voltage power modules portfolio (Key Developments).
HAVELLS
₹1,180.60
Havells India
7D
-4.1%
1Y
-19.6%

HAVELLS: Upcoming Results And Interim Dividend Will Support Future Brand Upside

Analysts have marginally trimmed their price target on Havells India to about ₹1,635 from roughly ₹1,643, reflecting slightly adjusted assumptions on the discount rate, revenue growth, profit margin and future P/E, while keeping the overall view broadly steady. What's in the News Havells India is among 22 prospective bidders that have submitted expressions of interest to acquire Gupta Power Infrastructure, which is undergoing a corporate insolvency resolution process with admitted debtor claims of INR 42,400 million, according to reports citing people aware of the matter (Key Developments).
500067
₹1,529.15
Blue Star
7D
-8.7%
1Y
-24.1%
500510
₹3,613.75
Larsen & Toubro
7D
1.3%
1Y
10.9%

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).
ADANIPORTS
₹1,377.60
Adani Ports and Special Economic Zone
7D
3.0%
1Y
20.0%

ADANIPORTS: Port Expansion And UAE Logistics Platform Will Support Future Earnings

Analysts have nudged their fair value estimate for Adani Ports and Special Economic Zone slightly lower, with the price target moving from about ₹1,843 to ₹1,841 as small tweaks to the discount rate, revenue growth, profit margin and future P/E inputs offset each other. What's in the News Revised earnings guidance for FY 2026, with revenue now expected at ₹380,000 million, compared with the earlier range of ₹360,000 million to ₹380,000 million.
HAL
₹3,687.00
Hindustan Aeronautics
7D
2.7%
1Y
-13.0%

HAL: Defence Orders And Dividend Will Support Strong Future Returns

Analysts have kept their price target for Hindustan Aeronautics steady at ₹5,179.45, citing only minor adjustments to assumptions, such as a slightly lower discount rate, a stable revenue growth outlook, a higher profit margin expectation, and a modestly lower future P/E multiple. What's in the News On March 3, 2026, the Ministry of Defence signed contracts totaling ₹50.83b.
POLYCAB
₹6,878.00
Polycab India
7D
-2.7%
1Y
36.4%

POLYCAB: Board And Leadership Reshuffle Will Shape Balanced Yet Cautious Outlook

Analysts have trimmed their price target on Polycab India slightly, with fair value moving from around ₹7,062.83 to about ₹7,023.51. This reflects small tweaks to assumptions around discount rate, revenue growth and profit margin.
500049
₹421.50
Bharat Electronics
7D
4.1%
1Y
50.5%

500049: Defence Electronics Order Wins And Dividend Will Support Long Term Upside

Analysts have kept the price target for Bharat Electronics steady at about ₹485.56 per share, with only marginal fine tuning to inputs such as the discount rate and assumed future P/E. This reflects largely unchanged views on the stock’s valuation drivers.
ASHOKLEY
₹148.44
Ashok Leyland
7D
-9.0%
1Y
44.7%

ASHOKLEY: Execution On EV Battery Expansion And Mobility Funding Will Support Upside

The analyst price target for Ashok Leyland has been revised slightly higher to ₹206.32 from ₹203.54 as analysts factor in updated assumptions on the discount rate, revenue growth, profit margins and future P/E multiples. Analyst Commentary With the revised price target for Ashok Leyland now at ₹206.32, analysts are fine tuning their views on how the company might execute on its plans, manage profitability and support the current valuation.
MAZDOCK
₹2,264.60
Mazagon Dock Shipbuilders
7D
4.7%
1Y
-10.9%

MAZDOCK: Dividend Payouts Will Support Future Upside Potential

Analysts have trimmed their price target on Mazagon Dock Shipbuilders by ₹82 to ₹3,407, reflecting updated assumptions for discount rate, revenue growth, profit margin and future P/E. What's in the News The Board approved a 2nd interim dividend of ₹7.50 per equity share of face value ₹5 for the financial year 2025-26, signalling another cash payout to shareholders for the year (company announcement).
APARINDS
₹9,832.00
APAR Industries
7D
-7.3%
1Y
92.2%

APARINDS: Fair Outlook Will Depend On Capital Plans And Governance Decisions

Analysts have lifted their price target on APAR Industries from about ₹10,352 to ₹10,695, citing updated assumptions around fair value, discount rate, revenue growth, profit margin and future P/E as the drivers of this revision. What's in the News Board meeting on Mar 18, 2026 to consider an additional capital contribution of up to US$5m into wholly owned subsidiary APAR USA LLC, formerly CEMA Wires & Cables LLC (Board Meeting).
500103
₹248.05
Bharat Heavy Electricals
7D
-2.7%
1Y
15.7%