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Indian (NIFTY) Industrials Sector Analysis

UpdatedMar 09, 2026
DataAggregated Company Financials
Companies1105
  • 7D-2.8%
  • 3M1.2%
  • 1Y11.8%
  • YTD-2.3%

Over the last 7 days, the Industrials industry has dropped 2.8%, driven by Larsen & Toubro declining 2.9%. Over the past 12 months, the industry was up 12%. 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
Mon, 09 Mar 2026₹60.2t₹19.2t₹1.7t20.7x35.4x3.1x
Wed, 04 Feb 2026₹60.3t₹19.0t₹1.7t22.5x36x3.2x
Fri, 02 Jan 2026₹60.8t₹18.7t₹1.7t24.6x36.8x3.3x
Sun, 30 Nov 2025₹61.5t₹18.6t₹1.6t25.4x39.2x3.3x
Tue, 28 Oct 2025₹60.6t₹18.1t₹1.6t27.8x39.1x3.4x
Thu, 25 Sep 2025₹60.8t₹17.9t₹1.5t28.6x39.6x3.4x
Sat, 23 Aug 2025₹59.0t₹17.8t₹1.5t28.9x38.5x3.3x
Mon, 21 Jul 2025₹60.2t₹17.5t₹1.5t30.3x39.8x3.4x
Wed, 18 Jun 2025₹58.8t₹17.3t₹1.5t29.8x39.3x3.4x
Fri, 16 May 2025₹54.2t₹16.4t₹1.4t29.2x37.8x3.3x
Sun, 13 Apr 2025₹47.4t₹16.1t₹1.4t26.7x34.1x2.9x
Tue, 11 Mar 2025₹47.0t₹16.1t₹1.4t26.5x33.9x2.9x
Thu, 06 Feb 2025₹51.6t₹16.0t₹1.4t31.9x37.6x3.2x
Sat, 04 Jan 2025₹59.3t₹16.3t₹1.4t37.1x43.6x3.6x
Mon, 02 Dec 2024₹59.1t₹16.3t₹1.4t34.5x43.6x3.6x
Wed, 30 Oct 2024₹57.0t₹15.7t₹1.3t34.9x44.2x3.6x
Fri, 27 Sep 2024₹60.3t₹14.8t₹1.2t36.9x50x4.1x
Sun, 25 Aug 2024₹60.3t₹14.7t₹1.2t37.4x50.5x4.1x
Tue, 23 Jul 2024₹61.5t₹15.0t₹1.2t36.4x51.3x4.1x
Thu, 20 Jun 2024₹61.0t₹15.0t₹1.2t35.5x51x4.1x
Sat, 18 May 2024₹54.5t₹14.1t₹1.1t35.7x50.5x3.9x
Mon, 15 Apr 2024₹49.5t₹13.8t₹1.0t33.5x47.8x3.6x
Wed, 13 Mar 2024₹45.3t₹13.8t₹1.0t30.7x43.9x3.3x
Fri, 09 Feb 2024₹45.4t₹13.7t₹1.0t34.2x44.7x3.3x
Sun, 07 Jan 2024₹43.1t₹13.5t₹964.8b32.4x44.7x3.2x
Tue, 05 Dec 2023₹39.0t₹13.4t₹959.4b30x40.7x2.9x
Thu, 02 Nov 2023₹34.3t₹13.3t₹928.6b29.7x37x2.6x
Sat, 30 Sep 2023₹36.5t₹13.2t₹924.6b29.1x39.5x2.8x
Mon, 28 Aug 2023₹34.1t₹13.1t₹917.8b27.9x37.2x2.6x
Wed, 26 Jul 2023₹32.6t₹12.9t₹892.5b28.5x36.6x2.5x
Fri, 23 Jun 2023₹31.0t₹12.8t₹882.1b26.5x35.2x2.4x
Sun, 21 May 2023₹27.6t₹12.7t₹829.7b25.2x33.2x2.2x
Tue, 18 Apr 2023₹26.1t₹12.4t₹798.1b22.5x32.7x2.1x
Thu, 16 Mar 2023₹25.1t₹12.2t₹781.8b21x32.1x2.1x
Price to Earnings Ratio

32.1x


Total Market Cap: ₹25.1tTotal 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 35.4x 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 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-3.02%
Industrials-2.80%
Aerospace & Defense5.07%
Airlines0%0
Building-1.07%
Electrical-1.53%
Infrastructure-1.84%
Transportation-2.87%
Logistics-3.23%
Machinery-3.80%
Commercial Services-3.92%
Professional Services-4.50%
Industrials-5.61%
Trade Distributors-5.67%
Marine and Shipping-5.97%
Construction-6.80%
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 36.9%, 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₹2.39k8.0%
+₹71.5b		3.7%PE40x
500049 Bharat Electronics₹457.500.8%
+₹27.4b		68.0%PE56.1x
HAL Hindustan Aeronautics₹3.99k1.0%
+₹25.6b		16.7%PE30x
BDL Bharat Dynamics₹1.34k5.3%
+₹24.7b		16.8%PE84.4x
JSWINFRA JSW Infrastructure₹263.104.5%
+₹23.7b		0%PE33.9x

Latest News

JWL
₹287.40
Jupiter Wagons
7D
11.6%
1Y
-4.5%
ADANIPORTS
₹1,421.30
Adani Ports and Special Economic Zone
7D
-3.3%
1Y
24.4%

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
₹457.50
Bharat Electronics
7D
0.8%
1Y
68.0%

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).
GRSE
₹2,471.10
Garden Reach Shipbuilders & Engineers
7D
4.2%
1Y
81.6%

GRSE: Upcoming National Shipbuilding Programme Consortium Will Support Bullish Outlook

Analysts have lifted their price target on Garden Reach Shipbuilders & Engineers from about ₹515 to roughly ₹3,026, citing updated assumptions for discount rate, revenue growth, profit margin and future P/E that feed into their fair value framework. What's in the News GRSE and Hindustan Shipyard Limited signed an MoU on February 9, 2026 to form a consortium for a large national shipbuilding programme focused on advanced maritime platforms and indigenous capability (Key Developments).
POLYCAB
₹8,228.50
Polycab India
7D
-3.7%
1Y
66.6%

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
₹186.94
Ashok Leyland
7D
-10.6%
1Y
80.8%

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
₹2,387.00
Mazagon Dock Shipbuilders
7D
8.0%
1Y
3.7%

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.
DATAPATTNS
₹3,493.20
Data Patterns (India)
7D
9.0%
1Y
114.2%

DATAPATTNS: Stable Outlook With Upcoming Q3 Results Expected To Shape Multiple

Analysts have kept their ₹3,040.68 price target for Data Patterns (India) unchanged, citing small adjustments in assumptions around discount rate, revenue growth, profit margins and future P/E as the key drivers behind the refreshed view. What's in the News A board meeting is scheduled for February 5, 2026, to consider and approve the unaudited financial results for the third quarter ended December 31, 2025 (company filing).
JSWINFRA
₹263.10
JSW Infrastructure
7D
4.5%
1Y
0%

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).
RVNL
₹276.20
Rail Vikas Nigam
7D
-7.8%
1Y
-17.7%

RVNL: New Rail Orders And Leadership Transition Will Support Steady Outlook

Analysts have kept their fair value estimate for Rail Vikas Nigam steady at ₹334. This points to only small tweaks in assumptions around discount rate, revenue growth, profit margin and future P/E rather than a change in their overall view of the stock.
512599
₹1,999.65
Adani Enterprises
7D
-5.8%
1Y
-10.3%

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
₹4,236.70
InterGlobe Aviation
7D
-6.3%
1Y
-8.4%
HAL
₹3,989.90
Hindustan Aeronautics
7D
1.0%
1Y
16.7%

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
₹3,840.00
Larsen & Toubro
7D
-5.6%
1Y
20.9%

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.
BDL
₹1,335.50
Bharat Dynamics
7D
5.3%
1Y
16.8%

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

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