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Indian (NIFTY) Industrials Sector Analysis

UpdatedApr 12, 2026
DataAggregated Company Financials
Companies1119
  • 7D9.2%
  • 3M1.6%
  • 1Y14.4%
  • YTD-1.0%

Over the last 7 days, the Industrials industry has risen 9.2%, driven by gains from Larsen & Toubro of 9.6%. Meanwhile, Shaily Engineering Plastics actually underperformed within the industry, shrinking 6.7% in the last week. In the last 12 months, the industry was up 14%. 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
Sun, 12 Apr 2026₹61.2t₹19.3t₹1.7t21.5x35.8x3.2x
Tue, 10 Mar 2026₹58.6t₹19.2t₹1.7t20x34.5x3x
Thu, 05 Feb 2026₹61.1t₹19.1t₹1.7t22.3x35x3.2x
Sat, 03 Jan 2026₹61.4t₹18.7t₹1.7t24.7x37.2x3.3x
Mon, 01 Dec 2025₹61.5t₹18.6t₹1.6t25.4x39.2x3.3x
Wed, 29 Oct 2025₹60.6t₹18.1t₹1.6t27.9x39x3.3x
Fri, 26 Sep 2025₹60.6t₹17.9t₹1.5t28x39.4x3.4x
Sun, 24 Aug 2025₹59.0t₹17.8t₹1.5t28.9x38.5x3.3x
Tue, 22 Jul 2025₹60.7t₹17.5t₹1.5t30.4x40.1x3.5x
Thu, 19 Jun 2025₹58.5t₹17.3t₹1.5t29.8x39.1x3.4x
Sat, 17 May 2025₹55.3t₹16.5t₹1.5t29.3x38.1x3.4x
Mon, 14 Apr 2025₹47.4t₹16.1t₹1.4t26.7x34.1x2.9x
Wed, 12 Mar 2025₹46.8t₹16.1t₹1.4t26.2x33.8x2.9x
Fri, 07 Feb 2025₹51.4t₹16.0t₹1.4t31.6x37.3x3.2x
Sun, 05 Jan 2025₹59.3t₹16.3t₹1.4t37.1x43.6x3.6x
Tue, 03 Dec 2024₹59.4t₹16.3t₹1.4t34.8x43.9x3.6x
Thu, 31 Oct 2024₹57.9t₹15.8t₹1.3t35.3x44x3.7x
Sat, 28 Sep 2024₹60.7t₹14.8t₹1.2t37.6x50.4x4.1x
Mon, 26 Aug 2024₹60.3t₹14.7t₹1.2t37.4x50.5x4.1x
Wed, 24 Jul 2024₹60.8t₹15.0t₹1.2t36.6x50.7x4x
Fri, 21 Jun 2024₹61.1t₹15.0t₹1.2t35.7x51.1x4.1x
Sun, 19 May 2024₹54.5t₹14.1t₹1.1t35.7x50.7x3.9x
Tue, 16 Apr 2024₹48.7t₹13.8t₹1.0t32.9x47x3.5x
Thu, 14 Mar 2024₹43.1t₹13.8t₹1.0t29.2x41.8x3.1x
Sat, 10 Feb 2024₹45.0t₹13.7t₹1.0t33.6x44x3.3x
Mon, 08 Jan 2024₹43.1t₹13.5t₹964.9b32.7x44.7x3.2x
Wed, 06 Dec 2023₹39.9t₹13.4t₹959.4b30.3x41.6x3x
Fri, 03 Nov 2023₹35.0t₹13.4t₹938.8b30x37.3x2.6x
Sun, 01 Oct 2023₹35.6t₹13.2t₹924.6b29.1x38.5x2.7x
Tue, 29 Aug 2023₹34.4t₹13.1t₹918.2b28.3x37.4x2.6x
Thu, 27 Jul 2023₹32.8t₹13.0t₹877.4b28.7x37.4x2.5x
Sat, 24 Jun 2023₹30.2t₹12.8t₹882.1b26.5x34.3x2.4x
Mon, 22 May 2023₹27.6t₹12.7t₹829.7b25.1x33.2x2.2x
Wed, 19 Apr 2023₹26.0t₹12.4t₹797.9b22.7x32.6x2.1x
Price to Earnings Ratio

32.6x


Total Market Cap: ₹26.0tTotal Earnings: ₹797.9bTotal 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 35.8x 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 Market6.90%
Industrials9.17%
Trade Distributors12.50%
Transportation10.55%
Industrials10.51%
Machinery10.39%
Electrical9.52%
Aerospace & Defense8.85%
Construction8.71%
Logistics7.54%
Infrastructure7.46%
Marine and Shipping7.40%
Building7.11%
Commercial Services6.35%
Professional Services4.41%
Airlines0%0
Industry PE
  • Investors are most optimistic about the Logistics industry even though it's trading below its 3-year average PE ratio of 76.1x.
    • Analysts are expecting annual earnings growth of 37.0%, 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 14.6x.
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 growth to stay flat over the next few years.

Top Stock Gainers and Losers

Which companies have driven the market over the last 7 days?

CompanyLast Price7D1YValuation
500510 Larsen & Toubro₹3.96k9.6%
+₹476.1b		27.0%PE31.8x
512599 Adani Enterprises₹2.09k13.9%
+₹329.2b		-10.1%PE20.4x
HAL Hindustan Aeronautics₹4.11k11.5%
+₹284.4b		0.1%PE30.9x
ADANIPORTS Adani Ports and Special Economic Zone₹1.48k7.1%
+₹225.1b		26.7%PE27.2x
TMCV Tata Motors₹444.5514.5%
+₹207.9b		n/an/a

Latest News

ADANIPORTS
₹1,475.30
Adani Ports and Special Economic Zone
7D
7.1%
1Y
26.7%
500002
₹6,865.95
ABB India
7D
11.7%
1Y
33.6%
500510
₹3,959.90
Larsen & Toubro
7D
9.6%
1Y
27.0%

500510: New Infrastructure Orders Will Drive Future Upside

Analysts have slightly reduced their price target on Larsen & Toubro, adjusting it from about ₹4,544 to around ₹4,528 as they update assumptions on fair value, discount rate, revenue growth, profit margin and future P/E, while keeping their overall view broadly unchanged. What's in the News L&T has secured multiple significant orders in India, including a float glass plant in Gujarat and a two wheeler manufacturing facility in Andhra Pradesh, along with several add on orders in existing projects, classified in the ₹10,000 million to ₹25,000 million range (Client Announcements).
ASHOKLEY
₹178.02
Ashok Leyland
7D
19.9%
1Y
70.8%

ASHOKLEY: EV Battery Capacity Buildout Will Support Future Re Rating Potential

Analysts have trimmed the price target on Ashok Leyland slightly, with fair value moving from about ₹206.32 to ₹202.27. They have factored in a marginally higher discount rate, a small adjustment to revenue growth assumptions and a modestly lower future P/E multiple, while keeping profit margin expectations broadly unchanged.
501423
₹1,948.55
Shaily Engineering Plastics
7D
-6.7%
1Y
29.2%

501423: Long Term Pharma Supply Agreement And Stable Assumptions Will Support Future Upside

Analysts have kept the price target for Shaily Engineering Plastics broadly unchanged at about ₹3,526, as their views on discount rate, revenue growth, profit margin and future P/E remain effectively in line with prior assumptions. What's in the News Signed a Manufacturing & Commercial Supply Agreement with a large domestic pharma company for the supply of pen injectors, with execution planned over 4 years and an indicated contract size of about ₹4,230 million (Key Developments).
512599
₹2,088.20
Adani Enterprises
7D
13.9%
1Y
-10.1%

512599: Renewable Energy Powered Data Centres Will Drive Future Upside

Narrative Update on Adani Enterprises Analysts have kept their fair value estimate for Adani Enterprises steady at ₹2,870. Modest tweaks to discount rate, revenue growth, profit margin and future P/E assumptions reflect fine tuning of their models rather than a major shift in view.
LATENTVIEW
₹295.50
Latent View Analytics
7D
-5.3%
1Y
-22.2%

LATENTVIEW: Upcoming Board Decisions And CFO Stability Will Support Further Upside Potential

Analysts have nudged their price target on Latent View Analytics lower from about ₹429 to ₹416, reflecting slightly more conservative assumptions on fair value, discount rate, revenue growth, profit margin and future P/E multiples. What's in the News A board meeting is scheduled for May 4, 2026 to review and approve audited standalone and consolidated financial results for the quarter and financial year ending March 31, 2026, prepared under Ind AS (Key Developments).
532942
₹118.70
KNR Constructions
7D
-2.1%
1Y
-47.8%

532942: New Highway Awards And Subsidiary Formation Will Support Undervalued Upside

Analysts have trimmed their price target on KNR Constructions to ₹166.75 from ₹177.59, citing updated assumptions around the discount rate, revenue growth, profit margin and future P/E that, in their view, change the risk reward balance at the current valuation. What's in the News KNR Constructions received a Letter of Award from the National Highways Authority of India for construction of 4 laning of NH 167 from Gudebellur to Mahabubnagar in Telangana under Hybrid Annuity Mode, with a project value of ₹17,340 million, a construction period of 730 days and an operation period of 15 years from COD (company announcement).
HAL
₹4,112.20
Hindustan Aeronautics
7D
11.5%
1Y
0.1%

HAL: Defence Contracts And Dividend Will Support Future Share Returns

Analysts have slightly reduced their fair value estimate for Hindustan Aeronautics from ₹5,179.45 to ₹5,164.10, citing modest adjustments to assumptions for the discount rate, revenue growth, profit margins and future P/E. What's in the News Ministry of Defence signed contracts on 3 March 2026 that include an ALH Mk-III (Maritime Role) helicopter order worth ₹29,010 million with Hindustan Aeronautics under the Buy (Indian Indigenously Designed Developed and Manufactured) category, supporting maritime security roles for the Indian Coast Guard and involving supply from more than 200 MSMEs, with an estimated 6.5 million man hours of employment (Key Developments).
500049
₹442.30
Bharat Electronics
7D
4.9%
1Y
55.2%

500049: New Defence Orders And Dividend Will Still Leave Shares Overpriced

Analysts have modestly raised their fair value estimate for Bharat Electronics from about ₹353 to roughly ₹356, reflecting updated assumptions around discount rates, revenue growth, profit margins and future P/E levels. What's in the News Bharat Electronics signed an MoU with RRP Electronics and RRP Defense to jointly pursue work in semiconductors, electro optics, unmanned systems and other defence technologies, with a focus on indigenisation, capability building and potential export opportunities (Key Developments).
RPSGVENT
₹963.25
RPSG Ventures
7D
-5.7%
1Y
19.8%
IRB
₹21.66
IRB Infrastructure Developers
7D
-0.6%
1Y
-3.8%

IRB: Bonus Shares And Dividend Plans Will Shape Measured Future Outlook

Analysts have reduced their price target on IRB Infrastructure Developers from ₹52.00 to ₹24.00, citing updated assumptions on revenue growth, profit margins and future P/E that together reflect a more conservative view of fair value. What's in the News Board meeting scheduled for Feb 13, 2026 to review consolidated and standalone unaudited financial results for the quarter and nine months ended Dec 31, 2025, and to consider a 3rd interim dividend for FY 2025-26, if any, along with a proposal to issue bonus equity shares subject to approvals (Board Meeting).
526570
₹4,553.15
Midwest Gold
7D
-2.7%
1Y
1,144.0%
TCI
₹1,012.55
Transport Corporation of India
7D
-2.6%
1Y
-7.2%

Transport Corporation of India's (NSE:TCI) Upcoming Dividend Will Be Larger Than Last Year's

Feb 07
Transport Corporation of India's (NSE:TCI) Upcoming Dividend Will Be Larger Than Last Year's
SPECTRUM
₹1,225.00
Spectrum Electrical Industries
7D
-12.7%
1Y
-29.4%