Investing IdeasBrowse All StocksMarkets
Have your own idea? Try our Stock Screener
Header cover image

Indian (NIFTY) Industrials Sector Analysis

UpdatedMar 31, 2026
DataAggregated Company Financials
Companies1113
  • 7D-0.8%
  • 3M-11.6%
  • 1Y-4.8%
  • YTD-12.9%

Last week, the Industrials industry hasn't moved much but GE Vernova T&D India is up 3.4% in that time. Unfortunately though, the industry is down 4.8% over the past 12 months. 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
Wed, 01 Apr 2026₹53.8t₹19.3t₹1.7t18.2x31.5x2.8x
Fri, 27 Feb 2026₹62.3t₹19.2t₹1.7t21.3x36.6x3.2x
Sun, 25 Jan 2026₹55.6t₹18.7t₹1.6t21.4x33.9x3x
Tue, 23 Dec 2025₹60.3t₹18.6t₹1.7t24.7x36.5x3.2x
Thu, 20 Nov 2025₹62.0t₹18.6t₹1.6t25.9x39.4x3.3x
Sat, 18 Oct 2025₹60.3t₹18.0t₹1.5t27.7x39x3.3x
Mon, 15 Sep 2025₹60.2t₹17.9t₹1.5t28.2x39.2x3.4x
Wed, 13 Aug 2025₹58.0t₹17.8t₹1.5t28.6x37.7x3.3x
Fri, 11 Jul 2025₹61.4t₹17.5t₹1.5t30x40.7x3.5x
Sun, 08 Jun 2025₹59.7t₹17.4t₹1.5t29.6x39.8x3.4x
Tue, 06 May 2025₹50.8t₹16.2t₹1.4t27.5x35.3x3.1x
Thu, 03 Apr 2025₹50.3t₹16.1t₹1.4t26.8x36.2x3.1x
Sat, 01 Mar 2025₹44.9t₹16.1t₹1.4t26x32.4x2.8x
Mon, 27 Jan 2025₹51.8t₹15.7t₹1.3t32.9x39.8x3.3x
Wed, 25 Dec 2024₹58.3t₹16.3t₹1.4t36.4x42.9x3.6x
Fri, 22 Nov 2024₹54.9t₹16.3t₹1.4t33.3x40.6x3.4x
Sun, 20 Oct 2024₹59.7t₹14.9t₹1.2t37.3x49.3x4x
Tue, 17 Sep 2024₹60.1t₹14.8t₹1.2t37.6x49.9x4.1x
Thu, 15 Aug 2024₹58.6t₹14.7t₹1.2t36.6x49.6x4x
Sat, 13 Jul 2024₹63.7t₹15.0t₹1.2t37.4x53.3x4.2x
Mon, 10 Jun 2024₹57.7t₹15.0t₹1.2t33x48.2x3.9x
Wed, 08 May 2024₹50.2t₹13.8t₹1.0t34.7x48.1x3.6x
Fri, 05 Apr 2024₹49.3t₹13.8t₹1.0t33.3x47.7x3.6x
Sun, 03 Mar 2024₹46.8t₹13.8t₹1.0t33.7x45.4x3.4x
Tue, 30 Jan 2024₹46.5t₹13.5t₹968.3b33.4x48x3.4x
Thu, 28 Dec 2023₹41.7t₹13.5t₹964.3b30.5x43.2x3.1x
Sat, 25 Nov 2023₹36.9t₹13.4t₹956.4b29x38.6x2.8x
Mon, 23 Oct 2023₹35.8t₹13.2t₹920.8b30.2x38.8x2.7x
Wed, 20 Sep 2023₹35.7t₹13.1t₹918.7b29.1x38.8x2.7x
Fri, 18 Aug 2023₹33.6t₹13.0t₹917.7b27.4x36.6x2.6x
Sun, 16 Jul 2023₹31.8t₹12.8t₹883.3b27.9x36x2.5x
Tue, 13 Jun 2023₹30.4t₹12.8t₹879.0b26.8x34.5x2.4x
Thu, 11 May 2023₹27.5t₹12.5t₹819.7b24.1x33.6x2.2x
Sat, 08 Apr 2023₹25.8t₹12.4t₹798.5b21.9x32.3x2.1x
Price to Earnings Ratio

32.3x


Total Market Cap: ₹25.8tTotal 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 31.5x which is lower than its 3-year average PE of 40.3x.
  • The 3-year average PS ratio of 3.2x is higher than the industry's current PS ratio of 2.8x.
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 Market-0.82%
Industrials-0.78%
Construction1.95%
Professional Services1.53%
Building0.99%
Infrastructure0.38%
Transportation0.08%
Airlines0%0
Electrical-0.88%
Logistics-1.13%
Machinery-1.23%
Marine and Shipping-1.46%
Commercial Services-1.63%
Industrials-1.99%
Trade Distributors-3.22%
Aerospace & Defense-3.31%
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 37.1%, 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, which is trading close to its 3-year average of 14.4x.
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
522275 GE Vernova T&D India₹3.64k3.4%
+₹30.7b		146.0%PE87.3x
AIAENG AIA Engineering₹3.64k7.6%
+₹24.1b		11.3%PE29.2x
IRB IRB Infrastructure Developers₹22.149.0%
+₹22.0b		-3.8%PE34.8x
SAGILITY Sagility₹39.957.0%
+₹12.3b		-8.3%PE22x
HEG HEG₹542.4011.1%
+₹10.4b		12.4%PE27.4x

Latest News

IRB
₹22.14
IRB Infrastructure Developers
7D
9.0%
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).
HEG
₹542.40
HEG
7D
11.1%
1Y
12.4%
522113
₹3,235.90
Timken India
7D
3.3%
1Y
21.8%

522113: Upcoming Meetings And Steady Assumptions Will Shape Balanced Outlook

Analysts have kept the price target for Timken India steady at ₹3,557, citing only marginal tweaks to the discount rate, revenue growth, profit margin and future P/E assumptions that are not material enough to change their valuation view. What's in the News Board meeting scheduled for Feb 04, 2026, to consider and approve unaudited consolidated financial results for the quarter and nine months ended Dec 31, 2025 (company filing) Special or extraordinary shareholders meeting set for Apr 04, 2026, to be conducted via postal ballot in India (company filing) Valuation Changes Fair Value: unchanged at ₹3,557, with no alteration to the overall valuation outcome.
512599
₹1,759.65
Adani Enterprises
7D
-3.3%
1Y
-24.7%

512599: Data Centre Expansion Will Drive Future Upside In This Undervalued Stock

Analysts have kept the price target for Adani Enterprises steady around ₹2,870, citing only minor tweaks to the discount rate, revenue growth, profit margin and future P/E assumptions that do not materially change their overall valuation view. What's in the News Adani Enterprises has incorporated a wholly owned subsidiary, CORR Tollways Limited, to handle tolling, operations and maintenance for both phases of the Chennai Outer Ring Road, with authorized and paid-up capital of ₹1,000,000 across 100,000 equity shares (company filing).
ADANIPORTS
₹1,312.60
Adani Ports and Special Economic Zone
7D
-2.4%
1Y
11.7%

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
₹3,487.20
Hindustan Aeronautics
7D
-4.6%
1Y
-17.4%

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.
500049
₹400.60
Bharat Electronics
7D
-3.4%
1Y
37.1%

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
₹154.13
Ashok Leyland
7D
-7.8%
1Y
47.5%

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
₹2,065.20
Mazagon Dock Shipbuilders
7D
-8.3%
1Y
-19.9%

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).
AIAENG
₹3,636.60
AIA Engineering
7D
7.6%
1Y
11.3%

AIAENG: Upcoming Results And New Independent Director Will Support Bullish View

Analysts have made only marginal tweaks to their model inputs for AIA Engineering, keeping the implied fair value broadly steady around ₹3,952. A slightly lower discount rate and virtually unchanged revenue growth, profit margin and future P/E assumptions are guiding the updated price target view.
522275
₹3,641.20
GE Vernova T&D India
7D
3.4%
1Y
146.0%

522275: Multi Year Contract Wins And Governance Steps Support Measured Future Upside

Analysts have raised their price target on GE Vernova T&D India from ₹3,538.50 to ₹3,828.56, citing updated assumptions around the discount rate, revenue growth, profit margin and future P/E. What's in the News Board meeting scheduled on Mar 18, 2026, to consider the appointment of M/s.
THERMAX
₹3,260.70
Thermax
7D
2.2%
1Y
-8.1%

THERMAX: New Energy Partnership And Dubai Subsidiary Will Support Balanced Medium Term Outlook

Thermax's analyst price target has been adjusted slightly to ₹3,414 from ₹3,413, with analysts attributing the change to small refinements in fair value, discount rate, revenue growth, profit margin and future P/E assumptions. What's in the News The Board approved the incorporation of a wholly owned step down subsidiary in Dubai through Thermax Engineering Singapore Pte Ltd, expanding the group structure into the UAE (Board meeting resolution, Feb 2, 2026).
INDIGO
₹3,943.50
InterGlobe Aviation
7D
-5.0%
1Y
-21.6%
SAGILITY
₹39.95
Sagility
7D
7.0%
1Y
-8.3%
509488
₹616.55
Graphite India
7D
8.0%
1Y
27.2%