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Indian (NIFTY) Industrials Sector Analysis

UpdatedMar 19, 2026
DataAggregated Company Financials
Companies1109
  • 7D-1.2%
  • 3M-2.7%
  • 1Y5.3%
  • YTD-5.4%

Over the last 7 days, the Industrials industry has dropped 1.2%, driven by a pullback from Larsen & Toubro of 7.7%. Meanwhile, L&T Technology Services actually outperformed within the industry, gaining 5.9% in the last week. This takes the industry's 12 month performance to a gain of 5.3%. 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
Thu, 19 Mar 2026₹58.3t₹19.2t₹1.7t20.1x34.2x3x
Sat, 14 Feb 2026₹61.0t₹19.3t₹1.8t21.8x34.7x3.2x
Mon, 12 Jan 2026₹59.4t₹18.7t₹1.7t23.5x36x3.2x
Wed, 10 Dec 2025₹59.1t₹18.6t₹1.6t24.6x35.9x3.2x
Fri, 07 Nov 2025₹60.0t₹18.3t₹1.6t27.4x37.8x3.3x
Sun, 05 Oct 2025₹60.7t₹18.0t₹1.5t28.2x39.3x3.4x
Tue, 02 Sep 2025₹58.4t₹17.8t₹1.5t28.4x38.1x3.3x
Thu, 31 Jul 2025₹59.7t₹17.6t₹1.5t29.4x39x3.4x
Sat, 28 Jun 2025₹61.0t₹17.4t₹1.5t30.1x40.7x3.5x
Mon, 26 May 2025₹57.7t₹17.3t₹1.5t28.9x37.9x3.3x
Wed, 23 Apr 2025₹50.6t₹16.1t₹1.4t28.7x36.5x3.1x
Fri, 21 Mar 2025₹49.5t₹16.1t₹1.4t26.5x35.7x3.1x
Sun, 16 Feb 2025₹46.9t₹16.1t₹1.4t28.1x34x2.9x
Tue, 14 Jan 2025₹53.0t₹16.4t₹1.4t33.8x38.9x3.2x
Thu, 12 Dec 2024₹61.7t₹16.3t₹1.4t36.4x45.5x3.8x
Sat, 09 Nov 2024₹59.0t₹16.1t₹1.3t35.9x44.3x3.7x
Mon, 07 Oct 2024₹58.7t₹14.8t₹1.2t36.3x48.7x4x
Wed, 04 Sep 2024₹60.2t₹14.8t₹1.2t37.9x50x4.1x
Fri, 02 Aug 2024₹61.6t₹14.5t₹1.1t38.3x54.5x4.2x
Sun, 30 Jun 2024₹61.5t₹15.0t₹1.2t36x51.5x4.1x
Tue, 28 May 2024₹58.6t₹19.8t₹2.1t35.1x28.5x3x
Thu, 25 Apr 2024₹50.7t₹13.8t₹1.0t35.5x49.1x3.7x
Sat, 23 Mar 2024₹45.9t₹13.8t₹1.0t31x44.3x3.3x
Mon, 19 Feb 2024₹45.3t₹13.8t₹1.0t33.4x44x3.3x
Wed, 17 Jan 2024₹43.6t₹13.5t₹965.7b33.5x45.2x3.2x
Fri, 15 Dec 2023₹40.9t₹13.4t₹959.5b30.4x42.6x3x
Sun, 12 Nov 2023₹35.7t₹13.4t₹966.3b28.8x36.9x2.7x
Tue, 10 Oct 2023₹35.6t₹13.3t₹930.5b28.5x38.3x2.7x
Thu, 07 Sep 2023₹35.5t₹13.1t₹917.7b29.4x38.7x2.7x
Sat, 05 Aug 2023₹33.3t₹12.9t₹890.2b29.5x37.4x2.6x
Mon, 03 Jul 2023₹31.1t₹12.8t₹882.0b26.8x35.3x2.4x
Wed, 31 May 2023₹28.9t₹12.8t₹845.6b24.8x34.2x2.3x
Fri, 28 Apr 2023₹26.5t₹12.4t₹807.1b23.2x32.8x2.1x
Sun, 26 Mar 2023₹25.0t₹12.4t₹798.5b20.9x31.3x2x
Price to Earnings Ratio

31.3x


Total Market Cap: ₹25.0tTotal 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 34.2x 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 Market-0.65%
Industrials-1.20%
Trade Distributors1.29%
Professional Services1.06%
Commercial Services0.40%
Airlines0%0
Marine and Shipping-0.21%
Electrical-0.27%
Infrastructure-0.62%
Logistics-0.64%
Machinery-0.81%
Industrials-1.41%
Aerospace & Defense-1.67%
Transportation-2.29%
Building-2.96%
Construction-3.82%
Industry PE
  • Investors are most optimistic about the Logistics industry even though it's trading below its 3-year average PE ratio of 75.8x.
    • 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, although it looks like investor sentiment has improved given that it's trading above 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
LTTS L&T Technology Services₹3.31k5.9%
+₹19.5b		-28.8%PE27.9x
501423 Shaily Engineering Plastics₹2.29k19.8%
+₹17.4b		28.0%PE66.6x
THERMAX Thermax₹3.24k2.3%
+₹8.1b		-8.2%PE53.5x
532439 Olectra Greentech₹999.7010.5%
+₹7.8b		-11.1%PE57.4x
IGIL International Gemmological Institute (India)₹338.005.3%
+₹7.4b		-1.8%PE27.5x

Latest News

532439
₹999.70
Olectra Greentech
7D
10.5%
1Y
-11.1%
501423
₹2,294.35
Shaily Engineering Plastics
7D
19.8%
1Y
28.0%
THERMAX
₹3,237.40
Thermax
7D
2.3%
1Y
-8.2%

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).
LTTS
₹3,313.50
L&T Technology Services
7D
5.9%
1Y
-28.8%
512599
₹1,936.95
Adani Enterprises
7D
-3.3%
1Y
-17.2%

512599: Data Centre Expansion And Tollways Subsidiary Will Support Future Upside

Analysts have kept the fair value estimate steady at ₹2,870, making only very minor tweaks to inputs such as the discount rate, long-term revenue growth, profit margin and future P/E. This indicates that their overall price target view on Adani Enterprises is essentially unchanged based on the latest assumptions.
500510
₹3,435.25
Larsen & Toubro
7D
-7.7%
1Y
2.6%

500510: New Infrastructure And AI Factory Orders Will Support Future Upside

Analysts have nudged their price target for Larsen & Toubro slightly lower from ₹4,608.20 to about ₹4,604.00, reflecting updated assumptions on discount rate, revenue growth, profit margin and future P/E. Taken together, these updates point to only a marginal recalibration of their valuation framework.
HAL
₹3,802.50
Hindustan Aeronautics
7D
-5.3%
1Y
-0.4%

HAL: Dividend And New Contracts Will Support Confidence In Future Returns

Analysts have revised their price target on Hindustan Aeronautics slightly lower from about ₹5,261 to ₹5,179 as they reset assumptions around the discount rate, revenue growth, profit margins and future P/E levels. What's in the News The Board of Directors approved a first interim dividend of ₹35 per equity share of ₹5 each, described as 700% on the face value, for the 2025-26 financial year.
ADANIPORTS
₹1,356.00
Adani Ports and Special Economic Zone
7D
-2.6%
1Y
15.2%

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
₹430.80
Bharat Electronics
7D
-5.1%
1Y
45.1%

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).
APARINDS
₹9,598.00
APAR Industries
7D
1.5%
1Y
67.9%

APARINDS: Upcoming Results And Shareholder Votes Will Shape Fairly Valued Outlook

Analysts have maintained their ₹9,568 price target for APAR Industries, reflecting similar fair value estimates supported by slightly adjusted assumptions on discount rate, revenue growth, profit margin and future P/E. What's in the News Board meeting scheduled for January 29, 2026 to consider and approve the unaudited financial results on a standalone and consolidated basis for the third quarter and nine month period ended December 31, 2025, for the 2025 to 2026 financial year (Key Developments).
CGPOWER
₹686.70
CG Power and Industrial Solutions
7D
-6.9%
1Y
4.9%

CGPOWER: Data Center Mega Order And New Assumptions Will Shape Returns

Analysts have cut their price target on CG Power and Industrial Solutions by about ₹99 to ₹692, citing adjusted assumptions for revenue growth, profit margins, and future P/E expectations. What's in the News CG Power and Industrial Solutions has secured a landmark order valued at €900 million (about $99.2 million) from Tallgrass Integrated Logistics Solutions LLC in the US for a large scale data center project, focused on supplying power transformers for hyperscale data center applications (Key Developments).
500249
₹798.90
KSB
7D
4.0%
1Y
10.4%
SIEMENS
₹3,079.00
Siemens
7D
-7.4%
1Y
-40.7%
513377
₹60.39
MMTC
7D
8.5%
1Y
12.1%
IGIL
₹338.00
International Gemmological Institute (India)
7D
5.3%
1Y
-1.8%