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Indian (NIFTY) Industrials Sector Analysis

UpdatedFeb 22, 2026
DataAggregated Company Financials
Companies1109
  • 7D1.3%
  • 3M-0.7%
  • 1Y15.5%
  • YTD0.4%

Over the last 7 days, the Industrials industry has risen 1.3%, driven by gains from Larsen & Toubro of 5.0%. This takes the industry's 12 month performance to a gain of 16%. Earnings are forecast to grow by 18% annually.

Sector Valuation and Performance

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

DateMarket CapRevenueEarningsPEAbsolute PEPS
Sun, 22 Feb 2026₹61.9t₹19.2t₹1.7t21.6x36.4x3.2x
Tue, 20 Jan 2026₹58.2t₹18.7t₹1.7t22.8x35.2x3.1x
Thu, 18 Dec 2025₹58.9t₹18.6t₹1.6t24.3x35.7x3.2x
Sat, 15 Nov 2025₹62.2t₹18.4t₹1.6t26.5x39.8x3.4x
Mon, 13 Oct 2025₹60.7t₹18.0t₹1.5t27.6x39.2x3.4x
Wed, 10 Sep 2025₹58.9t₹17.9t₹1.5t28.4x38.3x3.3x
Fri, 08 Aug 2025₹58.6t₹17.7t₹1.5t28.9x38.3x3.3x
Sun, 06 Jul 2025₹61.3t₹17.5t₹1.5t30.1x40.6x3.5x
Tue, 03 Jun 2025₹59.0t₹17.4t₹1.5t29.6x39.4x3.4x
Thu, 01 May 2025₹49.9t₹16.2t₹1.4t27.3x35.8x3.1x
Sat, 29 Mar 2025₹50.3t₹16.1t₹1.4t25.6x36.2x3.1x
Mon, 24 Feb 2025₹47.7t₹16.1t₹1.4t27.9x34.4x3x
Wed, 22 Jan 2025₹55.2t₹16.4t₹1.4t34.3x40.4x3.4x
Fri, 20 Dec 2024₹60.1t₹16.3t₹1.4t37.1x44.2x3.7x
Sun, 17 Nov 2024₹56.1t₹16.3t₹1.3t33.5x41.6x3.4x
Tue, 15 Oct 2024₹59.9t₹14.8t₹1.2t36.7x49.6x4x
Thu, 12 Sep 2024₹59.1t₹14.8t₹1.2t37.2x49.1x4x
Sat, 10 Aug 2024₹59.7t₹14.6t₹1.2t37.4x51.2x4.1x
Mon, 08 Jul 2024₹64.4t₹15.0t₹1.2t37.8x53.8x4.3x
Wed, 05 Jun 2024₹53.7t₹19.9t₹2.1t31.2x26x2.7x
Fri, 03 May 2024₹51.7t₹13.8t₹1.0t35.9x49.7x3.7x
Sun, 31 Mar 2024₹47.1t₹13.8t₹1.0t31.3x45.5x3.4x
Tue, 27 Feb 2024₹46.5t₹13.8t₹1.0t33.8x45x3.4x
Thu, 25 Jan 2024₹43.5t₹13.5t₹966.0b33x45.1x3.2x
Sat, 23 Dec 2023₹41.1t₹13.4t₹962.1b30x42.7x3.1x
Mon, 20 Nov 2023₹36.7t₹13.4t₹956.1b28.8x38.3x2.7x
Wed, 18 Oct 2023₹36.2t₹13.2t₹915.6b30.2x39.6x2.7x
Fri, 15 Sep 2023₹35.8t₹13.1t₹917.8b29.1x39x2.7x
Sun, 13 Aug 2023₹33.5t₹13.0t₹916.5b27.9x36.6x2.6x
Tue, 11 Jul 2023₹31.2t₹12.8t₹881.9b27.5x35.4x2.4x
Thu, 08 Jun 2023₹30.1t₹12.8t₹878.0b26x34.3x2.4x
Sat, 06 May 2023₹27.4t₹12.5t₹812.1b23.5x33.8x2.2x
Mon, 03 Apr 2023₹25.2t₹12.4t₹798.5b20.9x31.6x2x
Wed, 01 Mar 2023₹24.2t₹12.2t₹782.0b20.9x31x2x
Price to Earnings Ratio

31x


Total Market Cap: ₹24.2tTotal Earnings: ₹782.0bTotal 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 36.3x 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 Market0.28%
Industrials1.34%
Industrials4.48%
Construction2.57%
Electrical2.38%
Building1.92%
Machinery1.27%
Aerospace & Defense0.72%
Commercial Services0.66%
Trade Distributors0.15%
Logistics0.13%
Airlines0%0
Transportation-0.67%
Infrastructure-0.72%
Professional Services-1.97%
Marine and Shipping-2.45%
Industry PE
  • Investors are most optimistic about the Logistics industry even though it's trading below its 3-year average PE ratio of 75.4x.
    • 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 14.1x.
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
500510 Larsen & Toubro₹4.38k5.0%
+₹285.2b		32.2%PE35.2x
500480 Cummins India₹4.74k7.5%
+₹92.1b		67.1%PE58.6x
POWERINDIA Hitachi Energy India₹23.87k6.5%
+₹64.8b		106.4%PE126.5x
GMRAIRPORT GMR Airports₹99.756.1%
+₹60.4b		42.6%PS7.7x
CGPOWER CG Power and Industrial Solutions₹712.154.7%
+₹50.4b		20.7%PE100.8x

Latest News

500002
₹5,985.35
ABB India
7D
3.3%
1Y
13.2%
ADANIPORTS
₹1,511.50
Adani Ports and Special Economic Zone
7D
-0.5%
1Y
39.5%
INOXWIND
₹96.67
Inox Wind
7D
-9.1%
1Y
-44.1%
CGPOWER
₹712.15
CG Power and Industrial Solutions
7D
4.7%
1Y
20.7%

CGPOWER: Hyperscale Data Center Order Will Drive Future Capacity And Margin Upside

Analysts have trimmed their price target on CG Power and Industrial Solutions from ₹880 to ₹820, reflecting updated assumptions around revenue growth, profit margins and a higher future P/E multiple, while keeping the discount rate broadly similar. What's in the News CG Power and Industrial Solutions has secured an order valued at €900 million (US$99.2 million) from Tallgrass Integrated Logistics Solutions LLC in the United States for a large scale data center project, focused on supplying power transformers for hyperscale data center applications (Key Developments).
ESCORTS
₹3,417.80
Escorts Kubota
7D
-4.7%
1Y
11.5%

ESCORTS: Future Returns Will Rely On Risky New Equipment Adoption

Analysts now place their price target for Escorts Kubota at ₹2,828, up modestly from ₹2,775.82, reflecting updated assumptions around revenue growth, profit margins and a lower future P/E multiple. What's in the News A board meeting is scheduled on February 12, 2026 to consider approving an investment of ₹200 crores in Escorts Kubota Finance Limited, the company’s wholly owned subsidiary.
POLYCAB
₹7,869.00
Polycab India
7D
3.7%
1Y
34.7%
IRB
₹40.68
IRB Infrastructure Developers
7D
-7.6%
1Y
-14.3%

IRB: Planned Bonus And Dividend Decisions Will Support Perceived Undervaluation

Analysts have kept their price target for IRB Infrastructure Developers steady at ₹52.00. The unchanged fair value reflects a balance between a lower implied discount rate, a shift to weaker revenue growth assumptions, higher forecast profit margins, and a reduced future P/E multiple.
POWERINDIA
₹23,871.00
Hitachi Energy India
7D
6.5%
1Y
106.4%

POWERINDIA: Fair Value View Will Rely On Sustained Margins And Earnings

Analysts have lifted their fair value estimate for Hitachi Energy India to ₹23,197.69 from ₹22,232.15, citing slightly lower assumed discount rates, a modestly higher profit margin outlook, and a reduced future P/E multiple as key drivers of the updated price target. What's in the News A board meeting is scheduled for February 5, 2026, to consider and approve the unaudited financial results for the quarter ended December 31, 2025 (Key Developments).
HAL
₹4,170.00
Hindustan Aeronautics
7D
-1.0%
1Y
23.8%

Hindustan Aeronautics (NSE:HAL) Is Paying Out A Larger Dividend Than Last Year

Feb 15
Hindustan Aeronautics (NSE:HAL) Is Paying Out A Larger Dividend Than Last Year
GMRAIRPORT
₹99.75
GMR Airports
7D
6.1%
1Y
42.6%
SUZLON
₹44.46
Suzlon Energy
7D
-2.6%
1Y
-19.4%

SUZLON: New Wind Orders And Execution Discipline Will Support Future Upside

Analysts have trimmed their fair value estimate for Suzlon Energy from ₹72.55 to ₹65.45 per share. They cited more moderate revenue growth, slightly lower profit margins, a marginally reduced P/E assumption and an updated discount rate in their models as the reasons for the revision.
500510
₹4,380.25
Larsen & Toubro
7D
5.0%
1Y
32.2%

500510: New Mega Infrastructure Orders Will Support Stronger Medium Term Prospects

Analysts have lifted their price target for Larsen & Toubro to ₹4,598.90 from ₹4,538.27, citing updated assumptions around slightly higher revenue growth, a small improvement in profit margins, a lower discount rate and a modestly lower future P/E multiple. What's in the News L&T's Heavy Civil Infrastructure business won a contract from the Royal Commission of Riyadh City for design and turnkey construction of an 8.4 km extension of the Riyadh Metro Red Line, including elevated and underground sections and five stations (company announcement).
500480
₹4,737.85
Cummins India
7D
7.5%
1Y
67.1%

500480: Board Actions And Margin Outlook Will Support Balanced Future Assessment

Analysts have lifted their price target for Cummins India from ₹4,421.74 to ₹4,512.63, reflecting updated assumptions around discount rates, revenue growth, profit margins and future P/E multiples. What's in the News Board meeting scheduled on Feb 4, 2026 to review and approve unaudited standalone and consolidated financial results for the quarter and nine months ended Dec 31, 2025, and to consider an interim dividend on equity shares for FY 2025-26, if any (Key Developments).
500049
₹441.15
Bharat Electronics
7D
1.3%
1Y
72.3%

500049: Future Order Wins Will Support Bullish Long Term Outlook

Analysts have lifted their price target for Bharat Electronics to ₹565 from ₹547.77, citing updated assumptions for the discount rate, revenue growth, profit margin, and future P/E, which together support a higher fair value estimate. What's in the News Bharat Electronics has secured additional orders worth INR 6.1b since the last disclosure on 8 January 2026, including communication equipment, medical electronics, thermal imagers, jammers, spares and services (company announcement).
INDIGO
₹4,854.60
InterGlobe Aviation
7D
-1.5%
1Y
7.6%

InterGlobe Aviation (NSE:INDIGO) Has A Pretty Healthy Balance Sheet

Feb 06
InterGlobe Aviation (NSE:INDIGO) Has A Pretty Healthy Balance Sheet