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Indian (NIFTY) Industrials Sector Analysis

UpdatedJan 11, 2026
DataAggregated Company Financials
Companies1105
  • 7D-3.6%
  • 3M-5.1%
  • 1Y-0.5%
  • YTD-2.7%

Over the last 7 days, the Industrials industry has dropped 3.6%, driven by pullbacks in Larsen & Toubro and Adani Enterprises of 3.3% and 5.6%, respectively. Over the last year, the industry has been flat overall. As for the next few years, earnings are expected to grow by 19% per annum.

Sector Valuation and Performance

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

DateMarket CapRevenueEarningsPEAbsolute PEPS
Sun, 11 Jan 2026₹59.4t₹18.7t₹1.7t23.5x36x3.2x
Tue, 09 Dec 2025₹58.2t₹18.6t₹1.6t24x35.4x3.1x
Thu, 06 Nov 2025₹61.1t₹18.3t₹1.6t27.8x38.7x3.3x
Sat, 04 Oct 2025₹60.7t₹18.0t₹1.5t28.2x39.3x3.4x
Mon, 01 Sep 2025₹57.6t₹17.8t₹1.5t28.2x37.5x3.2x
Wed, 30 Jul 2025₹59.3t₹17.5t₹1.5t29.2x39x3.4x
Fri, 27 Jun 2025₹60.6t₹17.4t₹1.5t30x40.4x3.5x
Sun, 25 May 2025₹57.7t₹17.3t₹1.5t28.9x37.9x3.3x
Tue, 22 Apr 2025₹50.5t₹16.1t₹1.4t28.4x36.3x3.1x
Thu, 20 Mar 2025₹49.3t₹16.1t₹1.4t26.1x35.5x3.1x
Sat, 15 Feb 2025₹46.9t₹16.1t₹1.4t28.2x33.7x2.9x
Mon, 13 Jan 2025₹55.4t₹16.4t₹1.4t35.2x40.7x3.4x
Wed, 11 Dec 2024₹61.4t₹16.3t₹1.4t36.3x45.4x3.8x
Fri, 08 Nov 2024₹59.5t₹16.1t₹1.3t36.4x44.8x3.7x
Sun, 06 Oct 2024₹58.7t₹14.8t₹1.2t36.3x48.7x4x
Tue, 03 Sep 2024₹59.8t₹14.8t₹1.2t37.8x50x4x
Thu, 01 Aug 2024₹62.0t₹14.5t₹1.1t38.2x54.9x4.3x
Sat, 29 Jun 2024₹61.5t₹15.0t₹1.2t36x51.5x4.1x
Mon, 27 May 2024₹58.7t₹19.8t₹2.1t35.4x28.6x3x
Wed, 24 Apr 2024₹50.2t₹13.8t₹1.0t35.2x48.7x3.6x
Fri, 22 Mar 2024₹45.4t₹13.8t₹1.0t30.6x43.9x3.3x
Sun, 18 Feb 2024₹45.3t₹13.8t₹1.0t33.3x44x3.3x
Tue, 16 Jan 2024₹43.8t₹13.5t₹965.8b33.7x45.4x3.3x
Thu, 14 Dec 2023₹40.7t₹13.4t₹959.5b30.3x42.4x3x
Sat, 11 Nov 2023₹35.7t₹13.4t₹961.7b29.5x37.1x2.7x
Mon, 09 Oct 2023₹36.3t₹13.3t₹930.5b29.2x39x2.7x
Wed, 06 Sep 2023₹35.5t₹13.1t₹917.9b29.6x38.7x2.7x
Fri, 04 Aug 2023₹33.1t₹13.1t₹885.7b29.1x37.4x2.5x
Sun, 02 Jul 2023₹31.1t₹12.8t₹882.0b26.8x35.3x2.4x
Tue, 30 May 2023₹28.9t₹12.8t₹843.0b25x34.2x2.3x
Thu, 27 Apr 2023₹26.4t₹12.4t₹807.0b23.5x32.7x2.1x
Sat, 25 Mar 2023₹25.0t₹12.4t₹798.5b20.9x31.3x2x
Mon, 20 Feb 2023₹25.1t₹12.2t₹780.7b21.8x32.1x2.1x
Wed, 18 Jan 2023₹27.5t₹11.8t₹742.8b24.2x37x2.3x
Price to Earnings Ratio

37x


Total Market Cap: ₹27.5tTotal Earnings: ₹742.8bTotal Revenue: ₹11.8tTotal Market Cap vs Earnings and Revenue0%0%0%
Indian Industrials Sector Price to Earnings3Y Average 40.1x202420252026
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 36.0x which is lower than its 3-year average PE of 40.1x.
  • The industry is trading close to its 3-year average PS ratio of 3.1x.
Past Earnings Growth
  • The earnings for companies in the Industrials industry have grown 31% 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-2.80%
Industrials-3.64%
Aerospace & Defense1.71%
Airlines0%0
Building-1.81%
Industrials-1.83%
Logistics-2.58%
Transportation-3.64%
Infrastructure-3.78%
Professional Services-4.12%
Machinery-4.15%
Construction-4.79%
Electrical-5.24%
Trade Distributors-5.26%
Marine and Shipping-6.19%
Commercial Services-6.87%
Industry PE
  • Investors are most optimistic about the Professional Services industry which is trading above its 3-year average PE ratio of 41.4x.
    • Analysts are expecting annual earnings growth of 17.1%, which is higher than its past year's earnings growth of 13.1% 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 13.7x.
Forecasted Growth
  • Analysts are most optimistic on the Marine and Shipping industry, expecting annual earnings growth of 63% 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 grow by 8.5% 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
500049 Bharat Electronics₹418.853.9%
+₹115.1b		54.6%PE53.8x
HAL Hindustan Aeronautics₹4.46k1.0%
+₹29.6b		11.5%PE35.2x
533107 Swan Defence and Heavy Industries₹1.95k21.5%
+₹18.2b		n/aPS155.3x
HAVELLS Havells India₹1.46k1.7%
+₹15.7b		-8.5%PE62.8x
VOLTAS Voltas₹1.47k2.6%
+₹12.1b		-11.8%PE88.6x

Latest News

500510
₹4,026.75
Larsen & Toubro
7D
-3.3%
1Y
13.9%

500510: Defence And Infrastructure Orders Will Support Stronger Medium-Term Prospects

Analysts have raised their price target for Larsen & Toubro to ₹4,535 from ₹4,458, citing updated assumptions on fair value, discount rate, revenue growth, profit margin, and future P/E that are now slightly different from prior estimates. What's in the News L&T has been awarded a supply order by the Corps of Electronics and Mechanical Engineers of the Indian Army to overhaul, upgrade and manage obsolescence for Pinaka Multi Rocket Launcher Systems, aiming to improve lifecycle support and operational availability for in service artillery systems (Client announcement).
HAVELLS
₹1,464.90
Havells India
7D
1.7%
1Y
-8.5%

HAVELLS: Trademark Settlement Will Support Future Brand Upside Potential

Narrative Update Analysts have trimmed their fair value estimate for Havells India slightly to ₹1,659.53 from ₹1,666.94, reflecting updated assumptions around the discount rate, revenue growth, profit margin and future P/E expectations. What's in the News Board meeting scheduled on January 19, 2026 to consider and approve standalone and consolidated unaudited financial results for the third quarter and nine months ended December 31, 2025, and to consider payment of an interim dividend to shareholders (company filing).
500480
₹4,111.50
Cummins India
7D
-8.3%
1Y
37.1%

500480: Future Renewable Power Tie Up Will Support Profit Margins

Analysts have kept their fair value estimate for Cummins India steady at ₹5,370.00 per share. They explained the unchanged target by slightly revised assumptions for discount rate, revenue growth, profit margin and future P/E that broadly offset one another.
500049
₹418.85
Bharat Electronics
7D
3.9%
1Y
54.6%

500049: Defence And Aerospace Orders Will Support Steady Outlook Ahead

Analysts have made a small upward tweak to their fair value estimate for Bharat Electronics to ₹463.81 from ₹462.85, reflecting slightly adjusted views on the discount rate, revenue growth, profit margin, and future P/E assumptions. What's in the News Bharat Electronics reported receiving orders worth ₹5,960 million since January 1, 2026, covering software solutions, drone detection systems, upgrades, spares, services and jamming terminals (Client Announcements).
CGPOWER
₹594.75
CG Power and Industrial Solutions
7D
-8.4%
1Y
-8.5%

CGPOWER: Greenfield Switchgear Expansion Will Drive Capacity And Margin Upside

Analysts now see fair value for CG Power and Industrial Solutions at ₹880, down from ₹940, as they factor in updated assumptions on the discount rate, revenue growth, profit margins and a lower future P/E profile. What's in the News Board meeting scheduled on January 27, 2026 to consider and approve unaudited standalone and consolidated financial results for the nine months and quarter ended December 31, 2025 (Key Developments).
ADANIPORTS
₹1,435.90
Adani Ports and Special Economic Zone
7D
-3.6%
1Y
29.1%

ADANIPORTS: Rising Cargo Volumes Will Support Stronger Long Term Profitability

Analysts have nudged their price target on Adani Ports and Special Economic Zone slightly higher to ₹1,773.81 from ₹1,768.38, citing updated assumptions around a modestly lower discount rate, slightly stronger revenue growth, a marginally higher profit margin, and a small adjustment to future P/E expectations. What's in the News A board meeting is scheduled for December 23, 2025, to consider the allotment of equity shares on a preferential basis.
MTARTECH
₹2,689.70
MTAR Technologies
7D
13.4%
1Y
60.5%

MTAR Technologies (NSE:MTARTECH) Could Be Struggling To Allocate Capital

Jan 07
MTAR Technologies (NSE:MTARTECH) Could Be Struggling To Allocate Capital
500103
₹274.70
Bharat Heavy Electricals
7D
-8.3%
1Y
34.3%
RVNL
₹332.20
Rail Vikas Nigam
7D
-9.2%
1Y
-15.5%
VOLTAS
₹1,466.80
Voltas
7D
2.6%
1Y
-11.8%

VOLTAS Will Likely See Limited Upside Despite Improved Long Term Assumptions

Analysts have reiterated their price target on Voltas at ₹1,100.00, citing slightly improved long term revenue growth and profit margin assumptions that are modestly offset by a marginally lower future P/E multiple and discount rate. What's in the News Board meeting scheduled on November 13, 2025, to consider and approve unaudited standalone and consolidated financial results for the quarter and half year ended September 30, 2025 (company filing).
HAL
₹4,462.10
Hindustan Aeronautics
7D
1.0%
1Y
11.5%
BDL
₹1,520.50
Bharat Dynamics
7D
1.7%
1Y
26.7%

Bharat Dynamics Limited's (NSE:BDL) Earnings Haven't Escaped The Attention Of Investors

Dec 27
Bharat Dynamics Limited's (NSE:BDL) Earnings Haven't Escaped The Attention Of Investors
INDIGO
₹4,844.00
InterGlobe Aviation
7D
-5.1%
1Y
14.5%
533107
₹1,953.90
Swan Defence and Heavy Industries
7D
21.5%
1Y
n/a
512599
₹2,153.20
Adani Enterprises
7D
-5.6%
1Y
-9.3%

512599: Future Infrastructure And Capital Raises Will Drive Expansion

Analysts have slightly raised their price target on Adani Enterprises to ₹2,965 per share from ₹2,965 previously. This reflects steady assumptions on long term growth, margins and valuation multiples despite only marginal tweaks to the discount rate and forward earnings estimates.
506076
₹1,586.95
Grindwell Norton
7D
1.7%
1Y
-15.3%