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Indian (NIFTY) Industrials Sector Analysis

UpdatedMar 29, 2026
DataAggregated Company Financials
Companies1111
  • 7D-2.2%
  • 3M-9.8%
  • 1Y-2.1%
  • YTD-10.3%

In the last week, the Industrials industry is down 2.2% with Bharat Electronics down the most at 5.0%. As for the longer term, the industry's performance has been flat for the past year. 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, 29 Mar 2026₹55.4t₹19.3t₹1.7t18.9x32.4x2.9x
Tue, 24 Feb 2026₹62.1t₹19.2t₹1.7t21.6x36.5x3.2x
Thu, 22 Jan 2026₹56.1t₹18.7t₹1.7t21.6x33.9x3x
Sat, 20 Dec 2025₹59.4t₹18.6t₹1.6t24.6x36x3.2x
Mon, 17 Nov 2025₹62.3t₹18.6t₹1.6t26.2x39.6x3.4x
Wed, 15 Oct 2025₹59.8t₹18.0t₹1.5t27.5x38.7x3.3x
Fri, 12 Sep 2025₹59.6t₹17.9t₹1.5t28.3x38.8x3.3x
Sun, 10 Aug 2025₹57.6t₹17.8t₹1.5t28.3x37.5x3.2x
Tue, 08 Jul 2025₹61.1t₹17.5t₹1.5t30x40.5x3.5x
Thu, 05 Jun 2025₹59.2t₹17.4t₹1.5t29.3x39.6x3.4x
Sat, 03 May 2025₹49.8t₹16.2t₹1.4t27.4x34.6x3.1x
Mon, 31 Mar 2025₹50.3t₹16.1t₹1.4t25.7x36.2x3.1x
Wed, 26 Feb 2025₹47.0t₹16.1t₹1.4t27.3x33.9x2.9x
Fri, 24 Jan 2025₹54.6t₹16.4t₹1.4t33.7x40x3.3x
Sun, 22 Dec 2024₹58.4t₹16.3t₹1.4t36.5x42.9x3.6x
Tue, 19 Nov 2024₹56.0t₹16.3t₹1.4t33.6x41.5x3.4x
Thu, 17 Oct 2024₹60.5t₹14.8t₹1.2t37.1x50.1x4.1x
Sat, 14 Sep 2024₹60.1t₹14.8t₹1.2t37.8x49.9x4.1x
Mon, 12 Aug 2024₹59.5t₹14.7t₹1.2t37.3x50.7x4.1x
Wed, 10 Jul 2024₹64.2t₹15.0t₹1.2t37.5x53.6x4.3x
Fri, 07 Jun 2024₹56.7t₹19.9t₹2.1t32.3x27.4x2.9x
Sun, 05 May 2024₹51.5t₹13.8t₹1.0t35.3x49.3x3.7x
Tue, 02 Apr 2024₹48.2t₹13.8t₹1.0t32.6x46.6x3.5x
Thu, 29 Feb 2024₹45.9t₹13.8t₹1.0t33.1x44.5x3.3x
Sat, 27 Jan 2024₹43.8t₹13.5t₹967.9b33.3x45.2x3.2x
Mon, 25 Dec 2023₹41.1t₹13.4t₹962.1b30x42.7x3.1x
Wed, 22 Nov 2023₹36.8t₹13.4t₹956.2b28.5x38.4x2.7x
Fri, 20 Oct 2023₹36.1t₹13.2t₹917.5b30.3x39.4x2.7x
Sun, 17 Sep 2023₹35.9t₹13.1t₹918.6b29.2x39.1x2.7x
Tue, 15 Aug 2023₹33.3t₹13.0t₹917.6b27.7x36.3x2.6x
Thu, 13 Jul 2023₹31.8t₹12.8t₹882.3b27.8x36x2.5x
Sat, 10 Jun 2023₹30.3t₹12.8t₹878.9b26.4x34.4x2.4x
Mon, 08 May 2023₹27.4t₹12.5t₹812.7b23.5x33.7x2.2x
Wed, 05 Apr 2023₹25.3t₹12.4t₹798.5b21.2x31.7x2x
Price to Earnings Ratio

31.7x


Total Market Cap: ₹25.3tTotal 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 32.4x 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 2.9x.
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-1.71%
Industrials-2.15%
Construction0.44%
Airlines0%0
Professional Services-0.16%
Industrials-1.13%
Transportation-1.31%
Building-1.31%
Infrastructure-1.92%
Machinery-1.96%
Logistics-2.01%
Electrical-2.26%
Commercial Services-2.68%
Marine and Shipping-2.95%
Trade Distributors-4.39%
Aerospace & Defense-5.48%
Industry PE
  • Investors are most optimistic about the Logistics industry even though it's trading below its 3-year average PE ratio of 75.9x.
    • Analysts are expecting annual earnings growth of 37.2%, 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
500510 Larsen & Toubro₹3.57k3.8%
+₹180.5b		2.1%PE28.6x
APARINDS APAR Industries₹10.61k9.7%
+₹37.6b		91.5%PE43.8x
TMCV Tata Motors₹427.601.9%
+₹29.3b		n/an/a
522275 GE Vernova T&D India₹3.76k2.0%
+₹19.2b		141.8%PE90x
HEG HEG₹572.3014.9%
+₹14.3b		18.5%PE29x

Latest News

512329
₹498.85
SG Mart
7D
15.0%
1Y
54.3%
522113
₹3,316.30
Timken India
7D
4.8%
1Y
20.6%

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
₹1,822.85
Adani Enterprises
7D
-5.4%
1Y
-21.5%

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).
500510
₹3,565.95
Larsen & Toubro
7D
3.8%
1Y
2.1%

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

The analyst price target for Larsen & Toubro has been adjusted slightly lower from ₹4,604 to ₹4,544 as analysts factor in modest changes to the discount rate, revenue growth, profit margin and future P/E assumptions. What's in the News L&T is part of a Deed of Novation with Malaysia Marine and Heavy Engineering and TenneT for offshore substation subcontracts, with the scope revised to exclude one topside while keeping Malaysia Marine and Heavy Engineering responsible for its existing obligations (Client announcement, Mar 4, 2026).
ADANIPORTS
₹1,337.80
Adani Ports and Special Economic Zone
7D
-2.0%
1Y
13.1%

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
₹3,588.60
Hindustan Aeronautics
7D
-5.1%
1Y
-14.1%

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.
HEG
₹572.30
HEG
7D
14.9%
1Y
18.5%

HEG: Upcoming Board Meeting Will Signal Confidence In Group Reshaping

Analysts are maintaining their price target for HEG at ₹705, citing largely unchanged assumptions on fair value, revenue growth, profit margin, and forward P/E, despite minor adjustments to the discount rate and valuation inputs. What's in the News A board meeting is scheduled on Feb 10, 2026 at 14:00 IST to consider and approve unaudited standalone and consolidated financial results for the quarter and nine months ended Dec 31, 2025 (company filing).
500049
₹404.75
Bharat Electronics
7D
-5.0%
1Y
34.4%

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.
MAZDOCK
₹2,162.90
Mazagon Dock Shipbuilders
7D
-6.9%
1Y
-18.2%

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).
APARINDS
₹10,608.00
APAR Industries
7D
9.7%
1Y
91.5%

APARINDS: Fair Outlook Will Depend On Capital Plans And Governance Decisions

Analysts have lifted their price target on APAR Industries from about ₹10,352 to ₹10,695, citing updated assumptions around fair value, discount rate, revenue growth, profit margin and future P/E as the drivers of this revision. What's in the News Board meeting on Mar 18, 2026 to consider an additional capital contribution of up to US$5m into wholly owned subsidiary APAR USA LLC, formerly CEMA Wires & Cables LLC (Board Meeting).
500002
₹6,106.70
ABB India
7D
-3.0%
1Y
10.2%

500002: Capacity Investments And Metro Orders Will Support Margins And Premium Profile

Analysts have lifted their price target on ABB India to about ₹6,025 from around ₹5,864, citing updated assumptions on fair value, discount rate, revenue growth, profit margin and future P/E that together point to a slightly richer valuation profile. What's in the News Plans to invest an additional US$75 million in 2026, on top of over US$35 million in 2025, to expand manufacturing and R&D in India across Electrification, Motion and Automation, with around 300 new skilled roles across engineering, operations and research (Key Developments).
522275
₹3,755.20
GE Vernova T&D India
7D
2.0%
1Y
141.8%

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.
SAGILITY
₹41.75
Sagility
7D
6.9%
1Y
-2.7%
ENRIN
₹2,629.40
Siemens Energy India
7D
-5.8%
1Y
n/a
BDL
₹1,136.90
Bharat Dynamics
7D
-9.0%
1Y
-11.3%

Bharat Dynamics (NSE:BDL) Is Increasing Its Dividend To ₹4.50

Feb 08
Bharat Dynamics (NSE:BDL) Is Increasing Its Dividend To ₹4.50