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Indian (NIFTY) Industrials Sector Analysis

UpdatedMar 27, 2026
DataAggregated Company Financials
Companies1112
  • 7D0.7%
  • 3M-7.4%
  • 1Y0.06%
  • YTD-7.9%

Over the last 7 days, the Industrials industry has dropped 2.6%, driven by Bharat Electronics declining 4.0%. On the other hand Larsen & Toubro is actually up 6.2%. As for the longer term, the industry's performance has been flat for the past year. 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
Fri, 27 Mar 2026₹56.8t₹19.2t₹1.7t19.7x33.3x2.9x
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
Price to Earnings Ratio

31.6x


Total Market Cap: ₹25.2tTotal 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 33.3x 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 Market1.06%
Industrials0.71%
Construction3.26%
Infrastructure1.45%
Logistics1.44%
Machinery1.44%
Transportation1.38%
Professional Services1.34%
Electrical1.06%
Building0.81%
Marine and Shipping0.79%
Commercial Services0.59%
Industrials0.56%
Airlines0%0
Trade Distributors-1.78%
Aerospace & Defense-3.74%
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₹3.65k6.2%
+₹293.9b		4.2%PE29.3x
500480 Cummins India₹4.74k5.3%
+₹66.4b		57.7%PE58.6x
INDIGO InterGlobe Aviation₹4.29k3.4%
+₹54.3b		-16.2%PE51.7x
TMCV Tata Motors₹431.853.5%
+₹53.8b		n/an/a
ADANIPORTS Adani Ports and Special Economic Zone₹1.38k1.5%
+₹45.8b		15.0%PE25.4x

Latest News

512599
₹1,886.05
Adani Enterprises
7D
-2.6%
1Y
-20.1%

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
₹3,648.85
Larsen & Toubro
7D
6.2%
1Y
4.2%

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).
GMRAIRPORT
₹90.06
GMR Airports
7D
1.8%
1Y
18.6%

GMRAIRPORT: Cargo Terminal 1 Concession Will Support Upside Potential

Analysts have maintained their fair value target for GMR Airports at ₹113.83, with only marginal adjustments to assumptions such as discount rate, revenue growth, profit margin and future P/E contributing to this unchanged assessment. What's in the News GMR Airports received a Letter of Award from Delhi International Airport Limited to upgrade, modernize, finance, operate, manage and maintain Cargo Terminal 1 at Indira Gandhi International Airport in New Delhi under the Delhi Cargo Terminal 1 Concession (Key Developments).
ADANIPORTS
₹1,375.90
Adani Ports and Special Economic Zone
7D
1.5%
1Y
15.0%

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
₹3,669.40
Hindustan Aeronautics
7D
-3.5%
1Y
-11.8%

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.
500480
₹4,740.15
Cummins India
7D
5.3%
1Y
57.7%

500480: Dividends And Governance Decisions Will Shape Measured Outlook For Profitability

Analysts have raised their price target on Cummins India to ₹4,659 from ₹4,565, citing updated assumptions around fair value, discount rate, revenue growth, profit margin and future P/E that together point to a slightly richer valuation framework. What's in the News Cummins India has scheduled a Special and Extraordinary Shareholders Meeting on April 20, 2026, via postal ballot in India, which signals upcoming decisions that require shareholder approval (Key Developments).
500049
₹413.60
Bharat Electronics
7D
-4.0%
1Y
37.5%

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
₹2,255.90
Mazagon Dock Shipbuilders
7D
-4.5%
1Y
-16.3%

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).
POWERINDIA
₹25,670.00
Hitachi Energy India
7D
4.1%
1Y
98.3%

POWERINDIA: Fair Value View Will Depend On Efficiency Gains And Margin Resilience

Analysts have lifted their fair value estimate for Hitachi Energy India to about ₹23,872 from roughly ₹23,198, citing updated assumptions around revenue growth, profit margins and future P/E multiples. What's in the News Hitachi Energy and Pakal Technologies announced a collaboration focused on shared value creation and sustainable growth, with Pakal's Insulated Gate Turn-Off (Thyristor), IGTO(t), to be used in Hitachi Energy's high-voltage power modules for applications such as rail, renewables, energy storage, AI and data center infrastructure (Key Developments).
INDIGO
₹4,294.70
InterGlobe Aviation
7D
3.4%
1Y
-16.2%
HAVELLS
₹1,268.40
Havells India
7D
-2.0%
1Y
-16.3%

HAVELLS: Upcoming Results And Interim Dividend Will Support Future Brand Upside

Analysts have trimmed their fair value estimate for Havells India slightly to ₹1,643 from ₹1,646, reflecting modest tweaks to the discount rate and long term P/E assumptions, while keeping revenue growth and profit margin expectations broadly unchanged. What's in the News Havells India is among 22 prospective bidders that have submitted expressions of interest to acquire Gupta Power Infrastructure, which is undergoing a corporate insolvency resolution process with admitted debtor claims of ₹42,400m, alongside bidders such as Jindal Power and Vedanta (ET report mentioned in event details).
533107
₹1,764.15
Swan Defence and Heavy Industries
7D
-18.5%
1Y
1,843.8%
523395
₹31,740.65
3M India
7D
-3.7%
1Y
13.8%
BDL
₹1,182.20
Bharat Dynamics
7D
-6.0%
1Y
-7.8%

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

Feb 08
Bharat Dynamics (NSE:BDL) Is Increasing Its Dividend To ₹4.50
500103
₹262.05
Bharat Heavy Electricals
7D
4.1%
1Y
22.2%