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Indian (NIFTY) Industrials Sector Analysis

UpdatedMar 24, 2026
DataAggregated Company Financials
Companies1112
  • 7D-4.5%
  • 3M-12.1%
  • 1Y-5.4%
  • YTD-12.3%

The Industrials industry is down 4.5% over the last week with Hindustan Aeronautics the worst performer, down 7.1%. On the other hand APAR Industries is actually up 7.5%. Overall the industry is down 5.4% in 12 months. 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
Tue, 24 Mar 2026₹54.1t₹19.2t₹1.7t19.3x31.8x2.8x
Thu, 19 Feb 2026₹62.4t₹19.2t₹1.7t22x36.6x3.2x
Sat, 17 Jan 2026₹58.3t₹18.7t₹1.7t23.2x35.3x3.1x
Mon, 15 Dec 2025₹59.5t₹18.6t₹1.6t24.6x36.1x3.2x
Wed, 12 Nov 2025₹60.7t₹18.4t₹1.6t26.9x38.9x3.3x
Fri, 10 Oct 2025₹60.4t₹18.0t₹1.5t27.6x39.1x3.4x
Sun, 07 Sep 2025₹58.5t₹17.8t₹1.5t28.1x38.1x3.3x
Tue, 05 Aug 2025₹59.2t₹17.7t₹1.5t29.3x38.9x3.4x
Thu, 03 Jul 2025₹61.2t₹17.4t₹1.5t30x40.6x3.5x
Sat, 31 May 2025₹58.9t₹17.4t₹1.5t28.7x39.2x3.4x
Mon, 28 Apr 2025₹49.5t₹16.2t₹1.4t28.1x35.5x3.1x
Wed, 26 Mar 2025₹50.3t₹16.1t₹1.4t26.5x36.2x3.1x
Fri, 21 Feb 2025₹47.8t₹16.1t₹1.4t27.8x34.6x3x
Sun, 19 Jan 2025₹56.0t₹16.4t₹1.4t35x41x3.4x
Tue, 17 Dec 2024₹61.7t₹16.3t₹1.4t37.2x45.5x3.8x
Thu, 14 Nov 2024₹56.0t₹16.2t₹1.3t34.2x42x3.5x
Sat, 12 Oct 2024₹59.9t₹14.8t₹1.2t36.7x49.6x4x
Mon, 09 Sep 2024₹59.0t₹14.8t₹1.2t37.5x49x4x
Wed, 07 Aug 2024₹57.9t₹14.6t₹1.2t36.3x50.2x4x
Fri, 05 Jul 2024₹63.5t₹15.0t₹1.2t37.7x53.1x4.2x
Sun, 02 Jun 2024₹58.1t₹19.9t₹2.1t33.3x28.2x2.9x
Tue, 30 Apr 2024₹51.3t₹13.9t₹1.0t35.5x49.7x3.7x
Thu, 28 Mar 2024₹46.7t₹13.8t₹1.0t30.8x45.1x3.4x
Sat, 24 Feb 2024₹46.3t₹13.8t₹1.0t33.7x44.9x3.4x
Mon, 22 Jan 2024₹44.3t₹13.5t₹966.5b33.4x45.8x3.3x
Wed, 20 Dec 2023₹41.4t₹13.4t₹959.6b30.3x43.2x3.1x
Fri, 17 Nov 2023₹36.3t₹13.4t₹969.8b28.8x37.4x2.7x
Sun, 15 Oct 2023₹36.2t₹13.2t₹915.5b30.2x39.6x2.7x
Tue, 12 Sep 2023₹36.8t₹13.1t₹917.9b30.4x40.1x2.8x
Thu, 10 Aug 2023₹33.6t₹13.0t₹907.0b28.9x37.1x2.6x
Sat, 08 Jul 2023₹31.2t₹12.8t₹881.9b27.4x35.3x2.4x
Mon, 05 Jun 2023₹29.4t₹12.8t₹878.4b25.5x33.4x2.3x
Wed, 03 May 2023₹26.9t₹12.4t₹806.2b23.1x33.3x2.2x
Fri, 31 Mar 2023₹25.0t₹12.4t₹798.4b20.3x31.3x2x
Price to Earnings Ratio

31.3x


Total Market Cap: ₹25.0tTotal Earnings: ₹798.4bTotal 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 31.8x 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 2.8x.
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-3.57%
Industrials-4.48%
Airlines0%0
Logistics-1.93%
Commercial Services-2.60%
Electrical-2.67%
Industrials-3.26%
Construction-4.34%
Marine and Shipping-4.59%
Professional Services-4.82%
Infrastructure-4.87%
Machinery-4.91%
Building-5.04%
Transportation-5.25%
Trade Distributors-5.95%
Aerospace & Defense-6.04%
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 37.2%, 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, which is trading close to 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
APARINDS APAR Industries₹9.86k4.7%
+₹17.8b		66.5%PE40.7x
POWERINDIA Hitachi Energy India₹25.03k1.3%
+₹14.0b		106.1%PE132.6x
532439 Olectra Greentech₹1.07k18.5%
+₹13.7b		-10.9%PE61.4x
ATLANTAELE Atlanta Electricals₹1.21k17.1%
+₹13.6b		n/aPE64.5x
DELHIVERY Delhivery₹418.904.1%
+₹12.4b		62.9%PE205.2x

Latest News

HAL
₹3,654.00
Hindustan Aeronautics
7D
-7.8%
1Y
-8.9%

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.
500049
₹414.70
Bharat Electronics
7D
-5.7%
1Y
38.2%

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.
ASHOKLEY
₹167.13
Ashok Leyland
7D
-5.1%
1Y
59.1%

ASHOKLEY: Execution On EV Battery Expansion And Mobility Funding Will Support Upside

The analyst price target for Ashok Leyland has been revised slightly higher to ₹206.32 from ₹203.54 as analysts factor in updated assumptions on the discount rate, revenue growth, profit margins and future P/E multiples. Analyst Commentary With the revised price target for Ashok Leyland now at ₹206.32, analysts are fine tuning their views on how the company might execute on its plans, manage profitability and support the current valuation.
APARINDS
₹9,859.00
APAR Industries
7D
4.7%
1Y
66.5%

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).
CGPOWER
₹667.30
CG Power and Industrial Solutions
7D
-5.8%
1Y
6.4%

CGPOWER: Data Center Order And Stable Assumptions Will Shape Future Returns

Analysts have maintained their price target for CG Power and Industrial Solutions at ₹692.44, with only minor tweaks to inputs such as the discount rate, revenue growth, profit margin and future P/E assumptions supporting the updated view. What's in the News CG Power and Industrial Solutions secured a landmark €900 million (US$99.2 million) export order from Tallgrass Integrated Logistics Solutions LLC, USA, to supply power transformers for a large scale data center project, described as the largest single order ever won by the company and its entry into the global data center segment (Key Developments).
ATLANTAELE
₹1,209.80
Atlanta Electricals
7D
17.1%
1Y
n/a
DELHIVERY
₹418.90
Delhivery
7D
4.1%
1Y
62.9%

DELHIVERY: New Financial Services And AI Automation Will Shape Next Phase

Analysts have kept Delhivery's fair value unchanged at ₹523.04 per share, with only slight adjustments to the discount rate, revenue growth, profit margin and forward P/E assumptions, resulting in a steady overall price target view. What's in the News Board meeting scheduled on January 31, 2026 to consider and approve unaudited standalone and consolidated financial results for the quarter and nine months ended December 31, 2025 (company filing).
532439
₹1,070.25
Olectra Greentech
7D
18.5%
1Y
-10.9%
POWERINDIA
₹25,025.00
Hitachi Energy India
7D
1.3%
1Y
106.1%

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).
DOMS
₹2,295.40
DOMS Industries
7D
6.4%
1Y
-20.4%

DOMS: Upcoming Joint Venture Review Will Support Future Upside Potential

Analysts have kept their price target on DOMS Industries broadly unchanged at around ₹2,944 per share. This reflects consistent assumptions on fair value, discount rate, revenue growth, profit margin and future P/E, with no new Street research prompting a revision this time.
INDIGO
₹4,150.80
InterGlobe Aviation
7D
-3.2%
1Y
-17.1%
512599
₹1,818.90
Adani Enterprises
7D
-7.9%
1Y
-21.6%

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.
SIEMENS
₹3,001.80
Siemens
7D
-5.4%
1Y
-41.4%
BLS
₹259.40
BLS International Services
7D
7.8%
1Y
-35.9%
533553
₹861.40
TD Power Systems
7D
5.5%
1Y
105.4%