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Indian (NIFTY) Industrials Sector Analysis

UpdatedMar 06, 2026
DataAggregated Company Financials
Companies1105
  • 7D-3.6%
  • 3M-1.5%
  • 1Y12.3%
  • YTD-2.5%

Over the last 7 days, the Industrials industry has dropped 5.2%, driven by Larsen & Toubro declining 5.9%. In the past year, the industry has gained 11%. As for the next few years, earnings are expected to grow by 18% per annum.

Sector Valuation and Performance

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

DateMarket CapRevenueEarningsPEAbsolute PEPS
Fri, 06 Mar 2026₹60.1t₹19.2t₹1.7t20.5x35.3x3.1x
Sun, 01 Feb 2026₹58.8t₹18.9t₹1.7t21.6x35.5x3.1x
Tue, 30 Dec 2025₹59.8t₹18.7t₹1.7t24.5x36.2x3.2x
Thu, 27 Nov 2025₹61.5t₹18.6t₹1.6t25.5x39.1x3.3x
Sat, 25 Oct 2025₹60.5t₹18.1t₹1.5t28x39x3.3x
Mon, 22 Sep 2025₹61.6t₹17.9t₹1.5t28.8x40.1x3.4x
Wed, 20 Aug 2025₹59.1t₹17.8t₹1.5t28.3x38.5x3.3x
Fri, 18 Jul 2025₹61.1t₹17.5t₹1.5t30.3x40.4x3.5x
Sun, 15 Jun 2025₹58.8t₹17.4t₹1.5t29.8x39.2x3.4x
Tue, 13 May 2025₹51.7t₹16.4t₹1.4t27.6x36.1x3.2x
Thu, 10 Apr 2025₹46.2t₹16.1t₹1.4t26.2x33.3x2.9x
Sat, 08 Mar 2025₹48.0t₹16.1t₹1.4t27x34.6x3x
Mon, 03 Feb 2025₹51.7t₹15.9t₹1.4t32.1x37.8x3.2x
Wed, 01 Jan 2025₹58.6t₹16.3t₹1.4t36.1x43.1x3.6x
Fri, 29 Nov 2024₹58.8t₹16.3t₹1.4t34.6x43.4x3.6x
Sun, 27 Oct 2024₹56.2t₹15.7t₹1.3t34x43.8x3.6x
Tue, 24 Sep 2024₹59.8t₹14.8t₹1.2t37.5x49.6x4x
Thu, 22 Aug 2024₹60.2t₹14.7t₹1.2t36.9x50.4x4.1x
Sat, 20 Jul 2024₹61.0t₹15.0t₹1.2t36.7x51x4.1x
Mon, 17 Jun 2024₹61.2t₹15.0t₹1.2t34.9x51.2x4.1x
Wed, 15 May 2024₹52.0t₹14.0t₹1.1t35x49.2x3.7x
Fri, 12 Apr 2024₹49.6t₹13.8t₹1.0t33.4x47.9x3.6x
Sun, 10 Mar 2024₹46.7t₹13.8t₹1.0t32.8x45.2x3.4x
Tue, 06 Feb 2024₹44.8t₹13.6t₹1.0t33.5x44.5x3.3x
Thu, 04 Jan 2024₹42.4t₹13.5t₹964.6b31.8x44x3.1x
Sat, 02 Dec 2023₹38.1t₹13.4t₹959.4b29.5x39.7x2.8x
Mon, 30 Oct 2023₹34.6t₹13.2t₹923.9b29.7x37.4x2.6x
Wed, 27 Sep 2023₹35.5t₹13.2t₹923.8b28.6x38.4x2.7x
Fri, 25 Aug 2023₹34.4t₹13.1t₹917.6b28x37.5x2.6x
Sun, 23 Jul 2023₹32.4t₹12.9t₹891.9b28.5x36.4x2.5x
Tue, 20 Jun 2023₹30.9t₹12.8t₹880.7b26.2x35.1x2.4x
Thu, 18 May 2023₹27.8t₹12.6t₹826.5b24.6x33.7x2.2x
Sat, 15 Apr 2023₹26.1t₹12.4t₹798.4b22.9x32.7x2.1x
Mon, 13 Mar 2023₹25.6t₹12.2t₹781.9b21.6x32.8x2.1x
Price to Earnings Ratio

32.8x


Total Market Cap: ₹25.6tTotal Earnings: ₹781.9bTotal 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 34.5x 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 Market-3.41%
Industrials-3.63%
Aerospace & Defense0.43%
Airlines0%0
Building-2.07%
Electrical-2.54%
Infrastructure-2.84%
Transportation-3.31%
Logistics-3.32%
Professional Services-3.42%
Machinery-4.23%
Industrials-4.72%
Commercial Services-4.77%
Trade Distributors-5.56%
Construction-6.17%
Marine and Shipping-6.61%
Industry PE
  • Investors are most optimistic about the Logistics industry even though it's trading below its 3-year average PE ratio of 75.6x.
    • 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 14.3x.
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
500049 Bharat Electronics₹460.002.4%
+₹80.4b		68.6%PE56.4x
MAZDOCK Mazagon Dock Shipbuilders₹2.35k4.5%
+₹40.7b		4.9%PE39.4x
533107 Swan Defence and Heavy Industries₹1.92k11.5%
+₹10.4b		2,473.7%PS199.4x
KIRLOSENG Kirloskar Oil Engines₹1.47k5.1%
+₹10.4b		130.2%PE39.2x
POLYCAB Polycab India₹8.56k0.7%
+₹8.7b		68.7%PE49.1x

Latest News

500049
₹460.00
Bharat Electronics
7D
2.4%
1Y
68.6%
500033
₹21,773.50
Force Motors
7D
-14.4%
1Y
193.5%
DATAPATTNS
₹3,359.20
Data Patterns (India)
7D
3.6%
1Y
136.4%

DATAPATTNS: Stable Outlook With Upcoming Q3 Results Expected To Shape Multiple

Analysts have kept their ₹3,040.68 price target for Data Patterns (India) unchanged, citing small adjustments in assumptions around discount rate, revenue growth, profit margins and future P/E as the key drivers behind the refreshed view. What's in the News A board meeting is scheduled for February 5, 2026, to consider and approve the unaudited financial results for the third quarter ended December 31, 2025 (company filing).
FINCABLES
₹918.00
Finolex Cables
7D
5.1%
1Y
9.1%
MAZDOCK
₹2,352.50
Mazagon Dock Shipbuilders
7D
4.5%
1Y
4.9%
RVNL
₹279.25
Rail Vikas Nigam
7D
-12.3%
1Y
-17.3%

RVNL: New Rail Orders And Leadership Transition Will Support Steady Outlook

Analysts have kept their fair value estimate for Rail Vikas Nigam steady at ₹334. This points to only small tweaks in assumptions around discount rate, revenue growth, profit margin and future P/E rather than a change in their overall view of the stock.
512599
₹2,088.45
Adani Enterprises
7D
-5.7%
1Y
-7.3%

512599: Data Centre Expansion And Rights Issue Will Support Future Upside

Analysts have kept their price target for Adani Enterprises broadly unchanged at around ₹2,870, citing only marginal tweaks to the discount rate, revenue growth, profit margin, and future P/E assumptions in their models. What's in the News Adani Group announced a $100b investment plan to build renewable-energy-powered hyperscale, AI-ready data centres by 2035, with capacity expansion of the AdaniConneX national data centre platform from 2GW to 5GW and a focus on supporting Indian AI startups and research institutions (company press release, India AI Impact Summit 2026).
INDIGO
₹4,512.80
InterGlobe Aviation
7D
-8.5%
1Y
-5.2%
HAL
₹3,891.80
Hindustan Aeronautics
7D
-2.9%
1Y
13.9%

HAL: Upcoming Dividend Payout Will Support Confidence In Future Returns

Analysts have trimmed their price target on Hindustan Aeronautics from about ₹5,560 to roughly ₹5,260, citing updated assumptions around a slightly higher discount rate, a revised revenue growth outlook, a different profit margin profile, and a lower future P/E multiple. What's in the News The board declared a first interim dividend of ₹35 per equity share with a face value of ₹5 each, equal to about 7x the face value, for the 2025-26 financial year.
500510
₹4,032.95
Larsen & Toubro
7D
-5.9%
1Y
23.7%

500510: Major Order Wins And AI Data Centers Will Support Steady Outlook

Analysts have made a slight upward adjustment to their fair value estimate for Larsen & Toubro, lifting it from about ₹4,598.90 to ₹4,608.20. This reflects small tweaks to assumptions around discount rate, margin profile and forward P/E multiples.
533107
₹1,922.05
Swan Defence and Heavy Industries
7D
11.5%
1Y
2,473.7%
POLYCAB
₹8,564.00
Polycab India
7D
0.7%
1Y
68.7%

POLYCAB: Future Returns Will Reflect Governance Resolutions And Fine-Tuned Outlook

Analysts have nudged their fair value estimate for Polycab India higher from about ₹8,327 to roughly ₹8,587, reflecting updated assumptions around discount rate, revenue growth, profit margin, and future P/E. What's in the News A board meeting is scheduled for Jan 16, 2026 to review and approve unaudited standalone and consolidated financial results for the quarter and nine months ended Dec 31, 2025, along with limited review reports (company filing).
ADANIPORTS
₹1,499.30
Adani Ports and Special Economic Zone
7D
-3.3%
1Y
32.0%

ADANIPORTS: Port Expansion And Dubai Logistics Subsidiary Will Support Future Earnings

Analysts have maintained their fair value estimate for Adani Ports and Special Economic Zone at ₹1,838.19 per share, with only very small adjustments to inputs such as the discount rate and future P/E. This reflects a broadly unchanged view on the stock's risk and earnings profile.
ASHOKLEY
₹203.04
Ashok Leyland
7D
-4.2%
1Y
92.8%

ASHOKLEY: Revised Earnings Assumptions Suggest Fairly Valued Shares With Balanced Prospects

The analyst fair value estimate for Ashok Leyland has shifted from ₹180.07 to ₹202.99, with analysts citing updated assumptions on revenue growth, profit margins and future P/E as the key factors behind the revised price target. Analyst Commentary Recent research on Ashok Leyland points to a mix of optimism around execution and growth potential, alongside some caution on earnings resilience and broader demand conditions.
PARAS
₹717.15
Paras Defence and Space Technologies
7D
12.6%
1Y
59.6%
KIRLOSENG
₹1,468.00
Kirloskar Oil Engines
7D
5.1%
1Y
130.2%

KIRLOSENG: Steady Outlook Will Hinge On Board Decisions And Interim Dividend

Analysts have lifted their fair value estimate for Kirloskar Oil Engines from about ₹1,287 to around ₹1,472, citing slightly lower assumed discount rates, modestly adjusted revenue growth expectations, a small uptick in projected profit margins, and a higher future P/E multiple in their models. What's in the News Board meeting scheduled for Feb 11, 2026, at 15:00 IST to review standalone and consolidated unaudited financial results for the quarter and nine months ended Dec 31, 2025 (company filing).