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Indian (NIFTY) Industrials Sector Analysis

UpdatedApr 21, 2026
DataAggregated Company Financials
Companies1121
  • 7D5.7%
  • 3M12.5%
  • 1Y13.1%
  • YTD4.3%

The Industrials industry is up 5.7% in the last week, with Adani Ports and Special Economic Zone up 8.8%. This means that the industry has gained 13% over the past year. Looking forward, earnings are forecast to grow by 20% annually.

Sector Valuation and Performance

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

DateMarket CapRevenueEarningsPEAbsolute PEPS
Tue, 21 Apr 2026₹64.5t₹19.3t₹1.7t22.5x37.7x3.3x
Thu, 19 Mar 2026₹58.3t₹19.2t₹1.7t20.1x34.2x3x
Sat, 14 Feb 2026₹61.0t₹19.3t₹1.8t21.8x34.7x3.2x
Mon, 12 Jan 2026₹59.4t₹18.7t₹1.7t23.5x36x3.2x
Wed, 10 Dec 2025₹59.1t₹18.6t₹1.6t24.6x35.9x3.2x
Fri, 07 Nov 2025₹60.0t₹18.3t₹1.6t27.4x37.8x3.3x
Sun, 05 Oct 2025₹60.7t₹18.0t₹1.5t28.2x39.3x3.4x
Tue, 02 Sep 2025₹58.4t₹17.8t₹1.5t28.4x38.1x3.3x
Thu, 31 Jul 2025₹59.7t₹17.6t₹1.5t29.4x39x3.4x
Sat, 28 Jun 2025₹61.0t₹17.4t₹1.5t30.1x40.7x3.5x
Mon, 26 May 2025₹57.7t₹17.3t₹1.5t28.9x37.9x3.3x
Wed, 23 Apr 2025₹50.6t₹16.1t₹1.4t28.7x36.5x3.1x
Fri, 21 Mar 2025₹49.5t₹16.1t₹1.4t26.5x35.7x3.1x
Sun, 16 Feb 2025₹46.9t₹16.1t₹1.4t28.1x34x2.9x
Tue, 14 Jan 2025₹53.0t₹16.4t₹1.4t33.8x38.9x3.2x
Thu, 12 Dec 2024₹61.7t₹16.3t₹1.4t36.4x45.5x3.8x
Sat, 09 Nov 2024₹59.0t₹16.1t₹1.3t35.9x44.3x3.7x
Mon, 07 Oct 2024₹58.7t₹14.8t₹1.2t36.3x48.7x4x
Wed, 04 Sep 2024₹60.2t₹14.8t₹1.2t37.9x50x4.1x
Fri, 02 Aug 2024₹61.6t₹14.5t₹1.1t38.3x54.5x4.2x
Sun, 30 Jun 2024₹61.5t₹15.0t₹1.2t36x51.5x4.1x
Tue, 28 May 2024₹58.6t₹19.8t₹2.1t35.1x28.5x3x
Thu, 25 Apr 2024₹50.7t₹13.8t₹1.0t35.5x49.1x3.7x
Sat, 23 Mar 2024₹45.9t₹13.8t₹1.0t31x44.3x3.3x
Mon, 19 Feb 2024₹45.3t₹13.8t₹1.0t33.4x44x3.3x
Wed, 17 Jan 2024₹43.6t₹13.5t₹965.7b33.5x45.2x3.2x
Fri, 15 Dec 2023₹40.9t₹13.4t₹959.5b30.4x42.6x3x
Sun, 12 Nov 2023₹35.7t₹13.4t₹966.3b28.8x36.9x2.7x
Tue, 10 Oct 2023₹35.6t₹13.3t₹930.5b28.5x38.3x2.7x
Thu, 07 Sep 2023₹35.5t₹13.1t₹917.7b29.4x38.7x2.7x
Sat, 05 Aug 2023₹33.3t₹12.9t₹890.2b29.5x37.4x2.6x
Mon, 03 Jul 2023₹31.1t₹12.8t₹882.0b26.8x35.3x2.4x
Wed, 31 May 2023₹28.9t₹12.8t₹845.6b24.8x34.2x2.3x
Fri, 28 Apr 2023₹26.5t₹12.4t₹807.1b23.2x32.8x2.1x
Price to Earnings Ratio

32.8x


Total Market Cap: ₹26.5tTotal Earnings: ₹807.1bTotal 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 relatively neutral on the Indian Industrials industry at the moment, indicating that they anticipate long term growth rates to remain steady.
  • The industry is trading close to its 3-year average PE ratio 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 28% 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 Market3.52%
Industrials5.73%
Marine and Shipping11.62%
Electrical8.24%
Industrials8.19%
Infrastructure7.52%
Professional Services5.63%
Aerospace & Defense5.20%
Trade Distributors4.76%
Commercial Services4.76%
Construction4.50%
Machinery4.33%
Transportation3.59%
Logistics2.97%
Building2.34%
Airlines0%0
Industry PE
  • Investors are most optimistic about the Logistics industry even though it's trading below its 3-year average PE ratio of 76.3x.
    • Analysts are expecting annual earnings growth of 36.8%, 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 14.6x.
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 growth to stay flat over the next few years.

Top Stock Gainers and Losers

Which companies have driven the market over the last 7 days?

CompanyLast Price7D1YValuation
ADANIPORTS Adani Ports and Special Economic Zone₹1.59k8.8%
+₹296.7b		29.3%PE29.4x
HAL Hindustan Aeronautics₹4.36k6.3%
+₹172.9b		1.7%PE32.8x
500510 Larsen & Toubro₹4.08k3.1%
+₹167.6b		25.0%PE32.7x
500103 Bharat Heavy Electricals₹332.7015.6%
+₹156.2b		45.7%PE142.3x
512599 Adani Enterprises₹2.23k4.5%
+₹143.8b		-9.0%PE21.9x

Latest News

512599
₹2,225.25
Adani Enterprises
7D
4.5%
1Y
-9.0%
SUPREMEIND
₹3,666.60
Supreme Industries
7D
-3.5%
1Y
4.1%

SUPREMEIND: Board Leadership Shift And Dividend Decision Will Shape Fairly Valued Outlook

Analysts have revised their fair value estimate for Supreme Industries from ₹3,868 to about ₹3,944, citing updated assumptions around revenue growth, profit margin, and future P/E levels. What's in the News A board meeting is scheduled on Apr 27, 2026 to consider audited financial results for the year ended Mar 31, 2026, and a potential dividend recommendation on equity shares, if any (company filing).
CGPOWER
₹805.25
CG Power and Industrial Solutions
7D
12.4%
1Y
24.8%

CGPOWER: Record Data Center Order And Steady Assumptions Will Guide Future Returns

Analysts have lifted their fair value estimate for CG Power and Industrial Solutions from ₹692.44 to ₹708.50, reflecting updated assumptions on the discount rate, revenue growth, profit margin and future P/E multiples. What's in the News CG Power and Industrial Solutions has secured an order valued at €900 million (about $99.2 million) from Tallgrass Integrated Logistics Solutions LLC in the US for a large data center project, focused on power transformers for hyperscale data center applications (Key Developments).
ASTRAL
₹1,582.50
Astral
7D
-2.6%
1Y
15.6%

ASTRAL: Upcoming Board Review Will Test Fairly Balanced Risk Reward Profile

Astral's analyst price target has shifted modestly higher to around ₹1,730 from about ₹1,720, as analysts refresh their models with slightly different assumptions on the discount rate, revenue growth, profit margin and forward P/E. What's in the News Astral has scheduled a board meeting on Feb 05, 2026, at 15:00 Indian Standard Time.
ADANIPORTS
₹1,594.10
Adani Ports and Special Economic Zone
7D
8.8%
1Y
29.3%
TIL
₹199.79
TIL
7D
-10.7%
1Y
-13.3%
500128
₹77.83
Electrosteel Castings
7D
-4.9%
1Y
-25.7%

500128: Upcoming Meetings Will Highlight Concern Over Earnings Sustainability Risks

Analysts have kept the price target for Electrosteel Castings steady at ₹61, reflecting only minor tweaks to assumptions around discount rate, revenue growth, profit margin and future P/E that do not change their overall valuation view. What's in the News A Special or Extraordinary Shareholders Meeting is scheduled via postal ballot in India on April 12, 2026, to consider the reappointment of Mr. Sunil Katial as Whole Time Director and Chief Executive Officer of Electrosteel Castings Limited (company filing).
500510
₹4,075.75
Larsen & Toubro
7D
3.1%
1Y
25.0%

500510: New Infrastructure Orders Will Drive Future Upside

Analysts have slightly reduced their price target on Larsen & Toubro, adjusting it from about ₹4,544 to around ₹4,528 as they update assumptions on fair value, discount rate, revenue growth, profit margin and future P/E, while keeping their overall view broadly unchanged. What's in the News L&T has secured multiple significant orders in India, including a float glass plant in Gujarat and a two wheeler manufacturing facility in Andhra Pradesh, along with several add on orders in existing projects, classified in the ₹10,000 million to ₹25,000 million range (Client Announcements).
501423
₹1,841.70
Shaily Engineering Plastics
7D
-5.2%
1Y
11.8%

501423: Long Term Pharma Supply Agreement And Stable Assumptions Will Support Future Upside

Analysts have kept the price target for Shaily Engineering Plastics broadly unchanged at about ₹3,526, as their views on discount rate, revenue growth, profit margin and future P/E remain effectively in line with prior assumptions. What's in the News Signed a Manufacturing & Commercial Supply Agreement with a large domestic pharma company for the supply of pen injectors, with execution planned over 4 years and an indicated contract size of about ₹4,230 million (Key Developments).
HAL
₹4,358.40
Hindustan Aeronautics
7D
6.3%
1Y
1.7%

HAL: Defence Contracts And Dividend Will Support Future Share Returns

Analysts have slightly reduced their fair value estimate for Hindustan Aeronautics from ₹5,179.45 to ₹5,164.10, citing modest adjustments to assumptions for the discount rate, revenue growth, profit margins and future P/E. What's in the News Ministry of Defence signed contracts on 3 March 2026 that include an ALH Mk-III (Maritime Role) helicopter order worth ₹29,010 million with Hindustan Aeronautics under the Buy (Indian Indigenously Designed Developed and Manufactured) category, supporting maritime security roles for the Indian Coast Guard and involving supply from more than 200 MSMEs, with an estimated 6.5 million man hours of employment (Key Developments).
RMDRIP
₹20.98
R M Drip and Sprinklers Systems
7D
-18.6%
1Y
-23.7%
526570
₹4,213.55
Midwest Gold
7D
-4.7%
1Y
943.0%
500033
₹21,874.95
Force Motors
7D
-0.9%
1Y
140.4%
SIEMENS
₹3,721.70
Siemens
7D
11.3%
1Y
30.3%
ENRIN
₹3,208.20
Siemens Energy India
7D
12.6%
1Y
n/a
500103
₹332.70
Bharat Heavy Electricals
7D
15.6%
1Y
45.7%