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Indian (NIFTY) Machinery Industry Analysis

UpdatedJun 17, 2026
DataAggregated Company Financials
Companies244
  • 7D3.9%
  • 3M11.8%
  • 1Y16.2%
  • YTD7.2%

In the last week, the Machinery industry is up 4.3%, with Tata Motors up 12%. In the same time, Shaily Engineering Plastics was down 7.1%. This means that the industry has gained 15% over the past year. Looking forward, earnings are forecast to grow by 21% annually.

Industry Valuation and Performance

Has the Indian Machinery Industry valuation changed over the past few years?

DateMarket CapRevenueEarningsPEAbsolute PEPS
Wed, 17 Jun 2026₹12.1t₹3.7t₹284.8b27.1x42.6x3.3x
Fri, 15 May 2026₹11.5t₹3.6t₹279.9b26x41.2x3.2x
Sun, 12 Apr 2026₹11.3t₹2.7t₹248.1b25.6x45.4x4.2x
Tue, 10 Mar 2026₹10.8t₹2.7t₹247.8b23.8x43.6x4x
Thu, 05 Feb 2026₹11.1t₹2.6t₹244.1b25.5x45.5x4.2x
Sat, 03 Jan 2026₹11.4t₹2.6t₹241.0b29.4x47.1x4.3x
Mon, 01 Dec 2025₹11.2t₹2.7t₹251.0b29.9x44.5x4.1x
Wed, 29 Oct 2025₹10.0t₹2.7t₹248.7b31.3x40.3x3.7x
Fri, 26 Sep 2025₹10.2t₹2.7t₹250.5b31.5x40.6x3.8x
Sun, 24 Aug 2025₹10.0t₹2.7t₹248.7b32x40.2x3.7x
Tue, 22 Jul 2025₹9.9t₹2.6t₹238.5b34.1x41.6x3.8x
Thu, 19 Jun 2025₹9.7t₹2.6t₹235.0b33.5x41.1x3.7x
Sat, 17 May 2025₹9.4t₹2.6t₹246.2b32.6x38x3.5x
Mon, 14 Apr 2025₹8.1t₹2.5t₹226.0b31.1x35.9x3.2x
Wed, 12 Mar 2025₹7.9t₹2.5t₹225.9b28.5x35x3.2x
Fri, 07 Feb 2025₹8.7t₹2.5t₹223.8b36.1x39x3.6x
Sun, 05 Jan 2025₹9.7t₹2.4t₹223.8b39.3x43.4x4x
Tue, 03 Dec 2024₹9.9t₹2.4t₹223.2b38.7x44.4x4.1x
Thu, 31 Oct 2024₹9.6t₹2.4t₹214.5b37.1x44.9x4.1x
Sat, 28 Sep 2024₹10.4t₹2.3t₹210.7b40.3x49.3x4.4x
Mon, 26 Aug 2024₹10.5t₹2.3t₹210.4b40.4x50x4.5x
Wed, 24 Jul 2024₹10.5t₹2.3t₹204.9b39.7x51.4x4.6x
Fri, 21 Jun 2024₹10.8t₹2.3t₹203.7b40.2x52.9x4.7x
Sun, 19 May 2024₹9.6t₹2.3t₹194.8b41.6x49.5x4.2x
Tue, 16 Apr 2024₹8.1t₹2.2t₹190.3b35.8x42.5x3.6x
Thu, 14 Mar 2024₹6.8t₹2.2t₹188.7b30x36.3x3.1x
Sat, 10 Feb 2024₹7.4t₹2.2t₹186.2b34.2x39.7x3.3x
Mon, 08 Jan 2024₹7.0t₹2.2t₹176.6b34.8x39.7x3.2x
Wed, 06 Dec 2023₹6.5t₹2.1t₹172.5b32.5x37.9x3.1x
Fri, 03 Nov 2023₹6.1t₹2.1t₹163.5b31.4x37.4x2.9x
Sun, 01 Oct 2023₹6.3t₹2.1t₹161.4b30.5x39x3x
Tue, 29 Aug 2023₹6.2t₹2.1t₹161.4b30.6x38.3x3x
Thu, 27 Jul 2023₹5.9t₹2.0t₹150.5b29.3x39.1x2.9x
Sat, 24 Jun 2023₹5.4t₹2.0t₹144.1b27.1x37.8x2.7x
Price to Earnings Ratio

37.8x


Total Market Cap: ₹5.4tTotal Earnings: ₹144.1bTotal Revenue: ₹2.0tTotal Market Cap vs Earnings and Revenue0%0%0%
Indian Machinery Industry Price to Earnings3Y Average 42.3x202420252026
Current Industry PE
  • Investors are relatively neutral on the Indian Machinery 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 42.3x.
  • The 3-year average PS ratio of 3.7x is higher than the industry's current PS ratio of 3.3x.
Past Earnings Growth
  • The earnings for companies in the Machinery industry have grown 25% per year over the last three years.
  • Revenues for these companies have grown 23% 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 industry?

IN Market2.23%
Industrials2.36%
Machinery3.91%
Construction Machinery and Vehicles5.20%
Industrial Machinery2.72%
Agricultural Machinery2.12%
Industry PE
  • Investors are most optimistic about the Industrial Machinery industry, which is trading close to its 3-year average PE ratio of 44.1x.
    • Analysts are expecting annual earnings growth of 20.8%, which is higher than its past year's earnings growth of 7.3% per year.
  • Investors are most pessimistic about the Agricultural Machinery industry, which is trading below its 3-year average of 34.1x.
Forecasted Growth
  • Analysts are most optimistic on the Construction Machinery and Vehicles industry, expecting annual earnings growth of 22% over the next 5 years.
  • However this is lower than its past earnings growth rate of 28% per year.
  • In contrast, the Agricultural Machinery industry is expected to see its earnings grow by 9.6% 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
TMCV Tata Motors₹402.8010.4%
+₹139.6b		n/aPE49x
ASHOKLEY Ashok Leyland₹159.5712.7%
+₹105.9b		36.4%PE27x
500480 Cummins India₹5.83k3.9%
+₹60.7b		77.8%PE68.4x
MTARTECH MTAR Technologies₹8.32k17.1%
+₹37.3b		391.4%PE272.1x
LLOYDSENGG Lloyds Engineering Works₹87.6926.6%
+₹27.3b		49.3%PE68.4x

Latest News

LLOYDSENGG
₹87.69
Lloyds Engineering Works
7D
26.6%
1Y
49.3%
TMCV
₹402.80
Tata Motors
7D
10.4%
1Y
n/a
New Narrative • Jun 16

Cleaner Transport And Mass Mobility Tailwinds Will Reshape This Commercial Vehicle Leader

Catalysts About Tata Motors Tata Motors focuses on commercial vehicles, including trucks, buses and small commercial vehicles, with both domestic and international operations. What are the underlying business or industry changes driving this perspective?
ELGIEQUIP
₹600.10
Elgi Equipments
7D
-0.5%
1Y
15.4%
Narrative Update • Jun 15

ELGIEQUIP: Future Returns Will Rely On Stable Margins And Industrial Use Cases

Analysts have kept Elgi Equipments' fair value estimate steady at ₹636.00, with only small tweaks to discount rate, revenue growth, profit margin and future P/E assumptions shaping this latest price target update. What's in the News Elgi Equipments declared an annual dividend of ₹2.70 per share, scheduled to be paid on September 13, 2026, with an ex date and record date of July 17, 2026.
ASHOKLEY
₹159.57
Ashok Leyland
7D
12.7%
1Y
36.4%
Narrative Update • Jun 11

ASHOKLEY: Higher Discount Rate And Dividend Actions Will Shape Future Re Rating

Analysts have cut their price target on Ashok Leyland to about ₹183 from roughly ₹198, reflecting updated assumptions that include a higher discount rate, much lower projected revenue growth, slightly softer profit margins and a more conservative future P/E multiple. Analyst Commentary Analysts covering Ashok Leyland are reassessing the stock with a closer eye on execution quality, cash flow durability and how much investors should be willing to pay for those fundamentals through the cycle.
MTARTECH
₹8,319.00
MTAR Technologies
7D
17.1%
1Y
391.4%
Narrative Update • Jun 08

MTARTECH: Blanket Orders And Raised Guidance Will Shape Future Risk Balance

Analysts have maintained the fair value estimate for MTAR Technologies at ₹7,358.25, making only minor adjustments to assumptions such as a slightly lower discount rate and a modest change to the future P/E used in their models. What's in the News MTAR Technologies reported receiving blanket purchase orders from an existing international customer valued at US$238.76 million, or ₹22,789.6 million at an exchange rate of ₹95.50 per US$1.
NRBBEARING
₹420.60
NRB Bearings
7D
-3.6%
1Y
55.0%
JNKINDIA
₹471.20
JNK India
7D
-5.4%
1Y
30.8%
COCHINSHIP
₹1,500.20
Cochin Shipyard
7D
6.8%
1Y
-30.0%
Narrative Update • Jun 07

COCHINSHIP: Future Returns Will Hinge On Margin Execution Over Growth

Narrative Update on Cochin Shipyard Analysts have lifted their price target on Cochin Shipyard from ₹1,390 to ₹1,750, citing updated assumptions around revenue growth, profit margins and future P/E levels as key drivers of the new view. What's in the News The board will meet on May 15, 2026 to consider and approve standalone and consolidated audited financial results for the quarter and year ended March 31, 2026, and to consider a final dividend recommendation for FY 2025-26.
501423
₹2,889.35
Shaily Engineering Plastics
7D
-4.0%
1Y
62.7%
Narrative Update • Jun 05

501423: Upcoming Results And Fundraising Options Will Support Future Upside

Analysts have trimmed their price target on Shaily Engineering Plastics from ₹3,597 to about ₹3,518, reflecting updated assumptions around revenue growth, profit margins and the future P/E multiple. What's in the News A board meeting is scheduled for May 19, 2026 to review and approve the audited standalone and consolidated financial results for the quarter and year ended March 31, 2026.
526829
₹67.57
Confidence Petroleum India
7D
-7.2%
1Y
14.9%
500480
₹5,826.20
Cummins India
7D
3.9%
1Y
77.8%
Narrative Update • Jun 05

500480: Higher Earnings Assumptions And Rich Multiple Will Likely Cap Further Upside

Analysts have raised their price target on Cummins India from about ₹4,700 to roughly ₹5,700, citing updated assumptions for revenue growth, profit margins and future P/E that, in their view, support a higher fair value estimate. What's in the News Board meeting scheduled for May 27, 2026 to consider and approve audited standalone and consolidated financial results for the quarter and financial year ended March 31, 2026, and to consider a recommendation of a final dividend on equity shares for FY 2025-26, if any, subject to shareholder approval at the AGM.
KIRLOSENG
₹1,988.70
Kirloskar Oil Engines
7D
9.4%
1Y
132.5%
Narrative Update • Jun 04

KIRLOSENG: Chairman Transition And Dividend Policy Will Shape A Balanced Outlook

Analysts have maintained the Kirloskar Oil Engines price target at ₹1,877.80, citing updated assumptions that include adjusted discount rates, revenue growth, profit margins and a revised future P/E outlook as the main factors behind the unchanged figure. What's in the News A board meeting is scheduled for 14 May 2026 at 15:00 IST to consider and approve the standalone and consolidated audited financial results for the quarter and year ended 31 March 2026.
500147
₹9,254.70
John Cockerill India
7D
-10.1%
1Y
171.4%
INGERRAND
₹4,498.80
Ingersoll-Rand (India)
7D
14.7%
1Y
16.1%
AJAXENGG
₹557.70
Ajax Engineering
7D
-1.0%
1Y
-7.4%
Analysis Article • May 25

Some Investors May Be Willing To Look Past Ajax Engineering's (NSE:AJAXENGG) Soft Earnings

The market was pleased with the recent earnings report from Ajax Engineering Limited ( NSE:AJAXENGG ), despite the...
505036
₹2,065.75
Automobile Corporation of Goa
7D
-8.9%
1Y
16.1%