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Indian (NIFTY) Machinery Industry Analysis

UpdatedJan 30, 2026
DataAggregated Company Financials
Companies237
  • 7D0.4%
  • 3M-5.6%
  • 1Y4.4%
  • YTD-4.7%

Last week, the Machinery industry hasn't moved much but Tata Motors is up 5.7% in that time. As for the the longer term, the industry is up 4.4% over the past 12 months. As for the next few years, earnings are expected to grow by 19% per annum.

Industry Valuation and Performance

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

DateMarket CapRevenueEarningsPEAbsolute PEPS
Sat, 31 Jan 2026₹10.7t₹2.6t₹242.3b25.4x44.2x4.1x
Mon, 29 Dec 2025₹11.0t₹2.6t₹240.6b28.8x45.6x4.2x
Wed, 26 Nov 2025₹10.9t₹2.7t₹250.9b29.9x43.3x4x
Fri, 24 Oct 2025₹9.9t₹2.7t₹248.8b31x39.9x3.7x
Sun, 21 Sep 2025₹10.3t₹2.7t₹249.0b32.4x41.5x3.9x
Tue, 19 Aug 2025₹9.8t₹2.7t₹249.2b30.5x39.4x3.7x
Thu, 17 Jul 2025₹10.2t₹2.6t₹238.5b33.8x42.9x3.9x
Sat, 14 Jun 2025₹9.8t₹2.6t₹235.0b33.3x41.5x3.7x
Mon, 12 May 2025₹8.3t₹2.5t₹229.2b29.5x36.4x3.3x
Wed, 09 Apr 2025₹8.0t₹2.5t₹226.1b29.6x35.2x3.2x
Fri, 07 Mar 2025₹8.0t₹2.5t₹225.7b29.4x35.6x3.2x
Sun, 02 Feb 2025₹9.0t₹2.4t₹223.6b36.3x40.1x3.7x
Tue, 31 Dec 2024₹9.5t₹2.4t₹223.7b37.7x42.4x3.9x
Thu, 28 Nov 2024₹9.8t₹2.4t₹223.2b38.5x44x4.1x
Sat, 26 Oct 2024₹9.4t₹2.4t₹212.2b36.8x44.4x4x
Mon, 23 Sep 2024₹10.3t₹2.3t₹210.6b39.6x49.1x4.4x
Wed, 21 Aug 2024₹10.3t₹2.3t₹210.2b39.3x49.2x4.4x
Fri, 19 Jul 2024₹10.7t₹2.3t₹204.1b40.8x52.6x4.7x
Sun, 16 Jun 2024₹10.7t₹2.3t₹203.7b38.2x52.3x4.7x
Tue, 14 May 2024₹8.9t₹2.3t₹192.9b38.3x46.1x3.9x
Thu, 11 Apr 2024₹8.2t₹2.2t₹190.3b37x42.9x3.7x
Sat, 09 Mar 2024₹7.4t₹2.2t₹188.6b33.9x39.1x3.3x
Mon, 05 Feb 2024₹7.4t₹2.2t₹179.7b35.6x41x3.4x
Wed, 03 Jan 2024₹6.9t₹2.2t₹176.5b34.4x39.3x3.2x
Fri, 01 Dec 2023₹6.4t₹2.1t₹172.5b32.1x37.3x3x
Sun, 29 Oct 2023₹6.1t₹2.1t₹162.0b30.5x37.7x2.9x
Tue, 26 Sep 2023₹6.2t₹2.1t₹161.3b30x38.4x3x
Thu, 24 Aug 2023₹6.1t₹2.1t₹161.4b30.2x38.1x3x
Sat, 22 Jul 2023₹5.8t₹2.0t₹144.5b28.8x40.1x2.9x
Mon, 19 Jun 2023₹5.5t₹2.0t₹144.1b27.6x38x2.8x
Wed, 17 May 2023₹5.0t₹1.9t₹131.6b27.3x37.8x2.6x
Fri, 14 Apr 2023₹4.7t₹1.9t₹129.6b24.5x36.5x2.5x
Sun, 12 Mar 2023₹4.7t₹1.9t₹129.6b23.6x36.1x2.5x
Tue, 07 Feb 2023₹4.5t₹1.8t₹121.0b24.7x37.5x2.5x
Price to Earnings Ratio

37.5x


Total Market Cap: ₹4.5tTotal Earnings: ₹121.0bTotal Revenue: ₹1.8tTotal Market Cap vs Earnings and Revenue0%0%0%
Indian Machinery Industry Price to Earnings3Y Average 41.3x202420252026
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 41.3x.
  • The 3-year average PS ratio of 3.5x is lower than the industry's current PS ratio of 4.1x.
Past Earnings Growth
  • The earnings for companies in the Machinery industry have grown 26% per year over the last three years.
  • Revenues for these companies have grown 12% 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 Market0.30%
Industrials2.12%
Machinery0.42%
Construction Machinery and Vehicles2.06%
Industrial Machinery-1.07%
Agricultural Machinery-4.56%
Industry PE
  • Investors are most optimistic about the Construction Machinery and Vehicles industry which is trading above its 3-year average PE ratio of 39.6x.
    • Analysts are expecting annual earnings growth of 18.3%, which is lower than the prior year's growth of 21.3% per year.
  • Investors are most pessimistic about the Agricultural Machinery industry, which is trading below its 3-year average of 34.0x.
Forecasted Growth
  • Analysts are most optimistic on the Industrial Machinery industry, expecting annual earnings growth of 20% over the next 5 years.
  • This is better than its past earnings growth rate of 6.9% per year.
  • In contrast, the Agricultural Machinery industry is expected to see its earnings grow by 12% 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
500480 Cummins India₹4.11k4.6%
+₹49.7b		40.9%PE49.2x
COCHINSHIP Cochin Shipyard₹1.66k11.5%
+₹45.1b		8.3%PE60x
TMCV Tata Motors₹458.502.1%
+₹34.2b		n/an/a
AIAENG AIA Engineering₹3.99k6.9%
+₹24.2b		8.4%PE33x
ASHOKLEY Ashok Leyland₹196.691.9%
+₹21.8b		81.4%PE35.5x

Latest News

500048
₹1,794.95
BEML
7D
9.1%
1Y
-6.6%
ASHOKLEY
₹196.69
Ashok Leyland
7D
1.9%
1Y
81.4%
COCHINSHIP
₹1,659.90
Cochin Shipyard
7D
11.5%
1Y
8.3%
MTARTECH
₹2,931.50
MTAR Technologies
7D
22.1%
1Y
80.5%
500033
₹19,205.15
Force Motors
7D
-0.9%
1Y
204.5%
SETL
₹115.53
Standard Engineering Technology
7D
-4.9%
1Y
-31.4%
500480
₹4,110.10
Cummins India
7D
4.6%
1Y
40.9%

500480: Renewable Power Acquisition And Dividend Plans Will Support Future Upside

Analysts have kept their price target for Cummins India steady at ₹5,370, citing only marginal tweaks to assumptions for discount rate, revenue growth, profit margin and future P/E that do not materially alter their valuation view. What's in the News Board meeting scheduled on Feb 04, 2026 to review unaudited standalone and consolidated financial results for the quarter and nine months ended Dec 31, 2025, and to consider an interim dividend for FY 2025-26 (Board Meeting).
505192
₹3,460.00
SML Mahindra
7D
-5.5%
1Y
158.6%
TEGA
₹1,702.50
Tega Industries
7D
-2.4%
1Y
12.5%

TEGA: Recent Equity Raise Will Support Stronger Long Term Outlook

Analysts have kept their fair value estimate for Tega Industries broadly steady at ₹2,034, with only marginal tweaks to the discount rate and long run assumptions behind revenue growth, profit margins and future P/E to reflect updated modelling rather than a change in conviction. What's in the News On November 28, 2025, Tega Industries Limited closed a private placement of 8,592,206 equity shares at an issue price of ₹1,994 per share, raising gross proceeds of about ₹17.13b (Key Developments).
ESCORTS
₹3,380.80
Escorts Kubota
7D
-3.4%
1Y
-6.7%

ESCORTS: Construction Equipment Expansion Will Support Future Earnings Re Rating

Analysts now see fair value for Escorts Kubota at ₹4,560, up from ₹4,101. They point to updated assumptions around slightly higher discount rates, stronger revenue growth, improved profit margins and a lower future P/E multiple.
AIAENG
₹3,989.00
AIA Engineering
7D
6.9%
1Y
8.4%

AIAENG: Steady Assumptions And Forthcoming Results Meetings Will Shape Fair Outlook

Analysts have trimmed their price target for AIA Engineering slightly to ₹3,705.70 from ₹3,709.20, reflecting small technical adjustments to fair value, discount rate and future P/E assumptions rather than any major shift in their view on the business. What's in the News Board meeting scheduled on Nov 07, 2025 at 11:30 Indian Standard Time to consider and approve unaudited financial results for the quarter and half year ended Sep 30, 2025, along with limited review reports (company filing).
KIRLOSENG
₹1,174.00
Kirloskar Oil Engines
7D
7.3%
1Y
29.9%

KIRLOSENG: Slump Sale And Spin Off Will Shape Undervalued Upside

Analysts have lifted their fair value estimate for Kirloskar Oil Engines from ₹1,254 to about ₹1,286, citing updated assumptions for revenue growth, profit margins, the discount rate and future P/E that modestly adjust their outlook on the stock. What's in the News A board meeting is scheduled for November 11, 2025, to consider and approve standalone and consolidated unaudited financial results for the quarter and half year ended September 30, 2025 (company filing).
531431
₹620.95
Shakti Pumps (India)
7D
-2.8%
1Y
-34.0%
THERMAX
₹2,878.00
Thermax
7D
-1.5%
1Y
-25.5%

THERMAX: Upcoming Earnings Releases Will Support Long-Term Upside Potential

Analysts have slightly reduced their 12 month price target for Thermax to ₹3,424 from about ₹3,464, citing updated assumptions for discount rate, revenue growth, profit margins and future P/E that are now marginally more conservative in their models. What's in the News Board meeting scheduled on Feb 02, 2026 to consider and approve unaudited financial results for the quarter and nine months ended Dec 31, 2025, including segment-wise financials (company filing).
522113
₹2,939.05
Timken India
7D
-2.8%
1Y
2.8%