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Indian (NIFTY) Machinery Industry Analysis

UpdatedFeb 26, 2026
DataAggregated Company Financials
Companies238
  • 7D-0.2%
  • 3M7.8%
  • 1Y27.0%
  • YTD2.7%

The Machinery is pretty flat in the last 7 days, but Cummins India has stood out, gaining 4.1%. As for the the longer term, the industry is up 27% over the past 12 months. 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
Thu, 26 Feb 2026₹11.5t₹2.7t₹247.0b24.6x46.7x4.3x
Sat, 24 Jan 2026₹10.5t₹2.6t₹241.5b25.1x43.6x4x
Mon, 22 Dec 2025₹10.7t₹2.6t₹240.6b29.1x44.6x4.1x
Wed, 19 Nov 2025₹11.0t₹2.7t₹251.8b30.5x43.9x4.1x
Fri, 17 Oct 2025₹9.8t₹2.7t₹248.7b30.4x39.5x3.7x
Sun, 14 Sep 2025₹10.1t₹2.7t₹248.7b32.4x40.6x3.8x
Tue, 12 Aug 2025₹9.6t₹2.7t₹248.0b32.6x38.9x3.6x
Thu, 10 Jul 2025₹10.2t₹2.6t₹236.5b34x43x3.9x
Sat, 07 Jun 2025₹9.9t₹2.6t₹235.0b32.7x42.3x3.8x
Mon, 05 May 2025₹8.4t₹2.5t₹230.1b30.7x36.6x3.4x
Wed, 02 Apr 2025₹8.4t₹2.5t₹226.1b29.8x37.2x3.4x
Fri, 28 Feb 2025₹7.8t₹2.5t₹225.8b29.2x34.6x3.1x
Sun, 26 Jan 2025₹8.8t₹2.4t₹224.1b36.2x39.3x3.6x
Tue, 24 Dec 2024₹9.6t₹2.4t₹222.9b38.3x42.9x4x
Thu, 21 Nov 2024₹9.4t₹2.4t₹223.1b35.5x42.2x3.9x
Sat, 19 Oct 2024₹10.2t₹2.4t₹211.6b39.7x48.1x4.3x
Mon, 16 Sep 2024₹10.4t₹2.3t₹210.6b40.4x49.2x4.4x
Wed, 14 Aug 2024₹10.2t₹2.3t₹209.7b39x48.7x4.4x
Fri, 12 Jul 2024₹11.0t₹2.3t₹203.8b40.1x54x4.8x
Sun, 09 Jun 2024₹9.9t₹2.3t₹203.5b38.1x48.5x4.3x
Tue, 07 May 2024₹8.9t₹2.3t₹190.5b39.6x46.5x3.9x
Thu, 04 Apr 2024₹8.1t₹2.2t₹190.2b36.4x42.5x3.6x
Sat, 02 Mar 2024₹7.5t₹2.2t₹188.6b34.9x39.6x3.4x
Mon, 29 Jan 2024₹7.1t₹2.2t₹177.6b33.9x40.2x3.3x
Wed, 27 Dec 2023₹6.9t₹2.2t₹176.4b32.8x38.9x3.2x
Fri, 24 Nov 2023₹6.4t₹2.1t₹172.5b31.3x37x3x
Sun, 22 Oct 2023₹6.3t₹2.1t₹162.0b31.5x39x3x
Tue, 19 Sep 2023₹6.3t₹2.1t₹161.3b30.7x39x3x
Thu, 17 Aug 2023₹6.0t₹2.1t₹161.4b29x37x2.9x
Sat, 15 Jul 2023₹5.7t₹2.0t₹144.2b28.4x39.7x2.9x
Mon, 12 Jun 2023₹5.3t₹2.0t₹144.1b27x36.8x2.7x
Wed, 10 May 2023₹4.8t₹1.9t₹130.2b26.6x37.1x2.5x
Fri, 07 Apr 2023₹4.7t₹1.9t₹129.6b23.4x36.3x2.5x
Sun, 05 Mar 2023₹4.6t₹1.9t₹129.6b22.6x35.7x2.4x
Price to Earnings Ratio

35.7x


Total Market Cap: ₹4.6tTotal Earnings: ₹129.6bTotal Revenue: ₹1.9tTotal Market Cap vs Earnings and Revenue0%0%0%
Indian Machinery Industry Price to Earnings3Y Average 41.5x202420252026
Current Industry PE
  • Investors are optimistic on the Indian Machinery industry, and appear confident in long term growth rates.
  • The industry is trading at a PE ratio of 46.7x which is higher than its 3-year average PE of 41.5x.
  • The 3-year average PS ratio of 3.6x is lower than the industry's current PS ratio of 4.3x.
Past Earnings Growth
  • The earnings for companies in the Machinery industry have grown 24% per year over the last three years.
  • Revenues for these companies have grown 13% 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 Market-0.97%
Industrials-0.58%
Machinery-0.21%
Construction Machinery and Vehicles-0.14%
Industrial Machinery-0.15%
Agricultural Machinery-1.34%
Industry PE
  • Investors are most optimistic about the Construction Machinery and Vehicles industry which is trading above its 3-year average PE ratio of 39.9x.
    • Analysts are expecting annual earnings growth of 20.2%, which is higher than its past year's earnings growth of 17.0% per year.
  • Investors are most pessimistic about the Agricultural Machinery industry, which is trading close to its 3-year average of 34.2x.
Forecasted Growth
  • Analysts are most optimistic on the Industrial Machinery industry, expecting annual earnings growth of 23% over the next 5 years.
  • This is better than its past earnings growth rate of 9.4% per year.
  • In contrast, the Agricultural Machinery industry is expected to see its earnings grow by 11% 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₹4.96k6.8%
+₹87.8b		76.4%PE61.4x
TMCV Tata Motors₹491.353.6%
+₹62.0b		n/an/a
ASHOKLEY Ashok Leyland₹211.924.1%
+₹49.5b		88.0%PE37.6x
THERMAX Thermax₹3.18k5.8%
+₹19.8b		-0.3%PE52.6x
500033 Force Motors₹25.43k5.4%
+₹17.2b		285.2%PE24.5x

Latest News

RMDRIP
₹78.36
R M Drip and Sprinklers Systems
7D
-34.4%
1Y
91.8%
522113
₹3,362.55
Timken India
7D
6.6%
1Y
33.3%

522113: Board Meeting And Revised Assumptions Will Shape Steady Forward Outlook

Analysts have raised their price target on Timken India from ₹3,323 to ₹3,557, citing revised assumptions on revenue growth, profit margins and a higher future P/E multiple. What's in the News Timken India has scheduled a board meeting for 4 Feb 2026 to review and approve its unaudited consolidated financial results.
500480
₹4,962.30
Cummins India
7D
6.8%
1Y
76.4%

500480: Board Actions On Dividends And Margins Will Shape Balanced Future Outlook

The analyst price target for Cummins India has been adjusted slightly higher from ₹4,512.63 to ₹4,564.52 as analysts refresh their assumptions around revenue growth, profit margins and future P/E expectations. What's in the News Cummins India issued earnings guidance for financial year 2026, indicating an expectation of double digit revenue growth over the previous fiscal year, supported by demand across key segments (corporate guidance).
533107
₹1,723.90
Swan Defence and Heavy Industries
7D
-5.0%
1Y
2,704.9%
JWL
₹277.70
Jupiter Wagons
7D
-4.2%
1Y
-7.2%

JWL: Governance Changes And Refined Assumptions Will Shape Balanced Future Outlook

Analysts have trimmed their price target for Jupiter Wagons from ₹308 to ₹276, citing updated assumptions on revenue growth, profit margins, discount rate and future P/E that collectively point to a more conservative valuation. What's in the News Board meeting scheduled on Feb 11, 2026 to consider and approve the unaudited standalone and consolidated financial results, along with the statutory auditors' report, for the quarter and nine months ended Dec 31, 2025 (company filing).
ASHOKLEY
₹211.92
Ashok Leyland
7D
4.1%
1Y
88.0%

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.
CRAFTSMAN
₹7,754.50
Craftsman Automation
7D
-3.7%
1Y
85.5%

CRAFTSMAN: Upcoming Board Reviews And New Plant Will Shape Balanced Outlook

Analysts have increased their price target for Craftsman Automation from ₹7,814 to about ₹8,310, citing updated views on discount rates, revenue growth, profit margins, and future P/E assumptions. What's in the News A board meeting is scheduled on Feb 13, 2026 at 17:00 IST to consider initiating an evaluation process for a potential internal restructuring or consolidation of the aluminium products business (Key Developments).
ESCORTS
₹3,599.50
Escorts Kubota
7D
4.0%
1Y
23.1%

ESCORTS: Future Returns Will Rely On Risky New Equipment Adoption

Analysts now place their price target for Escorts Kubota at ₹2,828, up modestly from ₹2,775.82, reflecting updated assumptions around revenue growth, profit margins and a lower future P/E multiple. What's in the News A board meeting is scheduled on February 12, 2026 to consider approving an investment of ₹200 crores in Escorts Kubota Finance Limited, the company’s wholly owned subsidiary.
KIRLOSENG
₹1,396.30
Kirloskar Oil Engines
7D
-1.8%
1Y
141.5%

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).
TEGA
₹1,846.70
Tega Industries
7D
12.9%
1Y
45.0%
COCHINSHIP
₹1,500.80
Cochin Shipyard
7D
-1.4%
1Y
15.9%

COCHINSHIP: Future Returns Will Hinge On Margin Pressure Despite New Joint Venture

Analysts have trimmed their price target on Cochin Shipyard from ₹860 to ₹830, citing updated assumptions around slightly higher discount rates, revised revenue growth expectations, modestly lower profit margins, and a recalibrated future P/E multiple. What's in the News Managing Director Shri Madhu Sankunny Nair retired on superannuation on January 31, 2026.
TITAGARH
₹712.70
Titagarh Rail Systems
7D
-5.0%
1Y
-3.8%
THERMAX
₹3,182.40
Thermax
7D
5.8%
1Y
-0.3%

THERMAX: New Energy Tie-Up And Dubai Expansion Will Support Upside Potential

Analysts have trimmed their Thermax price target slightly to ₹3,413 from ₹3,438, reflecting updated assumptions for the discount rate, revenue growth, profit margin and future P/E that remain broadly consistent with prior expectations. What's in the News Thermax plans to set up a wholly owned step down subsidiary in Dubai through its Singapore unit, as approved by the Board on February 2, 2026 (Board meeting resolution).
531431
₹527.00
Shakti Pumps (India)
7D
-6.0%
1Y
-37.0%
500033
₹25,431.85
Force Motors
7D
5.4%
1Y
285.2%