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Indian (NIFTY) Machinery Industry Analysis

UpdatedFeb 08, 2026
DataAggregated Company Financials
Companies238
  • 7D2.3%
  • 3M0.9%
  • 1Y10.8%
  • YTD-1.4%

The Machinery industry is up 2.3% in the last week, with Cummins India up 6.2%. During this same period, the Cochin Shipyard underperformed, falling 10%. This takes the industry's 12 month performance to a gain of 11%. Earnings are forecast to grow by 19% annually.

Industry Valuation and Performance

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

DateMarket CapRevenueEarningsPEAbsolute PEPS
Sun, 08 Feb 2026₹11.1t₹2.6t₹245.7b25.4x45.1x4.2x
Tue, 06 Jan 2026₹11.2t₹2.6t₹241.0b29.1x46.6x4.3x
Thu, 04 Dec 2025₹10.5t₹2.6t₹240.4b29.3x43.8x4x
Sat, 01 Nov 2025₹10.1t₹2.7t₹248.3b31.6x40.7x3.8x
Mon, 29 Sep 2025₹10.0t₹2.7t₹249.8b31.3x40.2x3.7x
Wed, 27 Aug 2025₹9.9t₹2.7t₹248.7b31.9x39.7x3.7x
Fri, 25 Jul 2025₹10.3t₹2.6t₹239.0b34.3x42.9x3.9x
Sun, 22 Jun 2025₹9.7t₹2.6t₹236.1b32.9x40.9x3.7x
Tue, 20 May 2025₹9.4t₹2.6t₹230.1b33.3x40.8x3.7x
Thu, 17 Apr 2025₹8.4t₹2.5t₹226.0b32.2x37.2x3.4x
Sat, 15 Mar 2025₹7.9t₹2.5t₹226.1b27.8x34.8x3.1x
Mon, 10 Feb 2025₹8.6t₹2.5t₹222.3b35.7x38.8x3.5x
Wed, 08 Jan 2025₹9.6t₹2.4t₹223.9b39.7x42.7x4x
Fri, 06 Dec 2024₹10.0t₹2.4t₹223.2b39.5x44.8x4.2x
Sun, 03 Nov 2024₹9.9t₹2.4t₹214.1b37.8x46.1x4.2x
Tue, 01 Oct 2024₹10.4t₹2.4t₹211.2b39.7x49x4.4x
Thu, 29 Aug 2024₹10.4t₹2.3t₹210.4b40.4x49.5x4.4x
Sat, 27 Jul 2024₹10.8t₹2.3t₹204.8b41.4x52.7x4.6x
Mon, 24 Jun 2024₹10.8t₹2.3t₹203.7b40.3x53x4.7x
Wed, 22 May 2024₹9.8t₹2.3t₹196.5b42x49.7x4.3x
Fri, 19 Apr 2024₹8.2t₹2.2t₹190.3b37.5x42.9x3.7x
Sun, 17 Mar 2024₹7.1t₹2.2t₹188.7b31.6x37.4x3.2x
Tue, 13 Feb 2024₹7.2t₹2.2t₹186.7b33.4x38.6x3.3x
Thu, 11 Jan 2024₹7.1t₹2.2t₹176.7b34.7x40x3.3x
Sat, 09 Dec 2023₹6.5t₹2.1t₹172.5b33.4x37.9x3.1x
Mon, 06 Nov 2023₹6.2t₹2.1t₹165.7b31.5x37.2x2.9x
Wed, 04 Oct 2023₹6.3t₹2.1t₹161.3b30.9x39x3x
Fri, 01 Sep 2023₹6.3t₹2.1t₹161.4b30.3x39.1x3.1x
Sun, 30 Jul 2023₹5.9t₹2.0t₹151.2b29.3x39.1x2.9x
Tue, 27 Jun 2023₹5.5t₹2.0t₹144.0b27.5x38.1x2.8x
Thu, 25 May 2023₹5.0t₹2.0t₹137.3b26.8x36.2x2.5x
Sat, 22 Apr 2023₹4.7t₹1.9t₹129.5b25.4x36x2.5x
Mon, 20 Mar 2023₹4.6t₹1.9t₹129.6b22.8x35.4x2.4x
Wed, 15 Feb 2023₹4.6t₹1.9t₹127.7b23.9x36.3x2.5x
Price to Earnings Ratio

36.3x


Total Market Cap: ₹4.6tTotal Earnings: ₹127.7bTotal Revenue: ₹1.9tTotal Market Cap vs Earnings and Revenue0%0%0%
Indian Machinery Industry Price to Earnings3Y Average 41.4x202420252026
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 45.1x which is higher than its 3-year average PE of 41.4x.
  • The 3-year average PS ratio of 3.5x is lower than the industry's current PS ratio of 4.2x.
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 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 Market1.60%
Industrials2.48%
Machinery2.33%
Agricultural Machinery8.46%
Industrial Machinery2.95%
Construction Machinery and Vehicles1.27%
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 18.4%, which is higher than its past year's earnings growth of 15.6% per year.
  • Investors are most pessimistic about the Agricultural Machinery industry, which is trading close to its 3-year average of 34.1x.
Forecasted Growth
  • Analysts are most optimistic on the Industrial Machinery industry, expecting annual earnings growth of 21% over the next 5 years.
  • This is better than its past earnings growth rate of 8.5% 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₹4.36k6.2%
+₹70.3b		52.1%PE54x
ESCORTS Escorts Kubota₹3.76k11.3%
+₹42.8b		15.1%PE33.8x
ASHOKLEY Ashok Leyland₹201.842.6%
+₹30.3b		90.4%PE36.4x
500033 Force Motors₹21.42k11.5%
+₹29.2b		225.0%PE20.6x
522113 Timken India₹3.24k10.3%
+₹22.7b		21.8%PE56.4x

Latest News

500480
₹4,363.85
Cummins India
7D
6.2%
1Y
52.1%

500480: Board Actions And Margin Outlook Will Support Balanced Future Assessment

Analysts have lifted their price target for Cummins India from ₹4,421.74 to ₹4,512.63, reflecting updated assumptions around discount rates, revenue growth, profit margins and future P/E multiples. What's in the News Board meeting scheduled on Feb 4, 2026 to review and approve unaudited standalone and consolidated financial results for the quarter and nine months ended Dec 31, 2025, and to consider an interim dividend on equity shares for FY 2025-26, if any (Key Developments).
JWL
₹298.55
Jupiter Wagons
7D
-7.7%
1Y
-12.7%

JWL: Upcoming Board Actions Will Support Favourable Earnings Reassessment

Analysts have kept their fair value estimate for Jupiter Wagons steady at ₹370. Modest tweaks to discount rate, revenue growth, profit margin and future P/E assumptions explain the unchanged price target.
CRAFTSMAN
₹7,834.00
Craftsman Automation
7D
7.1%
1Y
91.5%

CRAFTSMAN: Upcoming Punjab Expansion And Results Will Support Higher Fair Value Confidence

Analysts have lifted their fair value estimate for Craftsman Automation from ₹9,300 to ₹9,800, reflecting updated assumptions around the discount rate, revenue growth, profit margins, and future P/E expectations. What's in the News The board has approved setting up a new plant at Ludhiana, Punjab, focused on Powertrain, with proposed capacity addition planned at 5% of existing Powertrain capacity at peak level (Key Developments).
ESCORTS
₹3,763.70
Escorts Kubota
7D
11.3%
1Y
15.1%

ESCORTS: Future Returns Will Depend On New Equipment Gaining Traction

Analysts have modestly reduced their fair value estimate for Escorts Kubota, trimming it from ₹2,796.07 to ₹2,775.82. This reflects slightly lower assumed discount rates and a minor adjustment to future P/E expectations, while maintaining a neutral view on revenue growth and profit margins.
ASHOKLEY
₹201.84
Ashok Leyland
7D
2.6%
1Y
90.4%

ASHOKLEY: Higher Assumed Margins And Lower Discount Rate Will Restrain Future Returns

Narrative Update The analyst fair value estimate for Ashok Leyland has been adjusted from ₹175.56 to ₹180.07, with analysts pointing to updated assumptions on revenue growth, profit margins, and the discount rate as the key drivers of this change. Analyst Commentary Recent Street research cited here focuses on Ashland rather than Ashok Leyland, so the direct datapoints are not specific to Ashok Leyland.
AIAENG
₹3,882.70
AIA Engineering
7D
-2.7%
1Y
5.8%

AIAENG: Revised Fair View Will Await Results And Board Appointment Outcome

Analysts have raised their price target for AIA Engineering from ₹3,705.70 to ₹3,952.18, citing updated assumptions for the discount rate, revenue growth, profit margin and future P/E as the main drivers of the revision. What's in the News AIA Engineering has scheduled a board meeting for January 30, 2026, at 11:30 a.m. Indian Standard Time to review and approve the unaudited financial results for the quarter and nine months ended December 31, 2025 (company filing).
522113
₹3,241.50
Timken India
7D
10.3%
1Y
21.8%
500033
₹21,418.85
Force Motors
7D
11.5%
1Y
225.0%
COCHINSHIP
₹1,490.10
Cochin Shipyard
7D
-10.2%
1Y
9.5%

COCHINSHIP: Electric Marine JV And Dividends Will Likely Fail To Support Price

Analysts have nudged their price target for Cochin Shipyard in line with updated assumptions on discount rate, revenue growth, profit margin and a slightly lower future P/E. This reflects refreshed views on the company’s earnings potential and valuation.
TEXRAIL
₹119.28
Texmaco Rail & Engineering
7D
-6.6%
1Y
-25.6%
ELGIEQUIP
₹485.40
Elgi Equipments
7D
12.6%
1Y
-13.1%
532439
₹1,022.80
Olectra Greentech
7D
-5.6%
1Y
-24.3%
TITAGARH
₹781.50
Titagarh Rail Systems
7D
-4.8%
1Y
-11.5%
500048
₹1,615.50
BEML
7D
-10.0%
1Y
3.1%
MTARTECH
₹3,270.70
MTAR Technologies
7D
11.6%
1Y
111.4%
SKFINDUS
₹2,495.50
SKF India (Industrial)
7D
-8.3%
1Y
n/a