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Indian (NIFTY) Machinery Industry Analysis

UpdatedSep 10, 2026
DataAggregated Company Financials
Companies252
  • 7D1.9%
  • 3M11.8%
  • 1Y17.0%
  • YTD13.0%

In the last week, the Machinery industry is up 1.9%, with INDO-MIM up 11%. This means that the industry has gained 17% over the past year. As for the next few years, earnings are expected to grow by 22% per annum.

Industry Valuation and Performance

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

DateMarket CapRevenueEarningsPEAbsolute PEPS
Thu, 10 Sep 2026₹13.3t₹3.9t₹304.8b30.2x43.5x3.4x
Sat, 08 Aug 2026₹12.7t₹3.8t₹285.0b29x44.5x3.4x
Mon, 06 Jul 2026₹12.4t₹3.7t₹283.8b28.7x43.8x3.4x
Wed, 03 Jun 2026₹11.6t₹3.7t₹286.9b25.8x40.6x3.1x
Fri, 01 May 2026₹11.6t₹2.7t₹248.0b26.7x46.8x4.3x
Sun, 29 Mar 2026₹10.3t₹2.7t₹248.3b22.5x41.3x3.8x
Tue, 24 Feb 2026₹11.5t₹2.7t₹247.0b25.4x46.7x4.3x
Thu, 22 Jan 2026₹10.5t₹2.6t₹241.6b25x43.3x4x
Sat, 20 Dec 2025₹10.7t₹2.6t₹240.6b29.1x44.6x4.1x
Mon, 17 Nov 2025₹11.0t₹2.7t₹251.7b30.6x43.8x4.1x
Wed, 15 Oct 2025₹9.9t₹2.7t₹248.5b31.3x39.9x3.7x
Fri, 12 Sep 2025₹10.0t₹2.7t₹248.7b31.8x40.4x3.7x
Sun, 10 Aug 2025₹9.6t₹2.7t₹248.0b32.1x38.8x3.6x
Tue, 08 Jul 2025₹10.0t₹2.6t₹236.4b33.9x42.5x3.8x
Thu, 05 Jun 2025₹9.8t₹2.6t₹235.0b32.3x41.8x3.8x
Sat, 03 May 2025₹8.4t₹2.5t₹229.8b30.7x36.6x3.4x
Mon, 31 Mar 2025₹8.4t₹2.5t₹226.1b30.1x37.4x3.4x
Wed, 26 Feb 2025₹7.9t₹2.5t₹225.8b30.3x35.1x3.2x
Fri, 24 Jan 2025₹9.0t₹2.4t₹223.9b37.4x40.4x3.7x
Sun, 22 Dec 2024₹9.6t₹2.4t₹223.2b38.6x43.2x4x
Tue, 19 Nov 2024₹9.3t₹2.4t₹223.1b36x41.8x3.9x
Thu, 17 Oct 2024₹10.3t₹2.4t₹211.6b39.6x48.6x4.4x
Sat, 14 Sep 2024₹10.4t₹2.3t₹210.6b40.4x49.2x4.4x
Mon, 12 Aug 2024₹10.4t₹2.3t₹209.7b39.1x49.5x4.4x
Wed, 10 Jul 2024₹11.2t₹2.3t₹203.8b40.4x54.9x4.9x
Fri, 07 Jun 2024₹9.7t₹2.3t₹203.5b36.8x47.8x4.2x
Sun, 05 May 2024₹8.9t₹2.3t₹190.5b39.7x46.7x4x
Tue, 02 Apr 2024₹7.9t₹2.2t₹190.1b35.2x41.4x3.5x
Thu, 29 Feb 2024₹7.3t₹2.2t₹188.7b34.8x38.9x3.3x
Sat, 27 Jan 2024₹7.1t₹2.2t₹177.4b33.9x40.3x3.3x
Mon, 25 Dec 2023₹6.8t₹2.1t₹174.2b32.6x38.8x3.1x
Wed, 22 Nov 2023₹6.4t₹2.1t₹172.5b30.8x36.9x3x
Fri, 20 Oct 2023₹6.4t₹2.1t₹161.6b32.2x39.4x3.1x
Sun, 17 Sep 2023₹6.3t₹2.1t₹161.3b30.4x39.2x3.1x
Price to Earnings Ratio

39.2x


Total Market Cap: ₹6.3tTotal Earnings: ₹161.3bTotal Revenue: ₹2.1tTotal Market Cap vs Earnings and Revenue0%0%0%
Indian Machinery Industry Price to Earnings3Y Average 42.6x202420252026
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 42.6x.
  • The industry is trading close to its 3-year average PS ratio of 3.7x.
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 24% 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-0.58%
Industrials1.31%
Machinery1.89%
Industrial Machinery2.60%
Construction Machinery and Vehicles1.32%
Agricultural Machinery0.098%
Industry PE
  • Investors are most optimistic about the Industrial Machinery industry which is trading above its 3-year average PE ratio of 44.7x.
    • Analysts are expecting annual earnings growth of 23.8%, which is higher than its past year's earnings growth of 8.7% per year.
  • Investors are most pessimistic about the Agricultural Machinery industry, which is trading below its 3-year average of 33.2x.
Forecasted Growth
  • Analysts are most optimistic on the Industrial Machinery industry, expecting annual earnings growth of 24% over the next 5 years.
  • This is better than its past earnings growth rate of 8.7% per year.
  • In contrast, the Agricultural Machinery industry is expected to see its earnings grow by 9.7% 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
INDOMIM INDO-MIM₹984.5510.9%
+₹47.7b		n/aPE82.3x
COCHINSHIP Cochin Shipyard₹1.56k6.4%
+₹24.5b		-5.3%PE60.2x
500480 Cummins India₹5.17k1.7%
+₹23.4b		28.5%PE60.5x
CRAFTSMAN Craftsman Automation₹11.81k7.3%
+₹21.1b		77.3%PE66.4x
MTARTECH MTAR Technologies₹7.50k9.2%
+₹19.3b		409.9%PE172.9x

Latest News

531112
₹541.40
Balu Forge Industries
7D
-6.4%
1Y
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TMCV
₹444.95
Tata Motors
7D
-0.6%
1Y
n/a
Narrative Update • Sep 08

TMCV: Expanding Electric Commercial Vehicle Orders Will Support A Higher Future Price

Analysts have lifted their price target for Tata Motors from ₹475.76 to ₹528.65, citing updated assumptions for revenue growth, profit margins, discount rate and future P/E, which collectively point to a higher assessed fair value for the stock. What's in the News for Tata Motors Tata Motors has secured over 3,400 electric commercial vehicle orders across segments, covering approximately 2,000 small commercial vehicles and pick ups, about 900 trucks, and about 500 buses.
501423
₹3,445.35
Shaily Engineering Plastics
7D
8.6%
1Y
53.4%
Narrative Update • Sep 07

501423: Future Margin Strength And Earnings Multiple Assumptions Will Drive Upside Potential

Analysts have revised their price target for Shaily Engineering Plastics from ₹4,000 to ₹4,500, citing updates to assumptions on discount rate, revenue growth, profit margin and future P/E multiples as key drivers of the change. What's in the News for Shaily Engineering Plastics A board meeting of Shaily Engineering Plastics is scheduled for August 8, 2026, to consider and approve the unaudited standalone and consolidated financial results for the quarter ended June 30, 2026.
COCHINSHIP
₹1,556.00
Cochin Shipyard
7D
6.4%
1Y
-5.3%
SHANTIGEAR
₹707.75
Shanthi Gears
7D
33.6%
1Y
26.0%
505192
₹6,551.25
SML Mahindra
7D
23.3%
1Y
75.9%
HAPPYFORGE
₹2,256.70
Happy Forgings
7D
-3.8%
1Y
147.7%
Narrative Update • Sep 03

HAPPYFORGE: Rich Pricing Will Rely Heavily On Elevated Future P/E Multiple

Analysts have lifted their price target on Happy Forgings from about ₹1,547 to about ₹1,931, citing updated assumptions around discount rate, revenue growth, profit margin, and a higher future P/E multiple. What’s in the News for Happy Forgings Happy Forgings declared a final dividend of ₹4 per equity share for the financial year ended 31 March 2026, as approved at the annual general meeting held on 27 July 2026.
MTARTECH
₹7,501.00
MTAR Technologies
7D
9.2%
1Y
409.9%
Narrative Update • Sep 03

MTARTECH: Order Wins And Updated Assumptions Will Shape Balanced Outlook

Analysts have raised their price target for MTAR Technologies from ₹3,650 to ₹7,550, citing updated assumptions around the discount rate, revenue growth, profit margin and future P/E as the key drivers of this change. What’s in the News for MTAR Technologies MTAR Technologies received purchase orders worth ₹1,267.4 million from Nuclear Power Corporation of India Limited as part of ongoing business with this existing domestic customer.
CRAFTSMAN
₹11,806.00
Craftsman Automation
7D
7.3%
1Y
77.3%
Narrative Update • Sep 03

CRAFTSMAN: New Capacity And Equity Raising Will Shape Measured Long Term Outlook

Analysts have raised their fair value estimate for Craftsman Automation from about ₹9,162 to around ₹11,371, reflecting updated views on slightly lower revenue growth expectations, a higher forecast profit margin and an adjusted future P/E assumption. What’s in the News for Craftsman Automation The board approved a new aluminium products manufacturing facility at Komaranapalli Village in Denkanikottai Taluk, Krishnagiri District, Tamil Nadu (referred to as Hosur Unit 3) to support demand from two wheeler and passenger vehicle OEM customers in Southern India.
500480
₹5,168.50
Cummins India
7D
1.7%
1Y
28.5%
Narrative Update • Sep 03

500480: Rising P E And Heavy Dividends Will Restrain Future Share Returns

Analysts have raised their price target fair value for Cummins India from ₹4,003.86 to ₹4,287.32, citing updated assumptions on revenue growth, profit margins and future P/E expectations. What’s in the News for Cummins India Cummins India declared a final dividend of ₹46 per equity share of face value ₹2 at the AGM held on 6 August 2026, along with confirmation of an interim dividend of ₹20 per share for the financial year ended 31 March 2026.
ASHOKLEY
₹167.00
Ashok Leyland
7D
-0.5%
1Y
24.6%
Narrative Update • Sep 03

ASHOKLEY: Lower Discount Rate And Higher Future P/E Could Drive Re Rating

Analysts have raised the Ashok Leyland fair value estimate from ₹182.73 to ₹189.70, citing updated assumptions that include a revised revenue growth outlook, a slightly higher profit margin profile, a lower discount rate and a higher future P/E multiple. Analyst Commentary Recent changes to the Ashok Leyland fair value estimate sit against a backdrop of active Street research on valuation methods, growth assumptions and capital allocation at peer companies.
506076
₹1,899.95
Grindwell Norton
7D
-3.4%
1Y
16.6%
INDOMIM
₹984.55
INDO-MIM
7D
10.9%
1Y
n/a
THERMAX
₹3,638.60
Thermax
7D
-3.0%
1Y
8.1%
Narrative Update • Aug 16

THERMAX: Rich P E Will Persist Despite Softer Margin Outlook

Analysts have lifted the Thermax fair value estimate from ₹2,893 to ₹3,300, reflecting updated assumptions around the discount rate, revenue growth, profit margin and future P/E expectations. What's in the News for Thermax Thermax has scheduled a board meeting for July 30, 2026.
INGERRAND
₹4,693.50
Ingersoll-Rand (India)
7D
-3.9%
1Y
20.5%
500252
₹18,070.25
LMW
7D
-3.9%
1Y
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