Investing IdeasBrowse All StocksMarkets
Have your own idea? Try our Stock Screener
Header cover image

Indian (NIFTY) Machinery Industry Analysis

UpdatedSep 22, 2026
DataAggregated Company Financials
Companies252
  • 7D0.2%
  • 3M0.3%
  • 1Y13.0%
  • YTD12.0%

Over the last 7 days, the Machinery industry has remained flat, although notably INDO-MIM gained 14%. As for the the longer term, the industry is up 13% over the past 12 months. Looking forward, earnings are forecast to grow by 22% annually.

Industry Valuation and Performance

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

DateMarket CapRevenueEarningsPEAbsolute PEPS
Tue, 22 Sep 2026₹13.1t₹3.9t₹304.8b29.5x43.1x3.3x
Thu, 20 Aug 2026₹13.3t₹3.9t₹303.9b28.6x43.6x3.4x
Sat, 18 Jul 2026₹12.2t₹3.7t₹283.7b28.6x43x3.3x
Mon, 15 Jun 2026₹11.8t₹3.7t₹284.8b26.3x41.5x3.2x
Wed, 13 May 2026₹11.4t₹2.8t₹248.6b26.1x45.9x4.1x
Fri, 10 Apr 2026₹10.9t₹2.7t₹248.2b24.7x44.1x4x
Sun, 08 Mar 2026₹11.2t₹2.7t₹247.8b24.3x45x4.1x
Tue, 03 Feb 2026₹10.7t₹2.6t₹242.5b24.9x44x4.1x
Thu, 01 Jan 2026₹11.1t₹2.6t₹240.9b28.6x46.1x4.2x
Sat, 29 Nov 2025₹11.2t₹2.7t₹251.0b29.9x44.5x4.1x
Mon, 27 Oct 2025₹10.0t₹2.7t₹248.7b30.6x40x3.7x
Wed, 24 Sep 2025₹10.3t₹2.7t₹249.0b32.4x41.3x3.8x
Fri, 22 Aug 2025₹10.0t₹2.7t₹248.7b32x40.3x3.7x
Sun, 20 Jul 2025₹9.9t₹2.6t₹238.5b34x41.3x3.7x
Tue, 17 Jun 2025₹9.7t₹2.6t₹235.0b33.4x41.4x3.7x
Thu, 15 May 2025₹9.0t₹2.5t₹229.3b32.3x39.2x3.5x
Sat, 12 Apr 2025₹8.1t₹2.5t₹226.0b31.1x35.9x3.2x
Mon, 10 Mar 2025₹8.1t₹2.5t₹225.9b29.2x36x3.3x
Wed, 05 Feb 2025₹8.7t₹2.4t₹224.0b35.7x38.6x3.5x
Fri, 03 Jan 2025₹9.7t₹2.4t₹223.8b39.8x43.4x4x
Sun, 01 Dec 2024₹9.9t₹2.4t₹223.2b38.9x44.2x4.1x
Tue, 29 Oct 2024₹9.4t₹2.4t₹214.4b36.2x44x4x
Thu, 26 Sep 2024₹10.4t₹2.3t₹210.7b41.1x49.2x4.4x
Sat, 24 Aug 2024₹10.5t₹2.3t₹210.2b40.4x50.1x4.5x
Mon, 22 Jul 2024₹10.5t₹2.3t₹205.0b39.5x51x4.5x
Wed, 19 Jun 2024₹10.8t₹2.3t₹203.7b39x53x4.7x
Fri, 17 May 2024₹9.5t₹2.3t₹194.1b41.5x48.9x4.2x
Sun, 14 Apr 2024₹8.2t₹2.2t₹190.3b36.3x43x3.7x
Tue, 12 Mar 2024₹7.3t₹2.2t₹188.6b33.2x38.5x3.3x
Thu, 08 Feb 2024₹7.4t₹2.2t₹183.1b35.2x40.6x3.4x
Sat, 06 Jan 2024₹7.0t₹2.2t₹176.6b34.8x39.7x3.2x
Mon, 04 Dec 2023₹6.4t₹2.1t₹172.5b32.6x37.4x3x
Wed, 01 Nov 2023₹6.1t₹2.1t₹163.2b31.3x37.4x2.9x
Fri, 29 Sep 2023₹6.3t₹2.1t₹161.4b30.3x38.8x3x
Price to Earnings Ratio

38.8x


Total Market Cap: ₹6.3tTotal Earnings: ₹161.4bTotal Revenue: ₹2.1tTotal Market Cap vs Earnings and Revenue0%0%0%
Indian Machinery Industry Price to Earnings3Y Average 42.7x202420252026
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 42.7x.
  • 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 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-0.19%
Industrials-0.36%
Machinery0.16%
Industrial Machinery0.59%
Construction Machinery and Vehicles-0.12%
Agricultural Machinery-1.75%
Industry PE
  • Investors are most optimistic about the Industrial Machinery industry which is trading above its 3-year average PE ratio of 44.8x.
    • Analysts are expecting annual earnings growth of 24.7%, 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 33.0x.
Forecasted Growth
  • Analysts are most optimistic on the Industrial Machinery industry, expecting annual earnings growth of 25% 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₹1.23k26.4%
+₹127.4b		n/aPE103.1x
TMCV Tata Motors₹440.103.0%
+₹47.7b		n/aPE38.7x
TEGA Tega Industries₹2.07k23.8%
+₹29.9b		8.1%PE735.7x
JYOTICNC Jyoti CNC Automation₹1.08k12.8%
+₹27.9b		18.7%PE76.6x
500480 Cummins India₹4.97k2.0%
+₹27.0b		24.2%PE58.2x

Latest News

JYOTICNC
₹1,084.30
Jyoti CNC Automation
7D
12.8%
1Y
18.7%
Narrative Update • Sep 21

JYOTICNC: Stronger Growth And Margins Support A Higher 1,215 Fair Value

Analysts have raised their fair value estimate for Jyoti CNC Automation from ₹901 to ₹1,215, citing updated assumptions for revenue growth, profit margins, a slightly lower discount rate, and a modestly reduced future P/E multiple. What’s in the News for Jyoti CNC Automation Jyoti CNC Automation has scheduled a board meeting on August 7, 2026, to review the standalone financial results for the quarter ended June 30, 2026.
COCHINSHIP
₹1,388.90
Cochin Shipyard
7D
4.8%
1Y
-26.3%
KIRLOSENG
₹2,165.00
Kirloskar Oil Engines
7D
6.0%
1Y
127.1%
TIIL
₹2,983.00
Technocraft Industries (India)
7D
-4.7%
1Y
21.0%
TMCV
₹440.10
Tata Motors
7D
3.0%
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.
AJAXENGG
₹564.60
Ajax Engineering
7D
-2.9%
1Y
-14.0%
TEGA
₹2,069.00
Tega Industries
7D
23.8%
1Y
8.1%
CRAFTSMAN
₹10,602.00
Craftsman Automation
7D
-4.5%
1Y
55.8%
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
₹4,968.50
Cummins India
7D
2.0%
1Y
24.2%
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
₹160.75
Ashok Leyland
7D
2.6%
1Y
11.6%
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.
ESCORTS
₹2,793.60
Escorts Kubota
7D
-1.5%
1Y
-25.3%
INDOMIM
₹1,233.30
INDO-MIM
7D
26.4%
1Y
n/a
THERMAX
₹3,472.20
Thermax
7D
-2.4%
1Y
3.4%
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.
SETL
₹402.55
Standard Engineering Technology
7D
-9.5%
1Y
113.5%
INGERRAND
₹4,146.70
Ingersoll-Rand (India)
7D
-4.5%
1Y
3.6%
SKFINDUS
₹2,790.80
SKF India (Industrial)
7D
-1.5%
1Y
n/a