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

Indian (NIFTY) Machinery Industry Analysis

UpdatedMar 22, 2026
DataAggregated Company Financials
Companies241
  • 7D-0.3%
  • 3M-3.2%
  • 1Y7.8%
  • YTD-7.2%

The Machinery is pretty flat in the last 7 days, but Shaily Engineering Plastics has stood out, gaining 23%. As for the the longer term, the industry is up 7.8% over the past 12 months. 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
Sun, 22 Mar 2026₹10.5t₹2.7t₹248.3b23.3x42.1x3.9x
Tue, 17 Feb 2026₹11.3t₹2.7t₹247.1b25.6x45.8x4.2x
Thu, 15 Jan 2026₹10.9t₹2.6t₹241.2b26.6x45x4.2x
Sat, 13 Dec 2025₹10.7t₹2.6t₹240.6b29.8x44.3x4.1x
Mon, 10 Nov 2025₹9.8t₹2.7t₹249.5b31.3x39.4x3.7x
Wed, 08 Oct 2025₹10.1t₹2.7t₹248.5b31.4x40.6x3.8x
Fri, 05 Sep 2025₹9.9t₹2.7t₹248.7b32x39.7x3.7x
Sun, 03 Aug 2025₹9.8t₹2.7t₹240.7b33.2x40.9x3.7x
Tue, 01 Jul 2025₹10.0t₹2.6t₹236.3b34.1x42.4x3.8x
Thu, 29 May 2025₹9.5t₹2.6t₹231.5b33.2x40.8x3.6x
Sat, 26 Apr 2025₹8.5t₹2.5t₹226.4b31.5x37.4x3.4x
Mon, 24 Mar 2025₹8.5t₹2.5t₹226.1b29.7x37.8x3.4x
Wed, 19 Feb 2025₹7.8t₹2.5t₹225.8b29x34.7x3.1x
Fri, 17 Jan 2025₹9.2t₹2.4t₹225.4b38.1x40.7x3.8x
Sun, 15 Dec 2024₹10.1t₹2.4t₹223.2b39.9x45x4.2x
Tue, 12 Nov 2024₹9.9t₹2.4t₹218.6b37.2x45.1x4.1x
Thu, 10 Oct 2024₹10.1t₹2.4t₹211.6b39.7x47.8x4.3x
Sat, 07 Sep 2024₹10.3t₹2.3t₹210.6b39.7x48.7x4.4x
Mon, 05 Aug 2024₹10.7t₹2.3t₹206.3b41.3x52x4.6x
Wed, 03 Jul 2024₹11.0t₹2.3t₹203.7b40.2x53.8x4.8x
Fri, 31 May 2024₹9.7t₹2.3t₹202.7b39.5x47.9x4.2x
Sun, 28 Apr 2024₹8.6t₹2.2t₹189.5b39.6x45.5x3.8x
Tue, 26 Mar 2024₹7.5t₹2.2t₹190.1b33.8x39.7x3.4x
Thu, 22 Feb 2024₹7.3t₹2.2t₹188.6b34.8x38.9x3.3x
Sat, 20 Jan 2024₹7.1t₹2.2t₹176.8b35x40.3x3.3x
Mon, 18 Dec 2023₹6.6t₹2.1t₹172.5b32.5x38.2x3.1x
Wed, 15 Nov 2023₹6.2t₹2.1t₹172.1b31.8x36.2x2.9x
Fri, 13 Oct 2023₹6.3t₹2.1t₹161.4b31.7x39x3x
Sun, 10 Sep 2023₹6.5t₹2.1t₹161.4b30.3x40.3x3.1x
Tue, 08 Aug 2023₹5.9t₹2.0t₹157.1b30.8x37.8x2.9x
Thu, 06 Jul 2023₹5.5t₹2.0t₹144.0b28.5x38.4x2.8x
Sat, 03 Jun 2023₹5.2t₹2.0t₹143.8b26.9x36x2.6x
Mon, 01 May 2023₹4.7t₹1.9t₹129.5b26.3x36.6x2.5x
Wed, 29 Mar 2023₹4.5t₹1.9t₹129.6b21.2x34.5x2.4x
Price to Earnings Ratio

34.5x


Total Market Cap: ₹4.5tTotal Earnings: ₹129.6bTotal Revenue: ₹1.9tTotal Market Cap vs Earnings and Revenue0%0%0%
Indian Machinery Industry Price to Earnings3Y Average 41.7x202420252026
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 41.7x.
  • The industry is trading close to its 3-year average PS ratio of 3.6x.
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-0.17%
Industrials-0.63%
Machinery-0.34%
Construction Machinery and Vehicles-0.16%
Industrial Machinery-0.51%
Agricultural Machinery-0.92%
Industry PE
  • Investors are most optimistic about the Construction Machinery and Vehicles industry which is trading above its 3-year average PE ratio of 40.2x.
    • Analysts are expecting annual earnings growth of 20.1%, 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 below 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 9.3% 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
501423 Shaily Engineering Plastics₹2.40k23.3%
+₹20.8b		37.1%PE69.6x
532439 Olectra Greentech₹1.10k24.5%
+₹17.7b		-9.9%PE62.9x
500033 Force Motors₹21.59k6.6%
+₹17.6b		155.2%PE20.8x
CRAFTSMAN Craftsman Automation₹6.91k3.6%
+₹5.7b		43.6%PE49.3x
JYOTICNC Jyoti CNC Automation₹739.953.4%
+₹5.5b		-33.8%PE47.5x

Latest News

AIAENG
₹3,409.60
AIA Engineering
7D
-7.0%
1Y
2.4%

AIAENG: Upcoming Results And New Independent Director Will Support Bullish View

Analysts have made only marginal tweaks to their model inputs for AIA Engineering, keeping the implied fair value broadly steady around ₹3,952. A slightly lower discount rate and virtually unchanged revenue growth, profit margin and future P/E assumptions are guiding the updated price target view.
KIRLOSENG
₹1,376.70
Kirloskar Oil Engines
7D
-5.1%
1Y
84.4%

KIRLOSENG: Fair View Will Hinge On Upcoming Leadership And Dividend Decisions

Analysts now place Kirloskar Oil Engines' price target at ₹1,546.20, up from ₹1,471.83. The revised target reflects updated assumptions around a slightly lower discount rate, modestly higher revenue growth, a similar profit margin profile, and a higher future P/E multiple.
COCHINSHIP
₹1,341.50
Cochin Shipyard
7D
-3.2%
1Y
-6.7%

COCHINSHIP: Leadership Transition And Green Marine Joint Venture Will Support A Balanced Outlook

Analysts have kept the Cochin Shipyard price target steady at ₹1,471.00, citing only minor tweaks to key inputs such as a slightly lower discount rate, modestly adjusted revenue growth and profit margin assumptions, and a small change in the future P/E multiple. What's in the News Managing Director Shri Madhu Sankunny Nair retired on superannuation on January 31, 2026, and Director (Finance) Shri Jose V J has taken additional charge as Managing Director for up to 3 months from February 1, 2026, or until further orders, whichever is earlier (company announcement).
532439
₹1,095.90
Olectra Greentech
7D
24.5%
1Y
-9.9%
501423
₹2,396.70
Shaily Engineering Plastics
7D
23.3%
1Y
37.1%
522113
₹3,163.35
Timken India
7D
-8.3%
1Y
17.0%

522113: Upcoming Meetings And Stable Assumptions Will Guide Balanced Outlook

Analysts have kept their price target for Timken India broadly unchanged at about ₹3,557, reflecting only marginal tweaks to inputs such as the discount rate, revenue growth, profit margin and future P/E assumptions in their valuation work. What's in the News A board meeting is scheduled for Feb 04, 2026, to consider and approve unaudited consolidated financial results for the quarter and nine months ended Dec 31, 2025 (company event filing).
500033
₹21,594.30
Force Motors
7D
6.6%
1Y
155.2%
JYOTICNC
₹739.95
Jyoti CNC Automation
7D
3.4%
1Y
-33.8%

JYOTICNC: Upcoming Board Review Will Support Long-Term Upside

Analysts have kept their fair value estimate for Jyoti CNC Automation unchanged at ₹1,050, citing largely stable assumptions around discount rate, revenue, profit margin and future P/E that together support maintaining the existing price target. What's in the News Board meeting scheduled on Feb 10, 2026 to consider standalone financial results for the quarter and nine months ended Dec 31, 2025, and consolidated financial results for the same periods (company filing).
HAPPYFORGE
₹1,265.40
Happy Forgings
7D
4.0%
1Y
53.4%

HAPPYFORGE: Solar Project And Land Purchases Will Shape Steady Forward Outlook

Analysts have kept their fair value estimate for Happy Forgings steady at ₹1,267.71 while making only slight tweaks to inputs like the discount rate, revenue growth, profit margin and forward P/E assumptions, indicating that their core view on the stock’s valuation is basically unchanged. What's in the News Board meeting scheduled on Feb 9, 2026 at 14:15 Indian Standard Time to review unaudited standalone and consolidated financial results for the quarter and nine months ended Dec 31, 2025, along with the limited review report, as required under Regulation 33 of SEBI LODR Regulations, 2015 (Key Developments).
500480
₹4,611.75
Cummins India
7D
-0.8%
1Y
56.9%

500480: Future Dividend Payouts And Rich P E Will Limit Upside

Analysts have lifted their price target for Cummins India from ₹2,348 to about ₹3,332, citing updated assumptions around fair value, discount rate, revenue growth, profit margin and future P/E expectations. What's in the News Cummins India issued earnings guidance for financial year 2026, with management indicating an expectation of double digit revenue growth over the prior year, supported by demand across key segments (company guidance).
ASHOKLEY
₹168.89
Ashok Leyland
7D
-1.0%
1Y
60.2%

ASHOKLEY: Fair Value View Will Weigh Execution And Electric Mobility Funding Plans

The updated analyst model nudges the fair value estimate for Ashok Leyland to about ₹204 per share from roughly ₹203. Analysts cite slightly adjusted assumptions around discount rates, long term revenue growth, profit margins and future P/E multiples as the basis for the revised price target.
CRAFTSMAN
₹6,912.00
Craftsman Automation
7D
3.6%
1Y
43.6%

CRAFTSMAN: New Ludhiana Plant Expansion Will Support Constructive Long Term Outlook

Analysts have maintained their fair value estimate for Craftsman Automation at ₹8,310, with only minor adjustments to the discount rate, revenue growth, profit margin, and future P/E assumptions guiding this updated narrative. What's in the News Board meeting scheduled on Feb 13, 2026, at 17:00 IST to consider starting an evaluation of a potential internal restructuring or consolidation of the aluminium products business (company filing).
500249
₹782.10
KSB
7D
4.0%
1Y
8.4%
533107
₹2,057.55
Swan Defence and Heavy Industries
7D
-14.2%
1Y
2,280.3%
505192
₹4,046.70
SML Mahindra
7D
10.0%
1Y
144.6%