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Indian (NIFTY) Machinery Industry Analysis

UpdatedMar 27, 2026
DataAggregated Company Financials
Companies241
  • 7D1.4%
  • 3M-4.5%
  • 1Y8.5%
  • YTD-6.5%

Over the last 7 days, the Machinery industry has dropped 2.5%, driven by a pullback from Tata Motors of 3.5%. Over the past 12 months, the industry was up 8.9%. 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
Fri, 27 Mar 2026₹10.5t₹2.7t₹248.3b23x42.4x3.9x
Sun, 22 Feb 2026₹11.4t₹2.7t₹247.0b25.4x46.3x4.2x
Tue, 20 Jan 2026₹10.8t₹2.6t₹241.5b25.9x44.6x4.1x
Thu, 18 Dec 2025₹10.6t₹2.6t₹240.6b29.2x44.2x4.1x
Sat, 15 Nov 2025₹11.0t₹2.7t₹251.3b30.7x43.9x4.1x
Mon, 13 Oct 2025₹10.1t₹2.7t₹248.5b31.9x40.5x3.7x
Wed, 10 Sep 2025₹10.0t₹2.7t₹248.7b31.9x40.2x3.7x
Fri, 08 Aug 2025₹9.7t₹2.7t₹241.9b33.5x40.3x3.7x
Sun, 06 Jul 2025₹10.0t₹2.6t₹236.4b34.2x42.4x3.8x
Tue, 03 Jun 2025₹9.7t₹2.6t₹235.1b33x41.3x3.7x
Thu, 01 May 2025₹8.4t₹2.5t₹229.4b30.3x36.7x3.4x
Sat, 29 Mar 2025₹8.4t₹2.5t₹226.1b29.9x37.4x3.4x
Mon, 24 Feb 2025₹8.1t₹2.5t₹225.8b30.5x35.8x3.2x
Wed, 22 Jan 2025₹9.1t₹2.4t₹224.0b37.7x40.7x3.7x
Fri, 20 Dec 2024₹9.8t₹2.4t₹223.2b39.7x43.9x4.1x
Sun, 17 Nov 2024₹9.4t₹2.4t₹223.0b35.8x42.1x3.9x
Tue, 15 Oct 2024₹10.1t₹2.4t₹211.6b40.3x48x4.3x
Thu, 12 Sep 2024₹10.2t₹2.3t₹210.6b40.1x48.6x4.4x
Sat, 10 Aug 2024₹10.4t₹2.3t₹208.8b39.6x49.7x4.4x
Mon, 08 Jul 2024₹11.3t₹2.3t₹203.7b40.9x55.7x5x
Wed, 05 Jun 2024₹9.3t₹2.3t₹203.4b35.9x45.6x4x
Fri, 03 May 2024₹8.9t₹2.3t₹190.2b39.8x46.7x3.9x
Sun, 31 Mar 2024₹7.7t₹2.2t₹190.1b33.7x40.3x3.4x
Tue, 27 Feb 2024₹7.4t₹2.2t₹188.6b35.8x39.5x3.4x
Thu, 25 Jan 2024₹7.1t₹2.2t₹177.0b34.4x40x3.3x
Sat, 23 Dec 2023₹6.8t₹2.1t₹174.2b32.6x38.8x3.1x
Mon, 20 Nov 2023₹6.3t₹2.1t₹172.5b30.5x36.6x3x
Wed, 18 Oct 2023₹6.3t₹2.1t₹161.5b31.3x38.9x3x
Fri, 15 Sep 2023₹6.3t₹2.1t₹161.3b29.9x39.1x3.1x
Sun, 13 Aug 2023₹6.0t₹2.1t₹160.8b29.6x37.3x2.9x
Tue, 11 Jul 2023₹5.5t₹2.0t₹144.0b28.5x38.5x2.8x
Thu, 08 Jun 2023₹5.3t₹2.0t₹144.1b27.3x37x2.7x
Sat, 06 May 2023₹4.8t₹1.9t₹129.4b26.6x37.1x2.5x
Mon, 03 Apr 2023₹4.6t₹1.9t₹129.6b21.7x35.6x2.4x
Price to Earnings Ratio

35.6x


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 41.7x202420252026
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 Market1.06%
Industrials0.71%
Machinery1.44%
Construction Machinery and Vehicles2.49%
Agricultural Machinery1.64%
Industrial Machinery0.066%
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 22% 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
500480 Cummins India₹4.74k5.3%
+₹66.4b		57.7%PE58.6x
TMCV Tata Motors₹431.853.5%
+₹53.8b		n/an/a
ASHOKLEY Ashok Leyland₹170.951.4%
+₹14.0b		64.0%PE30.3x
500033 Force Motors₹21.45k3.7%
+₹10.1b		144.2%PE20.7x
522113 Timken India₹3.31k3.9%
+₹9.3b		21.9%PE57.6x

Latest News

JYOTICNC
₹776.65
Jyoti CNC Automation
7D
4.5%
1Y
-26.9%

JYOTICNC: Upcoming Board Reviews Will Support Long-Term Upside Potential

Analysts have kept the price target for Jyoti CNC Automation broadly unchanged at about ₹1,050, reflecting stable assumptions around revenue growth, profit margins and future P/E, despite minor technical updates to their model inputs. What's in the News A board meeting is scheduled for Feb 10, 2026 to review standalone financial results for the quarter and nine months ended Dec 31, 2025, along with consolidated results for the company and its subsidiaries for the same periods (Key Developments).
ELGIEQUIP
₹487.35
Elgi Equipments
7D
4.3%
1Y
-0.5%

ELGIEQUIP: New Arabia Subsidiary Will Support Future Bullish Outlook

Narrative Update on Elgi Equipments The analyst price target for Elgi Equipments is unchanged at ₹645.00. Analysts point to small refinements in discount rate, revenue growth and profit margin assumptions, along with a slightly adjusted future P/E multiple, as the basis for keeping the valuation steady.
HAPPYFORGE
₹1,216.90
Happy Forgings
7D
-2.3%
1Y
55.5%

HAPPYFORGE: Solar Expansion And Land Investments Will Support A Steady Outlook

Analysts have kept their price target on Happy Forgings broadly unchanged at around ₹1,268. This reflects only marginal tweaks to assumptions such as discount rate, revenue growth, profit margins and future P/E multiples, rather than a shift in overall view.
500480
₹4,740.15
Cummins India
7D
5.3%
1Y
57.7%

500480: Dividends And Governance Decisions Will Shape Measured Outlook For Profitability

Analysts have raised their price target on Cummins India to ₹4,659 from ₹4,565, citing updated assumptions around fair value, discount rate, revenue growth, profit margin and future P/E that together point to a slightly richer valuation framework. What's in the News Cummins India has scheduled a Special and Extraordinary Shareholders Meeting on April 20, 2026, via postal ballot in India, which signals upcoming decisions that require shareholder approval (Key Developments).
ASHOKLEY
₹170.95
Ashok Leyland
7D
1.4%
1Y
64.0%

ASHOKLEY: Execution On EV Battery Expansion And Mobility Funding Will Support Upside

The analyst price target for Ashok Leyland has been revised slightly higher to ₹206.32 from ₹203.54 as analysts factor in updated assumptions on the discount rate, revenue growth, profit margins and future P/E multiples. Analyst Commentary With the revised price target for Ashok Leyland now at ₹206.32, analysts are fine tuning their views on how the company might execute on its plans, manage profitability and support the current valuation.
ESCORTS
₹2,967.40
Escorts Kubota
7D
2.8%
1Y
-8.8%

ESCORTS: Greenfield Capacity Expansion And Southern Rollouts Will Shape Future Returns

Analysts have kept their price target for Escorts Kubota steady at ₹2,828, reflecting only small tweaks to inputs such as discount rate, revenue growth, profit margin and assumed future P/E multiples, rather than a change in overall view. What's in the News The board has approved an investment of ₹23,000 million for the first phase of a new greenfield manufacturing facility at Greater Noida.
AIAENG
₹3,486.40
AIA Engineering
7D
-2.4%
1Y
3.9%

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
₹1,392.40
Kirloskar Oil Engines
7D
-2.0%
1Y
89.1%

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
₹1,317.40
Cochin Shipyard
7D
-3.2%
1Y
-7.5%

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).
522113
₹3,307.95
Timken India
7D
3.9%
1Y
21.9%

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
₹21,451.50
Force Motors
7D
3.7%
1Y
144.2%
500252
₹13,088.20
LMW
7D
-7.9%
1Y
-16.6%
533107
₹1,764.15
Swan Defence and Heavy Industries
7D
-18.5%
1Y
1,843.8%
500241
₹1,512.95
Kirloskar Brothers
7D
-2.1%
1Y
-12.3%
SKFINDUS
₹2,132.60
SKF India (Industrial)
7D
-3.0%
1Y
n/a