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Indian (NIFTY) Machinery Industry Analysis

UpdatedJul 23, 2026
DataAggregated Company Financials
Companies245
  • 7D-2.1%
  • 3M3.6%
  • 1Y9.8%
  • YTD7.1%

Over the last 7 days, the Machinery industry has dropped 2.1%, driven by a pullback from Tata Motors of 4.3%. Over the past 12 months, the industry was up 9.8%. Looking forward, 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
Thu, 23 Jul 2026₹12.1t₹3.7t₹284.7b27.7x42.6x3.3x
Sat, 20 Jun 2026₹12.4t₹3.7t₹284.8b27.7x43.4x3.3x
Mon, 18 May 2026₹11.5t₹3.6t₹279.7b25.4x41.1x3.2x
Wed, 15 Apr 2026₹11.1t₹2.7t₹248.2b25x44.9x4.1x
Fri, 13 Mar 2026₹10.8t₹2.7t₹248.0b23.7x43.7x4x
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
Price to Earnings Ratio

39.1x


Total Market Cap: ₹5.9tTotal Earnings: ₹151.2bTotal Revenue: ₹2.0tTotal Market Cap vs Earnings and Revenue0%0%0%
Indian Machinery Industry Price to Earnings3Y Average 42.4x202420252026
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 42.4x.
  • 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 23% per year over the last three years.
  • Revenues for these companies have grown 23% 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-0.43%
Industrials-1.01%
Machinery-2.12%
Agricultural Machinery-0.71%
Industrial Machinery-2.06%
Construction Machinery and Vehicles-2.30%
Industry PE
  • Investors are most optimistic about the Industrial Machinery industry, which is trading close to its 3-year average PE ratio of 44.4x.
    • Analysts are expecting annual earnings growth of 20.9%, which is higher than its past year's earnings growth of 6.3% per year.
  • Investors are most pessimistic about the Agricultural Machinery industry, which is trading below its 3-year average of 33.7x.
Forecasted Growth
  • Analysts are most optimistic on the Construction Machinery and Vehicles industry, expecting annual earnings growth of 22% over the next 5 years.
  • This is roughly in line with its past earnings growth rate.
  • In contrast, the Agricultural Machinery industry is expected to see its earnings grow by 9.3% 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
533107 Swan Defence and Heavy Industries₹2.43k10.3%
+₹11.9b		655.4%PS45.4x
501423 Shaily Engineering Plastics₹2.95k8.7%
+₹10.9b		81.0%PE79.9x
CRAFTSMAN Craftsman Automation₹9.31k2.3%
+₹5.5b		47.0%PE63.4x
SKFINDUS SKF India (Industrial)₹2.76k2.4%
+₹3.2b		n/aPE62.7x
OMNI Omnitech Engineering₹591.703.7%
+₹2.6b		n/aPE92.2x

Latest News

MTARTECH
₹5,875.00
MTAR Technologies
7D
-7.7%
1Y
287.4%
500033
₹17,418.35
Force Motors
7D
-5.9%
1Y
-9.2%
TIIL
₹2,565.90
Technocraft Industries (India)
7D
4.6%
1Y
-23.1%
505283
₹1,513.15
Kirloskar Pneumatic
7D
-13.2%
1Y
16.0%
517041
₹1,462.00
Ador Welding
7D
8.0%
1Y
37.6%
CRAFTSMAN
₹9,311.50
Craftsman Automation
7D
2.3%
1Y
47.0%
Narrative Update • Jul 20

CRAFTSMAN: Equity Raises And Dividend Will Support Long-Term Upside

The analyst price target for Craftsman Automation has been revised from ₹11,000 to ₹11,600, with analysts citing updated assumptions on revenue growth, profit margins, discount rate, and future P/E as the key drivers behind this change. What’s in the News for Craftsman Automation A board meeting is scheduled on July 29, 2026, to consider and approve the unaudited standalone and consolidated financial results for the quarter ended June 30, 2026, subject to limited review by the statutory auditors.
500480
₹5,599.15
Cummins India
7D
0.1%
1Y
57.2%
Narrative Update • Jul 20

500480: Elevated P E And Rich Dividends Will Pressure Future Returns

Analysts have updated their view on Cummins India with a revised price target of ₹3,795.32 from ₹3,400.00, reflecting refreshed assumptions for fair value, discount rate, revenue growth, profit margin and future P/E multiple in their models. What’s in the News for Cummins India A board meeting is scheduled for August 5, 2026 to consider and approve Cummins India’s unaudited standalone and consolidated financial results for the quarter ending June 30, 2026, along with other business matters.
SKFINDUS
₹2,762.20
SKF India (Industrial)
7D
2.4%
1Y
n/a
506076
₹2,000.85
Grindwell Norton
7D
-17.7%
1Y
13.6%
KIRLOSENG
₹2,179.00
Kirloskar Oil Engines
7D
-9.1%
1Y
131.7%
Narrative Update • Jul 16

KIRLOSENG: Data Centre Order And Dividend Will Shape A Measured Outlook

Analysts have lifted their price target on Kirloskar Oil Engines from ₹2,256.80 to ₹2,349.83, citing updated assumptions around fair value, discount rate, revenue growth, profit margin and future P/E as the key drivers of the change. What's in the News Kirloskar Oil Engines received a large order from HyperNext for 96 units of its 2,500 kVA Optiprime Dual Core power systems, totaling 192 MW of standby capacity for hyperscale ready, AI focused data centers.
AIAENG
₹4,582.00
AIA Engineering
7D
-4.1%
1Y
37.9%
New Narrative • Jul 12

High Chrome Solutions And Trial Success Will Drive Long-Term Upside Potential

Catalysts About AIA Engineering AIA Engineering designs and supplies high chrome grinding media and mill lining solutions for mining and other process industries. What are the underlying business or industry changes driving this perspective?
ASHOKLEY
₹150.65
Ashok Leyland
7D
-2.7%
1Y
20.7%
Narrative Update • Jul 10

ASHOKLEY: Fair Value Recast Will Test Margin Assumptions And Execution Risks

The analyst fair value estimate for Ashok Leyland has been lifted from ₹129.68 to ₹155.00, with analysts pointing to adjustments in discount rates, revenue expectations, profit margin assumptions, and a lower future P/E as key drivers of the updated price target narrative. Analyst Commentary on Ashok Leyland While the fair value estimate for Ashok Leyland has been revised upward, recent research on another industrial stock, Ashland, highlights how quickly sentiment can shift when expectations for earnings, execution, or growth come under scrutiny.
TMCV
₹407.90
Tata Motors
7D
-1.1%
1Y
n/a
Narrative Update • Jul 07

TMCV: Expanding Electric Commercial Vehicle Orders Will Drive Future Upside Potential

Analysts have lifted the Tata Motors price target from ₹582.93 to ₹601.27, citing updated assumptions for revenue growth, profit margins and forward P/E that support a slightly higher fair value range. What’s in the News for Tata Motors Tata Motors announced more than 3,400 electric commercial vehicle orders across small commercial vehicles and pick ups, trucks and buses, highlighting wider use of its eCV line up in freight and passenger transport.
501423
₹2,951.05
Shaily Engineering Plastics
7D
8.7%
1Y
81.0%
Narrative Update • Jun 25

501423: Approved Injection Platform And Fundraising Plans Will Support Future Upside

Analysts have kept the fair value estimate for Shaily Engineering Plastics unchanged at ₹3,517.67, with only very small tweaks to the discount rate, revenue growth, profit margin and future P/E assumptions, indicating that their overall price target view remains effectively stable. What's in the News for Shaily Engineering Plastics Shaily Engineering Plastics' ShailyPen Neo platform is part of a generic Semaglutide injection launched in Canada by Orbicular Pharmaceutical Technologies and its customer, using Shaily's proprietary spring driven pen injector platform, according to company key developments.
533107
₹2,430.45
Swan Defence and Heavy Industries
7D
10.3%
1Y
655.4%
OMNI
₹591.70
Omnitech Engineering
7D
3.7%
1Y
n/a