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Indian (NIFTY) Machinery Industry Analysis

UpdatedJul 07, 2026
DataAggregated Company Financials
Companies244
  • 7D0.3%
  • 3M20.5%
  • 1Y15.2%
  • YTD10.5%

The Machinery is pretty flat in the last 7 days, but Ashok Leyland has stood out, gaining 4.1%. As for the the longer term, the industry is up 15% 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
Wed, 08 Jul 2026₹12.5t₹3.7t₹283.8b28.8x44.1x3.4x
Fri, 05 Jun 2026₹11.8t₹3.7t₹285.4b26.1x41.3x3.2x
Sun, 03 May 2026₹11.6t₹2.7t₹248.1b26.7x46.8x4.3x
Tue, 31 Mar 2026₹9.9t₹2.7t₹248.3b21.5x39.8x3.6x
Thu, 26 Feb 2026₹11.5t₹2.7t₹247.0b24.6x46.7x4.3x
Sat, 24 Jan 2026₹10.5t₹2.6t₹241.5b25.1x43.6x4x
Mon, 22 Dec 2025₹10.7t₹2.6t₹240.6b29.1x44.6x4.1x
Wed, 19 Nov 2025₹11.0t₹2.7t₹251.8b30.5x43.9x4.1x
Fri, 17 Oct 2025₹9.8t₹2.7t₹248.7b30.4x39.5x3.7x
Sun, 14 Sep 2025₹10.1t₹2.7t₹248.7b32.4x40.6x3.8x
Tue, 12 Aug 2025₹9.6t₹2.7t₹248.0b32.6x38.9x3.6x
Thu, 10 Jul 2025₹10.2t₹2.6t₹236.5b34x43x3.9x
Sat, 07 Jun 2025₹9.9t₹2.6t₹235.0b32.7x42.3x3.8x
Mon, 05 May 2025₹8.4t₹2.5t₹230.1b30.7x36.6x3.4x
Wed, 02 Apr 2025₹8.4t₹2.5t₹226.1b29.8x37.2x3.4x
Fri, 28 Feb 2025₹7.8t₹2.5t₹225.8b29.2x34.6x3.1x
Sun, 26 Jan 2025₹8.8t₹2.4t₹224.1b36.2x39.3x3.6x
Tue, 24 Dec 2024₹9.6t₹2.4t₹222.9b38.3x42.9x4x
Thu, 21 Nov 2024₹9.4t₹2.4t₹223.1b35.5x42.2x3.9x
Sat, 19 Oct 2024₹10.2t₹2.4t₹211.6b39.7x48.1x4.3x
Mon, 16 Sep 2024₹10.4t₹2.3t₹210.6b40.4x49.2x4.4x
Wed, 14 Aug 2024₹10.2t₹2.3t₹209.7b39x48.7x4.4x
Fri, 12 Jul 2024₹11.0t₹2.3t₹203.8b40.1x54x4.8x
Sun, 09 Jun 2024₹9.9t₹2.3t₹203.5b38.1x48.5x4.3x
Tue, 07 May 2024₹8.9t₹2.3t₹190.5b39.6x46.5x3.9x
Thu, 04 Apr 2024₹8.1t₹2.2t₹190.2b36.4x42.5x3.6x
Sat, 02 Mar 2024₹7.5t₹2.2t₹188.6b34.9x39.6x3.4x
Mon, 29 Jan 2024₹7.1t₹2.2t₹177.6b33.9x40.2x3.3x
Wed, 27 Dec 2023₹6.9t₹2.2t₹176.4b32.8x38.9x3.2x
Fri, 24 Nov 2023₹6.4t₹2.1t₹172.5b31.3x37x3x
Sun, 22 Oct 2023₹6.3t₹2.1t₹162.0b31.5x39x3x
Tue, 19 Sep 2023₹6.3t₹2.1t₹161.3b30.7x39x3x
Thu, 17 Aug 2023₹6.0t₹2.1t₹161.4b29x37x2.9x
Sat, 15 Jul 2023₹5.7t₹2.0t₹144.2b28.4x39.7x2.9x
Price to Earnings Ratio

39.7x


Total Market Cap: ₹5.7tTotal Earnings: ₹144.2bTotal 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 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 25% 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 Market1.76%
Industrials0.57%
Machinery0.31%
Construction Machinery and Vehicles2.16%
Agricultural Machinery1.54%
Industrial Machinery-1.68%
Industry PE
  • Investors are most optimistic about the Industrial Machinery industry, which is trading close to its 3-year average PE ratio of 44.3x.
    • Analysts are expecting annual earnings growth of 20.9%, which is higher than its past year's earnings growth of 7.3% per year.
  • Investors are most pessimistic about the Agricultural Machinery industry, which is trading below its 3-year average of 33.9x.
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 9.5% 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
ASHOKLEY Ashok Leyland₹164.164.1%
+₹37.9b		31.4%PE27.8x
AZAD Azad Engineering₹2.28k10.7%
+₹14.2b		40.5%PE110.6x
TMCV Tata Motors₹425.000.5%
+₹7.5b		n/aPE51.6x
500048 BEML₹1.83k4.0%
+₹5.9b		-19.1%PE107.9x
533107 Swan Defence and Heavy Industries₹2.31k4.6%
+₹5.3b		689.8%PS43.1x

Latest News

500480
₹5,475.35
Cummins India
7D
-3.2%
1Y
57.5%
Narrative Update • Jul 06

500480: Higher Dividend Payouts Will Support Future Upside Potential

The analyst fair value estimate for Cummins India has been revised from ₹5,370 to ₹7,100, with analysts citing updated assumptions around revenue growth, profit margins and future P/E as key drivers of the higher price target. What's in the News for Cummins India Board meeting scheduled on August 5, 2026, to consider and approve the unaudited standalone and consolidated financial results for the quarter ending June 30, 2026, along with other business matters.
522113
₹3,260.15
Timken India
7D
-6.4%
1Y
-1.6%
506076
₹2,030.75
Grindwell Norton
7D
-6.5%
1Y
15.4%
THERMAX
₹4,709.00
Thermax
7D
-8.7%
1Y
36.4%
Narrative Update • Jul 01

THERMAX: Rising Dividend Payouts Will Increase Risk To Future Shareholder Returns

Thermax's analyst fair value estimate has been revised from about ₹3,414 to roughly ₹4,409. Analysts cite updated assumptions on revenue growth, profit margin and future P/E as the basis for the higher price target.
ESCORTS
₹2,978.90
Escorts Kubota
7D
1.5%
1Y
-12.1%
ASHOKLEY
₹164.16
Ashok Leyland
7D
4.1%
1Y
31.4%
Narrative Update • Jun 26

ASHOKLEY: Future Earnings Power And Dividend Actions May Unlock Upside

The analyst fair value estimate for Ashok Leyland has been revised from ₹203.68 to ₹223.15. Analysts broadly cite updated assumptions for revenue growth, profit margins and future P/E expectations as the key drivers of the change.
MTARTECH
₹7,006.50
MTAR Technologies
7D
-8.1%
1Y
344.8%
Narrative Update • Jun 24

MTARTECH: Rich Multiple Will Face Testing From Large Blanket Orders Execution

Analysts have slightly trimmed their price expectations for MTAR Technologies to reflect updated assumptions on discount rates, revenue growth, profit margins, and a lower future P/E multiple. This has resulted in a more conservative valuation in the latest price target revision.
AIAENG
₹4,756.50
AIA Engineering
7D
-6.4%
1Y
38.1%
Narrative Update • Jun 24

AIAENG: Board Changes And Stable Assumptions Will Shape A Balanced Outlook

Analysts have maintained their ₹4,492 price target for AIA Engineering, with only marginal tweaks to inputs such as the discount rate, revenue growth, profit margin, and future P/E assumptions that guide their valuation framework. What’s in the News for AIA Engineering A board meeting is scheduled for May 26, 2026 to consider and approve the audited financial results for the quarter and year ended March 31, 2026, and to consider a dividend recommendation for the 2025-26 financial year.
500241
₹1,854.20
Kirloskar Brothers
7D
-9.7%
1Y
-15.5%
COCHINSHIP
₹1,445.70
Cochin Shipyard
7D
-4.1%
1Y
-28.5%
Narrative Update • Jun 22

COCHINSHIP: Electric Marine JV And Dividend Policy Will Likely Shape Balanced Outlook

Analysts have lifted their fair value estimate for Cochin Shipyard from ₹1,110 to ₹1,455.75, highlighting updated assumptions around discount rates, profit margins, and future P/E multiples as key drivers of the higher price target. What’s in the News for Cochin Shipyard Cochin Shipyard executed a Joint Venture Agreement with HBL Engineering to form Green Maritime Propulsion Private Limited, aimed at developing electric mobility and energy storage solutions for the maritime sector, with Cochin Shipyard holding 40% of the INR 90 million initial share capital.
TEXRAIL
₹118.77
Texmaco Rail & Engineering
7D
10.3%
1Y
-29.4%
Narrative Update • Jun 22

TEXRAIL: Africa Rail Contract Will Drive Future Earnings Upside

Analysts have kept the Texmaco Rail & Engineering price target steady at ₹168.0, citing only minor tweaks to inputs such as the discount rate, long term revenue growth, profit margin assumptions and future P/E multiple, rather than any change in their overall view. What's in the News Texmaco Rail & Engineering, Touax Group and TrinityRail Global Inc.
500048
₹1,830.90
BEML
7D
4.0%
1Y
-19.1%
533107
₹2,305.55
Swan Defence and Heavy Industries
7D
4.6%
1Y
689.8%
TMCV
₹425.00
Tata Motors
7D
0.5%
1Y
n/a
New Narrative • Jun 16

Cleaner Transport And Mass Mobility Tailwinds Will Reshape This Commercial Vehicle Leader

Catalysts About Tata Motors Tata Motors focuses on commercial vehicles, including trucks, buses and small commercial vehicles, with both domestic and international operations. What are the underlying business or industry changes driving this perspective?
AZAD
₹2,275.30
Azad Engineering
7D
10.7%
1Y
40.5%
Narrative Update • Jun 09

AZAD: Long Term Supply Agreements And New Facility Will Support Balanced Outlook

Analysts have maintained their fair value estimate for Azad Engineering at ₹2,070.71 per share, with a slightly lower discount rate and a modestly adjusted future P/E assumption shaping the latest price target narrative. What's in the News Board meeting scheduled on May 12, 2026, to consider reappointment of Mr. Rakesh Chopdar as Whole-Time Director, Executive Chairman and CEO, and reappointment of Mrs.
500033
₹18,765.15
Force Motors
7D
1.0%
1Y
23.2%