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Indian (NIFTY) Machinery Industry Analysis

UpdatedMar 16, 2026
DataAggregated Company Financials
Companies240
  • 7D-6.0%
  • 3M-3.1%
  • 1Y17.4%
  • YTD-6.9%

Over the last 7 days, the Machinery industry has dropped 6.0%, driven by Tata Motors declining 10%. On the other hand Swan Defence and Heavy Industries is actually up 19%. Over the past 12 months, the industry was up 17%. 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
Mon, 16 Mar 2026₹10.5t₹2.7t₹248.2b23.4x42.3x3.9x
Wed, 11 Feb 2026₹11.5t₹2.7t₹246.2b26.4x46.6x4.3x
Fri, 09 Jan 2026₹11.0t₹2.6t₹241.1b27.8x45.6x4.2x
Sun, 07 Dec 2025₹10.6t₹2.6t₹240.4b28.9x43.9x4x
Tue, 04 Nov 2025₹10.2t₹2.7t₹249.5b32x40.8x3.8x
Thu, 02 Oct 2025₹10.1t₹2.7t₹249.8b31.5x40.3x3.7x
Sat, 30 Aug 2025₹9.7t₹2.7t₹248.7b31.5x39.1x3.6x
Mon, 28 Jul 2025₹10.0t₹2.6t₹239.4b34.1x41.9x3.8x
Wed, 25 Jun 2025₹9.8t₹2.6t₹236.1b34.2x41.3x3.7x
Fri, 23 May 2025₹9.3t₹2.6t₹230.1b32.8x40.6x3.6x
Sun, 20 Apr 2025₹8.5t₹2.5t₹226.2b31.9x37.4x3.4x
Tue, 18 Mar 2025₹7.9t₹2.5t₹226.1b27.5x35x3.2x
Thu, 13 Feb 2025₹8.2t₹2.5t₹220.9b33.2x37.1x3.3x
Sat, 11 Jan 2025₹9.2t₹2.4t₹224.8b37.9x40.8x3.8x
Mon, 09 Dec 2024₹10.0t₹2.4t₹223.3b40x44.8x4.2x
Wed, 06 Nov 2024₹9.8t₹2.4t₹214.2b37.8x45.6x4.1x
Fri, 04 Oct 2024₹10.2t₹2.4t₹211.5b39.1x48.1x4.3x
Sun, 01 Sep 2024₹10.4t₹2.3t₹210.4b40.4x49.3x4.4x
Tue, 30 Jul 2024₹11.0t₹2.3t₹204.9b41.7x53.5x4.7x
Thu, 27 Jun 2024₹10.9t₹2.3t₹203.7b41.3x53.5x4.8x
Sat, 25 May 2024₹9.8t₹2.3t₹198.1b40.1x49.6x4.3x
Mon, 22 Apr 2024₹8.2t₹2.2t₹188.4b37.6x43.5x3.7x
Wed, 20 Mar 2024₹7.1t₹2.2t₹188.7b32.5x37.6x3.2x
Fri, 16 Feb 2024₹7.4t₹2.2t₹188.9b34x38.9x3.3x
Sun, 14 Jan 2024₹7.1t₹2.2t₹176.8b35x40.2x3.3x
Tue, 12 Dec 2023₹6.6t₹2.1t₹172.5b33.3x38.2x3.1x
Thu, 09 Nov 2023₹6.3t₹2.1t₹165.9b32x37.7x3x
Sat, 07 Oct 2023₹6.3t₹2.1t₹161.3b31.4x38.8x3x
Mon, 04 Sep 2023₹6.3t₹2.1t₹161.4b30.4x39.2x3.1x
Wed, 02 Aug 2023₹6.0t₹2.0t₹151.5b29.9x39.7x3x
Fri, 30 Jun 2023₹5.5t₹2.0t₹144.0b27.5x38.3x2.8x
Sun, 28 May 2023₹5.0t₹2.0t₹141.7b26.9x35.4x2.5x
Tue, 25 Apr 2023₹4.7t₹1.9t₹129.5b26.2x36.1x2.5x
Thu, 23 Mar 2023₹4.6t₹1.9t₹129.6b22.8x35.2x2.4x
Price to Earnings Ratio

35.2x


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 Market-4.42%
Industrials-5.55%
Machinery-5.99%
Industrial Machinery-3.28%
Agricultural Machinery-5.54%
Construction Machinery and Vehicles-8.03%
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 20.0%, 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 8.4% 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
533107 Swan Defence and Heavy Industries₹2.40k19.1%
+₹20.3b		2,814.2%PS249x
THERMAX Thermax₹3.22k1.9%
+₹6.7b		-4.4%PE53.2x
522113 Timken India₹3.45k1.9%
+₹4.8b		33.9%PE60.1x
OMNI Omnitech Engineering₹218.5414.9%
+₹3.5b		n/aPE38.3x
526829 Confidence Petroleum India₹36.3422.4%
+₹2.2b		-25.5%PE14.3x

Latest News

OMNI
₹218.54
Omnitech Engineering
7D
14.9%
1Y
n/a
TEGA
₹1,764.90
Tega Industries
7D
1.2%
1Y
38.2%

TEGA: Board Actions And Higher P/E Expectations Will Support Long Term Prospects

Analysts have lifted their price target for Tega Industries from ₹2,034 to about ₹2,084, reflecting updated views on fair value, discount rate assumptions, revenue growth expectations, profit margins and the future P/E multiple. What's in the News Board meeting scheduled for Feb 12, 2026, at 12:30 Indian Standard Time to review and approve unaudited standalone and consolidated financial results for the quarter and nine months ended Dec 31, 2025 (Key Developments).
526829
₹36.34
Confidence Petroleum India
7D
22.4%
1Y
-25.5%
522113
₹3,449.60
Timken India
7D
1.9%
1Y
33.9%

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).
DEEDEV
₹297.30
DEE Development Engineers
7D
6.1%
1Y
30.0%
ELGIEQUIP
₹469.50
Elgi Equipments
7D
-9.5%
1Y
5.9%

ELGIEQUIP: Fair Outlook Balances New Subsidiary Expansion And Profitability Assumptions

Analysts have raised their fair value estimate for Elgi Equipments from ₹425 to ₹564, citing updated assumptions related to revenue growth, profit margins and a higher future P/E multiple. What's in the News ELGI Compressors USA Inc.
JYOTICNC
₹715.95
Jyoti CNC Automation
7D
-10.8%
1Y
-28.4%

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).
501423
₹1,943.70
Shaily Engineering Plastics
7D
1.5%
1Y
8.2%

501423: Long Term Supply Agreement Will Support Future Upside

Analysts have maintained their fair value estimate for Shaily Engineering Plastics at ₹3,526, making only minor adjustments to inputs such as the discount rate, revenue growth, profit margin and future P/E. This indicates that their overall view of the stock's valuation has not materially changed.
500480
₹4,647.00
Cummins India
7D
-3.2%
1Y
63.9%

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
₹170.65
Ashok Leyland
7D
-12.3%
1Y
73.6%

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.
ESCORTS
₹3,120.60
Escorts Kubota
7D
-5.2%
1Y
7.3%

ESCORTS: Future Returns Will Depend On Risky Greenfield Plant Expansion

Analysts have kept their fair value estimate for Escorts Kubota steady at ₹2,828, with a slightly lower discount rate and revenue growth outlook offset by a modestly higher profit margin assumption and a small tweak to the future P/E multiple. What's in the News A board meeting is scheduled on February 12, 2026 to consider an investment of ₹200 crores in Escorts Kubota Finance Limited, the wholly owned subsidiary (company filing).
CRAFTSMAN
₹6,674.00
Craftsman Automation
7D
-10.5%
1Y
40.9%

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).
COCHINSHIP
₹1,385.50
Cochin Shipyard
7D
-7.0%
1Y
7.3%

COCHINSHIP: Electric Marine JV Will Likely Fail To Sustain Elevated Pricing

Analysts have kept their price target for Cochin Shipyard steady at ₹1,150.50, citing largely unchanged assumptions on fair value, revenue growth, profit margin and future P/E, along with a small adjustment in the discount rate. What's in the News The tenure of Chairman and Managing Director Shri Madhu Sankunny Nair has been extended by the Appointments Committee of the Cabinet until his superannuation on January 31, 2026, following earlier terms that began in January 2016 (company announcement).
THERMAX
₹3,221.00
Thermax
7D
1.9%
1Y
-4.4%

THERMAX: New Energy Partnerships Will Drive Long-Term Upside

Analysts have trimmed their Thermax fair value estimate from ₹4,458 to ₹4,381 as they now assume slightly lower revenue growth and profit margins, partly offset by a reduced discount rate and a higher future P/E multiple. What's in the News The Board approved setting up a wholly owned step down subsidiary in Dubai through Thermax Engineering Singapore Pte Ltd, aimed at expanding the group’s presence in the region (Board meeting filing).
533107
₹2,399.30
Swan Defence and Heavy Industries
7D
19.1%
1Y
2,814.2%