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Indian (NIFTY) Machinery Industry Analysis

UpdatedDec 23, 2025
DataAggregated Company Financials
Companies232
  • 7D2.2%
  • 3M-0.1%
  • 1Y-0.5%
  • YTD2.3%

Last week, the Machinery industry hasn't moved much but Tata Motors is up 8.9% in that time. As for the longer term, the industry has declined 3.3% in the last year. Looking forward, earnings are forecast to grow by 18% annually.

Industry Valuation and Performance

Has the Indian Machinery Industry valuation changed over the past few years?

DateMarket CapRevenueEarningsPEAbsolute PEPS
Tue, 23 Dec 2025₹11.0t₹2.6t₹240.6b29.1x45.7x4.2x
Thu, 20 Nov 2025₹11.0t₹2.7t₹251.4b30.9x43.8x4.1x
Sat, 18 Oct 2025₹9.8t₹2.7t₹248.8b30.6x39.5x3.7x
Mon, 15 Sep 2025₹10.1t₹2.7t₹248.7b32.4x40.6x3.8x
Wed, 13 Aug 2025₹9.6t₹2.7t₹248.3b32.2x38.8x3.6x
Fri, 11 Jul 2025₹10.2t₹2.6t₹236.5b34.1x43x3.9x
Sun, 08 Jun 2025₹9.9t₹2.6t₹235.0b32.7x42.3x3.8x
Tue, 06 May 2025₹8.5t₹2.5t₹230.1b30.1x37.1x3.4x
Thu, 03 Apr 2025₹8.5t₹2.5t₹226.1b30.4x37.5x3.4x
Sat, 01 Mar 2025₹7.6t₹2.5t₹226.1b28.3x33.8x3.1x
Mon, 27 Jan 2025₹8.8t₹2.4t₹224.1b36.2x39.3x3.6x
Wed, 25 Dec 2024₹9.6t₹2.4t₹222.9b39.2x42.9x4x
Fri, 22 Nov 2024₹9.3t₹2.4t₹223.1b36.4x41.6x3.9x
Sun, 20 Oct 2024₹10.2t₹2.4t₹211.8b39.9x48.1x4.3x
Tue, 17 Sep 2024₹10.4t₹2.3t₹210.6b40.7x49.3x4.4x
Thu, 15 Aug 2024₹10.1t₹2.3t₹209.8b38.4x48.3x4.3x
Sat, 13 Jul 2024₹10.9t₹2.3t₹203.8b40.6x53.4x4.7x
Mon, 10 Jun 2024₹9.9t₹2.3t₹203.5b37.8x48.5x4.3x
Wed, 08 May 2024₹8.7t₹2.3t₹190.5b38.1x45.8x3.9x
Fri, 05 Apr 2024₹8.1t₹2.2t₹190.2b36.8x42.8x3.6x
Sun, 03 Mar 2024₹7.5t₹2.2t₹188.6b34.9x39.6x3.4x
Tue, 30 Jan 2024₹7.2t₹2.2t₹177.6b34.4x40.6x3.3x
Thu, 28 Dec 2023₹6.9t₹2.2t₹176.4b32.9x39x3.2x
Sat, 25 Nov 2023₹6.4t₹2.1t₹172.5b31.7x36.9x3x
Mon, 23 Oct 2023₹6.3t₹2.1t₹162.0b31.5x39x3x
Wed, 20 Sep 2023₹6.3t₹2.1t₹161.3b30.7x39x3x
Fri, 18 Aug 2023₹6.0t₹2.1t₹161.4b29.6x37.4x2.9x
Sun, 16 Jul 2023₹5.7t₹2.0t₹144.6b28.5x39.6x2.9x
Tue, 13 Jun 2023₹5.3t₹2.0t₹144.1b27x37x2.7x
Thu, 11 May 2023₹4.9t₹1.9t₹130.2b26.7x37.3x2.5x
Sat, 08 Apr 2023₹4.7t₹1.9t₹129.6b23.4x36.3x2.5x
Mon, 06 Mar 2023₹4.6t₹1.9t₹129.6b22.6x35.7x2.4x
Wed, 01 Feb 2023₹4.6t₹1.8t₹115.2b25x39.6x2.5x
Fri, 30 Dec 2022₹4.5t₹1.8t₹112.5b25.2x40x2.5x
Price to Earnings Ratio

40x


Total Market Cap: ₹4.5tTotal Earnings: ₹112.5bTotal Revenue: ₹1.8tTotal Market Cap vs Earnings and Revenue0%0%0%
Indian Machinery Industry Price to Earnings3Y Average 41.1x202320242025
Current Industry PE
  • Investors are optimistic on the Indian Machinery industry, and appear confident in long term growth rates.
  • The industry is trading at a PE ratio of 44.6x which is higher than its 3-year average PE of 41.1x.
  • The 3-year average PS ratio of 3.5x is lower than the industry's current PS ratio of 4.1x.
Past Earnings Growth
  • The earnings for companies in the Machinery industry have grown 29% 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 Market0.84%
Industrials2.07%
Machinery2.19%
Construction Machinery and Vehicles4.21%
Industrial Machinery0.32%
Agricultural Machinery-1.78%
Industry PE
  • Investors are most optimistic about the Construction Machinery and Vehicles industry which is trading above its 3-year average PE ratio of 39.5x.
    • Analysts are expecting annual earnings growth of 17.2%, which is higher than its past year's earnings growth of 9.0% per year.
  • Investors are most pessimistic about the Agricultural Machinery industry, which is trading close to its 3-year average of 33.9x.
Forecasted Growth
  • Analysts are most optimistic on the Industrial Machinery industry, expecting annual earnings growth of 21% over the next 5 years.
  • This is better than its past earnings growth rate of 6.3% per year.
  • In contrast, the Agricultural Machinery industry is expected to see its earnings grow by 12% 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
TMCV Tata Motors₹411.708.9%
+₹124.3b		n/an/a
ASHOKLEY Ashok Leyland₹177.056.1%
+₹60.1b		61.7%PE31.9x
KIRLOSENG Kirloskar Oil Engines₹1.31k15.5%
+₹25.5b		29.4%PE38x
COCHINSHIP Cochin Shipyard₹1.67k5.0%
+₹20.7b		13.6%PE57.7x
JWL Jupiter Wagons₹310.4515.9%
+₹18.1b		-41.1%PE47.1x

Latest News

TEGA
₹2,001.60
Tega Industries
7D
4.3%
1Y
26.0%

Does Tega Industries (NSE:TEGA) Deserve A Spot On Your Watchlist?

Dec 23
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JWL
₹310.45
Jupiter Wagons
7D
15.9%
1Y
-41.1%
ELGIEQUIP
₹472.95
Elgi Equipments
7D
-3.2%
1Y
-19.6%

ELGIEQUIP: Future Margins Expected To Support Bullish Long Term Outlook

Analysts have trimmed their fair value estimate for Elgi Equipments from ₹680 to ₹620, citing slightly softer long term revenue growth assumptions and a lower future valuation multiple, partly offset by modestly higher margin expectations. What's in the News Board meeting scheduled on November 12, 2025, to consider and approve standalone and consolidated unaudited financial results for the quarter ended September 30, 2025 (Board Meeting filing) Valuation Changes Fair Value Estimate reduced from ₹680 to ₹620, reflecting a moderate downward revision in intrinsic value.
KIRLOSENG
₹1,311.90
Kirloskar Oil Engines
7D
15.5%
1Y
29.4%

KIRLOSENG: Business Spinoff And Restructuring Moves Will Shape Future Performance

Analysts have nudged their price target on Kirloskar Oil Engines slightly higher to ₹1,254. This reflects modestly lower perceived risk and steady expectations for long term revenue growth, margins, and valuation multiples.
LLOYDSENGG
₹57.86
Lloyds Engineering Works
7D
10.6%
1Y
-22.8%

Investors Still Waiting For A Pull Back In Lloyds Engineering Works Limited (NSE:LLOYDSENGG)

Dec 20
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INGERRAND
₹3,411.70
Ingersoll-Rand (India)
7D
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1Y
-16.8%

Ingersoll-Rand (India) Limited's (NSE:INGERRAND) Shares May Have Run Too Fast Too Soon

Dec 19
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COCHINSHIP
₹1,666.30
Cochin Shipyard
7D
5.0%
1Y
13.6%

COCHINSHIP: Electric Tug Collaboration Will Likely Fail To Justify Rich Expectations

Analysts have modestly revised their price target for Cochin Shipyard upward to ₹1,150.50 from ₹1,150.00, citing marginally lower discount rate assumptions and a slightly improved long term profitability outlook. What's in the News Board meeting scheduled on November 12, 2025 to review standalone and consolidated unaudited financial results for the quarter and half year ended September 30, 2025, and to consider declaration of an interim dividend for FY 2025-26, with November 18, 2025 proposed as the record date (company filing) Cochin Shipyard and Svitzer sign a Letter of Intent to construct a new generation of electric TRAnsverse tugboats at CSL's Indian yards, supporting Svitzer's global fleet renewal and India's ambition to become a leading maritime manufacturing hub (company announcement) The Svitzer collaboration aims to deploy advanced, low emission TRAnsverse tugs designed for high manoeuvrability and efficiency in confined waters, aligning with India's green port and green towage initiatives (company announcement) Valuation Changes Fair Value: Unchanged at ₹1,150.50 per share, indicating no material shift in the central valuation estimate.
531431
₹713.90
Shakti Pumps (India)
7D
-5.0%
1Y
-25.9%
500252
₹14,864.20
LMW
7D
-3.7%
1Y
-13.6%

500252: Elevated Multiples Will Likely Persist Despite Stable Earnings Outlook

Analysts have raised their price target on LMW slightly to $11,041.00. This reflects modestly lower discount rate assumptions and reaffirmed expectations for stable revenue, profit margins, and future valuation multiples.
ASHOKLEY
₹177.05
Ashok Leyland
7D
6.1%
1Y
61.7%

ASHOKLEY: Bus Order Wins And Dividend Payout Will Support Steady Near-Term Outlook

Analysts have nudged their fair value estimate for Ashok Leyland slightly higher, from ₹155.08 to ₹156.14, citing expectations of stronger revenue growth and marginally improved profit margins supported by a stable earnings multiple. What's in the News Board meeting scheduled for November 25, 2025 to consider a scheme of merger by absorption of Hinduja Leyland Finance Limited into Nirmal Diesel Limited, subject to regulatory and other approvals (company filing) Board meeting on November 12, 2025 to review standalone and consolidated unaudited financial results for the quarter and half year ended September 30, 2025, and to consider an interim dividend for FY 2025-26 (company filing) Company secured a major order for 1,937 AIS 153 compliant BS VI diesel buses from Tamil Nadu State Transport Undertakings, with a net contract value of INR 6,687.6 million and deliveries scheduled between October 2025 and January 2027 (company filing) Board declared an interim dividend of INR 1 per equity share for FY 2025-26, payable on or before December 11, 2025, with November 18, 2025 as the record date (company filing) Valuation Changes Fair Value Estimate has risen slightly from ₹155.08 to ₹156.14 per share, reflecting modestly stronger fundamentals.
500480
₹4,520.05
Cummins India
7D
-0.4%
1Y
34.5%

500480: Future Revenue Guidance And Margin Stability Will Support Balanced Assessment

Analysts have marginally raised their price target on Cummins India, citing a slightly lower implied discount rate and steady long term growth and profitability assumptions. Together, these factors support a fair value of ₹4,421.74 per share, up from roughly unchanged prior estimates.
ESCORTS
₹3,625.50
Escorts Kubota
7D
-2.5%
1Y
15.3%

ESCORTS: Product Rollout And Governance Changes Will Shape Balanced 2025 Outlook

Analysts have modestly raised their price target on Escorts Kubota to ₹3,665, citing slightly higher long term profitability assumptions and a stable forward valuation multiple, despite a marginal uptick in the discount rate and a slightly softer revenue growth outlook. What's in the News Launch of third generation KA6 and KA8 ride on rice transplanters under the Kubota brand in seven key paddy growing states, offering higher productivity, precision planting and enhanced operator comfort (Key Developments) Introduction of the PRO588i G combine harvester in Punjab and Haryana, designed to cut stalks near the base, enable straw reuse, reduce stubble burning and improve Basmati grain quality and export potential (Key Developments) Upcoming November 4, 2025 board meeting to review September quarter and half year financial results, consider director resignations and reduce board size from 18 to 16, and modify the materiality of events policy (Key Developments) Extraordinary shareholders meeting on October 30, 2025 via postal ballot to appoint Akira Kato as director and whole time director, designated deputy managing director, and approve his remuneration (Key Developments) Valuation Changes Fair Value Estimate: Unchanged at ₹3,665 per share.
ACE
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Action Construction Equipment
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1Y
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500033
₹18,351.35
Force Motors
7D
6.1%
1Y
176.2%
500241
₹1,640.05
Kirloskar Brothers
7D
-3.5%
1Y
-18.8%