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Indian (NIFTY) Machinery Industry Analysis

UpdatedJan 19, 2026
DataAggregated Company Financials
Companies236
  • 7D-0.4%
  • 3M-0.5%
  • 1Y2.0%
  • YTD-3.3%

Over the last 7 days, the Machinery industry has remained flat. Furthermore, the industry has been flat for the past year as well. Earnings are forecast to grow by 19% annually.

Industry Valuation and Performance

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

DateMarket CapRevenueEarningsPEAbsolute PEPS
Mon, 19 Jan 2026₹10.8t₹2.6t₹241.5b26.5x44.9x4.1x
Wed, 17 Dec 2025₹10.7t₹2.6t₹240.6b30x44.5x4.1x
Fri, 14 Nov 2025₹11.1t₹2.7t₹250.7b30.7x44.5x4.1x
Sun, 12 Oct 2025₹10.1t₹2.7t₹248.5b31.9x40.5x3.7x
Tue, 09 Sep 2025₹9.9t₹2.7t₹248.7b31.7x40x3.7x
Thu, 07 Aug 2025₹9.8t₹2.7t₹242.4b34x40.4x3.7x
Sat, 05 Jul 2025₹10.0t₹2.6t₹236.4b34x42.4x3.8x
Mon, 02 Jun 2025₹9.6t₹2.6t₹234.0b32.2x41.1x3.7x
Wed, 30 Apr 2025₹8.6t₹2.5t₹229.4b30.7x37.3x3.4x
Fri, 28 Mar 2025₹8.5t₹2.5t₹226.1b30.2x37.4x3.4x
Sun, 23 Feb 2025₹8.1t₹2.5t₹225.8b30.5x35.8x3.2x
Tue, 21 Jan 2025₹9.2t₹2.4t₹224.0b38.5x41.2x3.8x
Thu, 19 Dec 2024₹9.9t₹2.4t₹223.2b39.5x44.5x4.1x
Sat, 16 Nov 2024₹9.4t₹2.4t₹222.8b35.7x42.2x3.9x
Mon, 14 Oct 2024₹10.1t₹2.4t₹211.6b40.3x48x4.3x
Wed, 11 Sep 2024₹10.3t₹2.3t₹210.6b40.1x48.7x4.4x
Fri, 09 Aug 2024₹10.3t₹2.3t₹207.8b39.7x49.6x4.4x
Sun, 07 Jul 2024₹11.3t₹2.3t₹203.7b40.9x55.7x4.9x
Tue, 04 Jun 2024₹10.1t₹2.3t₹202.7b39.6x49.9x4.4x
Thu, 02 May 2024₹8.8t₹2.3t₹190.2b39.4x46.3x3.9x
Sat, 30 Mar 2024₹7.7t₹2.2t₹190.1b33.7x40.3x3.4x
Mon, 26 Feb 2024₹7.5t₹2.2t₹188.6b35.3x39.7x3.4x
Wed, 24 Jan 2024₹7.0t₹2.2t₹176.9b33.8x39.5x3.2x
Fri, 22 Dec 2023₹6.7t₹2.1t₹174.2b32.4x38.3x3.1x
Sun, 19 Nov 2023₹6.3t₹2.1t₹172.5b30.5x36.6x3x
Tue, 17 Oct 2023₹6.3t₹2.1t₹161.5b31.3x38.9x3x
Thu, 14 Sep 2023₹6.3t₹2.1t₹161.3b30x38.8x3x
Sat, 12 Aug 2023₹6.0t₹2.1t₹159.8b30.4x37.5x2.9x
Mon, 10 Jul 2023₹5.6t₹2.0t₹144.0b28.7x38.5x2.8x
Wed, 07 Jun 2023₹5.3t₹2.0t₹144.1b27.4x36.4x2.6x
Fri, 05 May 2023₹4.8t₹1.9t₹129.4b27x37.3x2.5x
Sun, 02 Apr 2023₹4.6t₹1.9t₹129.6b21.7x35.6x2.4x
Tue, 28 Feb 2023₹4.6t₹1.9t₹129.4b21.9x35.2x2.4x
Thu, 26 Jan 2023₹4.5t₹1.8t₹112.7b25.6x40x2.5x
Price to Earnings Ratio

40x


Total Market Cap: ₹4.5tTotal Earnings: ₹112.7bTotal Revenue: ₹1.8tTotal Market Cap vs Earnings and Revenue0%0%0%
Indian Machinery Industry Price to Earnings3Y Average 41.3x202420252026
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 44.9x which is higher than its 3-year average PE of 41.3x.
  • 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 Market0.026%
Industrials-1.93%
Machinery-0.41%
Construction Machinery and Vehicles0.092%
Industrial Machinery-0.71%
Agricultural Machinery-2.81%
Industry PE
  • Investors are most optimistic about the Construction Machinery and Vehicles industry which is trading above its 3-year average PE ratio of 39.6x.
    • Analysts expect its future annual earnings growth (17.7%) to be largely in line with prior year's earnings growth.
  • Investors are most pessimistic about the Agricultural Machinery industry, which is trading close to its 3-year average of 34.0x.
Forecasted Growth
  • Analysts are most optimistic on the Industrial Machinery industry, expecting annual earnings growth of 20% over the next 5 years.
  • This is better than its past earnings growth rate of 8.3% 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₹441.403.9%
+₹60.8b		n/an/a
500033 Force Motors₹21.30k7.1%
+₹18.6b		225.3%PE26.1x
500480 Cummins India₹4.03k1.3%
+₹14.7b		37.0%PE48.3x
JWL Jupiter Wagons₹317.806.9%
+₹8.8b		-36.8%PE48.5x
ASHOKLEY Ashok Leyland₹187.980.5%
+₹5.7b		79.7%PE33.9x

Latest News

AIAENG
₹3,865.90
AIA Engineering
7D
-3.0%
1Y
8.3%
522195
₹4,824.15
Frontier Springs
7D
20.5%
1Y
113.8%
COCHINSHIP
₹1,506.40
Cochin Shipyard
7D
-3.6%
1Y
-2.0%

Is Cochin Shipyard (NSE:COCHINSHIP) Using Too Much Debt?

Jan 17
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ESCORTS
₹3,573.00
Escorts Kubota
7D
-4.8%
1Y
-0.07%
505283
₹1,116.15
Kirloskar Pneumatic
7D
7.4%
1Y
-13.1%
JYOTICNC
₹916.30
Jyoti CNC Automation
7D
-2.2%
1Y
-28.0%

JYOTICNC: Expanded French Capacity Will Support Future Global Demand Upside

Analysts have kept their fair value estimate for Jyoti CNC Automation steady at ₹1,205, pointing to largely unchanged views on growth, profitability and valuation, even as they fine tune assumptions such as the discount rate and future P/E multiple. What's in the News Operations have started at subsidiary Huron Graffenstaden SAS in Strasbourg, France, following completion of a facility expansion that doubles its capacity, aligning with Jyoti CNC Automation's wider growth plans and manufacturing scale up to address global demand (Key Developments).
500480
₹4,028.20
Cummins India
7D
1.3%
1Y
37.0%

500480: Future Renewable Power Tie Up Will Support Profit Margins

Analysts have kept their fair value estimate for Cummins India steady at ₹5,370.00 per share. They explained the unchanged target by slightly revised assumptions for discount rate, revenue growth, profit margin and future P/E that broadly offset one another.
JWL
₹317.80
Jupiter Wagons
7D
6.9%
1Y
-36.8%

JWL: Higher Growth Outlook And Governance Changes Will Balance Increased Risk

Analysts have trimmed their price target for Jupiter Wagons to ₹308 from ₹362, citing updated assumptions involving a slightly higher discount rate, revised profit margins, and a lower future P/E multiple, while revenue growth expectations are set at a higher level. What's in the News A board meeting is scheduled for Dec 15, 2025, at 11:40 IST to consider the appointment of Mark Damian Stevenson as an Additional Director in the Non Executive Non Independent category.
CRAFTSMAN
₹7,604.00
Craftsman Automation
7D
1.4%
1Y
61.9%

CRAFTSMAN: Upcoming Results Review Will Support Higher Fair Value Confidence

Analysts have lifted their fair value estimate for Craftsman Automation from ₹7,625.73 to ₹9,300.00, reflecting updated views on discount rate assumptions, revenue growth, profit margin outlook, and a lower future P/E multiple. What's in the News A board meeting is scheduled on January 28, 2026 to consider and approve unaudited standalone and consolidated financial results for the quarter and nine months ended December 31, 2025, subject to limited review by the statutory auditors (Key Developments).
ASHOKLEY
₹187.98
Ashok Leyland
7D
0.5%
1Y
79.7%

ASHOKLEY: Bus Order And Dividend Will Offset Ongoing Balance Sheet Risks

Narrative Update on Ashok Leyland The analyst price target for Ashok Leyland has been revised higher to ₹168.13 from ₹157.17. Analysts point to updated assumptions around stronger revenue growth, slightly firmer profit margins, a modestly lower discount rate, and a higher expected future P/E multiple as the key drivers of this change.
ACE
₹831.75
Action Construction Equipment
7D
-6.4%
1Y
-37.1%

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Dec 31
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533107
₹1,764.80
Swan Defence and Heavy Industries
7D
-5.0%
1Y
4,571.3%
532439
₹1,081.15
Olectra Greentech
7D
-4.9%
1Y
-23.6%
500033
₹21,302.20
Force Motors
7D
7.1%
1Y
225.3%
500241
₹1,525.60
Kirloskar Brothers
7D
-5.2%
1Y
-22.6%