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Indian (NIFTY) Machinery Industry Analysis

UpdatedMar 24, 2026
DataAggregated Company Financials
Companies241
  • 7D-4.9%
  • 3M-10.4%
  • 1Y1.5%
  • YTD-11.2%

Over the last 7 days, the Machinery industry has dropped 4.9%, driven by Tata Motors declining 9.9%. On the other hand Shaily Engineering Plastics is actually up 15%. Over the last year, the industry has been flat overall. As for the next few years, earnings are expected to grow by 21% per annum.

Industry Valuation and Performance

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

DateMarket CapRevenueEarningsPEAbsolute PEPS
Tue, 24 Mar 2026₹10.0t₹2.7t₹248.3b22.2x40.3x3.7x
Thu, 19 Feb 2026₹11.6t₹2.7t₹247.0b25.8x46.8x4.3x
Sat, 17 Jan 2026₹10.8t₹2.6t₹241.1b26.5x45x4.2x
Mon, 15 Dec 2025₹10.7t₹2.6t₹240.6b29.8x44.3x4.1x
Wed, 12 Nov 2025₹9.9t₹2.7t₹250.2b31.5x39.7x3.7x
Fri, 10 Oct 2025₹10.0t₹2.7t₹248.5b31.5x40.3x3.7x
Sun, 07 Sep 2025₹9.9t₹2.7t₹248.7b31.5x39.7x3.7x
Tue, 05 Aug 2025₹9.9t₹2.7t₹240.8b33.8x40.9x3.7x
Thu, 03 Jul 2025₹10.0t₹2.6t₹236.2b33.4x42.2x3.8x
Sat, 31 May 2025₹9.6t₹2.6t₹233.1b32.9x41.3x3.7x
Mon, 28 Apr 2025₹8.5t₹2.5t₹229.4b31.5x36.9x3.4x
Wed, 26 Mar 2025₹8.5t₹2.5t₹226.1b30.5x37.7x3.4x
Fri, 21 Feb 2025₹8.1t₹2.5t₹225.8b30.4x35.8x3.2x
Sun, 19 Jan 2025₹9.1t₹2.4t₹225.7b38.1x40.5x3.8x
Tue, 17 Dec 2024₹10.1t₹2.4t₹223.2b39.6x45.3x4.2x
Thu, 14 Nov 2024₹9.4t₹2.4t₹220.9b35.8x42.3x3.9x
Sat, 12 Oct 2024₹10.1t₹2.4t₹211.6b40.3x47.9x4.3x
Mon, 09 Sep 2024₹10.3t₹2.3t₹210.6b39.7x48.7x4.4x
Wed, 07 Aug 2024₹10.2t₹2.3t₹206.3b40.1x49.2x4.4x
Fri, 05 Jul 2024₹11.2t₹2.3t₹203.7b41.1x55x4.9x
Sun, 02 Jun 2024₹9.8t₹2.3t₹202.7b38.9x48.4x4.3x
Tue, 30 Apr 2024₹8.7t₹2.2t₹189.3b39.6x45.7x3.9x
Thu, 28 Mar 2024₹7.6t₹2.2t₹190.1b33.6x40.1x3.4x
Sat, 24 Feb 2024₹7.5t₹2.2t₹188.6b35.3x39.7x3.4x
Mon, 22 Jan 2024₹7.1t₹2.2t₹176.9b34.7x40.4x3.3x
Wed, 20 Dec 2023₹6.6t₹2.1t₹172.5b33x38.5x3.1x
Fri, 17 Nov 2023₹6.3t₹2.1t₹172.3b30.8x36.5x2.9x
Sun, 15 Oct 2023₹6.3t₹2.1t₹161.4b31.3x38.9x3x
Tue, 12 Sep 2023₹6.6t₹2.1t₹161.4b30.8x40.7x3.2x
Thu, 10 Aug 2023₹6.0t₹2.0t₹157.9b30.9x38x2.9x
Sat, 08 Jul 2023₹5.5t₹2.0t₹144.0b28.7x38.5x2.8x
Mon, 05 Jun 2023₹5.2t₹2.0t₹144.1b26.9x35.9x2.6x
Wed, 03 May 2023₹4.7t₹1.9t₹129.6b26.5x36.6x2.5x
Fri, 31 Mar 2023₹4.5t₹1.9t₹129.6b21.6x35x2.4x
Price to Earnings Ratio

35x


Total Market Cap: ₹4.5tTotal 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-3.57%
Industrials-4.48%
Machinery-4.91%
Industrial Machinery-4.41%
Agricultural Machinery-4.83%
Construction Machinery and Vehicles-5.31%
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 9.3% 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
532439 Olectra Greentech₹1.07k18.5%
+₹13.7b		-10.9%PE61.4x
500249 KSB₹797.254.9%
+₹6.5b		8.6%PE51.3x
500033 Force Motors₹21.49k2.3%
+₹6.3b		146.0%PE20.7x
500480 Cummins India₹4.62k0.5%
+₹5.9b		56.2%PE57.1x
INOXINDIA INOX India₹1.20k4.3%
+₹4.5b		16.6%PE44x

Latest News

500480
₹4,619.25
Cummins India
7D
0.5%
1Y
56.2%

500480: Dividends And Governance Decisions Will Shape Measured Outlook For Profitability

Analysts have raised their price target on Cummins India to ₹4,659 from ₹4,565, citing updated assumptions around fair value, discount rate, revenue growth, profit margin and future P/E that together point to a slightly richer valuation framework. What's in the News Cummins India has scheduled a Special and Extraordinary Shareholders Meeting on April 20, 2026, via postal ballot in India, which signals upcoming decisions that require shareholder approval (Key Developments).
ASHOKLEY
₹167.13
Ashok Leyland
7D
-5.1%
1Y
59.1%

ASHOKLEY: Execution On EV Battery Expansion And Mobility Funding Will Support Upside

The analyst price target for Ashok Leyland has been revised slightly higher to ₹206.32 from ₹203.54 as analysts factor in updated assumptions on the discount rate, revenue growth, profit margins and future P/E multiples. Analyst Commentary With the revised price target for Ashok Leyland now at ₹206.32, analysts are fine tuning their views on how the company might execute on its plans, manage profitability and support the current valuation.
ESCORTS
₹2,899.80
Escorts Kubota
7D
-5.0%
1Y
-9.7%

ESCORTS: Greenfield Capacity Expansion And Southern Rollouts Will Shape Future Returns

Analysts have kept their price target for Escorts Kubota steady at ₹2,828, reflecting only small tweaks to inputs such as discount rate, revenue growth, profit margin and assumed future P/E multiples, rather than a change in overall view. What's in the News The board has approved an investment of ₹23,000 million for the first phase of a new greenfield manufacturing facility at Greater Noida.
AIAENG
₹3,378.30
AIA Engineering
7D
-9.6%
1Y
-0.7%

AIAENG: Upcoming Results And New Independent Director Will Support Bullish View

Analysts have made only marginal tweaks to their model inputs for AIA Engineering, keeping the implied fair value broadly steady around ₹3,952. A slightly lower discount rate and virtually unchanged revenue growth, profit margin and future P/E assumptions are guiding the updated price target view.
KIRLOSENG
₹1,327.90
Kirloskar Oil Engines
7D
-7.9%
1Y
77.5%

KIRLOSENG: Fair View Will Hinge On Upcoming Leadership And Dividend Decisions

Analysts now place Kirloskar Oil Engines' price target at ₹1,546.20, up from ₹1,471.83. The revised target reflects updated assumptions around a slightly lower discount rate, modestly higher revenue growth, a similar profit margin profile, and a higher future P/E multiple.
COCHINSHIP
₹1,305.10
Cochin Shipyard
7D
-4.0%
1Y
-10.5%

COCHINSHIP: Leadership Transition And Green Marine Joint Venture Will Support A Balanced Outlook

Analysts have kept the Cochin Shipyard price target steady at ₹1,471.00, citing only minor tweaks to key inputs such as a slightly lower discount rate, modestly adjusted revenue growth and profit margin assumptions, and a small change in the future P/E multiple. What's in the News Managing Director Shri Madhu Sankunny Nair retired on superannuation on January 31, 2026, and Director (Finance) Shri Jose V J has taken additional charge as Managing Director for up to 3 months from February 1, 2026, or until further orders, whichever is earlier (company announcement).
532439
₹1,070.25
Olectra Greentech
7D
18.5%
1Y
-10.9%
501423
₹2,327.85
Shaily Engineering Plastics
7D
2.3%
1Y
25.8%
OMNI
₹235.94
Omnitech Engineering
7D
8.1%
1Y
n/a
INOXINDIA
₹1,202.60
INOX India
7D
4.3%
1Y
16.6%

INOXINDIA: Upcoming Meetings Will Confirm Bullish Forward P E Repricing Potential

Analysts have kept their price target for INOX India broadly unchanged at about ₹1,490, citing only marginal adjustments to inputs such as the discount rate and assumed future P/E, while maintaining similar views on revenue growth and profit margins. What's in the News Board meeting scheduled for February 12, 2026 at 16:50 Indian Standard Time to consider and approve unaudited standalone and consolidated financial results for the quarter and nine months ended December 31, 2025, along with other matters (Key Developments).
522113
₹3,133.35
Timken India
7D
-6.3%
1Y
13.0%

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).
ELGIEQUIP
₹480.95
Elgi Equipments
7D
2.6%
1Y
-3.8%

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.
500033
₹21,494.90
Force Motors
7D
2.3%
1Y
146.0%
500249
₹797.25
KSB
7D
4.9%
1Y
8.6%
533107
₹1,857.00
Swan Defence and Heavy Industries
7D
-22.6%
1Y
1,946.1%