Narrative Update • Jun 03
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Indian (NIFTY) Machinery Industry Analysis
UpdatedJun 04, 2026
DataAggregated Company Financials
Companies244
- 7D-2.8%
- 3M4.0%
- 1Y10.8%
- YTD3.0%
Over the last 7 days, the Machinery industry has dropped 2.8%, driven by Ashok Leyland declining 12%. Meanwhile, Thermax actually outperformed within the industry, gaining 6.2% in the last week. Over the past 12 months, the industry was up 11%. 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?
| Date | Market Cap | Revenue | Earnings | PE | Absolute PE | PS |
|---|---|---|---|---|---|---|
| Thu, 04 Jun 2026 | ₹11.6t | ₹3.7t | ₹285.5b | 25.7x | 40.8x | 3.1x |
| Sat, 02 May 2026 | ₹11.6t | ₹2.7t | ₹248.1b | 26.7x | 46.8x | 4.3x |
| Mon, 30 Mar 2026 | ₹10.3t | ₹2.7t | ₹248.3b | 22.5x | 41.3x | 3.8x |
| Wed, 25 Feb 2026 | ₹11.5t | ₹2.7t | ₹247.0b | 24.9x | 46.6x | 4.3x |
| Fri, 23 Jan 2026 | ₹10.7t | ₹2.6t | ₹241.6b | 25.3x | 44.1x | 4.1x |
| Sun, 21 Dec 2025 | ₹10.7t | ₹2.6t | ₹240.6b | 29.1x | 44.6x | 4.1x |
| Tue, 18 Nov 2025 | ₹11.2t | ₹2.7t | ₹251.7b | 30.4x | 44.3x | 4.1x |
| Thu, 16 Oct 2025 | ₹9.8t | ₹2.7t | ₹248.5b | 31.4x | 39.5x | 3.7x |
| Sat, 13 Sep 2025 | ₹10.1t | ₹2.7t | ₹248.7b | 32.4x | 40.6x | 3.8x |
| Mon, 11 Aug 2025 | ₹9.6t | ₹2.7t | ₹248.0b | 32.1x | 38.8x | 3.6x |
| Wed, 09 Jul 2025 | ₹10.1t | ₹2.6t | ₹236.4b | 33.8x | 42.7x | 3.8x |
| Fri, 06 Jun 2025 | ₹9.9t | ₹2.6t | ₹235.0b | 32.6x | 42.3x | 3.8x |
| Sun, 04 May 2025 | ₹8.4t | ₹2.5t | ₹230.2b | 30.7x | 36.6x | 3.4x |
| Tue, 01 Apr 2025 | ₹8.4t | ₹2.5t | ₹226.1b | 30.1x | 37.4x | 3.4x |
| Thu, 27 Feb 2025 | ₹7.9t | ₹2.5t | ₹225.8b | 30.3x | 35.1x | 3.2x |
| Sat, 25 Jan 2025 | ₹8.8t | ₹2.4t | ₹223.6b | 36.4x | 39.4x | 3.6x |
| Mon, 23 Dec 2024 | ₹9.6t | ₹2.4t | ₹222.9b | 39.1x | 43.2x | 4x |
| Wed, 20 Nov 2024 | ₹9.4t | ₹2.4t | ₹223.1b | 35.5x | 42.2x | 3.9x |
| Fri, 18 Oct 2024 | ₹10.2t | ₹2.4t | ₹211.6b | 39.8x | 48.1x | 4.3x |
| Sun, 15 Sep 2024 | ₹10.4t | ₹2.3t | ₹210.6b | 40.4x | 49.2x | 4.4x |
| Tue, 13 Aug 2024 | ₹10.4t | ₹2.3t | ₹209.7b | 39.6x | 49.5x | 4.4x |
| Thu, 11 Jul 2024 | ₹11.0t | ₹2.3t | ₹203.8b | 39.5x | 54.1x | 4.8x |
| Sat, 08 Jun 2024 | ₹9.9t | ₹2.3t | ₹203.5b | 38.1x | 48.5x | 4.3x |
| Mon, 06 May 2024 | ₹8.9t | ₹2.3t | ₹190.5b | 39.7x | 46.7x | 4x |
| Wed, 03 Apr 2024 | ₹8.0t | ₹2.2t | ₹190.1b | 35.5x | 41.9x | 3.6x |
| Fri, 01 Mar 2024 | ₹7.4t | ₹2.2t | ₹188.7b | 34.9x | 39.2x | 3.3x |
| Sun, 28 Jan 2024 | ₹7.1t | ₹2.2t | ₹177.4b | 33.9x | 40.3x | 3.3x |
| Tue, 26 Dec 2023 | ₹6.8t | ₹2.1t | ₹174.2b | 32.6x | 38.8x | 3.1x |
| Thu, 23 Nov 2023 | ₹6.4t | ₹2.1t | ₹172.5b | 30.4x | 36.8x | 3x |
| Sat, 21 Oct 2023 | ₹6.3t | ₹2.1t | ₹161.9b | 31.5x | 39x | 3.1x |
| Mon, 18 Sep 2023 | ₹6.3t | ₹2.1t | ₹161.3b | 30.4x | 39.2x | 3.1x |
| Wed, 16 Aug 2023 | ₹6.0t | ₹2.1t | ₹161.3b | 29x | 36.9x | 2.9x |
| Fri, 14 Jul 2023 | ₹6.1t | ₹2.0t | ₹144.2b | 28.7x | 42.5x | 3.1x |
| Sun, 11 Jun 2023 | ₹5.3t | ₹2.0t | ₹144.1b | 27x | 36.8x | 2.7x |
Price to Earnings Ratio
36.8x
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 42.2x.
- The 3-year average PS ratio of 3.7x is higher than the industry's current PS ratio of 3.1x.
Past Earnings Growth
- The earnings for companies in the Machinery industry have grown 26% 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 Market | -2.15% | |
| Industrials | -2.58% | |
| Machinery | -2.79% | |
| Industrial Machinery | -0.33% | |
| Agricultural Machinery | -3.19% | |
| Construction Machinery and Vehicles | -4.95% | |
Industry PE
- Investors are most optimistic about the Industrial Machinery industry, which is trading close to its 3-year average PE ratio of 44.0x.
- Analysts are expecting annual earnings growth of 21.1%, 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 34.2x.
Forecasted Growth
- Analysts are most optimistic on the Construction Machinery and Vehicles industry, expecting annual earnings growth of 22% over the next 5 years.
- However this is lower than its past earnings growth rate of 28% per year.
- In contrast, the Agricultural Machinery industry is expected to see its earnings grow by 9.9% per year over the next few years.
Top Stock Gainers and Losers
Which companies have driven the market over the last 7 days?
| Company | Last Price | 7D | 1Y | Valuation | |
|---|---|---|---|---|---|
| THERMAX Thermax | ₹4.88k | 6.2% +₹32.1b | 38.1% | PE76.2x | |
| TEGA Tega Industries | ₹1.87k | 17.0% +₹20.5b | 15.2% | PE98.6x | |
| 501423 Shaily Engineering Plastics | ₹3.06k | 15.1% +₹18.5b | 69.8% | PE82.9x | |
| KIRLOSENG Kirloskar Oil Engines | ₹1.95k | 6.6% +₹17.4b | 122.8% | PE49.8x | |
| AIAENG AIA Engineering | ₹4.60k | 3.8% +₹15.7b | 30.6% | PE33.8x |
