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Indian (NIFTY) Machinery Industry Analysis

UpdatedJan 24, 2026
DataAggregated Company Financials
Companies237
  • 7D-3.1%
  • 3M-5.3%
  • 1Y2.0%
  • YTD-6.3%

Over the last 7 days, the Machinery industry has dropped 3.1%, driven by a pullback from Cummins India of 3.2%. Over the last year, the industry has been flat overall. As for the next few years, earnings are expected to grow by 18% per annum.

Industry Valuation and Performance

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

DateMarket CapRevenueEarningsPEAbsolute PEPS
Sat, 24 Jan 2026₹10.5t₹2.6t₹241.5b25.1x43.6x4x
Mon, 22 Dec 2025₹10.7t₹2.6t₹240.6b29.1x44.6x4.1x
Wed, 19 Nov 2025₹11.0t₹2.7t₹251.8b30.5x43.9x4.1x
Fri, 17 Oct 2025₹9.8t₹2.7t₹248.7b30.4x39.5x3.7x
Sun, 14 Sep 2025₹10.1t₹2.7t₹248.7b32.4x40.6x3.8x
Tue, 12 Aug 2025₹9.6t₹2.7t₹248.0b32.6x38.9x3.6x
Thu, 10 Jul 2025₹10.2t₹2.6t₹236.5b34x43x3.9x
Sat, 07 Jun 2025₹9.9t₹2.6t₹235.0b32.7x42.3x3.8x
Mon, 05 May 2025₹8.4t₹2.5t₹230.1b30.7x36.6x3.4x
Wed, 02 Apr 2025₹8.4t₹2.5t₹226.1b29.8x37.2x3.4x
Fri, 28 Feb 2025₹7.8t₹2.5t₹225.8b29.2x34.6x3.1x
Sun, 26 Jan 2025₹8.8t₹2.4t₹224.1b36.2x39.3x3.6x
Tue, 24 Dec 2024₹9.6t₹2.4t₹222.9b38.3x42.9x4x
Thu, 21 Nov 2024₹9.4t₹2.4t₹223.1b35.5x42.2x3.9x
Sat, 19 Oct 2024₹10.2t₹2.4t₹211.6b39.7x48.1x4.3x
Mon, 16 Sep 2024₹10.4t₹2.3t₹210.6b40.4x49.2x4.4x
Wed, 14 Aug 2024₹10.2t₹2.3t₹209.7b39x48.7x4.4x
Fri, 12 Jul 2024₹11.0t₹2.3t₹203.8b40.1x54x4.8x
Sun, 09 Jun 2024₹9.9t₹2.3t₹203.5b38.1x48.5x4.3x
Tue, 07 May 2024₹8.9t₹2.3t₹190.5b39.6x46.5x3.9x
Thu, 04 Apr 2024₹8.1t₹2.2t₹190.2b36.4x42.5x3.6x
Sat, 02 Mar 2024₹7.5t₹2.2t₹188.6b34.9x39.6x3.4x
Mon, 29 Jan 2024₹7.1t₹2.2t₹177.6b33.9x40.2x3.3x
Wed, 27 Dec 2023₹6.9t₹2.2t₹176.4b32.8x38.9x3.2x
Fri, 24 Nov 2023₹6.4t₹2.1t₹172.5b31.3x37x3x
Sun, 22 Oct 2023₹6.3t₹2.1t₹162.0b31.5x39x3x
Tue, 19 Sep 2023₹6.3t₹2.1t₹161.3b30.7x39x3x
Thu, 17 Aug 2023₹6.0t₹2.1t₹161.4b29x37x2.9x
Sat, 15 Jul 2023₹5.7t₹2.0t₹144.2b28.4x39.7x2.9x
Mon, 12 Jun 2023₹5.3t₹2.0t₹144.1b27x36.8x2.7x
Wed, 10 May 2023₹4.8t₹1.9t₹130.2b26.6x37.1x2.5x
Fri, 07 Apr 2023₹4.7t₹1.9t₹129.6b23.4x36.3x2.5x
Sun, 05 Mar 2023₹4.6t₹1.9t₹129.6b22.6x35.7x2.4x
Tue, 31 Jan 2023₹4.4t₹1.8t₹115.2b24.7x38.5x2.5x
Price to Earnings Ratio

38.5x


Total Market Cap: ₹4.4tTotal Earnings: ₹115.2bTotal 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 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 41.3x.
  • The 3-year average PS ratio of 3.5x is lower than the industry's current PS ratio of 4.0x.
Past Earnings Growth
  • The earnings for companies in the Machinery industry have grown 28% 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-3.58%
Industrials-4.69%
Machinery-3.07%
Construction Machinery and Vehicles-1.30%
Agricultural Machinery-4.60%
Industrial Machinery-5.16%
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 (17.5%) 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
ASHOKLEY Ashok Leyland₹192.984.7%
+₹51.3b		88.9%PE34.8x
TMCV Tata Motors₹449.202.4%
+₹39.4b		n/an/a
SHANTIGEAR Shanthi Gears₹450.0510.5%
+₹3.3b		0.3%PE41.7x
522113 Timken India₹3.02k0.8%
+₹1.8b		5.6%PE50x
RMDRIP R M Drip and Sprinklers Systems₹100.786.6%
+₹1.6b		151.3%PE79.8x

Latest News

RMDRIP
₹100.78
R M Drip and Sprinklers Systems
7D
6.6%
1Y
151.3%
SHANTIGEAR
₹450.05
Shanthi Gears
7D
10.5%
1Y
0.3%
500480
₹3,930.85
Cummins India
7D
-3.2%
1Y
40.2%

500480: Renewable Power Acquisition And Dividend Plans Will Support Future Upside

Analysts have kept their price target for Cummins India steady at ₹5,370, citing only marginal tweaks to assumptions for discount rate, revenue growth, profit margin and future P/E that do not materially alter their valuation view. What's in the News Board meeting scheduled on Feb 04, 2026 to review unaudited standalone and consolidated financial results for the quarter and nine months ended Dec 31, 2025, and to consider an interim dividend for FY 2025-26 (Board Meeting).
ESCORTS
₹3,500.40
Escorts Kubota
7D
-4.8%
1Y
1.0%

ESCORTS: Construction Equipment Expansion Will Support Future Earnings Re Rating

Analysts now see fair value for Escorts Kubota at ₹4,560, up from ₹4,101. They point to updated assumptions around slightly higher discount rates, stronger revenue growth, improved profit margins and a lower future P/E multiple.
CRAFTSMAN
₹7,198.50
Craftsman Automation
7D
-7.3%
1Y
56.6%

CRAFTSMAN: Upcoming Results Will Clarify Earnings Profile And Risk Pricing

Analysts have lifted their fair value estimate for Craftsman Automation from ₹5,000 to about ₹7,000 per share, citing updated assumptions around discount rate, revenue growth, profit margin and future P/E that they see as better reflecting the company’s current risk and earnings profile. What's in the News Board meeting scheduled for January 28, 2026 to consider and approve unaudited standalone financial results for the quarter and nine months ended December 31, 2025 (Key Developments).
ASHOKLEY
₹192.98
Ashok Leyland
7D
4.7%
1Y
88.9%

ASHOKLEY: Updated Earnings Assumptions And Dividend Plans Will Shape Balanced Return Outlook

Analysts have nudged their fair value estimate for Ashok Leyland higher, lifting the price target from ₹168.13 to ₹175.56 as they factor in updated assumptions around revenue growth, profit margins and future P/E expectations. Analyst Commentary Recent revisions to fair value for Ashok Leyland reflect updated views on how revenue, margins and assumed future P/E may play out, but analyst opinions are not one sided.
AIAENG
₹3,729.90
AIA Engineering
7D
-5.5%
1Y
2.9%

AIAENG: Steady Assumptions And Forthcoming Results Meetings Will Shape Fair Outlook

Analysts have trimmed their price target for AIA Engineering slightly to ₹3,705.70 from ₹3,709.20, reflecting small technical adjustments to fair value, discount rate and future P/E assumptions rather than any major shift in their view on the business. What's in the News Board meeting scheduled on Nov 07, 2025 at 11:30 Indian Standard Time to consider and approve unaudited financial results for the quarter and half year ended Sep 30, 2025, along with limited review reports (company filing).
EIMCOELECO
₹1,588.40
Eimco Elecon (India)
7D
2.7%
1Y
-9.7%

Eimco Elecon (India) (NSE:EIMCOELECO) Is Doing The Right Things To Multiply Its Share Price

Jan 16
Eimco Elecon (India) (NSE:EIMCOELECO) Is Doing The Right Things To Multiply Its Share Price
522113
₹3,022.35
Timken India
7D
0.8%
1Y
5.6%
501423
₹1,888.55
Shaily Engineering Plastics
7D
-12.5%
1Y
30.5%

501423: Stable Assumptions Will Support Stronger Future Margin Upside Potential

Analysts have kept their fair value estimate for Shaily Engineering Plastics steady at ₹3,404.67, explaining that only minor tweaks to discount rate assumptions and a slightly higher future P/E outlook were not enough to shift the overall price target. What's in the News A board meeting is scheduled for November 8, 2025 to review and approve unaudited standalone and consolidated financial results for the quarter and half year ended September 30, 2025, along with other business items (company filing).
JYOTICNC
₹800.95
Jyoti CNC Automation
7D
-13.3%
1Y
-29.0%

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).
524109
₹210.45
Kabra Extrusiontechnik
7D
5.7%
1Y
-53.6%
520113
₹460.45
Vesuvius India
7D
1.2%
1Y
18.6%
500033
₹19,376.40
Force Motors
7D
-5.9%
1Y
196.5%
500048
₹1,645.75
BEML
7D
-8.1%
1Y
-9.4%