Investing IdeasBrowse All StocksMarkets
Have your own idea? Try our Stock Screener
Header cover image

Indian (NIFTY) Machinery Industry Analysis

UpdatedMay 02, 2026
DataAggregated Company Financials
Companies240
  • 7D0.4%
  • 3M6.7%
  • 1Y24.1%
  • YTD3.0%

The Machinery is pretty flat in the last 7 days, but MTAR Technologies has stood out, gaining 26%. The past year has been better, since the industry has gained 24% in that time. As for the next few years, earnings are expected to grow by 20% per annum.

Industry Valuation and Performance

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

DateMarket CapRevenueEarningsPEAbsolute PEPS
Sat, 02 May 2026₹11.6t₹2.7t₹248.1b26.7x46.8x4.3x
Mon, 30 Mar 2026₹10.3t₹2.7t₹248.3b22.5x41.3x3.8x
Wed, 25 Feb 2026₹11.5t₹2.7t₹247.0b24.9x46.6x4.3x
Fri, 23 Jan 2026₹10.7t₹2.6t₹241.6b25.3x44.1x4.1x
Sun, 21 Dec 2025₹10.7t₹2.6t₹240.6b29.1x44.6x4.1x
Tue, 18 Nov 2025₹11.2t₹2.7t₹251.7b30.4x44.3x4.1x
Thu, 16 Oct 2025₹9.8t₹2.7t₹248.5b31.4x39.5x3.7x
Sat, 13 Sep 2025₹10.1t₹2.7t₹248.7b32.4x40.6x3.8x
Mon, 11 Aug 2025₹9.6t₹2.7t₹248.0b32.1x38.8x3.6x
Wed, 09 Jul 2025₹10.1t₹2.6t₹236.4b33.8x42.7x3.8x
Fri, 06 Jun 2025₹9.9t₹2.6t₹235.0b32.6x42.3x3.8x
Sun, 04 May 2025₹8.4t₹2.5t₹230.2b30.7x36.6x3.4x
Tue, 01 Apr 2025₹8.4t₹2.5t₹226.1b30.1x37.4x3.4x
Thu, 27 Feb 2025₹7.9t₹2.5t₹225.8b30.3x35.1x3.2x
Sat, 25 Jan 2025₹8.8t₹2.4t₹223.6b36.4x39.4x3.6x
Mon, 23 Dec 2024₹9.6t₹2.4t₹222.9b39.1x43.2x4x
Wed, 20 Nov 2024₹9.4t₹2.4t₹223.1b35.5x42.2x3.9x
Fri, 18 Oct 2024₹10.2t₹2.4t₹211.6b39.8x48.1x4.3x
Sun, 15 Sep 2024₹10.4t₹2.3t₹210.6b40.4x49.2x4.4x
Tue, 13 Aug 2024₹10.4t₹2.3t₹209.7b39.6x49.5x4.4x
Thu, 11 Jul 2024₹11.0t₹2.3t₹203.8b39.5x54.1x4.8x
Sat, 08 Jun 2024₹9.9t₹2.3t₹203.5b38.1x48.5x4.3x
Mon, 06 May 2024₹8.9t₹2.3t₹190.5b39.7x46.7x4x
Wed, 03 Apr 2024₹8.0t₹2.2t₹190.1b35.5x41.9x3.6x
Fri, 01 Mar 2024₹7.4t₹2.2t₹188.7b34.9x39.2x3.3x
Sun, 28 Jan 2024₹7.1t₹2.2t₹177.4b33.9x40.3x3.3x
Tue, 26 Dec 2023₹6.8t₹2.1t₹174.2b32.6x38.8x3.1x
Thu, 23 Nov 2023₹6.4t₹2.1t₹172.5b30.4x36.8x3x
Sat, 21 Oct 2023₹6.3t₹2.1t₹161.9b31.5x39x3.1x
Mon, 18 Sep 2023₹6.3t₹2.1t₹161.3b30.4x39.2x3.1x
Wed, 16 Aug 2023₹6.0t₹2.1t₹161.3b29x36.9x2.9x
Fri, 14 Jul 2023₹6.1t₹2.0t₹144.2b28.7x42.5x3.1x
Sun, 11 Jun 2023₹5.3t₹2.0t₹144.1b27x36.8x2.7x
Tue, 09 May 2023₹4.8t₹1.9t₹129.3b26.9x37.3x2.5x
Price to Earnings Ratio

37.3x


Total Market Cap: ₹4.8tTotal Earnings: ₹129.3bTotal Revenue: ₹1.9tTotal Market Cap vs Earnings and Revenue0%0%0%
Indian Machinery Industry Price to Earnings3Y Average 42x202420252026
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 46.8x which is higher than its 3-year average PE of 42.0x.
  • The 3-year average PS ratio of 3.7x is lower than the industry's current PS ratio of 4.3x.
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 Market0.39%
Industrials0.97%
Machinery0.45%
Industrial Machinery2.03%
Agricultural Machinery1.41%
Construction Machinery and Vehicles-0.97%
Industry PE
  • Investors are most optimistic about the Construction Machinery and Vehicles industry which is trading above its 3-year average PE ratio of 40.7x.
    • Analysts expect its future annual earnings growth (18.5%) to be largely in line with prior year's earnings growth.
  • Investors are most pessimistic about the Agricultural Machinery industry, which is trading below its 3-year average of 34.3x.
Forecasted Growth
  • Analysts are most optimistic on the Industrial Machinery industry, expecting annual earnings growth of 23% 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
MTARTECH MTAR Technologies₹6.46k25.6%
+₹40.5b		353.2%PE312.9x
COCHINSHIP Cochin Shipyard₹1.73k4.1%
+₹18.1b		13.3%PE62.7x
KIRLOSENG Kirloskar Oil Engines₹1.70k6.7%
+₹15.6b		129.5%PE45.4x
500480 Cummins India₹5.27k0.8%
+₹11.3b		82.6%PE65.2x
505283 Kirloskar Pneumatic₹1.51k12.5%
+₹10.9b		34.2%PE50.8x

Latest News

MTARTECH
₹6,457.10
MTAR Technologies
7D
25.6%
1Y
353.2%
531112
₹542.15
Balu Forge Industries
7D
17.8%
1Y
1.3%
505283
₹1,505.35
Kirloskar Pneumatic
7D
12.5%
1Y
34.2%
THERMAX
₹4,077.60
Thermax
7D
1.8%
1Y
25.8%

THERMAX: New Energy Partnerships And Dubai Expansion Will Shape Balanced Outlook

Analysts have nudged their fair value estimate for Thermax up from ₹4,381.36 to ₹4,459.89, reflecting updated assumptions on the discount rate, revenue growth, profit margin, and a higher future P/E multiple. What's in the News A board meeting is scheduled for May 7, 2026 to consider and approve audited financial results for the quarter and year ended March 31, 2026, including segment-wise financials (Key Developments).
522113
₹3,430.40
Timken India
7D
-2.5%
1Y
25.7%

522113: Upcoming Meetings And Stable Assumptions Will Shape Measured Outlook

Analysts have kept their price target for Timken India broadly steady around ₹3,550, with only marginal tweaks to assumptions such as discount rate, revenue growth, profit margin and future P/E. As a result, the overall valuation view for the stock is essentially unchanged.
INOXINDIA
₹1,457.00
INOX India
7D
-3.4%
1Y
46.0%

INOXINDIA: Fair View Maintained As Upcoming Meetings May Guide Future P/E

Analysts have maintained the price target for INOX India at ₹1,490. This reflects only minor adjustments to underlying assumptions, including discount rate, long-term revenue growth, profit margin, and future P/E inputs, rather than a change in the overall view.
500033
₹19,900.20
Force Motors
7D
-2.2%
1Y
97.8%
OMNI
₹363.41
Omnitech Engineering
7D
-13.6%
1Y
n/a
AIAENG
₹3,949.60
AIA Engineering
7D
-1.6%
1Y
27.2%

AIAENG: Board Changes And Stable Assumptions Will Support Measured Outlook

Analysts have nudged their price target on AIA Engineering up slightly from ₹3,914.64 to ₹4,000.00, reflecting updated fair value work along with small adjustments to the discount rate, revenue growth, profit margin and future P/E assumptions. What's in the News A board meeting is scheduled for Apr 20, 2026, at 10:45 Indian Standard Time to review and approve the appointment of Mr. Malay Jayendra Dalal as an Additional Director for a first term of 5 years, up to Apr 19, 2031, subject to shareholder approval within three months (Key Developments).
500480
₹5,271.15
Cummins India
7D
0.8%
1Y
82.6%

500480: Dividends And Governance Decisions Will Steady Fairly Valued Earnings Outlook

Analysts have slightly increased their fair value estimate for Cummins India to ₹4,696 from ₹4,659, citing minor adjustments to the discount rate, revenue growth, profit margin and assumed future P/E that together support a modestly higher price target. What's in the News A board meeting is scheduled for May 27, 2026 to consider audited standalone and consolidated financial results for the quarter and year ended March 31, 2026, and a potential final dividend recommendation on equity shares for FY 2025-26, subject to shareholder approval at the AGM (company filing).
KIRLOSENG
₹1,698.20
Kirloskar Oil Engines
7D
6.7%
1Y
129.5%

KIRLOSENG: Upcoming Chairman Transition And Minor Assumption Tweaks Will Shape Balanced Outlook

Analysts have maintained their fair value estimate for Kirloskar Oil Engines at ₹1,546.20, with only small tweaks to inputs such as discount rate, revenue growth, profit margin, and future P/E assumptions informing this unchanged price target. What's in the News Board meeting scheduled on Feb 11, 2026 at 15:00 Indian Standard Time to consider and approve standalone and consolidated unaudited financial results for the quarter and nine months ended Dec 31, 2025, to consider declaration of an interim dividend for FY 2025-26, and to approve allotment of 9,074 fully paid up equity shares of ₹2 each upon exercise of employee stock options (company filing).
COCHINSHIP
₹1,733.40
Cochin Shipyard
7D
4.1%
1Y
13.3%

COCHINSHIP: Maintained High Expectations Will Test Execution After Leadership Transition

Narrative Update on Cochin Shipyard The analyst price target for Cochin Shipyard is maintained at ₹1,390. Analysts point to small adjustments in the discount rate, revenue growth, profit margin assumptions, and future P/E inputs as the basis for reaffirming their view.
500241
₹1,728.20
Kirloskar Brothers
7D
5.1%
1Y
-0.7%
ASHOKLEY
₹162.09
Ashok Leyland
7D
-4.6%
1Y
47.0%

ASHOKLEY: EV Battery Capacity Buildout Will Support Future Re Rating Potential

Analysts have trimmed the price target on Ashok Leyland slightly, with fair value moving from about ₹206.32 to ₹202.27. They have factored in a marginally higher discount rate, a small adjustment to revenue growth assumptions and a modestly lower future P/E multiple, while keeping profit margin expectations broadly unchanged.
506076
₹1,572.60
Grindwell Norton
7D
-2.2%
1Y
-6.6%