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Indian (NIFTY) Machinery Industry Analysis

UpdatedMar 05, 2026
DataAggregated Company Financials
Companies240
  • 7D-5.3%
  • 3M2.8%
  • 1Y20.7%
  • YTD-2.7%

Over the last 7 days, the Machinery industry has dropped 5.3%, driven by a pullback from Cummins India of 6.8%. On the other hand Swan Defence and Heavy Industries is actually up 7.4%. Over the past 12 months, the industry was up 21%. Earnings are forecast to grow by 21% annually.

Industry Valuation and Performance

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

DateMarket CapRevenueEarningsPEAbsolute PEPS
Thu, 05 Mar 2026₹11.0t₹2.7t₹247.8b24.2x44.2x4x
Sat, 31 Jan 2026₹10.8t₹2.6t₹242.8b25.7x44.6x4.1x
Mon, 29 Dec 2025₹11.0t₹2.6t₹240.6b28.8x45.6x4.2x
Wed, 26 Nov 2025₹10.9t₹2.7t₹250.9b29.9x43.3x4x
Fri, 24 Oct 2025₹9.9t₹2.7t₹248.8b31x39.9x3.7x
Sun, 21 Sep 2025₹10.3t₹2.7t₹249.0b32.4x41.5x3.9x
Tue, 19 Aug 2025₹9.8t₹2.7t₹249.2b30.5x39.4x3.7x
Thu, 17 Jul 2025₹10.2t₹2.6t₹238.5b33.8x42.9x3.9x
Sat, 14 Jun 2025₹9.8t₹2.6t₹235.0b33.3x41.5x3.7x
Mon, 12 May 2025₹8.3t₹2.5t₹229.2b29.5x36.4x3.3x
Wed, 09 Apr 2025₹8.0t₹2.5t₹226.1b29.6x35.2x3.2x
Fri, 07 Mar 2025₹8.0t₹2.5t₹225.7b29.4x35.6x3.2x
Sun, 02 Feb 2025₹9.0t₹2.4t₹223.6b36.3x40.1x3.7x
Tue, 31 Dec 2024₹9.5t₹2.4t₹223.7b37.7x42.4x3.9x
Thu, 28 Nov 2024₹9.8t₹2.4t₹223.2b38.5x44x4.1x
Sat, 26 Oct 2024₹9.4t₹2.4t₹212.2b36.8x44.4x4x
Mon, 23 Sep 2024₹10.3t₹2.3t₹210.6b39.6x49.1x4.4x
Wed, 21 Aug 2024₹10.3t₹2.3t₹210.2b39.3x49.2x4.4x
Fri, 19 Jul 2024₹10.7t₹2.3t₹204.1b40.8x52.6x4.7x
Sun, 16 Jun 2024₹10.7t₹2.3t₹203.7b38.2x52.3x4.7x
Tue, 14 May 2024₹8.9t₹2.3t₹192.9b38.3x46.1x3.9x
Thu, 11 Apr 2024₹8.2t₹2.2t₹190.3b37x42.9x3.7x
Sat, 09 Mar 2024₹7.4t₹2.2t₹188.6b33.9x39.1x3.3x
Mon, 05 Feb 2024₹7.4t₹2.2t₹179.7b35.6x41x3.4x
Wed, 03 Jan 2024₹6.9t₹2.2t₹176.5b34.4x39.3x3.2x
Fri, 01 Dec 2023₹6.4t₹2.1t₹172.5b32.1x37.3x3x
Sun, 29 Oct 2023₹6.1t₹2.1t₹162.0b30.5x37.7x2.9x
Tue, 26 Sep 2023₹6.2t₹2.1t₹161.3b30x38.4x3x
Thu, 24 Aug 2023₹6.1t₹2.1t₹161.4b30.2x38.1x3x
Sat, 22 Jul 2023₹5.8t₹2.0t₹144.5b28.8x40.1x2.9x
Mon, 19 Jun 2023₹5.5t₹2.0t₹144.1b27.6x38x2.8x
Wed, 17 May 2023₹5.0t₹1.9t₹131.6b27.3x37.8x2.6x
Fri, 14 Apr 2023₹4.7t₹1.9t₹129.6b24.5x36.5x2.5x
Sun, 12 Mar 2023₹4.7t₹1.9t₹129.6b23.6x36.1x2.5x
Price to Earnings Ratio

36.1x


Total Market Cap: ₹4.7tTotal Earnings: ₹129.6bTotal Revenue: ₹1.9tTotal Market Cap vs Earnings and Revenue0%0%0%
Indian Machinery Industry Price to Earnings3Y Average 41.6x202420252026
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 41.6x.
  • The 3-year average PS ratio of 3.6x 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 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-4.38%
Industrials-5.22%
Machinery-5.32%
Industrial Machinery-4.72%
Construction Machinery and Vehicles-5.40%
Agricultural Machinery-8.90%
Industry PE
  • Investors are most optimistic about the Construction Machinery and Vehicles industry which is trading above its 3-year average PE ratio of 40.0x.
    • Analysts are expecting annual earnings growth of 20.1%, 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 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
533107 Swan Defence and Heavy Industries₹1.85k7.4%
+₹6.7b		2,503.7%PS192.2x
500191 HMT₹66.6820.1%
+₹4.0b		28.3%PS21.4x
500249 KSB₹737.352.6%
+₹3.3b		14.8%PE47.4x
KIRLOSENG Kirloskar Oil Engines₹1.42k0.6%
+₹1.3b		135.4%PE37.9x
531112 Balu Forge Industries₹455.702.1%
+₹1.1b		-4.6%PE21x

Latest News

500033
₹21,466.10
Force Motors
7D
-15.0%
1Y
188.8%
523850
₹404.60
Axtel Industries
7D
8.8%
1Y
-9.3%
THERMAX
₹3,015.50
Thermax
7D
-5.4%
1Y
-6.8%

THERMAX: New Energy Partnerships Will Drive Long-Term Upside

Analysts have trimmed their Thermax fair value estimate from ₹4,458 to ₹4,381 as they now assume slightly lower revenue growth and profit margins, partly offset by a reduced discount rate and a higher future P/E multiple. What's in the News The Board approved setting up a wholly owned step down subsidiary in Dubai through Thermax Engineering Singapore Pte Ltd, aimed at expanding the group’s presence in the region (Board meeting filing).
500249
₹737.35
KSB
7D
2.6%
1Y
14.8%
500480
₹4,585.55
Cummins India
7D
-6.8%
1Y
57.9%

500480: Board Actions On Dividends And Margins Will Shape Balanced Future Outlook

The analyst price target for Cummins India has been adjusted slightly higher from ₹4,512.63 to ₹4,564.52 as analysts refresh their assumptions around revenue growth, profit margins and future P/E expectations. What's in the News Cummins India issued earnings guidance for financial year 2026, indicating an expectation of double digit revenue growth over the previous fiscal year, supported by demand across key segments (corporate guidance).
533107
₹1,852.00
Swan Defence and Heavy Industries
7D
7.4%
1Y
2,503.7%
ASHOKLEY
₹200.46
Ashok Leyland
7D
-5.3%
1Y
91.6%

ASHOKLEY: Revised Earnings Assumptions Suggest Fairly Valued Shares With Balanced Prospects

The analyst fair value estimate for Ashok Leyland has shifted from ₹180.07 to ₹202.99, with analysts citing updated assumptions on revenue growth, profit margins and future P/E as the key factors behind the revised price target. Analyst Commentary Recent research on Ashok Leyland points to a mix of optimism around execution and growth potential, alongside some caution on earnings resilience and broader demand conditions.
ESCORTS
₹3,266.40
Escorts Kubota
7D
-9.3%
1Y
7.7%

ESCORTS: Future Returns Will Rely On Risky New Equipment Adoption

Analysts now place their price target for Escorts Kubota at ₹2,828, up modestly from ₹2,775.82, reflecting updated assumptions around revenue growth, profit margins and a lower future P/E multiple. What's in the News A board meeting is scheduled on February 12, 2026 to consider approving an investment of ₹200 crores in Escorts Kubota Finance Limited, the company’s wholly owned subsidiary.
AIAENG
₹3,623.00
AIA Engineering
7D
-7.4%
1Y
15.4%

AIAENG: Fair View Will Await Results And Board Appointment Decision

Analysts have maintained their fair value estimate for AIA Engineering at ₹3,952. They have made only minor adjustments to the discount rate, revenue growth outlook, profit margin and future P/E assumptions, which indicates a broadly unchanged view on the stock's longer-term potential.
KIRLOSENG
₹1,416.50
Kirloskar Oil Engines
7D
0.6%
1Y
135.4%

KIRLOSENG: Steady Outlook Will Hinge On Board Decisions And Interim Dividend

Analysts have lifted their fair value estimate for Kirloskar Oil Engines from about ₹1,287 to around ₹1,472, citing slightly lower assumed discount rates, modestly adjusted revenue growth expectations, a small uptick in projected profit margins, and a higher future P/E multiple in their models. What's in the News Board meeting scheduled for Feb 11, 2026, at 15:00 IST to review standalone and consolidated unaudited financial results for the quarter and nine months ended Dec 31, 2025 (company filing).
ICEMAKE
₹824.90
Ice Make Refrigeration
7D
2.2%
1Y
13.2%
COCHINSHIP
₹1,398.00
Cochin Shipyard
7D
-6.0%
1Y
10.4%

COCHINSHIP: Future Returns Will Hinge On Margin Pressure Despite New Joint Venture

Analysts have trimmed their price target on Cochin Shipyard from ₹860 to ₹830, citing updated assumptions around slightly higher discount rates, revised revenue growth expectations, modestly lower profit margins, and a recalibrated future P/E multiple. What's in the News Managing Director Shri Madhu Sankunny Nair retired on superannuation on January 31, 2026.
531112
₹455.70
Balu Forge Industries
7D
2.1%
1Y
-4.6%
500191
₹66.68
HMT
7D
20.1%
1Y
28.3%
500068
₹12,166.75
DISA India
7D
2.7%
1Y
-12.8%