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

Indian (NIFTY) Machinery Industry Analysis

UpdatedDec 30, 2025
DataAggregated Company Financials
Companies232
  • 7D-0.6%
  • 3M3.0%
  • 1Y-0.06%
  • YTD1.7%

Over the last 7 days, the Machinery industry has remained flat, although notably Thermax gained 4.6%. In line with that, the industry has also been flat over the past 12 months. 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
Tue, 30 Dec 2025₹10.9t₹2.6t₹240.6b29x45.5x4.2x
Thu, 27 Nov 2025₹11.0t₹2.7t₹251.0b30x43.8x4.1x
Sat, 25 Oct 2025₹10.0t₹2.7t₹248.8b30.6x40x3.7x
Mon, 22 Sep 2025₹10.3t₹2.7t₹249.0b32.4x41.5x3.9x
Wed, 20 Aug 2025₹9.9t₹2.7t₹249.0b30.8x39.9x3.7x
Fri, 18 Jul 2025₹10.3t₹2.6t₹238.4b34.1x43.2x3.9x
Sun, 15 Jun 2025₹9.8t₹2.6t₹235.0b33.3x41.5x3.7x
Tue, 13 May 2025₹8.7t₹2.5t₹229.4b30.5x37.9x3.4x
Thu, 10 Apr 2025₹7.9t₹2.5t₹226.1b30x35x3.2x
Sat, 08 Mar 2025₹8.1t₹2.5t₹225.9b29.2x36x3.3x
Mon, 03 Feb 2025₹8.8t₹2.4t₹224.0b35.9x39.4x3.6x
Wed, 01 Jan 2025₹9.6t₹2.4t₹223.8b38.3x42.7x4x
Fri, 29 Nov 2024₹9.8t₹2.4t₹223.2b39x44.1x4.1x
Sun, 27 Oct 2024₹9.4t₹2.4t₹214.2b36.8x44x4x
Tue, 24 Sep 2024₹10.3t₹2.3t₹210.6b39.6x49.1x4.4x
Thu, 22 Aug 2024₹10.5t₹2.3t₹210.2b38.9x49.8x4.5x
Sat, 20 Jul 2024₹10.5t₹2.3t₹204.1b39.9x51.7x4.6x
Mon, 17 Jun 2024₹10.7t₹2.3t₹203.7b38.2x52.3x4.7x
Wed, 15 May 2024₹9.1t₹2.3t₹193.1b39.2x47.1x4x
Fri, 12 Apr 2024₹8.2t₹2.2t₹190.3b36.7x42.9x3.7x
Sun, 10 Mar 2024₹7.4t₹2.2t₹188.6b33.9x39.1x3.3x
Tue, 06 Feb 2024₹7.3t₹2.2t₹179.9b35.2x40.8x3.4x
Thu, 04 Jan 2024₹6.9t₹2.2t₹176.6b34.8x39.3x3.2x
Sat, 02 Dec 2023₹6.4t₹2.1t₹172.5b32.6x37.4x3x
Mon, 30 Oct 2023₹6.1t₹2.1t₹162.0b30.5x37.7x2.9x
Wed, 27 Sep 2023₹6.2t₹2.1t₹161.3b29.7x38.5x3x
Fri, 25 Aug 2023₹6.2t₹2.1t₹161.4b30.7x38.2x3x
Sun, 23 Jul 2023₹5.8t₹2.0t₹150.0b28.8x38.6x2.9x
Tue, 20 Jun 2023₹5.5t₹2.0t₹144.1b27.6x38.2x2.8x
Thu, 18 May 2023₹5.0t₹1.9t₹131.6b27.3x37.9x2.6x
Sat, 15 Apr 2023₹4.7t₹1.9t₹129.6b24x36.5x2.5x
Mon, 13 Mar 2023₹4.7t₹1.9t₹129.6b23.6x36.1x2.5x
Wed, 08 Feb 2023₹4.5t₹1.8t₹121.1b24.3x37.5x2.5x
Fri, 06 Jan 2023₹4.6t₹1.8t₹112.5b25.5x40.5x2.5x
Price to Earnings Ratio

40.5x


Total Market Cap: ₹4.6tTotal Earnings: ₹112.5bTotal Revenue: ₹1.8tTotal Market Cap vs Earnings and Revenue0%0%0%
Indian Machinery Industry Price to Earnings3Y Average 41.2x20242025
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 45.5x which is higher than its 3-year average PE of 41.2x.
  • The 3-year average PS ratio of 3.5x is lower than the industry's current PS ratio of 4.2x.
Past Earnings Growth
  • The earnings for companies in the Machinery industry have grown 29% 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-0.73%
Industrials-0.87%
Machinery-0.59%
Agricultural Machinery1.58%
Construction Machinery and Vehicles-0.46%
Industrial Machinery-1.05%
Industry PE
  • Investors are most optimistic about the Construction Machinery and Vehicles industry which is trading above its 3-year average PE ratio of 39.5x.
    • Analysts are expecting annual earnings growth of 17.5%, which is higher than its past year's earnings growth of 9.0% per year.
  • Investors are most pessimistic about the Agricultural Machinery industry, which is trading close to its 3-year average of 33.9x.
Forecasted Growth
  • Analysts are most optimistic on the Industrial Machinery industry, expecting annual earnings growth of 21% over the next 5 years.
  • This is better than its past earnings growth rate of 6.3% 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
500033 Force Motors₹19.84k7.6%
+₹18.4b		205.2%PE24.3x
THERMAX Thermax₹3.01k2.8%
+₹9.2b		-25.4%PE57.2x
SKFINDUS SKF India (Industrial)₹2.60k6.1%
+₹7.4b		n/an/a
TITAGARH Titagarh Rail Systems₹878.505.0%
+₹5.6b		-20.5%PE60.1x
533033 Isgec Heavy Engineering₹918.308.4%
+₹5.3b		-36.3%PE21.9x

Latest News

533033
₹918.30
Isgec Heavy Engineering
7D
8.4%
1Y
-36.3%
ASHOKLEY
₹178.63
Ashok Leyland
7D
0.4%
1Y
62.0%

ASHOKLEY: Rising Debt Concerns Will Outweigh Benefits Of New Bus Order

Narrative Update Analysts have nudged their fair value estimate for Ashok Leyland slightly higher, from ₹156.14 to ₹157.17, citing expectations of faster revenue growth and a modestly lower discount rate, despite largely unchanged margin and valuation assumptions. What’s in the News Board meeting scheduled on November 25, 2025, to consider a scheme of merger involving the absorption of Hinduja Leyland Finance Limited into NDL, subject to regulatory and other approvals (company filing) Board meeting on November 12, 2025, to review standalone and consolidated unaudited financial results for the quarter and half year ended September 30, 2025, and to consider declaring an interim dividend for FY 2025 to 26 (company filing) Won a major order for 1,937 AIS 153 compliant BS VI diesel buses and chassis from Tamil Nadu State Transport Undertakings, with a net contract value of INR 6,687.6 million and deliveries scheduled from October 2025 through January 2027 (company announcement) Interim dividend of INR 1 per equity share declared for the financial year ending 2025 to 26, payable on or before December 11, 2025, with November 18, 2025, set as the record date (board resolution) Valuation Changes The fair value estimate has risen slightly from ₹156.14 to ₹157.17 per share, reflecting modest upside driven by updated assumptions.
500480
₹4,397.35
Cummins India
7D
-2.3%
1Y
34.1%

500480: Future Profit Margins And Renewable Power Investment Will Drive Upside

Analysts have raised their fair value estimate for Cummins India from ₹4,558 to ₹5,370. This reflects expectations of slightly faster revenue growth, improved profit margins, and a modestly lower future P E multiple that together support a higher price target.
522113
₹2,965.30
Timken India
7D
-2.6%
1Y
-5.0%

522113: Board Meeting Will Shape Leadership While Earnings Outlook Will Remain Stable

Narrative Update Analysts have maintained their price target on Timken India at ₹3,323, with no change from the prior estimate. They continue to see a broadly unchanged outlook for discount rates, revenue growth, profit margins, and valuation multiples.
JYOTICNC
₹986.20
Jyoti CNC Automation
7D
2.1%
1Y
-27.0%

Here's Why Jyoti CNC Automation (NSE:JYOTICNC) Can Manage Its Debt Responsibly

Dec 24
Here's Why Jyoti CNC Automation (NSE:JYOTICNC) Can Manage Its Debt Responsibly
501423
₹2,250.90
Shaily Engineering Plastics
7D
-5.4%
1Y
55.8%

501423: Lower Risk Outlook Will Support Stronger Future Margin Upside Potential

Analysts have slightly refined their outlook on Shaily Engineering Plastics, maintaining the fair value estimate at ₹3,404.67 per share while marginally lowering the discount rate to reflect improved risk perceptions and stable long term growth and profitability assumptions. 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).
AIAENG
₹3,949.70
AIA Engineering
7D
1.3%
1Y
16.1%

AIAENG: Chile Order And Export Visibility Will Likely Support Fairly Valued Outlook

Analysts have nudged their price target for AIA Engineering slightly higher to ₹3,709, reflecting marginally stronger long term revenue growth assumptions that more than offset minor adjustments to discount rate and profit margin forecasts. What's in the News Board meeting scheduled on November 7, 2025, at 11:30 IST to consider and approve unaudited financial results for the quarter and half year ended September 30, 2025, along with limited review reports (company filing) Wholly owned step down subsidiary Vega Industries Chile SpA secures a USD 32.9 million order from a copper mine in Chile for supply of grinding media over 18 months starting November 1, 2025, which strengthens AIA Engineering's presence in the Latin American mining market (company announcement) The order win in Chile is expected to support higher capacity utilization and enhance visibility of export revenues tied to high chrome grinding media solutions (company announcement) Valuation Changes Fair Value Estimate, unchanged at approximately ₹3,709.2 per share, indicating no revision to the core valuation outcome.
KIRLOSENG
₹1,224.30
Kirloskar Oil Engines
7D
-5.7%
1Y
19.2%

KIRLOSENG: Business Spinoff And Restructuring Moves Will Shape Future Performance

Analysts have nudged their price target on Kirloskar Oil Engines slightly higher to ₹1,254. This reflects modestly lower perceived risk and steady expectations for long term revenue growth, margins, and valuation multiples.
COCHINSHIP
₹1,614.40
Cochin Shipyard
7D
-2.0%
1Y
4.9%

COCHINSHIP: Electric Tug Collaboration Will Likely Fail To Justify Rich Expectations

Analysts have modestly revised their price target for Cochin Shipyard upward to ₹1,150.50 from ₹1,150.00, citing marginally lower discount rate assumptions and a slightly improved long term profitability outlook. What's in the News Board meeting scheduled on November 12, 2025 to review standalone and consolidated unaudited financial results for the quarter and half year ended September 30, 2025, and to consider declaration of an interim dividend for FY 2025-26, with November 18, 2025 proposed as the record date (company filing) Cochin Shipyard and Svitzer sign a Letter of Intent to construct a new generation of electric TRAnsverse tugboats at CSL's Indian yards, supporting Svitzer's global fleet renewal and India's ambition to become a leading maritime manufacturing hub (company announcement) The Svitzer collaboration aims to deploy advanced, low emission TRAnsverse tugs designed for high manoeuvrability and efficiency in confined waters, aligning with India's green port and green towage initiatives (company announcement) Valuation Changes Fair Value: Unchanged at ₹1,150.50 per share, indicating no material shift in the central valuation estimate.
THERMAX
₹3,013.50
Thermax
7D
2.8%
1Y
-25.4%

THERMAX: Board Actions Will Likely Pressure Margins And Limit Upside Potential

Analysts have trimmed their price target on Thermax by roughly 4 percent to about ₹2,455, citing slightly higher discount rates, mildly softer revenue growth expectations, a modestly lower profit margin outlook and a marginally richer future price to earnings multiple. What's in the News Thermax has scheduled a board meeting on November 11, 2025 to consider and approve unaudited financial results for the quarter and half year ended September 30, 2025, including segment wise financials (company filing).
ACE
₹925.25
Action Construction Equipment
7D
-5.0%
1Y
-38.6%

Action Construction Equipment (NSE:ACE) Knows How To Allocate Capital Effectively

Dec 09
Action Construction Equipment (NSE:ACE) Knows How To Allocate Capital Effectively
500249
₹744.60
KSB
7D
-4.5%
1Y
-3.0%
500033
₹19,840.95
Force Motors
7D
7.6%
1Y
205.2%
TITAGARH
₹878.50
Titagarh Rail Systems
7D
5.0%
1Y
-20.5%