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

Indian (NIFTY) Machinery Industry Analysis

UpdatedJan 28, 2026
DataAggregated Company Financials
Companies237
  • 7D-0.2%
  • 3M-6.7%
  • 1Y6.1%
  • YTD-6.7%

Over the last 7 days, the Machinery industry has remained flat, although notably Ashok Leyland gained 6.8%. As for the the longer term, the industry is up 5.7% over the past 12 months. Looking forward, earnings are forecast to grow by 18% annually.

Industry Valuation and Performance

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

DateMarket CapRevenueEarningsPEAbsolute PEPS
Wed, 28 Jan 2026₹10.5t₹2.6t₹241.7b25.4x43.4x4x
Fri, 26 Dec 2025₹11.0t₹2.6t₹240.6b28.6x45.7x4.2x
Sun, 23 Nov 2025₹10.9t₹2.7t₹251.0b30.3x43.5x4x
Tue, 21 Oct 2025₹9.8t₹2.7t₹248.8b31x39.5x3.7x
Thu, 18 Sep 2025₹10.4t₹2.7t₹248.8b33.3x41.6x3.9x
Sat, 16 Aug 2025₹9.7t₹2.7t₹248.7b30.1x38.9x3.6x
Mon, 14 Jul 2025₹10.1t₹2.6t₹238.3b34.3x42.4x3.8x
Wed, 11 Jun 2025₹10.0t₹2.6t₹235.0b33.6x42.4x3.8x
Fri, 09 May 2025₹8.4t₹2.5t₹230.1b29.7x36.4x3.3x
Sun, 06 Apr 2025₹8.2t₹2.5t₹226.1b31x36.3x3.3x
Tue, 04 Mar 2025₹7.6t₹2.5t₹226.1b27.9x33.6x3x
Thu, 30 Jan 2025₹8.7t₹2.4t₹223.4b35.1x38.8x3.6x
Sat, 28 Dec 2024₹9.6t₹2.4t₹223.7b38.7x43x4x
Mon, 25 Nov 2024₹9.4t₹2.4t₹223.2b35.8x42x3.9x
Wed, 23 Oct 2024₹9.7t₹2.4t₹212.1b37.5x45.7x4.1x
Fri, 20 Sep 2024₹10.1t₹2.3t₹210.6b39.1x48.2x4.3x
Sun, 18 Aug 2024₹10.3t₹2.3t₹210.2b38.3x48.9x4.4x
Tue, 16 Jul 2024₹10.9t₹2.3t₹203.8b41.3x53.4x4.7x
Thu, 13 Jun 2024₹10.1t₹2.3t₹203.7b37.5x49.5x4.4x
Sat, 11 May 2024₹8.8t₹2.3t₹192.1b38.6x45.9x3.9x
Mon, 08 Apr 2024₹8.2t₹2.2t₹190.2b36.9x43x3.7x
Wed, 06 Mar 2024₹7.4t₹2.2t₹188.6b34.3x39.4x3.4x
Fri, 02 Feb 2024₹7.4t₹2.2t₹179.1b35x41.1x3.4x
Sun, 31 Dec 2023₹7.0t₹2.2t₹176.5b33.9x39.5x3.2x
Tue, 28 Nov 2023₹6.4t₹2.1t₹172.5b31.7x37x3x
Thu, 26 Oct 2023₹6.0t₹2.1t₹162.0b30.2x37.3x2.9x
Sat, 23 Sep 2023₹6.2t₹2.1t₹161.3b30x38.5x3x
Mon, 21 Aug 2023₹6.0t₹2.1t₹161.4b30x37.3x2.9x
Wed, 19 Jul 2023₹5.7t₹2.0t₹144.6b28.9x39.8x2.9x
Fri, 16 Jun 2023₹5.4t₹2.0t₹144.1b27.8x37.3x2.7x
Sun, 14 May 2023₹4.9t₹1.9t₹131.0b27.8x37.4x2.6x
Tue, 11 Apr 2023₹4.7t₹1.9t₹129.6b23.2x36.3x2.5x
Thu, 09 Mar 2023₹4.7t₹1.9t₹129.6b23.1x36.2x2.5x
Sat, 04 Feb 2023₹4.5t₹1.8t₹119.9b25.5x37.8x2.5x
Price to Earnings Ratio

37.8x


Total Market Cap: ₹4.5tTotal Earnings: ₹119.9bTotal 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 26% 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-0.64%
Industrials-0.91%
Machinery-0.17%
Construction Machinery and Vehicles1.07%
Agricultural Machinery-0.87%
Industrial Machinery-1.72%
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 (17.8%) 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₹193.006.8%
+₹71.7b		88.5%PE34.8x
TMCV Tata Motors₹443.902.6%
+₹42.2b		n/an/a
COCHINSHIP Cochin Shipyard₹1.52k6.0%
+₹22.7b		8.1%PE52.8x
AIAENG AIA Engineering₹3.84k2.7%
+₹9.5b		6.2%PE31.8x
500252 LMW₹14.56k6.0%
+₹8.8b		-2.5%PE130.1x

Latest News

SKFINDUS
₹2,567.20
SKF India (Industrial)
7D
-4.7%
1Y
n/a
501423
₹1,845.05
Shaily Engineering Plastics
7D
-9.2%
1Y
39.4%

501423: Steady Assumptions And Upcoming Results Will Support Future Margin Upside

Analysts have maintained their fair value estimate for Shaily Engineering Plastics at ₹3,404.67 per share, with only minor adjustments to inputs such as the discount rate and future P/E. This reflects fine-tuning rather than a change in their overall view.
500252
₹14,560.85
LMW
7D
6.0%
1Y
-2.5%

500252: Elevated Multiples Will Likely Persist As Share Sale Risk Continues

Analysts have nudged their price target for LMW slightly higher to reflect small refinements to the discount rate, revenue growth, profit margin and future P/E assumptions. Their overall fair value view remains broadly unchanged.
JYOTICNC
₹795.80
Jyoti CNC Automation
7D
-5.9%
1Y
-19.5%

JYOTICNC: Expanded French Operations Will Support Future Global Demand Upside

Analysts have maintained their fair value estimate for Jyoti CNC Automation at ₹1,205.00, making only minor adjustments to assumptions on discount rate, revenue growth, profit margin and future P/E. This indicates that their overall view on the price target remains largely unchanged.
522029
₹263.85
Windsor Machines
7D
12.9%
1Y
-9.9%
500480
₹3,929.60
Cummins India
7D
-2.1%
1Y
43.5%

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).
505192
₹3,478.45
SML Mahindra
7D
-12.5%
1Y
157.6%
CRAFTSMAN
₹7,570.50
Craftsman Automation
7D
2.2%
1Y
71.6%

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
₹193.00
Ashok Leyland
7D
6.8%
1Y
88.5%

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
₹3,842.10
AIA Engineering
7D
2.7%
1Y
6.2%

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).
COCHINSHIP
₹1,523.10
Cochin Shipyard
7D
6.0%
1Y
8.1%

COCHINSHIP: Electric Tug Plans And Dividends Will Likely Fail To Justify Price

Analysts have kept their price target for Cochin Shipyard broadly steady around ₹1,150.50, with only marginal tweaks to assumptions such as discount rate, revenue growth, profit margin and future P/E to reflect updated risk and earnings expectations. What's in the News Board meeting on November 12, 2025 to consider standalone and consolidated unaudited financial results for the quarter and half year ended September 30, 2025, along with a proposed interim dividend for equity shareholders for FY 2025-26 and a record date of November 18, 2025 (company filing).
THERMAX
₹2,831.00
Thermax
7D
-3.1%
1Y
-22.1%

THERMAX: Upcoming Earnings Releases Will Support Long-Term Upside Potential

Analysts have slightly reduced their 12 month price target for Thermax to ₹3,424 from about ₹3,464, citing updated assumptions for discount rate, revenue growth, profit margins and future P/E that are now marginally more conservative in their models. What's in the News Board meeting scheduled on Feb 02, 2026 to consider and approve unaudited financial results for the quarter and nine months ended Dec 31, 2025, including segment-wise financials (company filing).
LLOYDSENGG
₹42.35
Lloyds Engineering Works
7D
-9.7%
1Y
-42.4%
520113
₹459.00
Vesuvius India
7D
2.8%
1Y
20.8%
500033
₹18,797.10
Force Motors
7D
-9.6%
1Y
193.4%