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Indian (NIFTY) Machinery Industry Analysis

UpdatedJun 25, 2026
DataAggregated Company Financials
Companies244
  • 7D1.4%
  • 3M18.0%
  • 1Y17.7%
  • YTD10.2%

Over the last 7 days, the Machinery industry has risen 1.4%, driven by gains from Tata Motors of 6.1%. This means that the industry has gained 18% over the past year. As for the next few years, earnings are expected to grow by 21% per annum.

Industry Valuation and Performance

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

DateMarket CapRevenueEarningsPEAbsolute PEPS
Thu, 25 Jun 2026₹12.5t₹3.7t₹283.7b28.4x43.9x3.4x
Sat, 23 May 2026₹11.6t₹3.6t₹281.6b26.6x41.2x3.2x
Mon, 20 Apr 2026₹11.6t₹2.7t₹248.1b27.1x46.8x4.3x
Wed, 18 Mar 2026₹10.6t₹2.7t₹248.3b23.1x42.7x3.9x
Fri, 13 Feb 2026₹11.5t₹2.7t₹247.9b25.6x46.3x4.3x
Sun, 11 Jan 2026₹10.9t₹2.6t₹241.2b27.5x45.1x4.2x
Tue, 09 Dec 2025₹10.4t₹2.6t₹240.6b28.1x43.2x4x
Thu, 06 Nov 2025₹10.1t₹2.7t₹249.6b31.7x40.6x3.8x
Sat, 04 Oct 2025₹10.1t₹2.7t₹248.5b32.3x40.8x3.8x
Mon, 01 Sep 2025₹9.7t₹2.7t₹248.7b31.5x39.1x3.6x
Wed, 30 Jul 2025₹10.0t₹2.6t₹239.7b33.6x41.6x3.8x
Fri, 27 Jun 2025₹9.9t₹2.6t₹236.1b34.1x41.8x3.8x
Sun, 25 May 2025₹9.3t₹2.6t₹232.4b32.7x40.2x3.6x
Tue, 22 Apr 2025₹8.6t₹2.5t₹226.2b31.9x37.9x3.4x
Thu, 20 Mar 2025₹8.3t₹2.5t₹226.1b29.4x36.8x3.3x
Sat, 15 Feb 2025₹8.0t₹2.5t₹226.9b31.3x35.1x3.2x
Mon, 13 Jan 2025₹9.2t₹2.4t₹225.4b38.1x40.8x3.8x
Wed, 11 Dec 2024₹10.0t₹2.4t₹223.3b40.2x45x4.2x
Fri, 08 Nov 2024₹10.0t₹2.4t₹214.3b38.3x46.5x4.2x
Sun, 06 Oct 2024₹10.1t₹2.4t₹211.5b39.5x47.7x4.3x
Tue, 03 Sep 2024₹10.3t₹2.3t₹210.4b40.4x48.9x4.4x
Thu, 01 Aug 2024₹11.1t₹2.3t₹205.8b41.9x53.7x4.8x
Sat, 29 Jun 2024₹10.9t₹2.3t₹203.7b40.6x53.5x4.8x
Mon, 27 May 2024₹9.8t₹2.3t₹201.7b40.2x48.8x4.3x
Wed, 24 Apr 2024₹8.4t₹2.2t₹188.4b39.6x44.7x3.8x
Fri, 22 Mar 2024₹7.5t₹2.2t₹190.1b33.4x39.2x3.3x
Sun, 18 Feb 2024₹7.4t₹2.2t₹188.9b34.8x39.2x3.3x
Tue, 16 Jan 2024₹7.1t₹2.2t₹176.8b34.7x40.2x3.3x
Thu, 14 Dec 2023₹6.5t₹2.1t₹172.5b33.5x37.9x3.1x
Sat, 11 Nov 2023₹6.2t₹2.1t₹171.7b32.2x36.2x2.9x
Mon, 09 Oct 2023₹6.3t₹2.1t₹161.3b31.4x38.8x3x
Wed, 06 Sep 2023₹6.4t₹2.1t₹161.4b30.5x39.6x3.1x
Fri, 04 Aug 2023₹5.9t₹2.0t₹154.6b29.9x38.5x2.9x
Sun, 02 Jul 2023₹5.5t₹2.0t₹144.0b27.1x38.5x2.8x
Price to Earnings Ratio

38.5x


Total Market Cap: ₹5.5tTotal Earnings: ₹144.0bTotal Revenue: ₹2.0tTotal Market Cap vs Earnings and Revenue0%0%0%
Indian Machinery Industry Price to Earnings3Y Average 42.3x202420252026
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 42.3x.
  • The industry is trading close to its 3-year average PS ratio of 3.7x.
Past Earnings Growth
  • The earnings for companies in the Machinery industry have grown 25% per year over the last three years.
  • Revenues for these companies have grown 23% 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 Market0.25%
Industrials0.32%
Machinery1.44%
Industrial Machinery3.88%
Agricultural Machinery3.30%
Construction Machinery and Vehicles-1.03%
Industry PE
  • Investors are most optimistic about the Industrial Machinery industry, which is trading close to its 3-year average PE ratio of 44.2x.
    • Analysts are expecting annual earnings growth of 20.8%, which is higher than its past year's earnings growth of 7.3% per year.
  • Investors are most pessimistic about the Agricultural Machinery industry, which is trading below its 3-year average of 34.0x.
Forecasted Growth
  • Analysts are most optimistic on the Construction Machinery and Vehicles industry, expecting annual earnings growth of 22% over the next 5 years.
  • This is roughly in line with its past earnings growth rate.
  • In contrast, the Agricultural Machinery industry is expected to see its earnings grow by 9.5% 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
TMCV Tata Motors₹431.906.1%
+₹91.5b		n/aPE52.5x
KIRLOSENG Kirloskar Oil Engines₹2.48k25.2%
+₹72.8b		186.3%PE63.4x
AIAENG AIA Engineering₹4.83k6.6%
+₹27.7b		45.3%PE35.5x
SKFINDUS SKF India (Industrial)₹2.91k16.4%
+₹20.3b		n/aPE66x
ESCORTS Escorts Kubota₹2.95k5.0%
+₹15.7b		-12.2%PE24.2x

Latest News

THERMAX
₹4,828.80
Thermax
7D
2.8%
1Y
39.4%
SKFINDUS
₹2,906.00
SKF India (Industrial)
7D
16.4%
1Y
n/a
KIRLOSENG
₹2,484.30
Kirloskar Oil Engines
7D
25.2%
1Y
186.3%
MTARTECH
₹7,976.50
MTAR Technologies
7D
-4.0%
1Y
393.4%
Narrative Update • Jun 24

MTARTECH: Rich Multiple Will Face Testing From Large Blanket Orders Execution

Analysts have slightly trimmed their price expectations for MTAR Technologies to reflect updated assumptions on discount rates, revenue growth, profit margins, and a lower future P/E multiple. This has resulted in a more conservative valuation in the latest price target revision.
ESCORTS
₹2,949.70
Escorts Kubota
7D
5.0%
1Y
-12.2%
Narrative Update • Jun 24

ESCORTS: Tractor Portfolio Expansion And Dividend Plans Will Support Measured Return Potential

Analysts have kept the Escorts Kubota price target unchanged at ₹2,786, citing only marginal tweaks to assumptions for the discount rate, revenue growth, profit margin, and future P/E that do not materially affect their valuation view. What’s in the News for Escorts Kubota Escorts Kubota introduced the Kubota NeoStar compact tractor series in the 21–30 HP segment, including a new 27 HP narrow variant designed for sugarcane and inter row applications, with power steering and ECO PTO available across all models.
AIAENG
₹4,829.90
AIA Engineering
7D
6.6%
1Y
45.3%
Narrative Update • Jun 24

AIAENG: Board Changes And Stable Assumptions Will Shape A Balanced Outlook

Analysts have maintained their ₹4,492 price target for AIA Engineering, with only marginal tweaks to inputs such as the discount rate, revenue growth, profit margin, and future P/E assumptions that guide their valuation framework. What’s in the News for AIA Engineering A board meeting is scheduled for May 26, 2026 to consider and approve the audited financial results for the quarter and year ended March 31, 2026, and to consider a dividend recommendation for the 2025-26 financial year.
CRAFTSMAN
₹9,252.00
Craftsman Automation
7D
-2.6%
1Y
69.1%
Narrative Update • Jun 22

CRAFTSMAN: Upcoming Equity Raise And Dividend Will Support Long-Term Upside

Analysts have reaffirmed their ₹11,000 price target for Craftsman Automation, citing small adjustments to the discount rate, revenue growth and profit margin assumptions, along with a slightly lower future P/E multiple in their refreshed model. What's in the News for Craftsman Automation Craftsman Automation completed a follow on equity offering of equity shares, raising ₹19.999995b through the issue of 2,298,850 common stock securities at ₹8,700 each, under Regulation S with a subsequent direct listing.
500480
₹5,643.45
Cummins India
7D
-3.7%
1Y
67.8%
Narrative Update • Jun 22

500480: Dividend Payouts And Rich P/E Will Likely Cap Further Upside

Analysts have kept their fair value estimate for Cummins India steady at ₹5,679.70. Only slight adjustments to the discount rate, revenue growth, profit margin and future P/E assumptions guided this unchanged price target.
JWL
₹262.95
Jupiter Wagons
7D
-5.9%
1Y
-31.6%
Narrative Update • Jun 18

JWL: Lower Margin Outlook And Compressed P/E Will Pressure Stock

Analysts have lowered their price target on Jupiter Wagons to ₹210 from ₹276, citing updated assumptions that include a lower projected profit margin, higher estimated revenue growth, and a reduced future P/E multiple. What's in the News for Jupiter Wagons Jupiter Wagons has scheduled a Board Meeting for May 30, 2026, at 13:00 Indian Standard Time.
INGERRAND
₹4,489.80
Ingersoll-Rand (India)
7D
-4.8%
1Y
18.1%
JYOTICNC
₹761.45
Jyoti CNC Automation
7D
8.7%
1Y
-32.6%
New Narrative • Jun 16

Capacity Expansion And Aerospace Order Book Will Likely Support Steady Long-Term Performance

Catalysts About Jyoti CNC Automation Jyoti CNC Automation manufactures CNC machine tools serving sectors such as aerospace and defense, auto and auto components, general engineering and EMS. What are the underlying business or industry changes driving this perspective?
TITAGARH
₹888.45
Titagarh Rail Systems
7D
-4.7%
1Y
-5.4%
Narrative Update • Jun 16

TITAGARH: Wagon Leasing And JV Expansion Will Drive Future Upside

Analysts have lifted their fair value estimate for Titagarh Rail Systems from ₹971.38 to ₹995.00, reflecting updated assumptions on discount rate, expected revenue growth, profit margins and future P/E multiples. What's in the News Board meeting scheduled on May 30, 2026 to review and approve audited standalone and consolidated financial results for the quarter and year ended March 31, 2026, and to consider a dividend recommendation, including a proposed 50% dividend on equity shares of ₹2 each, subject to shareholder approval.
TMCV
₹431.90
Tata Motors
7D
6.1%
1Y
n/a
New Narrative • Jun 16

Cleaner Transport And Mass Mobility Tailwinds Will Reshape This Commercial Vehicle Leader

Catalysts About Tata Motors Tata Motors focuses on commercial vehicles, including trucks, buses and small commercial vehicles, with both domestic and international operations. What are the underlying business or industry changes driving this perspective?
TEGA
₹1,730.20
Tega Industries
7D
-4.9%
1Y
17.3%
Analysis Article • Jun 06

Tega Industries' (NSE:TEGA) Shareholders Have More To Worry About Than Only Soft Earnings

Despite Tega Industries Limited's ( NSE:TEGA ) recent earnings report having lackluster headline numbers, the market...
500252
₹16,167.55
LMW
7D
-3.4%
1Y
0.3%
New Narrative • Jun 05

Aerospace Order Book And ATC Expansion Will Support Stronger Long Term Earnings Quality

Catalysts About LMW LMW designs and manufactures textile machinery, machine tools and high precision aerospace and defense components through its ATC division. What are the underlying business or industry changes driving this perspective?
506076
₹2,237.30
Grindwell Norton
7D
6.2%
1Y
30.1%