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Indian (NIFTY) Machinery Industry Analysis

UpdatedJul 18, 2026
DataAggregated Company Financials
Companies244
  • 7D-2.1%
  • 3M4.8%
  • 1Y11.1%
  • YTD7.8%

Over the last 7 days, the Machinery industry has dropped 2.1%, driven by a pullback from Cummins India of 3.0%. Meanwhile, Ajax Engineering actually outperformed within the industry, gaining 9.1% in the last week. This takes the industry's 12 month performance to a gain of 11%. 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
Sat, 18 Jul 2026₹12.2t₹3.7t₹283.7b28.6x43x3.3x
Mon, 15 Jun 2026₹11.8t₹3.7t₹284.8b26.3x41.5x3.2x
Wed, 13 May 2026₹11.4t₹2.8t₹248.6b26.1x45.9x4.1x
Fri, 10 Apr 2026₹10.9t₹2.7t₹248.2b24.7x44.1x4x
Sun, 08 Mar 2026₹11.2t₹2.7t₹247.8b24.3x45x4.1x
Tue, 03 Feb 2026₹10.7t₹2.6t₹242.5b24.9x44x4.1x
Thu, 01 Jan 2026₹11.1t₹2.6t₹240.9b28.6x46.1x4.2x
Sat, 29 Nov 2025₹11.2t₹2.7t₹251.0b29.9x44.5x4.1x
Mon, 27 Oct 2025₹10.0t₹2.7t₹248.7b30.6x40x3.7x
Wed, 24 Sep 2025₹10.3t₹2.7t₹249.0b32.4x41.3x3.8x
Fri, 22 Aug 2025₹10.0t₹2.7t₹248.7b32x40.3x3.7x
Sun, 20 Jul 2025₹9.9t₹2.6t₹238.5b34x41.3x3.7x
Tue, 17 Jun 2025₹9.7t₹2.6t₹235.0b33.4x41.4x3.7x
Thu, 15 May 2025₹9.0t₹2.5t₹229.3b32.3x39.2x3.5x
Sat, 12 Apr 2025₹8.1t₹2.5t₹226.0b31.1x35.9x3.2x
Mon, 10 Mar 2025₹8.1t₹2.5t₹225.9b29.2x36x3.3x
Wed, 05 Feb 2025₹8.7t₹2.4t₹224.0b35.7x38.6x3.5x
Fri, 03 Jan 2025₹9.7t₹2.4t₹223.8b39.8x43.4x4x
Sun, 01 Dec 2024₹9.9t₹2.4t₹223.2b38.9x44.2x4.1x
Tue, 29 Oct 2024₹9.4t₹2.4t₹214.4b36.2x44x4x
Thu, 26 Sep 2024₹10.4t₹2.3t₹210.7b41.1x49.2x4.4x
Sat, 24 Aug 2024₹10.5t₹2.3t₹210.2b40.4x50.1x4.5x
Mon, 22 Jul 2024₹10.5t₹2.3t₹205.0b39.5x51x4.5x
Wed, 19 Jun 2024₹10.8t₹2.3t₹203.7b39x53x4.7x
Fri, 17 May 2024₹9.5t₹2.3t₹194.1b41.5x48.9x4.2x
Sun, 14 Apr 2024₹8.2t₹2.2t₹190.3b36.3x43x3.7x
Tue, 12 Mar 2024₹7.3t₹2.2t₹188.6b33.2x38.5x3.3x
Thu, 08 Feb 2024₹7.4t₹2.2t₹183.1b35.2x40.6x3.4x
Sat, 06 Jan 2024₹7.0t₹2.2t₹176.6b34.8x39.7x3.2x
Mon, 04 Dec 2023₹6.4t₹2.1t₹172.5b32.6x37.4x3x
Wed, 01 Nov 2023₹6.1t₹2.1t₹163.2b31.3x37.4x2.9x
Fri, 29 Sep 2023₹6.3t₹2.1t₹161.4b30.3x38.8x3x
Sun, 27 Aug 2023₹6.2t₹2.1t₹161.4b30.2x38.1x3x
Tue, 25 Jul 2023₹5.8t₹2.0t₹150.3b29.5x38.9x2.9x
Price to Earnings Ratio

38.9x


Total Market Cap: ₹5.8tTotal Earnings: ₹150.3bTotal Revenue: ₹2.0tTotal Market Cap vs Earnings and Revenue0%0%0%
Indian Machinery Industry Price to Earnings3Y Average 42.4x202420252026
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 42.4x.
  • The 3-year average PS ratio of 3.7x is higher than the industry's current PS ratio of 3.3x.
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 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 Market-0.22%
Industrials-1.06%
Machinery-2.07%
Agricultural Machinery-0.97%
Construction Machinery and Vehicles-1.68%
Industrial Machinery-2.58%
Industry PE
  • Investors are most optimistic about the Industrial Machinery industry, which is trading close to its 3-year average PE ratio of 44.4x.
    • Analysts are expecting annual earnings growth of 21.0%, which is higher than its past year's earnings growth of 6.3% per year.
  • Investors are most pessimistic about the Agricultural Machinery industry, which is trading below its 3-year average of 33.8x.
Forecasted Growth
  • Analysts are most optimistic on the Construction Machinery and Vehicles industry, expecting annual earnings growth of 22% over the next 5 years.
  • However this is lower than its past earnings growth rate of 28% per year.
  • In contrast, the Agricultural Machinery industry is expected to see its earnings grow by 9.4% 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
AJAXENGG Ajax Engineering₹594.709.1%
+₹5.7b		-15.1%PE30.2x
OMNI Omnitech Engineering₹565.608.1%
+₹5.2b		n/aPE88.1x
ROLEXRINGS Rolex Rings₹157.8911.9%
+₹4.6b		5.9%PE30.5x
INGERRAND Ingersoll-Rand (India)₹4.57k2.7%
+₹3.8b		10.1%PE56.4x
506076 Grindwell Norton₹2.09k1.5%
+₹3.3b		17.1%PE55.6x

Latest News

506076
₹2,088.75
Grindwell Norton
7D
1.5%
1Y
17.1%
ELGIEQUIP
₹581.70
Elgi Equipments
7D
0.9%
1Y
6.0%
KIRLOSENG
₹2,255.70
Kirloskar Oil Engines
7D
-9.5%
1Y
145.8%
Narrative Update • Jul 16

KIRLOSENG: Data Centre Order And Dividend Will Shape A Measured Outlook

Analysts have lifted their price target on Kirloskar Oil Engines from ₹2,256.80 to ₹2,349.83, citing updated assumptions around fair value, discount rate, revenue growth, profit margin and future P/E as the key drivers of the change. What's in the News Kirloskar Oil Engines received a large order from HyperNext for 96 units of its 2,500 kVA Optiprime Dual Core power systems, totaling 192 MW of standby capacity for hyperscale ready, AI focused data centers.
THERMAX
₹4,662.00
Thermax
7D
-3.1%
1Y
19.9%
AJAXENGG
₹594.70
Ajax Engineering
7D
9.1%
1Y
-15.1%
505255
₹798.50
GMM Pfaudler
7D
5.6%
1Y
-39.4%
500480
₹5,452.60
Cummins India
7D
-3.0%
1Y
54.2%
ASHOKLEY
₹155.23
Ashok Leyland
7D
-1.4%
1Y
27.0%
Narrative Update • Jul 10

ASHOKLEY: Fair Value Recast Will Test Margin Assumptions And Execution Risks

The analyst fair value estimate for Ashok Leyland has been lifted from ₹129.68 to ₹155.00, with analysts pointing to adjustments in discount rates, revenue expectations, profit margin assumptions, and a lower future P/E as key drivers of the updated price target narrative. Analyst Commentary on Ashok Leyland While the fair value estimate for Ashok Leyland has been revised upward, recent research on another industrial stock, Ashland, highlights how quickly sentiment can shift when expectations for earnings, execution, or growth come under scrutiny.
ROLEXRINGS
₹157.89
Rolex Rings
7D
11.9%
1Y
5.9%
Narrative Update • Jul 10

ROLEXRINGS: Upcoming Share Buyback Will Support Bullish Long-Term Outlook

Analysts have reduced their price target on Rolex Rings from ₹2,206.75 to ₹170.00, reflecting updated assumptions for revenue growth, profit margins, the discount rate, and a lower future P/E multiple. What’s in the News for Rolex Rings Rolex Rings has scheduled a Board Meeting on April 23, 2026 to consider a proposal for buyback of fully paid up equity shares of the company and other matters.
MTARTECH
₹6,046.00
MTAR Technologies
7D
-14.9%
1Y
288.3%
Narrative Update • Jul 08

MTARTECH: Large International Orders And Raised Guidance Will Support Bullish Outlook

Analysts have lifted their fair value estimate for MTAR Technologies from ₹6,000 to ₹10,007, supported by revised assumptions for revenue growth, profit margins, and future P/E expectations. What's in the News MTAR Technologies reported new international purchase orders worth US$48.68 million (₹4,673 million) from an existing overseas customer, with deliveries scheduled around March 20, 2027 and June 20, 2027, according to a client announcement filed with the exchanges.
TMCV
₹414.65
Tata Motors
7D
-1.9%
1Y
n/a
Narrative Update • Jul 07

TMCV: Expanding Electric Commercial Vehicle Orders Will Drive Future Upside Potential

Analysts have lifted the Tata Motors price target from ₹582.93 to ₹601.27, citing updated assumptions for revenue growth, profit margins and forward P/E that support a slightly higher fair value range. What’s in the News for Tata Motors Tata Motors announced more than 3,400 electric commercial vehicle orders across small commercial vehicles and pick ups, trucks and buses, highlighting wider use of its eCV line up in freight and passenger transport.
INGERRAND
₹4,571.20
Ingersoll-Rand (India)
7D
2.7%
1Y
10.1%
SKFINDUS
₹2,627.90
SKF India (Industrial)
7D
-7.2%
1Y
n/a
TITAGARH
₹859.85
Titagarh Rail Systems
7D
2.9%
1Y
-7.1%
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.
AZAD
₹2,329.70
Azad Engineering
7D
-6.0%
1Y
42.5%
Narrative Update • Jun 09

AZAD: Long Term Supply Agreements And New Facility Will Support Balanced Outlook

Analysts have maintained their fair value estimate for Azad Engineering at ₹2,070.71 per share, with a slightly lower discount rate and a modestly adjusted future P/E assumption shaping the latest price target narrative. What's in the News Board meeting scheduled on May 12, 2026, to consider reappointment of Mr. Rakesh Chopdar as Whole-Time Director, Executive Chairman and CEO, and reappointment of Mrs.
OMNI
₹565.60
Omnitech Engineering
7D
8.1%
1Y
n/a