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Indian (NIFTY) Machinery Industry Analysis

UpdatedApr 09, 2026
DataAggregated Company Financials
Companies241
  • 7D7.0%
  • 3M-1.5%
  • 1Y20.7%
  • YTD-3.2%

Tata Motors is up 9.7%, leading the way for the Machinery industry, which has gained 7.0%. This means that the industry has gained 21% over the past year. As for the next few years, earnings are expected to grow by 20% per annum.

Industry Valuation and Performance

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

DateMarket CapRevenueEarningsPEAbsolute PEPS
Thu, 09 Apr 2026₹10.9t₹2.7t₹248.2b24.7x43.9x4x
Sat, 07 Mar 2026₹11.2t₹2.7t₹247.8b24.3x45x4.1x
Mon, 02 Feb 2026₹10.6t₹2.6t₹242.5b25.3x43.7x4x
Wed, 31 Dec 2025₹11.0t₹2.6t₹240.7b28.7x45.6x4.2x
Fri, 28 Nov 2025₹11.2t₹2.7t₹251.0b30x44.5x4.1x
Sun, 26 Oct 2025₹10.0t₹2.7t₹248.7b30.6x40x3.7x
Tue, 23 Sep 2025₹10.3t₹2.7t₹249.0b32.4x41.3x3.8x
Thu, 21 Aug 2025₹10.0t₹2.7t₹248.9b31.7x40.1x3.7x
Sat, 19 Jul 2025₹10.2t₹2.6t₹238.5b34x42.8x3.9x
Mon, 16 Jun 2025₹9.8t₹2.6t₹235.0b33.3x41.5x3.7x
Wed, 14 May 2025₹8.9t₹2.5t₹229.4b31.5x38.6x3.5x
Fri, 11 Apr 2025₹7.9t₹2.5t₹226.0b29.8x35x3.2x
Sun, 09 Mar 2025₹8.1t₹2.5t₹225.9b29.2x36x3.3x
Tue, 04 Feb 2025₹8.6t₹2.4t₹224.0b35.2x38.3x3.5x
Thu, 02 Jan 2025₹9.6t₹2.4t₹223.8b38.9x42.8x4x
Sat, 30 Nov 2024₹9.9t₹2.4t₹223.2b38.9x44.2x4.1x
Mon, 28 Oct 2024₹9.4t₹2.4t₹214.3b36.8x44x4x
Wed, 25 Sep 2024₹10.5t₹2.3t₹210.7b40.5x49.6x4.5x
Fri, 23 Aug 2024₹10.5t₹2.3t₹210.2b39.8x49.8x4.5x
Sun, 21 Jul 2024₹10.5t₹2.3t₹204.1b40.2x51.3x4.5x
Tue, 18 Jun 2024₹10.7t₹2.3t₹203.7b38.2x52.3x4.7x
Thu, 16 May 2024₹9.3t₹2.3t₹193.6b39.2x48x4.1x
Sat, 13 Apr 2024₹8.2t₹2.2t₹190.3b36.3x43x3.7x
Mon, 11 Mar 2024₹7.4t₹2.2t₹188.6b33.9x39.1x3.3x
Wed, 07 Feb 2024₹7.4t₹2.2t₹182.7b35x40.7x3.4x
Fri, 05 Jan 2024₹7.0t₹2.2t₹176.6b35x39.5x3.2x
Sun, 03 Dec 2023₹6.4t₹2.1t₹172.5b32.6x37.4x3x
Tue, 31 Oct 2023₹6.1t₹2.1t₹162.0b31.1x37.6x2.9x
Thu, 28 Sep 2023₹6.3t₹2.1t₹161.4b30.2x39x3x
Sat, 26 Aug 2023₹6.2t₹2.1t₹161.4b30.2x38.1x3x
Mon, 24 Jul 2023₹5.8t₹2.0t₹150.3b28.8x38.5x2.9x
Wed, 21 Jun 2023₹5.5t₹2.0t₹144.1b27.8x38.3x2.8x
Fri, 19 May 2023₹5.0t₹1.9t₹132.1b27.4x37.6x2.6x
Sun, 16 Apr 2023₹4.7t₹1.9t₹129.6b24x36.5x2.5x
Price to Earnings Ratio

36.5x


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 41.8x202420252026
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 41.8x.
  • 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 Market5.58%
Industrials6.56%
Machinery6.98%
Construction Machinery and Vehicles8.42%
Agricultural Machinery8.37%
Industrial Machinery5.05%
Industry PE
  • Investors are most optimistic about the Construction Machinery and Vehicles industry which is trading above its 3-year average PE ratio of 40.4x.
    • Analysts are expecting annual earnings growth of 19.9%, 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 22% 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
TMCV Tata Motors₹425.609.7%
+₹138.1b		n/an/a
ASHOKLEY Ashok Leyland₹170.3814.8%
+₹128.9b		66.5%PE30.2x
500480 Cummins India₹4.91k5.7%
+₹73.4b		76.6%PE60.7x
ESCORTS Escorts Kubota₹3.13k10.0%
+₹31.7b		-0.05%PE26.6x
COCHINSHIP Cochin Shipyard₹1.42k8.3%
+₹28.8b		4.7%PE51.5x

Latest News

ASHOKLEY
₹170.38
Ashok Leyland
7D
14.8%
1Y
66.5%
500480
₹4,906.80
Cummins India
7D
5.7%
1Y
76.6%

500480: Dividends And Governance Decisions Will Shape Future Earnings Stability

Analysts have kept their fair value estimate for Cummins India steady at about ₹4,659 per share, with only minor tweaks to the discount rate, revenue growth, profit margin and future P/E assumptions contributing to this unchanged price target. What's in the News Cummins India has scheduled a special or extraordinary shareholders meeting for April 20, 2026, to be conducted via postal ballot in India.
CRAFTSMAN
₹7,408.50
Craftsman Automation
7D
9.1%
1Y
72.7%

CRAFTSMAN: Punjab Capacity Expansion Will Support Higher Long Term Confidence

Analysts have adjusted their view on Craftsman Automation, with the price target now set at ₹9,800. This reflects updated assumptions around revenue growth, profit margin, discount rate and future P/E expectations.
AIAENG
₹3,631.80
AIA Engineering
7D
-1.2%
1Y
16.9%

AIAENG: Upcoming Results And Director Appointment Will Shape Balanced Outlook

Analysts have trimmed their fair value estimate for AIA Engineering slightly, with the target easing from about ₹3,952 to roughly ₹3,915 as they factor in a marginally higher discount rate and slightly softer revenue growth assumptions, while keeping profit margin and future P/E expectations broadly unchanged. What's in the News A special or extraordinary shareholders meeting is scheduled for Mar 14, 2026 via postal ballot in India to consider appointing Nitin Chandrashanker Shukla as an Independent Director for a five year term (company event filing).
ESCORTS
₹3,127.20
Escorts Kubota
7D
10.0%
1Y
-0.05%

ESCORTS: New Greenfield Plant And Southern Expansion Will Support Future Earnings Re Rating

Analysts have lifted their price target on Escorts Kubota from ₹4,560 to ₹4,642, citing updated assumptions around revenue growth, profit margins, discount rate, and future P/E. What's in the News The board approved an INR 23,000 million investment for the first phase of a greenfield manufacturing facility at Greater Noida.
COCHINSHIP
₹1,423.90
Cochin Shipyard
7D
8.3%
1Y
4.7%

COCHINSHIP: Leadership Shift And Green Marine JV Will Shape A Balanced Outlook

Analysts have adjusted their fair value estimate for Cochin Shipyard to ₹1,390 from ₹1,471, reflecting updated views on revenue growth potential, profit margins, discount rates, and future P/E assumptions. Analyst Commentary Bullish Takeaways Bullish analysts see the revised fair value of ₹1,390 as still reflecting confidence in Cochin Shipyard's ability to execute on its order book and project pipeline, even after incorporating more measured assumptions on revenue and margins.
THERMAX
₹3,535.10
Thermax
7D
7.3%
1Y
15.1%

THERMAX: New Energy Tie-Ups And Middle East Expansion Will Support Upside

Thermax's analyst fair value estimate is unchanged at ₹4,381.36, with the updated target now supported by slightly adjusted assumptions around discount rate, revenue growth, profit margin and future P/E that analysts see as better reflecting the current risk and earnings outlook. What's in the News The board has approved the incorporation of a wholly owned step-down subsidiary in Dubai through Thermax Engineering Singapore Pte Ltd, expanding the group structure into the Middle East region (board meeting resolution, February 2, 2026).
TEGA
₹1,712.60
Tega Industries
7D
-0.8%
1Y
22.2%

TEGA: Stable Fair Value And Board Actions Will Support Future Upside

Analysts have kept their fair value estimate for Tega Industries steady at ₹2,083.67 per share, with only marginal tweaks to inputs like the discount rate, revenue growth, profit margin, and future P/E. This reflects a broadly unchanged overall view of the company.
INOXINDIA
₹1,223.90
INOX India
7D
-1.5%
1Y
27.0%

INOXINDIA: Upcoming Board Meeting Will Support Bullish Forward P E Repricing Potential

Analysts keep the fair value estimate for INOX India unchanged at ₹1,490, reflecting only minor tweaks to discount rate, revenue growth, profit margin and future P/E assumptions rather than a shift in the core outlook. What's in the News A board meeting is scheduled for Feb 12, 2026, at 16:50 Indian Standard Time to consider and approve unaudited standalone and consolidated financial results for the quarter and nine months ended Dec 31, 2025, along with other matters (company filing).
MTARTECH
₹4,158.50
MTAR Technologies
7D
16.3%
1Y
222.2%

MTARTECH: Upcoming Borrowing Approvals And Robust Guidance Will Support Future Re Rating

Analysts have maintained their fair value estimate for MTAR Technologies at ₹4,257.25. They cited only marginal tweaks to assumptions such as discount rate, revenue growth, profit margin and future P/E that do not materially affect their overall price target view.
501423
₹1,994.85
Shaily Engineering Plastics
7D
-4.5%
1Y
44.0%

501423: Long Term Pharma Supply Agreement Will Support Future Upside

Analysts now keep the fair value estimate for Shaily Engineering Plastics steady at ₹3,526, with only minor tweaks to inputs such as discount rate, revenue growth, profit margin and future P/E assumptions guiding this narrative update. What's in the News Received a Manufacturing & Commercial Supply Agreement from a large domestic pharma company for pen injectors, with supply scheduled over 4 years and an approximate contract value of ₹4,230 million (Company announcement).
GALAPREC
₹724.90
Gala Precision Engineering
7D
-1.1%
1Y
-5.1%
520113
₹456.15
Vesuvius India
7D
-0.5%
1Y
11.5%
505890
₹2,221.55
Kennametal India
7D
-1.1%
1Y
3.2%
SKFINDUS
₹2,253.20
SKF India (Industrial)
7D
-1.1%
1Y
n/a