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Indian (NIFTY) Construction Machinery and Vehicles Industry Analysis

UpdatedJan 02, 2026
DataAggregated Company Financials
Companies36
  • 7D3.4%
  • 3M9.4%
  • 1Y21.5%
  • YTDn/a

The Construction Machinery and Vehicles industry is up 1.7% in the last week, with Tata Motors up 4.6%. In the last 12 months, the industry was up 23%. As for the next few years, earnings are expected to grow by 18% per annum.

Industry Valuation and Performance

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

DateMarket CapRevenueEarningsPEAbsolute PEPS
Fri, 02 Jan 2026₹5.9t₹1.2t₹106.4b28.8x55.9x5x
Sun, 30 Nov 2025₹5.4t₹1.2t₹106.1b29.2x51x4.6x
Tue, 28 Oct 2025₹4.1t₹1.1t₹101.3b34.8x40.5x3.6x
Thu, 25 Sep 2025₹4.1t₹1.1t₹101.2b32.9x40.5x3.6x
Sat, 23 Aug 2025₹4.0t₹1.1t₹101.0b33.7x39.1x3.4x
Mon, 21 Jul 2025₹3.4t₹1.1t₹97.7b38.6x35.3x3.1x
Wed, 18 Jun 2025₹3.7t₹1.1t₹97.5b34.6x37.8x3.3x
Fri, 16 May 2025₹3.3t₹1.1t₹93.7b33x35x3x
Sun, 13 Apr 2025₹2.9t₹1.1t₹90.7b28.2x32.1x2.7x
Tue, 11 Mar 2025₹2.8t₹1.1t₹90.5b29.4x30.9x2.6x
Thu, 06 Feb 2025₹2.9t₹1.0t₹86.7b35.5x33.8x2.8x
Sat, 04 Jan 2025₹3.4t₹1.0t₹88.4b38.7x38.1x3.3x
Mon, 02 Dec 2024₹3.4t₹1.0t₹88.4b41.1x38.6x3.4x
Wed, 30 Oct 2024₹3.2t₹1.0t₹84.6b40.9x38.1x3.2x
Fri, 27 Sep 2024₹3.6t₹994.0b₹83.4b47.7x43.5x3.6x
Sun, 25 Aug 2024₹3.9t₹994.0b₹83.4b46.8x46.2x3.9x
Tue, 23 Jul 2024₹3.9t₹967.0b₹80.5b41.3x48.5x4x
Thu, 20 Jun 2024₹3.8t₹966.8b₹80.5b39.2x47.1x3.9x
Sat, 18 May 2024₹3.3t₹944.4b₹70.8b40x46.8x3.5x
Mon, 15 Apr 2024₹2.8t₹931.4b₹69.8b39.4x40.1x3x
Wed, 13 Mar 2024₹2.5t₹931.3b₹69.7b35.5x35.5x2.7x
Fri, 09 Feb 2024₹2.5t₹927.1b₹68.8b42.5x36.7x2.7x
Sun, 07 Jan 2024₹2.1t₹884.9b₹60.0b41.7x35.7x2.4x
Tue, 05 Dec 2023₹2.0t₹884.7b₹60.0b36.9x33.8x2.3x
Thu, 02 Nov 2023₹1.8t₹855.0b₹53.2b35.3x33.5x2.1x
Sat, 30 Sep 2023₹1.9t₹839.6b₹51.8b36.8x35.7x2.2x
Mon, 28 Aug 2023₹1.9t₹839.6b₹51.8b36.6x35.8x2.2x
Wed, 26 Jul 2023₹1.8t₹817.3b₹47.1b35.2x37.2x2.1x
Fri, 23 Jun 2023₹1.5t₹796.0b₹41.1b33.4x37.7x1.9x
Sun, 21 May 2023₹1.4t₹745.5b₹29.4b33.3x46.8x1.8x
Tue, 18 Apr 2023₹1.2t₹743.7b₹31.6b23.3x39.1x1.7x
Thu, 16 Mar 2023₹1.3t₹743.7b₹31.6b25.5x40.1x1.7x
Sat, 11 Feb 2023₹1.3t₹732.3b₹30.7b26.2x42.1x1.8x
Mon, 09 Jan 2023₹1.3t₹684.9b₹24.2b25.8x51.8x1.8x
Price to Earnings Ratio

51.8x


Total Market Cap: ₹1.3tTotal Earnings: ₹24.2bTotal Revenue: ₹684.9bTotal Market Cap vs Earnings and Revenue0%0%0%
Indian Construction Machinery and Vehicles Industry Price to Earnings3Y Average 39.5x202420252026
Current Industry PE
  • Investors are optimistic on the Indian Construction Machinery and Heavy Trucks industry, and appear confident in long term growth rates.
  • The industry is trading at a PE ratio of 55.0x which is higher than its 3-year average PE of 39.5x.
  • The 3-year average PS ratio of 2.9x is lower than the industry's current PS ratio of 5.0x.
Past Earnings Growth
  • The earnings for companies in the Construction Machinery and Heavy Trucks industry have grown 64% per year over the last three years.
  • Revenues for these companies have grown 20% per year.
  • This means that more sales are being generated by these companies overall, and subsequently their profits are increasing too.

Industry Comparison

How does Indian Construction Machinery and Vehicles compare with similar industries?

IN Market0.36%
Industrials0.49%
Machinery1.91%
Construction Machinery and Vehicles3.37%
Agricultural Machinery2.36%
Industrial Machinery0.037%
Industry PEThere are no additional sub-industries under this industry.
Forecasted GrowthThere are no additional sub-industries under this industry.

Top Stock Gainers and Losers

Which companies have driven the market over the last 7 days?

CompanyLast Price7D1YValuation
TMCV Tata Motors₹427.754.6%
+₹70.0b		n/an/a
ASHOKLEY Ashok Leyland₹184.885.5%
+₹56.2b		56.6%PE33.3x
500033 Force Motors₹20.86k13.7%
+₹33.0b		188.0%PE25.5x
500480 Cummins India₹4.47k1.4%
+₹16.8b		37.4%PE53.5x
CRAFTSMAN Craftsman Automation₹7.72k9.4%
+₹15.9b		44.7%PE76.7x

Latest News

ASHOKLEY
₹184.88
Ashok Leyland
7D
5.5%
1Y
56.6%

Here's Why Ashok Leyland (NSE:ASHOKLEY) Has A Meaningful Debt Burden

Jan 01
Here's Why Ashok Leyland (NSE:ASHOKLEY) Has A Meaningful Debt Burden
ACE
₹943.95
Action Construction Equipment
7D
-1.7%
1Y
-39.5%

Should You Be Adding Action Construction Equipment (NSE:ACE) To Your Watchlist Today?

Dec 31
Should You Be Adding Action Construction Equipment (NSE:ACE) To Your Watchlist Today?
505192
₹4,091.90
SML Mahindra
7D
10.1%
1Y
176.4%
CRAFTSMAN
₹7,722.50
Craftsman Automation
7D
9.4%
1Y
44.7%

Be Wary Of Craftsman Automation (NSE:CRAFTSMAN) And Its Returns On Capital

Dec 27
Be Wary Of Craftsman Automation (NSE:CRAFTSMAN) And Its Returns On Capital
500480
₹4,470.20
Cummins India
7D
1.4%
1Y
37.4%

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.
HAPPYFORGE
₹1,155.90
Happy Forgings
7D
6.0%
1Y
14.5%

HAPPYFORGE: Board Review And Stable Margins Will Guide Fairly Priced Outlook

Analysts have nudged their price target on Happy Forgings slightly higher to reflect modest improvements in discount rate assumptions and future valuation multiples. This reinforces their view that the stock remains fairly valued at approximately $1,120.57 per share.
JWL
₹337.10
Jupiter Wagons
7D
-1.0%
1Y
-33.5%

JWL: Future Energy Storage Expansion And Leadership Changes Will Shape Global Outlook

Analysts have modestly adjusted their price target on Jupiter Wagons to reflect essentially unchanged fair value at ₹346.00, fine tuning assumptions around discount rates, revenue growth, profit margins, and future valuation multiples. What's in the News Jupiter Wagons subsidiary Jupiter Electric Mobility (JEM) launched 10 ft and 20 ft containerised Battery Energy Storage Systems, one of the few vertically integrated energy storage offerings in India, targeting diesel generator replacement, solar storage, and broader clean energy applications (Key Developments).
533107
₹1,531.05
Swan Defence and Heavy Industries
7D
10.2%
1Y
n/a
COCHINSHIP
₹1,622.60
Cochin Shipyard
7D
-1.6%
1Y
1.7%

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.
AJAXENGG
₹591.20
Ajax Engineering
7D
-1.0%
1Y
n/a

Ajax Engineering (NSE:AJAXENGG) Strong Profits May Be Masking Some Underlying Issues

Nov 21
Ajax Engineering (NSE:AJAXENGG) Strong Profits May Be Masking Some Underlying Issues
TIL
₹271.40
TIL
7D
-0.8%
1Y
-12.5%

Slowing Rates Of Return At TIL (NSE:TIL) Leave Little Room For Excitement

Nov 13
Slowing Rates Of Return At TIL (NSE:TIL) Leave Little Room For Excitement
532439
₹1,200.55
Olectra Greentech
7D
-3.8%
1Y
-19.6%
500033
₹20,859.95
Force Motors
7D
13.7%
1Y
188.0%
531112
₹600.15
Balu Forge Industries
7D
-2.0%
1Y
-24.0%
500048
₹1,848.30
BEML
7D
-1.0%
1Y
-11.8%