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Indian (NIFTY) Materials Sector Analysis

UpdatedJun 23, 2026
DataAggregated Company Financials
Companies796
  • 7D0.8%
  • 3M12.1%
  • 1Y7.4%
  • YTD0.9%

The Materials industry is up 1.6% in the last week, with Solar Industries India up 6.7%. In the last 12 months, the industry was up 7.6%. Looking forward, earnings are forecast to grow by 15% annually.

Sector Valuation and Performance

Has the Indian Materials Sector valuation changed over the past few years?

DateMarket CapRevenueEarningsPEAbsolute PEPS
Tue, 23 Jun 2026₹54.7t₹27.2t₹2.0t21.5x27.7x2x
Thu, 21 May 2026₹52.2t₹26.8t₹2.0t21.3x26.6x1.9x
Sat, 18 Apr 2026₹53.2t₹27.0t₹1.8t22.4x29.2x2x
Mon, 16 Mar 2026₹47.7t₹27.0t₹1.8t19.8x26.2x1.8x
Wed, 11 Feb 2026₹53.0t₹26.7t₹1.8t22.1x29.8x2x
Fri, 09 Jan 2026₹51.8t₹26.3t₹1.7t22.6x29.9x2x
Sun, 07 Dec 2025₹49.9t₹26.3t₹1.7t22.4x28.8x1.9x
Tue, 04 Nov 2025₹51.8t₹25.8t₹1.6t24.2x31.6x2x
Thu, 02 Oct 2025₹50.5t₹25.4t₹1.6t24.7x31.4x2x
Sat, 30 Aug 2025₹49.6t₹25.4t₹1.6t23.9x30.6x2x
Mon, 28 Jul 2025₹50.5t₹25.0t₹1.6t26.2x32.2x2x
Wed, 25 Jun 2025₹49.2t₹24.8t₹1.5t26.1x32.2x2x
Fri, 23 May 2025₹48.5t₹24.7t₹1.5t24.8x32.1x2x
Sun, 20 Apr 2025₹46.4t₹24.3t₹1.4t23.9x32.4x1.9x
Tue, 18 Mar 2025₹43.9t₹24.3t₹1.4t22.8x30.6x1.8x
Thu, 13 Feb 2025₹44.3t₹24.3t₹1.4t25.6x31.4x1.8x
Sat, 11 Jan 2025₹45.9t₹24.0t₹1.4t28.1x33.3x1.9x
Mon, 09 Dec 2024₹50.2t₹24.0t₹1.4t30.6x36.4x2.1x
Wed, 06 Nov 2024₹49.9t₹24.0t₹1.3t30.3x39.4x2.1x
Fri, 04 Oct 2024₹52.5t₹24.0t₹1.3t31.1x40.2x2.2x
Sun, 01 Sep 2024₹50.6t₹24.0t₹1.3t30.6x38.8x2.1x
Tue, 30 Jul 2024₹51.0t₹23.9t₹1.3t30.2x39.3x2.1x
Thu, 27 Jun 2024₹49.8t₹23.8t₹1.3t29.5x38x2.1x
Sat, 25 May 2024₹48.0t₹23.9t₹1.3t27.1x36.3x2x
Mon, 22 Apr 2024₹44.0t₹23.9t₹1.4t26.4x31.9x1.8x
Wed, 20 Mar 2024₹40.4t₹24.0t₹1.4t23.9x29.1x1.7x
Fri, 16 Feb 2024₹41.8t₹24.0t₹1.4t26.3x30x1.7x
Sun, 14 Jan 2024₹42.7t₹24.4t₹1.4t27.1x31.3x1.8x
Tue, 12 Dec 2023₹41.1t₹24.4t₹1.4t24.6x30.1x1.7x
Thu, 09 Nov 2023₹38.1t₹24.3t₹1.3t24.3x28.2x1.6x
Sat, 07 Oct 2023₹37.8t₹24.4t₹1.4t23.8x27x1.6x
Mon, 04 Sep 2023₹38.2t₹24.4t₹1.4t23.4x27.3x1.6x
Wed, 02 Aug 2023₹37.2t₹24.4t₹1.5t20.9x25.5x1.5x
Fri, 30 Jun 2023₹35.5t₹24.5t₹1.6t19.1x22.9x1.5x
Price to Earnings Ratio

22.9x


Total Market Cap: ₹35.5tTotal Earnings: ₹1.6tTotal Revenue: ₹24.5tTotal Market Cap vs Earnings and Revenue0%0%0%
Indian Materials Sector Price to Earnings3Y Average 31.4x202420252026
Current Industry PE
  • Investors are pessimistic on the Indian Materials industry, indicating that they anticipate long term growth rates will be lower than they have historically.
  • The industry is trading at a PE ratio of 27.6x which is lower than its 3-year average PE of 31.4x.
  • The industry is trading close to its 3-year average PS ratio of 1.9x.
Past Earnings Growth
  • The earnings for companies in the Materials industry have grown 8.3% per year over the last three years.
  • Revenues for these companies have grown 3.7% 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 Materials sector?

IN Market2.13%
Materials0.83%
Packaging3.87%
Chemicals1.77%
Metals and Mining0.29%
Basic Materials0.19%
Paper and Forestry Products0.18%
Industry PE
  • Investors are most optimistic about the Basic Materials industry even though it's trading below its 3-year average PE ratio of 42.9x.
    • Analysts are expecting annual earnings growth of 6.2%, which is lower than the prior year's growth of 39.8% per year.
  • Investors are most pessimistic about the Packaging industry, which is trading below its 3-year average of 25.4x.
Forecasted Growth
  • Analysts are most optimistic on the Paper and Forestry Products industry, expecting annual earnings growth of 41% over the next 5 years.
  • This is better than its past earnings decline of 12% per year.
  • In contrast, the Basic Materials industry is expected to see its earnings grow by 6.2% 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
SOLARINDS Solar Industries India₹18.44k6.7%
+₹105.3b		8.1%PE99.5x
523457 Linde India₹7.41k6.7%
+₹39.8b		7.8%PE115.1x
509480 Berger Paints India₹549.205.8%
+₹35.2b		-0.7%PE56.8x
500188 Hindustan Zinc₹571.401.4%
+₹33.0b		29.7%PE17.5x
CARBORUNIV Carborundum Universal₹1.21k13.7%
+₹27.7b		30.2%PE118.5x

Latest News

SUMICHEM
₹438.90
Sumitomo Chemical India
7D
-7.5%
1Y
-14.4%
JINDALSTEL
₹1,132.00
Jindal Steel
7D
-1.5%
1Y
24.3%
Narrative Update • Jun 19

JINDALSTEL: New Angul Capacity Will Increase Execution Risks And Sustain Overvaluation

Analysts have made a modest upward revision to the Jindal Steel price target to ₹957.88 from ₹949.86, citing updated assumptions around revenue growth, profit margins, the discount rate and future P/E estimates. What’s in the News for Jindal Steel Jindal Steel has completed a 6 MTPA expansion at its Angul Integrated Steel Complex in Odisha by commissioning the third Basic Oxygen Furnace of 3 MTPA, taking the plant’s total crude steel capacity to 12 MTPA and increasing overall company crude steel capacity to 15.6 MTPA, including 3.6 MTPA at Raigarh (Source: Key Developments).
532644
₹5,456.10
J.K. Cement
7D
5.5%
1Y
-3.7%
500188
₹571.40
Hindustan Zinc
7D
1.4%
1Y
29.7%
Narrative Update • Jun 17

500188: Silver Dependence And Margin Compression Will Pressure Future Earnings

Analysts have kept their fair value estimate for Hindustan Zinc steady at ₹520, while updating assumptions around the discount rate, revenue growth, profit margins and future P/E, which together underpin the unchanged price target and refreshed narrative. What's in the News for Hindustan Zinc Hindustan Zinc signed a Memorandum of Understanding with Sulfozyme Agro India under its Zinc Industrial Park initiative at Khankhala in Rajasthan.
CARBORUNIV
₹1,211.40
Carborundum Universal
7D
13.7%
1Y
30.2%
Narrative Update • Jun 17

CARBORUNIV: Modest FY 2026 Sales Guidance Will Pressure Overvalued Shares

Analysts have nudged their fair value estimate for Carborundum Universal slightly higher, with the price target moving from about ₹954 to roughly ₹960, reflecting updated assumptions on discount rate, profit margin, revenue growth and future P/E multiples. What's in the News for Carborundum Universal Carborundum Universal issued consolidated earnings guidance for fiscal year 2026, indicating an expectation for sales to grow by approximately 4% to 4.5%.
500470
₹198.95
Tata Steel
7D
0.8%
1Y
30.5%
Narrative Update • Jun 17

500470: EASyMelt Emissions Cut Will Drive Future Stock Upside

Analysts have modestly raised the fair value estimate for Tata Steel to ₹225.31 from ₹215.18, citing updated assumptions for the discount rate, revenue growth, profit margin and future P/E. What’s in the News for Tata Steel Tata Steel is facing a Demand cum Show Cause Notice related to alleged irregular Input Tax Credit of ₹8,905.2 million for FY2018-19 to FY2020-21.
ASIANPAINT
₹2,674.00
Asian Paints
7D
-2.4%
1Y
18.1%
Narrative Update • Jun 17

ASIANPAINT: Dividend Payout And Board Review Will Shape Fairly Valued Outlook

Analysts have nudged their fair value estimate for Asian Paints higher from ₹2,818.22 to ₹2,848.14, reflecting small tweaks to the discount rate and future P/E assumptions, while keeping the underlying revenue growth and profit margin forecasts broadly unchanged. What’s in the News for Asian Paints Asian Paints held a board meeting on May 29, 2026, to consider and approve audited standalone financial results for the quarter and year ended March 31, 2026, source: company board agenda.
509480
₹549.20
Berger Paints India
7D
5.8%
1Y
-0.7%
Narrative Update • Jun 15

509480: Dividend Proposal And Updated Assumptions Will Support Steady Pricing Multiples

Analysts have slightly reduced their price target on Berger Paints India, from ₹545.00 to about ₹541.64. This adjustment reflects small changes in their discount rate, revenue growth assumptions and future P/E inputs as these feed through their updated models.
ULTRACEMCO
₹11,402.00
UltraTech Cement
7D
-0.6%
1Y
-0.4%
500228
₹1,281.50
JSW Steel
7D
-1.1%
1Y
28.6%
Narrative Update • Jun 08

500228: Elevated P/E Will Limit Returns Despite Mozambique Coking Coal Expansion

Analysts have lifted their JSW Steel fair value estimate from ₹979.76 to ₹1,101.68, citing updated assumptions around the discount rate, revenue growth, profit margin, and future P/E as key drivers of the change. What's in the News On May 14, 2026, the board recommended a final dividend of ₹7.10 per equity share of face value ₹1 for FY 2026, subject to shareholder approval at the 32nd AGM.
SAIL
₹174.85
Steel Authority of India
7D
-4.2%
1Y
38.1%
Narrative Update • Jun 08

SAIL: Higher P/E Assumptions Will Struggle If Profit Margins Disappoint

Analysts have raised their fair value estimate for Steel Authority of India to ₹125 from ₹105, reflecting updated assumptions that include higher projected revenue growth, a slightly lower discount rate and a higher future P/E multiple, partially offset by a more cautious view on profit margins. Analyst Commentary For Steel Authority of India, the recent fair value increase to ₹125 reflects a more optimistic set of assumptions from analysts, particularly around revenue potential, the discount rate and the P/E multiple applied to future earnings.
539006
₹17,883.70
PTC Industries
7D
-4.1%
1Y
21.1%
523457
₹7,405.95
Linde India
7D
6.7%
1Y
7.8%
SOLARINDS
₹18,441.00
Solar Industries India
7D
6.7%
1Y
8.1%
Narrative Update • Jun 03

SOLARINDS: Defence Export Orders And Dividend Outlook Will Support Fair Value

Analysts have raised the price target for Solar Industries India to about ₹20,132 from roughly ₹16,697, citing updated assumptions that include a lower discount rate, slightly different expectations for revenue growth, higher profit margin forecasts, and a modestly reduced future P/E multiple. What's in the News Solar Industries India and its subsidiary received export orders worth ₹10,760 million for supply of defence products to international clients, with deliveries scheduled over 3 years.