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Indian (NIFTY) Materials Sector Analysis

UpdatedSep 22, 2026
DataAggregated Company Financials
Companies816
  • 7D-0.6%
  • 3M0.3%
  • 1Y0.8%
  • YTD-0.4%

In the last week, the Materials industry is flat overall, with Solar Industries India standing out by going down 14%. In line with that, the industry has also been flat over the past 12 months. As for the next few years, earnings are expected to grow by 14% per annum.

Sector Valuation and Performance

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

DateMarket CapRevenueEarningsPEAbsolute PEPS
Tue, 22 Sep 2026₹52.4t₹28.6t₹2.2t20.5x23.8x1.8x
Thu, 20 Aug 2026₹53.1t₹28.5t₹2.2t19.7x24.1x1.9x
Sat, 18 Jul 2026₹51.7t₹27.3t₹2.0t21.2x26.2x1.9x
Mon, 15 Jun 2026₹51.7t₹27.2t₹2.0t20.9x26.3x1.9x
Wed, 13 May 2026₹51.7t₹26.5t₹1.8t21.7x29x1.9x
Fri, 10 Apr 2026₹50.5t₹27.0t₹1.8t20.9x27.7x1.9x
Sun, 08 Mar 2026₹50.3t₹27.0t₹1.8t20.4x27.7x1.9x
Tue, 03 Feb 2026₹51.1t₹26.7t₹1.8t21.1x29.1x1.9x
Thu, 01 Jan 2026₹52.0t₹26.3t₹1.7t22.8x30.1x2x
Sat, 29 Nov 2025₹50.4t₹26.3t₹1.7t23x29.1x1.9x
Mon, 27 Oct 2025₹51.2t₹25.6t₹1.6t24.4x31.2x2x
Wed, 24 Sep 2025₹51.4t₹25.4t₹1.6t25.1x32x2x
Fri, 22 Aug 2025₹51.2t₹25.4t₹1.6t25x31.6x2x
Sun, 20 Jul 2025₹50.8t₹24.9t₹1.5t26.6x32.9x2x
Tue, 17 Jun 2025₹49.7t₹24.8t₹1.5t26x32.5x2x
Thu, 15 May 2025₹47.6t₹24.6t₹1.5t23.9x32.2x1.9x
Sat, 12 Apr 2025₹44.6t₹24.3t₹1.4t22.6x31.1x1.8x
Mon, 10 Mar 2025₹44.6t₹24.3t₹1.4t24.2x31.1x1.8x
Wed, 05 Feb 2025₹45.8t₹24.1t₹1.4t26.6x32.6x1.9x
Fri, 03 Jan 2025₹47.8t₹24.0t₹1.4t29.7x34.6x2x
Sun, 01 Dec 2024₹48.6t₹24.0t₹1.4t30.1x35.2x2x
Tue, 29 Oct 2024₹48.8t₹24.0t₹1.3t29.5x38.5x2x
Thu, 26 Sep 2024₹52.0t₹23.9t₹1.3t31x39.9x2.2x
Sat, 24 Aug 2024₹50.4t₹24.0t₹1.3t30.6x38.7x2.1x
Mon, 22 Jul 2024₹49.6t₹23.9t₹1.3t29.7x38.3x2.1x
Wed, 19 Jun 2024₹49.6t₹23.8t₹1.3t28.9x37.8x2.1x
Fri, 17 May 2024₹46.2t₹23.9t₹1.4t27.1x34.1x1.9x
Sun, 14 Apr 2024₹44.4t₹24.0t₹1.4t26.4x32x1.9x
Tue, 12 Mar 2024₹41.8t₹24.0t₹1.4t25.4x30.2x1.7x
Thu, 08 Feb 2024₹42.9t₹24.0t₹1.4t27.6x30.3x1.8x
Sat, 06 Jan 2024₹42.9t₹24.4t₹1.4t26.4x31.4x1.8x
Mon, 04 Dec 2023₹39.7t₹24.4t₹1.4t24.1x29.1x1.6x
Wed, 01 Nov 2023₹37.0t₹24.4t₹1.5t23.4x25.5x1.5x
Fri, 29 Sep 2023₹37.6t₹24.4t₹1.4t23.3x26.9x1.5x
Price to Earnings Ratio

26.9x


Total Market Cap: ₹37.6tTotal Earnings: ₹1.4tTotal Revenue: ₹24.4tTotal 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 23.7x 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 16% per year over the last three years.
  • Revenues for these companies have grown 5.5% 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 Market-0.19%
Materials-0.65%
Paper and Forestry Products0.33%
Metals and Mining0.05%
Packaging-0.20%
Basic Materials-0.38%
Chemicals-1.62%
Industry PE
  • Investors are most optimistic about the Basic Materials industry even though it's trading below its 3-year average PE ratio of 42.5x.
    • Analysts are expecting annual earnings growth of 7.3%, which is higher than its past year's earnings growth of 5.0% per year.
  • Investors are most pessimistic about the Packaging industry, which is trading below its 3-year average of 25.0x.
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 growth rate of 2.9% per year.
  • In contrast, the Basic Materials industry is expected to see its earnings grow by 7.3% 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
500188 Hindustan Zinc₹590.255.2%
+₹123.6b		27.9%PE14.6x
ULTRACEMCO UltraTech Cement₹11.00k2.8%
+₹89.1b		-11.3%PE37.9x
500228 JSW Steel₹1.27k2.9%
+₹87.9b		11.2%PE12.5x
532144 Welspun₹2.73k13.3%
+₹84.5b		209.3%PE31.2x
VAML Vedanta Aluminium Metal₹425.354.8%
+₹75.7b		n/aPE43.2x

Latest News

500770
₹674.00
Tata Chemicals
7D
-8.2%
1Y
-29.8%
SOLARINDS
₹19,890.00
Solar Industries India
7D
3.3%
1Y
39.9%
Narrative Update • Sep 17

SOLARINDS: New Revenue Guidance Will Support Measured Future Upside

Analysts have lifted their fair value estimate for Solar Industries India from ₹20,576 to ₹22,457, reflecting updated assumptions around revenue growth, profit margins and the future P/E multiple. What’s in the News for Solar Industries India Solar Industries India issued earnings guidance for FY2026-27 with revenue guidance of ₹140,000 million, based on company communication.
532144
₹2,734.15
Welspun
7D
13.3%
1Y
209.3%
Narrative Update • Sep 17

532144: Record Order Pipeline Will Likely Fail To Justify Elevated Pricing

Analysts have nudged their fair value price target for Welspun higher from ₹1,794 to ₹1,930, reflecting updated assumptions on revenue growth, profit margins and the future P/E profile under a slightly lower discount rate. What’s in the News for Welspun Welspun Corp announced the largest single order in its history, valued at approximately US$1,800 million (₹17,200 million), for pipe supply from its United States facility, with execution scheduled between FY 2028 and FY 2029.
FLUOROCHEM
₹4,487.20
Gujarat Fluorochemicals
7D
-2.5%
1Y
16.1%
524200
₹1,201.60
Vinati Organics
7D
-4.8%
1Y
-29.9%
ULTRACEMCO
₹11,000.00
UltraTech Cement
7D
2.8%
1Y
-11.3%
539006
₹22,124.45
PTC Industries
7D
-1.7%
1Y
45.4%
500655
₹6,364.90
Garware Hi-Tech Films
7D
-3.6%
1Y
100.3%
PIDILITIND
₹1,572.70
Pidilite Industries
7D
3.4%
1Y
5.6%
Narrative Update • Sep 03

PIDILITIND: Dividend Payouts And Margin Outlook Will Support A Stronger Entry

Analysts have raised the price target for Pidilite Industries from ₹1,915 to ₹2,065, citing updated assumptions around the discount rate, revenue growth, profit margin, and future P/E to reflect their latest view of the company's fair value. What's in the News for Pidilite Industries Pidilite Industries has scheduled a board meeting on July 21, 2026 at 11:30 Indian Standard Time to consider the appointment of Shri Suresh Kumar C as Chief Human Resource Officer and Senior Management Personnel of the company.
506285
₹3,766.65
Bayer CropScience
7D
-4.4%
1Y
-25.7%
JINDALSTEL
₹1,141.00
Jindal Steel
7D
4.2%
1Y
7.4%
526371
₹79.99
NMDC
7D
-0.9%
1Y
2.4%
500188
₹590.25
Hindustan Zinc
7D
5.2%
1Y
27.9%
Narrative Update • Aug 24

500188: Slowing Revenue And Margin Pressure Will Weigh On Future Earnings

Analysts have trimmed their price target on Hindustan Zinc from ₹520.00 to ₹480.00, reflecting lower revenue growth expectations, a slightly softer profit margin outlook and a reduced future P/E assumption in their models. What’s in the News for Hindustan Zinc Hindustan Zinc plans a leadership transition at the top.
GRASIM
₹3,128.20
Grasim Industries
7D
-1.3%
1Y
11.2%
Narrative Update • Aug 13

GRASIM: Capacity Expansion And Margin Improvements Will Support Future Upside

Analysts have raised their fair value estimate for Grasim Industries from ₹3,589.50 to ₹3,837.50, citing updated assumptions that include a slightly lower discount rate, weaker revenue growth expectations, improved profit margin forecasts, and a higher future P/E multiple. What's in the News Grasim Industries has scheduled a board meeting on August 12, 2026 to consider and approve unaudited standalone and consolidated financial results for the quarter ended June 30, 2026.
VAML
₹425.35
Vedanta Aluminium Metal
7D
4.8%
1Y
n/a
500228
₹1,266.00
JSW Steel
7D
2.9%
1Y
11.2%