Nigerian (NSE) Industrials Sector Analysis

Sector Valuation and Performance

Has the Nigerian Industrials Sector valuation changed over the past few years?

Date	Market Cap	Revenue	Earnings	PE	Absolute PE	PS
Fri, 18 Sep 2026	₦1.2t	₦1.1t	₦64.1b	13.2x	18.8x	1.1x
Sun, 16 Aug 2026	₦1.2t	₦1.1t	₦64.7b	15.2x	18.9x	1.1x
Tue, 14 Jul 2026	₦1.3t	₦1.0t	₦64.3b	20.2x	20.3x	1.3x
Thu, 11 Jun 2026	₦1.3t	₦1.0t	₦64.7b	20.6x	19.9x	1.3x
Sat, 09 May 2026	₦1.3t	₦1.0t	₦64.5b	20.4x	19.7x	1.2x
Mon, 06 Apr 2026	₦1.2t	₦1.0t	₦68.5b	17.7x	18.1x	1.2x
Wed, 04 Mar 2026	₦1.2t	₦1.0t	₦69.0b	17.6x	17.4x	1.2x
Fri, 30 Jan 2026	₦851.7b	₦943.3b	₦53.4b	13.6x	16x	0.9x
Sun, 28 Dec 2025	₦673.1b	₦943.2b	₦52.7b	11.6x	12.8x	0.7x
Tue, 25 Nov 2025	₦650.7b	₦943.4b	₦52.8b	11.3x	12.3x	0.7x
Thu, 23 Oct 2025	₦719.3b	₦913.9b	₦45.8b	13.5x	15.7x	0.8x
Sat, 20 Sep 2025	₦684.1b	₦913.9b	₦45.9b	12.3x	14.9x	0.7x
Mon, 18 Aug 2025	₦682.1b	₦914.0b	₦46.1b	11.7x	14.8x	0.7x
Wed, 16 Jul 2025	₦598.4b	₦854.2b	₦38.8b	14.8x	15.4x	0.7x
Fri, 13 Jun 2025	₦502.6b	₦833.8b	₦40.3b	10.1x	12.5x	0.6x
Sun, 11 May 2025	₦529.6b	₦832.8b	₦39.4b	9.1x	13.4x	0.6x
Tue, 08 Apr 2025	₦479.0b	₦752.3b	₦40.9b	10.2x	11.7x	0.6x
Thu, 06 Mar 2025	₦465.2b	₦751.4b	₦41.0b	9.9x	11.4x	0.6x
Sat, 01 Feb 2025	₦459.1b	₦695.3b	₦39.1b	8.6x	11.7x	0.7x
Mon, 30 Dec 2024	₦455.3b	₦689.4b	₦37.1b	9.7x	12.3x	0.7x
Wed, 27 Nov 2024	₦460.1b	₦688.0b	₦37.3b	7.7x	12.3x	0.7x
Fri, 25 Oct 2024	₦431.0b	₦608.7b	₦32.5b	7.2x	13.2x	0.7x
Sun, 22 Sep 2024	₦393.3b	₦608.1b	₦32.4b	8.5x	12.1x	0.6x
Tue, 20 Aug 2024	₦378.6b	₦606.7b	₦32.1b	9x	11.8x	0.6x
Thu, 18 Jul 2024	₦307.0b	₦580.9b	₦32.6b	11x	9.4x	0.5x
Sat, 15 Jun 2024	₦291.2b	₦580.7b	₦32.1b	10.7x	9.1x	0.5x
Mon, 13 May 2024	₦269.3b	₦598.6b	₦30.7b	11.4x	8.8x	0.4x
Wed, 10 Apr 2024	₦246.7b	₦586.6b	₦21.0b	10.5x	11.8x	0.4x
Fri, 08 Mar 2024	₦238.4b	₦588.6b	₦21.2b	10.9x	11.3x	0.4x
Sun, 04 Feb 2024	₦244.9b	₦588.0b	₦21.0b	11.4x	11.7x	0.4x
Tue, 02 Jan 2024	₦206.0b	₦582.4b	₦20.2b	10.5x	10.2x	0.4x
Thu, 30 Nov 2023	₦188.1b	₦582.0b	₦20.1b	10.5x	9.4x	0.3x
Sat, 28 Oct 2023	₦188.3b	₦567.3b	₦19.2b	10.6x	9.8x	0.3x
Mon, 25 Sep 2023	₦181.2b	₦569.9b	₦19.2b	10.4x	9.4x	0.3x

Current Industry PE

Investors are optimistic on the Nigerian Industrials industry, and appear confident in long term growth rates.

The industry is trading at a PE ratio of 18.8x which is higher than its 3-year average PE of 13.4x.

The 3-year average PS ratio of 0.71x is lower than the industry's current PS ratio of 1.1x.

Past Earnings Growth

The earnings for companies in the Industrials industry have grown 49% per year over the last three years.
Revenues for these companies have grown 25% 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 Nigerian Industrials sector?


NG Market	2.04%
Industrials	-1.22%
Logistics	1.92%
Commercial Services	1.60%
Construction	0%	0
Machinery	0%	0
Trade Distributors	0%	0
Airlines	0%	0
Electrical	-0.48%
Infrastructure	-2.64%
Transportation	-3.23%
Industrials	-9.64%

Industry PE

Investors are most optimistic about the Electrical industry which is trading above its 3-year average PE ratio of 99x.

It looks like they are confident that earnings will grow faster in the future than they have historically.

Investors are most pessimistic about the Industrials industry, which is trading below its 3-year average of 13.3x.

Forecasted GrowthThere is insufficient data on the sub-industries of this industry.

	Company	Last Price	7D	1Y	Valuation
	TIP Initiates	₦24.05	2.3% +₦1.1b	100.4%	PE11.4x
	REDSTAREX Red Star Express	₦13.85	2.6% +₦334.0m	25.9%	PE22x

Company

Last Price

Valuation

TIP Initiates

₦24.05

2.3%
+₦1.1b

100.4%

PE11.4x

REDSTAREX Red Star Express

₦13.85

2.6%
+₦334.0m

25.9%

PE22x

New major risk - Shareholder dilution

The company's shareholders have been substantially diluted in the past year. Increase in shares outstanding: 72% This is considered a major risk. Shareholder dilution occurs when there is an increase in the number of shares on issue that is not proportionally distributed between all shareholders. Often due to the company raising equity capital or some options being converted into stock. All else being equal, if there are more shares outstanding then each existing share will be entitled to a lower proportion of the company's total earnings, thus reducing earnings per share (EPS). While dilution might not always result in lower EPS (like if the company is using the capital to fund an EPS accretive acquisition) in a lot cases it does, along with lower dividends per share and less voting power at shareholder meetings. Currently, the following risks have been identified for the company: Major Risks Less than 1 year of cash runway based on free cash flow trend (-₦136m free cash flow). Share price has been highly volatile over the past 3 months (14% average weekly change). Earnings have declined by 57% per year over the past 5 years. Shareholders have been substantially diluted in the past year (72% increase in shares outstanding). Revenue is less than US$1m (₦173m revenue, or US$128k). Market cap is less than US$10m (₦2.40b market cap, or US$1.78m).

Nigerian (NSE) Industrials Sector Analysis

Sector Valuation and Performance

Industry Trends

Top Stock Gainers and Losers

Latest News

Investor sentiment deteriorates as stock falls 19%

Upcoming dividend of ₦0.10 per share

New major risk - Market cap size

THE INITIATES PLC Posts Exceptional Q1 2026 Earnings Growth on Strong Revenue Expansion and Operational Efficiency

First quarter 2027 earnings released: EPS: ₦0.008 (vs ₦0.008 in 1Q 2026)

ABC Transport Plc Records Moderate Q1 2026 Earnings Growth Amid Cost Pressures and Liquidity Challenges

New major risk - Shareholder dilution

New major risk - Share price stability

New minor risk - Share price stability

Investor sentiment deteriorates as stock falls 16%