South African (JSE) Industrials Sector Analysis

Sector Valuation and Performance

Has the South African Industrials Sector valuation changed over the past few years?

Date	Market Cap	Revenue	Earnings	PE	Absolute PE	PS
Sun, 30 Aug 2026	R168.4b	R367.4b	R17.3b	6.9x	9.7x	0.5x
Tue, 28 Jul 2026	R171.7b	R369.3b	R17.9b	7.3x	9.6x	0.5x
Thu, 25 Jun 2026	R174.0b	R368.8b	R17.7b	7.3x	9.8x	0.5x
Sat, 23 May 2026	R171.2b	R361.1b	R16.0b	7.5x	10.7x	0.5x
Mon, 20 Apr 2026	R167.5b	R354.7b	R15.8b	7.1x	10.6x	0.5x
Wed, 18 Mar 2026	R159.4b	R355.3b	R15.7b	6.8x	10.2x	0.4x
Fri, 13 Feb 2026	R167.9b	R354.2b	R14.6b	7.1x	11.5x	0.5x
Sun, 11 Jan 2026	R190.3b	R390.8b	R16.1b	7.3x	11.8x	0.5x
Tue, 09 Dec 2025	R176.2b	R391.3b	R16.0b	7.2x	11x	0.5x
Thu, 06 Nov 2025	R175.0b	R504.9b	R32.5b	6.4x	5.4x	0.3x
Sat, 04 Oct 2025	R172.3b	R504.1b	R32.3b	6.4x	5.3x	0.3x
Mon, 01 Sep 2025	R179.8b	R507.7b	R33.0b	5.9x	5.4x	0.4x
Wed, 30 Jul 2025	R178.6b	R512.9b	R34.2b	6.9x	5.2x	0.3x
Fri, 27 Jun 2025	R177.3b	R513.0b	R33.9b	7x	5.2x	0.3x
Sun, 25 May 2025	R178.3b	R422.0b	R21.2b	7.2x	8.4x	0.4x
Tue, 22 Apr 2025	R173.7b	R424.7b	R21.5b	6.9x	8.1x	0.4x
Thu, 20 Mar 2025	R183.4b	R424.3b	R21.7b	6.8x	8.5x	0.4x
Sat, 15 Feb 2025	R192.9b	R439.4b	R22.8b	6.3x	8.5x	0.4x
Mon, 13 Jan 2025	R197.4b	R460.4b	R22.6b	6.5x	8.7x	0.4x
Wed, 11 Dec 2024	R205.4b	R457.9b	R22.2b	7x	9.2x	0.4x
Fri, 08 Nov 2024	R209.9b	R455.9b	R21.6b	7.2x	9.7x	0.5x
Sun, 06 Oct 2024	R210.2b	R457.3b	R21.8b	6.9x	9.6x	0.5x
Tue, 03 Sep 2024	R214.7b	R461.1b	R21.3b	6.9x	10.1x	0.5x
Thu, 01 Aug 2024	R203.5b	R452.3b	R19.0b	7.8x	10.7x	0.4x
Sat, 29 Jun 2024	R198.0b	R452.8b	R19.0b	7.5x	10.4x	0.4x
Mon, 27 May 2024	R185.4b	R441.3b	R17.6b	7.4x	10.5x	0.4x
Wed, 24 Apr 2024	R171.3b	R440.6b	R19.9b	5.3x	8.6x	0.4x
Fri, 22 Mar 2024	R169.3b	R417.6b	R20.7b	5.2x	8.2x	0.4x
Sun, 18 Feb 2024	R165.1b	R404.5b	R20.7b	5.5x	8x	0.4x
Tue, 16 Jan 2024	R182.3b	R423.0b	R28.0b	6.4x	6.5x	0.4x
Thu, 14 Dec 2023	R172.1b	R423.3b	R28.0b	5.9x	6.1x	0.4x
Sat, 11 Nov 2023	R186.1b	R409.4b	R25.5b	5.7x	7.3x	0.5x
Mon, 09 Oct 2023	R187.0b	R409.0b	R25.5b	5.5x	7.3x	0.5x
Wed, 06 Sep 2023	R190.1b	R402.1b	R25.3b	5.6x	7.5x	0.5x

Current Industry PE

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

The industry is trading at a PE ratio of 9.7x which is higher than its 3-year average PE of 8.5x.

The industry is trading close to its 3-year average PS ratio of 0.43x.

Past Earnings Growth

The earnings for companies in the Industrials industry have declined 12% per year over the last three years,
Revenues have also declined 3.0% per year.
This means overall sales from these companies are declining and profits are subsequently falling as well.

Industry Trends

Which industries have driven the changes within the South African Industrials sector?


ZA Market	0.36%
Industrials	-0.60%
Trade Distributors	3.03%
Infrastructure	1.28%
Building	0.70%
Machinery	0.43%
Transportation	0.048%
Aerospace & Defense	0%	0
Electrical	0%	0
Marine and Shipping	0%	0
Commercial Services	-1.03%
Industrials	-1.07%
Logistics	-1.23%
Construction	-2.02%
Professional Services	-2.22%

Industry PE

Investors are most optimistic about the Infrastructure industry which is trading above its 3-year average PE ratio of 11.2x.

Analysts are expecting annual earnings growth of 14.1%, which is higher than its past year's earnings decline of 7.3% per year.

Investors are most pessimistic about the Transportation industry, which is trading close to its 3-year average of 4.2x.

Forecasted Growth

Analysts are most optimistic on the Trade Distributors industry, expecting annual earnings growth of 17% over the next 5 years.

In contrast, the Transportation industry is expected to see its earnings grow by 8.3% per year over the next few years.

Top Stock Gainers and Losers

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

Company	Last Price	7D	1Y	Valuation
HDC Hudaco Industries	R194.00	6.3% +R326.5m	8.2%	PE9.3x
HCI Hosken Consolidated Investments	R162.34	2.3% +R271.2m	32.9%	PE4.8x
KAP KAP	R2.78	3.7% +R250.8m	34.3%	PE55.3x
GND Grindrod	R24.50	1.3% +R214.9m	59.6%	PE13.6x
ZZD Zeda	R15.38	2.9% +R79.2m	20.6%	PE4.1x

Raubex Group Limited Announces Management Changes

Raubex Group Limited announced that Dirk Lourens will take early retirement and step down as Chief Operating Officer and Executive Director of the Board of Raubex, effective August 31, 2026. Dirk joined Raubex in July 2012 and played a pivotal role in establishing and developing Raubex Infra (Pty) Ltd. His operational leadership, commercial acumen, and deep understanding of the construction and infrastructure sectors contributed meaningfully to strengthening the Group's position in the South African infrastructure market. Dirk was appointed Divisional Managing Director of the Infrastructure Division in May 2017, and effective 1 August 2022, he assumed the role of Chief Operating Officer. Over more than fourteen years of service, Dirk made a significant contribution to Raubex, progressing from divisional leadership to one of the Group's most senior executive roles. His legacy includes the establishment and growth of key operational platforms, the mentoring of future leaders, and the strengthening of operational governance and execution across the Group. Dirk will remain involved with Raubex as Executive Advisor: Operations for the period from 1 September 2026 to 31 May 2027. In this role, he will support the handover to the incoming Chief Operating Officer and focus on urgent and impactful business priorities, including a defined set of priority initiatives. The Board has appointed Jacob (Jaco) van der Bijl as Chief Operating Officer and Executive Director of the Board of Raubex, effective September 1, 2026. Jaco began his career in 1990 as a student engineer at Murray & Roberts and has more than 36 years of experience in the construction sector. He joined the Raubex Group in 2013 and has built a distinguished track record within the Roads and Earthworks Division, including as Managing Director of Roadmac Surfacing. His operational experience, technical expertise, and commercial leadership have established him as a respected leader within the Group's road construction and surfacing operations. Effective 1 June 2022, Jaco was appointed Divisional Managing Director of the Roads & Earthworks Division, assuming responsibility for one of Raubex's largest and most strategically important operating divisions. Since his appointment, he has played a significant role in strengthening the division's operational performance, market position, and long-term sustainability. Under Jaco's leadership, the Roads & Earthworks Division has continued to strengthen its reputation as a leading provider of road construction, rehabilitation, surfacing, and related infrastructure services, with a clear focus on operational excellence, disciplined project execution, safety, innovation, and client service delivery. He has also contributed to building a strong management team within the division, fostering accountability, continuous improvement, and succession development. His appointment as Chief Operating Officer reflects the Board's confidence in his leadership capabilities and his contribution to the Group's ongoing success. Jaco holds a National Higher Diploma in Civil Engineering and is a Professional Construction Manager (Pr.CM) and Professional Construction Project Manager (Pr.CPM) registered with the South African Council for the Project and Construction Management Professions (SACPMP).

South African (JSE) Industrials Sector Analysis

Sector Valuation and Performance

Industry Trends

Top Stock Gainers and Losers

Latest News

New major risk - Share price stability

First half 2026 earnings: EPS exceeds analyst expectations while revenues lag behind

CEO & Executive Director exercised options to buy R857k worth of stock.

CEO & Executive Director recently bought R308k worth of stock

Executive Director recently sold R4.0m worth of stock

Upcoming dividend of R1.25 per share

Investor sentiment improves as stock rises 15%

Raubex Group Limited Announces Management Changes

Full year 2026 earnings released: EPS: R32.13 (vs R83.14 in FY 2025)

Upcoming dividend of R3.85 per share

KAP: FY26 EPS Rebound Will Likely Conceal Ongoing Earnings Quality Risk

BVT: Dividend Policy Will Continue To Support Future Upside

Now 23% overvalued after recent price rise

Reunert Limited Announces Appointment of Dr Elizabeth Botha as Independent Non-Executive Director, Member of the Risk Committee and the Social, Ethics and Transformation Committee, Effective July 1, 2026

Public Investment Corporation Limited acquired an additional minority stake in Wilson Bayly Holmes-Ovcon Limited (JSE:WBO).

First half 2026 earnings released