Sector analysis · India
Capital Goods sector earnings growth, Q1 FY27
The 20 largest Capital Goods companies by market cap at the end of Q1 FY27 (30 Jun 2026), compared with Q1 FY26.
The top 20 at Q1 FY27
Q1 FY27 vs Q1 FY26: combined net profit ₹14,092 cr (+46%), median EPS +18% (17 of 19 up), market-cap-weighted price +13%. 20 of 20 reported.
| # | Company | Weight | EPS ₹, base → now | EPS growth | Contribution | Price |
|---|---|---|---|---|---|---|
| 1 | Bharat Electronics Limited | 11.5% | 1.33 → 1.44 | +8% one source | +1.0 pp | −2% |
| 2 | Hindustan Aeronautics Limited | 11.2% | 20.69 → 23.77 | +15% one source | +2.4 pp | −10% |
| 3 | Cummins India Limited | 6.0% | 21.79 → 21.98 | +1% | +0.1 pp | +66% |
| 4 | Tata Motors Limited | 5.9% | — → 6.95 | — one source | — | — |
| 5 | Hitachi Energy India Limited | 5.9% | 29.53 → 65.99 | +123% | +1.9 pp | +75% |
| 6 | Polycab India Limited | 5.7% | 39.34 → 52.07 | +32% one source | +2.3 pp | +52% |
| 7 | CG Power and Industrial Solutions Limited | 5.7% | 1.76 → 1.96 | +11% one source | +0.5 pp | +40% |
| 8 | A B B | 5.7% | 16.60 → 17.10 | +3% one source | +0.1 pp | +16% |
| 9 | B H E L | 5.5% | −1.31 → 1.08 | turned profitable | +9.8 pp | +56% |
| 10 | Siemens Energy India Limited | 5.0% | 7.38 → 12.38 | +68% | +2.1 pp | +24% |
| 11 | Siemens Limited | 4.9% | 11.88 → 60.18 | +407% | +20.2 pp | +11% |
| 12 | GE Vernova T&D India Limited | 4.8% | 11.37 → 14.18 | +25% | +0.8 pp | +109% |
| 13 | Mazagon Dock Shipbuilders Limited | 3.8% | 11.21 → 13.62 | +21% one source | +1.1 pp | −23% |
| 14 | Ashok Leyland Limited | 3.5% | 1.04 → 1.05 | +1% | +0.1 pp | +26% |
| 15 | Waaree Energies Limited | 3.2% | 25.94 → 29.56 | +14% | +1.2 pp | −6% |
| 16 | Suzlon Energy Limited | 3.1% | 0.24 → 0.22 | −8% | −0.2 pp | −13% |
| 17 | Apar Industries Limited | 2.4% | 65.45 → 116.36 | +78% | +2.4 pp | +80% |
| 18 | Thermax Limited | 2.3% | 12.79 → 2.12 | −83% one source | −1.5 pp | +51% |
| 19 | KEI Industries Limited | 2.0% | 20.49 → 28.68 | +40% one source | +0.9 pp | +43% |
| 20 | Bharat Dynamics Limited | 1.9% | 0.50 → 3.24 | +548% | +1.2 pp | −30% |
| Sector earnings growth | 100% | +46.4 pp |
Who joined and who left
4 joined and 4 left the top 20 since Q4 FY26, as market caps moved.
Joined the top 20 since Q4 FY26
Left the top 20 since Q4 FY26
- APL Apollo Tubes Limited
- Supreme Industries Limited
- Astral Limited
- Premier Energies Limited
EPS growth by company, Q2 FY24 to Q1 FY27
Each company's EPS growth year on year, every quarter it was in the top 20.
| Q2 FY24 | Q3 FY24 | Q4 FY24 | Q1 FY25 | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| BEL | +27% | +40% | +30% | +46% | +38% | +52% | +18% | +23% | +18% | +21% | +4% | +8% |
| HAL | +1% | +9% | +52% | +77% | +22% | +14% | −8% | −4% | +10% | +30% | +6% | +15% |
| CUMMINSIND | +23% | +21% | +54% | +31% | +37% | +12% | −2% | +31% | +38% | −13% | +23% | +1% |
| TMCV | outside | outside | outside | outside | outside | outside | outside | outside | outside | — | — | — |
| POWERINDIA | outside | outside | outside | +332% | +111% | +498% | +54% | +1,100% | +381% | +81% | +80% | +123% |
| POLYCAB | +59% | +15% | +28% | −1% | +3% | +11% | +33% | +49% | +56% | +36% | +6% | +32% |
| CGPOWER | +37% | +228% | −45% | +19% | −10% | −69% | +16% | +11% | +26% | +18% | +30% | +11% |
| ABB | +84% | +11% | +87% | +50% | +21% | +56% | +3% | −21% | −7% | −18% | +276% | +3% |
| BHEL | sources disagree | sources disagree | −19% | sources disagree | sources disagree | sources disagree | +3% | loss, bigger | +260% | +187% | +156% | turned profitable |
| ENRIN | outside | outside | outside | outside | outside | outside | outside | — | — | — | +52% | +68% |
| SIEMENS | −12% | +9% | +70% | +27% | +45% | +22% | −28% | −27% | −42% | −55% | −36% | +407% |
| GVT&D | outside | outside | outside | outside | outside | +189% | +181% | +117% | +107% | +104% | +89% | +25% |
| MAZDOCK | +56% | +77% | +103% | +122% | +76% | +29% | −51% | −35% | +28% | +9% | +109% | +21% |
| ASHOKLEY | +221% | +76% | +13% | −6% | +33% | +37% | +32% | +20% | +8% | +6% | +15% | +1% |
| WAAREEENER | outside | outside | outside | outside | outside | +171% | −8% | +30% | +133% | +115% | +71% | +14% |
| SUZLON | +60% | +150% | −14% | +175% | +88% | +87% | +358% | +9% | +520% | +14% | −7% | −8% |
| APARINDS | outside | outside | outside | outside | outside | outside | outside | outside | outside | outside | outside | +78% |
| THERMAX | +45% | +89% | +22% | +97% | +25% | −51% | +8% | outside | outside | outside | outside | −83% |
| KEI | outside | outside | +22% | outside | outside | outside | outside | outside | outside | +42% | outside | +40% |
| BDL | outside | +61% | +89% | −82% | outside | outside | −6% | +150% | +76% | −50% | outside | +548% |