Sector analysis · India

Capital Goods sector earnings growth, Q3 FY24

The 20 largest Capital Goods companies by market cap at the end of Q3 FY24 (31 Dec 2023), compared with Q2 FY24.

The top 20 at Q3 FY24

Q3 FY24 vs Q2 FY24: combined net profit ₹7,859 cr (+18%), median EPS +5% (12 of 19 up), market-cap-weighted price +15%. 20 of 20 reported.

Quarter

Q2 FY24 Q3 FY24 Q4 FY24 Q1 FY25 Q2 FY25 Q3 FY25 Q4 FY25 Q1 FY26 Q2 FY26 Q3 FY26 Q4 FY26 Q1 FY27

Compared with

YoY QoQ

Weight is each company's share of the 20 companies' combined market cap. Contribution is the change in its owners' profit divided by their combined base profit, in percentage points, so the column adds up to the sector's earnings growth. EPS cannot be added across companies, which is why contributions use profit.

#	Company	Weight	EPS ₹, base → now	EPS growth	Contribution	Price
1	Hindustan Aeronautics LimitedHAL	13.9%	18.49 → 18.86	+2%	+0.4 pp	+45%
2	Siemens LimitedSIEMENS	10.7%	16.04 → 14.19	−12%	−1.0 pp	+10%
3	Bharat Electronics LimitedBEL	10.0%	1.08 → 1.18	+9%	+1.1 pp	+33%
4	A B BABB	7.4%	17.12 → 15.98	−7%	−0.4 pp	+14%
5	Polycab India LimitedPOLYCAB	6.1%	28.37 → 27.49	−3%	−0.2 pp	+3%
6	CG Power and Industrial Solutions LimitedCGPOWER	5.2%	1.60 → 4.89	+206%	+7.6 pp	+3%
7	B H E LBHEL	5.0%	— → −0.43	sources disagree	—	+48%
8	Supreme Industries LimitedSUPREMEIND	4.3%	19.14 → 20.17	+5%	+0.2 pp	+10%
9	Cummins India LimitedCUMMINSIND	4.0%	11.87 → 18.00	+52%	+2.6 pp	+16%
10	Ashok Leyland LimitedASHOKLEY	4.0%	0.90 → 0.95	+6%	+0.5 pp	+3%
11	Suzlon Energy LimitedSUZLON	3.9%	0.08 → 0.15	+88%	+1.5 pp	+48%
12	Astral LimitedASTRAL	3.8%	4.90 → 4.23	−14%	−0.3 pp	0%
13	Mazagon Dock Shipbuilders LimitedMAZDOCK	3.4%	8.25 → 15.54	+88%	+4.4 pp	+4%
14	APL Apollo Tubes LimitedAPLAPOLLO	3.2%	7.32 → 5.96	−19%	−0.6 pp	−5%
15	Thermax LimitedTHERMAX	2.7%	13.24 → 20.00	+51% one-off	+1.2 pp	−1%
16	Cochin Shipyard LimitedCOCHINSHIP	2.6%	6.90 → 9.29	+35%	+0.9 pp	+25%
17	AIA Engineering LimitedAIAENG	2.6%	34.25 → 29.65	−13%	−0.7 pp	+5%
18	Escorts Kubota LimitedESCORTS	2.5%	20.21 → 25.70	+27%	+0.9 pp	−6%
19	Honeywell Automation India LimitedHONAUT	2.4%	137.87 → 144.66	+5%	+0.1 pp	−8%
20	Bharat Dynamics LimitedBDL	2.3%	4.01 → 3.68	−8%	−0.2 pp	+66%
	Sector earnings growth	100%			+18.1 pp

Who joined and who left

1 joined and 1 left the top 20 since Q2 FY24, as market caps moved.

Joined the top 20 since Q2 FY24 1

now #20 Bharat Dynamics Limited BDL

Left the top 20 since Q2 FY24 1

was #20 SKF India SKFINDIA

EPS growth by company, Q2 FY24 to Q1 FY27

Each company's EPS growth quarter on quarter, every quarter it was in the top 20.

≤ −40%−20%0+20%≥ +40% Blue is growth, red is decline, grey is about zero; the colour stops deepening at ±40%.

turned profitableto loss crossed zero, so there is no growth rate to print
loss, smallerloss, bigger a loss in both quarters
sources disagree our two sources disagree, so the figure is left out of the sector totals
outside not in the sector's top 20 that quarter

EPS growth of each company in the sector's top 20, by quarter
Company	Q2 FY24	Q3 FY24	Q4 FY24	Q1 FY25	Q2 FY25	Q3 FY25	Q4 FY25	Q1 FY26	Q2 FY26	Q3 FY26	Q4 FY26	Q1 FY27
HAL	+52%	+2%	+242%	−67%	+5%	−5%	+176%	−65%	+21%	+12%	+125%	−62%
SIEMENS	+25%	−12%	+59%	−28%	+44%	−26%	−5%	−27%	+15%	−43%	+33%	+479%
BEL	+46%	+9%	+108%	−56%	+38%	+20%	+63%	−54%	+32%	+23%	+41%	−53%
ABB	+23%	−7%	+36%	−3%	−1%	+20%	−10%	−26%	+16%	+6%	+312%	−80%
POLYCAB	+6%	−3%	+32%	−28%	+11%	+4%	+59%	−19%	+16%	−9%	+24%	+1%
CGPOWER	+20%	+206%	−69%	+3%	−9%	+7%	+16%	−1%	+3%	−1%	+28%	−16%
BHEL	sources disagree	sources disagree	sources disagree	to loss	turned profitable	+30%	+272%	to loss	turned profitable	+4%	+231%	−71%
SUPREMEIND	+13%	+5%	+38%	−23%	−24%	−9%	+57%	−31%	−19%	outside	+183%	outside
CUMMINSIND	−7%	+52%	+8%	−14%	−3%	+24%	−5%	+14%	+3%	−22%	+34%	−6%
ASHOKLEY	−3%	+6%	+53%	−40%	+38%	+8%	+48%	−46%	+24%	+7%	+59%	−52%
SUZLON	0%	+88%	+27%	+16%	−32%	+87%	+211%	−72%	+288%	−66%	+153%	−73%
ASTRAL	+10%	−14%	+60%	−34%	−9%	+4%	outside	outside	outside	outside	+98%	outside
MAZDOCK	+6%	+88%	+6%	+5%	−16%	+38%	−60%	+39%	+66%	+17%	−23%	−19%
APLAPOLLO	+5%	−19%	+3%	+13%	−72%	+303%	+35%	−19%	+27%	+3%	+14%	outside
THERMAX	+168%	+51%	−20%	−39%	+70%	−41%	+77%	outside	outside	outside	outside	−90%
COCHINSHIP	+84%	+35%	outside	−33%	+8%	outside	+62%	−35%	−43%	+34%	outside	outside
AIAENG	+19%	−13%	−7%	outside	outside	outside	outside	outside	outside	outside	outside	outside
ESCORTS	−23%	+27%	−11%	+16%	+9%	outside	outside	outside	outside	outside	outside	outside
HONAUT	+18%	+5%	+16%	−8%	−16%	outside	outside	outside	outside	outside	outside	outside
BDL	outside	−8%	+114%	−97%	outside	outside	+86%	−93%	+1,078%	−66%	outside	+5%