Sector analysis · India
Capital Goods sector earnings growth, Q4 FY25
The 20 largest Capital Goods companies by market cap at the end of Q4 FY25 (31 Mar 2025), compared with Q3 FY25.
The top 20 at Q4 FY25
Q4 FY25 vs Q3 FY25: combined net profit ₹14,173 cr (+60%), median EPS +48% (15 of 19 up), market-cap-weighted price −11%. 20 of 20 reported.
| # | Company | Weight | EPS ₹, base → now | EPS growth | Contribution | Price |
|---|---|---|---|---|---|---|
| 1 | Hindustan Aeronautics Limited | 15.5% | 21.53 → 59.46 | +176% | +28.7 pp | 0% |
| 2 | Bharat Electronics Limited | 12.2% | 1.79 → 2.91 | +63% | +9.2 pp | +3% |
| 3 | Siemens Limited | 10.4% | 17.25 → 16.34 | −5% | −0.4 pp | −19% |
| 4 | A B B | 6.5% | 24.94 → 22.40 | −10% | −0.6 pp | −20% |
| 5 | Mazagon Dock Shipbuilders Limited | 5.9% | 20.01 → 8.06 | −60% | −5.4 pp | +19% |
| 6 | CG Power and Industrial Solutions Limited | 5.4% | 1.54 → 1.78 | +16% | +0.4 pp | −12% |
| 7 | Cummins India Limited | 4.7% | 20.15 → 19.10 | −5% | −0.3 pp | −7% |
| 8 | Polycab India Limited | 4.3% | 30.42 → 48.31 | +59% | +3.0 pp | −29% |
| 9 | Suzlon Energy Limited | 4.3% | 0.28 → 0.87 | +211% | +9.0 pp | −9% |
| 10 | B H E L | 4.2% | 0.39 → 1.45 | +272% | +4.2 pp | −6% |
| 11 | Waaree Energies Limited | 3.8% | 17.15 → 21.54 | +26% | +1.4 pp | −16% |
| 12 | Ashok Leyland Limited | 3.3% | 1.30 → 1.92 | +48% | +4.2 pp | −7% |
| 13 | Hitachi Energy India Limited | 3.1% | 32.41 → 41.26 | +27% | +0.5 pp | −12% |
| 14 | Bharat Dynamics Limited | 2.6% | 4.01 → 7.44 | +86% | +1.4 pp | +14% |
| 15 | Thermax Limited | 2.4% | 9.73 → 17.27 | +77% | +1.0 pp | −10% |
| 16 | Supreme Industries Limited | 2.4% | 14.72 → 23.14 | +57% | +1.2 pp | −27% |
| 17 | APL Apollo Tubes Limited | 2.3% | 7.82 → 10.56 | +35% | +0.9 pp | −3% |
| 18 | Premier Energies Limited | 2.3% | — → 20.79 | sources disagree | — | −31% |
| 19 | GE Vernova T&D India Limited | 2.2% | 5.57 → 7.28 | +31% | +0.5 pp | −25% |
| 20 | Cochin Shipyard Limited | 2.1% | 6.73 → 10.92 | +62% | +1.2 pp | −9% |
| Sector earnings growth | 100% | +60.1 pp |
Who joined and who left
2 joined and 2 left the top 20 since Q3 FY25, as market caps moved.
Joined the top 20 since Q3 FY25
Left the top 20 since Q3 FY25
- Kaynes Tech
- Astral Limited
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.
| 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% |
| BEL | +46% | +9% | +108% | −56% | +38% | +20% | +63% | −54% | +32% | +23% | +41% | −53% |
| SIEMENS | +25% | −12% | +59% | −28% | +44% | −26% | −5% | −27% | +15% | −43% | +33% | +479% |
| ABB | +23% | −7% | +36% | −3% | −1% | +20% | −10% | −26% | +16% | +6% | +312% | −80% |
| MAZDOCK | +6% | +88% | +6% | +5% | −16% | +38% | −60% | +39% | +66% | +17% | −23% | −19% |
| CGPOWER | +20% | +206% | −69% | +3% | −9% | +7% | +16% | −1% | +3% | −1% | +28% | −16% |
| CUMMINSIND | −7% | +52% | +8% | −14% | −3% | +24% | −5% | +14% | +3% | −22% | +34% | −6% |
| POLYCAB | +6% | −3% | +32% | −28% | +11% | +4% | +59% | −19% | +16% | −9% | +24% | +1% |
| SUZLON | 0% | +88% | +27% | +16% | −32% | +87% | +211% | −72% | +288% | −66% | +153% | −73% |
| BHEL | sources disagree | sources disagree | sources disagree | to loss | turned profitable | +30% | +272% | to loss | turned profitable | +4% | +231% | −71% |
| WAAREEENER | outside | outside | outside | outside | outside | +36% | +26% | +20% | +13% | +26% | 0% | −20% |
| ASHOKLEY | −3% | +6% | +53% | −40% | +38% | +8% | +48% | −46% | +24% | +7% | +59% | −52% |
| POWERINDIA | outside | outside | outside | −91% | +402% | +163% | +27% | −28% | +101% | −1% | +26% | −11% |
| BDL | outside | −8% | +114% | −97% | outside | outside | +86% | −93% | +1,078% | −66% | outside | +5% |
| THERMAX | +168% | +51% | −20% | −39% | +70% | −41% | +77% | outside | outside | outside | outside | −90% |
| SUPREMEIND | +13% | +5% | +38% | −23% | −24% | −9% | +57% | −31% | −19% | outside | +183% | outside |
| APLAPOLLO | +5% | −19% | +3% | +13% | −72% | +303% | +35% | −19% | +27% | +3% | +14% | outside |
| PREMIERENE | outside | outside | outside | outside | −23% | +24% | sources disagree | sources disagree | outside | outside | +17% | outside |
| GVT&D | outside | outside | outside | outside | outside | −1% | +31% | +56% | +3% | −3% | +21% | +3% |
| COCHINSHIP | +84% | +35% | outside | −33% | +8% | outside | +62% | −35% | −43% | +34% | outside | outside |