Sector analysis · India
Capital Goods sector earnings growth, Q1 FY26
The 20 largest Capital Goods companies by market cap at the end of Q1 FY26 (30 Jun 2025), compared with Q4 FY25.
The top 20 at Q1 FY26
Q1 FY26 vs Q4 FY25: combined net profit ₹7,910 cr (−47%), median EPS −27% (5 of 19 up), market-cap-weighted price +18%. 20 of 20 reported.
| # | Company | Weight | EPS ₹, base → now | EPS growth | Contribution | Price |
|---|---|---|---|---|---|---|
| 1 | Hindustan Aeronautics Limited | 14.9% | 59.46 → 20.69 | −65% | −18.2 pp | +17% |
| 2 | Bharat Electronics Limited | 14.1% | 2.91 → 1.33 | −54% | −8.1 pp | +40% |
| 3 | Mazagon Dock Shipbuilders Limited | 6.0% | 8.06 → 11.21 | +39% | +0.9 pp | +23% |
| 4 | A B B | 5.9% | 22.40 → 16.60 | −26% | −0.9 pp | +10% |
| 5 | Siemens Limited | 5.3% | 16.34 → 11.88 | −27% | −1.1 pp | −38% |
| 6 | Siemens Energy India Limited | 4.8% | 6.91 → 7.38 | +7% | +0.1 pp | — |
| 7 | CG Power and Industrial Solutions Limited | 4.8% | 1.78 → 1.76 | −1% | 0.0 pp | +7% |
| 8 | Polycab India Limited | 4.5% | 48.31 → 39.34 | −19% | −0.9 pp | +27% |
| 9 | Cummins India Limited | 4.3% | 19.10 → 21.79 | +14% | +0.5 pp | +11% |
| 10 | Suzlon Energy Limited | 4.2% | 0.87 → 0.24 | −72% | −6.0 pp | +19% |
| 11 | B H E L | 4.2% | 1.45 → −1.31 | to loss | −6.8 pp | +23% |
| 12 | Waaree Energies Limited | 4.1% | 21.54 → 25.94 | +20% | +0.9 pp | +31% |
| 13 | Hitachi Energy India Limited | 4.1% | 41.26 → 29.53 | −28% | −0.4 pp | +58% |
| 14 | Ashok Leyland Limited | 3.4% | 1.92 → 1.04 | −46% | −3.7 pp | +23% |
| 15 | Bharat Dynamics Limited | 3.3% | 7.44 → 0.50 | −93% | −1.8 pp | +52% |
| 16 | GE Vernova T&D India Limited | 2.8% | 7.28 → 11.37 | +56% | +0.7 pp | +51% |
| 17 | Supreme Industries Limited | 2.5% | 23.14 → 15.93 | −31% | −0.6 pp | +28% |
| 18 | Cochin Shipyard Limited | 2.5% | 10.92 → 7.14 | −35% | −0.7 pp | +47% |
| 19 | APL Apollo Tubes Limited | 2.2% | 10.56 → 8.55 | −19% | −0.4 pp | +14% |
| 20 | Premier Energies Limited | 2.2% | — → 6.83 | sources disagree | — | +13% |
| Sector earnings growth | 100% | −46.5 pp |
Who joined and who left
1 joined and 1 left the top 20 since Q4 FY25, as market caps moved.
Joined the top 20 since Q4 FY25
Left the top 20 since Q4 FY25
- Thermax 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% |
| MAZDOCK | +6% | +88% | +6% | +5% | −16% | +38% | −60% | +39% | +66% | +17% | −23% | −19% |
| ABB | +23% | −7% | +36% | −3% | −1% | +20% | −10% | −26% | +16% | +6% | +312% | −80% |
| SIEMENS | +25% | −12% | +59% | −28% | +44% | −26% | −5% | −27% | +15% | −43% | +33% | +479% |
| ENRIN | outside | outside | outside | outside | outside | outside | outside | +7% | +37% | −13% | +20% | +18% |
| CGPOWER | +20% | +206% | −69% | +3% | −9% | +7% | +16% | −1% | +3% | −1% | +28% | −16% |
| POLYCAB | +6% | −3% | +32% | −28% | +11% | +4% | +59% | −19% | +16% | −9% | +24% | +1% |
| CUMMINSIND | −7% | +52% | +8% | −14% | −3% | +24% | −5% | +14% | +3% | −22% | +34% | −6% |
| 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% |
| POWERINDIA | outside | outside | outside | −91% | +402% | +163% | +27% | −28% | +101% | −1% | +26% | −11% |
| ASHOKLEY | −3% | +6% | +53% | −40% | +38% | +8% | +48% | −46% | +24% | +7% | +59% | −52% |
| BDL | outside | −8% | +114% | −97% | outside | outside | +86% | −93% | +1,078% | −66% | outside | +5% |
| GVT&D | outside | outside | outside | outside | outside | −1% | +31% | +56% | +3% | −3% | +21% | +3% |
| SUPREMEIND | +13% | +5% | +38% | −23% | −24% | −9% | +57% | −31% | −19% | outside | +183% | outside |
| COCHINSHIP | +84% | +35% | outside | −33% | +8% | outside | +62% | −35% | −43% | +34% | outside | 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 |