Sector analysis · India
Capital Goods sector earnings growth, Q3 FY26
The 20 largest Capital Goods companies by market cap at the end of Q3 FY26 (31 Dec 2025), compared with Q2 FY26.
The top 20 at Q3 FY26
Q3 FY26 vs Q2 FY26: combined net profit ₹11,473 cr (+9%), median EPS +3% (11 of 20 up), market-cap-weighted price −3%. 20 of 20 reported.
| # | Company | Weight | EPS ₹, base → now | EPS growth | Contribution | Price |
|---|---|---|---|---|---|---|
| 1 | Hindustan Aeronautics Limited | 13.3% | 24.96 → 27.91 | +12% | +1.6 pp | −8% |
| 2 | Bharat Electronics Limited | 13.2% | 1.76 → 2.16 | +23% | +2.4 pp | −1% |
| 3 | Tata Motors Limited | 6.9% | −2.35 → 1.91 | turned profitable one source one-off | +13.0 pp | — |
| 4 | Cummins India Limited | 5.6% | 22.45 → 17.53 | −22% | −1.1 pp | +13% |
| 5 | Polycab India Limited | 5.2% | 45.54 → 41.30 | −9% | −0.5 pp | +5% |
| 6 | A B B | 5.0% | 19.30 → 20.43 | +6% | +0.2 pp | 0% |
| 7 | Siemens Limited | 4.9% | 13.62 → 7.79 | −43% | −1.7 pp | −2% |
| 8 | Ashok Leyland Limited | 4.8% | 1.29 → 1.38 | +7% one-off | +0.5 pp | +26% |
| 9 | CG Power and Industrial Solutions Limited | 4.6% | 1.82 → 1.81 | −1% | 0.0 pp | −13% |
| 10 | Mazagon Dock Shipbuilders Limited | 4.6% | 18.58 → 21.81 | +17% | +1.1 pp | −10% |
| 11 | B H E L | 4.5% | 1.08 → 1.12 | +4% | +0.1 pp | +21% |
| 12 | Siemens Energy India Limited | 4.1% | 10.10 → 8.79 | −13% | −0.4 pp | −25% |
| 13 | Waaree Energies Limited | 3.9% | 29.29 → 36.94 | +26% | +1.8 pp | −11% |
| 14 | Hitachi Energy India Limited | 3.7% | 59.31 → 58.65 | −1% | 0.0 pp | +2% |
| 15 | GE Vernova T&D India Limited | 3.6% | 11.70 → 11.36 | −3% | −0.1 pp | +6% |
| 16 | Suzlon Energy Limited | 3.3% | 0.93 → 0.32 | −66% | −6.9 pp | −4% |
| 17 | Bharat Dynamics Limited | 2.4% | 5.89 → 1.99 | −66% | −1.2 pp | −2% |
| 18 | APL Apollo Tubes Limited | 2.4% | 10.86 → 11.17 | +3% | +0.1 pp | +14% |
| 19 | KEI Industries Limited | 1.9% | 21.29 → 24.57 | +15% | +0.3 pp | +10% |
| 20 | Cochin Shipyard Limited | 1.9% | 4.09 → 5.50 | +34% | +0.3 pp | −9% |
| Sector earnings growth | 100% | +9.5 pp |
Who joined and who left
2 joined and 2 left the top 20 since Q2 FY26, as market caps moved.
Joined the top 20 since Q2 FY26
Left the top 20 since Q2 FY26
- Supreme Industries Limited
- Kaynes Tech
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% |
| TMCV | outside | outside | outside | outside | outside | outside | outside | outside | outside | turned profitable | +155% | +43% |
| 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% |
| 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% |
| ASHOKLEY | −3% | +6% | +53% | −40% | +38% | +8% | +48% | −46% | +24% | +7% | +59% | −52% |
| CGPOWER | +20% | +206% | −69% | +3% | −9% | +7% | +16% | −1% | +3% | −1% | +28% | −16% |
| MAZDOCK | +6% | +88% | +6% | +5% | −16% | +38% | −60% | +39% | +66% | +17% | −23% | −19% |
| BHEL | sources disagree | sources disagree | sources disagree | to loss | turned profitable | +30% | +272% | to loss | turned profitable | +4% | +231% | −71% |
| ENRIN | outside | outside | outside | outside | outside | outside | outside | +7% | +37% | −13% | +20% | +18% |
| 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% |
| GVT&D | outside | outside | outside | outside | outside | −1% | +31% | +56% | +3% | −3% | +21% | +3% |
| SUZLON | 0% | +88% | +27% | +16% | −32% | +87% | +211% | −72% | +288% | −66% | +153% | −73% |
| BDL | outside | −8% | +114% | −97% | outside | outside | +86% | −93% | +1,078% | −66% | outside | +5% |
| APLAPOLLO | +5% | −19% | +3% | +13% | −72% | +303% | +35% | −19% | +27% | +3% | +14% | outside |
| KEI | outside | outside | +12% | outside | outside | outside | outside | outside | outside | +15% | outside | −4% |
| COCHINSHIP | +84% | +35% | outside | −33% | +8% | outside | +62% | −35% | −43% | +34% | outside | outside |