Sector analysis · India
Capital Goods sector earnings growth, Q4 FY26
The 20 largest Capital Goods companies by market cap at the end of Q4 FY26 (31 Mar 2026), compared with Q3 FY26.
The top 20 at Q4 FY26
Q4 FY26 vs Q3 FY26: combined net profit ₹20,106 cr (+72%), median EPS +34% (18 of 20 up), market-cap-weighted price −5%. 20 of 20 reported.
| # | Company | Weight | EPS ₹, base → now | EPS growth | Contribution | Price |
|---|---|---|---|---|---|---|
| 1 | Bharat Electronics Limited | 13.9% | 2.16 → 3.04 | +41% | +5.5 pp | 0% |
| 2 | Hindustan Aeronautics Limited | 11.0% | 27.91 → 62.74 | +125% | +20.0 pp | −21% |
| 3 | Tata Motors Limited | 6.9% | 1.91 → 4.87 | +155% one source | +9.3 pp | −5% |
| 4 | A B B | 6.0% | 20.43 → 84.17 | +312% one source | +11.6 pp | +15% |
| 5 | Cummins India Limited | 5.9% | 17.53 → 23.43 | +34% | +1.4 pp | +1% |
| 6 | Hitachi Energy India Limited | 5.1% | 58.65 → 74.14 | +26% | +0.6 pp | +32% |
| 7 | Siemens Limited | 4.9% | 7.79 → 10.39 | +33% | +0.8 pp | −4% |
| 8 | CG Power and Industrial Solutions Limited | 4.9% | 1.81 → 2.32 | +28% | +0.7 pp | +1% |
| 9 | Polycab India Limited | 4.9% | 41.30 → 51.33 | +24% | +1.3 pp | −10% |
| 10 | GE Vernova T&D India Limited | 4.4% | 11.36 → 13.74 | +21% | +0.5 pp | +16% |
| 11 | Siemens Energy India Limited | 4.3% | 8.79 → 10.52 | +20% | +0.5 pp | 0% |
| 12 | Ashok Leyland Limited | 4.3% | 1.38 → 2.20 | +59% | +4.1 pp | −14% |
| 13 | Waaree Energies Limited | 4.2% | 36.94 → 36.89 | 0% | 0.0 pp | +5% |
| 14 | B H E L | 4.0% | 1.12 → 3.71 | +231% | +7.7 pp | −15% |
| 15 | Mazagon Dock Shipbuilders Limited | 3.9% | 21.81 → 16.84 | −23% | −1.7 pp | −17% |
| 16 | Suzlon Energy Limited | 2.6% | 0.32 → 0.81 | +153% | +5.7 pp | −25% |
| 17 | APL Apollo Tubes Limited | 2.5% | 11.17 → 12.76 | +14% | +0.4 pp | +1% |
| 18 | Supreme Industries Limited | 2.3% | 12.07 → 34.13 | +183% | +2.4 pp | +12% |
| 19 | Astral Limited | 2.0% | 4.01 → 7.93 | +98% | +0.9 pp | +15% |
| 20 | Premier Energies Limited | 1.9% | 8.65 → 10.08 | +17% | +0.6 pp | +6% |
| Sector earnings growth | 100% | +72.2 pp |
Who joined and who left
3 joined and 3 left the top 20 since Q3 FY26, as market caps moved.
Joined the top 20 since Q3 FY26
Left the top 20 since Q3 FY26
- Bharat Dynamics Limited
- KEI Industries Limited
- Cochin Shipyard 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 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| BEL | +46% | +9% | +108% | −56% | +38% | +20% | +63% | −54% | +32% | +23% | +41% | −53% |
| HAL | +52% | +2% | +242% | −67% | +5% | −5% | +176% | −65% | +21% | +12% | +125% | −62% |
| TMCV | outside | outside | outside | outside | outside | outside | outside | outside | outside | turned profitable | +155% | +43% |
| ABB | +23% | −7% | +36% | −3% | −1% | +20% | −10% | −26% | +16% | +6% | +312% | −80% |
| CUMMINSIND | −7% | +52% | +8% | −14% | −3% | +24% | −5% | +14% | +3% | −22% | +34% | −6% |
| POWERINDIA | outside | outside | outside | −91% | +402% | +163% | +27% | −28% | +101% | −1% | +26% | −11% |
| SIEMENS | +25% | −12% | +59% | −28% | +44% | −26% | −5% | −27% | +15% | −43% | +33% | +479% |
| 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% |
| GVT&D | outside | outside | outside | outside | outside | −1% | +31% | +56% | +3% | −3% | +21% | +3% |
| ENRIN | outside | outside | outside | outside | outside | outside | outside | +7% | +37% | −13% | +20% | +18% |
| ASHOKLEY | −3% | +6% | +53% | −40% | +38% | +8% | +48% | −46% | +24% | +7% | +59% | −52% |
| WAAREEENER | outside | outside | outside | outside | outside | +36% | +26% | +20% | +13% | +26% | 0% | −20% |
| BHEL | sources disagree | sources disagree | sources disagree | to loss | turned profitable | +30% | +272% | to loss | turned profitable | +4% | +231% | −71% |
| MAZDOCK | +6% | +88% | +6% | +5% | −16% | +38% | −60% | +39% | +66% | +17% | −23% | −19% |
| SUZLON | 0% | +88% | +27% | +16% | −32% | +87% | +211% | −72% | +288% | −66% | +153% | −73% |
| APLAPOLLO | +5% | −19% | +3% | +13% | −72% | +303% | +35% | −19% | +27% | +3% | +14% | outside |
| SUPREMEIND | +13% | +5% | +38% | −23% | −24% | −9% | +57% | −31% | −19% | outside | +183% | outside |
| ASTRAL | +10% | −14% | +60% | −34% | −9% | +4% | outside | outside | outside | outside | +98% | outside |
| PREMIERENE | outside | outside | outside | outside | −23% | +24% | sources disagree | sources disagree | outside | outside | +17% | outside |