Sector analysis · India
Capital Goods sector earnings growth, Q2 FY24
The 20 largest Capital Goods companies by market cap at the end of Q2 FY24 (30 Sep 2023), compared with Q2 FY23.
The top 20 at Q2 FY24
Q2 FY24 vs Q2 FY23: combined net profit ₹6,595 cr (+32%), median EPS +45% (17 of 19 up), market-cap-weighted price +25%. 20 of 20 reported.
| # | Company | Weight | EPS ₹, base → now | EPS growth | Contribution | Price |
|---|---|---|---|---|---|---|
| 1 | Siemens Limited | 11.3% | 18.32 → 16.04 | −12% | −1.6 pp | +33% |
| 2 | Hindustan Aeronautics Limited | 11.1% | 18.26 → 18.49 | +1% | +0.3 pp | −18% |
| 3 | Bharat Electronics Limited | 8.7% | 0.85 → 1.08 | +27% | +3.3 pp | +37% |
| 4 | A B B | 7.5% | 9.32 → 17.12 | +84% | +3.3 pp | +33% |
| 5 | Polycab India Limited | 6.9% | 17.89 → 28.37 | +59% | +3.2 pp | +109% |
| 6 | CG Power and Industrial Solutions Limited | 5.8% | 1.17 → 1.60 | +37% | +1.3 pp | +88% |
| 7 | Supreme Industries Limited | 4.5% | 6.46 → 19.14 | +196% | +3.2 pp | +93% |
| 8 | Ashok Leyland Limited | 4.5% | 0.28 → 0.90 | +221% | +7.3 pp | +16% |
| 9 | Astral Limited | 4.4% | 2.62 → 4.90 | +87% | +1.2 pp | −14% |
| 10 | Cummins India Limited | 4.0% | 9.64 → 11.87 | +23% | +1.2 pp | +42% |
| 11 | B H E L | 3.9% | — → −0.68 | sources disagree | — | +119% |
| 12 | APL Apollo Tubes Limited | 3.9% | 6.00 → 7.32 | +22% | +1.1 pp | +57% |
| 13 | Mazagon Dock Shipbuilders Limited | 3.8% | 5.30 → 8.25 | +56% | +2.4 pp | +344% |
| 14 | Thermax Limited | 3.2% | 9.16 → 13.24 | +45% | +1.0 pp | +43% |
| 15 | Honeywell Automation India Limited | 3.0% | 133.39 → 137.87 | +3% | +0.1 pp | 0% |
| 16 | Escorts Kubota Limited | 3.0% | 7.49 → 20.21 | +170% | +2.5 pp | +50% |
| 17 | Suzlon Energy Limited | 3.0% | 0.05 → 0.08 | +60% one-off | +0.9 pp | +197% |
| 18 | AIA Engineering Limited | 2.9% | 25.95 → 34.25 | +32% | +1.6 pp | +40% |
| 19 | Cochin Shipyard Limited | 2.5% | 4.29 → 6.90 | +61% | +1.4 pp | +146% |
| 20 | SKF India | 2.2% | 31.52 → 18.20 | −42% | −1.3 pp | +8% |
| Sector earnings growth | 100% | +32.3 pp |
Who joined and who left
0 joined and 0 left the top 20 since the previous quarter, as market caps moved.
Joined the top 20 since the previous quarter
Left the top 20 since the previous quarter
EPS growth by company, Q2 FY24 to Q1 FY27
Each company's EPS growth year on year, 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 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| SIEMENS | −12% | +9% | +70% | +27% | +45% | +22% | −28% | −27% | −42% | −55% | −36% | +407% |
| HAL | +1% | +9% | +52% | +77% | +22% | +14% | −8% | −4% | +10% | +30% | +6% | +15% |
| BEL | +27% | +40% | +30% | +46% | +38% | +52% | +18% | +23% | +18% | +21% | +4% | +8% |
| ABB | +84% | +11% | +87% | +50% | +21% | +56% | +3% | −21% | −7% | −18% | +276% | +3% |
| POLYCAB | +59% | +15% | +28% | −1% | +3% | +11% | +33% | +49% | +56% | +36% | +6% | +32% |
| CGPOWER | +37% | +228% | −45% | +19% | −10% | −69% | +16% | +11% | +26% | +18% | +30% | +11% |
| SUPREMEIND | +196% | +22% | −1% | +27% | −15% | −27% | −17% | −26% | −20% | outside | +47% | outside |
| ASHOKLEY | +221% | +76% | +13% | −6% | +33% | +37% | +32% | +20% | +8% | +6% | +15% | +1% |
| ASTRAL | +87% | +22% | −12% | 0% | −17% | 0% | outside | outside | outside | outside | +19% | outside |
| CUMMINSIND | +23% | +21% | +54% | +31% | +37% | +12% | −2% | +31% | +38% | −13% | +23% | +1% |
| BHEL | sources disagree | sources disagree | −19% | sources disagree | sources disagree | sources disagree | +3% | loss, bigger | +260% | +187% | +156% | turned profitable |
| APLAPOLLO | +22% | −2% | −16% | 0% | −73% | +31% | +72% | +23% | +460% | +43% | +21% | outside |
| MAZDOCK | +56% | +77% | +103% | +122% | +76% | +29% | −51% | −35% | +28% | +9% | +109% | +21% |
| THERMAX | +45% | +89% | +22% | +97% | +25% | −51% | +8% | outside | outside | outside | outside | −83% |
| HONAUT | +3% | +21% | +32% | +32% | −6% | outside | outside | outside | outside | outside | outside | outside |
| ESCORTS | +170% | +88% | +39% | +1% | +43% | outside | outside | outside | outside | outside | outside | outside |
| SUZLON | +60% | +150% | −14% | +175% | +88% | +87% | +358% | +9% | +520% | +14% | −7% | −8% |
| AIAENG | +32% | −21% | −3% | outside | outside | outside | outside | outside | outside | outside | outside | outside |
| COCHINSHIP | +61% | +121% | outside | +77% | +4% | outside | +11% | +8% | −43% | −18% | outside | outside |
| SKFINDIA | −42% | outside | outside | outside | outside | outside | outside | outside | outside | outside | outside | outside |