Sector analysis · India
Capital Goods sector earnings growth, Q3 FY24
The 20 largest Capital Goods companies by market cap at the end of Q3 FY24 (31 Dec 2023), compared with Q3 FY23.
The top 20 at Q3 FY24
Q3 FY24 vs Q3 FY23: combined net profit ₹7,859 cr (+37%), median EPS +22% (17 of 19 up), market-cap-weighted price +44%. 20 of 20 reported.
| # | Company | Weight | EPS ₹, base → now | EPS growth | Contribution | Price |
|---|---|---|---|---|---|---|
| 1 | Hindustan Aeronautics Limited | 13.9% | 17.27 → 18.86 | +9% | +1.9 pp | +11% |
| 2 | Siemens Limited | 10.7% | 12.99 → 14.19 | +9% | +0.7 pp | +42% |
| 3 | Bharat Electronics Limited | 10.0% | 0.84 → 1.18 | +40% | +4.3 pp | +84% |
| 4 | A B B | 7.4% | 14.41 → 15.98 | +11% | +0.6 pp | +74% |
| 5 | Polycab India Limited | 6.1% | 23.89 → 27.49 | +15% | +1.0 pp | +113% |
| 6 | CG Power and Industrial Solutions Limited | 5.2% | 1.49 → 4.89 | +228% | +9.1 pp | +68% |
| 7 | B H E L | 5.0% | — → −0.43 | sources disagree | — | +144% |
| 8 | Supreme Industries Limited | 4.3% | 16.53 → 20.17 | +22% | +0.8 pp | +85% |
| 9 | Cummins India Limited | 4.0% | 14.93 → 18.00 | +21% | +1.5 pp | +42% |
| 10 | Ashok Leyland Limited | 4.0% | 0.54 → 0.95 | +76% | +4.2 pp | +27% |
| 11 | Suzlon Energy Limited | 3.9% | 0.06 → 0.15 | +150% | +2.2 pp | +260% |
| 12 | Astral Limited | 3.8% | 3.46 → 4.23 | +22% | +0.4 pp | −3% |
| 13 | Mazagon Dock Shipbuilders Limited | 3.4% | 8.78 → 15.54 | +77% | +4.8 pp | +188% |
| 14 | APL Apollo Tubes Limited | 3.2% | 6.10 → 5.96 | −2% | −0.1 pp | +41% |
| 15 | Thermax Limited | 2.7% | 10.59 → 20.00 | +89% one-off | +2.0 pp | +57% |
| 16 | Cochin Shipyard Limited | 2.6% | 4.20 → 9.29 | +121% | +2.3 pp | +153% |
| 17 | AIA Engineering Limited | 2.6% | 37.37 → 29.65 | −21% | −1.3 pp | +44% |
| 18 | Escorts Kubota Limited | 2.5% | 13.70 → 25.70 | +88% | +1.8 pp | +39% |
| 19 | Honeywell Automation India Limited | 2.4% | 119.97 → 144.66 | +21% | +0.4 pp | −12% |
| 20 | Bharat Dynamics Limited | 2.3% | 2.28 → 3.68 | +61% | +0.9 pp | +81% |
| Sector earnings growth | 100% | +37.4 pp |
Who joined and who left
1 joined and 1 left the top 20 since Q2 FY24, as market caps moved.
Joined the top 20 since Q2 FY24
Left the top 20 since Q2 FY24
- SKF India
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 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| HAL | +1% | +9% | +52% | +77% | +22% | +14% | −8% | −4% | +10% | +30% | +6% | +15% |
| SIEMENS | −12% | +9% | +70% | +27% | +45% | +22% | −28% | −27% | −42% | −55% | −36% | +407% |
| 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% |
| BHEL | sources disagree | sources disagree | −19% | sources disagree | sources disagree | sources disagree | +3% | loss, bigger | +260% | +187% | +156% | turned profitable |
| SUPREMEIND | +196% | +22% | −1% | +27% | −15% | −27% | −17% | −26% | −20% | outside | +47% | outside |
| CUMMINSIND | +23% | +21% | +54% | +31% | +37% | +12% | −2% | +31% | +38% | −13% | +23% | +1% |
| ASHOKLEY | +221% | +76% | +13% | −6% | +33% | +37% | +32% | +20% | +8% | +6% | +15% | +1% |
| SUZLON | +60% | +150% | −14% | +175% | +88% | +87% | +358% | +9% | +520% | +14% | −7% | −8% |
| ASTRAL | +87% | +22% | −12% | 0% | −17% | 0% | outside | outside | outside | outside | +19% | outside |
| MAZDOCK | +56% | +77% | +103% | +122% | +76% | +29% | −51% | −35% | +28% | +9% | +109% | +21% |
| APLAPOLLO | +22% | −2% | −16% | 0% | −73% | +31% | +72% | +23% | +460% | +43% | +21% | outside |
| THERMAX | +45% | +89% | +22% | +97% | +25% | −51% | +8% | outside | outside | outside | outside | −83% |
| COCHINSHIP | +61% | +121% | outside | +77% | +4% | outside | +11% | +8% | −43% | −18% | outside | outside |
| AIAENG | +32% | −21% | −3% | outside | outside | outside | outside | outside | outside | outside | outside | outside |
| ESCORTS | +170% | +88% | +39% | +1% | +43% | outside | outside | outside | outside | outside | outside | outside |
| HONAUT | +3% | +21% | +32% | +32% | −6% | outside | outside | outside | outside | outside | outside | outside |
| BDL | outside | +61% | +89% | −82% | outside | outside | −6% | +150% | +76% | −50% | outside | +548% |