Sector analysis · India
Capital Goods sector earnings growth, Q4 FY24
The 20 largest Capital Goods companies by market cap at the end of Q4 FY24 (31 Mar 2024), compared with Q4 FY23.
The top 20 at Q4 FY24
Q4 FY24 vs Q4 FY23: combined net profit ₹12,961 cr (+31%), median EPS +25% (13 of 20 up), market-cap-weighted price +57%. 20 of 20 reported.
| # | Company | Weight | EPS ₹, base → now | EPS growth | Contribution | Price |
|---|---|---|---|---|---|---|
| 1 | Hindustan Aeronautics Limited | 14.5% | 42.33 → 64.43 | +52% | +14.9 pp | +22% |
| 2 | Siemens Limited | 12.5% | 13.24 → 22.54 | +70% | +3.3 pp | +62% |
| 3 | Bharat Electronics Limited | 9.6% | 1.89 → 2.46 | +30% | +4.2 pp | +107% |
| 4 | A B B | 8.8% | 11.56 → 21.67 | +87% | +2.2 pp | +89% |
| 5 | B H E L | 5.6% | 1.75 → 1.41 | −19% | −1.2 pp | +253% |
| 6 | Cummins India Limited | 5.4% | 12.59 → 19.44 | +54% | +1.9 pp | +84% |
| 7 | CG Power and Industrial Solutions Limited | 5.4% | 2.79 → 1.53 | −45% | −1.9 pp | +80% |
| 8 | Polycab India Limited | 5.0% | 28.36 → 36.34 | +28% | +1.2 pp | +76% |
| 9 | Suzlon Energy Limited | 3.6% | 0.22 → 0.19 | −14% | −0.3 pp | +412% |
| 10 | Supreme Industries Limited | 3.5% | 28.30 → 27.93 | −1% | 0.0 pp | +68% |
| 11 | Astral Limited | 3.5% | 7.66 → 6.76 | −12% | −0.2 pp | +49% |
| 12 | Ashok Leyland Limited | 3.3% | 1.28 → 1.45 | +13% | +1.0 pp | +23% |
| 13 | Thermax Limited | 3.3% | 13.09 → 15.97 | +22% | +0.3 pp | +83% |
| 14 | APL Apollo Tubes Limited | 2.7% | 7.28 → 6.14 | −16% | −0.3 pp | +24% |
| 15 | Mazagon Dock Shipbuilders Limited | 2.5% | 8.09 → 16.44 | +103% | +3.4 pp | +181% |
| 16 | AIA Engineering Limited | 2.4% | 28.43 → 27.62 | −3% | −0.1 pp | +35% |
| 17 | Honeywell Automation India Limited | 2.2% | 126.71 → 167.60 | +32% | +0.4 pp | +6% |
| 18 | Bharat Dynamics Limited | 2.1% | 4.17 → 7.88 | +89% | +1.4 pp | +77% |
| 19 | KEI Industries Limited | 2.0% | 15.31 → 18.67 | +22% | +0.3 pp | +104% |
| 20 | Escorts Kubota Limited | 2.0% | 16.41 → 22.80 | +39% | +0.4 pp | +47% |
| Sector earnings growth | 100% | +30.8 pp |
Who joined and who left
1 joined and 1 left the top 20 since Q3 FY24, as market caps moved.
Joined the top 20 since Q3 FY24
Left the top 20 since Q3 FY24
- Cochin Shipyard Limited
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% |
| BHEL | sources disagree | sources disagree | −19% | sources disagree | sources disagree | sources disagree | +3% | loss, bigger | +260% | +187% | +156% | turned profitable |
| CUMMINSIND | +23% | +21% | +54% | +31% | +37% | +12% | −2% | +31% | +38% | −13% | +23% | +1% |
| CGPOWER | +37% | +228% | −45% | +19% | −10% | −69% | +16% | +11% | +26% | +18% | +30% | +11% |
| POLYCAB | +59% | +15% | +28% | −1% | +3% | +11% | +33% | +49% | +56% | +36% | +6% | +32% |
| SUZLON | +60% | +150% | −14% | +175% | +88% | +87% | +358% | +9% | +520% | +14% | −7% | −8% |
| SUPREMEIND | +196% | +22% | −1% | +27% | −15% | −27% | −17% | −26% | −20% | outside | +47% | outside |
| ASTRAL | +87% | +22% | −12% | 0% | −17% | 0% | outside | outside | outside | outside | +19% | outside |
| ASHOKLEY | +221% | +76% | +13% | −6% | +33% | +37% | +32% | +20% | +8% | +6% | +15% | +1% |
| THERMAX | +45% | +89% | +22% | +97% | +25% | −51% | +8% | outside | outside | outside | outside | −83% |
| 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% |
| AIAENG | +32% | −21% | −3% | outside | outside | 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% |
| KEI | outside | outside | +22% | outside | outside | outside | outside | outside | outside | +42% | outside | +40% |
| ESCORTS | +170% | +88% | +39% | +1% | +43% | outside | outside | outside | outside | outside | outside | outside |