Sector analysis · India
Capital Goods sector earnings growth, Q1 FY25
The 20 largest Capital Goods companies by market cap at the end of Q1 FY25 (30 Jun 2024), compared with Q1 FY24.
The top 20 at Q1 FY25
Q1 FY25 vs Q1 FY24: combined net profit ₹6,970 cr (+40%), median EPS +31% (15 of 19 up), market-cap-weighted price +79%. 20 of 20 reported.
| # | Company | Weight | EPS ₹, base → now | EPS growth | Contribution | Price |
|---|---|---|---|---|---|---|
| 1 | Hindustan Aeronautics Limited | 16.0% | 12.16 → 21.49 | +77% | +12.1 pp | +39% |
| 2 | Siemens Limited | 12.5% | 12.79 → 16.22 | +27% | +2.4 pp | +105% |
| 3 | Bharat Electronics Limited | 10.2% | 0.74 → 1.08 | +46% | +4.9 pp | +143% |
| 4 | A B B | 8.2% | 13.95 → 20.93 | +50% | +2.9 pp | +92% |
| 5 | Cummins India Limited | 5.0% | 12.76 → 16.69 | +31% | +2.1 pp | +104% |
| 6 | CG Power and Industrial Solutions Limited | 4.9% | 1.33 → 1.58 | +19% | +0.7 pp | +86% |
| 7 | B H E L | 4.8% | — → −0.61 | sources disagree | — | +243% |
| 8 | Polycab India Limited | 4.6% | 26.64 → 26.34 | −1% | −0.1 pp | +90% |
| 9 | Mazagon Dock Shipbuilders Limited | 3.9% | 7.79 → 17.26 | +122% | +7.4 pp | +244% |
| 10 | Supreme Industries Limited | 3.4% | 16.97 → 21.52 | +27% | +1.1 pp | +86% |
| 11 | Suzlon Energy Limited | 3.3% | 0.08 → 0.22 | +175% | +3.9 pp | +246% |
| 12 | Ashok Leyland Limited | 3.2% | 0.93 → 0.87 | −6% | −0.7 pp | +45% |
| 13 | Astral Limited | 2.9% | 4.46 → 4.48 | 0% | 0.0 pp | +20% |
| 14 | Thermax Limited | 2.9% | 4.94 → 9.72 | +97% | +1.1 pp | +135% |
| 15 | Bharat Dynamics Limited | 2.7% | 1.14 → 0.20 | −82% | −0.7 pp | +185% |
| 16 | Cochin Shipyard Limited | 2.7% | 3.75 → 6.62 | +77% | +1.5 pp | +292% |
| 17 | Hitachi Energy India Limited | 2.5% | 0.57 → 2.46 | +332% | +0.2 pp | +211% |
| 18 | Honeywell Automation India Limited | 2.3% | 116.99 → 154.34 | +32% | +0.6 pp | +36% |
| 19 | Escorts Kubota Limited | 2.1% | 26.24 → 26.53 | +1% | +0.1 pp | +84% |
| 20 | APL Apollo Tubes Limited | 2.0% | 6.98 → 6.96 | 0% | 0.0 pp | +19% |
| Sector earnings growth | 100% | +39.6 pp |
Who joined and who left
2 joined and 2 left the top 20 since Q4 FY24, as market caps moved.
Joined the top 20 since Q4 FY24
Left the top 20 since Q4 FY24
- AIA Engineering Limited
- KEI Industries 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% |
| 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% |
| BHEL | sources disagree | sources disagree | −19% | sources disagree | sources disagree | sources disagree | +3% | loss, bigger | +260% | +187% | +156% | turned profitable |
| POLYCAB | +59% | +15% | +28% | −1% | +3% | +11% | +33% | +49% | +56% | +36% | +6% | +32% |
| MAZDOCK | +56% | +77% | +103% | +122% | +76% | +29% | −51% | −35% | +28% | +9% | +109% | +21% |
| SUPREMEIND | +196% | +22% | −1% | +27% | −15% | −27% | −17% | −26% | −20% | outside | +47% | outside |
| SUZLON | +60% | +150% | −14% | +175% | +88% | +87% | +358% | +9% | +520% | +14% | −7% | −8% |
| 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 |
| THERMAX | +45% | +89% | +22% | +97% | +25% | −51% | +8% | outside | outside | outside | outside | −83% |
| BDL | outside | +61% | +89% | −82% | outside | outside | −6% | +150% | +76% | −50% | outside | +548% |
| COCHINSHIP | +61% | +121% | outside | +77% | +4% | outside | +11% | +8% | −43% | −18% | outside | outside |
| POWERINDIA | outside | outside | outside | +332% | +111% | +498% | +54% | +1,100% | +381% | +81% | +80% | +123% |
| 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 |
| APLAPOLLO | +22% | −2% | −16% | 0% | −73% | +31% | +72% | +23% | +460% | +43% | +21% | outside |