Sector analysis · India
Capital Goods sector earnings growth, Q3 FY25
The 20 largest Capital Goods companies by market cap at the end of Q3 FY25 (31 Dec 2024), compared with Q3 FY24.
The top 20 at Q3 FY25
Q3 FY25 vs Q3 FY24: combined net profit ₹8,964 cr (+25%), median EPS +31% (16 of 19 up), market-cap-weighted price +40%. 20 of 20 reported.
| # | Company | Weight | EPS ₹, base → now | EPS growth | Contribution | Price |
|---|---|---|---|---|---|---|
| 1 | Hindustan Aeronautics Limited | 13.9% | 18.86 → 21.53 | +14% | +2.5 pp | +49% |
| 2 | Siemens Limited | 11.6% | 14.19 → 17.25 | +22% | +1.5 pp | +62% |
| 3 | Bharat Electronics Limited | 10.7% | 1.18 → 1.79 | +52% | +6.4 pp | +59% |
| 4 | A B B | 7.3% | 15.98 → 24.94 | +56% | +2.7 pp | +48% |
| 5 | CG Power and Industrial Solutions Limited | 5.6% | 4.89 → 1.54 | −69% | −7.2 pp | +60% |
| 6 | Polycab India Limited | 5.5% | 27.49 → 30.42 | +11% | +0.6 pp | +33% |
| 7 | Cummins India Limited | 4.5% | 18.00 → 20.15 | +12% | +0.8 pp | +67% |
| 8 | Mazagon Dock Shipbuilders Limited | 4.5% | 15.54 → 20.01 | +29% | +2.5 pp | +95% |
| 9 | Suzlon Energy Limited | 4.2% | 0.15 → 0.28 | +87% | +2.6 pp | +63% |
| 10 | Waaree Energies Limited | 4.1% | 6.32 → 17.15 | +171% | +5.0 pp | — |
| 11 | B H E L | 4.0% | — → 0.39 | sources disagree | — | +19% |
| 12 | Ashok Leyland Limited | 3.2% | 0.95 → 1.30 | +37% | +2.8 pp | +21% |
| 13 | Hitachi Energy India Limited | 3.0% | 5.42 → 32.41 | +498% | +1.6 pp | +174% |
| 14 | Premier Energies Limited | 3.0% | 1.64 → 5.66 | +245% | +3.0 pp | — |
| 15 | Supreme Industries Limited | 3.0% | 20.17 → 14.72 | −27% | −1.0 pp | +3% |
| 16 | GE Vernova T&D India Limited | 2.7% | 1.93 → 5.57 | +189% | +1.3 pp | +312% |
| 17 | Thermax Limited | 2.4% | 20.00 → 9.73 | −51% | −1.7 pp | +31% |
| 18 | Kaynes Tech | 2.4% | 7.07 → 10.38 | +47% | +0.3 pp | +184% |
| 19 | Astral Limited | 2.2% | 4.23 → 4.25 | 0% | 0.0 pp | −13% |
| 20 | APL Apollo Tubes Limited | 2.2% | 5.96 → 7.82 | +31% | +0.7 pp | +2% |
| Sector earnings growth | 100% | +24.5 pp |
Who joined and who left
3 joined and 3 left the top 20 since Q2 FY25, as market caps moved.
Joined the top 20 since Q2 FY25
Left the top 20 since Q2 FY25
- Escorts Kubota Limited
- Cochin Shipyard Limited
- Honeywell Automation India 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% |
| 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% |
| CUMMINSIND | +23% | +21% | +54% | +31% | +37% | +12% | −2% | +31% | +38% | −13% | +23% | +1% |
| MAZDOCK | +56% | +77% | +103% | +122% | +76% | +29% | −51% | −35% | +28% | +9% | +109% | +21% |
| SUZLON | +60% | +150% | −14% | +175% | +88% | +87% | +358% | +9% | +520% | +14% | −7% | −8% |
| WAAREEENER | outside | outside | outside | outside | outside | +171% | −8% | +30% | +133% | +115% | +71% | +14% |
| BHEL | sources disagree | sources disagree | −19% | sources disagree | sources disagree | sources disagree | +3% | loss, bigger | +260% | +187% | +156% | turned profitable |
| ASHOKLEY | +221% | +76% | +13% | −6% | +33% | +37% | +32% | +20% | +8% | +6% | +15% | +1% |
| POWERINDIA | outside | outside | outside | +332% | +111% | +498% | +54% | +1,100% | +381% | +81% | +80% | +123% |
| PREMIERENE | outside | outside | outside | outside | +127% | +245% | sources disagree | +15% | outside | outside | sources disagree | outside |
| SUPREMEIND | +196% | +22% | −1% | +27% | −15% | −27% | −17% | −26% | −20% | outside | +47% | outside |
| GVT&D | outside | outside | outside | outside | outside | +189% | +181% | +117% | +107% | +104% | +89% | +25% |
| THERMAX | +45% | +89% | +22% | +97% | +25% | −51% | +8% | outside | outside | outside | outside | −83% |
| KAYNES | outside | outside | outside | outside | outside | +47% | outside | outside | +92% | outside | outside | outside |
| ASTRAL | +87% | +22% | −12% | 0% | −17% | 0% | outside | outside | outside | outside | +19% | outside |
| APLAPOLLO | +22% | −2% | −16% | 0% | −73% | +31% | +72% | +23% | +460% | +43% | +21% | outside |