Sector analysis · India
Capital Goods sector earnings growth, Q2 FY26
The 20 largest Capital Goods companies by market cap at the end of Q2 FY26 (30 Sep 2025), compared with Q2 FY25.
The top 20 at Q2 FY26
Q2 FY26 vs Q2 FY25: combined net profit ₹11,282 cr (+41%), median EPS +38% (15 of 19 up), market-cap-weighted price −8%. 20 of 20 reported.
| # | Company | Weight | EPS ₹, base → now | EPS growth | Contribution | Price |
|---|---|---|---|---|---|---|
| 1 | Hindustan Aeronautics Limited | 14.8% | 22.59 → 24.96 | +10% | +2.0 pp | +7% |
| 2 | Bharat Electronics Limited | 13.8% | 1.49 → 1.76 | +18% | +2.5 pp | +42% |
| 3 | Siemens Energy India Limited | 5.7% | — → 10.10 | — | — | — |
| 4 | CG Power and Industrial Solutions Limited | 5.4% | 1.44 → 1.82 | +26% | +0.9 pp | −2% |
| 5 | Siemens Limited | 5.2% | 23.33 → 13.62 | −42% | −4.5 pp | −57% |
| 6 | Mazagon Dock Shipbuilders Limited | 5.2% | 14.50 → 18.58 | +28% | +2.1 pp | +31% |
| 7 | A B B | 5.1% | 20.78 → 19.30 | −7% | −0.4 pp | −36% |
| 8 | Polycab India Limited | 5.1% | 29.24 → 45.54 | +56% | +3.2 pp | +5% |
| 9 | Cummins India Limited | 5.1% | 16.21 → 22.45 | +38% | +2.2 pp | +3% |
| 10 | Waaree Energies Limited | 4.5% | 12.59 → 29.29 | +133% | +6.2 pp | — |
| 11 | Ashok Leyland Limited | 3.9% | 1.20 → 1.29 | +8% | +0.6 pp | +21% |
| 12 | B H E L | 3.9% | 0.30 → 1.08 | +260% | +3.5 pp | −15% |
| 13 | Hitachi Energy India Limited | 3.7% | 12.34 → 59.31 | +381% | +2.7 pp | +24% |
| 14 | GE Vernova T&D India Limited | 3.5% | 5.65 → 11.70 | +107% | +2.0 pp | +76% |
| 15 | Suzlon Energy Limited | 3.5% | 0.15 → 0.93 | +520% | +13.9 pp | −31% |
| 16 | Bharat Dynamics Limited | 2.6% | 3.34 → 5.89 | +76% | +1.2 pp | +29% |
| 17 | Supreme Industries Limited | 2.5% | 16.26 → 12.97 | −20% | −0.5 pp | −21% |
| 18 | Kaynes Tech | 2.2% | 9.41 → 18.09 | +92% | +0.8 pp | +30% |
| 19 | Cochin Shipyard Limited | 2.2% | 7.18 → 4.09 | −43% | −1.0 pp | +3% |
| 20 | APL Apollo Tubes Limited | 2.2% | 1.94 → 10.86 | +460% | +3.2 pp | +6% |
| Sector earnings growth | 100% | +40.6 pp |
Who joined and who left
1 joined and 1 left the top 20 since Q1 FY26, as market caps moved.
Joined the top 20 since Q1 FY26
Left the top 20 since Q1 FY26
- Premier Energies 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% |
| BEL | +27% | +40% | +30% | +46% | +38% | +52% | +18% | +23% | +18% | +21% | +4% | +8% |
| ENRIN | outside | outside | outside | outside | outside | outside | outside | — | — | — | +52% | +68% |
| CGPOWER | +37% | +228% | −45% | +19% | −10% | −69% | +16% | +11% | +26% | +18% | +30% | +11% |
| SIEMENS | −12% | +9% | +70% | +27% | +45% | +22% | −28% | −27% | −42% | −55% | −36% | +407% |
| MAZDOCK | +56% | +77% | +103% | +122% | +76% | +29% | −51% | −35% | +28% | +9% | +109% | +21% |
| 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% |
| CUMMINSIND | +23% | +21% | +54% | +31% | +37% | +12% | −2% | +31% | +38% | −13% | +23% | +1% |
| WAAREEENER | outside | outside | outside | outside | outside | +171% | −8% | +30% | +133% | +115% | +71% | +14% |
| ASHOKLEY | +221% | +76% | +13% | −6% | +33% | +37% | +32% | +20% | +8% | +6% | +15% | +1% |
| BHEL | sources disagree | sources disagree | −19% | sources disagree | sources disagree | sources disagree | +3% | loss, bigger | +260% | +187% | +156% | turned profitable |
| POWERINDIA | outside | outside | outside | +332% | +111% | +498% | +54% | +1,100% | +381% | +81% | +80% | +123% |
| GVT&D | outside | outside | outside | outside | outside | +189% | +181% | +117% | +107% | +104% | +89% | +25% |
| SUZLON | +60% | +150% | −14% | +175% | +88% | +87% | +358% | +9% | +520% | +14% | −7% | −8% |
| BDL | outside | +61% | +89% | −82% | outside | outside | −6% | +150% | +76% | −50% | outside | +548% |
| SUPREMEIND | +196% | +22% | −1% | +27% | −15% | −27% | −17% | −26% | −20% | outside | +47% | outside |
| KAYNES | outside | outside | outside | outside | outside | +47% | outside | outside | +92% | outside | outside | outside |
| COCHINSHIP | +61% | +121% | outside | +77% | +4% | outside | +11% | +8% | −43% | −18% | outside | outside |
| APLAPOLLO | +22% | −2% | −16% | 0% | −73% | +31% | +72% | +23% | +460% | +43% | +21% | outside |