Capital Goods Industry in India

Capital goods manufacturers create the machinery, systems and components that enable productive activity across the economy. This page brings together listed and unlisted participants using statutory activity classifications and reported financial information where available.

Top capital goods companies in India (listed and private)

Frequently asked questions

How large is the capital goods industry in India?

2060 capital goods companies with statutory filings (103 listed, 1957 private) reported combined revenue of ₹5.96 lakh crore in FY2025, +12.3% on the same companies, and aggregate EBITDA of ₹76,027 crore. As filed each year, combined revenue was ₹2.89 lakh crore in FY2018, reached ₹5.96 lakh crore in FY2025, the highest in the period; year-on-year changes are measured on the same companies. The 64 listed companies with an exchange price are worth ₹9.46 lakh crore in market capitalisation. Size here is measured in revenue, profit and market value, from statutory filings and exchange prices, not in physical volume of output.

Is profitability improving or deteriorating?

Mixed. The aggregate EBITDA margin of capital goods companies was 12.8% in FY2025, 0.6 pts below FY2024, against a peak of 13.4% in FY2024. Profit after tax margin was 6.8% (−0.3 pts on FY2024). Aggregate EBITDA of listed and private capital goods companies moved +62% from FY2022 to FY2025 on a same-company basis; FY2025 EBITDA was ₹76,027 crore (+10.4% on FY2024).

Which companies are leading the capital goods industry?

By FY2025 revenue the largest capital goods companies are L&T (₹2.56 lakh crore, 11.9% EBITDA margin); Bharat Heavy Electricals (₹28,339 crore, 6.0% EBITDA margin); Siemens (₹22,240 crore, 18.1% EBITDA margin); Bharat Forge (₹15,123 crore, 19.2% EBITDA margin); Thermax (₹10,389 crore, 11.2% EBITDA margin). Among the ten largest, Kirloskar Oil Engines (19.5%) and Bharat Forge (19.2%) earn the widest EBITDA margins and Bharat Heavy Electricals (6.0%) the thinnest. 5 of the 25 largest are private companies, which a listed-only view leaves out.

Where is demand or investment changing?

In the news: Urban development carried 2.9% of capital goods stories in 2025-06 to 2026-05, up 0.8 pts (+37%) on the prior 12 months; net tone +72 vs +59 for all capital goods stories. In buyer searches: Search interest in industrial engines and power systems queries (industrial engine) was +209% in the 12 months to 2026-09 vs the prior 12, led by “industrial engine” (+209%), followed by boilers and thermal systems (+23%); industrial machinery and equipment moved +5%.

What should I investigate next?

These are the findings that fired on the data, negative signals first, each with the topic that holds the evidence: Capital Goods EBITDA grew 62% since FY2022 (Industry financials). 46 private capital goods manufacturers pass an IPO-readiness screen (Top capital goods companies in India). Urban development is gaining the most ground in capital goods news (Capital Goods in the news). Industrial engines and power systems searches rose most in the last year (Search & demand signals). Median EV/EBITDA is 14.6× and median P/E 25.3× across 64 priced capital goods companies. (Market capitalisation & valuation).

How are capital goods stocks valued?

The median trailing P/E is 25.3× and the median EV/EBITDA 14.6× across 64 priced companies.

What are capital goods?

Capital goods are durable assets used by organisations to produce other goods or deliver services. They support capacity, maintenance and operational capability.

How are companies selected for this page?

Companies are selected from relevant statutory activity classifications, then assessed through the page methodology to keep the universe focused on capital goods manufacturing.

Research information, not investment advice.