Engineering Goods Stocks and Companies in India

The largest Engineering Goods stocks in India by market value are Thermax (₹37,084 crore), Pitti Engineering (₹3,212 crore) and Forbes Precision Tools & Machine Parts (₹688 crore), at prices of 30 Oct 2026.

• Thermax: ₹3,112.20 | market value ₹37,084 crore | P/E 67.4
• Pitti Engineering: ₹851.50 | market value ₹3,212 crore | P/E 25.8
• Forbes Precision Tools & Machine Parts: ₹133.25 | market value ₹688 crore | P/E 20.5
• Mazda: ₹279.65 | market value ₹626 crore | P/E 16.2

Share price | market value | P/E, biggest first. Prices and market values as of 30 Oct 2026; ratios as in the score list below.

All 4 listed Indian Capital Goods - Engineering General companies are named here, largest first. This is the set of companies people mean when they search for a Nifty Capital Goods - Engineering General index; NSE publishes its own indices only for the largest sectors, so this equal-weighted set stands in for one. One large company cannot set the reading.

1. Thermax Ltd₹37,100 cr
2. Pitti Engineering Ltd₹3,210 cr
3. Forbes Precision Tools & Machine Parts Ltd₹688 cr
4. Mazda Ltd₹626 cr

4 Engineering Goods companies in the Capital Goods - Engineering General industry group have a page on Sector Alpha, by market value as of 30 October 2026, and all 4 are listed below, largest first. The largest is Thermax (₹37,084 crore) and the smallest with a market value is Mazda.

Download all 4 Engineering Goods companies (CSV)

The line below covers up to 5.2 years and opens on the 5Y view; the buttons cut it shorter. Over the last two years (104 weeks) this sector is 28% behind NIFTY 500. Earnings across its companies fell 3% on average over the last four reported quarters. It has been ahead of NIFTY 500 on a rolling three-month view for 8 weeks running.

Price down, no fundamental support. 1 of 4 companies pass the momentum test (5+ points ahead of the Nifty 500 over 3 months, within 20% of the 52-week high). 1 is 20% or more behind over a year while earnings grew 20% or more.

Ahead of NIFTY 500 on the three-month view for 8 weeks running; 1 of the 4 companies in the industry index above their 200-day average (1 fewer than four weeks earlier); 1 of those 4 pass the momentum test (1 fewer than four weeks earlier); earnings rising at 2 of the 4 that report earnings.

Participation is shrinking, 2 → 1 of 4 over four weeks, after being ahead of NIFTY 500. Earnings mixed, 2 of 4 members have higher trailing twelve-month earnings than a year ago.

Both lines start at 200 in the same week, so the gap between them tells the story: the sector line is an equal-weighted index of its 4 companies. The bars underneath are trailing 12-month earnings per share, one bar per reported quarter, each member set to 100 at the start and the sector taking the middle value, so a price line pulling away from flat bars means the market is paying more for the same earnings. A bar turns grey when that figure is lower than the quarter before. The rules are fixed and the same everywhere on this site: ahead by 5% or more over three months, or behind by 20% or more over a year while earnings grew 20% or more. Hover or tap any point to read both values and the gap.

Capital Goods - Engineering General has done better than the NIFTY 500 by 4.8% over the last 52 weeks. Over 13 weeks the gap is a lead of 9.4%. Pitti Engineering Ltd is the strongest against the sector itself at −8.2%. Readings are as of 30 October 2026.

Relative-strength score for the industry: 39.2 as of 30 October 2026 (narrowing, rising).

Capital Goods - Engineering General has done better than the NIFTY 500 by 4.8% over 52 weeks and by 9.4% over 13 weeks. 1 of 4 companies we track is beating the NIFTY on relative strength (how a share price has done against the index over recent months), and 0 of the 3 with a long enough price history are ahead of the industry itself.

A score that ranks each company against the others in its industry. The four parts shown always add up to the total: Growth & earnings (35), Capital efficiency (25), Valuation (20), and Relative strength (20). Missing or old evidence affects only its own part, never as a hidden adjustment.

Mazda Ltd has the strongest current balance of earnings trajectory, business quality, valuation and price confirmation, with 82% evidence confidence.

Thermax Ltd has the strongest one-year price move in Capital Goods - Engineering General at −3.3%. Mazda Ltd leads on relative strength against the NIFTY, at +29.0%. 1 of 4 companies we track is ahead of the index on that measure. Every line covers 313 weekly closes through 30 October 2026.

Price and relative strength

Price · same starting point: Every company, the sector's own index and NIFTY 500 all start level on the left edge of the window, so only the distance between the lines counts: the highest line has risen the most since then, and the chart at the top of this page is drawn the same way. It opens on one year; the buttons beside it stretch that to three or five.

RS vs NIFTY 500: How far ahead of or behind NIFTY 500 each company has been running, measured against its own recent average of that comparison, so the flat line at zero IS NIFTY 500: above it the company is beating the market, below it the market is beating the company. It opens on one year.

RS vs sector: The same measure taken against Capital Goods - Engineering General itself instead of the whole market, so the flat line at zero is the sector: above it the company is beating its own peers, which is the sharper test of the two. It opens on one year.

Biggest one-year moves

Strongest against NIFTY 500

Strongest against the sector itself

One honest caution sits inside the headline: in the most recent annual step revenue grew about 14% but profit rose only about 2% as net margin gave back roughly 0.8 of a point, the topline is not fully converting at the very latest reading. Breadth and contribution were not computed for this sector, and the deterministic Δprofit decomposition shows the three-year lift is narrow and Thermax-led. In the week of 22 June 2026, 100% of 2 Capital Goods - Engineering General companies were beating the Nifty 500, against 0% on 9 February 2026.

From our industry review of 27 June 2026. A newer review (10 October 2026) did not cover Capital Goods - Engineering General, so this is the latest we have.

1 of 4 Capital Goods - Engineering General companies held a results call for July to September 2026. Pitti Engineering guided: FY27: 82,000 tons of laminations, 17,000 tons foundry output and ₹2,350-2,400 crore revenue at Q3 prices; softer Q3, stronger Q4 and stronger FY28 volumes.

From the results calls for July to September 2026.

Big funds, foreign and Indian, kept their stake about the same over the last two quarters. Founders and promoters kept theirs about the same.

• Spending on new plants and equipment was ₹772 crore in the last 12 months, 60% less than a year before.
• Projects still being built grew 133% in a year.

Big funds = foreign and Indian institutions, change in their share of ownership across 5 Capital Goods - Engineering General companies, in percentage points.

Ownership and spending as of 10 October 2026.

This is the written read behind the Capital Goods - Engineering General figures above: what is actually happening in the industry, in words, with the evidence each claim rests on. It is dated 25 Jul 2026, so the words are older than the numbers. 5 themes are live here, 1 of them rated high severity.

The sector snapshot is defined by Forbes Precision Tools' ability to convert operational efficiency into bottom-line growth despite external headwinds. The 748 bps margin expansion is a significant positive signal, yet the HIGH severity labor risk and MEDIUM commodity exposure warrant caution.

The Capital Goods - Engineering General sector data for the week ending 17 July 2026 relies on a single constituent, Forbes Precision Tools & Machine Parts Ltd (544186). The company delivered its highest quarterly profit to date in Q4 FY26, posting net profit of ₹11.06 crores. This represents a 21.28% sequential jump and 21.27% year-on-year growth.

How old this read is: OLD: this read comes from our Capital Goods - Engineering General sector brief dated 25 Jul 2026, about 3 months ago. The page says so rather than dressing it up, and a fresh sector dive replaces it the day it runs.

What is live in this sector right now

Sources: our Capital Goods - Engineering General sector brief, 25 Jul 2026.

Thermax Ltd has the highest Revenue among the 4 Capital Goods - Engineering General companies compared here, at ₹10,840 crore. Pitti Engineering Ltd is next at ₹1,985 crore. Mazda Ltd has the highest Revenue growth at 17.4%, so level and change sit with different companies. 4 of 4 companies report a comparable reading, the latest through Jun 2026.

What the numbers say: Thermax Ltd is the largest at ₹10,840 crore, 446.1% ahead of Pitti Engineering Ltd. Mazda Ltd's growth is 17.4% from a ₹243 crore base, with 20 reported quarters out of the last 20. Fast growth from a smaller base is not yet the same as proven size.

What this means: Thermax Ltd is the size to compare against; Mazda Ltd is the one growing fastest. The faster grower has to keep that growth and turn it into margin and returns before it counts as more than a fast start.

This conclusion weakens if: Thermax Ltd's growth falls below Mazda Ltd's for two consecutive comparable reports while operating margin also compresses.

Revenue is compared on a common reported-currency basis. Growth is year-on-year, so seasonality does not masquerade as progress.

Revenue · company comparison

Revenue · largest

Revenue growth · fastest growers

All-company data · latest reported quarter

In every all-company table on this page, each figure is the company’s latest single reported quarter. The rankings above them use trailing-twelve-month or current-market values, so a company can legitimately show a different number in each.

Revenue shows both size and speed. A large company can absorb shocks and pay for wide distribution; faster growth can mean market-share gains, new capacity or stronger demand. The best sign is usually growth that lasts without hurting margins and returns.

Mazda Ltd has the highest OPM among the 4 Capital Goods - Engineering General companies compared here, at 27%. Forbes Precision Tools & Machine Parts Ltd is next at 21%. The same company also has the highest Margin change, at +6 percentage points. 4 of 4 companies report a comparable reading, the latest through Sep 2026.

What the numbers say: Mazda Ltd leads both opm at 27% and margin change at +6 percentage points.

What this means: Mazda Ltd sets the level to compare against; the company improving fastest needs another report to confirm the change.

This conclusion weakens if: The next two comparable reports reverse the current margin change signal.

Operating margin compares operating profit with revenue. Improvement is measured in percentage points, not percentage growth.

Operating margin · company comparison

OPM · highest

Margin change · fastest expanders

All-company data · latest reported quarter

Thermax Ltd has the highest Net profit among the 4 Capital Goods - Engineering General companies compared here, at ₹590 crore. Pitti Engineering Ltd is next at ₹125 crore. Forbes Precision Tools & Machine Parts Ltd has the highest Profit growth at 22.6%, so level and change sit with different companies.

What the numbers say: Thermax Ltd earns the most, ₹590 crore of profit over the last 12 months, 372% above Pitti Engineering Ltd. Forbes Precision Tools & Machine Parts Ltd shows 22.6% growth from a profit base of ₹34 crore. A fast rate from a small base matters less than a large profit that keeps coming.

What this means: Thermax Ltd sets the level to compare against; the company improving fastest needs another report to confirm the change.

This conclusion weakens if: The next two comparable reports reverse the current profit growth signal.

Net profit is the residual after operating costs, interest and tax. Growth off a loss or near-zero base is excluded from the fastest-grower rank.

Net profit · company comparison

Net profit · largest

Profit growth · fastest growers

All-company data · latest reported quarter

Forbes Precision Tools & Machine Parts Ltd has the highest ROCE among the 4 Capital Goods - Engineering General companies compared here, at 21%. Mazda Ltd is next at 15.6%. Mazda Ltd has the highest ROCE change at +0.3 percentage points, so level and change sit with different companies.

What the numbers say: Forbes Precision Tools & Machine Parts Ltd leads ROCE at 21%, 5.4 percentage points above Mazda Ltd. A high return reported once may be one good year; a high return reported year after year shows a lasting business.

What this means: Forbes Precision Tools & Machine Parts Ltd sets the level to compare against; the company improving fastest needs another report to confirm the change.

This conclusion weakens if: The next two comparable reports reverse the current roce change signal.

ROCE asks how much operating return the business earns on the capital employed. Direction matters, but a single exceptional year should not be mistaken for durability.

Return on capital · company comparison

ROCE · highest

ROCE change · fastest improvers

All-company data · latest reported quarter

Mazda Ltd has the lowest PEG among the 4 Capital Goods - Engineering General companies compared here, at 1.71×. Pitti Engineering Ltd is next at 5.2×. The same company also has the lowest P/E, at 16.2×. 3 of 4 companies report a comparable reading, the latest through Sep 2026. Its PEG series carries 11 reported observations across the 20-quarter window.

What the numbers say: Mazda Ltd has the lowest comparable PEG at 1.71×, 67.1% below Pitti Engineering Ltd. That would need today's multiple, the company's own history and steady growth to agree.

What this means: A low valuation is a reason to look closer at the business, not a conclusion on its own.

This conclusion weakens if: The next two comparable reports reverse the current p/e signal.

PEG is shown only when earnings are positive and three-year EPS growth is between 5% and 60%. It is worked out the same way every time, as the P/E on the last 12 months of reported earnings divided by that growth rate, never on expected earnings. On Indian companies it is shown only where the two data feeds agreed. Where any of that fails the ratio is left out rather than printed: a P/E divided by a loss, or by growth measured off a tiny base, is a number that looks precise and means nothing.

Valuation · company comparison

PEG · lowest PEG

P/E · lowest P/E

All-company data · latest reported quarter

Capital Goods - Engineering General companies show up on 2 of our India lists. The most are on the momentum stocks list (1 company).

This Capital Goods - Engineering General comparison names 4 specific ways its own evidence can mislead, all listed below. All 4 companies here report on comparable dates, so no rank carries a stale marker. A high growth rate can still come from a very small starting figure.

Keep these limits visible

• A high growth rate can come from a very small starting figure. The page keeps level and change separate for that reason.
• A high ROCE can be temporary, or look high because the capital base is small. It is best read beside margin, cash flow and how much is spent back on the business.
• The 4-Factor Sector Score ranks published data only. Management quality, upcoming events and risks are not part of it.
• An “all companies” line chart preserves completeness, but rank changes should be checked against reporting dates before drawing a conclusion.

This comparison is built from the reported filings of 4 Capital Goods - Engineering General companies, normalized to a common ₹ scale and a shared quarter axis of up to 20 quarters each. Fundamentals run through Sep 2026 and market data through 30 October 2026.

Every company's second-feed figures reconcile against the primary source on overlapping reported periods, so nothing here is unverified or withheld.

These 23 answers restate the Capital Goods - Engineering General comparison above in question form. Every one is computed from the same 4 companies and the same reported filings as the rankings and charts, current through Sep 2026. Price and relative-strength answers run through 30 October 2026. Nothing here is estimated, and none of it is a recommendation.