Construction Vehicles industry
5 companies · ₹38,763 cr · 3 with AI deep dives · Q1FY27 report
Record domestic volumes, but commodity inflation consumes operating leverage sector-wide
- Revenue YoY
- +27.7%
- EBITDA margin
- 7.4%
- +470bps YoY
- Price, 1 year
- -0.8%
- 50% of names up
- P/E vs own 5y
- -1.7%
- 29.8x now
Exhibit 1The quarter in numbers
constant panel of 3 companies above ₹500 cr- Jun 26
- 1,722 cr
- Mar 26
- 2,932 cr
- QoQ
- -41.3%
- Jun 25
- 1,349 cr
- YoY
- +27.7%
- Peak
- 2,932 cr
- vs peak
- -41.3%
- Jun 26
- 7.4%
- Mar 26
- 15.5%
- QoQ
- -810bps
- Jun 25
- 2.7%
- YoY
- +470bps
- Peak
- 22.0%
- vs peak
- -1460bps
Breadth: 100% of 4 companies grew revenue year on year (was 100% a quarter earlier) and 75% expanded margin (was 25%).
Exhibit 2What it costs
29.21x - 62.45x across the panel todayThe median name trades at 29.8x, -1.7% against this industry's own 5-year median of 30.3x, and -36.6% against its own peak of 47.0x.
Exhibit 3Structure
₹38,763 crBEML Ltd is 43.8% of this industry by market cap. The top 5 are 100% and the top 10 are 100%.
Exhibit 4Screen
P/E below the sub-industry median of 29.8x, 5y ROCE above its median of 29.26%, and at least 2 growth triggers stated on the latest earnings call.
Which names clear this screen is premium
The screen runs on stated growth triggers from the latest earnings calls - the same guidance data the stock screener reserves for premium. Premium names every company in this industry that is cheap against its own median and has the triggers behind it.
See plans →Exhibit 5Coverage (5 of 5)
Every company here with a deep dive, topped up by market cap. The rest of the industry is in the appendix.
- Mcap
- ₹13,468 cr
- P/E
- 30.8x
- EV/EBITDA
- 21.9x
- ROCE
- 28.5%
- Margin
- 18.1%
- Rev YoY
- +20.5%
- Mcap
- ₹154 cr
- P/E
- 32.0x
- EV/EBITDA
- 17.0x
- ROCE
- 15.0%
- Margin
- 12.3%
- Rev YoY
- -12.0%
Exhibit 6What managements said
from Agricultural, Commercial & Construction Vehicles earnings calls · as of 2026-06-30Steel, aluminium, copper, rubber, and in some cases freight and polymers are simultaneously elevated. TMCV reported a 340-bps variable cost headwind of ₹649 crore that more than…
- TMCV (Q1FY27): “EBITDA was ₹2,300 crore at a margin of 11.7%, down 60 basis points YoY. The moderation is…”
Exhibit 7Outlook
The outlook and what resolves next quarter
Where these managements said things are heading, and the dated, checkable events that would change it. Free with an account - 3 full reports a quarter.
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