Industrial Products industry

187 companies · ₹4.3 L cr · 76 with AI deep dives · Q1FY27 report

Record order books but cost inflation compresses margins - pass-through lags define FY27

Margin pressurerevenue is growing but margin has fallen for 3 quarters to 10.5%

Revenue YoY: +26.6%
EBITDA margin: 10.5%; -70bps YoY
Price, 1 year: +10.3%; 56% of names up
P/E vs own 5y: +22.6%; 45.5x now

Exhibit 1The quarter in numbers

constant panel of 53 companies above ₹500 cr

aggregate revenue (₹ cr)EBITDA margin (right axis)

Metric	Jun 26	Mar 26	QoQ	Jun 25	YoY	Peak	vs peak
Revenue	18,945 cr	19,618 cr	-3.4%	14,962 cr	+26.6%	19,618 cr	-3.4%
EBITDA margin	10.5%	11.7%	-120bps	11.2%	-70bps	12.8%	-230bps

Revenue

Jun 26: 18,945 cr
Mar 26: 19,618 cr
QoQ: -3.4%
Jun 25: 14,962 cr
YoY: +26.6%
Peak: 19,618 cr
vs peak: -3.4%

EBITDA margin

Jun 26: 10.5%
Mar 26: 11.7%
QoQ: -120bps
Jun 25: 11.2%

Sept 26: 6 of 80 reported so far, so it is not in the trend above.

Breadth: 78% of 59 companies grew revenue year on year (was 63% a quarter earlier) and 49% expanded margin (was 44%).

Exhibit 2What it costs

27.42x - 72.86x across the panel today

The median name trades at 45.5x, +22.6% against this industry's own 5-year median of 37.1x, and -14.7% against its own peak of 53.3x.

Exhibit 3Structure

₹4.3 L cr

INDO-MIM Ltd is 12.7% of this industry by market cap. The top 5 are 41.8% and the top 10 are 58.6%.

large 1mid 8small 48micro 13080 above ₹500 cr

Exhibit 4Screen

P/E below the sub-industry median of 45.49x, 5y ROCE above its median of 14.19%, 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.

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Exhibit 5Coverage (25 of 189)

Every company here with a deep dive, topped up by market cap. The rest of the industry is in the appendix.

Company	Mcap	P/E	EV/EBITDA	ROCE	Margin	Rev YoY	Read
INDO-MIM Ltd	₹54,546 cr	-	-	-	-	-	Unlock
Aditya Infotech Ltd	₹48,828 cr

Exhibit 6What managements said

from this industry's latest earnings calls · as of 2026-06-30

tailwindOrder books at multi-year or record highs across the sector12 managements

More than a dozen managements reported record or near-record order positions. Cyient DLM's ₹25,989 Mn is the highest since IPO; Lloydsengg consolidated at ₹88,569 Mn; Texrail…

Cyient DLM (Q1FY27): “We recorded our highest ever order book at INR2,598 crores. Order intake for the period…”

headwind8 managements tailwind7 managements

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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AppendixThe other 164 companies

1-30

sort: mcap · composite · name

Company	Mcap	P/E	EV/EBITDA	ROCE	Margin	Rev YoY	Read
Zetwerk Manufacturing Businesses Ltd	₹23,423 cr	-	-	-	-	-	Unlock