Sector coverage

General Industrials

Capital goods, engineering, T&D, rail, EPC and the private and public capex cycle.

Market performance

Capital goods basket vs Nifty 50

As of 12:43 IST, 13 Oct 2026 · refreshed every weekday at 4:00 PM IST

Capital goods basket

–

Nifty 50

–

Relative

–

Today's moves in the basket (9 companies)

Company	NSE symbol	1D change
Siemens	SIEMENS	▲ +0.28%
Larsen & Toubro	LT	▼ -0.06%
ABB India	ABB	▼ -0.65%
Thermax	THERMAX	▼ -0.75%
KEC International	KEC	▼ -1.09%
Cummins India	CUMMINSIND	▼ -1.55%
BHEL	BHEL	▼ -2.30%
CG Power	CGPOWER	▼ -3.34%
Hitachi Energy India	POWERINDIA	▼ -4.95%

Equal-weighted basket of large listed Indian capital goods and power-equipment companies. Price data via Yahoo Finance, end of day; for information only, not investment advice.

Tuesday, 13 October 2026

Q2FY27 preview: soft order inflows and commodity inflation weigh on capital goods

Ex-L&T inflows for major capital goods firms are estimated at about ₹35,000 crore, roughly 10% lower YoY, while L&T reported about ₹1 trillion including West Asia hydrocarbon wins. Copper, zinc, aluminium and pig iron each rose by double digits QoQ, and EBITDA margins are expected to compress, especially on fixed-price contracts without pass-through clauses.

Why it mattersExpect margin-led estimate cuts. In diligence, look closely at contract pass-through terms and order-book quality; a valuation premium relies on execution, not just order intake.

Source: Business Standard

Power T&D and private capex remain the bright spots

The same analysis points to a sharply higher power transmission and distribution order book and a revival in private capex across manufacturing, oil & gas, data centres and renewables. GE Vernova's quarterly inflow depends on when a ~$1.5 billion HVDC order is booked.

Why it mattersGrid and data-centre themes are where strategic and financial-sponsor interest is likely to concentrate, from transformer and switchgear capacity to cable makers.

Source: Business Standard

Deals

All →

None tracked yet.

Key terms

Glossary →

Order inflow / order book: New contracts won in a period, and the total unexecuted backlog. Order book divided by trailing revenue gives years of revenue visibility.
Book-to-bill: Order inflow divided by revenue. A ratio above 1.0x means the backlog is growing.
Price variation clause (PVC): A contract term that passes commodity cost changes on to the customer. Fixed-price contracts without a PVC expose margins to steel, copper and aluminium price swings.
EPC: Engineering, Procurement and Construction: turnkey project contracting. Margins are thin and working capital is heavy, so execution risk sits with the contractor.
Net working capital days: Receivable days plus inventory days minus payable days. This is a key cash-conversion metric for capital goods and EPC companies.
T&D: Power transmission and distribution: transformers, switchgear, cables, substations and HVDC links.