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Indian market · Previous close · 19 Oct, 3:30 pm IST
Themes / Capital Goods

Capital Goods

Infrastructure and industrial capex beneficiaries.

Capital GoodsAuto-built
Theme price path

Capital Goods vs Nifty 500

Weekly basket performance over the latest 52 observations. Green is ahead of Nifty 500; red is behind.

Through 19 Oct 2026
Coverage healthy
Theme aheadTheme behindNifty 500Base 100 at the first visible weekLatest: Outperforming +6.5%
79869410210931 Oct 2025 | Capital Goods 100.0 | Nifty 500 100.0 | In line 0.0% | breadth 47% | coverage 95%07 Nov 2025 | Capital Goods 97.7 | Nifty 500 99.2 | Underperforming -1.5% | breadth 22% | coverage 95%14 Nov 2025 | Capital Goods 98.6 | Nifty 500 100.5 | Underperforming -1.9% | breadth 55% | coverage 95%21 Nov 2025 | Capital Goods 96.3 | Nifty 500 100.3 | Underperforming -4.0% | breadth 27% | coverage 95%28 Nov 2025 | Capital Goods 95.4 | Nifty 500 100.9 | Underperforming -5.5% | breadth 34% | coverage 96%05 Dec 2025 | Capital Goods 92.3 | Nifty 500 100.5 | Underperforming -8.2% | breadth 16% | coverage 96%12 Dec 2025 | Capital Goods 92.0 | Nifty 500 100.1 | Underperforming -8.1% | breadth 44% | coverage 97%19 Dec 2025 | Capital Goods 91.2 | Nifty 500 99.9 | Underperforming -8.7% | breadth 35% | coverage 97%26 Dec 2025 | Capital Goods 92.8 | Nifty 500 100.3 | Underperforming -7.5% | breadth 67% | coverage 97%02 Jan 2026 | Capital Goods 93.4 | Nifty 500 101.6 | Underperforming -8.1% | breadth 56% | coverage 97%09 Jan 2026 | Capital Goods 88.7 | Nifty 500 99.0 | Underperforming -10.4% | breadth 13% | coverage 97%16 Jan 2026 | Capital Goods 87.5 | Nifty 500 99.1 | Underperforming -11.7% | breadth 36% | coverage 97%23 Jan 2026 | Capital Goods 82.0 | Nifty 500 95.8 | Underperforming -14.4% | breadth 11% | coverage 97%01 Feb 2026 | Capital Goods 85.8 | Nifty 500 95.4 | Underperforming -10.1% | breadth 77% | coverage 97%06 Feb 2026 | Capital Goods 88.6 | Nifty 500 98.8 | Underperforming -10.3% | breadth 67% | coverage 97%13 Feb 2026 | Capital Goods 89.3 | Nifty 500 98.3 | Underperforming -9.2% | breadth 59% | coverage 97%20 Feb 2026 | Capital Goods 89.2 | Nifty 500 98.7 | Underperforming -9.6% | breadth 50% | coverage 97%27 Feb 2026 | Capital Goods 88.6 | Nifty 500 97.7 | Underperforming -9.3% | breadth 47% | coverage 97%06 Mar 2026 | Capital Goods 86.1 | Nifty 500 94.8 | Underperforming -9.2% | breadth 19% | coverage 97%13 Mar 2026 | Capital Goods 83.2 | Nifty 500 90.2 | Underperforming -7.8% | breadth 24% | coverage 98%20 Mar 2026 | Capital Goods 83.9 | Nifty 500 90.0 | Underperforming -6.8% | breadth 49% | coverage 98%27 Mar 2026 | Capital Goods 81.3 | Nifty 500 88.7 | Underperforming -8.3% | breadth 25% | coverage 98%02 Apr 2026 | Capital Goods 83.2 | Nifty 500 88.3 | Underperforming -5.8% | breadth 71% | coverage 98%10 Apr 2026 | Capital Goods 91.5 | Nifty 500 94.2 | Underperforming -2.9% | breadth 95% | coverage 98%17 Apr 2026 | Capital Goods 97.7 | Nifty 500 96.5 | Outperforming +1.2% | breadth 91% | coverage 98%24 Apr 2026 | Capital Goods 97.8 | Nifty 500 95.2 | Outperforming +2.7% | breadth 40% | coverage 98%30 Apr 2026 | Capital Goods 99.0 | Nifty 500 95.7 | Outperforming +3.4% | breadth 61% | coverage 100%08 May 2026 | Capital Goods 102.6 | Nifty 500 97.5 | Outperforming +5.2% | breadth 73% | coverage 100%15 May 2026 | Capital Goods 97.8 | Nifty 500 95.0 | Outperforming +2.9% | breadth 16% | coverage 100%22 May 2026 | Capital Goods 98.6 | Nifty 500 95.5 | Outperforming +3.2% | breadth 59% | coverage 100%29 May 2026 | Capital Goods 100.4 | Nifty 500 95.6 | Outperforming +5.0% | breadth 63% | coverage 100%05 Jun 2026 | Capital Goods 101.4 | Nifty 500 94.8 | Outperforming +7.0% | breadth 51% | coverage 100%12 Jun 2026 | Capital Goods 101.1 | Nifty 500 95.3 | Outperforming +6.1% | breadth 39% | coverage 100%19 Jun 2026 | Capital Goods 106.1 | Nifty 500 97.7 | Outperforming +8.6% | breadth 88% | coverage 100%26 Jun 2026 | Capital Goods 104.8 | Nifty 500 97.5 | Outperforming +7.5% | breadth 37% | coverage 99%03 Jul 2026 | Capital Goods 104.7 | Nifty 500 98.3 | Outperforming +6.5% | breadth 47% | coverage 99%10 Jul 2026 | Capital Goods 105.0 | Nifty 500 98.5 | Outperforming +6.6% | breadth 49% | coverage 99%17 Jul 2026 | Capital Goods 103.6 | Nifty 500 98.4 | Outperforming +5.3% | breadth 33% | coverage 99%24 Jul 2026 | Capital Goods 102.8 | Nifty 500 96.7 | Outperforming +6.3% | breadth 38% | coverage 99%31 Jul 2026 | Capital Goods 102.8 | Nifty 500 98.9 | Outperforming +3.9% | breadth 48% | coverage 99%07 Aug 2026 | Capital Goods 105.5 | Nifty 500 100.0 | Outperforming +5.5% | breadth 64% | coverage 99%14 Aug 2026 | Capital Goods 105.4 | Nifty 500 99.5 | Outperforming +5.9% | breadth 47% | coverage 100%21 Aug 2026 | Capital Goods 105.3 | Nifty 500 99.1 | Outperforming +6.3% | breadth 40% | coverage 100%28 Aug 2026 | Capital Goods 106.6 | Nifty 500 99.2 | Outperforming +7.5% | breadth 55% | coverage 100%04 Sept 2026 | Capital Goods 105.3 | Nifty 500 98.1 | Outperforming +7.3% | breadth 33% | coverage 100%11 Sept 2026 | Capital Goods 104.8 | Nifty 500 96.4 | Outperforming +8.7% | breadth 39% | coverage 100%18 Sept 2026 | Capital Goods 104.3 | Nifty 500 96.3 | Outperforming +8.3% | breadth 36% | coverage 100%25 Sept 2026 | Capital Goods 104.4 | Nifty 500 95.3 | Outperforming +9.5% | breadth 40% | coverage 100%01 Oct 2026 | Capital Goods 102.1 | Nifty 500 92.2 | Outperforming +10.7% | breadth 25% | coverage 100%09 Oct 2026 | Capital Goods 100.5 | Nifty 500 92.2 | Outperforming +9.0% | breadth 28% | coverage 100%16 Oct 2026 | Capital Goods 100.5 | Nifty 500 93.9 | Outperforming +7.0% | breadth 50% | coverage 100%19 Oct 2026 | Capital Goods 99.0 | Nifty 500 93.0 | Outperforming +6.5% | breadth 22% | coverage 100%Outperforming +6.5%31 Oct 202524 Apr 202619 Oct 2026
Theme return
-1.0%
Nifty 500
-7.0%
Vs Nifty 500
+6.5%
Latest coverage
100/100
How this plot is calculated

The theme line is green when its cumulative rebased performance is above Nifty 500 and red when it is below. The chart callout shows the latest relative performance as the theme level divided by the benchmark level, minus one.

The basket uses the theme's current reviewed companies. For each available week, we calculate every valid constituent's close-to-close return and give each company the same weight. If a weekly rollup is missing or lags the daily series, the final available daily close in that week is used.

For baskets with at least 10 valid stocks, the highest and lowest 5% of weekly returns are trimmed to reduce split, corporate-action, and single-stock distortions. Weekly basket returns are then compounded and rebased to 100 beside the Nifty 500.

Breadth is the share of valid constituents that rose that week. Coverage is the number with usable aligned prices divided by current membership. Weekly moves above 80% are excluded as likely data or corporate-action outliers.

Limitation: this is a current-membership historical reconstruction, not a point-in-time investable index. It can contain survivorship bias and excludes costs, liquidity impact, dividends, and rebalancing turnover.

Model note: Current-member weekly equal-weight returns (5% tails trimmed for baskets of 10+), compounded and rebased to 100 against Nifty 500; lagging weekly rollups are patched with the final available daily close, and rotation uses 13-week excess return with four-week acceleration.

Theme scorecard

Measures whether this idea is investable today by blending cohort quality, valuation cushion, and price momentum. It is a research filter, not advice.

Build portfolio from this theme
Theme
35
Stretched
Quality
31
Valuation
31
Momentum
51
Positive MoS
37%
P/E 61.6 · ROCE 20%
Curated research view

Capital Goods

A focused investor view: high-conviction names first, then small/micro exposure only as controlled satellite risk. Live U-Score and MoS still come from the current database.

72/100
Theme score
High Conviction
Investability
44.8
Live avg U
-453.8%
Live avg MoS

High-conviction shortlist

#1WAAREEINDO
Indosolar Limited
95
U
SmallMoS +86.5%Piotroski 8/9
#2GGBL
Ganesh Green Bharat Ltd.
89
U
SMEMoS +81.4%Piotroski 8/9
#3OSWALPUMPS
Oswal Pumps Limited
86
U
MicroMoS +78.7%Piotroski 6/9
#4EMMVEE
Emmvee Photovoltaic Power Limited
81
U
LargeMoS +66.5%Piotroski 8/9
#5VIKRAMSOLR
Vikram Solar Limited
80
U
MicroMoS +63.7%Piotroski 8/9
#6WEBELSOLAR
Websol Energy System Limited
79
U
MicroMoS +77.2%Piotroski 8/9
#7SKFINDUS
SKF India (Industrial) Limited
76
U
MicroMoS +99.9%Piotroski 8/9
#8SUZLON
Suzlon Energy Limited
75
U
MidMoS +55.5%Piotroski 8/9
#9WAAREEENER
Waaree Energies Limited
71
U
MidMoS +51.8%Piotroski 8/9
#10PATELENG
Patel Engineering Limited
70
U
SmallMoS +78.1%Piotroski 7/9
#11MBEL
M & B Engineering Limited
69
U
SmallMoS +57.1%Piotroski 6/9
#12SAATVIKGL
Saatvik Green Energy Limited
64
U
MicroMoS +49.1%Piotroski 6/9

Curated company map

Names from the curated theme note. Solid chips are present in the live eligible cohort; dashed chips need membership review, ticker verification, or may be indirect/unlisted exposure.

12/12 live eligible
LTSIEMENSABBBELBHELCUMMINSINDTHERMAXTRITURBINEKECGVT&DCGPOWERAPARINDS

Investment thesis

India is in an infrastructure and manufacturing capex cycle. Government spending, private industrial capex, power transmission, defence, automation, and data-centre demand create long order books for high-quality capital goods companies.

1-2 year outlook: Very positive for diversified and power-equipment leaders. Expect sustained order inflow and operating leverage, but avoid names where valuation already assumes perfect execution.
Recommended allocation: 10-15% for growth-oriented portfolios.

Key triggers

  • Government infra and power capex
  • Private-sector capex revival
  • Strong order books across T&D and industrial automation
  • PLI-linked manufacturing expansion

Major risks

  • High valuations in quality names
  • Project execution delays
  • Commodity cost volatility
  • Export slowdown risk
Small, micro, and SME names should be opt-in exposure. Suggested filters: U-Score above 65, positive MoS, Piotroski 7+, debt/equity below 0.8, promoter pledge below 10%, and enough traded value to exit without slippage.

Thesis

A data-generated Capital Goods basket from tagged stocks. Use it to separate durable order-book compounders from cyclical execution risk.

  • ▸Infra and private capex
  • ▸Power and automation orders
  • ▸Execution quality matters

Top picks · ranked by U-Score within this cohort

#1WAAREEINDOSmall
Indosolar Limited
Industrials
DEEP VALUE

Auto-included from the Capital Goods tag. Use the scorecard and metrics to decide whether it fits your thesis.

MoS: +86.5%Piotroski: 8/9ROCE: 124%P/E: 5.1D/E: 0.01
95
U-Score
₹211.65
Open →
#2GGBLSME
Ganesh Green Bharat Ltd.
Industrials
DEEP VALUE

Auto-included from the Capital Goods tag. Use the scorecard and metrics to decide whether it fits your thesis.

MoS: +81.4%Piotroski: 8/9ROCE: 36%P/E: 7.0D/E: 0.19
89
U-Score
₹221.20
Open →
#3OSWALPUMPSMicro
Oswal Pumps Limited
Industrials
DEEP VALUE

Auto-included from the Capital Goods tag. Use the scorecard and metrics to decide whether it fits your thesis.

MoS: +78.7%Piotroski: 6/9ROCE: 36%P/E: 8.8D/E: 0.14
86
U-Score
₹246.75
Open →

Full cohort

EMMVEELarge
Emmvee Photovoltaic Power Limited
Industrials
DEEP VALUE

Auto-included from the Capital Goods tag. Use the scorecard and metrics to decide whether it fits your thesis.

MoS: +66.5%Piotroski: 8/9ROCE: 45%P/E: 13.5D/E: 0.25
81
U-Score
₹270.10
Open →
VIKRAMSOLRMicro
Vikram Solar Limited
Industrials
DEEP VALUE

Auto-included from the Capital Goods tag. Use the scorecard and metrics to decide whether it fits your thesis.

MoS: +63.7%Piotroski: 8/9ROCE: 31%P/E: 14.8D/E: 0.19
80
U-Score
₹140.83
Open →
WEBELSOLARMicro
Websol Energy System Limited
Industrials
DEEP VALUE

Auto-included from the Capital Goods tag. Use the scorecard and metrics to decide whether it fits your thesis.

MoS: +77.2%Piotroski: 8/9ROCE: 63%P/E: 9.6D/E: 0.21
79
U-Score
₹65.33
Open →
SKFINDUSMicro
SKF India (Industrial) Limited
Industrials
DEEP VALUE

Auto-included from the Capital Goods tag. Use the scorecard and metrics to decide whether it fits your thesis.

MoS: +99.9%Piotroski: 8/9ROCE: 30%P/E: 31.6D/E: 0.00
76
U-Score
₹2458.90
Open →
SUZLONMid
Suzlon Energy Limited
Industrials
DEEP VALUE

Auto-included from the Capital Goods tag. Use the scorecard and metrics to decide whether it fits your thesis.

MoS: +55.5%Piotroski: 8/9ROCE: 34%P/E: 18.3D/E: 0.06
75
U-Score
₹40.38
Open →
WAAREEENERMid
Waaree Energies Limited
Industrials
UNDERVALUED

Auto-included from the Capital Goods tag. Use the scorecard and metrics to decide whether it fits your thesis.

MoS: +51.8%Piotroski: 8/9ROCE: 38%P/E: 18.0D/E: 0.22
71
U-Score
₹2515.00
Open →
PATELENGSmall
Patel Engineering Limited
Industrials
UNDERVALUED

Auto-included from the Capital Goods tag. Use the scorecard and metrics to decide whether it fits your thesis.

MoS: +78.1%Piotroski: 7/9ROCE: 13%P/E: 6.5D/E: 0.27
70
U-Score
₹24.30
Open →
MBELSmall
M & B Engineering Limited
Industrials
UNDERVALUED

Auto-included from the Capital Goods tag. Use the scorecard and metrics to decide whether it fits your thesis.

MoS: +57.1%Piotroski: 6/9ROCE: 23%P/E: 14.5D/E: 0.13
69
U-Score
₹284.97
Open →
SAATVIKGLMicro
Saatvik Green Energy Limited
Industrials
UNDERVALUED

Auto-included from the Capital Goods tag. Use the scorecard and metrics to decide whether it fits your thesis.

MoS: +49.1%Piotroski: 6/9ROCE: 33%P/E: 20.7D/E: 0.69
64
U-Score
₹387.40
Open →
PREMIERENEMid
Premier Energies Limited
Industrials
UNDERVALUED

Auto-included from the Capital Goods tag. Use the scorecard and metrics to decide whether it fits your thesis.

MoS: +37.7%Piotroski: 8/9ROCE: 33%P/E: 24.7D/E: 0.86
64
U-Score
₹899.00
Open →
GVT&DMid
GE Vernova T&D India Limited
Industrials
UNDERVALUED

Auto-included from the Capital Goods tag. Use the scorecard and metrics to decide whether it fits your thesis.

MoS: -95.9%Piotroski: 8/9ROCE: 77%P/E: 74.9D/E: 0.01
64
U-Score
₹3925.00
Open →
MAZDOCKLarge
Mazagon Dock Shipbuilders Limited
Industrials
UNDERVALUED

Auto-included from the Capital Goods tag. Use the scorecard and metrics to decide whether it fits your thesis.

MoS: +26.3%Piotroski: 6/9ROCE: 36%P/E: 30.0D/E: 0.05
63
U-Score
₹2052.00
Open →
GANDHITUBESmall
Gandhi Special Tubes Limited
Industrials
UNDERVALUED

Auto-included from the Capital Goods tag. Use the scorecard and metrics to decide whether it fits your thesis.

MoS: +51.7%Piotroski: 8/9ROCE: 28%P/E: 14.6D/E: 0.00
62
U-Score
₹926.30
Open →
CUMMINSINDLarge
Cummins India Limited
Industrials
UNDERVALUED

Auto-included from the Capital Goods tag. Use the scorecard and metrics to decide whether it fits your thesis.

MoS: -37.4%Piotroski: 8/9ROCE: 40%P/E: 52.4D/E: 0.00
61
U-Score
₹4612.00
Open →
KRISHNADEFMicro
Krishna Defence And Allied Industries Limited
Consumer
FAIR VALUE

Auto-included from the Capital Goods tag. Use the scorecard and metrics to decide whether it fits your thesis.

MoS: -18.9%Piotroski: 7/9ROCE: 31%P/E: 41.5D/E: 0.01
59
U-Score
₹1148.30
Open →
MEILSmall
Mangal Electrical Industries Limited
Industrials
FAIR VALUE

Auto-included from the Capital Goods tag. Use the scorecard and metrics to decide whether it fits your thesis.

MoS: +59.0%Piotroski: 6/9ROCE: 15%P/E: 15.4D/E: 0.08
58
U-Score
₹273.60
Open →
POWERINDIAMid
Hitachi Energy India Limited
Industrials
FAIR VALUE

Auto-included from the Capital Goods tag. Use the scorecard and metrics to decide whether it fits your thesis.

MoS: -183.3%Piotroski: 8/9ROCE: 29%P/E: 108.0D/E: 0.02
58
U-Score
₹28730.00
Open →
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The rationale above is editorial — the ranking uses our U-Score engine so the names you see first are the strongest fundamentals fit, not the most popular or most-mentioned. Re-rank yourself if you weigh valuation or quality differently. All information is for study purposes only — consult your financial advisor before investing.