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Indian market · Previous close · 21 Oct, 3:30 pm IST
Themes / Manufacturing

Manufacturing

Industrial, capital goods, components, and domestic manufacturing beneficiaries.

ManufacturingAuto-built
Theme price path

Manufacturing vs Nifty 500

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

Through 21 Oct 2026
Coverage healthy
Theme aheadTheme behindNifty 500Base 100 at the first visible weekLatest: Underperforming -6.3%
7381899610431 Oct 2025 | Manufacturing 100.0 | Nifty 500 100.0 | In line 0.0% | breadth 44% | coverage 93%07 Nov 2025 | Manufacturing 98.0 | Nifty 500 99.2 | Underperforming -1.2% | breadth 26% | coverage 94%14 Nov 2025 | Manufacturing 97.7 | Nifty 500 100.5 | Underperforming -2.8% | breadth 45% | coverage 94%21 Nov 2025 | Manufacturing 95.5 | Nifty 500 100.3 | Underperforming -4.8% | breadth 25% | coverage 94%28 Nov 2025 | Manufacturing 94.8 | Nifty 500 100.9 | Underperforming -6.0% | breadth 39% | coverage 94%05 Dec 2025 | Manufacturing 92.4 | Nifty 500 100.5 | Underperforming -8.1% | breadth 23% | coverage 94%12 Dec 2025 | Manufacturing 92.1 | Nifty 500 100.1 | Underperforming -8.0% | breadth 43% | coverage 94%19 Dec 2025 | Manufacturing 91.3 | Nifty 500 99.9 | Underperforming -8.6% | breadth 37% | coverage 95%26 Dec 2025 | Manufacturing 92.3 | Nifty 500 100.3 | Underperforming -8.0% | breadth 58% | coverage 95%02 Jan 2026 | Manufacturing 93.2 | Nifty 500 101.6 | Underperforming -8.3% | breadth 60% | coverage 95%09 Jan 2026 | Manufacturing 89.1 | Nifty 500 99.0 | Underperforming -10.0% | breadth 14% | coverage 95%16 Jan 2026 | Manufacturing 88.1 | Nifty 500 99.1 | Underperforming -11.1% | breadth 35% | coverage 95%23 Jan 2026 | Manufacturing 83.3 | Nifty 500 95.8 | Underperforming -13.0% | breadth 12% | coverage 95%01 Feb 2026 | Manufacturing 84.9 | Nifty 500 95.4 | Underperforming -11.0% | breadth 63% | coverage 95%06 Feb 2026 | Manufacturing 86.8 | Nifty 500 98.8 | Underperforming -12.1% | breadth 64% | coverage 95%13 Feb 2026 | Manufacturing 87.3 | Nifty 500 98.3 | Underperforming -11.2% | breadth 50% | coverage 95%20 Feb 2026 | Manufacturing 86.5 | Nifty 500 98.7 | Underperforming -12.4% | breadth 39% | coverage 95%27 Feb 2026 | Manufacturing 85.4 | Nifty 500 97.7 | Underperforming -12.6% | breadth 37% | coverage 96%06 Mar 2026 | Manufacturing 82.3 | Nifty 500 94.8 | Underperforming -13.2% | breadth 18% | coverage 95%13 Mar 2026 | Manufacturing 79.4 | Nifty 500 90.2 | Underperforming -12.0% | breadth 20% | coverage 96%20 Mar 2026 | Manufacturing 79.2 | Nifty 500 90.0 | Underperforming -12.0% | breadth 44% | coverage 96%27 Mar 2026 | Manufacturing 75.9 | Nifty 500 88.7 | Underperforming -14.4% | breadth 19% | coverage 96%02 Apr 2026 | Manufacturing 78.1 | Nifty 500 88.3 | Underperforming -11.6% | breadth 76% | coverage 96%10 Apr 2026 | Manufacturing 85.5 | Nifty 500 94.2 | Underperforming -9.2% | breadth 94% | coverage 96%17 Apr 2026 | Manufacturing 90.0 | Nifty 500 96.5 | Underperforming -6.7% | breadth 85% | coverage 96%24 Apr 2026 | Manufacturing 89.2 | Nifty 500 95.2 | Underperforming -6.3% | breadth 37% | coverage 97%30 Apr 2026 | Manufacturing 90.4 | Nifty 500 95.7 | Underperforming -5.5% | breadth 62% | coverage 99%08 May 2026 | Manufacturing 93.7 | Nifty 500 97.5 | Underperforming -3.9% | breadth 73% | coverage 99%15 May 2026 | Manufacturing 89.7 | Nifty 500 95.0 | Underperforming -5.6% | breadth 19% | coverage 99%22 May 2026 | Manufacturing 89.9 | Nifty 500 95.5 | Underperforming -5.9% | breadth 48% | coverage 99%29 May 2026 | Manufacturing 90.5 | Nifty 500 95.6 | Underperforming -5.3% | breadth 51% | coverage 99%05 Jun 2026 | Manufacturing 90.1 | Nifty 500 94.8 | Underperforming -5.0% | breadth 42% | coverage 99%12 Jun 2026 | Manufacturing 89.7 | Nifty 500 95.3 | Underperforming -5.9% | breadth 41% | coverage 99%19 Jun 2026 | Manufacturing 92.8 | Nifty 500 97.7 | Underperforming -5.0% | breadth 75% | coverage 99%26 Jun 2026 | Manufacturing 92.2 | Nifty 500 97.5 | Underperforming -5.4% | breadth 40% | coverage 99%03 Jul 2026 | Manufacturing 93.1 | Nifty 500 98.3 | Underperforming -5.3% | breadth 58% | coverage 99%10 Jul 2026 | Manufacturing 92.7 | Nifty 500 98.5 | Underperforming -5.9% | breadth 43% | coverage 99%17 Jul 2026 | Manufacturing 91.9 | Nifty 500 98.4 | Underperforming -6.6% | breadth 36% | coverage 99%24 Jul 2026 | Manufacturing 91.2 | Nifty 500 96.7 | Underperforming -5.7% | breadth 36% | coverage 99%31 Jul 2026 | Manufacturing 91.8 | Nifty 500 98.9 | Underperforming -7.2% | breadth 54% | coverage 99%07 Aug 2026 | Manufacturing 93.9 | Nifty 500 100.0 | Underperforming -6.1% | breadth 63% | coverage 99%14 Aug 2026 | Manufacturing 93.2 | Nifty 500 99.5 | Underperforming -6.3% | breadth 39% | coverage 99%21 Aug 2026 | Manufacturing 93.7 | Nifty 500 99.1 | Underperforming -5.4% | breadth 48% | coverage 99%28 Aug 2026 | Manufacturing 94.1 | Nifty 500 99.2 | Underperforming -5.1% | breadth 50% | coverage 99%04 Sept 2026 | Manufacturing 94.0 | Nifty 500 98.1 | Underperforming -4.2% | breadth 42% | coverage 99%11 Sept 2026 | Manufacturing 93.5 | Nifty 500 96.4 | Underperforming -3.0% | breadth 38% | coverage 99%18 Sept 2026 | Manufacturing 92.7 | Nifty 500 96.3 | Underperforming -3.7% | breadth 39% | coverage 99%25 Sept 2026 | Manufacturing 93.3 | Nifty 500 95.3 | Underperforming -2.1% | breadth 48% | coverage 99%01 Oct 2026 | Manufacturing 90.7 | Nifty 500 92.2 | Underperforming -1.6% | breadth 21% | coverage 99%09 Oct 2026 | Manufacturing 89.5 | Nifty 500 92.2 | Underperforming -2.9% | breadth 34% | coverage 99%16 Oct 2026 | Manufacturing 90.1 | Nifty 500 93.9 | Underperforming -4.0% | breadth 55% | coverage 99%21 Oct 2026 | Manufacturing 86.3 | Nifty 500 92.1 | Underperforming -6.3% | breadth 12% | coverage 98%Underperforming -6.3%31 Oct 202524 Apr 202621 Oct 2026
Theme return
-13.7%
Nifty 500
-7.9%
Vs Nifty 500
-6.3%
Latest coverage
1019/1037
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
33
Stretched
Quality
22
Valuation
37
Momentum
51
Positive MoS
46%
P/E 86.7 · ROCE 14%
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
41.9
Live avg U
-2353.1%
Live avg MoS

High-conviction shortlist

#1WAAREEINDO
Indosolar Limited
95
U
SmallMoS +86.5%Piotroski 8/9
#2SHARDACROP
Sharda Cropchem Limited
93
U
MicroMoS +77.6%Piotroski 8/9
#3NATIONALUM
National Aluminium Company Limited
92
U
MidMoS +75.1%Piotroski 8/9
#4IOC
Indian Oil Corporation Limited
90
U
LargeMoS +68.1%Piotroski 8/9
#5GGBL
Ganesh Green Bharat Ltd.
89
U
SMEMoS +81.4%Piotroski 8/9
#6BPCL
Bharat Petroleum Corporation Limited
88
U
LargeMoS +56.4%Piotroski 7/9
#7SUDARCOLOR
Sudarshan Colorants India Limited
87
U
SmallMoS +92.2%Piotroski 8/9
#8INTLCONV
International Conveyors Limited
86
U
SmallMoS +90.7%Piotroski 8/9
#9SPIC
Southern Petrochemicals Industries Corporation Limited
86
U
SmallMoS +84.7%Piotroski 8/9
#10OSWALPUMPS
Oswal Pumps Limited
86
U
MicroMoS +78.7%Piotroski 6/9
#11KHAICHEM
Khaitan Chemicals & Fertilizers Limited
86
U
SmallMoS +78.1%Piotroski 7/9
#12SPRL
Sp Refractories Ltd.
83
U
SMEMoS +81.9%Piotroski 8/9

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 Manufacturing basket from tagged stocks. It provides a bottom-up way to study the Make-in-India and operating-leverage universe.

  • ▸Domestic capex cycle
  • ▸Export substitution and localization
  • ▸ROCE separates strong manufacturers from commodity cyclicals

Top picks · ranked by U-Score within this cohort

#1WAAREEINDOSmall
Indosolar Limited
Industrials
DEEP VALUE

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

MoS: +86.5%Piotroski: 8/9ROCE: 124%P/E: 6.8D/E: 0.01
95
U-Score
₹204.63
Open →
#2SHARDACROPMicro
Sharda Cropchem Limited
Chemicals
DEEP VALUE

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

MoS: +77.6%Piotroski: 8/9ROCE: 30%P/E: 10.4D/E: 0.00
93
U-Score
₹676.85
Open →
#3NATIONALUMMid
National Aluminium Company Limited
Metals
DEEP VALUE

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

MoS: +75.1%Piotroski: 8/9ROCE: 40%P/E: 8.7D/E: 0.00
92
U-Score
₹312.20
Open →

Full cohort

IOCLarge
Indian Oil Corporation Limited
Energy
DEEP VALUE

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

MoS: +68.1%Piotroski: 8/9ROCE: 19%P/E: 5.4D/E: 0.60
90
U-Score
₹129.61
Open →
GGBLSME
Ganesh Green Bharat Ltd.
Industrials
DEEP VALUE

Auto-included from the Manufacturing 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
₹218.85
Open →
BPCLLarge
Bharat Petroleum Corporation Limited
Energy
DEEP VALUE

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

MoS: +56.4%Piotroski: 7/9ROCE: 26%P/E: 8.1D/E: 0.54
88
U-Score
₹288.00
Open →
SUDARCOLORSmall
Sudarshan Colorants India Limited
Industrials
DEEP VALUE

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

MoS: +92.2%Piotroski: 8/9ROCE: 36%P/E: 7.2D/E: 0.00
87
U-Score
₹356.90
Open →
INTLCONVSmall
International Conveyors Limited
Industrials
DEEP VALUE

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

MoS: +90.7%Piotroski: 8/9ROCE: 22%P/E: 3.8D/E: 0.17
86
U-Score
₹80.30
Open →
SPICSmall
Southern Petrochemicals Industries Corporation Limited
Industrials
DEEP VALUE

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

MoS: +84.7%Piotroski: 8/9ROCE: 17%P/E: 6.2D/E: 0.51
86
U-Score
₹58.40
Open →
OSWALPUMPSMicro
Oswal Pumps Limited
Industrials
DEEP VALUE

Auto-included from the Manufacturing 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
₹234.30
Open →
KHAICHEMSmall
Khaitan Chemicals & Fertilizers Limited
Industrials
DEEP VALUE

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

MoS: +78.1%Piotroski: 7/9ROCE: 19%P/E: 8.0D/E: 1.05
86
U-Score
₹46.92
Open →
SPRLSME
Sp Refractories Ltd.
Industrials
DEEP VALUE

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

MoS: +81.9%Piotroski: 8/9ROCE: 29%P/E: 7.1D/E: 0.07
83
U-Score
₹140.00
Open →
LUPINMid
Lupin Limited
Pharma
DEEP VALUE

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

MoS: +64.4%Piotroski: 8/9ROCE: 30%P/E: 14.9D/E: 0.29
83
U-Score
₹1964.00
Open →
VEDLLarge
Vedanta Limited
Metals
DEEP VALUE

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

MoS: +75.3%Piotroski: 7/9ROCE: 16%P/E: 8.7D/E: 0.66
82
U-Score
₹236.85
Open →
KPELSmall
K.P. Energy Limited
Power
DEEP VALUE

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

MoS: +72.2%Piotroski: 8/9ROCE: 39%P/E: 8.0D/E: 0.84
82
U-Score
₹179.02
Open →
CLASSICEILSME
Classic Electrodes (India) Ltd.
Industrials
DEEP VALUE

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

MoS: +81.9%Piotroski: 8/9ROCE: 19%P/E: 7.1D/E: 0.21
81
U-Score
₹48.50
Open →
EMMVEELarge
Emmvee Photovoltaic Power Limited
Industrials
DEEP VALUE

Auto-included from the Manufacturing 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
₹254.95
Open →
MRPLSmall
Mangalore Refinery and Petrochemicals Limited
Energy
DEEP VALUE

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

MoS: +59.7%Piotroski: 7/9ROCE: 18%P/E: 6.8D/E: 0.60
81
U-Score
₹167.52
Open →
CHAMBLFERTSmall
Chambal Fertilizers & Chemicals Limited
Chemicals
DEEP VALUE

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

MoS: +43.5%Piotroski: 8/9ROCE: 25%P/E: 8.1D/E: 0.10
81
U-Score
₹380.50
Open →
ALPEXSOLARSME
Alpex Solar Ltd.
Industrials
DEEP VALUE

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

MoS: +75.2%Piotroski: 6/9ROCE: 45%P/E: 9.7D/E: 0.96
80
U-Score
₹743.40
Open →
Sign in for the full theme cohort

The first 20 ranked names are open. Sign in to see every company attached to this theme. 1,017 more rows available after sign-in.

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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.