अFunda Observatory

Producer Manufacturing: implied vs delivered earnings growth

176 ranked companies · Oct 2026 · prices as of 9 Oct 2026

Discount rate 12% · 10-year horizon · exit P/E 15x · dividends at each company's own payout

In Producer Manufacturing, the median price implies 25.2%/yr earnings growth against 10.9%/yr delivered over the past decade, a gap of +11.2 pts, higher than 12 of 17 other sectors. Treated as one company (aggregate market cap over aggregate profit), the sector's price implies 24.4%/yr.

These figures are a mechanical translation of each company's current price-to-earnings ratio into the earnings growth that would be consistent with it, under fixed assumptions we chose (12% annual return, 10 years, exit P/E 15x). They are not forecasts, price targets or recommendations, and change materially with the assumptions. Delivered growth is historical and does not predict future results. ApnaFunda is not a SEBI-registered research analyst or investment adviser. Data may contain errors; verify with company filings before relying on it.

0%0%10%10%20%20%30%30%40%40%50%50%60%60% Delivered growth, per year → Implied growth → DALBHARAT · delivered −30.0% · implied 40.8%DOMS · delivered −30.0% · implied 34.3%DEEDEV · delivered −21.6% · implied 42.1%HAPPYFORGE · delivered −30.0% · implied 31.5%DIVGIITTS · delivered −30.0% · implied 30.5%AZAD · delivered −8.7% · implied 50.9%BELRISE · delivered −30.0% · implied 29.5%SANSERA · delivered −19.4% · implied 38.9%BANSALWIRE · delivered −30.0% · implied 27.8%KRN · delivered −10.8% · implied 46.2%IGARASHI · delivered −20.4% · implied 36.5%YUKEN · delivered −15.9% · implied 37.0%JNKINDIA · delivered −24.3% · implied 26.2%INOXINDIA · delivered −14.3% · implied 34.7%TRANSRAILL · delivered −30.0% · implied 18.6%SONACOMS · delivered −14.4% · implied 33.8%JISLJALEQS · delivered −26.8% · implied 20.1%FLAIR · delivered −30.0% · implied 16.6%BHEL · delivered −0.6% · implied 45.4%AMBER · delivered 6.7% · implied 49.4%ASKAUTOLTD · delivered −12.8% · implied 29.8%DIFFNKG · delivered −13.4% · implied 28.1%RRKABEL · delivered −5.9% · implied 34.8%RML · delivered 2.8% · implied 38.9%STARCEMENT · delivered −7.9% · implied 27.3%RISHABH · delivered 1.3% · implied 36.0%SHYAMMETL · delivered −7.1% · implied 27.3%RICOAUTO · delivered −8.2% · implied 26.2%DCXINDIA · delivered −11.2% · implied 20.3%CRAFTSMAN · delivered 8.4% · implied 39.2%AJAXENGG · delivered −7.4% · implied 22.2%JBMA · delivered 7.8% · implied 34.8%GREENPLY · delivered −2.8% · implied 23.3%BLUESTARCO · delivered 6.6% · implied 32.8%HLEGLAS · delivered 4.2% · implied 30.2%GMMPFAUDLR · delivered 6.6% · implied 32.3%LMW · delivered 3.7% · implied 28.8%BHARATFORG · delivered 5.8% · implied 30.4%ALLTIME · delivered −3.5% · implied 20.7%SERVOTECH · delivered 8.2% · implied 32.4%ALICON · delivered −1.4% · implied 22.8%DYNAMATECH · delivered 18.0% · implied 42.0%MENONBE · delivered 2.8% · implied 26.6%GABRIEL · delivered 13.0% · implied 36.7%SKIPPER · delivered 5.2% · implied 28.8%SIEMENS · delivered 5.2% · implied 28.7%MINDACORP · delivered 8.8% · implied 30.5%VOLTAS · delivered 2.5% · implied 23.7%WHEELS · delivered 5.9% · implied 27.2%MACPOWER · delivered 12.4% · implied 33.3%BOSCHLTD · delivered 6.4% · implied 27.2%KAJARIACER · delivered 4.5% · implied 25.2%KIRLOSENG · delivered 12.5% · implied 33.3%ZFCVINDIA · delivered 8.6% · implied 29.2%LUMAXIND · delivered 6.0% · implied 26.3%KCP · delivered 1.7% · implied 21.7%SUNDRMFAST · delivered 5.0% · implied 24.4%3MINDIA · delivered 8.8% · implied 28.0%ASTRAL · delivered 11.1% · implied 30.2%MUNJALAU · delivered −1.6% · implied 16.7%THERMAX · delivered 14.1% · implied 32.3%PRINCEPIPE · delivered −3.0% · implied 14.8%PRECWIRE · delivered 17.2% · implied 34.3%CENTURYPLY · delivered 8.3% · implied 25.3%VSTTILLERS · delivered 4.2% · implied 21.1%BEML · delivered 14.8% · implied 30.6%RANEHOLDIN · delivered 3.7% · implied 19.2%VGUARD · delivered 6.9% · implied 22.3%COCHINSHIP · delivered 9.2% · implied 24.5%GREAVESCOT · delivered 3.6% · implied 18.9%RAJOOENG · delivered 9.0% · implied 24.2%CUMMINSIND · delivered 15.4% · implied 30.4%RAJRATAN · delivered 7.3% · implied 22.3%ICEMAKE · delivered 12.7% · implied 27.5%GNA · delivered 1.1% · implied 15.6%FINCABLES · delivered 7.9% · implied 22.4%NRBBEARING · delivered 9.4% · implied 23.1%MANINDS · delivered 13.6% · implied 27.2%SCHAEFFLER · delivered 12.8% · implied 26.0%EIMCOELECO · delivered 10.4% · implied 23.4%TEXRAIL · delivered 11.2% · implied 23.9%INDNIPPON · delivered 8.5% · implied 21.1%EVEREADY · delivered 7.3% · implied 19.5%SOMANYCERA · delivered 5.5% · implied 17.4%SUPREMEIND · delivered 12.3% · implied 24.2%RAMRAT · delivered 20.2% · implied 31.8%EPACK · delivered 14.9% · implied 26.3%HONDAPOWER · delivered 4.5% · implied 15.9%GARFIBRES · delivered 11.1% · implied 22.3%ENDURANCE · delivered 12.5% · implied 23.7%SJS · delivered 12.1% · implied 22.6%BANCOINDIA · delivered 7.5% · implied 18.0%PARACABLES · delivered 9.9% · implied 19.9%ASHOKLEY · delivered 9.7% · implied 19.7%TRITURBINE · delivered 17.6% · implied 27.4%GALAPREC · delivered 19.3% · implied 29.0%SUBROS · delivered 14.9% · implied 24.3%SHANTIGEAR · delivered 17.0% · implied 26.3%ROLEXRINGS · delivered 10.4% · implied 19.5%HAVELLS · delivered 12.2% · implied 21.2%SHANTIGOLD · delivered 19.9% · implied 28.6%RKFORGE · delivered 17.5% · implied 26.1%WENDT · delivered 15.4% · implied 24.0%TIMKEN · delivered 19.4% · implied 27.7%LUMAXTECH · delivered 25.9% · implied 34.2%INGERRAND · delivered 17.1% · implied 25.2%EXIDEIND · delivered 5.6% · implied 13.6%ABB · delivered 25.3% · implied 33.1%UNOMINDA · delivered 27.3% · implied 35.1%KIRLOSBROS · delivered 21.9% · implied 29.4%JAMNAAUTO · delivered 9.8% · implied 17.2%EKC · delivered 1.3% · implied 8.5%TIIL · delivered 12.5% · implied 19.1%ROTO · delivered 16.0% · implied 22.4%KSB · delivered 20.2% · implied 26.6%AIAENG · delivered 14.8% · implied 21.1%SHAKTIPUMP · delivered 13.8% · implied 20.0%BOROLTD · delivered 19.4% · implied 25.5%FMGOETZE · delivered 9.5% · implied 15.4%WSTCSTPAPR · delivered 5.1% · implied 10.3%MBEL · delivered 14.2% · implied 19.4%KIRLPNU · delivered 20.9% · implied 25.8%SHRIPISTON · delivered 20.7% · implied 25.6%SUPRAJIT · delivered 14.0% · implied 18.8%MMFL · delivered 10.8% · implied 15.3%ELGIEQUIP · delivered 23.7% · implied 28.2%NESCO · delivered 11.8% · implied 15.8%ADOR · delivered 17.9% · implied 21.6%JASH · delivered 26.0% · implied 29.4%SSWL · delivered 16.8% · implied 20.0%RACLGEAR · delivered 23.1% · implied 26.1%BALMLAWRIE · delivered 3.3% · implied 6.1%DYCL · delivered 21.3% · implied 23.6%VARROC · delivered 21.5% · implied 23.7%SKFINDIA · delivered 7.3% · implied 9.3%AUTOAXLES · delivered 9.7% · implied 11.2%LGBBROSLTD · delivered 12.2% · implied 13.6%ANUP · delivered 18.9% · implied 20.2%TARIL · delivered 32.0% · implied 33.2%FINPIPE · delivered 8.9% · implied 10.0%IONEXCHANG · delivered 19.3% · implied 20.3%MAHSCOOTER · delivered 25.6% · implied 26.1%MOLDTKPAC · delivered 10.4% · implied 10.9%VOLTAMP · delivered 22.2% · implied 22.3%KEI · delivered 24.5% · implied 24.4%ESABINDIA · delivered 23.8% · implied 23.6%HIRECT · delivered 43.4% · implied 42.8%MAZDOCK · delivered 26.2% · implied 24.6%SWARAJENG · delivered 12.3% · implied 10.6%TVSHLTD · delivered 20.1% · implied 18.0%BBL · delivered 18.5% · implied 15.3%JYOTICNC · delivered 42.0% · implied 38.6%PIXTRANS · delivered 22.9% · implied 19.4%POLYCAB · delivered 27.7% · implied 23.5%PITTIENG · delivered 30.0% · implied 25.3%SHARDAMOTR · delivered 19.8% · implied 13.0%FIEMIND · delivered 23.7% · implied 16.7%AEROFLEX · delivered 49.1% · implied 42.0%TALBROAUTO · delivered 28.2% · implied 21.0%GRSE · delivered 33.8% · implied 26.6%PTC · delivered 9.3% · implied 1.1%INDIANHUME · delivered 15.9% · implied 6.3%ESCORTS · delivered 26.8% · implied 16.7%ACE · delivered 36.9% · implied 25.8%NAVNETEDUL · delivered 15.6% · implied 3.4%KROSS · delivered 37.7% · implied 23.7%TDPOWERSYS · delivered 60.0% · implied 44.2%CIEINDIA · delivered 31.9% · implied 15.4%LLOYDSENGG · delivered 60.0% · implied 42.6%HBLENGINE · delivered 47.1% · implied 29.4%UNIPARTS · delivered 38.5% · implied 15.8%AEROENTER · delivered 40.3% · implied 16.7%WELCORP · delivered 60.0% · implied 35.9%NDRAUTO · delivered 60.0% · implied 25.6%CARRARO · delivered 60.0% · implied 22.8%ELECON · delivered 60.0% · implied 20.6%DALBHARATDOMSDEEDEVHAPPYFORGEDIVGIITTSAEROENTERWELCORPNDRAUTOCARRAROELECON −30 pts0+50 pts

Most demanding in Producer Manufacturing

  1. #1DALMIA BHARAT LIMITED DALBHARAT · Producer Manufacturing · normalised P/E 182.4x · ₹29,945 cr
    price implies 40.8%/yr · delivered −45.4%/yr (avg-to-avg) · gap +70.8 pts
    cyclical: normalised earnings used · pays out over half of earnings · over half of profit is other income · earnings history unstable
  2. #2DOMS INDUSTRIES LIMITED DOMS · Producer Manufacturing · normalised P/E 95.3x · ₹12,505 cr
    price implies 34.3%/yr · delivered −43.5%/yr (avg-to-avg) · gap +64.3 pts
    cyclical: normalised earnings used
  3. #3DEE DEVELOPMENT ENGINEERS LTD DEEDEV · Producer Manufacturing · normalised P/E 161.9x · ₹4,210 cr
    price implies 42.1%/yr · delivered −21.6%/yr (avg-to-avg) · gap +63.6 pts
    cyclical: normalised earnings used · trailing P/E far below normalised
  4. #4HAPPY FORGINGS LIMITED HAPPYFORGE · Producer Manufacturing · normalised P/E 77.8x · ₹18,113 cr
    price implies 31.5%/yr · delivered −43.7%/yr (avg-to-avg) · gap +61.5 pts
    cyclical: normalised earnings used
  5. #5DIVGI TORQTRANSFER SYSTEMS LTD DIVGIITTS · Producer Manufacturing · normalised P/E 74.4x · ₹3,096 cr
    price implies 30.5%/yr · delivered −47.2%/yr (avg-to-avg) · gap +60.5 pts
    cyclical: normalised earnings used
  6. #6AZAD ENGINEERING LIMITED AZAD · Producer Manufacturing · normalised P/E 295.3x · ₹18,723 cr
    price implies 50.9%/yr · delivered −8.7%/yr (avg-to-avg) · gap +59.6 pts
    cyclical: normalised earnings used · trailing P/E far below normalised
  7. #7BELRISE INDUSTRIES LIMITED BELRISE · Producer Manufacturing · normalised P/E 64.3x · ₹20,862 cr
    price implies 29.5%/yr · delivered −35.3%/yr (avg-to-avg) · gap +59.5 pts
    cyclical: normalised earnings used
  8. #8SANSERA ENGINEERING LIMITED SANSERA · Producer Manufacturing · normalised P/E 132.3x · ₹25,725 cr
    price implies 38.9%/yr · delivered −19.4%/yr (avg-to-avg) · gap +58.4 pts
    cyclical: normalised earnings used · trailing P/E far below normalised
  9. #9BANSAL WIRE INDUSTRIES LIMITED BANSALWIRE · Producer Manufacturing · normalised P/E 56.3x · ₹4,950 cr
    price implies 27.8%/yr · delivered −38.8%/yr (avg-to-avg) · gap +57.8 pts
    cyclical: normalised earnings used
  10. #10KRN HEAT EXCHANGER n REFR LTD KRN · Producer Manufacturing · normalised P/E 215.9x · ₹8,810 cr
    price implies 46.2%/yr · delivered −10.8%/yr (avg-to-avg) · gap +57.0 pts
    cyclical: normalised earnings used · trailing P/E far below normalised

Lowest expectations in Producer Manufacturing

  1. #176ELECON ENGINEERING COLTD ELECON · Producer Manufacturing · normalised P/E 33.3x · ₹9,362 cr
    price implies 20.6%/yr · delivered 60.4%/yr (avg-to-avg) · gap −39.4 pts
    cyclical: normalised earnings used
  2. #175CARRARO INDIA LIMITED CARRARO · Producer Manufacturing · normalised P/E 42.9x · ₹2,910 cr
    price implies 22.8%/yr · delivered 68.6%/yr (avg-to-avg) · gap −37.2 pts
    cyclical: normalised earnings used · trailing P/E far below normalised
  3. #174NDR AUTO COMPONENTS LTD NDRAUTO · Producer Manufacturing · normalised P/E 50.1x · ₹1,635 cr
    price implies 25.6%/yr · delivered 61.2%/yr (avg-to-avg) · gap −34.4 pts
    cyclical: normalised earnings used · trailing P/E far below normalised
  4. #173WELSPUN CORP LIMITED WELCORP · Producer Manufacturing · normalised P/E 112.6x · ₹69,694 cr
    price implies 35.9%/yr · delivered 92.6%/yr (avg-to-avg) · gap −24.1 pts
    cyclical: normalised earnings used
  5. #172AEROFLEX ENTERPRISES LIMITED AEROENTER · Producer Manufacturing · normalised P/E 26.7x · ₹1,406 cr
    price implies 16.7%/yr · delivered 40.3%/yr (avg-to-avg) · gap −23.7 pts
    cyclical: normalised earnings used · trailing P/E far below normalised · over half of profit is other income · earnings history unstable
  6. #171UNIPARTS INDIA LIMITED UNIPARTS · Producer Manufacturing · normalised P/E 26.4x · ₹3,408 cr
    price implies 15.8%/yr · delivered 38.5%/yr (avg-to-avg) · gap −22.7 pts
    cyclical: normalised earnings used · over half of profit is other income
  7. #170HBL ENGINEERING LIMITED HBLENGINE · Producer Manufacturing · normalised P/E 65.8x · ₹19,924 cr
    price implies 29.4%/yr · delivered 47.1%/yr (avg-to-avg) · gap −17.8 pts
    cyclical: normalised earnings used · trailing P/E far below normalised
  8. #169LLOYDS ENGINEERINGWORKS LTD LLOYDSENGG · Producer Manufacturing · normalised P/E 181.2x · ₹12,360 cr
    price implies 42.6%/yr · delivered 66.6%/yr (avg-to-avg) · gap −17.4 pts
    cyclical: normalised earnings used · trailing P/E far below normalised
  9. #168CIE AUTOMOTIVE INDIA LIMITED CIEINDIA · Producer Manufacturing · normalised P/E 24.8x · ₹14,078 cr
    price implies 15.4%/yr · delivered 31.9%/yr (avg-to-avg) · gap −16.5 pts
    cyclical: normalised earnings used
  10. #167TD POWER SYSTEMS LIMITED TDPOWERSYS · Producer Manufacturing · normalised P/E 194.8x · ₹24,774 cr
    price implies 44.2%/yr · delivered 60.2%/yr (avg-to-avg) · gap −15.8 pts
    cyclical: normalised earnings used · trailing P/E far below normalised

Producer Manufacturing sector fundamentals → · All sectors

How this works

An investor buys at today's trailing P/E, receives dividends equal to a fixed share of earnings for 10 years, then sells at an exit P/E of 15x. We solve for the constant annual earnings-per-share growth that makes that sequence worth exactly today's price at a 12% required return: P/E = payout × Σ xᵗ + exit P/E × xᴺ, with x = (1 + growth) / (1 + required return). With no dividends it reduces to growth = (1 + r) × (P/E ÷ exit P/E)^(1/N) − 1. Each company uses its own median payout over its last five fiscal years (zero if unknown).

Delivered growth is the fitted annual growth of net profit per share over the last up to ten fiscal years known at the time (a 60-day reporting lag is applied), or a first-three-versus-last-three-years average where earnings are cyclical or a loss year interrupts the series. Cyclical companies are valued on their five-year average earnings rather than trailing ones. The gap is implied growth minus delivered growth, in percentage points.

Sensitivity at a P/E of 40x and a 30% payout (exit P/E down, required return across):

Exit P/E / return11%12%13%
12x23.3%24.4%25.5%
15x20.8%21.9%23.0%
20x17.7%18.7%19.8%

Because a change in the required return or exit multiple moves every company's implied growth by nearly the same amount, the ranking is stable under the assumptions; only the levels move. The curve is also concave: doubling a P/E from 40x to 80x adds only about seven points of implied growth, so a 200x P/E does not mean ten times the growth. There is no consensus forecast in this data, so the comparison is with history only. Sector indices and "sector as one company" use today's constituents and are survivorship-biased.