Capital Goods Stocks Outlook
Seen dn on risk to ops from US-Iran hostilities
This story was originally published at 17:01 IST on 6 March 2026
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MUMBAI – Shares of capital goods companies are likely to fall more next week if hostilities between the US and Iran continue. Analysts are concerned that several companies in the sector will face a hit to execution and order inflows coming from West Asian countries.
"...companies may face near-term headwinds including execution disruptions due to on-ground constraints, supply-chain and logistics challenges leading to higher freight and insurance costs, deferment of new order, slower tender finalizations, and potential postponement of dispatches as customers recalibrate project timelines," Prabhudas Lilladher said in a report Monday.
The brokerage pointed out that companies such as Larsen & Toubro, KEC International, Kalpataru Projects, Engineers India, and Cummins India have significant exposure to West Asia. Some of these companies have already started seeing delay in orders and this is expected to worsen if the hostilities continue, the brokerage said.
Further, the uncertainty around the West Asia situation is a risk to capital expenditure from private players, which has not picked up significantly. The government continues to do the heavy lifting in terms of investment but that has also slowed down in recent months. In the first 10 months of this financial year, the government has spent INR 8.42 trillion on capital expenditure, more than 11% higher than in the same period last year.
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Following are the resistance and support levels for key capital goods stocks for next week as per calculations based on their prices on the National Stock Exchange:
| Company | Price | Week-on-week change in % | Resistance | Support |
| Bharat Heavy Electricals | 258.95 | (-)2.30 | 268.40 | 251.00 |
| CG Power and Industrial Solutions | 715.45 | (-)1.30 | 737.80 | 684.80 |
| Larsen & Toubro | 3949.80 | (-)7.70 | 4042.60 | 3894.60 |
| Siemens | 3268.90 | (-)4.40 | 3396.50 | 3113.70 |
| Thermax | 3161.90 | 1.40 | 3291.00 | 2975.40 |
| BHARAT ELECTRONICS LTD | 468.45 | 5.30 | 480.50 | 454.30 |
| Index | Levels | |||
| S&P BSE Capital Goods | 70618.46 | 0.20 | 72009.70 | 68893.50 |
| Nifty 50 | 24450.45 | (-)2.90 | 24807.50 | 24237.20 |
| S&P BSE Sensex | 78918.90 | (-)2.90 | 80102.20 | 78220.50 |
End
Reported by Anshul Choudhary
Edited by Avishek Dutta
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