Capital Goods Stocks Outlook
May face selling pressure amid risk to margins
This story was originally published at 21:42 IST on 30 April 2026
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MUMBAI – Shares of capital goods companies are likely to face selling pressure next week amid risk to margins being hit due to high crude oil prices. Further, stock-specific actions are likely in the ongoing March quarter earnings season.
Crude oil prices have jumped since the Strait of Hormuz was shut due to the war between the US and Iran. Brent crude oil futures have risen nearly 60% in the last two months to near $115 per barrel. This is likely to lead to higher costs for companies and hit margins in the June quarter, analysts said.
Industry major Larsen & Toubro will announce its earnings for the March quarter on Tuesday. Analysts will closely follow the company's commentary to assess the impact of the US-Iran war on demand and margins. "Its (L&T's) margins (for FY26) which were expected at 8.5%, will likely come at 8.25-8.30%," an analyst with a foreign brokerage had said last week.
Estimates from analysts suggest Larsen & Toubro's consolidated net profit may rise 10% on year to INR 55.23 billion. Its consolidated revenue may rise just over 11% to INR 828.66 billion.
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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 | 352.41 | 4.50 | 362.60 | 336.90 |
| CG Power and Industrial Solutions | 813.35 | (-)1.20 | 834.90 | 793.20 |
| Larsen & Toubro | 4014.00 | (-)0.00 | 4144.70 | 3924.70 |
| Siemens | 3808.20 | (-)0.00 | 3909.90 | 3683.70 |
| Thermax | 4077.60 | 1.80 | 4221.30 | 3850.70 |
| Bharat Electronics | 431.30 | (-)3.00 | 442.70 | 418.80 |
| Index | Levels | |||
| S&P BSE Capital Goods | 77210.23 | 0.20 | 78516.90 | 75754.20 |
| Nifty 50 | 23997.55 | 0.40 | 24251.20 | 23670.00 |
| S&P BSE Sensex | 76913.50 | 0.30 | 77804.40 | 75813.40 |
End
Reported by Anshul Choudhary
Edited by Tanima Banerjee
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