Capital Goods valuations

Capital goods names (LT, SIEMENS, ABB, BHEL, BEL, HAL, plus tier-2 engineering and rail-electrification names) inherit generic-sector defaults. Capex-cycle linked revenue is volatile, so DCF assumptions stay conservative — terminal growth is not lifted above country default. Reverse-DCF on this cohort is the more analyst-meaningful lens; see each ticker's analysis page for the implied-growth read.