Investing IdeasBrowse All StocksMarkets
Have your own idea? Try our Stock Screener
Header cover image

Indian (NIFTY) Construction Industry Analysis

UpdatedDec 31, 2025
DataAggregated Company Financials
Companies214
  • 7D-0.5%
  • 3M1.2%
  • 1Y-7.1%
  • YTD-8.6%

Last week, the Construction industry hasn't moved much but Rail Vikas Nigam is up 5.4% in that time. Unfortunately though, the industry is down 7.1% over the past 12 months. Looking forward, earnings are forecast to grow by 17% annually.

Industry Valuation and Performance

Has the Indian Construction Industry valuation changed over the past few years?

DateMarket CapRevenueEarningsPEAbsolute PEPS
Wed, 31 Dec 2025₹10.8t₹6.1t₹491.4b17.7x22x1.8x
Fri, 28 Nov 2025₹11.0t₹6.1t₹405.6b18.8x27.1x1.8x
Sun, 26 Oct 2025₹10.9t₹5.9t₹424.7b21x25.6x1.9x
Tue, 23 Sep 2025₹10.6t₹5.8t₹425.6b20.9x25x1.8x
Thu, 21 Aug 2025₹10.3t₹5.8t₹423.9b20.3x24.3x1.8x
Sat, 19 Jul 2025₹10.4t₹5.7t₹413.4b22.6x25.2x1.8x
Mon, 16 Jun 2025₹10.5t₹5.7t₹411.8b23.2x25.5x1.9x
Wed, 14 May 2025₹9.9t₹5.6t₹412.2b20.6x23.9x1.7x
Fri, 11 Apr 2025₹8.8t₹5.5t₹413.0b19.9x21.3x1.6x
Sun, 09 Mar 2025₹9.2t₹5.5t₹412.9b20.6x22.2x1.7x
Tue, 04 Feb 2025₹9.8t₹5.5t₹409.3b24.1x24x1.8x
Thu, 02 Jan 2025₹11.3t₹5.4t₹334.3b28.1x33.8x2.1x
Sat, 30 Nov 2024₹11.1t₹5.3t₹332.3b25.5x33.3x2.1x
Mon, 28 Oct 2024₹10.0t₹5.0t₹312.0b25.1x32x2x
Wed, 25 Sep 2024₹11.5t₹5.0t₹310.3b29.2x37.2x2.3x
Fri, 23 Aug 2024₹11.3t₹5.0t₹302.1b28.6x37.3x2.3x
Sun, 21 Jul 2024₹11.2t₹4.8t₹283.0b29.4x39.4x2.3x
Tue, 18 Jun 2024₹10.8t₹4.8t₹281.9b27.2x38.1x2.2x
Thu, 16 May 2024₹9.6t₹4.7t₹276.3b26.8x34.6x2x
Sat, 13 Apr 2024₹9.5t₹4.5t₹271.8b26.2x35.1x2.1x
Mon, 11 Mar 2024₹9.1t₹4.5t₹269.9b27.1x33.6x2x
Wed, 07 Feb 2024₹9.0t₹4.5t₹265.8b29.3x33.9x2x
Fri, 05 Jan 2024₹8.2t₹4.4t₹261.9b25.7x31.2x1.9x
Sun, 03 Dec 2023₹7.5t₹4.4t₹261.9b22.9x28.5x1.7x
Tue, 31 Oct 2023₹6.9t₹4.3t₹242.0b22.2x28.4x1.6x
Thu, 28 Sep 2023₹7.1t₹4.3t₹247.2b22.6x28.7x1.6x
Sat, 26 Aug 2023₹6.4t₹4.3t₹244.6b21.2x26x1.5x
Mon, 24 Jul 2023₹6.1t₹4.1t₹233.3b21.1x26.3x1.5x
Wed, 21 Jun 2023₹5.7t₹4.1t₹232.1b20.2x24.5x1.4x
Fri, 19 May 2023₹5.3t₹4.0t₹216.7b21.3x24.4x1.3x
Sun, 16 Apr 2023₹5.2t₹4.0t₹202.9b19.4x25.7x1.3x
Tue, 14 Mar 2023₹5.0t₹4.0t₹202.8b18.5x24.9x1.3x
Thu, 09 Feb 2023₹5.1t₹3.9t₹203.5b19x25x1.3x
Sat, 07 Jan 2023₹5.0t₹3.9t₹192.9b20x26.1x1.3x
Price to Earnings Ratio

26.1x


Total Market Cap: ₹5.0tTotal Earnings: ₹192.9bTotal Revenue: ₹3.9tTotal Market Cap vs Earnings and Revenue0%0%0%
Indian Construction Industry Price to Earnings3Y Average 28.8x20242025
Current Industry PE
  • Investors are pessimistic on the Indian Construction industry, indicating that they anticipate long term growth rates will be lower than they have historically.
  • The industry is trading at a PE ratio of 22.0x which is lower than its 3-year average PE of 28.8x.
  • The industry is trading close to its 3-year average PS ratio of 1.8x.
Past Earnings Growth
  • The earnings for companies in the Construction industry have grown 37% per year over the last three years.
  • Revenues for these companies have grown 16% per year.
  • This means that more sales are being generated by these companies overall, and subsequently their profits are increasing too.

Industry Trends

Which industries have driven the changes within the Indian Industrials industry?

IN Market-0.90%
Industrials-1.37%
Construction-0.55%
Construction and Engineering-0.55%
Industry PEThere are no additional sub-industries under this industry.
Forecasted GrowthThere are no additional sub-industries under this industry.

Top Stock Gainers and Losers

Which companies have driven the market over the last 7 days?

CompanyLast Price7D1YValuation
500510 Larsen & Toubro₹4.08k0.7%
+₹41.7b		11.3%PE35.3x
RVNL Rail Vikas Nigam₹357.253.3%
+₹24.1b		-16.5%PE65.6x
534309 NBCC (India)₹121.754.8%
+₹15.1b		31.0%PE54.8x
IRCON Ircon International₹177.654.1%
+₹6.5b		-18.5%PE27.8x
CEIGALL Ceigall India₹268.826.9%
+₹3.0b		-22.1%PE18.1x

Latest News

GIRIRAJ
₹272.55
Giriraj Civil Developers
7D
21.4%
1Y
-13.4%

Does Giriraj Civil Developers (NSE:GIRIRAJ) Deserve A Spot On Your Watchlist?

Dec 30
Does Giriraj Civil Developers (NSE:GIRIRAJ) Deserve A Spot On Your Watchlist?
TRANSRAILL
₹557.05
Transrail Lighting
7D
-6.3%
1Y
-1.4%

Transrail Lighting (NSE:TRANSRAILL) Looks To Prolong Its Impressive Returns

Dec 30
Transrail Lighting (NSE:TRANSRAILL) Looks To Prolong Its Impressive Returns
RVNL
₹357.25
Rail Vikas Nigam
7D
3.3%
1Y
-16.5%

RVNL: Future Orders Will Struggle To Justify Elevated Share Price

Analysts have nudged their price target on Rail Vikas Nigam higher to Rs 204.0, reflecting slightly stronger assumptions around revenue growth, profit margins and future valuation multiples despite a modestly higher discount rate. What's in the News Received a Letter of Award from North Eastern Railway for construction of the substructure of Important Bridge No. 50 over the river Gandak, a double line project worth about INR 1.65 billion including GST, to be executed in 24 months (company filing).
IRCON
₹177.65
Ircon International
7D
4.1%
1Y
-18.5%
532942
₹162.80
KNR Constructions
7D
-4.9%
1Y
-52.4%

532942: New Hyderabad Flyover Contract Will Drive Undervalued Upside Over Time

Analysts have nudged their price target on KNR Constructions modestly higher to reflect a slightly lower implied discount rate and marginally more favorable valuation multiples, resulting in a revised fair value estimate of ₹196.94 per share. What's in the News A board meeting is scheduled for November 12, 2025, at 14:30 IST to review and approve unaudited standalone and consolidated financial results for the quarter and half year ended September 30, 2025, along with other permissible business (company filing).
TECHNOE
₹1,082.10
Techno Electric & Engineering
7D
-2.1%
1Y
-36.0%

Techno Electric & Engineering (NSE:TECHNOE) Is Experiencing Growth In Returns On Capital

Dec 26
Techno Electric & Engineering (NSE:TECHNOE) Is Experiencing Growth In Returns On Capital
GANESHIN
₹120.50
Ganesh Infraworld
7D
-41.7%
1Y
-23.7%

Ganesh Infraworld (NSE:GANESHIN) Will Want To Turn Around Its Return Trends

Dec 25
Ganesh Infraworld (NSE:GANESHIN) Will Want To Turn Around Its Return Trends
CEIGALL
₹268.82
Ceigall India
7D
6.9%
1Y
-22.1%

Here's Why Ceigall India (NSE:CEIGALL) Has A Meaningful Debt Burden

Dec 25
Here's Why Ceigall India (NSE:CEIGALL) Has A Meaningful Debt Burden
IRB
₹42.05
IRB Infrastructure Developers
7D
-1.0%
1Y
-29.4%

Be Wary Of IRB Infrastructure Developers (NSE:IRB) And Its Returns On Capital

Dec 24
Be Wary Of IRB Infrastructure Developers (NSE:IRB) And Its Returns On Capital
534309
₹121.75
NBCC (India)
7D
4.8%
1Y
31.0%

534309: Jaipur Redevelopment Mandate Will Drive Upside Over Next Thirty Months

Analysts have nudged their price target for NBCC (India) marginally higher to ₹146.0, reflecting fine tuned assumptions around discount rates, revenue growth, profit margins and future valuation multiples that modestly adjust the stock's risk and reward profile. What's in the News Board meeting scheduled on November 13, 2025 at 12:00 IST to review and approve unaudited standalone and consolidated financial results for the quarter and half year ended September 30, 2025 (company filing) Board to consider declaration of a second interim dividend for FY 2025-26, which would indicate potential additional shareholder payout, subject to approval (company filing) Limited review reports on the unaudited financial results for the quarter ended September 30, 2025 to be taken on record, providing external validation of the reported numbers (company filing) Valuation Changes Fair Value: unchanged at ₹146.0 per share, indicating no material shift in the central valuation estimate.
509496
₹788.20
Cemindia Projects
7D
-3.1%
1Y
45.3%

509496: Order Book Expansion And New Auditor Will Shape Balanced Outlook

Analysts have nudged their price target for Cemindia Projects slightly higher to align with modest improvements in discount rate assumptions and long term earnings expectations, while keeping fair value per share broadly unchanged around $862.00. What's in the News Cemindia Projects secured new orders worth 32,580 million in the second quarter of FY26, taking total orders in H1 FY26 to 61,890 million and boosting the order book to 206,460 million as of September 30, 2025 (Key Developments) The company convened a board meeting on October 30, 2025 to review unaudited financial results for the quarter and half year ended September 30, 2025 (Key Developments) At the same October 30, 2025 board meeting, Cemindia Projects approved the elevation of Arnab Das, Joint Executive Vice President and Proposal Head, to senior management effective November 1, 2025 (Key Developments) On November 5, 2025 the statutory auditor, T R Chadha & Co LLP, resigned after submitting the limited review report for the quarter and half year ended September 30, 2025 (Key Developments) Following the resignation, the board approved the appointment of Price Waterhouse Chartered Accountants LLP as new statutory auditors, subject to shareholder approval (Key Developments) Valuation Changes Fair Value: Fair value per share is unchanged at $862.00, indicating no material reassessment of long term intrinsic value.
HGINFRA
₹753.90
H.G. Infra Engineering
7D
-4.6%
1Y
-49.9%

HGINFRA: Upcoming Metro And Road Projects Will Drive Strong Future Upside

Analysts have trimmed their price target on H.G. Infra Engineering from ₹1,987 to about ₹1,809, citing a higher required return on equity, despite slightly stronger revenue growth expectations and broadly stable profit margins and valuation multiples. What's in the News The company, in a joint venture with Kalpataru Projects International, has emerged as the L1 bidder for a 20.5 km elevated metro viaduct under the Thane Integral Ring Metro Project, with a bid value of about INR 14,150 million and a 36 month construction timeline (Key Developments).
VOLTAS
₹1,361.20
Voltas
7D
-2.4%
1Y
-25.5%

VOLTAS: Higher Discount Rate Will Limit Upside Despite Earnings Outlook

Analysts have raised their price target for Voltas from ₹1,035 to ₹1,100, citing expectations of slightly faster revenue growth, modestly improved profit margins, and a marginally higher future valuation multiple, despite a small uptick in the assumed discount rate. What's in the News Board meeting scheduled for November 13, 2025, to review and approve unaudited standalone and consolidated financial results for the quarter and half year ended September 30, 2025, and to consider other business matters (company filing) Valuation Changes The consensus analyst price target and fair value estimate has risen slightly from ₹1,035 to ₹1,100 per share.
500510
₹4,083.10
Larsen & Toubro
7D
0.7%
1Y
11.3%

500510: Defence And Energy Projects Will Support Balanced Medium-Term Prospects

Analysts have modestly raised their fair value estimate for Larsen & Toubro from ₹4,399.97 to ₹4,457.87. This reflects slightly higher confidence in its future earnings multiple and profit margins, despite broadly unchanged growth and discount rate assumptions.
DBL
₹476.80
Dilip Buildcon
7D
2.4%
1Y
4.6%

Dilip Buildcon's (NSE:DBL) Earnings Might Not Be As Promising As They Seem

Nov 21
Dilip Buildcon's (NSE:DBL) Earnings Might Not Be As Promising As They Seem
538562
₹432.90
Skipper
7D
2.3%
1Y
-23.4%