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Indian (NIFTY) Construction Industry Analysis

UpdatedApr 02, 2026
DataAggregated Company Financials
Companies216
  • 7D-1.4%
  • 3M-16.0%
  • 1Y-6.7%
  • YTD-16.0%

Over the last 7 days, the Construction industry has dropped 1.4%, driven by a pullback from Larsen & Toubro of 1.1%. On the other hand IRB Infrastructure Developers is actually up 5.1%. The industry has fallen 6.7% in the last year. As for the next few years, earnings are expected to grow by 18% per annum.

Industry Valuation and Performance

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

DateMarket CapRevenueEarningsPEAbsolute PEPS
Thu, 02 Apr 2026₹9.3t₹6.2t₹471.1b14.1x19.7x1.5x
Sat, 28 Feb 2026₹10.8t₹6.2t₹470.8b15.4x22.8x1.7x
Mon, 26 Jan 2026₹9.8t₹6.1t₹491.4b15.5x20x1.6x
Wed, 24 Dec 2025₹10.9t₹6.1t₹490.8b17.9x22.2x1.8x
Fri, 21 Nov 2025₹11.0t₹6.1t₹406.1b19.1x27.1x1.8x
Sun, 19 Oct 2025₹10.8t₹5.9t₹429.5b20.8x25.1x1.8x
Tue, 16 Sep 2025₹10.5t₹5.8t₹425.0b20.6x24.7x1.8x
Thu, 14 Aug 2025₹10.3t₹5.8t₹426.7b20.1x24.2x1.8x
Sat, 12 Jul 2025₹10.6t₹5.7t₹412.6b22.4x25.7x1.9x
Mon, 09 Jun 2025₹10.7t₹5.7t₹411.7b23.7x26x1.9x
Wed, 07 May 2025₹9.3t₹5.6t₹414.3b20.4x22.4x1.7x
Fri, 04 Apr 2025₹9.6t₹5.5t₹413.0b21x23.3x1.7x
Sun, 02 Mar 2025₹8.8t₹5.5t₹412.9b20.1x21.4x1.6x
Tue, 28 Jan 2025₹10.0t₹5.4t₹337.8b24.6x29.7x1.9x
Thu, 26 Dec 2024₹11.1t₹5.4t₹334.4b27.9x33.2x2.1x
Sat, 23 Nov 2024₹10.6t₹5.3t₹332.0b25.6x31.9x2x
Mon, 21 Oct 2024₹11.0t₹5.0t₹311.4b28.3x35.3x2.2x
Wed, 18 Sep 2024₹11.4t₹5.0t₹310.1b28.4x36.7x2.3x
Fri, 16 Aug 2024₹10.9t₹5.0t₹301.4b28.3x36.2x2.2x
Sun, 14 Jul 2024₹11.4t₹4.8t₹282.1b31.2x40.5x2.4x
Tue, 11 Jun 2024₹10.3t₹4.8t₹281.5b25.6x36.5x2.1x
Thu, 09 May 2024₹9.6t₹4.6t₹271.0b26.9x35.6x2.1x
Sat, 06 Apr 2024₹9.6t₹4.5t₹271.4b27.9x35.5x2.1x
Mon, 04 Mar 2024₹9.2t₹4.5t₹269.9b27.3x34x2x
Wed, 31 Jan 2024₹9.1t₹4.4t₹262.4b26.6x34.8x2.1x
Fri, 29 Dec 2023₹8.1t₹4.4t₹261.9b23.3x31x1.8x
Sun, 26 Nov 2023₹7.3t₹4.4t₹261.9b22.4x27.7x1.6x
Tue, 24 Oct 2023₹6.9t₹4.3t₹241.8b22.5x28.5x1.6x
Thu, 21 Sep 2023₹7.0t₹4.3t₹247.1b22.7x28.3x1.6x
Sat, 19 Aug 2023₹6.3t₹4.3t₹245.4b20.5x25.8x1.5x
Mon, 17 Jul 2023₹5.9t₹4.1t₹233.3b20.7x25.3x1.4x
Wed, 14 Jun 2023₹5.6t₹4.1t₹231.6b19.7x24.3x1.4x
Fri, 12 May 2023₹5.4t₹4.0t₹216.3b20.3x24.9x1.3x
Sun, 09 Apr 2023₹5.2t₹4.0t₹202.9b19.1x25.8x1.3x
Price to Earnings Ratio

25.8x


Total Market Cap: ₹5.2tTotal Earnings: ₹202.9bTotal Revenue: ₹4.0tTotal Market Cap vs Earnings and Revenue0%0%0%
Indian Construction Industry Price to Earnings3Y Average 28.5x202420252026
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 19.7x which is lower than its 3-year average PE of 28.5x.
  • The 3-year average PS ratio of 1.8x is higher than the industry's current PS ratio of 1.5x.
Past Earnings Growth
  • The earnings for companies in the Construction industry have grown 32% 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-2.14%
Industrials-1.67%
Construction-1.43%
Construction and Engineering-1.43%
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
IRB IRB Infrastructure Developers₹21.806.0%
+₹14.9b		-8.4%PE34.2x
532395 AXISCADES Technologies₹1.64k17.0%
+₹10.1b		78.0%PE68x
EIEL Enviro Infra Engineers₹168.1214.6%
+₹3.8b		-24.8%PE14.4x
ENGINERSIN Engineers India₹200.552.3%
+₹2.6b		20.3%PE14.5x
ORIANA Oriana Power₹1.81k6.8%
+₹2.3b		23.9%PE15.9x

Latest News

532395
₹1,635.35
AXISCADES Technologies
7D
17.0%
1Y
78.0%
KEC
₹529.50
KEC International
7D
-3.7%
1Y
-27.1%
EIEL
₹168.12
Enviro Infra Engineers
7D
14.6%
1Y
-24.8%
ENGINERSIN
₹200.55
Engineers India
7D
2.3%
1Y
20.3%
IRB
₹21.80
IRB Infrastructure Developers
7D
6.0%
1Y
-8.4%

IRB: Bonus Shares And Dividend Plans Will Shape Measured Future Outlook

Analysts have reduced their price target on IRB Infrastructure Developers from ₹52.00 to ₹24.00, citing updated assumptions on revenue growth, profit margins and future P/E that together reflect a more conservative view of fair value. What's in the News Board meeting scheduled for Feb 13, 2026 to review consolidated and standalone unaudited financial results for the quarter and nine months ended Dec 31, 2025, and to consider a 3rd interim dividend for FY 2025-26, if any, along with a proposal to issue bonus equity shares subject to approvals (Board Meeting).
VOLTAS
₹1,235.40
Voltas
7D
-9.7%
1Y
-8.6%

VOLTAS: Upcoming Results Will Confirm Stronger Margins And Supportive Earnings Multiple

Analysts have revised their fair value estimate for Voltas to ₹1,432.89 from ₹1,407.59, reflecting updated views on the discount rate, revenue growth, profit margins and future P/E assumptions. What's in the News A board meeting is scheduled on January 29, 2026 to consider and approve the unaudited financial results for the quarter and nine months ended December 31, 2025 (company filing).
543971
₹281.10
Bondada Engineering
7D
6.9%
1Y
-35.2%
GRINFRA
₹844.25
G R Infraprojects
7D
2.5%
1Y
-21.7%

GRINFRA: Railway Contract And Interim Dividend Will Support Bullish Outlook

Analysts have kept their price target for G R Infraprojects unchanged at ₹1,373.75. The slight adjustment in discount rate and forward P/E reflects updated assumptions in their valuation framework rather than a shift in their overall view of the stock.
ORIANA
₹1,811.40
Oriana Power
7D
6.8%
1Y
23.9%
RVNL
₹260.66
Rail Vikas Nigam
7D
-3.0%
1Y
-27.5%

RVNL: New Joint Venture And Order Wins Will Support Upside Potential

Analysts have kept their fair value estimate for Rail Vikas Nigam steady at ₹334.00, reflecting only small tweaks in assumptions such as a slightly different discount rate, modestly adjusted revenue growth expectations, profit margin outlook, and future P/E inputs. What's in the News Texmaco Rail & Engineering and Rail Vikas Nigam signed a joint venture shareholders' agreement, with Texmaco holding a 49% stake and RVNL retaining majority ownership, to pursue rolling stock, maintenance, and large EPC and turnkey rail projects in India and overseas markets (Strategic Alliances).
TECHNOE
₹1,049.40
Techno Electric & Engineering
7D
-3.0%
1Y
3.3%
500510
₹3,613.75
Larsen & Toubro
7D
-1.0%
1Y
5.7%

500510: New Infrastructure And AI Factory Orders Will Drive Future Upside

The analyst price target for Larsen & Toubro has been adjusted slightly lower from ₹4,604 to ₹4,544 as analysts factor in modest changes to the discount rate, revenue growth, profit margin and future P/E assumptions. What's in the News L&T is part of a Deed of Novation with Malaysia Marine and Heavy Engineering and TenneT for offshore substation subcontracts, with the scope revised to exclude one topside while keeping Malaysia Marine and Heavy Engineering responsible for its existing obligations (Client announcement, Mar 4, 2026).
532942
₹121.20
KNR Constructions
7D
5.0%
1Y
-48.2%

532942: New Corridor Awards And SPV Setup Will Support Future Upside Potential

Analysts now see fair value for KNR Constructions at about ₹227 compared with the previous ₹277, reflecting updated views on the discount rate, revenue growth, profit margin and future P/E assumptions. What's in the News KNR Constructions received a Letter of Acceptance from Greater Hyderabad Municipal Corporation for constructing a 4 lane unidirectional flyover at Rasoolpura in Telangana on an EPC/turnkey basis, with a contract value of ₹504,725,400 million excluding GST and a 24 month construction period (Key Developments).
GMRP&UI
₹98.80
GMR Power And Urban Infra
7D
-3.1%
1Y
-17.7%
509496
₹540.05
Cemindia Projects
7D
-3.4%
1Y
-3.6%

509496: Upcoming Results And Governance Actions Will Support Future Upside

Analysts have held their fair value estimate for Cemindia Projects at ₹805, with modest tweaks to assumptions around discount rate, revenue growth, profit margin and future P/E feeding into this steady price target. What's in the News Board meeting scheduled on Feb 05, 2026 at 15:07 IST to review and approve unaudited standalone and consolidated financial results for the quarter and nine months ended Dec 31, 2025 (company filing).
534309
₹83.02
NBCC (India)
7D
-1.8%
1Y
-1.6%

534309: Dividend Stream And Stable Outlook Will Support Further Upside

Analysts have kept their price target for NBCC (India) steady at ₹139, citing largely unchanged assumptions around fair value, revenue growth, profit margin and future P/E, with only minor tweaks to the discount rate and valuation inputs. What's in the News The board meeting on February 18, 2026 considered and declared a 3rd interim dividend for FY 2025-26 for equity shareholders.