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Indian (NIFTY) Construction Industry Analysis

UpdatedMay 17, 2026
DataAggregated Company Financials
Companies219
  • 7D-3.8%
  • 3M-3.7%
  • 1Y-3.8%
  • YTD-6.9%

Over the last 7 days, the Construction industry has dropped 3.8%, driven by a pullback from Larsen & Toubro of 1.7%. In contrast, GMR Power And Urban Infra has gained 5.2%. The industry has fallen 3.8% in the last year. Earnings are forecast to grow by 16% annually.

Industry Valuation and Performance

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

DateMarket CapRevenueEarningsPEAbsolute PEPS
Sun, 17 May 2026₹10.3t₹6.3t₹501.7b16.1x20.5x1.6x
Tue, 14 Apr 2026₹10.1t₹6.2t₹471.2b15.1x21.4x1.6x
Thu, 12 Mar 2026₹9.9t₹6.2t₹470.7b14.8x20.9x1.6x
Sat, 07 Feb 2026₹10.5t₹6.2t₹517.5b16.5x20.2x1.7x
Mon, 05 Jan 2026₹11.1t₹6.1t₹490.8b18.1x22.6x1.8x
Wed, 03 Dec 2025₹10.8t₹6.1t₹439.1b18.7x24.7x1.8x
Fri, 31 Oct 2025₹11.1t₹6.0t₹433.0b20.8x25.7x1.9x
Sun, 28 Sep 2025₹10.5t₹5.8t₹425.7b20.5x24.6x1.8x
Tue, 26 Aug 2025₹10.3t₹5.8t₹423.9b20x24.3x1.8x
Thu, 24 Jul 2025₹10.4t₹5.7t₹413.7b22.4x25.2x1.8x
Sat, 21 Jun 2025₹10.5t₹5.7t₹411.8b22.7x25.6x1.9x
Mon, 19 May 2025₹10.3t₹5.7t₹415.0b21.6x24.8x1.8x
Wed, 16 Apr 2025₹9.3t₹5.5t₹413.0b21.2x22.6x1.7x
Fri, 14 Mar 2025₹8.9t₹5.5t₹412.9b19.1x21.5x1.6x
Sun, 09 Feb 2025₹9.9t₹5.5t₹409.0b24.1x24.2x1.8x
Tue, 07 Jan 2025₹11.0t₹5.4t₹334.3b27.8x32.8x2x
Thu, 05 Dec 2024₹11.4t₹5.3t₹332.6b26.3x34.2x2.1x
Sat, 02 Nov 2024₹11.1t₹5.3t₹326.0b27.2x33.9x2.1x
Mon, 30 Sep 2024₹11.4t₹5.0t₹310.3b29.5x36.8x2.3x
Wed, 28 Aug 2024₹11.5t₹5.0t₹303.4b29.4x37.9x2.3x
Fri, 26 Jul 2024₹11.2t₹4.9t₹286.0b29.9x39x2.3x
Sun, 23 Jun 2024₹10.6t₹4.8t₹281.9b28.3x37.5x2.2x
Tue, 21 May 2024₹9.8t₹4.8t₹278.9b27.4x35.2x2.1x
Thu, 18 Apr 2024₹9.3t₹4.5t₹271.8b26.5x34.2x2x
Sat, 16 Mar 2024₹8.6t₹4.5t₹270.0b24.7x32x1.9x
Mon, 12 Feb 2024₹8.7t₹4.5t₹267.9b27.9x32.5x1.9x
Wed, 10 Jan 2024₹8.3t₹4.4t₹262.0b25.5x31.8x1.9x
Fri, 08 Dec 2023₹7.8t₹4.4t₹262.0b23.8x29.8x1.8x
Sun, 05 Nov 2023₹6.9t₹4.4t₹252.9b21.8x27.1x1.6x
Tue, 03 Oct 2023₹7.1t₹4.3t₹247.9b22x28.7x1.6x
Thu, 31 Aug 2023₹6.6t₹4.3t₹245.2b21.7x26.7x1.5x
Sat, 29 Jul 2023₹6.2t₹4.2t₹241.9b21.5x25.8x1.5x
Mon, 26 Jun 2023₹5.7t₹4.1t₹233.3b19.6x24.3x1.4x
Wed, 24 May 2023₹5.3t₹4.1t₹218.3b19.5x24.2x1.3x
Price to Earnings Ratio

24.2x


Total Market Cap: ₹5.3tTotal Earnings: ₹218.3bTotal Revenue: ₹4.1tTotal Market Cap vs Earnings and Revenue0%0%0%
Indian Construction Industry Price to Earnings3Y Average 28.3x202420252026
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 20.5x which is lower than its 3-year average PE of 28.3x.
  • The 3-year average PS ratio of 1.8x is higher than the industry's current PS ratio of 1.6x.
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-2.79%
Industrials-3.55%
Construction-3.77%
Construction and Engineering-3.77%
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
GMRP&UI GMR Power And Urban Infra₹113.905.2%
+₹4.4b		-10.7%PE10.4x
532309 GE Power India₹695.607.1%
+₹3.1b		179.7%PE14.5x
513269 Man Industries (India)₹559.655.8%
+₹2.3b		68.6%PE22.4x
APEXECO Apex Ecotech₹207.5019.2%
+₹440.4m		106.3%PE16.1x
544504 Goel Construction₹352.856.9%
+₹330.2m		n/aPE13.3x

Latest News

VOLTAS
₹1,230.70
Voltas
7D
-7.1%
1Y
-2.4%
Analysis Article • 18h

Voltas Limited Just Missed Earnings - But Analysts Have Updated Their Models

Shareholders might have noticed that Voltas Limited ( NSE:VOLTAS ) filed its yearly result this time last week. The...
IRCON
₹142.64
Ircon International
7D
-9.9%
1Y
-24.5%
Narrative Update • May 15

IRCON: Proposed RVNL Merger And Board Actions Will Shape Steady Outlook

Analysts kept their fair value estimate for Ircon International steady at ₹146, while slightly adjusting assumptions such as discount rate and forward P/E. They are using these updated inputs to refine how they see the stock's risk and earnings profile rather than to shift the headline valuation.
IRB
₹20.30
IRB Infrastructure Developers
7D
-5.2%
1Y
-20.7%
509496
₹898.90
Cemindia Projects
7D
-6.0%
1Y
37.5%
505368
₹399.80
Semac Construction
7D
24.9%
1Y
14.2%
544746
₹102.19
Safety Controls & Devices
7D
15.7%
1Y
n/a
532309
₹695.60
GE Power India
7D
7.1%
1Y
179.7%
OMPOWER
₹184.75
Om Power Transmission
7D
3.5%
1Y
n/a
GMRP&UI
₹113.90
GMR Power And Urban Infra
7D
5.2%
1Y
-10.7%
Analysis Article • May 14

Should You Think About Buying GMR Power And Urban Infra Limited (NSE:GMRP&UI) Now?

While GMR Power And Urban Infra Limited ( NSE:GMRP&UI ) might not have the largest market cap around , it saw a decent...
534309
₹93.94
NBCC (India)
7D
-6.6%
1Y
-15.5%
APEXECO
₹207.50
Apex Ecotech
7D
19.2%
1Y
106.3%
Analysis Article • May 10

If EPS Growth Is Important To You, Apex Ecotech (NSE:APEXECO) Presents An Opportunity

Investors are often guided by the idea of discovering 'the next big thing', even if that means buying 'story stocks...
RVNL
₹283.00
Rail Vikas Nigam
7D
-7.2%
1Y
-30.9%
Narrative Update • May 10

RVNL: New Rail Orders And Joint Venture Will Shape Balanced Outlook

Analysts have kept their fair value estimate for Rail Vikas Nigam steady at ₹334.0 per share, citing offsetting shifts in assumptions around discount rate, revenue growth, profit margin and future P/E that together support an unchanged price target. What's in the News Board meeting scheduled on May 21, 2026 to review and approve audited standalone and consolidated financial results for the quarter and year ended March 31, 2026, and to consider a final dividend for FY 2025-26, subject to shareholder approval at the AGM (Board Meeting).
544504
₹352.85
Goel Construction
7D
6.9%
1Y
n/a
KEC
₹548.55
KEC International
7D
-8.3%
1Y
-31.5%
500510
₹3,907.50
Larsen & Toubro
7D
-1.7%
1Y
8.4%
513269
₹559.65
Man Industries (India)
7D
5.8%
1Y
68.6%
Narrative Update • Apr 28

513269: Saudi And Jammu Projects And New Guarantee Will Shape Balanced Outlook

Analysts have maintained their fair value estimate for Man Industries (India) at ₹535, making only small adjustments to assumptions such as discount rate, revenue growth, profit margin and future P/E, which together still result in the same price target. What's in the News Board meeting scheduled on Apr 22, 2026, at 21:30 IST to consider and approve a corporate guarantee of US$70m in favour of lenders of Man International Steel Industries Company, a wholly owned subsidiary (Key Developments).