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Indian (NIFTY) Construction Industry Analysis

UpdatedJul 02, 2026
DataAggregated Company Financials
Companies222
  • 7D-1.6%
  • 3M14.3%
  • 1Y-2.9%
  • YTD-3.6%

Over the last 7 days, the Construction industry has dropped 1.4%, driven by Larsen & Toubro declining 2.1%. On the other hand Cemindia Projects is actually up 12%. However, the industry is down 3.7% over the past year. As for the next few years, earnings are expected to grow by 17% per annum.

Industry Valuation and Performance

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

DateMarket CapRevenueEarningsPEAbsolute PEPS
Thu, 02 Jul 2026₹10.7t₹6.3t₹486.0b15.2x21.9x1.7x
Sat, 30 May 2026₹10.5t₹6.3t₹488.1b15.1x21.5x1.7x
Mon, 27 Apr 2026₹10.6t₹6.2t₹473.0b16.2x22.3x1.7x
Wed, 25 Mar 2026₹9.1t₹6.2t₹470.8b14x19.3x1.5x
Fri, 20 Feb 2026₹10.8t₹6.2t₹471.7b15.9x22.9x1.7x
Sun, 18 Jan 2026₹10.3t₹6.1t₹491.4b16.7x20.9x1.7x
Tue, 16 Dec 2025₹10.8t₹6.1t₹490.7b18.4x22.1x1.8x
Thu, 13 Nov 2025₹10.8t₹6.0t₹402.3b19.3x27x1.8x
Sat, 11 Oct 2025₹10.8t₹5.9t₹429.1b20.8x25.2x1.8x
Mon, 08 Sep 2025₹10.3t₹5.8t₹424.4b20.6x24.2x1.8x
Wed, 06 Aug 2025₹10.4t₹5.8t₹427.1b20.2x24.4x1.8x
Fri, 04 Jul 2025₹10.6t₹5.7t₹412.5b22.8x25.7x1.9x
Sun, 01 Jun 2025₹10.6t₹5.7t₹410.9b22.2x25.7x1.9x
Tue, 29 Apr 2025₹9.5t₹5.6t₹413.9b21.1x22.9x1.7x
Thu, 27 Mar 2025₹9.7t₹5.5t₹412.9b19.4x23.5x1.7x
Sat, 22 Feb 2025₹9.4t₹5.5t₹412.9b20.9x22.7x1.7x
Mon, 20 Jan 2025₹10.8t₹5.4t₹337.9b27.2x31.9x2x
Wed, 18 Dec 2024₹11.6t₹5.3t₹332.9b28.3x34.8x2.2x
Fri, 15 Nov 2024₹10.5t₹5.3t₹331.2b26x31.6x2x
Sun, 13 Oct 2024₹10.9t₹5.0t₹310.4b29x35x2.2x
Tue, 10 Sep 2024₹11.2t₹5.0t₹310.2b28.4x36.1x2.2x
Thu, 08 Aug 2024₹11.1t₹4.9t₹288.5b27.8x38.4x2.2x
Sat, 06 Jul 2024₹11.0t₹4.8t₹281.9b31x39.1x2.3x
Mon, 03 Jun 2024₹10.3t₹4.8t₹281.1b25.4x36.7x2.1x
Wed, 01 May 2024₹9.9t₹4.6t₹269.7b28.9x36.6x2.2x
Fri, 29 Mar 2024₹9.1t₹4.5t₹270.5b24.6x33.8x2x
Sun, 25 Feb 2024₹8.9t₹4.5t₹269.8b26.8x32.9x2x
Tue, 23 Jan 2024₹9.0t₹4.4t₹262.1b27.3x34.2x2x
Thu, 21 Dec 2023₹7.9t₹4.4t₹261.9b23.4x30x1.8x
Sat, 18 Nov 2023₹7.3t₹4.4t₹261.7b22.6x28x1.7x
Mon, 16 Oct 2023₹7.2t₹4.2t₹241.0b23x29.8x1.7x
Wed, 13 Sep 2023₹7.1t₹4.3t₹246.2b22.3x28.7x1.6x
Fri, 11 Aug 2023₹6.4t₹4.3t₹243.6b20.7x26.2x1.5x
Sun, 09 Jul 2023₹5.8t₹4.1t₹233.3b20.3x25x1.4x
Price to Earnings Ratio

25x


Total Market Cap: ₹5.8tTotal Earnings: ₹233.3bTotal Revenue: ₹4.1tTotal Market Cap vs Earnings and Revenue0%0%0%
Indian Construction Industry Price to Earnings3Y Average 28.2x202420252026
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 28.2x.
  • 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 28% 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-0.058%
Industrials0.17%
Construction-1.60%
Construction and Engineering-1.60%
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
509496 Cemindia Projects₹1.43k17.8%
+₹37.1b		57.5%PE41.1x
WELENT Welspun Enterprises₹612.257.0%
+₹5.4b		14.6%PE23.1x
538562 Skipper₹566.206.5%
+₹3.9b		14.5%PE30x
PACEDIGITK Pace Digitek₹213.296.6%
+₹2.9b		n/aPE15.5x
IRB IRB Infrastructure Developers₹21.421.1%
+₹2.8b		-13.5%PE30.4x

Latest News

509496
₹1,431.00
Cemindia Projects
7D
17.8%
1Y
57.5%
IRB
₹21.42
IRB Infrastructure Developers
7D
1.1%
1Y
-13.5%
VOLTAS
₹1,290.60
Voltas
7D
-0.9%
1Y
-5.6%
538562
₹566.20
Skipper
7D
6.5%
1Y
14.5%
Narrative Update • Jun 28

538562: Private Placement And New Orders Will Shape A Balanced Outlook

Analysts have trimmed their price target for Skipper from ₹647 to ₹570. Updated assumptions point to a slightly higher discount rate, more measured revenue growth, and a lower future P/E multiple, partly offset by a modestly stronger profit margin outlook.
DBL
₹437.30
Dilip Buildcon
7D
-4.9%
1Y
-13.7%
Narrative Update • Jun 26

DBL: New Water EPC Awards Will Support Future Cash Flows

Analysts have raised their fair value estimate for Dilip Buildcon to ₹540.20 from ₹527.17, citing updated assumptions that reflect changes to the discount rate, the outlook for revenue growth, profit margin expectations, and a lower future P/E multiple in their models. What’s in the News for Dilip Buildcon Dilip Buildcon, through the DBL RBL joint venture, received a letter of award from the Narmada Water Resources Water Supply & Kalpasar Department, Government of Gujarat, for Engineering, Procurement and Construction work on the Ged Barrage project across the Sabarmati River, with an order value of ₹2,680 million, a 24-month completion period, and 10 years of operation and maintenance.
532309
₹922.30
GE Power India
7D
-6.6%
1Y
198.6%
PSPPROJECT
₹1,034.40
PSP Projects
7D
4.7%
1Y
31.6%
Narrative Update • Jun 24

PSPPROJECT: Board Review And Revised Assumptions Will Shape Balanced Future Outlook

The analyst price target for PSP Projects has been revised from ₹1,028 to ₹956 as analysts now apply lower revenue growth and profit margin assumptions, along with a higher future P/E multiple in their valuation work. What’s in the News for PSP Projects PSP Projects scheduled a Board meeting on April 30, 2026 to consider and approve the audited standalone and consolidated financial results and statements for the quarter and year ended March 31, 2026.
500510
₹4,060.35
Larsen & Toubro
7D
-3.8%
1Y
13.3%
Narrative Update • Jun 23

500510: Defence Energy And Electronics Orders Will Support Measured Future Earnings Potential

Analysts have modestly raised their price target for Larsen & Toubro to ₹4,513.81 from ₹4,498, reflecting small adjustments to fair value, discount rate, revenue growth, profit margin and future P/E assumptions in their models. What’s in the News for Larsen & Toubro Larsen & Toubro entered a collaboration with Exail to supply an Unmanned Mine Counter Measure Suite for the Indian Navy’s planned 12 Mine Counter Measure Vessels.
ENGINERSIN
₹234.21
Engineers India
7D
-7.0%
1Y
-0.2%
Narrative Update • Jun 23

ENGINERSIN: Steady Fair Value And Dividend Outlook Will Shape Future Returns

Analysts have kept their fair value estimate for Engineers India steady at ₹269.8, with only minor adjustments to inputs such as discount rate, revenue growth, profit margin and future P/E assumptions informing the updated price target view. What's in the News Board meeting of Engineers India scheduled for May 21, 2026, to consider and approve the audited standalone and consolidated financial results for the quarter and year ended March 31, 2026, as per company filing.
RVNL
₹236.85
Rail Vikas Nigam
7D
-1.7%
1Y
-39.4%
Narrative Update • Jun 23

RVNL: Merger Overhang Will Drive Lower Margins Despite New Orders

Analysts have revised their fair value estimate for Rail Vikas Nigam to ₹184.50 from ₹240.33, reflecting updated assumptions on the discount rate, revenue growth, profit margins, and future P/E expectations. What’s in the News for Rail Vikas Nigam Rail Vikas Nigam received a Letter of Award from NMDC for setting up buffer stockpiles and a blending yard with 10 MTPA handling capacity at Vizag, Andhra Pradesh.
513269
₹595.30
Man Industries (India)
7D
4.6%
1Y
35.4%
PRAJIND
₹359.90
Praj Industries
7D
3.2%
1Y
-27.6%
Narrative Update • Jun 18

PRAJIND: Fermentation Lab And Governance Moves Will Support Future Cash Flows

Analysts have kept the fair value estimate for Praj Industries steady at ₹367.29 per share. Only slight adjustments to underlying assumptions around the discount rate, revenue growth and future P/E inform this unchanged price target.
KEC
₹515.30
KEC International
7D
-2.4%
1Y
-42.8%
Narrative Update • Jun 18

KEC: Strong Order Wins And Steady Assumptions Will Support Share Price

Analysts have kept their price target for KEC International broadly steady around ₹590, citing only marginal tweaks to the discount rate, revenue growth, profit margin and future P/E assumptions in their valuation work. What’s in the News for KEC International KEC International announced new orders worth ₹13,030 million across businesses, including Transmission & Distribution projects in India and the Americas, a civil order for an automobile press shop in Northern India, a 150+ MW wind project in Western India, and various cables and conductors orders in India and overseas.
534309
₹103.05
NBCC (India)
7D
-3.7%
1Y
-12.3%
Narrative Update • Jun 11

534309: Rajasthan Mandapam Project Will Drive Future Upside Under Self Financing Model

Analysts have kept the fair value estimate for NBCC (India) steady at ₹139, pointing to only small model adjustments in discount rate, revenue growth, profit margin and future P/E assumptions rather than a shift in the overall thesis. What's in the News A board meeting is scheduled for May 25, 2026 to consider audited standalone and consolidated financial results for the quarter and year ended March 31, 2026, and to decide on a final dividend recommendation for FY 2025-26.
PACEDIGITK
₹213.29
Pace Digitek
7D
6.6%
1Y
n/a
Analysis Article • Jun 08

Pace Digitek's (NSE:PACEDIGITK) Profits May Not Reveal Underlying Issues

Pace Digitek Limited's ( NSE:PACEDIGITK ) robust recent earnings didn't do much to move the stock. We believe that...
WELENT
₹612.25
Welspun Enterprises
7D
7.0%
1Y
14.6%