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Indian (NIFTY) Construction Industry Analysis

UpdatedFeb 15, 2026
DataAggregated Company Financials
Companies215
  • 7D1.9%
  • 3M-3.5%
  • 1Y11.8%
  • YTD-3.3%

Over the last 7 days, the Construction industry has risen 1.9%, driven by gains from Larsen & Toubro of 2.6%. This takes the industry's 12 month performance to a gain of 12%. As for the next few years, earnings are expected to grow by 16% per annum.

Industry Valuation and Performance

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

DateMarket CapRevenueEarningsPEAbsolute PEPS
Sun, 15 Feb 2026₹10.7t₹6.2t₹526.1b16.3x20.3x1.7x
Tue, 13 Jan 2026₹10.5t₹6.1t₹490.8b16.9x21.5x1.7x
Thu, 11 Dec 2025₹10.6t₹6.1t₹490.7b17.7x21.5x1.7x
Sat, 08 Nov 2025₹10.8t₹6.0t₹434.4b20x24.8x1.8x
Mon, 06 Oct 2025₹10.7t₹5.9t₹428.3b20.7x24.9x1.8x
Wed, 03 Sep 2025₹10.3t₹5.8t₹425.0b20.9x24.2x1.8x
Fri, 01 Aug 2025₹10.4t₹5.8t₹425.0b20.9x24.5x1.8x
Sun, 29 Jun 2025₹10.7t₹5.7t₹412.3b22.4x26.1x1.9x
Tue, 27 May 2025₹10.4t₹5.7t₹415.2b21.9x25.1x1.8x
Thu, 24 Apr 2025₹9.6t₹5.5t₹413.4b21.8x23.2x1.7x
Sat, 22 Mar 2025₹9.6t₹5.5t₹412.9b20x23.3x1.7x
Mon, 17 Feb 2025₹9.2t₹5.5t₹413.0b20.8x22.3x1.7x
Wed, 15 Jan 2025₹10.4t₹5.4t₹337.1b27.2x30.9x1.9x
Fri, 13 Dec 2024₹11.6t₹5.3t₹332.9b28.1x35x2.2x
Sun, 10 Nov 2024₹11.0t₹5.3t₹325.6b27.6x33.8x2.1x
Tue, 08 Oct 2024₹10.7t₹5.0t₹310.4b26.8x34.4x2.1x
Thu, 05 Sep 2024₹11.4t₹5.0t₹310.3b29x36.9x2.3x
Sat, 03 Aug 2024₹11.3t₹4.9t₹285.9b29.4x39.4x2.3x
Mon, 01 Jul 2024₹10.6t₹4.8t₹281.9b29.3x37.5x2.2x
Wed, 29 May 2024₹10.3t₹4.8t₹286.2b26.3x35.8x2.1x
Fri, 26 Apr 2024₹9.9t₹4.6t₹269.7b29.5x36.8x2.2x
Sun, 24 Mar 2024₹8.9t₹4.5t₹270.5b25.2x32.8x2x
Tue, 20 Feb 2024₹8.8t₹4.5t₹269.8b28.2x32.5x1.9x
Thu, 18 Jan 2024₹8.6t₹4.4t₹262.1b25.9x32.7x1.9x
Sat, 16 Dec 2023₹8.0t₹4.4t₹261.9b23.6x30.7x1.8x
Mon, 13 Nov 2023₹7.1t₹4.4t₹260.3b21.9x27.2x1.6x
Wed, 11 Oct 2023₹7.2t₹4.3t₹248.1b22.9x29.1x1.7x
Fri, 08 Sep 2023₹6.9t₹4.3t₹246.2b23.2x28.2x1.6x
Sun, 06 Aug 2023₹6.3t₹4.2t₹242.9b20.4x26x1.5x
Tue, 04 Jul 2023₹5.8t₹4.1t₹233.3b20.2x24.8x1.4x
Thu, 01 Jun 2023₹5.4t₹4.1t₹218.6b19.6x24.6x1.3x
Sat, 29 Apr 2023₹5.4t₹4.0t₹211.3b19.8x25.7x1.4x
Mon, 27 Mar 2023₹5.0t₹4.0t₹202.8b18.5x24.7x1.3x
Wed, 22 Feb 2023₹5.0t₹4.0t₹202.8b17.7x24.8x1.3x
Price to Earnings Ratio

24.8x


Total Market Cap: ₹5.0tTotal Earnings: ₹202.8bTotal Revenue: ₹4.0tTotal Market Cap vs Earnings and Revenue0%0%0%
Indian Construction Industry Price to Earnings3Y Average 28.6x202420252026
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 20.3x which is lower than its 3-year average PE of 28.6x.
  • 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-0.39%
Industrials0.50%
Construction1.90%
Construction and Engineering1.90%
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₹4.17k2.6%
+₹144.7b		28.9%PE33.5x
VOLTAS Voltas₹1.53k6.3%
+₹29.9b		25.7%PE100.8x
ENGINERSIN Engineers India₹201.6717.7%
+₹17.0b		25.7%PE14.6x
532395 AXISCADES Technologies₹1.43k27.0%
+₹12.9b		98.3%PE59.3x
532309 GE Power India₹479.9044.5%
+₹9.9b		103.3%PE34.1x

Latest News

ENGINERSIN
₹201.67
Engineers India
7D
17.7%
1Y
25.7%

Revenue Beat: Engineers India Limited Beat Analyst Estimates By 27%

Feb 15
Revenue Beat: Engineers India Limited Beat Analyst Estimates By 27%
GMRP&UI
₹102.41
GMR Power And Urban Infra
7D
-6.5%
1Y
-0.5%
PNCINFRA
₹215.09
PNC Infratech
7D
-6.0%
1Y
-19.2%
532309
₹479.90
GE Power India
7D
44.5%
1Y
103.3%
DBL
₹431.60
Dilip Buildcon
7D
-5.2%
1Y
9.7%
509496
₹602.30
Cemindia Projects
7D
-5.1%
1Y
14.7%
505504
₹289.20
GHV Infra Projects
7D
27.2%
1Y
729.6%
532395
₹1,425.85
AXISCADES Technologies
7D
27.0%
1Y
98.3%
513269
₹423.90
Man Industries (India)
7D
16.7%
1Y
65.7%
RVNL
₹308.95
Rail Vikas Nigam
7D
-1.6%
1Y
-14.2%

RVNL: Lower Margin Outlook Will Outweigh New Project Awards

Analysts have trimmed their fair value estimate for Rail Vikas Nigam to ₹240.33 from ₹272.00, citing updated assumptions for discount rate, revenue growth, profit margin and future P/E that collectively point to a more conservative outlook on the stock's valuation inputs. What's in the News A board meeting is scheduled for 5 Feb 2026 to review the unaudited standalone and consolidated results for the quarter and nine months ended 31 Dec 2025, and to consider an interim dividend for FY 2025-26 along with fixing the record date for eligible shareholders (company filing).
500294
₹151.85
NCC
7D
-3.1%
1Y
-19.1%

500294: Medical College And Water Orders Will Support Future Performance

Analysts have reduced their price target on NCC from $235.67 to $228.00. This reflects updated assumptions around discount rates, revenue growth, margins and future P/E that they see as better aligned with current conditions.
IRB
₹44.02
IRB Infrastructure Developers
7D
2.0%
1Y
-7.1%

Is IRB Infrastructure Developers (NSE:IRB) Using Too Much Debt?

Feb 08
Is IRB Infrastructure Developers (NSE:IRB) Using Too Much Debt?
500510
₹4,172.90
Larsen & Toubro
7D
2.6%
1Y
28.9%

500510: New Mega Infrastructure Orders Will Support Stronger Medium Term Prospects

Analysts have lifted their price target for Larsen & Toubro to ₹4,598.90 from ₹4,538.27, citing updated assumptions around slightly higher revenue growth, a small improvement in profit margins, a lower discount rate and a modestly lower future P/E multiple. What's in the News L&T's Heavy Civil Infrastructure business won a contract from the Royal Commission of Riyadh City for design and turnkey construction of an 8.4 km extension of the Riyadh Metro Red Line, including elevated and underground sections and five stations (company announcement).
KEC
₹601.95
KEC International
7D
-2.2%
1Y
-19.5%

KEC: Future Order Wins In Power And Civil Projects Will Drive Upside

Analysts have trimmed their price target for KEC International to ₹860.35 from ₹974.61, citing updated assumptions around a higher discount rate, more moderate revenue growth at 11.49% and a lower future P/E of 21.55, partly offset by a slightly firmer profit margin estimate of 5.05%. What's in the News Board meeting scheduled on January 30, 2026 to consider and approve unaudited standalone and consolidated financial results for the quarter and nine months ended December 31, 2025 (Key Developments).
INTERARCH
₹1,924.30
Interarch Building Solutions
7D
-8.4%
1Y
38.9%
VOLTAS
₹1,525.40
Voltas
7D
6.3%
1Y
25.7%

VOLTAS: Upcoming Board Meetings Will Support Higher Long Term Earnings Quality

Analysts have nudged their fair value estimate for Voltas up from ₹1,775.00 to about ₹1,788.69. They now factor in slightly stronger profit margins and a lower future P/E assumption, while moderating their revenue growth expectations and making a small adjustment to the discount rate.