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Indian (NIFTY) Construction and Engineering Industry Analysis

UpdatedApr 13, 2026
DataAggregated Company Financials
Companies217
  • 7D8.7%
  • 3M-4.2%
  • 1Y8.3%
  • YTDn/a

In the last week, the Construction and Engineering industry is up 8.7%, with Larsen & Toubro up 9.6%. This takes the industry's 12 month performance to a gain of 8.3%. Earnings are forecast to grow by 18% annually.

Industry Valuation and Performance

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

DateMarket CapRevenueEarningsPEAbsolute PEPS
Mon, 13 Apr 2026₹10.1t₹6.2t₹471.2b15.3x21.5x1.6x
Wed, 11 Mar 2026₹9.9t₹6.2t₹470.7b15x21x1.6x
Fri, 06 Feb 2026₹10.5t₹6.2t₹518.2b16.3x20.2x1.7x
Sun, 04 Jan 2026₹11.1t₹6.1t₹490.8b18.1x22.6x1.8x
Tue, 02 Dec 2025₹10.9t₹6.1t₹439.1b19x24.9x1.8x
Thu, 30 Oct 2025₹11.0t₹5.9t₹424.9b20.8x25.9x1.9x
Sat, 27 Sep 2025₹10.5t₹5.8t₹425.7b20.5x24.6x1.8x
Mon, 25 Aug 2025₹10.3t₹5.8t₹423.9b20.4x24.3x1.8x
Wed, 23 Jul 2025₹10.4t₹5.7t₹413.7b22.4x25.1x1.8x
Fri, 20 Jun 2025₹10.4t₹5.7t₹411.8b22.3x25.2x1.8x
Sun, 18 May 2025₹10.3t₹5.7t₹415.0b21.6x24.8x1.8x
Tue, 15 Apr 2025₹9.0t₹5.5t₹413.0b20.2x21.8x1.6x
Thu, 13 Mar 2025₹9.0t₹5.5t₹412.9b19.1x21.7x1.6x
Sat, 08 Feb 2025₹9.9t₹5.5t₹409.6b23.4x24.2x1.8x
Mon, 06 Jan 2025₹11.3t₹5.4t₹334.3b28.8x33.9x2.1x
Wed, 04 Dec 2024₹11.3t₹5.3t₹332.6b25.9x33.9x2.1x
Fri, 01 Nov 2024₹10.4t₹5.2t₹321.3b26.1x32.5x2x
Sun, 29 Sep 2024₹11.4t₹5.0t₹310.3b29.5x36.8x2.3x
Tue, 27 Aug 2024₹11.4t₹5.0t₹303.0b29.2x37.5x2.3x
Thu, 25 Jul 2024₹11.1t₹4.8t₹283.0b30.6x39.2x2.3x
Sat, 22 Jun 2024₹10.6t₹4.8t₹281.9b28.3x37.5x2.2x
Mon, 20 May 2024₹9.8t₹4.8t₹278.9b27.4x35.2x2.1x
Wed, 17 Apr 2024₹9.3t₹4.5t₹271.8b26x34.3x2.1x
Fri, 15 Mar 2024₹8.7t₹4.5t₹269.9b24.8x32.4x1.9x
Sun, 11 Feb 2024₹8.7t₹4.5t₹267.9b27.9x32.5x1.9x
Tue, 09 Jan 2024₹8.2t₹4.4t₹262.0b25.3x31.3x1.9x
Thu, 07 Dec 2023₹7.8t₹4.4t₹262.0b23.1x29.9x1.8x
Sat, 04 Nov 2023₹6.9t₹4.4t₹252.9b21.9x27.1x1.6x
Mon, 02 Oct 2023₹7.1t₹4.3t₹247.9b22x28.7x1.6x
Wed, 30 Aug 2023₹6.5t₹4.3t₹245.0b22x26.7x1.5x
Fri, 28 Jul 2023₹6.3t₹4.2t₹241.8b20.7x25.9x1.5x
Sun, 25 Jun 2023₹5.7t₹4.1t₹233.3b19.6x24.3x1.4x
Tue, 23 May 2023₹5.1t₹4.1t₹218.3b19.2x23.6x1.3x
Thu, 20 Apr 2023₹5.2t₹4.0t₹202.9b18.8x25.6x1.3x
Price to Earnings Ratio

25.6x


Total Market Cap: ₹5.2tTotal Earnings: ₹202.9bTotal Revenue: ₹4.0tTotal Market Cap vs Earnings and Revenue0%0%0%
Indian Construction and Engineering Industry Price to Earnings3Y Average 28.4x202420252026
Current Industry PE
  • Investors are pessimistic on the Indian Construction and Engineering 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 21.5x which is lower than its 3-year average PE of 28.4x.
  • 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 and Engineering 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 Comparison

How does Indian Construction and Engineering compare with similar industries?

IN Market6.90%
Industrials9.17%
Construction8.71%
Construction and Engineering8.71%
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₹3.96k9.6%
+₹476.1b		27.0%PE31.8x
RVNL Rail Vikas Nigam₹275.005.5%
+₹29.9b		-20.6%PE50x
VOLTAS Voltas₹1.32k6.5%
+₹26.5b		2.4%PE86.9x
534309 NBCC (India)₹89.157.4%
+₹16.6b		0%PE36.8x
509496 Cemindia Projects₹630.2516.7%
+₹15.5b		20.0%PE23.1x

Latest News

509496
₹630.25
Cemindia Projects
7D
16.7%
1Y
20.0%
GRINFRA
₹842.05
G R Infraprojects
7D
-0.3%
1Y
-21.5%

GRINFRA: New Road Projects And Interim Dividend Will Support Bullish Outlook

Analysts have reduced their price target on G R Infraprojects slightly from ₹1,373.75 to about ₹1,370, reflecting updated assumptions that combine more moderate revenue growth with stronger profit margins and a lower future P/E multiple. What's in the News Letter of Acceptance from National Highways Authority of India for a Hybrid Annuity Mode project to upgrade a 60.21 km section of NH 56 in Gujarat, with a contract size of ₹14,535.7 million and an execution period of 910 days from the appointed date (company filing).
500510
₹3,959.90
Larsen & Toubro
7D
9.6%
1Y
27.0%

500510: New Infrastructure Orders Will Drive Future Upside

Analysts have slightly reduced their price target on Larsen & Toubro, adjusting it from about ₹4,544 to around ₹4,528 as they update assumptions on fair value, discount rate, revenue growth, profit margin and future P/E, while keeping their overall view broadly unchanged. What's in the News L&T has secured multiple significant orders in India, including a float glass plant in Gujarat and a two wheeler manufacturing facility in Andhra Pradesh, along with several add on orders in existing projects, classified in the ₹10,000 million to ₹25,000 million range (Client Announcements).
RVNL
₹275.00
Rail Vikas Nigam
7D
5.5%
1Y
-20.6%

RVNL: New NMDC And Railway Orders Will Support Future Upside Potential

Analysts have maintained their price target for Rail Vikas Nigam at ₹334, indicating only minor adjustments to assumptions such as discount rate, revenue growth, profit margin and future P/E that do not materially change their overall view on the stock. What's in the News Multiple Letters of Acceptance from NMDC in Chhattisgarh for construction of residential towers, township development and a shopping complex at Bacheli and Kirandul, with individual projects ranging from about ₹2,845.2 million to ₹7,968 million, and timelines between 16 and 34 months, all inclusive of taxes and classified as domestic contracts (Key Developments).
532942
₹118.70
KNR Constructions
7D
-2.1%
1Y
-47.8%

532942: New Highway Awards And Subsidiary Formation Will Support Undervalued Upside

Analysts have trimmed their price target on KNR Constructions to ₹166.75 from ₹177.59, citing updated assumptions around the discount rate, revenue growth, profit margin and future P/E that, in their view, change the risk reward balance at the current valuation. What's in the News KNR Constructions received a Letter of Award from the National Highways Authority of India for construction of 4 laning of NH 167 from Gudebellur to Mahabubnagar in Telangana under Hybrid Annuity Mode, with a project value of ₹17,340 million, a construction period of 730 days and an operation period of 15 years from COD (company announcement).
CURRENT
₹125.00
Current Infraprojects
7D
-8.1%
1Y
n/a
KEC
₹573.65
KEC International
7D
8.3%
1Y
-13.1%

KEC: New Transmission Orders And Backlog Will Support Future Upside

Analysts have modestly trimmed their fair value estimate for KEC International, revising the price target from ₹829 to about ₹804, as they fine tune assumptions around the discount rate, revenue growth, profit margin and future P/E. What's in the News New orders of ₹14,760 million secured for Transmission & Distribution projects across India, the Middle East, Africa and the Americas, including 380 kV lines, substations and EHV cabling in Saudi Arabia, 132 kV lines in Africa and tower, hardware and pole supplies in India and the Americas (Key Developments).
534309
₹89.15
NBCC (India)
7D
7.4%
1Y
0%

534309: Rajasthan Mandapam Contract Pipeline Will Support Future Upside

Analysts have maintained their fair value estimate for NBCC (India) at ₹139. This reflects largely unchanged assumptions on revenue growth, profit margin and future P/E, with only minor technical adjustments in their discount rate and valuation inputs.
IRB
₹21.66
IRB Infrastructure Developers
7D
-0.6%
1Y
-3.8%

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
₹1,315.60
Voltas
7D
6.5%
1Y
2.4%

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).
GIRIRAJ
₹168.30
Giriraj Civil Developers
7D
-9.0%
1Y
-27.0%
531537
₹165.00
Mizzen Ventures
7D
-6.8%
1Y
-11.0%
KPIL
₹1,183.30
Kalpataru Projects International
7D
7.0%
1Y
32.0%
AFCONS
₹324.90
Afcons Infrastructure
7D
14.5%
1Y
-24.1%
533167
₹94.39
Coromandel Engineering
7D
-2.1%
1Y
101.9%
SAVY
₹135.45
Savy Infra and Logistics
7D
-2.6%
1Y
n/a