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Indian (NIFTY) Construction Industry Analysis

UpdatedFeb 18, 2026
DataAggregated Company Financials
Companies215
  • 7D0.5%
  • 3M-1.7%
  • 1Y15.9%
  • YTD-1.8%

Over the last 7 days, the Construction industry has remained flat, although notably Rail Vikas Nigam declined by 3.3%. As for the the longer term, the industry is up 16% over the past 12 months. Looking forward, earnings are forecast to grow by 18% annually.

Industry Valuation and Performance

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

DateMarket CapRevenueEarningsPEAbsolute PEPS
Wed, 18 Feb 2026₹10.8t₹6.2t₹472.1b15.8x22.9x1.7x
Fri, 16 Jan 2026₹10.3t₹6.1t₹491.5b16.5x21x1.7x
Sun, 14 Dec 2025₹10.7t₹6.1t₹490.7b18x21.9x1.8x
Tue, 11 Nov 2025₹10.8t₹6.0t₹434.3b19.6x24.8x1.8x
Thu, 09 Oct 2025₹10.7t₹5.9t₹429.0b20.8x24.9x1.8x
Sat, 06 Sep 2025₹10.3t₹5.8t₹424.4b20.6x24.2x1.8x
Mon, 04 Aug 2025₹10.3t₹5.8t₹426.1b20.4x24.1x1.8x
Wed, 02 Jul 2025₹10.8t₹5.7t₹412.5b22.8x26.1x1.9x
Fri, 30 May 2025₹10.6t₹5.7t₹416.9b22.5x25.3x1.9x
Sun, 27 Apr 2025₹9.4t₹5.6t₹413.9b21.2x22.7x1.7x
Tue, 25 Mar 2025₹9.8t₹5.5t₹412.9b20.6x23.7x1.8x
Thu, 20 Feb 2025₹9.0t₹5.5t₹412.9b20.2x21.8x1.6x
Sat, 18 Jan 2025₹10.8t₹5.4t₹337.9b27.2x31.9x2x
Mon, 16 Dec 2024₹11.7t₹5.3t₹332.9b27.8x35x2.2x
Wed, 13 Nov 2024₹10.7t₹5.3t₹325.7b26.8x32.9x2x
Fri, 11 Oct 2024₹10.8t₹5.0t₹310.4b28.8x34.9x2.2x
Sun, 08 Sep 2024₹11.2t₹5.0t₹310.4b27.9x36.2x2.3x
Tue, 06 Aug 2024₹10.8t₹4.9t₹286.2b28.4x37.6x2.2x
Thu, 04 Jul 2024₹10.8t₹4.8t₹281.9b29.9x38.3x2.2x
Sat, 01 Jun 2024₹10.3t₹4.8t₹281.2b25.4x36.7x2.1x
Mon, 29 Apr 2024₹9.9t₹4.6t₹269.7b29.1x36.7x2.2x
Wed, 27 Mar 2024₹9.0t₹4.5t₹270.5b24.8x33.2x2x
Fri, 23 Feb 2024₹8.8t₹4.5t₹269.8b27.1x32.6x1.9x
Sun, 21 Jan 2024₹8.9t₹4.4t₹262.1b26.3x33.8x2x
Tue, 19 Dec 2023₹8.1t₹4.4t₹261.9b24x30.8x1.8x
Thu, 16 Nov 2023₹7.2t₹4.4t₹261.3b21.6x27.5x1.6x
Sat, 14 Oct 2023₹7.2t₹4.2t₹241.0b23x29.8x1.7x
Mon, 11 Sep 2023₹7.1t₹4.3t₹246.2b23.3x28.6x1.6x
Wed, 09 Aug 2023₹6.3t₹4.2t₹242.9b20.7x26.1x1.5x
Fri, 07 Jul 2023₹5.9t₹4.1t₹233.3b20.3x25.3x1.4x
Sun, 04 Jun 2023₹5.4t₹4.1t₹230.7b19.5x23.6x1.3x
Tue, 02 May 2023₹5.4t₹4.0t₹211.4b20x25.7x1.4x
Thu, 30 Mar 2023₹5.0t₹4.0t₹202.8b17.7x24.6x1.3x
Sat, 25 Feb 2023₹5.0t₹4.0t₹202.8b17.3x24.7x1.3x
Price to Earnings Ratio

24.7x


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 22.9x 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 33% 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-1.04%
Industrials0.065%
Construction0.53%
Construction and Engineering0.53%
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₹4.32k3.7%
+₹213.1b		31.9%PE34.7x
ENGINERSIN Engineers India₹214.6416.5%
+₹17.1b		27.5%PE15.5x
VOLTAS Voltas₹1.54k2.4%
+₹12.2b		20.2%PE102x
532309 GE Power India₹496.8549.1%
+₹11.0b		112.5%PE35.3x
532395 AXISCADES Technologies₹1.47k13.4%
+₹7.4b		98.0%PE61.2x

Latest News

TRANSRAILL
₹590.15
Transrail Lighting
7D
6.1%
1Y
6.3%
RVNL
₹309.65
Rail Vikas Nigam
7D
-2.2%
1Y
-17.8%

What Does Rail Vikas Nigam Limited's (NSE:RVNL) Share Price Indicate?

Feb 17
What Does Rail Vikas Nigam Limited's (NSE:RVNL) Share Price Indicate?
HGINFRA
₹623.00
H.G. Infra Engineering
7D
-10.6%
1Y
-42.2%

HGINFRA: Upcoming Metro JV And Road Contracts Will Drive Fresh Momentum

The analyst price target for H.G. Infra Engineering has been revised from ₹1,355.14 to ₹1,222.80 as analysts adjust their assumptions around growth, profitability and the appropriate future P/E multiple. What's in the News A board meeting is scheduled on February 12, 2026 to consider and approve unaudited standalone and consolidated financial results for the quarter and nine months ended December 31, 2025 (company filing).
VOLTAS
₹1,543.40
Voltas
7D
2.4%
1Y
20.2%

VOLTAS: Refined Assumptions Will Still Leave Shares Looking Overvalued

Voltas’ analyst price target remains at ₹1,100, with analysts pointing to slightly adjusted assumptions for discount rate, revenue growth, profit margin and future P/E to reflect a more refined view of the company’s risk profile and earnings potential. What's in the News A board meeting is scheduled for January 29, 2026, to consider and approve the unaudited financial results for the quarter and nine months ended December 31, 2025 (company filing).
IRB
₹42.14
IRB Infrastructure Developers
7D
-5.2%
1Y
-10.5%

IRB: Planned Bonus And Dividend Decisions Will Support Perceived Undervaluation

Analysts have kept their price target for IRB Infrastructure Developers steady at ₹52.00. The unchanged fair value reflects a balance between a lower implied discount rate, a shift to weaker revenue growth assumptions, higher forecast profit margins, and a reduced future P/E multiple.
532395
₹1,472.60
AXISCADES Technologies
7D
13.4%
1Y
98.0%
532811
₹813.70
Ahluwalia Contracts (India)
7D
-9.6%
1Y
25.7%
505504
₹334.70
GHV Infra Projects
7D
27.6%
1Y
805.1%
534309
₹98.07
NBCC (India)
7D
-3.6%
1Y
21.5%
ENGINERSIN
₹214.64
Engineers India
7D
16.5%
1Y
27.5%

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

Feb 15
Revenue Beat: Engineers India Limited Beat Analyst Estimates By 27%
AFCONS
₹323.30
Afcons Infrastructure
7D
-5.5%
1Y
-27.8%
532309
₹496.85
GE Power India
7D
49.1%
1Y
112.5%
509496
₹605.90
Cemindia Projects
7D
-4.5%
1Y
15.4%
TECHNOE
₹1,151.70
Techno Electric & Engineering
7D
3.4%
1Y
16.6%
500510
₹4,324.85
Larsen & Toubro
7D
3.7%
1Y
31.9%

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
₹602.80
KEC International
7D
-3.0%
1Y
-18.9%

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).