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Indian (NIFTY) Construction Industry Analysis

UpdatedJun 19, 2026
DataAggregated Company Financials
Companies220
  • 7D8.0%
  • 3M18.7%
  • 1Y0.9%
  • YTD-2.0%

Over the last 7 days, the Construction industry has risen 8.0%, driven by gains from Larsen & Toubro of 3.9%. The industry has been flat over the past 12 months despite the gain this week. Looking forward, earnings are forecast to grow by 17% annually.

Industry Valuation and Performance

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

DateMarket CapRevenueEarningsPEAbsolute PEPS
Fri, 19 Jun 2026₹10.8t₹6.3t₹486.4b14.9x22.3x1.7x
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
Price to Earnings Ratio

24.3x


Total Market Cap: ₹5.7tTotal 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 22.3x 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 Market5.06%
Industrials7.40%
Construction7.97%
Construction and Engineering7.97%
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₹4.21k3.9%
+₹219.3b		15.0%PE32.5x
509496 Cemindia Projects₹1.25k11.7%
+₹22.5b		55.5%PE36x
RVNL Rail Vikas Nigam₹243.994.6%
+₹22.4b		-37.5%PE58.2x
VOLTAS Voltas₹1.34k4.5%
+₹19.2b		3.8%PE118.3x
534309 NBCC (India)₹111.506.1%
+₹17.3b		-4.8%PE41.8x

Latest News

KEC
₹541.45
KEC International
7D
7.3%
1Y
-39.7%
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.
VOLTAS
₹1,343.40
Voltas
7D
4.5%
1Y
3.8%
KPIL
₹1,398.70
Kalpataru Projects International
7D
7.5%
1Y
20.6%
500185
₹27.02
Hindustan Construction
7D
15.6%
1Y
-11.1%
RVNL
₹243.99
Rail Vikas Nigam
7D
4.6%
1Y
-37.5%
538562
₹541.15
Skipper
7D
-0.8%
1Y
12.3%
Narrative Update • Jun 14

538562: Governance Votes And Equity Raise Will Shape Steady Outlook

Analysts have kept Skipper's fair value steady at ₹565, with only minor tweaks to the discount rate, revenue growth, profit margin, and future P/E assumptions. This signals that their overall view on the stock's pricing remains unchanged.
GMRP&UI
₹100.51
GMR Power And Urban Infra
7D
-4.8%
1Y
-3.0%
534309
₹111.50
NBCC (India)
7D
6.1%
1Y
-4.8%
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.
500510
₹4,209.60
Larsen & Toubro
7D
3.9%
1Y
15.0%
Narrative Update • Jun 09

500510: Defence And Energy Orders Will Support Future Earnings Potential

Analysts have slightly raised their price target for Larsen & Toubro to ₹4,498 from ₹4,493, citing updated assumptions for discount rates, revenue growth, profit margins and future P/E ratios that together support this marginal adjustment. What's in the News Larsen & Toubro and Exail agreed to collaborate on an advanced Unmanned Mine Counter Measure Suite for the Indian Navy's Mine Counter Measure Vessels programme, with L&T as prime contractor and Exail as technology partner.
PACEDIGITK
₹181.82
Pace Digitek
7D
-3.1%
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...
ABINFRA
₹10.18
A B Infrabuild
7D
-5.9%
1Y
-31.7%
Analysis Article • Jun 05

A B Infrabuild (NSE:ABINFRA) Strong Profits May Be Masking Some Underlying Issues

The stock price didn't jump after A B Infrabuild Limited ( NSE:ABINFRA ) posted decent earnings last week. We did some...
509496
₹1,253.20
Cemindia Projects
7D
11.7%
1Y
55.5%
Narrative Update • Jun 04

509496: Future Dividends Will Test Stretched Fair Value Assumptions

Analysts kept their fair value estimate for Cemindia Projects steady at ₹942, with only slight tweaks to the discount rate, revenue growth, profit margin, and future P/E assumptions, which together support the unchanged price target. What's in the News Cemindia Projects declared an annual dividend of ₹3.00 per share, payable on July 3, 2026, with an ex date and record date of June 12, 2026.
RAMKY
₹427.25
Ramky Infrastructure
7D
-2.5%
1Y
-17.2%
Analysis Article • Jun 04

Ramky Infrastructure's (NSE:RAMKY) Solid Earnings May Rest On Weak Foundations

The stock price didn't jump after Ramky Infrastructure Limited ( NSE:RAMKY ) posted decent earnings last week. We did...
532395
₹1,944.25
AXISCADES Technologies
7D
-0.8%
1Y
38.3%
AFCONS
₹313.45
Afcons Infrastructure
7D
-3.8%
1Y
-28.7%
Analysis Article • May 25

There May Be Some Bright Spots In Afcons Infrastructure's (NSE:AFCONS) Earnings

The most recent earnings report from Afcons Infrastructure Limited ( NSE:AFCONS ) was disappointing for shareholders...
533169
₹104.85
Man Infraconstruction
7D
-5.5%
1Y
-34.7%