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Indian (NIFTY) Construction Industry Analysis

UpdatedMay 02, 2026
DataAggregated Company Financials
Companies219
  • 7D0.7%
  • 3M3.5%
  • 1Y9.5%
  • YTD-3.8%

Last week, the Construction industry hasn't moved much but Cemindia Projects is up 26% in that time. The past year has been better, since the industry has gained 9.5% in that time. As for the next few years, earnings are expected to grow by 18% per annum.

Industry Valuation and Performance

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

DateMarket CapRevenueEarningsPEAbsolute PEPS
Sat, 02 May 2026₹10.6t₹6.2t₹473.1b16.5x22.5x1.7x
Mon, 30 Mar 2026₹9.1t₹6.2t₹470.8b13.8x19.4x1.5x
Wed, 25 Feb 2026₹10.8t₹6.2t₹470.8b15.7x22.9x1.7x
Fri, 23 Jan 2026₹10.0t₹6.1t₹491.4b15.9x20.3x1.6x
Sun, 21 Dec 2025₹10.7t₹6.1t₹490.7b17.8x21.9x1.8x
Tue, 18 Nov 2025₹11.1t₹6.1t₹405.1b19.1x27.4x1.8x
Thu, 16 Oct 2025₹10.8t₹5.9t₹429.3b20.9x25.2x1.8x
Sat, 13 Sep 2025₹10.4t₹5.8t₹425.0b20.7x24.5x1.8x
Mon, 11 Aug 2025₹10.2t₹5.8t₹427.5b20.2x23.9x1.8x
Wed, 09 Jul 2025₹10.6t₹5.7t₹412.4b22.7x25.7x1.9x
Fri, 06 Jun 2025₹10.7t₹5.7t₹411.6b22.8x25.9x1.9x
Sun, 04 May 2025₹9.3t₹5.6t₹413.6b20.4x22.6x1.7x
Tue, 01 Apr 2025₹9.6t₹5.5t₹413.0b19.5x23.3x1.7x
Thu, 27 Feb 2025₹9.2t₹5.5t₹412.9b21.4x22.2x1.7x
Sat, 25 Jan 2025₹10.2t₹5.4t₹337.9b26.1x30.3x1.9x
Mon, 23 Dec 2024₹11.1t₹5.3t₹332.9b28.2x33.3x2.1x
Wed, 20 Nov 2024₹10.5t₹5.3t₹331.8b25.8x31.6x2x
Fri, 18 Oct 2024₹11.0t₹5.0t₹311.3b28.8x35.4x2.2x
Sun, 15 Sep 2024₹11.4t₹5.0t₹310.2b28.8x36.6x2.3x
Tue, 13 Aug 2024₹11.2t₹5.0t₹296.8b29.5x37.6x2.3x
Thu, 11 Jul 2024₹11.3t₹4.8t₹281.9b31.3x40.2x2.4x
Sat, 08 Jun 2024₹10.3t₹4.8t₹281.5b24.8x36.5x2.1x
Mon, 06 May 2024₹9.8t₹4.6t₹270.7b28.1x36.2x2.1x
Wed, 03 Apr 2024₹9.6t₹4.5t₹271.2b26.3x35.4x2.1x
Fri, 01 Mar 2024₹8.9t₹4.5t₹269.9b28.3x32.9x2x
Sun, 28 Jan 2024₹8.9t₹4.4t₹262.2b26.2x33.9x2x
Tue, 26 Dec 2023₹8.0t₹4.4t₹261.9b23.8x30.6x1.8x
Thu, 23 Nov 2023₹7.3t₹4.4t₹261.9b22.8x27.8x1.7x
Sat, 21 Oct 2023₹7.1t₹4.3t₹241.4b23.8x29.5x1.7x
Mon, 18 Sep 2023₹7.1t₹4.3t₹247.1b23.3x28.6x1.6x
Wed, 16 Aug 2023₹6.4t₹4.3t₹245.3b21.2x25.9x1.5x
Fri, 14 Jul 2023₹5.8t₹4.1t₹233.3b20.3x25.1x1.4x
Sun, 11 Jun 2023₹5.6t₹4.1t₹231.6b19.7x24.2x1.4x
Tue, 09 May 2023₹5.6t₹4.0t₹211.1b19.8x26.4x1.4x
Price to Earnings Ratio

26.4x


Total Market Cap: ₹5.6tTotal Earnings: ₹211.1bTotal Revenue: ₹4.0tTotal Market Cap vs Earnings and Revenue0%0%0%
Indian Construction Industry Price to Earnings3Y Average 28.3x202420252026
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 22.5x which is lower than its 3-year average PE of 28.3x.
  • 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 31% 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 Market0.39%
Industrials0.97%
Construction0.66%
Construction and Engineering0.66%
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₹814.5525.7%
+₹28.6b		69.3%PE29.8x
AFCONS Afcons Infrastructure₹339.708.0%
+₹9.2b		-19.1%PE27.7x
TECHNOE Techno Electric & Engineering₹1.28k4.9%
+₹6.9b		20.4%PE31.8x
GRINFRA G R Infraprojects₹937.208.2%
+₹6.8b		-10.9%PE8.2x
500185 Hindustan Construction₹22.049.8%
+₹5.2b		-12.6%PE29.4x

Latest News

509496
₹814.55
Cemindia Projects
7D
25.7%
1Y
69.3%
532309
₹606.25
GE Power India
7D
14.5%
1Y
167.9%
543971
₹340.55
Bondada Engineering
7D
-7.0%
1Y
-13.3%
513269
₹526.10
Man Industries (India)
7D
-4.3%
1Y
95.8%

513269: Saudi And Jammu Projects And New Guarantee Will Shape Balanced Outlook

Analysts have maintained their fair value estimate for Man Industries (India) at ₹535, making only small adjustments to assumptions such as discount rate, revenue growth, profit margin and future P/E, which together still result in the same price target. What's in the News Board meeting scheduled on Apr 22, 2026, at 21:30 IST to consider and approve a corporate guarantee of US$70m in favour of lenders of Man International Steel Industries Company, a wholly owned subsidiary (Key Developments).
VOLTAS
₹1,430.40
Voltas
7D
-2.3%
1Y
18.4%

VOLTAS: Higher Future P E Multiple Will Support Long Term Earnings Quality

The analyst price target for Voltas has shifted from ₹1,788.69 to ₹1,742.68 as analysts adjust their assumptions for revenue growth, profit margins and future P/E levels, while also updating the discount rate in their valuation models. Valuation Changes Fair Value: revised slightly lower from ₹1,788.69 to ₹1,742.68.
SWSOLAR
₹208.34
Sterling and Wilson Renewable Energy
7D
-2.3%
1Y
-19.5%

₹288: That's What Analysts Think Sterling and Wilson Renewable Energy Limited (NSE:SWSOLAR) Is Worth After Its Latest Results

Apr 26
₹288: That's What Analysts Think Sterling and Wilson Renewable Energy Limited (NSE:SWSOLAR) Is Worth After Its Latest Results
GRINFRA
₹937.20
G R Infraprojects
7D
8.2%
1Y
-10.9%

GRINFRA: New Road Awards And Asset Sales Will Support Bullish Outlook

Analysts have slightly reduced their price target on G R Infraprojects, with fair value easing from about ₹1,370 to roughly ₹1,333. This reflects updated assumptions around the discount rate, revenue growth, profit margins and future P/E.
500510
₹4,012.65
Larsen & Toubro
7D
-0.03%
1Y
20.5%

500510: New Infrastructure Orders And AI Venture Will Shape Future Prospects

The analyst price target for Larsen & Toubro has shifted slightly from ₹4,528 to ₹4,493 as analysts factor in updated assumptions on discount rate, revenue growth, profit margins and future P/E expectations. What's in the News Board meeting scheduled for May 5, 2026 to consider audited standalone and consolidated results for the year ended March 31, 2026 and to recommend dividend, if any (Board Meeting).
RVNL
₹297.65
Rail Vikas Nigam
7D
-1.9%
1Y
-15.5%

RVNL: New Orders And Merger Proposal Will Shape Balanced Future Outlook

Analysts have kept the fair value estimate for Rail Vikas Nigam steady at ₹334.0, while fine tuning assumptions around discount rate, revenue growth, profit margin and future P/E to reflect updated views on the business outlook and valuation risks. What's in the News Government officials are working on a proposal to merge Rail Vikas Nigam with Ircon International to create a combined rail infrastructure company aimed at handling large and complex projects in India and overseas (M&A rumors and discussions).
532395
₹2,014.65
AXISCADES Technologies
7D
4.2%
1Y
153.6%
534309
₹91.65
NBCC (India)
7D
-1.6%
1Y
-2.4%

534309: Rajasthan Mandapam Project Execution Will Drive Future Upside Potential

Analysts have maintained their price target for NBCC (India) at ₹139, with only minor tweaks to inputs such as the discount rate, profit margin assumptions, and forward P/E helping to support the unchanged view. What's in the News The Rajasthan Cabinet revised the Rajasthan Mandapam Convention Centre and allied projects to an approved value of more than ₹58,000m.
KEC
₹560.70
KEC International
7D
-2.5%
1Y
-20.3%

KEC: New Order Wins And Backlog Will Support Future Upside

Analysts have reduced their fair value estimate for KEC International to about ₹793 from roughly ₹805, reflecting small adjustments to assumptions on discount rate, revenue growth, profit margin and future P/E multiples. What's in the News New orders of about ₹25,180 million secured across businesses, including the largest Commercial Real Estate order from a developer in Western India, a joint venture order in the Train Collision Avoidance System segment under Kavach, and multiple T&D projects and supply contracts across Africa, Europe, the Americas and India (Key Developments) Additional new orders of about ₹14,760 million booked for T&D projects in 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, with year to date order intake at roughly ₹228,000 million (Key Developments) Orders worth about ₹10,200 million received across civil, transportation, T&D, cables and conductors, including a Multispeciality Hospital project in Central India, a railway siding for a private player, cabling works for a steel producer in Eastern India and various cable and conductor supplies in India and overseas (Key Developments) Board meeting scheduled for January 30, 2026 to consider and approve the unaudited standalone and consolidated financial results for the quarter and nine months ended December 31, 2025 (Key Developments) Valuation Changes Fair Value: trimmed slightly to about ₹793 from roughly ₹805, reflecting modest tweaks to core assumptions.
ENGINERSIN
₹251.94
Engineers India
7D
3.7%
1Y
43.0%

ENGINERSIN: Dangote Contract And Leadership Transition Will Shape Balanced Future Prospects

Analysts have kept the fair value estimate for Engineers India steady at ₹247, citing unchanged assumptions on revenue growth, profit margin and future P/E, with only minor model tweaks to the discount rate that do not shift the overall price target. What's in the News Additional Secretary, Ministry of Petroleum & Natural Gas, Shri Praveen M.
TECHNOE
₹1,283.25
Techno Electric & Engineering
7D
4.9%
1Y
20.4%
500185
₹22.04
Hindustan Construction
7D
9.8%
1Y
-12.6%
AFCONS
₹339.70
Afcons Infrastructure
7D
8.0%
1Y
-19.1%