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Indian (NIFTY) Construction Industry Analysis

UpdatedApr 04, 2026
DataAggregated Company Financials
Companies216
  • 7D1.7%
  • 3M-16.5%
  • 1Y-2.8%
  • YTD-15.7%

In the last week, the Construction industry is up 1.7%, with Larsen & Toubro up 1.3%. Meanwhile, Voltas actually underperformed within the industry, shrinking 6.6% in the last week. Overall in the last year, the industry is flat. 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
Sat, 04 Apr 2026₹9.3t₹6.2t₹471.1b14.5x19.8x1.5x
Mon, 02 Mar 2026₹10.8t₹6.2t₹470.8b15.4x22.8x1.7x
Wed, 28 Jan 2026₹9.9t₹6.1t₹491.4b15.3x20.1x1.6x
Fri, 26 Dec 2025₹10.9t₹6.1t₹490.8b17.9x22.2x1.8x
Sun, 23 Nov 2025₹10.9t₹6.1t₹406.0b18.5x26.8x1.8x
Tue, 21 Oct 2025₹10.8t₹5.9t₹424.7b20.7x25.4x1.8x
Thu, 18 Sep 2025₹10.7t₹5.8t₹425.1b21x25.2x1.8x
Sat, 16 Aug 2025₹10.3t₹5.8t₹423.5b20.1x24.3x1.8x
Mon, 14 Jul 2025₹10.5t₹5.7t₹412.6b22.4x25.4x1.8x
Wed, 11 Jun 2025₹10.9t₹5.7t₹411.8b23.5x26.4x1.9x
Fri, 09 May 2025₹9.2t₹5.6t₹402.9b20x22.9x1.7x
Sun, 06 Apr 2025₹9.2t₹5.5t₹413.0b20.4x22.3x1.7x
Tue, 04 Mar 2025₹8.8t₹5.5t₹412.9b19.4x21.4x1.6x
Thu, 30 Jan 2025₹10.2t₹5.4t₹345.1b25.4x29.6x1.9x
Sat, 28 Dec 2024₹11.1t₹5.4t₹334.4b27.1x33.1x2.1x
Mon, 25 Nov 2024₹10.6t₹5.3t₹332.3b25.7x31.8x2x
Wed, 23 Oct 2024₹10.5t₹5.0t₹311.5b26.8x33.6x2.1x
Fri, 20 Sep 2024₹11.2t₹5.0t₹310.2b28.2x36.2x2.2x
Sun, 18 Aug 2024₹11.0t₹5.0t₹302.1b28x36.5x2.2x
Tue, 16 Jul 2024₹11.4t₹4.8t₹282.0b31.2x40.5x2.4x
Thu, 13 Jun 2024₹10.5t₹4.8t₹281.5b26.4x37.2x2.2x
Sat, 11 May 2024₹9.2t₹4.7t₹274.4b25.5x33.5x2x
Mon, 08 Apr 2024₹9.6t₹4.5t₹271.4b27.6x35.5x2.1x
Wed, 06 Mar 2024₹9.0t₹4.5t₹269.9b27.3x33.5x2x
Fri, 02 Feb 2024₹8.9t₹4.5t₹270.0b27.3x32.9x2x
Sun, 31 Dec 2023₹8.2t₹4.4t₹261.9b23.8x31.2x1.8x
Tue, 28 Nov 2023₹7.3t₹4.4t₹261.9b22.4x27.7x1.6x
Thu, 26 Oct 2023₹6.8t₹4.3t₹241.8b21.9x28x1.6x
Sat, 23 Sep 2023₹7.0t₹4.3t₹247.2b22.1x28.4x1.6x
Mon, 21 Aug 2023₹6.3t₹4.3t₹245.4b20.5x25.8x1.5x
Wed, 19 Jul 2023₹5.9t₹4.1t₹233.3b21.1x25.4x1.4x
Fri, 16 Jun 2023₹5.6t₹4.1t₹232.1b19.9x24.3x1.4x
Sun, 14 May 2023₹5.3t₹4.0t₹216.3b20x24.7x1.3x
Tue, 11 Apr 2023₹5.2t₹4.0t₹202.9b19.5x25.8x1.3x
Price to Earnings Ratio

25.8x


Total Market Cap: ₹5.2tTotal Earnings: ₹202.9bTotal Revenue: ₹4.0tTotal Market Cap vs Earnings and Revenue0%0%0%
Indian Construction Industry Price to Earnings3Y Average 28.4x202420252026
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 19.8x 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 1.5x.
Past Earnings Growth
  • The earnings for companies in the Construction 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 Trends

Which industries have driven the changes within the Indian Industrials industry?

IN Market0.0059%
Industrials1.06%
Construction1.73%
Construction and Engineering1.73%
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₹3.61k1.3%
+₹65.7b		10.9%PE29x
IRB IRB Infrastructure Developers₹21.806.5%
+₹16.1b		-4.2%PE34.2x
532395 AXISCADES Technologies₹1.64k11.6%
+₹7.2b		85.8%PE68x
534309 NBCC (India)₹83.023.1%
+₹6.7b		0.4%PE34.2x
ENGINERSIN Engineers India₹200.555.7%
+₹6.1b		23.3%PE14.5x

Latest News

EIEL
₹168.12
Enviro Infra Engineers
7D
21.8%
1Y
-20.6%
KEC
₹529.50
KEC International
7D
-0.8%
1Y
-23.2%

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
₹83.02
NBCC (India)
7D
3.1%
1Y
0.4%

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.
532395
₹1,635.35
AXISCADES Technologies
7D
11.6%
1Y
85.8%
ENGINERSIN
₹200.55
Engineers India
7D
5.7%
1Y
23.3%

ENGINERSIN: Dangote Expansion Mandate Will Support Future Upside Potential

Analysts have kept the fair value estimate for Engineers India steady at ₹247, with only marginal tweaks to the discount rate, revenue growth, profit margin and future P/E assumptions supporting an unchanged price target. What's in the News Managing Director Smt.
IRB
₹21.80
IRB Infrastructure Developers
7D
6.5%
1Y
-4.2%

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
₹1,235.40
Voltas
7D
-6.6%
1Y
-4.8%

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).
544335
₹104.50
B.R.Goyal Infrastructure
7D
-7.8%
1Y
-5.6%
RVNL
₹260.66
Rail Vikas Nigam
7D
-1.3%
1Y
-25.6%

RVNL: New Joint Venture And Order Wins Will Support Upside Potential

Analysts have kept their fair value estimate for Rail Vikas Nigam steady at ₹334.00, reflecting only small tweaks in assumptions such as a slightly different discount rate, modestly adjusted revenue growth expectations, profit margin outlook, and future P/E inputs. What's in the News Texmaco Rail & Engineering and Rail Vikas Nigam signed a joint venture shareholders' agreement, with Texmaco holding a 49% stake and RVNL retaining majority ownership, to pursue rolling stock, maintenance, and large EPC and turnkey rail projects in India and overseas markets (Strategic Alliances).
500510
₹3,613.75
Larsen & Toubro
7D
1.3%
1Y
10.9%

500510: New Infrastructure And AI Factory Orders Will Drive Future Upside

The analyst price target for Larsen & Toubro has been adjusted slightly lower from ₹4,604 to ₹4,544 as analysts factor in modest changes to the discount rate, revenue growth, profit margin and future P/E assumptions. What's in the News L&T is part of a Deed of Novation with Malaysia Marine and Heavy Engineering and TenneT for offshore substation subcontracts, with the scope revised to exclude one topside while keeping Malaysia Marine and Heavy Engineering responsible for its existing obligations (Client announcement, Mar 4, 2026).
BLKASHYAP
₹45.04
B.L. Kashyap and Sons
7D
-3.2%
1Y
-12.2%
GKENERGY
₹92.67
GK Energy
7D
-2.4%
1Y
n/a
505504
₹272.50
GHV Infra Projects
7D
-2.3%
1Y
316.2%
KPIL
₹1,106.10
Kalpataru Projects International
7D
3.0%
1Y
18.7%
533169
₹85.36
Man Infraconstruction
7D
-2.0%
1Y
-42.8%
534618
₹855.05
Waaree Renewable Technologies
7D
5.4%
1Y
-4.2%