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Indian (NIFTY) Construction Industry Analysis

UpdatedDec 09, 2025
DataAggregated Company Financials
Companies214
  • 7D-3.9%
  • 3M0.3%
  • 1Y-15.0%
  • YTD-11.1%

Over the last 7 days, the Construction industry has dropped 3.9%, driven by a pullback from Larsen & Toubro of 1.9%. In contrast, Chavda Infra has gained 53%. The industry has fallen 15% in the last year. 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
Tue, 09 Dec 2025₹10.5t₹6.1t₹490.6b17.5x21.5x1.7x
Thu, 06 Nov 2025₹11.0t₹6.0t₹434.8b20.2x25.2x1.8x
Sat, 04 Oct 2025₹10.7t₹5.9t₹428.3b20.7x24.9x1.8x
Mon, 01 Sep 2025₹10.1t₹5.8t₹424.0b20.4x23.9x1.7x
Wed, 30 Jul 2025₹10.3t₹5.7t₹415.4b21x24.7x1.8x
Fri, 27 Jun 2025₹10.7t₹5.7t₹412.0b22.9x26x1.9x
Sun, 25 May 2025₹10.3t₹5.7t₹415.2b22.2x24.8x1.8x
Tue, 22 Apr 2025₹9.6t₹5.5t₹413.4b22x23.2x1.7x
Thu, 20 Mar 2025₹9.4t₹5.5t₹412.9b19.6x22.7x1.7x
Sat, 15 Feb 2025₹9.2t₹5.5t₹412.6b20.5x22.3x1.7x
Mon, 13 Jan 2025₹10.6t₹5.4t₹334.4b27.2x31.6x2x
Wed, 11 Dec 2024₹11.7t₹5.3t₹332.8b28x35.1x2.2x
Fri, 08 Nov 2024₹11.1t₹5.3t₹327.0b27.7x34.1x2.1x
Sun, 06 Oct 2024₹11.0t₹5.0t₹310.4b28.1x35.4x2.2x
Tue, 03 Sep 2024₹11.5t₹5.0t₹303.4b29x37.9x2.3x
Thu, 01 Aug 2024₹11.6t₹4.9t₹287.3b29.8x40.4x2.4x
Sat, 29 Jun 2024₹10.6t₹4.8t₹281.9b29.3x37.5x2.2x
Mon, 27 May 2024₹10.3t₹4.8t₹280.7b26.6x36.6x2.1x
Wed, 24 Apr 2024₹9.8t₹4.6t₹269.7b28.3x36.2x2.1x
Fri, 22 Mar 2024₹8.8t₹4.5t₹270.5b24.7x32.4x1.9x
Sun, 18 Feb 2024₹8.8t₹4.5t₹269.8b27.2x32.5x1.9x
Tue, 16 Jan 2024₹8.5t₹4.4t₹262.1b26.3x32.5x1.9x
Thu, 14 Dec 2023₹7.9t₹4.4t₹261.9b23.3x30.1x1.8x
Sat, 11 Nov 2023₹7.1t₹4.4t₹254.6b22.2x27.8x1.6x
Mon, 09 Oct 2023₹7.3t₹4.3t₹247.9b22.1x29.3x1.7x
Wed, 06 Sep 2023₹6.8t₹4.3t₹246.2b23.3x27.5x1.6x
Fri, 04 Aug 2023₹6.2t₹4.2t₹241.7b20.3x25.8x1.5x
Sun, 02 Jul 2023₹5.8t₹4.1t₹233.3b19.7x24.9x1.4x
Tue, 30 May 2023₹5.4t₹4.1t₹219.4b19.8x24.5x1.3x
Thu, 27 Apr 2023₹5.3t₹4.0t₹211.7b19.8x25x1.3x
Sat, 25 Mar 2023₹5.0t₹4.0t₹202.8b18.5x24.7x1.3x
Mon, 20 Feb 2023₹5.2t₹4.0t₹202.8b18.2x25.6x1.3x
Wed, 18 Jan 2023₹5.2t₹3.9t₹193.0b19.6x27.1x1.4x
Fri, 16 Dec 2022₹5.1t₹3.8t₹186.1b20.5x27.4x1.4x
Price to Earnings Ratio

27.4x


Total Market Cap: ₹5.1tTotal Earnings: ₹186.1bTotal Revenue: ₹3.8tTotal Market Cap vs Earnings and Revenue0%0%0%
Indian Construction Industry Price to Earnings3Y Average 28.9x202320242025
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 21.5x which is lower than its 3-year average PE of 28.9x.
  • 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 38% per year over the last three years.
  • Revenues for these companies have grown 17% 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-2.27%
Industrials-4.54%
Construction-3.89%
Construction and Engineering-3.89%
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
CHAVDA Chavda Infra₹129.9552.8%
+₹1.1b		-7.4%PE16.2x
GIRIRAJ Giriraj Civil Developers₹137.009.6%
+₹287.0m		-61.9%PE15.2x
ABINFRA A B Infrabuild₹19.002.4%
+₹281.1m		89.1%PE63x
ZTECH Z-Tech (India)₹523.403.8%
+₹275.1m		18.9%PE31.3x
WELENT Welspun Enterprises₹516.600.3%
+₹177.7m		-9.1%PE19.1x

Latest News

VOLTAS
₹1,322.50
Voltas
7D
-2.8%
1Y
-25.0%

Is Voltas (NSE:VOLTAS) Using Too Much Debt?

Dec 09
Is Voltas (NSE:VOLTAS) Using Too Much Debt?
TECHNOE
₹1,062.60
Techno Electric & Engineering
7D
-11.0%
1Y
-27.7%

We Think Techno Electric & Engineering (NSE:TECHNOE) Can Stay On Top Of Its Debt

Dec 07
We Think Techno Electric & Engineering (NSE:TECHNOE) Can Stay On Top Of Its Debt
CHAVDA
₹129.95
Chavda Infra
7D
52.8%
1Y
-7.4%
509496
₹789.00
Cemindia Projects
7D
-8.3%
1Y
55.9%

509496: Stable Order Book And Auditor Change Will Guide Outlook Ahead

Analysts have nudged their price target for Cemindia Projects slightly higher to reflect a marginally increased discount rate and future price-to-earnings expectations, while maintaining their fair value estimate at $862.00. What's in the News The board approved the resignation of incumbent statutory auditor T R Chadha & Co LLP following completion of the limited review for Q2 and H1 FY26, effective November 5, 2025 (Board Meeting).
IRCON
₹146.85
Ircon International
7D
-7.9%
1Y
-35.4%

IRCON: Order Wins And Higher Discount Rate Will Likely Shape Returns Ahead

Analysts have marginally trimmed their fair value estimate for Ircon International to ₹147.0 from about ₹147.7, reflecting a slightly higher discount rate and modestly lower expected future valuation multiples, while keeping revenue growth and profit margin assumptions broadly unchanged. What's in the News Board meeting scheduled for November 12, 2025 to consider and approve unaudited standalone and consolidated financial results for the quarter and half year ended September 30, 2025 (company filing) Ircon, in a 51:49 joint venture with Finolex J Power Systems, won a turnkey contract from Maharashtra State Electricity Transmission Co. Ltd.
WELENT
₹516.60
Welspun Enterprises
7D
0.3%
1Y
-9.1%
GIRIRAJ
₹137.00
Giriraj Civil Developers
7D
9.6%
1Y
-61.9%
500510
₹3,995.70
Larsen & Toubro
7D
-1.9%
1Y
1.2%

500510: Expanding Defence And Power Projects Will Support Balanced Medium-Term Outcomes

Analysts have raised their fair value estimate for Larsen & Toubro from ₹4,367.81 to ₹4,399.97, citing incremental improvements in revenue growth and profit margin forecasts. What's in the News Larsen & Toubro will produce BvS10 Sindhu all-terrain vehicles under a new contract with the Indian Army, with technical support from BAE Systems.
TGL
₹65.80
Teerth Gopicon
7D
27.3%
1Y
-88.3%
534309
₹107.95
NBCC (India)
7D
-8.6%
1Y
4.5%

534309: Major Jaipur Project Will Drive Value Over Next Thirty Months

NBCC (India) Sees Revised Analyst Price Target Amid Subtle Shifts in Financial Projections Analysts have increased their fair value estimate for NBCC (India) from ₹143 to ₹146. This reflects modest adjustments in expectations for discount rate, revenue growth, profit margin, and future price-to-earnings ratios.
RVNL
₹307.15
Rail Vikas Nigam
7D
-4.5%
1Y
-34.7%

Rail Vikas Nigam's (NSE:RVNL) Anemic Earnings Might Be Worse Than You Think

Nov 19
Rail Vikas Nigam's (NSE:RVNL) Anemic Earnings Might Be Worse Than You Think
ZTECH
₹523.40
Z-Tech (India)
7D
3.8%
1Y
18.9%

Shareholders Shouldn’t Be Too Comfortable With Z-Tech (India)'s (NSE:ZTECH) Strong Earnings

Nov 17
Shareholders Shouldn’t Be Too Comfortable With Z-Tech (India)'s (NSE:ZTECH) Strong Earnings
535693
₹111.40
Brahmaputra Infrastructure
7D
4.7%
1Y
73.0%
ATALREAL
₹24.20
Atal Realtech
7D
4.3%
1Y
95.6%
ABINFRA
₹19.00
A B Infrabuild
7D
2.4%
1Y
89.1%
534618
₹943.25
Waaree Renewable Technologies
7D
-10.6%
1Y
-33.8%