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Indian (NIFTY) Construction Industry Analysis

UpdatedDec 25, 2025
DataAggregated Company Financials
Companies215
  • 7D1.9%
  • 3M1.7%
  • 1Y-6.3%
  • YTD-8.1%

The Construction industry is up 1.9% in the last week, with Rail Vikas Nigam up 13%. In the past year, the industry is down 6.3%. 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
Thu, 25 Dec 2025₹10.9t₹6.1t₹490.8b17.9x22.2x1.8x
Sat, 22 Nov 2025₹10.9t₹6.1t₹406.0b18.5x26.8x1.8x
Mon, 20 Oct 2025₹10.8t₹5.9t₹424.7b20.8x25.4x1.8x
Wed, 17 Sep 2025₹10.6t₹5.8t₹425.0b21.2x25x1.8x
Fri, 15 Aug 2025₹10.3t₹5.8t₹425.1b19.6x24.2x1.8x
Sun, 13 Jul 2025₹10.5t₹5.7t₹412.6b22.4x25.4x1.8x
Tue, 10 Jun 2025₹10.8t₹5.7t₹411.8b23.4x26.3x1.9x
Thu, 08 May 2025₹9.3t₹5.6t₹414.4b20.2x22.5x1.7x
Sat, 05 Apr 2025₹9.2t₹5.5t₹413.0b20.4x22.3x1.7x
Mon, 03 Mar 2025₹8.8t₹5.5t₹412.9b20.1x21.4x1.6x
Wed, 29 Jan 2025₹9.9t₹5.4t₹339.1b24.4x29.3x1.8x
Fri, 27 Dec 2024₹11.1t₹5.4t₹334.4b27.2x33.2x2.1x
Sun, 24 Nov 2024₹10.6t₹5.3t₹331.9b25.7x31.9x2x
Tue, 22 Oct 2024₹10.8t₹5.0t₹311.4b28.1x34.8x2.2x
Thu, 19 Sep 2024₹11.4t₹5.0t₹310.1b28.1x36.8x2.3x
Sat, 17 Aug 2024₹11.1t₹5.0t₹302.1b28x36.7x2.2x
Mon, 15 Jul 2024₹11.4t₹4.8t₹282.1b31.2x40.5x2.4x
Wed, 12 Jun 2024₹10.3t₹4.8t₹281.4b25.5x36.7x2.1x
Fri, 10 May 2024₹9.2t₹4.7t₹274.4b26.3x33.5x2x
Sun, 07 Apr 2024₹9.6t₹4.5t₹271.4b27.6x35.5x2.1x
Tue, 05 Mar 2024₹9.1t₹4.5t₹269.9b27.2x33.8x2x
Thu, 01 Feb 2024₹9.0t₹4.5t₹268.6b27.4x33.5x2x
Sat, 30 Dec 2023₹8.2t₹4.4t₹261.9b23.8x31.2x1.8x
Mon, 27 Nov 2023₹7.3t₹4.4t₹261.9b22.4x27.7x1.6x
Wed, 25 Oct 2023₹6.9t₹4.3t₹241.8b22.5x28.5x1.6x
Fri, 22 Sep 2023₹7.0t₹4.3t₹247.1b22x28.2x1.6x
Sun, 20 Aug 2023₹6.3t₹4.3t₹245.4b20.5x25.8x1.5x
Tue, 18 Jul 2023₹5.9t₹4.1t₹233.3b21.2x25.3x1.4x
Thu, 15 Jun 2023₹5.6t₹4.1t₹231.6b19.7x24.3x1.4x
Sat, 13 May 2023₹5.3t₹4.0t₹216.3b20x24.7x1.3x
Mon, 10 Apr 2023₹5.2t₹4.0t₹202.9b19.1x25.8x1.3x
Wed, 08 Mar 2023₹5.1t₹4.0t₹202.8b18.6x25.1x1.3x
Fri, 03 Feb 2023₹5.1t₹3.9t₹202.8b19x25x1.3x
Sun, 01 Jan 2023₹5.0t₹3.9t₹192.9b19.7x25.8x1.3x
Price to Earnings Ratio

25.8x


Total Market Cap: ₹5.0tTotal Earnings: ₹192.9bTotal Revenue: ₹3.9tTotal Market Cap vs Earnings and Revenue0%0%0%
Indian Construction Industry Price to Earnings3Y Average 28.8x202320242025
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 22.2x which is lower than its 3-year average PE of 28.8x.
  • 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 37% 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 Market1.60%
Industrials2.16%
Construction1.85%
Construction and Engineering1.85%
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
RVNL Rail Vikas Nigam₹345.7012.5%
+₹80.2b		-19.3%PE63.5x
IRCON Ircon International₹170.7012.7%
+₹18.1b		-18.7%PE26.7x
534309 NBCC (India)₹116.156.1%
+₹18.0b		24.6%PE52.3x
KEC KEC International₹741.405.2%
+₹9.8b		-37.2%PE28.9x
IRB IRB Infrastructure Developers₹42.483.5%
+₹8.6b		-22.2%PE3.9x

Latest News

GANESHIN
₹198.65
Ganesh Infraworld
7D
-11.5%
1Y
32.8%

Ganesh Infraworld (NSE:GANESHIN) Will Want To Turn Around Its Return Trends

Dec 25
Ganesh Infraworld (NSE:GANESHIN) Will Want To Turn Around Its Return Trends
RVNL
₹345.70
Rail Vikas Nigam
7D
12.5%
1Y
-19.3%

Is Rail Vikas Nigam (NSE:RVNL) A Risky Investment?

Dec 25
Is Rail Vikas Nigam (NSE:RVNL) A Risky Investment?
532942
₹171.25
KNR Constructions
7D
19.0%
1Y
-46.1%
IRB
₹42.48
IRB Infrastructure Developers
7D
3.5%
1Y
-22.2%

Be Wary Of IRB Infrastructure Developers (NSE:IRB) And Its Returns On Capital

Dec 24
Be Wary Of IRB Infrastructure Developers (NSE:IRB) And Its Returns On Capital
534309
₹116.15
NBCC (India)
7D
6.1%
1Y
24.6%

534309: Jaipur Redevelopment Mandate Will Drive Upside Over Next Thirty Months

Analysts have nudged their price target for NBCC (India) marginally higher to ₹146.0, reflecting fine tuned assumptions around discount rates, revenue growth, profit margins and future valuation multiples that modestly adjust the stock's risk and reward profile. What's in the News Board meeting scheduled on November 13, 2025 at 12:00 IST to review and approve unaudited standalone and consolidated financial results for the quarter and half year ended September 30, 2025 (company filing) Board to consider declaration of a second interim dividend for FY 2025-26, which would indicate potential additional shareholder payout, subject to approval (company filing) Limited review reports on the unaudited financial results for the quarter ended September 30, 2025 to be taken on record, providing external validation of the reported numbers (company filing) Valuation Changes Fair Value: unchanged at ₹146.0 per share, indicating no material shift in the central valuation estimate.
VPRPL
₹61.28
Vishnu Prakash R Punglia
7D
-15.2%
1Y
-79.3%
KPIL
₹1,200.30
Kalpataru Projects International
7D
3.4%
1Y
-4.7%

Sentiment Still Eluding Kalpataru Projects International Limited (NSE:KPIL)

Dec 19
Sentiment Still Eluding Kalpataru Projects International Limited (NSE:KPIL)
IRCON
₹170.70
Ircon International
7D
12.7%
1Y
-18.7%

IRCON: New Contracts And Stable Assumptions Will Likely Guide Returns Ahead

Analysts have marginally reaffirmed their outlook on Ircon International, keeping the fair value estimate effectively unchanged at ₹147.00. Modest tweaks to the discount rate, revenue growth, profit margin, and future P/E assumptions did not justify a material revision in the target price.
513269
₹397.35
Man Industries (India)
7D
-5.0%
1Y
20.7%

513269: Long Term Aramco Agreement Will Drive Middle East Expansion

Analysts have nudged their price target on Man Industries (India) slightly higher to ₹525.0 from ₹525, reflecting fine tuned assumptions around the discount rate, growth and valuation multiples, despite a modest trim to forecast profit margins. What's in the News Signed a five year Memorandum of Understanding with Aramco Asia India to enable long term steel pipe supply and explore a manufacturing facility in Saudi Arabia, supporting energy and infrastructure projects across the Middle East (company release) Issued guidance for the second half of FY26, projecting record half year revenue of around INR 22 billion and reaffirming a full year revenue growth target of about 20 percent, driven by strong execution and capacity expansion (company guidance) Board meeting on November 13, 2025 to consider unaudited Q2 and H1 FY26 results, the appointment of an additional independent director, and the incorporation of two new overseas step down subsidiaries focused on coatings and investments (board agenda) Valuation Changes Fair Value: Unchanged at ₹525.0 per share, indicating no material revision to intrinsic value estimates.
500510
₹4,052.80
Larsen & Toubro
7D
-0.2%
1Y
11.3%

500510: Defence And Energy Projects Will Support Balanced Medium-Term Prospects

Analysts have modestly raised their fair value estimate for Larsen & Toubro from ₹4,399.97 to ₹4,457.87. This reflects slightly higher confidence in its future earnings multiple and profit margins, despite broadly unchanged growth and discount rate assumptions.
KEC
₹741.40
KEC International
7D
5.2%
1Y
-37.2%
GMRP&UI
₹111.97
GMR Power And Urban Infra
7D
-2.1%
1Y
12.6%

Weak Statutory Earnings May Not Tell The Whole Story For GMR Power And Urban Infra (NSE:GMRP&UI)

Nov 25
Weak Statutory Earnings May Not Tell The Whole Story For GMR Power And Urban Infra (NSE:GMRP&UI)
531120
₹29.23
Patel Engineering
7D
-5.2%
1Y
-44.3%
GRINFRA
₹1,021.80
G R Infraprojects
7D
-1.9%
1Y
-30.9%
532395
₹1,344.55
AXISCADES Technologies
7D
12.1%
1Y
114.1%
538562
₹423.35
Skipper
7D
-2.5%
1Y
-22.7%