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Indian (NIFTY) Construction Industry Analysis

UpdatedJul 21, 2026
DataAggregated Company Financials
Companies222
  • 7D-2.0%
  • 3M-4.3%
  • 1Y-5.8%
  • YTD-7.7%

Over the last 7 days, the Construction industry has dropped 2.0%, driven by a pullback from Larsen & Toubro of 2.2%. However, the industry is down 5.8% over the past 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, 21 Jul 2026₹10.2t₹6.3t₹489.1b15.5x20.9x1.6x
Thu, 18 Jun 2026₹10.8t₹6.3t₹486.4b14.7x22.3x1.7x
Sat, 16 May 2026₹10.3t₹6.3t₹461.7b16.1x22.3x1.6x
Mon, 13 Apr 2026₹10.1t₹6.2t₹471.2b15.3x21.5x1.6x
Wed, 11 Mar 2026₹9.9t₹6.2t₹470.7b15x21x1.6x
Fri, 06 Feb 2026₹10.5t₹6.2t₹518.2b16.3x20.2x1.7x
Sun, 04 Jan 2026₹11.1t₹6.1t₹490.8b18.1x22.6x1.8x
Tue, 02 Dec 2025₹10.9t₹6.1t₹439.1b19x24.9x1.8x
Thu, 30 Oct 2025₹11.0t₹5.9t₹424.9b20.8x25.9x1.9x
Sat, 27 Sep 2025₹10.5t₹5.8t₹425.7b20.5x24.6x1.8x
Mon, 25 Aug 2025₹10.3t₹5.8t₹423.9b20.4x24.3x1.8x
Wed, 23 Jul 2025₹10.4t₹5.7t₹413.7b22.4x25.1x1.8x
Fri, 20 Jun 2025₹10.4t₹5.7t₹411.8b22.3x25.2x1.8x
Sun, 18 May 2025₹10.3t₹5.7t₹415.0b21.6x24.8x1.8x
Tue, 15 Apr 2025₹9.0t₹5.5t₹413.0b20.2x21.8x1.6x
Thu, 13 Mar 2025₹9.0t₹5.5t₹412.9b19.1x21.7x1.6x
Sat, 08 Feb 2025₹9.9t₹5.5t₹409.6b23.4x24.2x1.8x
Mon, 06 Jan 2025₹11.3t₹5.4t₹334.3b28.8x33.9x2.1x
Wed, 04 Dec 2024₹11.3t₹5.3t₹332.6b25.9x33.9x2.1x
Fri, 01 Nov 2024₹10.4t₹5.2t₹321.3b26.1x32.5x2x
Sun, 29 Sep 2024₹11.4t₹5.0t₹310.3b29.5x36.8x2.3x
Tue, 27 Aug 2024₹11.4t₹5.0t₹303.0b29.2x37.5x2.3x
Thu, 25 Jul 2024₹11.1t₹4.8t₹283.0b30.6x39.2x2.3x
Sat, 22 Jun 2024₹10.6t₹4.8t₹281.9b28.3x37.5x2.2x
Mon, 20 May 2024₹9.8t₹4.8t₹278.9b27.4x35.2x2.1x
Wed, 17 Apr 2024₹9.3t₹4.5t₹271.8b26x34.3x2.1x
Fri, 15 Mar 2024₹8.7t₹4.5t₹269.9b24.8x32.4x1.9x
Sun, 11 Feb 2024₹8.7t₹4.5t₹267.9b27.9x32.5x1.9x
Tue, 09 Jan 2024₹8.2t₹4.4t₹262.0b25.3x31.3x1.9x
Thu, 07 Dec 2023₹7.8t₹4.4t₹262.0b23.1x29.9x1.8x
Sat, 04 Nov 2023₹6.9t₹4.4t₹252.9b21.9x27.1x1.6x
Mon, 02 Oct 2023₹7.1t₹4.3t₹247.9b22x28.7x1.6x
Wed, 30 Aug 2023₹6.5t₹4.3t₹245.0b22x26.7x1.5x
Fri, 28 Jul 2023₹6.3t₹4.2t₹241.8b20.7x25.9x1.5x
Price to Earnings Ratio

25.9x


Total Market Cap: ₹6.3tTotal Earnings: ₹241.8bTotal Revenue: ₹4.2tTotal Market Cap vs Earnings and Revenue0%0%0%
Indian Construction Industry Price to Earnings3Y Average 28.1x202420252026
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 20.9x which is lower than its 3-year average PE of 28.1x.
  • The 3-year average PS ratio of 1.9x is higher than the industry's current PS ratio of 1.6x.
Past Earnings Growth
  • The earnings for companies in the Construction industry have grown 26% per year over the last three years.
  • Revenues for these companies have grown 14% 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 Market0.002%
Industrials-0.43%
Construction-2.01%
Construction and Engineering-2.01%
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
KPIL Kalpataru Projects International₹1.34k3.3%
+₹7.3b		13.1%PE22x
509496 Cemindia Projects₹1.64k2.5%
+₹7.0b		102.7%PE47.1x
INOXGREEN Inox Green Energy Services₹195.215.0%
+₹3.5b		15.8%PE72.1x
543971 Bondada Engineering₹315.456.8%
+₹2.3b		-26.6%PE17.3x
534618 Waaree Renewable Technologies₹1.01k2.0%
+₹2.1b		-8.0%PE22.1x

Latest News

PRAJIND
₹335.75
Praj Industries
7D
-4.5%
1Y
-31.9%
SPMLINFRA
₹207.47
SPML Infra
7D
8.3%
1Y
-27.7%
SWSOLAR
₹207.31
Sterling and Wilson Renewable Energy
7D
-14.4%
1Y
-32.9%
Analysis Article • Jul 19

Analysts Are Updating Their Sterling and Wilson Renewable Energy Limited (NSE:SWSOLAR) Estimates After Its First-Quarter Results

Sterling and Wilson Renewable Energy Limited ( NSE:SWSOLAR ) shareholders are probably feeling a little disappointed...
534618
₹1,014.15
Waaree Renewable Technologies
7D
2.0%
1Y
-8.0%
KPIL
₹1,341.70
Kalpataru Projects International
7D
3.3%
1Y
13.1%
CEIGALL
₹342.05
Ceigall India
7D
-4.7%
1Y
26.1%
Narrative Update • Jul 14

CEIGALL: Future Projects And Fair Pricing Will Shape Balanced Outlook

Analysts have raised their fair value estimate for Ceigall India from ₹256.0 to ₹349.0, citing updated assumptions around the company’s discount rate, revenue growth, profit margin and future P/E ratio. What's in the News for Ceigall India Ceigall Morena Solar BESS Park Limited, a wholly owned subsidiary of Ceigall India, signed a Power Purchase Agreement with Rewa Ultra Mega Solar Limited on 29 June 2026 for a 220 MW solar and Battery Energy Storage Systems project at Morena Solar Park in Madhya Pradesh, with an approximate project value of ₹17,000 million including GST.
SUPREMEINF
₹88.35
Supreme Infrastructure India
7D
16.2%
1Y
-30.8%
RVNL
₹225.26
Rail Vikas Nigam
7D
-0.9%
1Y
-39.5%
Narrative Update • Jul 07

RVNL: Lower Margins Will Undermine Benefits Of New Rail Contracts

Analysts have revised their fair value estimate for Rail Vikas Nigam to ₹165 from ₹204, citing updated assumptions on revenue growth, profit margins, the discount rate and future P/E expectations. What’s in the News for Rail Vikas Nigam Received a Letter of Award from NMDC Limited to set up buffer stockpiles and a blending yard with 10 MTPA handling capacity at Vizag, Andhra Pradesh, with a contract size of ₹29,770 million including 18% GST and an execution period of 42 months.
509496
₹1,639.70
Cemindia Projects
7D
2.5%
1Y
102.7%
Narrative Update • Jul 06

509496: Rich P/E Assumptions Will Likely Temper Optimism Despite Dividend

Analysts have lifted their price target for Cemindia Projects from ₹862 to about ₹1,160, citing updated assumptions around revenue growth, profit margins, fair value estimates, a slightly higher discount rate and a lower projected future P/E multiple. What’s in the News for Cemindia Projects Cemindia Projects approved the appointment of M/s.
532309
₹809.40
GE Power India
7D
2.3%
1Y
166.0%
IRB
₹19.96
IRB Infrastructure Developers
7D
-1.1%
1Y
-17.5%
Narrative Update • Jul 02

IRB: Long-Term Project Management Agreements Will Support Bullish Outlook

Analysts have lifted their fair value estimate for IRB Infrastructure Developers from ₹24.0 to ₹25.0, citing updated assumptions that reflect the latest views on revenue, profit margins, discount rate and future P/E levels. What’s in the News for IRB Infrastructure Developers IRB Infrastructure Developers has scheduled a board meeting on Jul 02, 2026 to consider entering into Project Implementation Agreements with IRB InvIT Fund and project SPVs Solapur Yedeshi Tollway Limited and CG Tollway Limited, for project management services valued at approximately ₹2,663 crore on a fixed price basis over a balance concession period of about 18 years, under SEBI InvIT Regulations, 2014.
GMRP&UI
₹96.68
GMR Power And Urban Infra
7D
-3.3%
1Y
-16.4%
534309
₹96.80
NBCC (India)
7D
-1.4%
1Y
-15.5%
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.
INOXGREEN
₹195.21
Inox Green Energy Services
7D
5.0%
1Y
15.8%
532395
₹1,578.35
AXISCADES Technologies
7D
-3.6%
1Y
14.6%
543971
₹315.45
Bondada Engineering
7D
6.8%
1Y
-26.6%