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Indian (NIFTY) Infrastructure Industry Analysis

UpdatedMar 19, 2026
DataAggregated Company Financials
Companies19
  • 7D-0.6%
  • 3M-6.5%
  • 1Y13.8%
  • YTD-6.1%

Over the last 7 days, the Infrastructure industry has dropped 4.1%, driven by pullbacks in Adani Ports and Special Economic Zone and GMR Airports of 0.6% and 1.9%, respectively. This takes the industry's 12 month performance to a gain of 13%. As for the next few years, earnings are expected to grow by 16% per annum.

Industry Valuation and Performance

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

DateMarket CapRevenueEarningsPEAbsolute PEPS
Thu, 19 Mar 2026₹3.9t₹493.6b₹152.6b10.1x25.8x8x
Sat, 14 Feb 2026₹4.2t₹492.7b₹153.4b11.9x27.5x8.6x
Mon, 12 Jan 2026₹4.1t₹476.0b₹148.1b11.8x27.4x8.5x
Wed, 10 Dec 2025₹4.0t₹476.0b₹148.1b13x26.9x8.4x
Fri, 07 Nov 2025₹3.9t₹476.9b₹147.5b17.4x26.4x8.2x
Sun, 05 Oct 2025₹3.9t₹442.8b₹136.2b16x28.5x8.8x
Tue, 02 Sep 2025₹3.7t₹443.9b₹135.7b17.2x27x8.2x
Thu, 31 Jul 2025₹3.8t₹415.4b₹133.3b17.3x28.5x9.2x
Sat, 28 Jun 2025₹3.9t₹413.0b₹132.2b19.3x29.7x9.5x
Mon, 26 May 2025₹3.8t₹413.1b₹131.5b17.7x28.6x9.1x
Wed, 23 Apr 2025₹3.4t₹392.8b₹117.3b20.1x29.3x8.7x
Fri, 21 Mar 2025₹3.3t₹390.9b₹117.1b17.8x28.1x8.4x
Sun, 16 Feb 2025₹2.9t₹390.7b₹117.1b18.4x24.8x7.4x
Tue, 14 Jan 2025₹3.1t₹377.6b₹114.1b23.3x26.9x8.1x
Thu, 12 Dec 2024₹3.5t₹377.6b₹114.1b25.9x31.1x9.4x
Sat, 09 Nov 2024₹3.8t₹377.5b₹113.8b28.1x33.2x10x
Mon, 07 Oct 2024₹4.0t₹371.4b₹110.5b29.5x35.8x10.7x
Wed, 04 Sep 2024₹4.1t₹370.8b₹110.4b31.2x36.9x11x
Fri, 02 Aug 2024₹4.4t₹362.4b₹100.7b37.9x43.2x12x
Sun, 30 Jun 2024₹4.1t₹361.0b₹101.0b37x40.5x11.3x
Tue, 28 May 2024₹3.9t₹362.0b₹93.1b35.2x41.7x10.7x
Thu, 25 Apr 2024₹3.6t₹346.3b₹83.8b36.9x42.6x10.3x
Sat, 23 Mar 2024₹3.5t₹345.9b₹83.8b34.9x41.2x10x
Mon, 19 Feb 2024₹3.5t₹345.9b₹83.8b37x41.6x10.1x
Wed, 17 Jan 2024₹3.2t₹323.3b₹67.7b37.8x47.5x9.9x
Fri, 15 Dec 2023₹3.0t₹323.3b₹67.6b32.1x44x9.2x
Sun, 12 Nov 2023₹2.3t₹323.1b₹68.1b24.7x33.8x7.1x
Tue, 10 Oct 2023₹2.2t₹302.6b₹75.4b21.5x28.8x7.2x
Thu, 07 Sep 2023₹1.9t₹262.9b₹66.2b20.3x28.2x7.1x
Sat, 05 Aug 2023₹1.8t₹250.3b₹56.3b18.3x32x7.2x
Mon, 03 Jul 2023₹1.7t₹249.0b₹56.2b16.5x30.6x6.9x
Wed, 31 May 2023₹1.7t₹224.5b₹53.7b31.1x31.5x7.5x
Fri, 28 Apr 2023₹1.5t₹222.8b₹51.1b28x29.9x6.9x
Sun, 26 Mar 2023₹1.5t₹222.8b₹51.1b26.2x28.9x6.6x
Price to Earnings Ratio

28.9x


Total Market Cap: ₹1.5tTotal Earnings: ₹51.1bTotal Revenue: ₹222.8bTotal Market Cap vs Earnings and Revenue0%0%0%
Indian Infrastructure Industry Price to Earnings3Y Average 32.5x202420252026
Current Industry PE
  • Investors are pessimistic on the Indian Infrastructure 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 25.2x which is lower than its 3-year average PE of 32.5x.
  • The 3-year average PS ratio of 8.8x is higher than the industry's current PS ratio of 7.8x.
Past Earnings Growth
  • The earnings for companies in the Infrastructure industry have grown 44% per year over the last three years.
  • Revenues for these companies have grown 30% 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-0.65%
Industrials-1.20%
Infrastructure-0.62%
Highways and Railtracks0.31%
Marine Ports and Services-0.63%
Airport Services-2.01%
Industry PE
  • Investors are most optimistic about the Marine Ports and Services industry even though it's trading below its 3-year average PE ratio of 31.9x.
    • Analysts are expecting annual earnings growth of 15.7%, which is lower than the prior year's growth of 38.5% per year.
  • Investors are most pessimistic about the Highways and Railtracks industry, although it looks like investor sentiment has improved given that it's trading above its 3-year average.
Forecasted Growth
  • Analysts are most optimistic on the Airport Services industry, expecting annual earnings growth of 30% over the next 5 years.
  • This is better than its past earnings decline of 42% per year.
  • In contrast, the Marine Ports and Services industry is expected to see its earnings grow by 16% per year over the next few years.

Top Stock Gainers and Losers

Which companies have driven the market over the last 7 days?

CompanyLast Price7D1YValuation
JSWINFRA JSW Infrastructure₹260.000.2%
+₹936.0m		-9.5%PE33.5x
520086 Sical Logistics₹65.00-2.7%
₹829.3m		-25.3%PE8.8x
BRNL Bharat Road Network₹20.048.4%
+₹130.1m		-41.2%PE6.1x
543364 Markolines Pavement Technologies₹156.602.3%
+₹76.1m		35.6%PE12.8x

Latest News

JSWINFRA
₹260.00
JSW Infrastructure
7D
0.2%
1Y
-9.5%

JSWINFRA: Planned Equity Issue Will Support Aggressive Port Capacity Expansion

Analysts have slightly trimmed their price target for JSW Infrastructure from ₹334.87 to ₹333.31, citing updated assumptions on revenue growth, profit margins, and future P/E levels. What's in the News Board meeting scheduled on March 5, 2026, to consider granting 220,960 stock options to eligible employees under the OPJ ESOP Plan 2026, indicating continued use of equity based incentives (company filing).
520086
₹65.00
Sical Logistics
7D
-2.7%
1Y
-25.3%
DREAMFOLKS
₹73.55
Dreamfolks Services
7D
-2.0%
1Y
-68.2%

DREAMFOLKS: Stable Assumptions And Upcoming Governance Decisions Will Support Future Upside

Analysts have kept their fair value estimate for Dreamfolks Services steady at ₹140, reflecting unchanged assumptions on revenue, profit margins and future P/E. They are framing their latest price target commentary around consistent model inputs rather than new growth expectations.
GMRAIRPORT
₹92.02
GMR Airports
7D
-1.9%
1Y
20.0%

GMRAIRPORT: Higher Margin Outlook Will Support Upside Despite Lower Revenue Assumptions

Analysts have nudged their fair value estimate for GMR Airports to around ₹114 from about ₹113, citing updated assumptions on revenue growth, profit margins, discount rate and future P/E that refine rather than radically change their earlier pricing framework. What's in the News Board meeting scheduled for Feb 13, 2026, to consider and approve the unaudited standalone and consolidated financial results for the quarter ended Dec 31, 2025 (company filing) Special or extraordinary shareholders meeting set for Jan 16, 2026, via postal ballot in India (company filing) Valuation Changes Fair Value: Revised slightly higher to about ₹113.83 from around ₹112.67, representing a modest uplift in the estimate.
GPPL
₹154.13
Gujarat Pipavav Port
7D
-3.5%
1Y
12.7%

GPPL: Board Review And Rich P/E Will Shape Balanced Return Outlook

Analysts have nudged their price target on Gujarat Pipavav Port up from ₹168.75 to ₹176.25, reflecting updated assumptions around discount rates, revenue growth, profit margins and future P/E. What's in the News A board meeting is scheduled for February 10, 2026, to consider and approve unaudited standalone and consolidated financial results for the quarter and nine months ended December 31, 2025 (company board filing).
ADANIPORTS
₹1,401.90
Adani Ports and Special Economic Zone
7D
-0.6%
1Y
19.5%

ADANIPORTS: Port Expansion And New UAE Logistics Arm Will Support Earnings

Analysts have slightly raised their price target for Adani Ports and Special Economic Zone to about ₹1,843 from roughly ₹1,838, citing small model tweaks, including a slightly higher assumed profit margin and future P/E multiple, along with marginal adjustments to the discount rate and revenue growth assumptions. What's in the News Revised earnings guidance for FY 2026, with revenue now expected at ₹380,000 million, compared with the prior range of ₹360,000 million to ₹380,000 million, narrowing the outlook to the upper end of the earlier band (Corporate guidance).
543364
₹156.60
Markolines Pavement Technologies
7D
2.3%
1Y
35.6%
JITFINFRA
₹333.75
JITF Infralogistics
7D
-5.3%
1Y
-7.8%
523618
₹909.45
Dredging Corporation of India
7D
-5.4%
1Y
59.2%
NAVKARCORP
₹85.96
Navkar
7D
-4.5%
1Y
-16.8%
ABSMARINE
₹163.95
ABS Marine Services
7D
-1.7%
1Y
61.4%
BRNL
₹20.04
Bharat Road Network
7D
8.4%
1Y
-41.2%