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Indian (NIFTY) Real Estate Sector Analysis

UpdatedJan 21, 2026
DataAggregated Company Financials
Companies202
  • 7D-5.6%
  • 3M-13.0%
  • 1Y-13.5%
  • YTD-7.7%

Over the last 7 days, the Real Estate industry has dropped 5.6%, and DLF contributed the most with a 5.1% decline. However, the industry is down 14% over the past year. Looking forward, earnings are forecast to grow by 31% annually.

Sector Valuation and Performance

Has the Indian Real Estate Sector valuation changed over the past few years?

DateMarket CapRevenueEarningsPEAbsolute PEPS
Wed, 21 Jan 2026₹9.3t₹1.2t₹208.1b26.9x44.7x7.8x
Fri, 19 Dec 2025₹9.9t₹1.2t₹207.9b30x47.4x8.2x
Sun, 16 Nov 2025₹10.3t₹1.2t₹210.1b33.8x49.2x8.6x
Tue, 14 Oct 2025₹10.0t₹1.1t₹216.2b37.3x46.1x8.8x
Thu, 11 Sep 2025₹9.8t₹1.1t₹214.2b37.9x45.6x8.8x
Sat, 09 Aug 2025₹9.2t₹1.1t₹214.3b34x43x8.7x
Mon, 07 Jul 2025₹9.8t₹988.1b₹205.8b35.7x47.7x9.9x
Wed, 04 Jun 2025₹9.6t₹993.1b₹209.1b32.6x45.9x9.7x
Fri, 02 May 2025₹8.8t₹1.1t₹213.9b32.9x41.2x8.2x
Sun, 30 Mar 2025₹8.5t₹1.1t₹220.1b32.6x38.7x7.9x
Tue, 25 Feb 2025₹8.5t₹1.1t₹220.1b32.4x38.6x7.9x
Thu, 23 Jan 2025₹9.0t₹1.0t₹218.7b34.4x41.1x8.7x
Sat, 21 Dec 2024₹10.3t₹1.0t₹214.5b35.2x48.2x10.1x
Mon, 18 Nov 2024₹9.3t₹1.0t₹212.4b34.9x43.9x9.1x
Wed, 16 Oct 2024₹10.4t₹991.0b₹208.0b30.8x50.1x10.5x
Fri, 13 Sep 2024₹10.0t₹971.1b₹203.5b32.4x49.1x10.3x
Sun, 11 Aug 2024₹9.8t₹959.5b₹193.7b31.5x50.4x10.2x
Tue, 09 Jul 2024₹10.2t₹832.7b₹165.9b34.5x61.7x12.3x
Thu, 06 Jun 2024₹9.1t₹835.3b₹152.3b29.6x59.8x10.9x
Sat, 04 May 2024₹8.8t₹756.3b₹137.0b33.6x64.3x11.7x
Mon, 01 Apr 2024₹8.3t₹750.2b₹132.4b30.7x62.6x11.1x
Wed, 28 Feb 2024₹8.5t₹750.0b₹132.6b33.4x64.4x11.4x
Fri, 26 Jan 2024₹7.7t₹730.2b₹115.9b36.3x66.5x10.6x
Sun, 24 Dec 2023₹7.0t₹730.1b₹116.2b28.9x60.7x9.7x
Tue, 21 Nov 2023₹6.5t₹728.5b₹116.7b25x55.5x8.9x
Thu, 19 Oct 2023₹5.7t₹672.7b₹88.8b33.6x64.6x8.5x
Sat, 16 Sep 2023₹5.6t₹671.2b₹88.8b29.8x62.6x8.3x
Mon, 14 Aug 2023₹5.1t₹672.6b₹66.2b28.7x76.9x7.6x
Wed, 12 Jul 2023₹5.2t₹660.0b₹85.0b30.4x60.9x7.8x
Fri, 09 Jun 2023₹4.9t₹662.7b₹85.0b28.8x57.8x7.4x
Sun, 07 May 2023₹4.4t₹658.4b₹101.7b25.5x42.8x6.6x
Tue, 04 Apr 2023₹3.9t₹646.4b₹102.8b23.5x38.1x6.1x
Thu, 02 Mar 2023₹3.9t₹641.0b₹112.9b24.1x34.7x6.1x
Sat, 28 Jan 2023₹4.1t₹611.0b₹116.4b24.9x35.4x6.7x
Price to Earnings Ratio

35.4x


Total Market Cap: ₹4.1tTotal Earnings: ₹116.4bTotal Revenue: ₹611.0bTotal Market Cap vs Earnings and Revenue0%0%0%
Indian Real Estate Sector Price to Earnings3Y Average 51.5x202420252026
Current Industry PE
  • Investors are pessimistic on the Indian Real Estate 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 44.7x which is lower than its 3-year average PE of 51.5x.
  • The 3-year average PS ratio of 9.1x is higher than the industry's current PS ratio of 7.8x.
Past Earnings Growth
  • The earnings for companies in the Real Estate industry have grown 21% per year over the last three years.
  • Revenues for these companies have grown 25% 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 Real Estate sector?

IN Market-2.63%
Real Estate-5.58%
Office REITs0.35%
REITS0%0
Industrial REITs-0.22%
Retail REITs-2.31%
Real Estate-6.88%
Industry PE
  • Investors are most optimistic about the Office REITs industry which is trading above its 3-year average PE ratio of 50.2x.
    • Analysts are expecting annual earnings growth of 30.6%, which is higher than its past year's earnings growth of 6.4% per year.
  • Investors are most pessimistic about the Industrial REITs 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 Real Estate industry, expecting annual earnings growth of 31% over the next 5 years.
  • This is better than its past earnings growth rate of 20% per year.
  • In contrast, the Retail REITs industry is expected to see its earnings grow by 20% 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
MINDSPACE Mindspace Business Parks REIT₹488.991.9%
+₹6.0b		28.3%PB2.3x
RUSTOMJEE Keystone Realtors₹501.802.3%
+₹1.4b		-19.7%PE61.5x
523716 Ashiana Housing₹299.653.5%
+₹1.0b		-13.1%PE42.1x
504000 Elpro International₹79.172.1%
+₹272.9m		-25.6%PE18.7x
543376 Samor Reality₹79.9610.2%
+₹167.0m		35.7%PB2.6x

Latest News

OBEROIRLTY
₹1,502.60
Oberoi Realty
7D
-8.8%
1Y
-14.8%
MINDSPACE
₹488.99
Mindspace Business Parks REIT
7D
1.9%
1Y
28.3%
RUSTOMJEE
₹501.80
Keystone Realtors
7D
2.3%
1Y
-19.7%
PRESTIGE
₹1,439.10
Prestige Estates Projects
7D
-4.1%
1Y
9.1%

PRESTIGE: New Bengaluru And Chennai Projects Will Support Future Upside Potential

Analysts have reduced their price target on Prestige Estates Projects from ₹1,985 to about ₹1,955, citing updated assumptions on discount rate, revenue growth, profit margin and future P/E, which slightly adjust their valuation view. What's in the News A board meeting is scheduled on January 29, 2026 to consider and approve the unaudited standalone and consolidated financial results for the quarter and nine months ended December 31, 2025 (company filing).
500040
₹1,347.85
Aditya Birla Real Estate
7D
-12.0%
1Y
-26.9%
GODREJPROP
₹1,644.40
Godrej Properties
7D
-12.1%
1Y
-26.6%

GODREJPROP: Land Additions And Project Launches Will Support Steady Forward Outlook

Analysts have trimmed their price target on Godrej Properties from ₹1,750 to about ₹1,703, reflecting updated views on discount rates, revenue growth, profit margins, and future P/E assumptions. What's in the News A board meeting is scheduled on February 5, 2026, to consider and approve unaudited standalone and consolidated financial results for the quarter and nine months ended December 31, 2025 (company filing).
DLF
₹617.65
DLF
7D
-5.1%
1Y
-13.5%

DLF: Higher Margins And Earnings Multiple Reset Will Support Upside

Narrative Update on DLF Analysts have trimmed their fair value estimate for DLF from ₹948.29 to ₹928.36, reflecting updated views on required return, revenue growth, profit margins and future P/E assumptions. What's in the News Board meeting scheduled on Jan 22, 2026, to consider and approve unaudited standalone and consolidated financial results for the quarter and nine months ended Dec 31, 2025, along with other agenda items (company filing) Board meeting scheduled on Oct 30, 2025, to consider and approve unaudited financial results for the quarter and half year ended Sep 30, 2025, and to consider other business matters (company filing) Valuation Changes Fair Value Estimate trimmed from ₹948.29 to ₹928.36, indicating a modest reduction in the projected value per share used in the model.
SOBHA
₹1,351.80
Sobha
7D
-12.8%
1Y
10.7%
503100
₹1,746.25
Phoenix Mills
7D
-6.5%
1Y
19.9%

503100: Leadership Shift And Director Pay Decisions Will Shape Balanced Outlook

The analyst price target for Phoenix Mills has been updated from ₹1,865 to about ₹1,910, with analysts attributing this change to revised assumptions for revenue growth, profit margins, discount rate and future P/E. What's in the News Phoenix Mills has scheduled a Special or Extraordinary Shareholders Meeting for December 28, 2025, via postal ballot in India to vote on redesignating Mr. Shishir Shrivastava from managing director and key managerial personnel to non executive, non independent director and vice chairman.
544346
₹158.10
RDB Real Estate Constructions
7D
6.1%
1Y
n/a
LODHA
₹980.20
Lodha Developers
7D
-7.4%
1Y
-9.0%

LODHA: Upcoming Results And Higher Margins Will Support Future Upside

Analysts have slightly increased their fair value estimate for Lodha Developers to ₹1,845 from ₹1,835, citing marginally higher assumptions for revenue growth and profit margins, along with a slightly lower discount rate and a modest adjustment to the future P/E outlook. What's in the News Lodha Developers has scheduled a board meeting for October 30, 2025 to review and approve unaudited financial results on both consolidated and standalone bases for the quarter and half year ended September 30, 2025 (Key Developments).
543376
₹79.96
Samor Reality
7D
10.2%
1Y
35.7%
504000
₹79.17
Elpro International
7D
2.1%
1Y
-25.6%
543241
₹123.15
Veer Global Infraconstruction
7D
5.3%
1Y
-16.3%
503101
₹501.95
Marathon Nextgen Realty
7D
0.3%
1Y
-19.2%
523716
₹299.65
Ashiana Housing
7D
3.5%
1Y
-13.1%