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Indian (NIFTY) Real Estate Sector Analysis

UpdatedJan 12, 2026
DataAggregated Company Financials
Companies202
  • 7D-2.3%
  • 3M-3.7%
  • 1Y-10.4%
  • YTD-1.2%

Over the last 7 days, the Real Estate industry has dropped 2.3%, driven by DLF declining 7.3%. In contrast, Embassy Developments has gained 19%. However, the industry is down 10% over the past year. 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
Mon, 12 Jan 2026₹9.9t₹1.2t₹207.9b29x47.8x8.3x
Wed, 10 Dec 2025₹9.9t₹1.2t₹207.8b29.8x47.7x8.3x
Fri, 07 Nov 2025₹10.3t₹1.2t₹211.3b37x48.8x8.8x
Sun, 05 Oct 2025₹9.8t₹1.1t₹214.8b37.5x45.7x8.8x
Tue, 02 Sep 2025₹9.7t₹1.1t₹214.2b35.5x45.2x8.7x
Thu, 31 Jul 2025₹9.5t₹1.0t₹209.2b35.4x45.4x9.2x
Sat, 28 Jun 2025₹9.9t₹985.2b₹206.0b36.4x48x10x
Mon, 26 May 2025₹9.3t₹988.3b₹199.4b35.1x46.5x9.4x
Wed, 23 Apr 2025₹8.9t₹1.1t₹220.4b33.5x40.3x8.3x
Fri, 21 Mar 2025₹8.5t₹1.1t₹220.1b31.8x38.8x7.9x
Sun, 16 Feb 2025₹8.5t₹1.1t₹220.7b32.2x38.5x7.9x
Tue, 14 Jan 2025₹9.1t₹1.0t₹215.0b36.2x42.5x8.9x
Thu, 12 Dec 2024₹10.6t₹1.0t₹214.5b36.1x49.4x10.3x
Sat, 09 Nov 2024₹9.7t₹1.0t₹226.8b33.2x42.6x9.5x
Mon, 07 Oct 2024₹10.0t₹976.5b₹204.9b31.8x48.9x10.3x
Wed, 04 Sep 2024₹10.0t₹971.3b₹203.5b33.3x49.1x10.3x
Fri, 02 Aug 2024₹10.0t₹857.3b₹176.6b33.5x56.8x11.7x
Sun, 30 Jun 2024₹10.0t₹832.2b₹165.8b33.3x60.4x12x
Tue, 28 May 2024₹9.4t₹807.5b₹152.8b33.7x61.5x11.6x
Thu, 25 Apr 2024₹8.8t₹749.2b₹132.4b32.4x66.7x11.8x
Sat, 23 Mar 2024₹8.1t₹750.1b₹132.5b31.8x61.4x10.9x
Mon, 19 Feb 2024₹8.2t₹746.1b₹131.8b31.6x62.1x11x
Wed, 17 Jan 2024₹8.0t₹731.7b₹116.6b35.8x68.6x10.9x
Fri, 15 Dec 2023₹7.1t₹730.2b₹116.2b29.1x61.1x9.7x
Sun, 12 Nov 2023₹6.2t₹733.5b₹114.0b26.7x54.7x8.5x
Tue, 10 Oct 2023₹5.5t₹672.7b₹88.7b31.4x62.1x8.2x
Thu, 07 Sep 2023₹5.4t₹670.4b₹88.1b29.8x61.3x8.1x
Sat, 05 Aug 2023₹5.3t₹661.2b₹75.2b30x70.3x8x
Mon, 03 Jul 2023₹5.1t₹659.6b₹85.0b31.2x59.9x7.7x
Wed, 31 May 2023₹4.5t₹678.7b₹94.9b26.9x47.4x6.6x
Fri, 28 Apr 2023₹4.3t₹652.6b₹104.0b24.4x41.5x6.6x
Sun, 26 Mar 2023₹3.1t₹564.7b₹90.0b21.6x34.8x5.5x
Tue, 21 Feb 2023₹4.0t₹641.4b₹113.0b23.2x35.4x6.2x
Thu, 19 Jan 2023₹4.4t₹611.2b₹114.0b26x38.2x7.1x
Price to Earnings Ratio

38.2x


Total Market Cap: ₹4.4tTotal Earnings: ₹114.0bTotal Revenue: ₹611.2bTotal Market Cap vs Earnings and Revenue0%0%0%
Indian Real Estate Sector Price to Earnings3Y Average 51.4x202420252026
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 47.8x which is lower than its 3-year average PE of 51.4x.
  • The industry is trading close to its 3-year average PS ratio of 9.1x.
Past Earnings Growth
  • The earnings for companies in the Real Estate industry have grown 22% 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-2.80%
Real Estate-2.28%
Industrial REITs2.62%
Office REITs0.39%
REITS0%0
Retail REITs-0.45%
Real Estate-2.86%
Industry PE
  • Investors are most optimistic about the Office REITs industry which is trading above its 3-year average PE ratio of 49.8x.
    • Analysts are expecting annual earnings growth of 30.5%, 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 32% 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
EMBDL Embassy Developments₹70.4418.6%
+₹15.3b		-44.5%PS4.1x
504882 National Standard (India)₹2.04k58.5%
+₹15.0b		-51.1%PE370.3x
539042 AGI Infra₹290.7012.2%
+₹3.9b		72.5%PE46.2x
EMBASSY Embassy Office Parks REIT₹436.790.7%
+₹2.9b		17.6%PB1.9x
PGINVIT Powergrid Infrastructure Investment Trust₹92.591.7%
+₹1.4b		12.8%PB1.1x

Latest News

503100
₹1,885.90
Phoenix Mills
7D
-2.1%
1Y
23.8%

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.
LODHA
₹1,077.80
Lodha Developers
7D
-3.8%
1Y
-7.5%

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).
BIRET
₹339.72
Brookfield India Real Estate Trust
7D
0.2%
1Y
19.5%

BIRET: Follow On Offer And Meetings Will Shape Steady Medium Term Outlook

The analyst price target for Brookfield India Real Estate Trust has been adjusted from ₹350.88 to ₹356.19, with analysts pointing to updated assumptions on revenue growth, profit margins and long term P/E expectations as key drivers of this change. What's in the News Brookfield India Real Estate Trust has filed a follow-on equity offering for its units, with a minimum price of ₹327.33 per unit, described as an Income Trust and structured under Regulation S with a subsequent direct listing (Key Developments).
504882
₹2,035.90
National Standard (India)
7D
58.5%
1Y
-51.1%
SIGNATURE
₹955.60
Signatureglobal (India)
7D
-15.4%
1Y
-19.6%

SIGNATURE: Stable Margins And Discount Rate Tweaks Will Support Reappraisal

Narrative Update on Signatureglobal (India) The analyst price target for Signatureglobal (India) is maintained at ₹1,520, with analysts pointing to a slightly lower discount rate and modestly adjusted future P/E assumptions as the key drivers behind the refreshed valuation work. What's in the News A board meeting is scheduled for November 7, 2025, to consider and approve unaudited standalone and consolidated financial results for the quarter and half year ended September 30, 2025 (Key Developments).
EMBASSY
₹436.79
Embassy Office Parks REIT
7D
0.7%
1Y
17.6%

EMBASSY: Acquisitions And Steady Distributions Will Support Balanced Future Return Profile

Analysts have inched up their price target on Embassy Office Parks REIT to ₹460 from ₹457, citing updated assumptions that combine slightly different revenue growth and discount rate inputs with a marginally higher profit margin and future P/E estimate. What's in the News Embassy Office Parks REIT agreed to acquire a 0.3 msf Grade A office property in Embassy GolfLinks Business Park in Bengaluru, fully leased to a global investment firm, for BDT 8,520 million, in line with its stated focus on disciplined, accretive growth (Key Developments).
PRESTIGE
₹1,505.10
Prestige Estates Projects
7D
-9.7%
1Y
5.5%

PRESTIGE: Mumbai Launch And Stable Assumptions Will Support Future Upside Potential

Analysts have maintained their fair value estimate for Prestige Estates Projects at ₹1,985, with only slight adjustments to assumptions such as the discount rate and future P/E, which feed into an unchanged price target and overall view. What's in the News A board meeting is scheduled on Nov 12, 2025 to consider and approve the unaudited standalone and consolidated financial results for the quarter and half year ended Sep 30, 2025 (Key Developments).
GODREJPROP
₹1,930.80
Godrej Properties
7D
-9.1%
1Y
-14.1%

GODREJPROP: Future Land Acquisitions Will Support Bullish Residential Development Outlook

Analysts have reduced their fair value estimate for Godrej Properties from ₹2,644.81 to ₹2,595.77, citing an updated view that combines a slightly higher discount rate with revised expectations for revenue growth, profit margins and future P/E levels. What's in the News Acquired a 75 acre land parcel in Nagpur, taking business development above the INR 20,000 guidance for fiscal 26.
530215
₹133.60
Kings Infra Ventures
7D
6.6%
1Y
-5.6%
533285
₹71.10
RDB Infrastructure and Power
7D
4.9%
1Y
51.1%
OBEROIRLTY
₹1,657.60
Oberoi Realty
7D
-4.7%
1Y
-17.7%

OBEROIRLTY: Nepean Sea Road Redevelopment Will Drive Future Upside Potential

Analysts have trimmed their price target on Oberoi Realty slightly, with updated fair value estimates easing from ₹2,485 to ₹2,457 as they factor in marginally higher discount rates and slightly softer assumptions for revenue growth and profit margins, while keeping long term valuation multiples broadly unchanged. What's in the News A board meeting is scheduled on December 22, 2025 to approve partial redemption of debentures via a cash sweep event on January 23, 2026, as per the debenture trust deed and offer letter (company filing).
500040
₹1,569.55
Aditya Birla Real Estate
7D
-7.8%
1Y
-17.2%

500040: Faster Revenue Outlook Will Support Strong Long Term Earnings Potential

Analysts have modestly reduced their price target on Aditya Birla Real Estate to ₹2,697 from ₹2,850, citing expectations of significantly faster revenue growth, tempered by lower profit margins and a compressed future price to earnings multiple. What's in the News Board meeting scheduled for October 28, 2025, to review unaudited standalone and consolidated financial results for the quarter ended September 30, 2025 (company filing) Proposal under consideration to amend debenture trust deeds to add early redemption clauses for three series of unsecured non convertible debentures (ISINs: INEOSSA08029, INEOSSA08045, INEOSSA08037) (company filing) Board to evaluate raising funds via issuance of non convertible debentures in one or more tranches on a private placement basis, within existing shareholder approved borrowing limits and subject to regulatory approvals (company filing) Valuation Changes Fair Value: Reduced modestly to approximately ₹2,697 from about ₹2,850, reflecting a slightly lower fundamental valuation.
DLF
₹659.65
DLF
7D
-7.3%
1Y
-7.2%

These 4 Measures Indicate That DLF (NSE:DLF) Is Using Debt Safely

Dec 19
These 4 Measures Indicate That DLF (NSE:DLF) Is Using Debt Safely
EMBDL
₹70.44
Embassy Developments
7D
18.6%
1Y
-44.5%
539042
₹290.70
AGI Infra
7D
12.2%
1Y
72.5%
PGINVIT
₹92.59
Powergrid Infrastructure Investment Trust
7D
1.7%
1Y
12.8%