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Indian (NIFTY) Real Estate Sector Analysis

UpdatedMar 01, 2026
DataAggregated Company Financials
Companies201
  • 7D-3.8%
  • 3M-11.3%
  • 1Y-1.3%
  • YTD-9.4%

Over the last 7 days, the Real Estate industry has dropped 3.8%, driven by a pullback from Lodha Developers of 7.7%. As for the longer term, the industry's performance has been flat for 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
Sun, 01 Mar 2026₹9.0t₹1.2t₹218.8b27.3x41.3x7.3x
Tue, 27 Jan 2026₹9.0t₹1.2t₹209.9b27x42.8x7.5x
Thu, 25 Dec 2025₹10.0t₹1.2t₹207.9b29.5x48.1x8.4x
Sat, 22 Nov 2025₹10.0t₹1.2t₹211.9b31.8x47.4x8.4x
Mon, 20 Oct 2025₹10.2t₹1.1t₹218.5b35.5x46.8x8.9x
Wed, 17 Sep 2025₹10.1t₹1.1t₹214.2b36.7x47x9x
Fri, 15 Aug 2025₹9.2t₹1.1t₹212.4b33.2x43.4x8.7x
Sun, 13 Jul 2025₹9.8t₹989.5b₹208.4b36.4x47.1x9.9x
Tue, 10 Jun 2025₹10.1t₹986.2b₹208.5b33.5x48.7x10.3x
Thu, 08 May 2025₹8.7t₹1.1t₹212.3b34.3x40.9x8x
Sat, 05 Apr 2025₹8.4t₹1.1t₹220.1b33.1x38x7.8x
Mon, 03 Mar 2025₹8.1t₹1.1t₹220.1b31.5x36.8x7.5x
Wed, 29 Jan 2025₹8.8t₹1.0t₹227.1b32.1x38.6x8.4x
Fri, 27 Dec 2024₹10.4t₹1.0t₹214.5b35.4x48.6x10.1x
Sun, 24 Nov 2024₹9.8t₹1.0t₹214.4b33.3x45.5x9.5x
Tue, 22 Oct 2024₹10.1t₹992.7b₹210.1b31.2x48.1x10.2x
Thu, 19 Sep 2024₹10.2t₹961.8b₹201.3b32.6x50.7x10.6x
Sat, 17 Aug 2024₹10.0t₹971.4b₹203.5b29.3x49.2x10.3x
Mon, 15 Jul 2024₹10.1t₹832.5b₹165.9b33.2x60.6x12.1x
Wed, 12 Jun 2024₹9.8t₹830.2b₹163.3b29.8x60x11.8x
Fri, 10 May 2024₹8.5t₹759.2b₹139.1b32x61.4x11.3x
Sun, 07 Apr 2024₹8.7t₹749.0b₹132.3b32.9x65.4x11.6x
Tue, 05 Mar 2024₹8.6t₹749.9b₹132.5b31.5x64.7x11.4x
Thu, 01 Feb 2024₹8.0t₹741.9b₹116.9b39.5x68.2x10.7x
Sat, 30 Dec 2023₹7.2t₹732.8b₹116.5b30.2x62x9.9x
Mon, 27 Nov 2023₹6.6t₹729.0b₹116.7b26.4x56.2x9x
Wed, 25 Oct 2023₹5.5t₹671.4b₹89.5b32.3x61.5x8.2x
Fri, 22 Sep 2023₹5.4t₹671.2b₹88.7b30x60.7x8x
Sun, 20 Aug 2023₹5.1t₹673.6b₹65.8b28.9x77.4x7.6x
Tue, 18 Jul 2023₹5.3t₹660.4b₹75.6b30.3x69.5x8x
Thu, 15 Jun 2023₹5.1t₹660.8b₹85.0b30.5x60.1x7.7x
Sat, 13 May 2023₹4.4t₹657.9b₹101.8b24.9x43.4x6.7x
Mon, 10 Apr 2023₹4.0t₹652.0b₹103.1b22.9x39.2x6.2x
Wed, 08 Mar 2023₹4.0t₹646.6b₹102.6b24x39.3x6.2x
Price to Earnings Ratio

39.3x


Total Market Cap: ₹4.0tTotal Earnings: ₹102.6bTotal Revenue: ₹646.6bTotal Market Cap vs Earnings and Revenue0%0%0%
Indian Real Estate Sector Price to Earnings3Y Average 51.8x202420252026
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 41.3x which is lower than its 3-year average PE of 51.8x.
  • The 3-year average PS ratio of 9.1x is higher than the industry's current PS ratio of 7.3x.
Past Earnings Growth
  • The earnings for companies in the Real Estate industry have grown 29% per year over the last three years.
  • Revenues for these companies have grown 24% 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-0.79%
Real Estate-3.83%
Industrial REITs3.16%
Retail REITs0.48%
REITS0%0
Office REITs-2.32%
Real Estate-4.35%
Industry PE
  • Investors are most optimistic about the Office REITs industry which is trading above its 3-year average PE ratio of 51.7x.
    • Analysts are expecting annual earnings growth of 26.4%, which is higher than its past year's earnings growth of 11.0% 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 33% over the next 5 years.
  • This is better than its past earnings growth rate of 17% per year.
  • In contrast, the Retail REITs industry is expected to see its earnings grow by 18% 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
BIRET Brookfield India Real Estate Trust₹369.004.8%
+₹12.7b		23.3%PB1.9x
539042 AGI Infra₹305.4011.5%
+₹3.8b		87.9%PE44.5x
PGINVIT Powergrid Infrastructure Investment Trust₹92.683.2%
+₹2.6b		15.4%PB1.1x
NXST Nexus Select Trust₹161.710.5%
+₹1.2b		23.2%PB1.8x
LOTUSDEV Sri Lotus Developers and Realty₹141.261.0%
+₹669.6m		n/aPE30.4x

Latest News

MINDSPACE
₹462.16
Mindspace Business Parks REIT
7D
-6.0%
1Y
27.3%

MINDSPACE: Acquisition Focus And Steady Outlook Will Guide Future Distributions

Analysts have maintained their fair value estimate for Mindspace Business Parks REIT at ₹506.47, with a slightly lower discount rate and a reduced future P/E assumption. Together, these factors support a steady price target despite the refined inputs.
503100
₹1,661.85
Phoenix Mills
7D
-4.3%
1Y
7.4%

503100: Leadership Shift And Director Pay Will Support Future Upside

The latest update on Phoenix Mills keeps the fair value estimate steady at about ₹1,959 per share, with analysts pointing to only marginal tweaks in assumptions for discount rate, revenue growth, profit margin and future P/E rather than any significant shift in their thesis. What's in the News A board meeting is scheduled for January 28, 2026, to review and approve unaudited standalone and consolidated financial results for the quarter and nine months ended December 31, 2025 (company filing).
SOBHA
₹1,395.10
Sobha
7D
-7.9%
1Y
16.2%

SOBHA: Fair View Will Stay Intact Ahead Of Upcoming Results

Analysts have kept Sobha's price target unchanged at ₹1,480. The updated view reflects slightly adjusted inputs around discount rate, revenue growth, profit margin and future P/E assumptions rather than a shift in overall conviction.
539042
₹305.40
AGI Infra
7D
11.5%
1Y
87.9%
LODHA
₹988.25
Lodha Developers
7D
-7.7%
1Y
-12.6%

LODHA: Data Centre Park And Results Timeline Will Drive Future Upside

Analysts have kept their price target for Lodha Developers steady at ₹1,615, indicating only minor tweaks in the discount rate, revenue growth assumptions, profit margin outlook and future P/E inputs rather than a shift in their overall view. What's in the News Lodha Developers has scheduled a board meeting on January 28, 2026 to consider and approve unaudited consolidated and standalone financial results for the quarter and nine months ended December 31, 2025 (company filing).
LOTUSDEV
₹141.26
Sri Lotus Developers and Realty
7D
1.0%
1Y
n/a
BIRET
₹369.00
Brookfield India Real Estate Trust
7D
4.8%
1Y
23.3%

BIRET: Distributions And Follow On Offer Will Support Steady Outlook

Analysts have nudged their fair value estimate for Brookfield India Real Estate Trust slightly higher, with the price target moving from ₹370.79 to ₹372.80, citing updated assumptions on revenue growth, profit margins and future P/E levels. What's in the News The manager of Brookfield India Real Estate Trust declared a total distribution of ₹4,046.68 million (₹5.40 per unit) for the quarter ended 31 December 2025, split across interest, debt repayment, dividend and interest on fixed deposits (Key Developments).
511726
₹13.22
Vipul
7D
25.4%
1Y
18.8%
PRESTIGE
₹1,393.00
Prestige Estates Projects
7D
-6.3%
1Y
23.6%

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

Analysts now place their price target for Prestige Estates Projects at about ₹1,913, slightly below the prior fair value of about ₹1,926. This reflects updated assumptions around the discount rate, revenue growth, profit margins, and future P/E expectations.
GODREJPROP
₹1,731.00
Godrej Properties
7D
-5.2%
1Y
-10.6%

GODREJPROP: Rich Land Bank Expansion Will Face Lower Future Earnings Multiple

Analysts have trimmed their price target on Godrej Properties from ₹1,703 to ₹1,525, citing updated assumptions around revenue growth, profit margins and future P/E expectations. What's in the News Acquisition of an 8.5 acre land parcel in Mahalunge, Pune, with an estimated developable area of about 2.1 million square feet and revenue potential of ₹20,000 million, in a micro market linked to the Hinjewadi Balewadi corridor and the upcoming Pune Inner Ring Road (Key Developments).
512038
₹446.30
TCC Concept
7D
3.0%
1Y
1.5%
DLF
₹603.85
DLF
7D
-4.0%
1Y
-5.0%

DLF: Upcoming Board Results Will Support Long Term Margin Confidence

The analyst fair value estimate for DLF has been adjusted slightly lower from about ₹876.95 to about ₹869.45, with analysts pointing to updated assumptions around the discount rate, revenue growth, profit margin and future P/E as the key drivers of this change. What's in the News DLF has scheduled a board meeting on Jan 22, 2026 to consider and approve its unaudited standalone and consolidated financial results for the quarter ended Dec 31, 2025 (Key Developments).
NXST
₹161.71
Nexus Select Trust
7D
0.5%
1Y
23.2%
PGINVIT
₹92.68
Powergrid Infrastructure Investment Trust
7D
3.2%
1Y
15.4%
543543
₹755.00
B-Right Realestate
7D
5.6%
1Y
116.6%
KRT
₹119.86
Knowledge Realty Trust
7D
-3.9%
1Y
n/a