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Indian (NIFTY) Real Estate Sector Analysis

UpdatedMar 14, 2026
DataAggregated Company Financials
Companies201
  • 7D-3.8%
  • 3M-17.1%
  • 1Y-9.4%
  • YTD-16.7%

Over the last 7 days, the Real Estate industry has dropped 3.6%, driven by DLF declining 6.0%. Overall the industry is down 8.0% in 12 months. As for the next few years, earnings are expected to grow by 31% per annum.

Sector Valuation and Performance

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

DateMarket CapRevenueEarningsPEAbsolute PEPS
Sat, 14 Mar 2026₹8.3t₹1.2t₹218.8b24.6x38x6.7x
Mon, 09 Feb 2026₹9.5t₹1.2t₹215.6b26.9x44x7.8x
Wed, 07 Jan 2026₹10.3t₹1.2t₹207.9b29x49.4x8.6x
Fri, 05 Dec 2025₹10.1t₹1.2t₹207.7b30.3x48.6x8.4x
Sun, 02 Nov 2025₹10.3t₹1.2t₹222.0b36.2x46.5x8.8x
Tue, 30 Sep 2025₹9.7t₹1.1t₹214.7b38.1x45.4x8.7x
Thu, 28 Aug 2025₹9.8t₹1.1t₹215.4b36.9x45.5x8.8x
Sat, 26 Jul 2025₹9.8t₹1.0t₹206.7b35.3x47.2x9.6x
Mon, 23 Jun 2025₹9.9t₹985.5b₹205.9b34.7x48.3x10.1x
Wed, 21 May 2025₹9.1t₹975.9b₹193.4b33.6x47.2x9.4x
Fri, 18 Apr 2025₹8.6t₹1.1t₹220.1b33.2x39x8x
Sun, 16 Mar 2025₹8.1t₹1.1t₹220.2b32x36.7x7.5x
Tue, 11 Feb 2025₹9.1t₹1.1t₹228.2b30.6x40x8.5x
Thu, 09 Jan 2025₹10.2t₹1.0t₹214.4b38.2x47.4x9.9x
Sat, 07 Dec 2024₹10.5t₹1.0t₹214.5b34.9x48.9x10.2x
Mon, 04 Nov 2024₹9.9t₹1.0t₹227.0b30.9x43.8x9.8x
Wed, 02 Oct 2024₹10.5t₹978.2b₹205.1b31.6x51.2x10.7x
Fri, 30 Aug 2024₹9.9t₹971.3b₹203.5b31.3x48.7x10.2x
Sun, 28 Jul 2024₹10.0t₹837.0b₹169.0b33x59.4x12x
Tue, 25 Jun 2024₹10.2t₹832.2b₹165.8b32.9x61.8x12.3x
Thu, 23 May 2024₹9.3t₹804.5b₹154.6b31.4x60.5x11.6x
Sat, 20 Apr 2024₹8.5t₹749.0b₹132.3b32x64.6x11.4x
Mon, 18 Mar 2024₹7.8t₹750.1b₹132.5b30x58.6x10.3x
Wed, 14 Feb 2024₹7.9t₹747.3b₹130.3b38.5x60.7x10.6x
Fri, 12 Jan 2024₹7.9t₹731.5b₹116.5b35.1x68.1x10.9x
Sun, 10 Dec 2023₹6.9t₹730.2b₹116.2b29.9x59.1x9.4x
Tue, 07 Nov 2023₹6.0t₹683.1b₹104.2b29.7x58x8.8x
Thu, 05 Oct 2023₹5.5t₹672.5b₹88.7b31.6x61.9x8.2x
Sat, 02 Sep 2023₹5.3t₹670.4b₹88.1b30.6x60.5x8x
Mon, 31 Jul 2023₹5.4t₹654.6b₹76.6b30.2x71.2x8.3x
Wed, 28 Jun 2023₹5.0t₹659.5b₹84.9b31.2x59.3x7.6x
Fri, 26 May 2023₹4.7t₹676.3b₹106.6b23.6x43.7x6.9x
Sun, 23 Apr 2023₹4.2t₹651.9b₹103.0b23.9x40.7x6.4x
Tue, 21 Mar 2023₹3.2t₹564.7b₹90.0b21.6x35.9x5.7x
Price to Earnings Ratio

35.9x


Total Market Cap: ₹3.2tTotal Earnings: ₹90.0bTotal Revenue: ₹564.7bTotal 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 38.5x 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 6.8x.
Past Earnings Growth
  • The earnings for companies in the Real Estate industry have grown 34% 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 Real Estate sector?

IN Market-4.42%
Real Estate-3.79%
REITS0%0
Retail REITs-0.69%
Industrial REITs-0.87%
Office REITs-1.28%
Real Estate-4.47%
Industry PE
  • Investors are most optimistic about the Office REITs industry which is trading above its 3-year average PE ratio of 51.9x.
    • Analysts are expecting annual earnings growth of 26.5%, 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 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
WEWORK WeWork India Management₹465.853.4%
+₹2.1b		n/aPE137.5x
504882 National Standard (India)₹1.40k6.6%
+₹1.7b		-61.9%PE231x
ARVSMART Arvind SmartSpaces₹533.655.1%
+₹1.2b		-18.6%PE33.4x
539042 AGI Infra₹306.951.9%
+₹690.2m		88.6%PE44.7x
543543 B-Right Realestate₹835.008.2%
+₹650.9m		142.0%PE184.2x

Latest News

539042
₹306.95
AGI Infra
7D
1.9%
1Y
88.6%
ARVSMART
₹533.65
Arvind SmartSpaces
7D
5.1%
1Y
-18.6%

ARVSMART: New Bengaluru Projects Will Drive Future Upside Potential

Analysts have maintained their fair value estimate for Arvind SmartSpaces at ₹809.25, explaining that only minor updates to assumptions such as the discount rate, revenue growth, profit margin and future P/E did not materially alter their overall price target view. What's in the News Arvind SmartSpaces acquired a new residential high rise project on Sarjapur Road, Bengaluru, with an estimated saleable area of 6.8 million sq.
503100
₹1,566.90
Phoenix Mills
7D
-2.3%
1Y
0.3%

503100: Upcoming Board Meeting Will Support Confidence In Future Upside

Analysts have kept Phoenix Mills' fair value estimate unchanged at ₹1,959.37, with a slightly higher discount rate and a marginally adjusted future P/E assumption informing the latest price target stance. What's in the News Phoenix Mills has scheduled a Board Meeting for January 28, 2026 to review and approve its unaudited standalone and consolidated financial results.
LODHA
₹866.35
Lodha Developers
7D
-2.6%
1Y
-17.9%

LODHA: Data Centre Park Commitments Will Drive Future Upside

Analysts have kept their price target for Lodha Developers steady at ₹1,615, indicating only marginal tweaks in assumptions around discount rate, revenue growth and profit margin to support their unchanged view. What's in the News A board meeting is scheduled on January 28, 2026 to consider and approve unaudited consolidated and standalone financial results for the quarter and nine months ended December 31, 2025 (Key Developments).
AWFIS
₹270.10
Awfis Space Solutions
7D
1.5%
1Y
-52.8%

AWFIS: Business Transfer Progress And CFO Transition Will Support Earnings Resilience

Analysts have reaffirmed their price target on Awfis Space Solutions at ₹417, as updated assumptions for discount rate, revenue growth, profit margin and forward P/E are viewed as offsetting each other in the current valuation framework. What's in the News A board meeting is scheduled for February 26, 2026, to review delays in completing the transfer of the Design and Build business and to consider extending the timeline to the end of calendar year 2026 (company filing).
PRESTIGE
₹1,257.00
Prestige Estates Projects
7D
-5.9%
1Y
11.3%

PRESTIGE: Bengaluru Metro Partnership Will Support Future Upside Potential

Analysts have kept their price target for Prestige Estates Projects steady at about ₹1,913 per share, with revenue growth, profit margin and future P/E assumptions unchanged, and only a slightly higher discount rate shaping the latest valuation view. What's in the News Prestige Group signed a Definitive Agreement with Bangalore Metro Rail Corporation Limited to adopt and co brand Bellandur Metro Station as "Prestige Bellandur Metro Station", with an investment commitment of ₹1,150 million (excluding GST) over a 30 year concession period, including station upgrades and long term partnership rights (Client announcement).
SIGNATURE
₹803.70
Signatureglobal (India)
7D
-10.8%
1Y
-25.7%

SIGNATURE: Upcoming Results Will Support Constructive View On Margins And Risk

Analysts have inched up their fair value estimate for Signatureglobal (India) to ₹1,197.8 from ₹1,174.8, reflecting updated assumptions around discount rate, profit margin, revenue growth and future P/E. What's in the News A board meeting is scheduled for February 3, 2026, to review and approve unaudited standalone and consolidated financial results.
GODREJPROP
₹1,577.40
Godrej Properties
7D
-5.4%
1Y
-19.9%

GODREJPROP: New Thane And Pune Land Bank Will Support Bullish Outlook

Analysts have revised their price target on Godrej Properties to ₹2,285 from ₹2,595, reflecting updated assumptions around revenue growth, profit margins, and a lower future P/E multiple. What's in the News Entered a joint development agreement for an approximately 18 acre land parcel in Thane, Mumbai, planned as a largely residential project with estimated revenue potential of over ₹75,000 million, in a micro market with access to current and upcoming transport links including the Thane Wadala Metro and Thane Borivali tunnel (Key Developments).
DLF
₹542.75
DLF
7D
-6.0%
1Y
-17.5%

DLF: Upcoming Board Meeting Will Reinforce Confidence In Margin Sustainability

Analysts have kept their fair value estimate for DLF steady at about ₹869 per share, with only minor tweaks to inputs such as the discount rate and future P/E assumptions informing this unchanged price target. What's in the News DLF has scheduled a Board Meeting for January 22, 2026, to consider and approve unaudited standalone financial results for the quarter and nine months ended December 31, 2025 (Key Developments).
500040
₹1,138.60
Aditya Birla Real Estate
7D
-7.5%
1Y
-35.8%

500040: Stable Margins And CFO Transition Will Support Long Term Earnings Potential

Analysts have kept their price target for Aditya Birla Real Estate broadly unchanged at around ₹2,166, citing only minor tweaks to assumptions such as discount rate, long term revenue growth, profit margin and future P/E that do not materially alter their valuation view. What's in the News Retirement of Chief Financial Officer and Key Managerial Personnel, Mr. Snehal Shah, effective at the close of business on February 28, 2026 (company filing) Appointment of Mr. Keyur Shah as Chief Financial Officer and Key Managerial Personnel of Aditya Birla Real Estate Limited from March 1, 2026, in addition to his current CFO role at wholly owned subsidiary Birla Estates Private Limited (company filing) Background of the incoming CFO, including previous roles at HDFC, KPMG and Castrol India Ltd., and experience across real estate investment services and company lifecycle management, from set up to investment exits including IPOs (company filing) Scheduled board meeting on January 28, 2026, to consider and approve the unaudited standalone and consolidated financial results for the quarter and nine months ended December 31, 2025 (board meeting notice) Valuation Changes Fair Value: ₹2,166 unchanged, with no revision to the overall valuation outcome.
540796
₹211.35
Ratnabhumi Developers
7D
12.0%
1Y
118.9%
504000
₹86.17
Elpro International
7D
3.8%
1Y
22.8%
515055
₹449.90
Anant Raj
7D
-8.0%
1Y
-8.2%
543543
₹835.00
B-Right Realestate
7D
8.2%
1Y
142.0%
WEWORK
₹465.85
WeWork India Management
7D
3.4%
1Y
n/a
504882
₹1,396.70
National Standard (India)
7D
6.6%
1Y
-61.9%