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Indian (NIFTY) Real Estate Sector Analysis

UpdatedJan 11, 2026
DataAggregated Company Financials
Companies202
  • 7D-2.3%
  • 3M-4.0%
  • 1Y-10.4%
  • YTD-1.2%

Over the last 7 days, the Real Estate industry has dropped 2.3%, driven by DLF declining 3.9%. In contrast, National Standard (India) has gained 65%. Overall the industry is down 10% in 12 months. 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, 11 Jan 2026₹9.9t₹1.2t₹207.9b29x47.8x8.3x
Tue, 09 Dec 2025₹9.8t₹1.2t₹207.8b29.5x47.3x8.2x
Thu, 06 Nov 2025₹10.4t₹1.2t₹222.4b36.7x46.9x9x
Sat, 04 Oct 2025₹9.8t₹1.1t₹214.8b37.5x45.7x8.8x
Mon, 01 Sep 2025₹9.6t₹1.1t₹214.2b36.5x44.8x8.6x
Wed, 30 Jul 2025₹9.6t₹1.0t₹209.2b34.6x45.7x9.3x
Fri, 27 Jun 2025₹10.0t₹984.6b₹205.9b36.6x48.5x10.1x
Sun, 25 May 2025₹9.2t₹986.1b₹198.7b35.1x46.5x9.4x
Tue, 22 Apr 2025₹8.7t₹1.1t₹220.1b32.9x39.7x8.1x
Thu, 20 Mar 2025₹8.5t₹1.1t₹220.1b32.3x38.5x7.9x
Sat, 15 Feb 2025₹8.5t₹1.1t₹223.2b33.8x38.1x7.9x
Mon, 13 Jan 2025₹9.7t₹1.0t₹215.0b36.8x45x9.4x
Wed, 11 Dec 2024₹10.6t₹1.0t₹214.5b34.3x49.4x10.3x
Fri, 08 Nov 2024₹9.9t₹1.0t₹226.6b33.3x43.8x9.8x
Sun, 06 Oct 2024₹10.0t₹976.5b₹204.9b31.8x48.9x10.3x
Tue, 03 Sep 2024₹10.0t₹971.3b₹203.5b32.5x49.3x10.3x
Thu, 01 Aug 2024₹10.2t₹854.5b₹172.8b34.3x58.9x11.9x
Sat, 29 Jun 2024₹10.0t₹832.2b₹165.8b33.3x60.4x12x
Mon, 27 May 2024₹9.4t₹809.1b₹152.8b33.3x61.3x11.6x
Wed, 24 Apr 2024₹8.8t₹749.2b₹132.4b32.4x66.1x11.7x
Fri, 22 Mar 2024₹8.0t₹750.1b₹132.5b31.2x60.6x10.7x
Sun, 18 Feb 2024₹8.2t₹746.1b₹131.8b31.6x62.1x11x
Tue, 16 Jan 2024₹8.1t₹731.7b₹116.6b36.2x69.7x11.1x
Thu, 14 Dec 2023₹6.9t₹730.2b₹116.2b28.5x59.5x9.5x
Sat, 11 Nov 2023₹6.2t₹729.4b₹113.8b28.4x54.8x8.6x
Mon, 09 Oct 2023₹5.6t₹672.6b₹88.7b32.6x62.7x8.3x
Wed, 06 Sep 2023₹5.4t₹670.4b₹88.1b30.6x61.8x8.1x
Fri, 04 Aug 2023₹5.3t₹661.2b₹75.2b29.9x70.3x8x
Sun, 02 Jul 2023₹5.1t₹659.6b₹85.0b31.2x59.9x7.7x
Tue, 30 May 2023₹4.8t₹686.5b₹105.1b27.3x45.4x7x
Thu, 27 Apr 2023₹4.3t₹652.6b₹104.0b24x41x6.5x
Sat, 25 Mar 2023₹3.1t₹564.7b₹90.0b21.6x34.8x5.5x
Mon, 20 Feb 2023₹4.0t₹641.3b₹113.0b23.7x35.6x6.3x
Wed, 18 Jan 2023₹4.3t₹611.3b₹114.1b26.1x38x7.1x
Price to Earnings Ratio

38x


Total Market Cap: ₹4.3tTotal Earnings: ₹114.1bTotal Revenue: ₹611.3bTotal 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 49.7x.
    • 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
504882 National Standard (India)₹2.17k65.1%
+₹17.1b		-48.0%PE393.8x
EMBDL Embassy Developments₹67.0918.6%
+₹14.6b		-49.2%PS3.9x
SOBHA Sobha₹1.56k4.5%
+₹7.1b		13.6%PE112x
MINDSPACE Mindspace Business Parks REIT₹484.542.1%
+₹6.2b		30.4%PB2.2x
BIRET Brookfield India Real Estate Trust₹339.011.4%
+₹3.4b		17.3%PB1.7x

Latest News

SOBHA
₹1,557.20
Sobha
7D
4.5%
1Y
13.6%
BIRET
₹339.01
Brookfield India Real Estate Trust
7D
1.4%
1Y
17.3%

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
₹2,165.20
National Standard (India)
7D
65.1%
1Y
-48.0%
SIGNATURE
₹1,007.60
Signatureglobal (India)
7D
-10.6%
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).
PRESTIGE
₹1,564.10
Prestige Estates Projects
7D
-3.4%
1Y
4.8%

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
₹1,991.50
Godrej Properties
7D
-3.7%
1Y
-16.6%

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.
515055
₹550.90
Anant Raj
7D
-5.7%
1Y
-37.8%
LODHA
₹1,061.40
Lodha Developers
7D
-2.2%
1Y
-17.3%

LODHA: Higher Risk And Softer Margins Will Balance Stronger Revenue Outlook

Analysts have trimmed their price target on Lodha Developers slightly, reducing fair value from ₹1,104.50 to ₹1,074.67 as they incorporate higher discount rates and softer margin expectations, despite a more optimistic revenue growth outlook and modestly lower projected future P E multiples. What's in the News Board meeting scheduled on October 30, 2025 to consider and approve unaudited standalone and consolidated financial results for the quarter and half year ended September 30, 2025 (company filing).
532929
₹858.55
Brigade Enterprises
7D
-3.6%
1Y
-25.3%

532929: Hyderabad And Chennai Land Pipeline Will Drive Stronger Future Profitability

Analysts have modestly reduced their price target on Brigade Enterprises to ₹1,400 from ₹1,470, citing a slightly higher required return and lower future valuation multiples even as profit margin expectations improve. What's in the News Acquired a 4.04 acre land parcel in Neopolis Phase 3, Hyderabad, via HMDA auction for about INR 1,180 million per acre, reinforcing its growth plans in the city (Key Developments) Signed a Joint Development Agreement for a 6.6 acre land parcel in West Chennai, with an estimated project Gross Development Value of INR 10,000 million (Key Developments) Board meeting scheduled for October 29, 2025, to review Q2 and half year FY2026 unaudited results and to consider the appointment of Debashis Chatterjee as an additional independent director for a five year term, subject to shareholder approval (Key Developments) Special shareholders meeting set for December 11, 2025, via postal ballot, to consider confirming the appointment of Debashis Chatterjee as an independent director (Key Developments) Valuation Changes Fair Value: Reduced modestly from ₹1,470 to ₹1,400, reflecting slightly more conservative valuation assumptions.
OBEROIRLTY
₹1,686.90
Oberoi Realty
7D
-2.5%
1Y
-20.7%

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).
MINDSPACE
₹484.54
Mindspace Business Parks REIT
7D
2.1%
1Y
30.4%

MINDSPACE: Future Acquisitions And Distributions Will Guide Measured Outlook Ahead

Narrative Update Analysts have maintained their price target for Mindspace Business Parks REIT at ₹466.88 per unit, reflecting largely unchanged expectations for growth, margins, and valuation multiples, even though there has been a modest increase in the assumed discount rate. What's in the News Board meeting scheduled for November 28, 2025, to consider a preferential issue of new Mindspace REIT units, subject to unitholder and regulatory approvals (board meeting agenda).
DLF
₹670.90
DLF
7D
-3.9%
1Y
-10.8%

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
503100
₹1,906.75
Phoenix Mills
7D
0.2%
1Y
14.9%

503100: Leadership Changes And Stable Margins Will Shape Balanced Future Outlook

Analysts have nudged their price target for Phoenix Mills slightly higher to ₹1,865 from ₹1,854, citing marginally stronger expectations for revenue growth and a modestly lower discount rate that more than offset a small trim to projected profit margins. What's in the News Phoenix Mills has scheduled a special or extraordinary shareholders meeting on December 28, 2025 via postal ballot in India to seek investor approvals on key matters (company filing).
EMBDL
₹67.09
Embassy Developments
7D
18.6%
1Y
-49.2%
539042
₹289.10
AGI Infra
7D
5.5%
1Y
71.1%
PGINVIT
₹91.98
Powergrid Infrastructure Investment Trust
7D
2.6%
1Y
10.2%