Investing IdeasBrowse All StocksMarkets
Have your own idea? Try our Stock Screener
Header cover image

Indian (NIFTY) Real Estate Sector Analysis

UpdatedApr 02, 2026
DataAggregated Company Financials
Companies203
  • 7D-3.4%
  • 3M-21.5%
  • 1Y-19.7%
  • YTD-21.5%

Over the last 7 days, the Real Estate industry has dropped 3.5%, driven by declines in Lodha Developers and DLF of 6.8% and 3.2%, respectively. Overall the industry is down 19% in 12 months. 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
Thu, 02 Apr 2026₹7.9t₹1.2t₹218.8b23.8x35.9x6.4x
Sat, 28 Feb 2026₹9.0t₹1.2t₹218.8b27.3x41.3x7.3x
Mon, 26 Jan 2026₹9.0t₹1.2t₹209.9b27x42.8x7.5x
Wed, 24 Dec 2025₹10.0t₹1.2t₹207.9b29.5x48x8.3x
Fri, 21 Nov 2025₹10.2t₹1.2t₹212.0b32x48.1x8.5x
Sun, 19 Oct 2025₹10.2t₹1.1t₹218.5b35.5x46.8x8.9x
Tue, 16 Sep 2025₹10.0t₹1.1t₹214.2b36.7x46.5x8.9x
Thu, 14 Aug 2025₹9.3t₹1.1t₹212.5b33.6x43.9x8.7x
Sat, 12 Jul 2025₹9.9t₹987.9b₹205.9b35.9x48.1x10x
Mon, 09 Jun 2025₹10.1t₹987.1b₹208.5b32.9x48.6x10.3x
Wed, 07 May 2025₹8.6t₹1.1t₹212.2b34.9x40.6x8x
Fri, 04 Apr 2025₹8.6t₹1.1t₹220.1b34.1x39.2x8x
Sun, 02 Mar 2025₹8.1t₹1.1t₹220.1b31.5x36.8x7.5x
Tue, 28 Jan 2025₹8.7t₹1.0t₹227.1b33.5x38.3x8.3x
Thu, 26 Dec 2024₹10.4t₹1.0t₹214.5b35.3x48.6x10.1x
Sat, 23 Nov 2024₹9.8t₹1.0t₹214.5b33.6x45.5x9.5x
Mon, 21 Oct 2024₹10.3t₹992.9b₹210.1b31x48.8x10.3x
Wed, 18 Sep 2024₹10.2t₹961.7b₹201.3b31.6x50.8x10.6x
Fri, 16 Aug 2024₹9.8t₹965.0b₹201.4b27.8x48.5x10.1x
Sun, 14 Jul 2024₹10.1t₹832.5b₹165.9b33.2x60.6x12.1x
Tue, 11 Jun 2024₹9.7t₹831.5b₹163.3b28.7x59.4x11.7x
Thu, 09 May 2024₹8.7t₹758.2b₹138.6b32.6x62.8x11.5x
Sat, 06 Apr 2024₹8.7t₹749.1b₹132.3b32.9x65.4x11.5x
Mon, 04 Mar 2024₹8.5t₹749.9b₹132.5b32.1x64.5x11.4x
Wed, 31 Jan 2024₹7.8t₹737.9b₹116.7b38.6x66.9x10.6x
Fri, 29 Dec 2023₹7.2t₹733.1b₹116.5b29.9x61.6x9.8x
Sun, 26 Nov 2023₹6.6t₹729.0b₹116.7b26.4x56.2x9x
Tue, 24 Oct 2023₹5.5t₹671.4b₹89.5b32.3x61.5x8.2x
Thu, 21 Sep 2023₹5.5t₹671.2b₹88.7b30.3x61.4x8.1x
Sat, 19 Aug 2023₹5.1t₹674.1b₹65.8b28.9x77.4x7.6x
Mon, 17 Jul 2023₹5.2t₹660.4b₹75.6b30.1x69.4x7.9x
Wed, 14 Jun 2023₹5.1t₹660.9b₹85.0b30x60x7.7x
Fri, 12 May 2023₹4.4t₹658.5b₹101.8b25.8x43.5x6.7x
Sun, 09 Apr 2023₹4.0t₹652.0b₹103.1b22.9x39.2x6.2x
Price to Earnings Ratio

39.2x


Total Market Cap: ₹4.0tTotal Earnings: ₹103.1bTotal Revenue: ₹652.0bTotal 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 35.1x 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 6.2x.
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-2.14%
Real Estate-3.45%
Industrial REITs0.81%
REITS0%0
Office REITs-1.90%
Retail REITs-2.09%
Real Estate-3.91%
Industry PE
  • Investors are most optimistic about the Office REITs industry which is trading above its 3-year average PE ratio of 52.4x.
    • Analysts are expecting annual earnings growth of 28.3%, 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 32% over the next 5 years.
  • This is better than its past earnings growth rate of 19% 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
PGINVIT Powergrid Infrastructure Investment Trust₹91.170.8%
+₹664.3m		16.8%PB1.1x
RAYMONDREL Raymond Realty₹399.252.3%
+₹592.5m		n/aPE18.2x
532929 Brigade Enterprises₹672.150.2%
+₹354.7m		-31.4%PE22x
ARVSMART Arvind SmartSpaces₹528.651.4%
+₹337.1m		-26.6%PE33.1x
500307 Nirlon₹503.400.7%
+₹306.4m		-7.0%PE13.8x

Latest News

GODREJPROP
₹1,508.10
Godrej Properties
7D
-3.6%
1Y
-29.8%

GODREJPROP: New Land Acquisitions Across Key Cities Will Support Bullish Outlook

Analysts have trimmed their 12 month price target for Godrej Properties slightly from ₹2,274 to ₹2,265. This reflects updated assumptions on higher forecast revenue growth, lower profit margins, a higher discount rate and a slightly lower future P/E multiple.
DLF
₹509.75
DLF
7D
-4.6%
1Y
-25.4%

DLF: Upcoming Board Meeting Will Reinforce Confidence In Future Margin Sustainability

Analysts have trimmed their price target on DLF slightly to around ₹862, reflecting updated fair value estimates and small adjustments to the discount rate, profit margin expectations, and future P/E assumptions. What's in the News DLF has scheduled a board meeting on Jan 22, 2026 to consider and approve unaudited standalone and consolidated financial results for the quarter and nine months ended Dec 31, 2025 (company filing).
MINDSPACE
₹449.98
Mindspace Business Parks REIT
7D
-3.1%
1Y
20.5%

MINDSPACE: New Hyderabad Hotel Development Will Support Steady Future Distributions

Analysts have kept their price target for Mindspace Business Parks REIT steady at ₹506.47 per unit, reflecting unchanged assumptions on discount rate, revenue growth, profit margins and future P/E. Together, these factors indicate a consistent view of the REIT's valuation drivers.
EMBASSY
₹420.90
Embassy Office Parks REIT
7D
-2.1%
1Y
13.2%

EMBASSY: Planned Debt Issue And Acquisitions Will Support Future Returns

Analysts have made a marginal cut to the price target on Embassy Office Parks REIT to about ₹484 from roughly ₹485, reflecting slightly updated assumptions on discount rate, revenue growth, profit margin and future P/E, rather than a major change in view. What's in the News A board meeting is scheduled for February 20, 2026 to consider issuing 140,000 listed, rated, secured, redeemable, transferable, rupee-denominated, non-convertible debentures and the potential use of proceeds for repayment of existing debt and/or capital expenditure at SPVs. (Board Meeting) A board meeting was held on February 06, 2026 to review unaudited standalone and consolidated financial results for the quarter and nine months ended December 31, 2025, and to consider distributions to unitholders for the December 2025 quarter.
503100
₹1,517.55
Phoenix Mills
7D
-3.3%
1Y
-7.8%

503100: Upcoming Results Review Will Support Confidence In Future Upside

Analysts have maintained Phoenix Mills' fair value estimate at ₹1,959.37, making only minor adjustments to inputs such as the discount rate, revenue growth, profit margin and future P/E. This suggests their overall view of the stock's key valuation drivers remains broadly unchanged.
500307
₹503.40
Nirlon
7D
0.7%
1Y
-7.0%
ARVSMART
₹528.65
Arvind SmartSpaces
7D
1.4%
1Y
-26.6%

ARVSMART: Bengaluru High-Rise Pipeline And Leadership Transition Will Support Future Upside

Analysts have kept the fair value estimate for Arvind SmartSpaces steady at ₹809.25 per share, with only marginal tweaks to assumptions such as discount rate, revenue growth, profit margin and future P/E (now at 23.81x) informing this unchanged price target. What's in the News ASL acquired a new residential high-rise project in Whitefield, Bengaluru, with an estimated saleable area of about 250,000 sq.
LODHA
₹685.35
Lodha Developers
7D
-6.6%
1Y
-43.8%

LODHA: Data Centre Park Development Will Drive Long Term Upside Potential

Analysts have reduced their fair value estimate for Lodha Developers from ₹1,478.29 to ₹1,331.39, reflecting updated assumptions around a slightly higher discount rate, more moderate revenue growth, and a revised future P/E multiple, while keeping profit margin expectations broadly similar. What's in the News Lodha Developers signed a memorandum of understanding with the Maharashtra government for a data centre park involving a total planned investment of ₹1,300,000 million, including an earlier agreement of ₹300,000 million with the Mumbai government under the Green Integrated Data Centre Park policy (Key Developments).
OBEROIRLTY
₹1,474.50
Oberoi Realty
7D
-1.7%
1Y
-9.0%

OBEROIRLTY: Project Execution And Cash Payouts Will Support Future Upside Potential

Analysts have revised their price target on Oberoi Realty to ₹2,204 from ₹2,457. This reflects updated views on fair value, discount rate, revenue growth, profit margin and future P/E assumptions in line with broader sector research trends.
532929
₹672.15
Brigade Enterprises
7D
0.2%
1Y
-31.4%

532929: South India Leasing And Industrial Parks Will Drive Future Upside Potential

Analysts have slightly trimmed their price target for Brigade Enterprises from ₹1,062.93 to ₹1,056.50, reflecting updated fair value estimates that incorporate a marginally higher discount rate, while keeping revenue growth, profit margin, and future P/E assumptions broadly unchanged. What's in the News Brigade announced the lease of 550 seats at its BuzzWorks Mindspace Business Park in Hyderabad to Dublin based MyComplianceOffice, taking total leased co working space in the city to 1.1 lakh sq.
RAYMONDREL
₹399.25
Raymond Realty
7D
2.3%
1Y
n/a
PRESTIGE
₹1,144.90
Prestige Estates Projects
7D
-6.8%
1Y
-2.8%

PRESTIGE: Metro Partnership And New Projects Will Support Future Upside Potential

Analysts have trimmed their fair value estimate for Prestige Estates Projects by about ₹4 to roughly ₹1,908, reflecting slightly higher discount rate and future P/E assumptions, along with marginally adjusted revenue growth and profit margin forecasts. 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".
530215
₹121.25
Kings Infra Ventures
7D
11.0%
1Y
-7.7%
PGINVIT
₹91.17
Powergrid Infrastructure Investment Trust
7D
0.8%
1Y
16.8%
543543
₹1,007.90
B-Right Realestate
7D
2.6%
1Y
175.5%
NILASPACES
₹13.18
Nila Spaces
7D
3.0%
1Y
14.4%