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Indian (NIFTY) Real Estate Sector Analysis

UpdatedDec 31, 2025
DataAggregated Company Financials
Companies202
  • 7D-1.4%
  • 3M-3.5%
  • 1Y-16.4%
  • YTD-14.8%

The Real Estate is pretty flat in the last 7 days, but TARC has stood out, gaining 9.2%. As for the longer term, the industry has declined 16% in the last year. As for the next few years, earnings are expected to grow by 32% per annum.

Sector Valuation and Performance

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

DateMarket CapRevenueEarningsPEAbsolute PEPS
Wed, 31 Dec 2025₹9.9t₹1.2t₹207.9b29.6x47.5x8.3x
Fri, 28 Nov 2025₹10.0t₹1.2t₹210.5b29.8x47.6x8.5x
Sun, 26 Oct 2025₹10.3t₹1.1t₹218.5b36.1x47.1x9x
Tue, 23 Sep 2025₹10.1t₹1.1t₹214.2b37.8x47.2x9.1x
Thu, 21 Aug 2025₹9.5t₹1.1t₹213.1b35.6x44.6x8.8x
Sat, 19 Jul 2025₹10.2t₹1.0t₹208.1b35.4x49x10x
Mon, 16 Jun 2025₹9.9t₹985.5b₹208.3b34.5x47.7x10.1x
Wed, 14 May 2025₹8.7t₹1.1t₹210.4b34.2x41.4x8x
Fri, 11 Apr 2025₹8.0t₹1.1t₹220.1b33x36.3x7.4x
Sun, 09 Mar 2025₹8.3t₹1.1t₹220.2b32.2x37.7x7.7x
Tue, 04 Feb 2025₹9.5t₹1.1t₹227.9b30.1x41.6x8.9x
Thu, 02 Jan 2025₹10.3t₹1.0t₹214.4b35.9x47.9x10x
Sat, 30 Nov 2024₹10.0t₹1.0t₹214.5b33.6x46.5x9.7x
Mon, 28 Oct 2024₹9.5t₹1.0t₹233.4b29.6x40.8x9.4x
Wed, 25 Sep 2024₹10.7t₹974.1b₹204.4b33.3x52.5x11x
Fri, 23 Aug 2024₹10.0t₹971.3b₹203.5b30.3x49.2x10.3x
Sun, 21 Jul 2024₹10.0t₹831.9b₹165.5b31.8x60.5x12x
Tue, 18 Jun 2024₹10.2t₹829.2b₹165.5b31.7x61.6x12.3x
Thu, 16 May 2024₹8.8t₹767.7b₹142.3b30.7x61.6x11.4x
Sat, 13 Apr 2024₹8.7t₹749.0b₹132.3b32.6x65.9x11.6x
Mon, 11 Mar 2024₹8.5t₹749.9b₹132.5b31.5x64.3x11.4x
Wed, 07 Feb 2024₹8.0t₹737.4b₹128.9b40x62.4x10.9x
Fri, 05 Jan 2024₹7.7t₹732.8b₹116.5b31.7x66.1x10.5x
Sun, 03 Dec 2023₹6.7t₹729.0b₹116.6b28.1x57.5x9.2x
Tue, 31 Oct 2023₹5.6t₹677.2b₹102.8b30.3x54.4x8.2x
Thu, 28 Sep 2023₹5.5t₹671.2b₹88.7b29.5x61.6x8.1x
Sat, 26 Aug 2023₹5.1t₹675.1b₹68.5b29.4x74.6x7.6x
Mon, 24 Jul 2023₹5.2t₹662.4b₹77.7b29.8x67.6x7.9x
Wed, 21 Jun 2023₹5.0t₹659.5b₹85.0b30.4x59.4x7.7x
Fri, 19 May 2023₹4.5t₹673.5b₹106.4b25.1x42x6.6x
Sun, 16 Apr 2023₹4.2t₹651.9b₹103.0b23.3x41x6.5x
Tue, 14 Mar 2023₹3.9t₹646.4b₹102.8b23.1x37.5x6x
Thu, 09 Feb 2023₹4.1t₹620.5b₹116.4b23.8x34.8x6.5x
Sat, 07 Jan 2023₹4.2t₹610.7b₹114.2b26.3x37x6.9x
Price to Earnings Ratio

37x


Total Market Cap: ₹4.2tTotal Earnings: ₹114.2bTotal Revenue: ₹610.7bTotal Market Cap vs Earnings and Revenue0%0%0%
Indian Real Estate Sector Price to Earnings3Y Average 51.3x20242025
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 51.2x.
  • 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-0.90%
Real Estate-1.39%
Industrial REITs0.09%
REITS0%0
Office REITs-0.53%
Real Estate-1.52%
Retail REITs-2.88%
Industry PE
  • Investors are most optimistic about the Office REITs industry which is trading above its 3-year average PE ratio of 49.1x.
    • Analysts are expecting annual earnings growth of 37.0%, 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 Office REITs industry, expecting annual earnings growth of 37% over the next 5 years.
  • This is better than its past earnings growth rate of 6.4% 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
TARC TARC₹162.009.2%
+₹4.0b		-8.2%PS45.9x
503100 Phoenix Mills₹1.85k0.5%
+₹3.4b		13.3%PE61.4x
543542 Kesar India₹1.16k6.4%
+₹2.0b		43.1%PE813.8x
LOTUSDEV Sri Lotus Developers and Realty₹159.822.3%
+₹1.8b		n/aPE37.4x
512038 TCC Concept₹476.758.4%
+₹1.8b		-18.1%PE47.9x

Latest News

LODHA
₹1,056.90
Lodha Developers
7D
-2.4%
1Y
-23.9%

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).
OBEROIRLTY
₹1,646.20
Oberoi Realty
7D
-1.0%
1Y
-28.8%

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).
BIRET
₹333.60
Brookfield India Real Estate Trust
7D
0.7%
1Y
21.4%
512038
₹476.75
TCC Concept
7D
8.4%
1Y
-18.1%
500040
₹1,637.20
Aditya Birla Real Estate
7D
-4.9%
1Y
-34.8%

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
₹680.65
DLF
7D
-2.0%
1Y
-17.5%

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
GODREJPROP
₹1,977.70
Godrej Properties
7D
-2.1%
1Y
-29.0%

GODREJPROP: Future Land Acquisitions Will Drive Stronger Residential Development Potential

Analysts have modestly reduced their price target for Godrej Properties from ₹3,500 to about ₹3,430, citing slightly higher discount rates despite improving revenue growth, profit margins, and a lower expected future P/E multiple. What's in the News Surpassed its fiscal 2026 business development guidance of INR 20,000 crore ahead of schedule with the acquisition of a 75 acre land parcel in Nagpur, adding an estimated 1.7 million sq.
503100
₹1,851.80
Phoenix Mills
7D
0.5%
1Y
13.3%

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).
PRESTIGE
₹1,569.60
Prestige Estates Projects
7D
-2.2%
1Y
-7.3%

PRESTIGE: Mumbai Residential Launch Will Drive Future Outlook And Margin Strength

Analysts have marginally revised their price target on Prestige Estates Projects to ₹1,985.00. This reflects a stable outlook supported by largely unchanged assumptions on revenue growth, profit margins, and valuation multiples.
INDIQUBE
₹207.95
IndiQube Spaces
7D
3.4%
1Y
n/a

Is There An Opportunity With IndiQube Spaces Limited's (NSE:INDIQUBE) 48% Undervaluation?

Dec 04
Is There An Opportunity With IndiQube Spaces Limited's (NSE:INDIQUBE) 48% Undervaluation?
NXST
₹155.41
Nexus Select Trust
7D
-2.9%
1Y
14.1%
LOTUSDEV
₹159.82
Sri Lotus Developers and Realty
7D
2.3%
1Y
n/a

Sri Lotus Developers and Realty's (NSE:LOTUSDEV) Solid Profits Have Weak Fundamentals

Nov 18
Sri Lotus Developers and Realty's (NSE:LOTUSDEV) Solid Profits Have Weak Fundamentals
TARC
₹162.00
TARC
7D
9.2%
1Y
-8.2%
WEWORK
₹600.15
WeWork India Management
7D
2.1%
1Y
n/a
543542
₹1,157.70
Kesar India
7D
6.4%
1Y
43.1%
KRT
₹122.77
Knowledge Realty Trust
7D
-1.5%
1Y
n/a