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Indian (NIFTY) Real Estate Sector Analysis

UpdatedFeb 21, 2026
DataAggregated Company Financials
Companies201
  • 7D-0.9%
  • 3M-8.1%
  • 1Y-3.2%
  • YTD-5.8%

Over the last 7 days, the Real Estate industry has dropped 2.8%, driven by Prestige Estates Projects declining 2.1%. Overall the industry is down 4.1% 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, 21 Feb 2026₹9.4t₹1.2t₹219.0b28x42.9x7.6x
Mon, 19 Jan 2026₹9.8t₹1.2t₹208.0b28.1x47.2x8.2x
Wed, 17 Dec 2025₹9.9t₹1.2t₹207.9b29.9x47.8x8.3x
Fri, 14 Nov 2025₹10.3t₹1.2t₹208.8b35.4x49.4x8.6x
Sun, 12 Oct 2025₹10.0t₹1.1t₹216.2b36.9x46.2x8.8x
Tue, 09 Sep 2025₹9.7t₹1.1t₹214.2b38.7x45.4x8.7x
Thu, 07 Aug 2025₹9.4t₹1.1t₹213.9b34.9x43.8x8.9x
Sat, 05 Jul 2025₹9.8t₹988.5b₹205.8b35.7x47.7x9.9x
Mon, 02 Jun 2025₹9.4t₹987.3b₹208.6b31.8x45x9.5x
Wed, 30 Apr 2025₹8.7t₹1.1t₹219.6b33.4x39.8x8.1x
Fri, 28 Mar 2025₹8.5t₹1.1t₹220.1b32.7x38.7x7.9x
Sun, 23 Feb 2025₹8.6t₹1.1t₹220.1b33.1x39x8x
Tue, 21 Jan 2025₹9.6t₹1.0t₹215.6b36x44.6x9.3x
Thu, 19 Dec 2024₹10.8t₹1.0t₹214.5b35.6x50.2x10.5x
Sat, 16 Nov 2024₹9.4t₹1.0t₹227.9b32.7x41.3x9.1x
Mon, 14 Oct 2024₹10.1t₹991.0b₹208.0b31.2x48.7x10.2x
Wed, 11 Sep 2024₹10.0t₹971.2b₹203.5b30.9x49.2x10.3x
Fri, 09 Aug 2024₹9.5t₹866.6b₹176.7b30.6x53.9x11x
Sun, 07 Jul 2024₹10.2t₹832.7b₹165.8b34.3x61.8x12.3x
Tue, 04 Jun 2024₹9.8t₹853.7b₹151.1b30.6x64.6x11.4x
Thu, 02 May 2024₹8.9t₹756.3b₹137.0b32.9x64.8x11.7x
Sat, 30 Mar 2024₹8.3t₹750.1b₹132.5b30.7x62.6x11.1x
Mon, 26 Feb 2024₹8.4t₹747.6b₹132.5b32.2x63.6x11.3x
Wed, 24 Jan 2024₹7.6t₹726.9b₹113.8b34.7x66.9x10.5x
Fri, 22 Dec 2023₹6.9t₹730.1b₹116.2b27.9x59.5x9.5x
Sun, 19 Nov 2023₹6.5t₹727.9b₹116.3b26.1x55.8x8.9x
Tue, 17 Oct 2023₹5.8t₹672.7b₹88.8b32.5x64.8x8.6x
Thu, 14 Sep 2023₹5.5t₹671.2b₹88.8b29.8x61.8x8.2x
Sat, 12 Aug 2023₹5.3t₹669.0b₹65.5b29.1x80.4x7.9x
Mon, 10 Jul 2023₹5.2t₹660.1b₹85.0b31.5x61.3x7.9x
Wed, 07 Jun 2023₹4.9t₹664.5b₹84.9b29x58.1x7.4x
Fri, 05 May 2023₹4.3t₹663.8b₹103.1b25.3x42.1x6.5x
Sun, 02 Apr 2023₹3.9t₹646.4b₹102.8b23.1x37.8x6x
Tue, 28 Feb 2023₹3.9t₹641.0b₹112.9b23.9x34.1x6x
Price to Earnings Ratio

34.1x


Total Market Cap: ₹3.9tTotal Earnings: ₹112.9bTotal Revenue: ₹641.0bTotal Market Cap vs Earnings and Revenue0%0%0%
Indian Real Estate Sector Price to Earnings3Y Average 51.7x202420252026
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 42.9x which is lower than its 3-year average PE of 51.7x.
  • The 3-year average PS ratio of 9.1x is higher than the industry's current PS ratio of 7.6x.
Past Earnings Growth
  • The earnings for companies in the Real Estate industry have grown 25% 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 Market0.28%
Real Estate-0.86%
REITS0%0
Office REITs-0.84%
Real Estate-0.85%
Industrial REITs-1.21%
Retail REITs-1.22%
Industry PE
  • Investors are most optimistic about the Office REITs industry which is trading above its 3-year average PE ratio of 51.4x.
    • Analysts are expecting annual earnings growth of 26.1%, 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 20% per year.
  • In contrast, the Retail REITs industry is expected to see its earnings grow by 17% 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
DLF DLF₹629.300.5%
+₹7.2b		-8.3%PE35.2x
GODREJPROP Godrej Properties₹1.83k1.1%
+₹5.8b		-8.3%PE34.8x
515055 Anant Raj₹548.802.9%
+₹5.6b		6.2%PE37.5x
539042 AGI Infra₹274.0014.9%
+₹4.3b		67.6%PE39.9x
MAXESTATES Max Estates₹421.853.6%
+₹2.4b		-5.4%PE143.2x

Latest News

539042
₹274.00
AGI Infra
7D
14.9%
1Y
67.6%
PRESTIGE
₹1,487.00
Prestige Estates Projects
7D
-2.1%
1Y
22.3%

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.
EMBDL
₹60.93
Embassy Developments
7D
-5.6%
1Y
-53.7%
GODREJPROP
₹1,825.70
Godrej Properties
7D
1.1%
1Y
-8.3%

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).
543542
₹1,186.95
Kesar India
7D
7.1%
1Y
84.9%
DLF
₹629.30
DLF
7D
0.5%
1Y
-8.3%

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).
PURVA
₹229.86
Puravankara
7D
-10.5%
1Y
-1.6%
512179
₹408.15
Sunteck Realty
7D
2.4%
1Y
2.3%

512179: New Subsidiaries And Upcoming Meetings Will Support Future Upside

Analysts have trimmed their price target on Sunteck Realty slightly from ₹565.23 to ₹564.50, reflecting updated assumptions on the discount rate, revenue growth, profit margins and future P/E multiples. What's in the News Sunteck Realty has scheduled a Board Meeting on January 27, 2026 to consider and approve the unaudited standalone and consolidated financial results for the quarter and nine months ended December 31, 2025 (company filing).
MAXESTATES
₹421.85
Max Estates
7D
3.6%
1Y
-5.4%

MAXESTATES: New Gurugram Launch And Upcoming Results Will Support Bullish Outlook

Analysts have trimmed their fair value estimate for Max Estates from ₹715 to about ₹677.75, reflecting updated assumptions on the discount rate, revenue growth, profit margin and future P/E. What's in the News Board meeting scheduled on February 6, 2026 at 15:30 IST to review and approve unaudited standalone and consolidated financial results for the quarter and nine months ended December 31, 2025, along with the statutory auditors' limited review report (company filing).
RUSTOMJEE
₹443.15
Keystone Realtors
7D
-9.6%
1Y
-15.1%
500040
₹1,299.40
Aditya Birla Real Estate
7D
-6.4%
1Y
-36.9%

500040: Stable Margins And Upcoming Results Will Support Long Term Earnings Potential

Analysts have reduced their price target for Aditya Birla Real Estate from ₹2,653.88 to ₹2,166.00, citing updated assumptions around revenue growth, margins, discount rate, and future P/E expectations. What's in the News A board meeting is scheduled on January 28, 2026 to consider and approve unaudited standalone and consolidated financial results for the quarter and nine months ended December 31, 2025 (company filing).
OBEROIRLTY
₹1,523.20
Oberoi Realty
7D
-1.6%
1Y
-3.7%

OBEROIRLTY: Future Returns Will Likely Disappoint Despite Nepean Sea Road Redevelopment

Analysts have trimmed their fair value estimate for Oberoi Realty from ₹1,338.54 to ₹1,214.36, citing updated assumptions that reflect a slightly lower discount rate, more moderate revenue growth, a higher profit margin outlook, and a reduced future P/E multiple. What's in the News Board meeting scheduled on January 19, 2026 to review and approve the unaudited financial results for the quarter ended December 31, 2025, and to consider a 3rd interim dividend for FY25-26 on the equity shares.
532929
₹740.35
Brigade Enterprises
7D
-3.0%
1Y
-26.6%

532929: Hyderabad Expansions And New Leadership Will Support Stronger Future Profitability

Analysts have adjusted their view on Brigade Enterprises, trimming the fair value estimate from ₹1,400 to ₹1,250 as they factor in updated assumptions on discount rate, revenue growth, profit margins and future P/E levels. What's in the News Board meeting on January 30, 2026, to consider and approve unaudited standalone and consolidated financial results for the quarter and nine months ended December 31, 2025 (Board Meeting).
EMBASSY
₹433.37
Embassy Office Parks REIT
7D
-1.6%
1Y
19.3%
515055
₹548.80
Anant Raj
7D
2.9%
1Y
6.2%
HEMIPROP
₹141.94
Hemisphere Properties India
7D
5.3%
1Y
7.2%