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Indian (NIFTY) Real Estate Sector Analysis

UpdatedApr 08, 2026
DataAggregated Company Financials
Companies203
  • 7D6.4%
  • 3M-19.9%
  • 1Y-10.9%
  • YTD-18.2%

In the last week, the Real Estate industry is up 6.4%, with DLF up 12%. In the past year, the industry is down 11%. 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
Thu, 09 Apr 2026₹8.2t₹1.2t₹220.8b24.4x37x6.6x
Sat, 07 Mar 2026₹8.6t₹1.2t₹218.8b25.8x39.5x7x
Mon, 02 Feb 2026₹9.0t₹1.2t₹214.0b25.9x42.1x7.4x
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
Price to Earnings Ratio

41x


Total Market Cap: ₹4.2tTotal Earnings: ₹103.0bTotal Revenue: ₹651.9bTotal 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 37.0x which is lower than its 3-year average PE of 51.8x.
  • The 3-year average PS ratio of 9.2x is higher than the industry's current PS ratio of 6.6x.
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 Market4.18%
Real Estate6.41%
Real Estate7.84%
Industrial REITs2.17%
Office REITs1.65%
Retail REITs0.51%
REITS0%0
Industry PE
  • Investors are most optimistic about the Office REITs industry which is trading above its 3-year average PE ratio of 52.6x.
    • Analysts are expecting annual earnings growth of 26.6%, which is lower than the prior year's growth of 58.9% 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 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
DLF DLF₹572.8512.4%
+₹156.2b		-6.5%PE32x
LODHA Lodha Developers₹778.8513.6%
+₹93.4b		-29.9%PE23.3x
PRESTIGE Prestige Estates Projects₹1.32k15.4%
+₹75.8b		22.4%PE58.6x
503100 Phoenix Mills₹1.71k12.8%
+₹69.5b		14.5%PE56.2x
OBEROIRLTY Oberoi Realty₹1.64k10.9%
+₹58.6b		9.6%PE26.6x

Latest News

PRESTIGE
₹1,320.80
Prestige Estates Projects
7D
15.4%
1Y
22.4%
531381
₹895.70
Arihant Foundations & Housing
7D
-5.9%
1Y
26.0%
GODREJPROP
₹1,702.20
Godrej Properties
7D
12.9%
1Y
-13.7%

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.
511634
₹353.75
Axentra
7D
-1.0%
1Y
n/a
DLF
₹572.85
DLF
7D
12.4%
1Y
-6.5%

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
₹475.22
Mindspace Business Parks REIT
7D
5.6%
1Y
29.5%

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
₹437.42
Embassy Office Parks REIT
7D
3.9%
1Y
17.0%

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
₹1,711.90
Phoenix Mills
7D
12.8%
1Y
14.5%

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.
LODHA
₹778.85
Lodha Developers
7D
13.6%
1Y
-29.9%

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
₹1,635.80
Oberoi Realty
7D
10.9%
1Y
9.6%

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.
542046
₹7.44
Vivid Mercantile
7D
-5.1%
1Y
4.8%
533285
₹34.11
RDB Infrastructure and Power
7D
-1.1%
1Y
-40.9%
535621
₹141.95
S V Global Mill
7D
-2.1%
1Y
1.2%
505285
₹740.00
Tulive Developers
7D
-7.0%
1Y
6.6%
531676
₹244.25
Emrock
7D
-1.1%
1Y
960.1%
504882
₹1,314.55
National Standard (India)
7D
-2.7%
1Y
-63.9%