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Indian (NIFTY) Real Estate Sector Analysis

UpdatedApr 06, 2026
DataAggregated Company Financials
Companies203
  • 7D0.5%
  • 3M-22.6%
  • 1Y-16.4%
  • YTD-20.6%

Last week, the Real Estate industry hasn't moved much but Oberoi Realty is up 3.4% in that time. As for the longer term, the industry has declined 16% in the last year. 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
Mon, 06 Apr 2026₹7.9t₹1.2t₹218.8b23.7x36.3x6.4x
Wed, 04 Mar 2026₹8.9t₹1.2t₹218.8b26.6x40.6x7.2x
Fri, 30 Jan 2026₹9.1t₹1.2t₹211.1b26.3x43x7.6x
Sun, 28 Dec 2025₹10.0t₹1.2t₹207.9b29.6x48.2x8.4x
Tue, 25 Nov 2025₹9.9t₹1.2t₹210.4b31.8x47x8.4x
Thu, 23 Oct 2025₹10.3t₹1.1t₹218.5b36.4x47.2x9x
Sat, 20 Sep 2025₹10.1t₹1.1t₹214.2b37.1x47.3x9.1x
Mon, 18 Aug 2025₹9.2t₹1.1t₹212.7b33.8x43.4x8.6x
Wed, 16 Jul 2025₹10.0t₹989.5b₹208.4b35.8x47.8x10.1x
Fri, 13 Jun 2025₹9.9t₹986.2b₹208.5b34.4x47.5x10x
Sun, 11 May 2025₹8.3t₹1.1t₹210.5b33.7x39.6x7.7x
Tue, 08 Apr 2025₹7.9t₹1.1t₹220.1b31.9x36.1x7.4x
Thu, 06 Mar 2025₹8.3t₹1.1t₹220.2b33x37.8x7.7x
Sat, 01 Feb 2025₹9.3t₹1.0t₹228.3b33x40.8x8.9x
Mon, 30 Dec 2024₹10.4t₹1.0t₹214.5b35.1x48.5x10.1x
Wed, 27 Nov 2024₹10.0t₹1.0t₹214.5b33.5x46.5x9.7x
Fri, 25 Oct 2024₹9.7t₹990.1b₹210.5b30.3x45.9x9.8x
Sun, 22 Sep 2024₹10.5t₹971.9b₹203.9b32x51.5x10.8x
Tue, 20 Aug 2024₹10.0t₹971.6b₹203.5b30.6x49.3x10.3x
Thu, 18 Jul 2024₹10.3t₹831.8b₹165.5b32.5x62x12.3x
Sat, 15 Jun 2024₹10.2t₹829.7b₹163.3b31.7x62.5x12.3x
Mon, 13 May 2024₹8.5t₹761.0b₹139.2b31x61.3x11.2x
Wed, 10 Apr 2024₹8.8t₹749.0b₹132.3b33.2x66.3x11.7x
Fri, 08 Mar 2024₹8.5t₹749.9b₹132.5b31.5x64.2x11.3x
Sun, 04 Feb 2024₹8.0t₹739.2b₹128.4b36.6x62.2x10.8x
Tue, 02 Jan 2024₹7.3t₹732.8b₹116.5b30.4x62.5x9.9x
Thu, 30 Nov 2023₹6.6t₹729.0b₹116.7b26.8x56.3x9x
Sat, 28 Oct 2023₹5.4t₹672.0b₹90.3b30.5x59.7x8x
Mon, 25 Sep 2023₹5.4t₹671.2b₹88.7b29.7x60.4x8x
Wed, 23 Aug 2023₹5.1t₹674.1b₹65.8b29x78.1x7.6x
Fri, 21 Jul 2023₹5.2t₹662.6b₹77.1b29.8x68x7.9x
Sun, 18 Jun 2023₹5.1t₹659.9b₹85.0b29.6x59.5x7.7x
Tue, 16 May 2023₹4.6t₹661.0b₹104.0b24.4x44x6.9x
Thu, 13 Apr 2023₹4.2t₹652.0b₹103.1b23.7x40.7x6.4x
Price to Earnings Ratio

40.7x


Total Market Cap: ₹4.2tTotal 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 36.3x 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 6.4x.
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 Market0.0067%
Real Estate0.48%
Industrial REITs2.08%
Real Estate0.80%
REITS0%0
Retail REITs-0.62%
Office REITs-0.76%
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 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
OBEROIRLTY Oberoi Realty₹1.51k3.4%
+₹18.1b		-2.8%PE24.5x
503100 Phoenix Mills₹1.53k1.5%
+₹8.0b		-3.3%PE50.1x
515055 Anant Raj₹452.003.4%
+₹5.3b		-1.0%PE30.9x
543542 Kesar India₹1.16k13.1%
+₹3.9b		110.9%PE186x
505355 Nesco₹1.07k4.9%
+₹3.6b		14.1%PE18.5x

Latest News

543542
₹1,159.80
Kesar India
7D
13.1%
1Y
110.9%
BIRET
₹320.20
Brookfield India Real Estate Trust
7D
-3.6%
1Y
10.7%

BIRET: Upcoming Distribution And Unitholder Meeting Will Support Forward Upside Potential

Analysts have nudged their price target on Brookfield India Real Estate Trust slightly higher to about ₹378 from roughly ₹375, citing largely unchanged assumptions around the discount rate, revenue growth, profit margin and forward P/E. Taken together, these factors support a modest refinement rather than a major shift in their outlook.
SIGNATURE
₹749.50
Signatureglobal (India)
7D
0.8%
1Y
-32.9%

SIGNATURE: Upcoming Board Decisions Will Support Constructive View On Earnings

Analysts have kept the fair value estimate for Signatureglobal (India) steady at ₹1,197.80, with only small adjustments to assumptions such as discount rate, revenue growth, profit margin and future P/E feeding into the unchanged price target. What's in the News A board meeting is scheduled on February 3, 2026 to consider and approve unaudited standalone and consolidated financial results for the quarter and nine months ended December 31, 2025 (company filing).
PRESTIGE
₹1,152.00
Prestige Estates Projects
7D
-1.8%
1Y
2.2%

PRESTIGE: Metro Station Partnership Will Support Future Real Estate Upside

Analysts have trimmed their price target on Prestige Estates Projects slightly to about ₹1,395 from roughly ₹1,406, reflecting updated assumptions on the discount rate, revenue growth, profit margin and future P/E. 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", with an investment of ₹1,150 million over a 30 year concession period for station upgrades and long term partnership rights (Client announcement).
DLF
₹522.25
DLF
7D
-0.1%
1Y
-20.1%

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).
SOBHA
₹1,156.80
Sobha
7D
-5.8%
1Y
-2.9%

SOBHA: Fair View Will Be Tested By January Results Update

Analysts have trimmed Sobha's fair value estimate from ₹1,480 to ₹1,325, reflecting updated assumptions on discount rate, revenue growth, profit margin and future P/E multiples in their price target work. What's in the News Sobha has scheduled a board meeting on January 16, 2026 to consider the unaudited standalone financial results for the quarter ended December 31, 2025.
EMBASSY
₹429.97
Embassy Office Parks REIT
7D
0.8%
1Y
13.8%

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
₹1,525.00
Phoenix Mills
7D
1.5%
1Y
-3.3%

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
₹696.05
Lodha Developers
7D
-0.6%
1Y
-41.1%

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
₹1,506.90
Oberoi Realty
7D
3.4%
1Y
-2.8%

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.
NXST
₹150.81
Nexus Select Trust
7D
-0.6%
1Y
17.8%
KALPATARU
₹287.55
Kalpataru
7D
6.0%
1Y
n/a
515055
₹452.00
Anant Raj
7D
3.4%
1Y
-1.0%
KRT
₹112.92
Knowledge Realty Trust
7D
-1.2%
1Y
n/a
505355
₹1,073.80
Nesco
7D
4.9%
1Y
14.1%
SMARTWORKS
₹374.90
Smartworks Coworking Spaces
7D
-2.7%
1Y
n/a