Analysis Article • May 17
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Indian (NIFTY) Real Estate Sector Analysis
UpdatedMay 18, 2026
DataAggregated Company Financials
Companies208
- 7D-6.1%
- 3M-7.9%
- 1Y-14.7%
- YTD-11.8%
Over the last 7 days, the Real Estate industry has dropped 6.1%, driven by declines in Lodha Developers and DLF of 12% and 6.8%, respectively. On the other hand AGI Infra is actually up 13%. However, the industry is down 15% over the past year. As for the next few years, earnings are expected to grow by 28% per annum.
Sector Valuation and Performance
Has the Indian Real Estate Sector valuation changed over the past few years?
| Date | Market Cap | Revenue | Earnings | PE | Absolute PE | PS |
|---|---|---|---|---|---|---|
| Mon, 18 May 2026 | ₹8.8t | ₹1.3t | ₹242.8b | 26.9x | 36.4x | 6.7x |
| Wed, 15 Apr 2026 | ₹8.7t | ₹1.2t | ₹221.0b | 26.6x | 39.5x | 7x |
| Fri, 13 Mar 2026 | ₹8.4t | ₹1.2t | ₹218.8b | 25.9x | 38.5x | 6.8x |
| Sun, 08 Feb 2026 | ₹9.5t | ₹1.2t | ₹213.2b | 26.6x | 44.5x | 7.8x |
| Tue, 06 Jan 2026 | ₹10.3t | ₹1.2t | ₹207.9b | 29.1x | 49.6x | 8.6x |
| Thu, 04 Dec 2025 | ₹10.1t | ₹1.2t | ₹207.7b | 30x | 48.5x | 8.4x |
| Sat, 01 Nov 2025 | ₹10.3t | ₹1.2t | ₹221.2b | 36.2x | 46.7x | 8.8x |
| Mon, 29 Sep 2025 | ₹9.7t | ₹1.1t | ₹214.7b | 37.9x | 45.1x | 8.7x |
| Wed, 27 Aug 2025 | ₹9.8t | ₹1.1t | ₹215.5b | 36.9x | 45.4x | 8.8x |
| Fri, 25 Jul 2025 | ₹9.9t | ₹1.0t | ₹206.2b | 35.3x | 47.9x | 9.7x |
| Sun, 22 Jun 2025 | ₹9.9t | ₹985.5b | ₹205.9b | 34.7x | 48.3x | 10.1x |
| Tue, 20 May 2025 | ₹9.2t | ₹975.9b | ₹193.4b | 34.2x | 47.5x | 9.4x |
| Thu, 17 Apr 2025 | ₹8.5t | ₹1.1t | ₹220.1b | 33.3x | 38.8x | 7.9x |
| Sat, 15 Mar 2025 | ₹8.1t | ₹1.1t | ₹220.2b | 32x | 36.7x | 7.5x |
| Mon, 10 Feb 2025 | ₹9.3t | ₹1.1t | ₹228.6b | 31.8x | 40.9x | 8.7x |
| Wed, 08 Jan 2025 | ₹10.2t | ₹1.0t | ₹214.4b | 38.1x | 47.4x | 9.9x |
| Fri, 06 Dec 2024 | ₹10.5t | ₹1.0t | ₹214.5b | 34.8x | 48.8x | 10.2x |
| Sun, 03 Nov 2024 | ₹9.9t | ₹1.0t | ₹227.0b | 30.9x | 43.8x | 9.8x |
| Tue, 01 Oct 2024 | ₹10.5t | ₹978.2b | ₹205.1b | 31.6x | 51.2x | 10.7x |
| Thu, 29 Aug 2024 | ₹10.0t | ₹971.3b | ₹203.5b | 31.6x | 48.9x | 10.2x |
| Sat, 27 Jul 2024 | ₹10.0t | ₹839.5b | ₹169.5b | 33.8x | 59.2x | 12x |
| Mon, 24 Jun 2024 | ₹10.3t | ₹832.2b | ₹165.8b | 32.9x | 61.9x | 12.3x |
| Wed, 22 May 2024 | ₹9.3t | ₹803.6b | ₹152.5b | 32.3x | 60.7x | 11.5x |
| Fri, 19 Apr 2024 | ₹8.5t | ₹749.0b | ₹132.3b | 32x | 64.6x | 11.4x |
| Sun, 17 Mar 2024 | ₹7.8t | ₹750.1b | ₹132.5b | 30x | 58.6x | 10.3x |
| Tue, 13 Feb 2024 | ₹7.9t | ₹744.3b | ₹129.3b | 40.1x | 60.9x | 10.6x |
| Thu, 11 Jan 2024 | ₹7.9t | ₹732.8b | ₹116.5b | 34.9x | 68.1x | 10.8x |
| Sat, 09 Dec 2023 | ₹6.9t | ₹730.1b | ₹116.4b | 29.9x | 59x | 9.4x |
| Mon, 06 Nov 2023 | ₹6.0t | ₹682.8b | ₹104.2b | 30.7x | 57.5x | 8.8x |
| Wed, 04 Oct 2023 | ₹5.5t | ₹672.5b | ₹88.7b | 30.4x | 61.9x | 8.2x |
| Fri, 01 Sep 2023 | ₹5.3t | ₹670.4b | ₹88.1b | 30.6x | 60x | 7.9x |
| Sun, 30 Jul 2023 | ₹5.4t | ₹654.6b | ₹76.6b | 30.2x | 71.2x | 8.3x |
| Tue, 27 Jun 2023 | ₹5.0t | ₹659.5b | ₹85.0b | 30.9x | 58.7x | 7.6x |
| Thu, 25 May 2023 | ₹4.7t | ₹676.3b | ₹106.6b | 23.6x | 43.7x | 6.9x |
Price to Earnings Ratio
43.7x
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 36.4x which is lower than its 3-year average PE of 51.7x.
- The 3-year average PS ratio of 9.2x is higher than the industry's current PS ratio of 6.7x.
Past Earnings Growth
- The earnings for companies in the Real Estate industry have grown 32% 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 | -2.79% | |
| Real Estate | -6.09% | |
| Industrial REITs | 1.34% | |
| REITS | 0% | 0 |
| Office REITs | -1.02% | |
| Retail REITs | -1.19% | |
| Real Estate | -7.32% | |
Industry PE
- Investors are most optimistic about the Office REITs industry which is trading above its 3-year average PE ratio of 53.4x.
- 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 28% over the next 5 years.
- This is roughly in line with its past earnings growth rate.
- In contrast, the Retail REITs industry is expected to see its earnings grow by 25% per year over the next few years.
Top Stock Gainers and Losers
Which companies have driven the market over the last 7 days?
| Company | Last Price | 7D | 1Y | Valuation | |
|---|---|---|---|---|---|
| 539042 AGI Infra | ₹419.00 | 10.1% +₹4.7b | 146.4% | PE61x | |
| 504000 Elpro International | ₹164.40 | 13.9% +₹3.4b | 93.7% | PE31.9x | |
| 500307 Nirlon | ₹597.00 | 2.3% +₹1.2b | 8.5% | PE16.4x | |
| PGINVIT Powergrid Infrastructure Investment Trust | ₹94.36 | 1.3% +₹1.1b | 13.2% | PB1.1x | |
| 534675 Prozone Realty | ₹52.28 | 5.3% +₹402.9m | 44.7% | PS4.1x |
