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Indian (NIFTY) Real Estate Sector Analysis

UpdatedJul 04, 2026
DataAggregated Company Financials
Companies208
  • 7D5.7%
  • 3M24.1%
  • 1Y-10.7%
  • YTD-1.4%

The Real Estate industry is up 5.7% in the last week, with DLF up 8.8%. During this same period, the National Standard (India) underperformed, falling 20%. In the past year, the industry is down 11%. Looking forward, earnings are forecast to grow by 25% annually.

Sector Valuation and Performance

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

DateMarket CapRevenueEarningsPEAbsolute PEPS
Sat, 04 Jul 2026₹10.3t₹1.4t₹261.5b26.6x39.5x7.4x
Mon, 01 Jun 2026₹9.5t₹1.4t₹265.2b26x35.7x6.7x
Wed, 29 Apr 2026₹9.1t₹1.3t₹222.0b27.4x40.8x7.2x
Fri, 27 Mar 2026₹8.1t₹1.2t₹218.8b24.4x37.2x6.6x
Sun, 22 Feb 2026₹9.4t₹1.2t₹219.0b28x42.9x7.6x
Tue, 20 Jan 2026₹9.7t₹1.2t₹208.0b27.1x46.4x8.1x
Thu, 18 Dec 2025₹9.9t₹1.2t₹207.9b29.6x47.4x8.2x
Sat, 15 Nov 2025₹10.3t₹1.2t₹208.9b34.2x49.3x8.6x
Mon, 13 Oct 2025₹10.0t₹1.1t₹216.2b36.9x46.2x8.8x
Wed, 10 Sep 2025₹9.7t₹1.1t₹214.2b37.8x45.3x8.7x
Fri, 08 Aug 2025₹9.3t₹1.1t₹213.9b34x43.7x8.9x
Sun, 06 Jul 2025₹9.8t₹988.1b₹205.8b35.7x47.7x9.9x
Tue, 03 Jun 2025₹9.5t₹993.5b₹209.0b31.4x45.6x9.6x
Thu, 01 May 2025₹8.8t₹1.1t₹214.3b32.9x41.2x8.2x
Sat, 29 Mar 2025₹8.5t₹1.1t₹220.1b32.6x38.7x7.9x
Mon, 24 Feb 2025₹8.6t₹1.1t₹220.1b33.1x39x8x
Wed, 22 Jan 2025₹9.3t₹1.0t₹218.7b35.7x42.6x9x
Fri, 20 Dec 2024₹10.7t₹1.0t₹214.5b36.2x49.9x10.4x
Sun, 17 Nov 2024₹9.3t₹1.0t₹212.4b35.9x43.9x9.1x
Tue, 15 Oct 2024₹10.1t₹991.0b₹208.0b31.2x48.7x10.2x
Thu, 12 Sep 2024₹9.9t₹971.2b₹203.5b30.8x48.7x10.2x
Sat, 10 Aug 2024₹9.8t₹958.3b₹192.8b31.5x50.6x10.2x
Mon, 08 Jul 2024₹10.2t₹832.7b₹165.9b34.3x61.7x12.3x
Wed, 05 Jun 2024₹8.9t₹833.7b₹152.2b30.1x58.3x10.6x
Fri, 03 May 2024₹8.9t₹756.3b₹137.0b32.9x64.9x11.8x
Sun, 31 Mar 2024₹8.3t₹750.1b₹132.5b30.7x62.6x11.1x
Tue, 27 Feb 2024₹8.5t₹750.0b₹132.6b33.2x63.9x11.3x
Thu, 25 Jan 2024₹7.6t₹727.6b₹114.3b35.7x66.9x10.5x
Sat, 23 Dec 2023₹7.0t₹730.1b₹116.2b28.9x60.7x9.7x
Mon, 20 Nov 2023₹6.5t₹728.3b₹116.4b26.1x55.8x8.9x
Wed, 18 Oct 2023₹5.8t₹672.7b₹88.8b32.7x64.8x8.6x
Fri, 15 Sep 2023₹5.6t₹671.2b₹88.8b29.8x62.6x8.3x
Sun, 13 Aug 2023₹5.3t₹671.0b₹66.2b28.7x79.6x7.8x
Tue, 11 Jul 2023₹5.2t₹660.1b₹85.0b30.6x60.9x7.8x
Price to Earnings Ratio

60.9x


Total Market Cap: ₹5.2tTotal Earnings: ₹85.0bTotal Revenue: ₹660.1bTotal Market Cap vs Earnings and Revenue0%0%0%
Indian Real Estate Sector Price to Earnings3Y Average 50.9x202420252026
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 39.5x which is lower than its 3-year average PE of 50.9x.
  • The 3-year average PS ratio of 9.1x is higher than the industry's current PS ratio of 7.4x.
Past Earnings Growth
  • The earnings for companies in the Real Estate industry have grown 45% per year over the last three years.
  • Revenues for these companies have grown 28% 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 Market0.95%
Real Estate5.66%
Real Estate6.63%
Office REITs2.52%
Retail REITs0.94%
Industrial REITs0.23%
REITS0%0
Industry PE
  • Investors are most optimistic about the Office REITs industry which is trading above its 3-year average PE ratio of 53.8x.
    • Analysts are expecting annual earnings growth of 27.6%, which is higher than its past year's earnings growth of 23.8% 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 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 24% 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₹675.908.8%
+₹135.0b		-19.2%PE37.9x
LODHA Lodha Developers₹1.06k11.6%
+₹109.5b		-22.7%PE30.8x
OBEROIRLTY Oberoi Realty₹1.93k10.6%
+₹67.3b		3.5%PE28.1x
503100 Phoenix Mills₹2.05k7.7%
+₹52.3b		32.8%PE59.9x
PRESTIGE Prestige Estates Projects₹1.67k7.2%
+₹48.1b		3.4%PE60.1x

Latest News

EMBASSY
₹446.87
Embassy Office Parks REIT
7D
4.3%
1Y
14.0%
504882
₹971.80
National Standard (India)
7D
-20.5%
1Y
-63.1%
OBEROIRLTY
₹1,934.40
Oberoi Realty
7D
10.6%
1Y
3.5%
Narrative Update • Jul 02

OBEROIRLTY: Higher Multiple And Softer Margins Will Likely Cap Future Returns

Analysts have raised the Oberoi Realty price target from ₹1,216.97 to ₹1,389.19, citing updated assumptions related to a lower discount rate, revised revenue growth expectations, adjusted profit margin forecasts, and a slightly higher future P/E multiple. Analyst Commentary on Oberoi Realty Recent changes to the price target for Oberoi Realty suggest that analysts are updating their models rather than signaling a clear shift in conviction.
LODHA
₹1,057.00
Lodha Developers
7D
11.6%
1Y
-22.7%
531381
₹798.65
Arihant Foundations & Housing
7D
-8.1%
1Y
-44.8%
532929
₹514.25
Brigade Enterprises
7D
-2.1%
1Y
-36.1%
Narrative Update • Jun 30

532929: Hyderabad Residential Pipeline And Capital Actions Will Shape Balanced Outlook

Analysts have trimmed their fair value estimate for Brigade Enterprises from about ₹728.88 to roughly ₹546.66, citing updated assumptions for discount rate, revenue growth, profit margins and future P/E that collectively point to a more balanced risk reward profile for the stock. What’s in the News for Brigade Enterprises Brigade Enterprises is contesting the revocation of Environmental Clearance for its Brigade Morgan Heights residential project in Perumbakkam, Chennai, calling the order legally unsustainable and factually incorrect, and is pursuing legal and regulatory remedies.
PRESTIGE
₹1,668.00
Prestige Estates Projects
7D
7.2%
1Y
3.4%
Narrative Update • Jun 30

PRESTIGE: Airport City And Mumbai Developments Will Drive Future Upside Potential

Analysts have revised their price target for Prestige Estates Projects to ₹2,220 from a prior fair value of ₹2,309, reflecting updated assumptions around higher projected revenue growth, a lower discount rate, a reduced profit margin profile, and a more conservative future P/E multiple. What’s in the News for Prestige Estates Projects Prestige Estates Projects, in partnership with Bengaluru Airport City Limited, announced an integrated destination within Bengaluru Airport City that combines a convention and exhibition centre, luxury hotels under the St. Regis and Marriott Marquis brands, premium offices, and curated food and beverage spaces.
WEWORK
₹739.65
WeWork India Management
7D
18.1%
1Y
n/a
MAXESTATES
₹432.65
Max Estates
7D
-2.5%
1Y
-12.0%
Narrative Update • Jun 29

MAXESTATES: Residential Pipeline And Board Changes Will Support Future Upside

Analysts have trimmed their fair value estimate for Max Estates from ₹581 to ₹531. This reflects updated assumptions on discount rates, revenue growth, profit margins and future P/E multiples.
GODREJPROP
₹1,996.40
Godrej Properties
7D
7.9%
1Y
-13.4%
Narrative Update • Jun 25

GODREJPROP: Greater Noida Land Push Will Challenge Rich Earnings Multiple

Analysts have kept their price target for Godrej Properties broadly unchanged at around ₹1,550, citing relatively stable assumptions on revenue growth, profit margins and future P/E, despite only minor parameter tweaks in their models. What's in the News Godrej Properties won a bid for a 23.2 acre residential land parcel in the DMIC integrated township in Greater Noida through an e-auction conducted by DMIC Integrated Industrial Township Greater Noida Limited, with plans for a premium residential group housing project.
503100
₹2,048.80
Phoenix Mills
7D
7.7%
1Y
32.8%
Narrative Update • Jun 23

503100: Board Meeting And Refined Assumptions Will Guide Measured Future Outlook

Analysts have nudged their price target for Phoenix Mills slightly higher from ₹2,009.70 to ₹2,014.00, citing updated assumptions around discount rate, revenue growth, profit margin, and future P/E, which together support a modest adjustment to fair value estimates. What's in the News Phoenix Mills has scheduled a Board Meeting for April 27, 2026, at 16:56 Indian Standard Time to review key corporate matters.
DLF
₹675.90
DLF
7D
8.8%
1Y
-19.2%
Narrative Update • Jun 16

DLF: Higher FY 2026 Dividend Plans Will Support Bullish Stock Thesis

Analysts have slightly trimmed their fair value estimate for DLF to around ₹816 from about ₹822, reflecting minor updates to discount rate assumptions and future P/E inputs, while keeping revenue growth and profit margin expectations broadly unchanged. What’s in the News for DLF DLF Limited’s board has recommended a dividend of ₹8 per share (400%) for FY 2025-26, reflecting its stated focus on shareholder returns.
LOTUSDEV
₹148.73
Sri Lotus Developers and Realty
7D
-1.3%
1Y
n/a
539042
₹354.20
AGI Infra
7D
-4.7%
1Y
77.1%
EMBDL
₹63.02
Embassy Developments
7D
-1.1%
1Y
-46.1%
SMARTWORKS
₹474.55
Smartworks Coworking Spaces
7D
-3.1%
1Y
n/a
Analysis Article • May 08

Smartworks Coworking Spaces' (NSE:SMARTWORKS) Strong Earnings Are Of Good Quality

When companies post strong earnings, the stock generally performs well, just like Smartworks Coworking Spaces Limited's...