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Indian (NIFTY) Real Estate Sector Analysis

UpdatedApr 29, 2026
DataAggregated Company Financials
Companies206
  • 7D-0.7%
  • 3M0.1%
  • 1Y-8.2%
  • YTD-9.7%

Over the last 7 days, the Real Estate industry has risen 1.3%, driven by gains from Brookfield India Real Estate Trust of -1.0%. However, the industry is down 8.1% over the past year. 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
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
Thu, 08 Jun 2023₹5.0t₹662.5b₹84.9b29.5x58.6x7.5x
Sat, 06 May 2023₹4.4t₹657.5b₹103.2b25.5x42.2x6.6x
Price to Earnings Ratio

42.2x


Total Market Cap: ₹4.4tTotal Earnings: ₹103.2bTotal Revenue: ₹657.5bTotal 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 40.8x 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 7.2x.
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 Market-0.38%
Real Estate-0.71%
Retail REITs0.20%
REITS0%0
Industrial REITs-0.16%
Real Estate-0.66%
Office REITs-1.12%
Industry PE
  • Investors are most optimistic about the Office REITs industry which is trading above its 3-year average PE ratio of 53.1x.
    • 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 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 19% 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
BIRET Brookfield India Real Estate Trust₹325.92-1.0%
₹23.7b		12.5%PB1.8x
500040 Aditya Birla Real Estate₹1.51k5.6%
+₹9.0b		-22.1%PS22.8x
LODHA Lodha Developers₹882.900.8%
+₹7.2b		-31.5%PE25.7x
SOBHA Sobha₹1.44k4.8%
+₹7.0b		10.9%PE107.8x
GODREJPROP Godrej Properties₹1.82k1.1%
+₹5.9b		-13.1%PE34.7x

Latest News

532313
₹340.20
Mahindra Lifespace Developers
7D
5.0%
1Y
-0.3%
BIRET
₹325.92
Brookfield India Real Estate Trust
7D
-1.0%
1Y
12.5%
503100
₹1,761.25
Phoenix Mills
7D
-2.5%
1Y
7.8%

503100: Upcoming Board Results Will Support Confidence In Balanced Future Prospects

Analysts have kept their Phoenix Mills fair value estimate steady at ₹1,945, as small tweaks to the discount rate, revenue growth, profit margin and future P/E inputs offset one another without prompting a change in the overall price target. What's in the News Phoenix Mills has scheduled a board meeting on April 27, 2026, to consider and approve the audited standalone financial results for the quarter and financial year ended March 31, 2026 (company filing).
LODHA
₹882.90
Lodha Developers
7D
0.8%
1Y
-31.5%

Earnings Release: Here's Why Analysts Cut Their Lodha Developers Limited (NSE:LODHA) Price Target To ₹1,219

Apr 28
Earnings Release: Here's Why Analysts Cut Their Lodha Developers Limited (NSE:LODHA) Price Target To ₹1,219
500040
₹1,509.65
Aditya Birla Real Estate
7D
5.6%
1Y
-22.1%

500040: Incoming CFO Experience Will Support Future Returns

Analysts have kept their fair value estimate for Aditya Birla Real Estate steady at ₹1,898.89 per share. Modest tweaks to discount rate, revenue growth, profit margin, and future P/E inputs reflect updated assumptions rather than a shift in overall conviction.
EMBASSY
₹426.89
Embassy Office Parks REIT
7D
-1.2%
1Y
11.8%

EMBASSY: Planned Debt Refinancing And Acquisitions Will Support Future Distributions

Analysts have trimmed their price target on Embassy Office Parks REIT slightly to ₹481 from about ₹483. This reflects a modest adjustment to fair value and discount rate assumptions, while keeping revenue growth, profit margin and future P/E expectations broadly unchanged.
MINDSPACE
₹466.82
Mindspace Business Parks REIT
7D
-2.5%
1Y
21.7%

MINDSPACE: Hyderabad Leasing, Capital Plans And Meetings Will Support Steady Future Distributions

Analysts have slightly trimmed their price target for Mindspace Business Parks REIT from ₹508.71 to ₹506.79, reflecting updated views on its revenue growth assumptions, profit margin outlook, and future P/E expectations. What's in the News Board meeting scheduled on Apr 29, 2026 to consider and approve audited standalone and consolidated financial statements and results for the quarter and year ended Mar 31, 2026, and to consider a distribution declaration for unitholders for the quarter ended Mar 31, 2026 (Key Developments).
SOBHA
₹1,435.80
Sobha
7D
4.8%
1Y
10.9%

SOBHA: Fair View Will Be Reassessed As Profitability Assumptions Shift

Analysts have maintained Sobha's fair value at ₹1,325. The revised price target reflects updates to key model inputs such as discount rate, revenue growth, profit margin, and future P/E assumptions, rather than a change in their overall valuation view.
OBEROIRLTY
₹1,710.30
Oberoi Realty
7D
-0.8%
1Y
5.5%

OBEROIRLTY: Revised Margin Outlook And Debenture Redemption Plans Will Shape Future Returns

Analysts have trimmed their fair value estimate for Oberoi Realty to ₹1,756.62 from ₹1,795.88 as they factor in revised revenue growth assumptions, a slightly higher discount rate, and an updated future P/E outlook, partly offset by a stronger profit margin view. Analyst Commentary Bullish Takeaways Bullish analysts point to the higher profit margin assumptions as a key support for the updated fair value, suggesting that improved cost discipline and mix can help offset a more conservative revenue view.
532929
₹802.65
Brigade Enterprises
7D
1.6%
1Y
-20.8%

532929: South India Residential Township And Industrial Park Pipeline Will Drive Future Upside

Analysts have trimmed their price target for Brigade Enterprises from ₹1,056.50 to ₹1,002.43, citing updated assumptions around fair value, discount rate, revenue growth, profit margin, and future P/E. What's in the News Brigade signed a Joint Development Agreement for an 8.63 acre parcel in Gunjur, East Bengaluru, which supports plans for a larger 39 acre integrated residential township in the Whitefield, Sarjapur corridor with an estimated GDV of about ₹72,000m (Key Developments).
GODREJPROP
₹1,824.60
Godrej Properties
7D
1.1%
1Y
-13.1%

GODREJPROP: New Land Acquisitions Will Support Stronger Future Potential

Analysts have revised their fair value estimate for Godrej Properties to ₹2,896 from ₹3,410, reflecting updated assumptions around revenue growth, profit margins and future P/E expectations. What's in the News Acquired a ~20-acre land parcel in East Bengaluru for a planned premium residential project with estimated revenue potential of about ₹13,500 million, in the Whitefield growth corridor near NH-648 and operational metro stations at Kadugodi and Hopefarm (Key Developments).
DLF
₹587.90
DLF
7D
-3.2%
1Y
-10.8%

DLF: Upcoming Results And Margin Outlook Will Support Bullish Long Term View

Analysts have trimmed the price target on DLF to ₹829.76 from ₹861.50, reflecting updated assumptions that combine slightly lower revenue growth and P/E with a higher profit margin outlook and a largely unchanged discount rate. What's in the News DLF has scheduled a board meeting on Jan 22, 2026, to consider and approve the unaudited standalone and consolidated financial results for the quarter and nine months ended Dec 31, 2025 (company filing).
515055
₹492.95
Anant Raj
7D
-4.2%
1Y
5.9%
RAYMONDREL
₹427.90
Raymond Realty
7D
-8.3%
1Y
n/a
526367
₹679.40
Ganesh Housing
7D
5.7%
1Y
-37.1%
SMARTWORKS
₹427.05
Smartworks Coworking Spaces
7D
-4.2%
1Y
n/a