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Indian (NIFTY) Real Estate Sector Analysis

UpdatedJan 19, 2026
DataAggregated Company Financials
Companies202
  • 7D-1.3%
  • 3M-7.7%
  • 1Y-10.1%
  • YTD-2.4%

Over the last 7 days, the Real Estate industry has dropped 1.3%, driven by a pullback from DLF of 3.1%. Overall the industry is down 10% in 12 months. 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
Mon, 19 Jan 2026₹9.8t₹1.2t₹208.0b28.1x47.2x8.2x
Wed, 17 Dec 2025₹9.9t₹1.2t₹207.9b29.9x47.8x8.3x
Fri, 14 Nov 2025₹10.3t₹1.2t₹208.8b35.4x49.4x8.6x
Sun, 12 Oct 2025₹10.0t₹1.1t₹216.2b36.9x46.2x8.8x
Tue, 09 Sep 2025₹9.7t₹1.1t₹214.2b38.7x45.4x8.7x
Thu, 07 Aug 2025₹9.4t₹1.1t₹213.9b34.9x43.8x8.9x
Sat, 05 Jul 2025₹9.8t₹988.5b₹205.8b35.7x47.7x9.9x
Mon, 02 Jun 2025₹9.4t₹987.3b₹208.6b31.8x45x9.5x
Wed, 30 Apr 2025₹8.7t₹1.1t₹219.6b33.4x39.8x8.1x
Fri, 28 Mar 2025₹8.5t₹1.1t₹220.1b32.7x38.7x7.9x
Sun, 23 Feb 2025₹8.6t₹1.1t₹220.1b33.1x39x8x
Tue, 21 Jan 2025₹9.6t₹1.0t₹215.6b36x44.6x9.3x
Thu, 19 Dec 2024₹10.8t₹1.0t₹214.5b35.6x50.2x10.5x
Sat, 16 Nov 2024₹9.4t₹1.0t₹227.9b32.7x41.3x9.1x
Mon, 14 Oct 2024₹10.1t₹991.0b₹208.0b31.2x48.7x10.2x
Wed, 11 Sep 2024₹10.0t₹971.2b₹203.5b30.9x49.2x10.3x
Fri, 09 Aug 2024₹9.5t₹866.6b₹176.7b30.6x53.9x11x
Sun, 07 Jul 2024₹10.2t₹832.7b₹165.8b34.3x61.8x12.3x
Tue, 04 Jun 2024₹9.8t₹853.7b₹151.1b30.6x64.6x11.4x
Thu, 02 May 2024₹8.9t₹756.3b₹137.0b32.9x64.8x11.7x
Sat, 30 Mar 2024₹8.3t₹750.1b₹132.5b30.7x62.6x11.1x
Mon, 26 Feb 2024₹8.4t₹747.6b₹132.5b32.2x63.6x11.3x
Wed, 24 Jan 2024₹7.6t₹726.9b₹113.8b34.7x66.9x10.5x
Fri, 22 Dec 2023₹6.9t₹730.1b₹116.2b27.9x59.5x9.5x
Sun, 19 Nov 2023₹6.5t₹727.9b₹116.3b26.1x55.8x8.9x
Tue, 17 Oct 2023₹5.8t₹672.7b₹88.8b32.5x64.8x8.6x
Thu, 14 Sep 2023₹5.5t₹671.2b₹88.8b29.8x61.8x8.2x
Sat, 12 Aug 2023₹5.3t₹669.0b₹65.5b29.1x80.4x7.9x
Mon, 10 Jul 2023₹5.2t₹660.1b₹85.0b31.5x61.3x7.9x
Wed, 07 Jun 2023₹4.9t₹664.5b₹84.9b29x58.1x7.4x
Fri, 05 May 2023₹4.3t₹663.8b₹103.1b25.3x42.1x6.5x
Sun, 02 Apr 2023₹3.9t₹646.4b₹102.8b23.1x37.8x6x
Tue, 28 Feb 2023₹3.9t₹641.0b₹112.9b23.9x34.1x6x
Thu, 26 Jan 2023₹4.2t₹608.8b₹115.5b25x36.7x7x
Price to Earnings Ratio

36.7x


Total Market Cap: ₹4.2tTotal Earnings: ₹115.5bTotal Revenue: ₹608.8bTotal Market Cap vs Earnings and Revenue0%0%0%
Indian Real Estate Sector Price to Earnings3Y Average 51.4x202420252026
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 47.1x which is lower than its 3-year average PE of 51.4x.
  • The industry is trading close to its 3-year average PS ratio of 9.1x.
Past Earnings Growth
  • The earnings for companies in the Real Estate industry have grown 22% 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 Market0.026%
Real Estate-1.31%
Retail REITs3.25%
Office REITs2.08%
Industrial REITs0.87%
REITS0%0
Real Estate-2.11%
Industry PE
  • Investors are most optimistic about the Office REITs industry which is trading above its 3-year average PE ratio of 50.1x.
    • Analysts are expecting annual earnings growth of 30.6%, which is higher than its past year's earnings growth of 6.4% 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 31% over the next 5 years.
  • This is better than its past earnings growth rate of 20% 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
EMBASSY Embassy Office Parks REIT₹449.683.0%
+₹12.5b		19.7%PB1.9x
KRT Knowledge Realty Trust₹126.271.9%
+₹10.2b		n/aPB1.3x
LODHA Lodha Developers₹1.07k0.9%
+₹9.5b		-9.0%PE32.1x
NXST Nexus Select Trust₹164.153.3%
+₹7.8b		17.7%PB1.8x
BIRET Brookfield India Real Estate Trust₹346.012.1%
+₹5.2b		19.5%PB1.8x

Latest News

DLF
₹649.85
DLF
7D
-3.1%
1Y
-13.2%

DLF: Higher Margins And Earnings Multiple Reset Will Support Upside

Narrative Update on DLF Analysts have trimmed their fair value estimate for DLF from ₹948.29 to ₹928.36, reflecting updated views on required return, revenue growth, profit margins and future P/E assumptions. What's in the News Board meeting scheduled on Jan 22, 2026, to consider and approve unaudited standalone and consolidated financial results for the quarter and nine months ended Dec 31, 2025, along with other agenda items (company filing) Board meeting scheduled on Oct 30, 2025, to consider and approve unaudited financial results for the quarter and half year ended Sep 30, 2025, and to consider other business matters (company filing) Valuation Changes Fair Value Estimate trimmed from ₹948.29 to ₹928.36, indicating a modest reduction in the projected value per share used in the model.
GODREJPROP
₹1,889.00
Godrej Properties
7D
-5.1%
1Y
-21.5%
OBEROIRLTY
₹1,664.50
Oberoi Realty
7D
-1.3%
1Y
-16.3%
MINDSPACE
₹490.58
Mindspace Business Parks REIT
7D
1.2%
1Y
29.4%

MINDSPACE: Future Acquisitions And Funding Decisions Will Shape Distribution Outlook

Narrative Update on Mindspace Business Parks REIT The analyst price target for Mindspace Business Parks REIT has been adjusted from ₹466.88 to ₹480.56, with analysts pointing to updated assumptions on the discount rate, revenue growth, profit margins and future P/E as the key drivers of this change. What's in the News Board meeting on October 17, 2025 to consider raising funds through fresh non convertible debt securities and commercial papers, along with proposed amendments to debenture terms related to net total debt to NOI and loan to value ratios for existing debentures of ₹50,00,00,00,000 face value (Board Meeting, Oct 17, 2025).
500040
₹1,533.10
Aditya Birla Real Estate
7D
-5.4%
1Y
-24.6%

500040: Higher Margin Outlook Will Support Strong Long Term Earnings Potential

Analysts have trimmed their price target for Aditya Birla Real Estate from ₹2,697 to ₹2,654, citing updated assumptions that include a higher discount rate, a lower revenue growth outlook, a higher profit margin, and a slightly lower future P/E multiple. What's in the News Board meeting scheduled for October 28, 2025, to review unaudited standalone and consolidated financial results for the quarter ended September 30, 2025 (Key Developments).
532929
₹837.70
Brigade Enterprises
7D
-2.4%
1Y
-26.4%

532929: Hyderabad Neopolis Expansion Will Support Stronger Future Profitability

Analysts have maintained their fair value estimate for Brigade Enterprises at ₹1,400.00. They made only small changes to assumptions such as discount rate, revenue growth, profit margin and future P/E, which together did not justify a change in the overall price target.
503100
₹1,859.00
Phoenix Mills
7D
-2.5%
1Y
13.1%

503100: Leadership Shift And Director Pay Decisions Will Shape Balanced Outlook

The analyst price target for Phoenix Mills has been updated from ₹1,865 to about ₹1,910, with analysts attributing this change to revised assumptions for revenue growth, profit margins, discount rate and future P/E. What's in the News Phoenix Mills has scheduled a Special or Extraordinary Shareholders Meeting for December 28, 2025, via postal ballot in India to vote on redesignating Mr. Shishir Shrivastava from managing director and key managerial personnel to non executive, non independent director and vice chairman.
LODHA
₹1,070.90
Lodha Developers
7D
0.9%
1Y
-9.0%

LODHA: Upcoming Results And Higher Margins Will Support Future Upside

Analysts have slightly increased their fair value estimate for Lodha Developers to ₹1,845 from ₹1,835, citing marginally higher assumptions for revenue growth and profit margins, along with a slightly lower discount rate and a modest adjustment to the future P/E outlook. What's in the News Lodha Developers has scheduled a board meeting for October 30, 2025 to review and approve unaudited financial results on both consolidated and standalone bases for the quarter and half year ended September 30, 2025 (Key Developments).
KRT
₹126.27
Knowledge Realty Trust
7D
1.9%
1Y
n/a
BIRET
₹346.01
Brookfield India Real Estate Trust
7D
2.1%
1Y
19.5%

BIRET: Follow On Offer And Meetings Will Shape Steady Medium Term Outlook

The analyst price target for Brookfield India Real Estate Trust has been adjusted from ₹350.88 to ₹356.19, with analysts pointing to updated assumptions on revenue growth, profit margins and long term P/E expectations as key drivers of this change. What's in the News Brookfield India Real Estate Trust has filed a follow-on equity offering for its units, with a minimum price of ₹327.33 per unit, described as an Income Trust and structured under Regulation S with a subsequent direct listing (Key Developments).
SIGNATURE
₹918.40
Signatureglobal (India)
7D
-8.9%
1Y
-18.6%

SIGNATURE: Stable Margins And Discount Rate Tweaks Will Support Reappraisal

Narrative Update on Signatureglobal (India) The analyst price target for Signatureglobal (India) is maintained at ₹1,520, with analysts pointing to a slightly lower discount rate and modestly adjusted future P/E assumptions as the key drivers behind the refreshed valuation work. What's in the News A board meeting is scheduled for November 7, 2025, to consider and approve unaudited standalone and consolidated financial results for the quarter and half year ended September 30, 2025 (Key Developments).
EMBASSY
₹449.68
Embassy Office Parks REIT
7D
3.0%
1Y
19.7%

EMBASSY: Acquisitions And Steady Distributions Will Support Balanced Future Return Profile

Analysts have inched up their price target on Embassy Office Parks REIT to ₹460 from ₹457, citing updated assumptions that combine slightly different revenue growth and discount rate inputs with a marginally higher profit margin and future P/E estimate. What's in the News Embassy Office Parks REIT agreed to acquire a 0.3 msf Grade A office property in Embassy GolfLinks Business Park in Bengaluru, fully leased to a global investment firm, for BDT 8,520 million, in line with its stated focus on disciplined, accretive growth (Key Developments).
PRESTIGE
₹1,523.20
Prestige Estates Projects
7D
-2.6%
1Y
3.5%

PRESTIGE: Mumbai Launch And Stable Assumptions Will Support Future Upside Potential

Analysts have maintained their fair value estimate for Prestige Estates Projects at ₹1,985, with only slight adjustments to assumptions such as the discount rate and future P/E, which feed into an unchanged price target and overall view. What's in the News A board meeting is scheduled on Nov 12, 2025 to consider and approve the unaudited standalone and consolidated financial results for the quarter and half year ended Sep 30, 2025 (Key Developments).
533285
₹86.06
RDB Infrastructure and Power
7D
21.4%
1Y
67.5%
NXST
₹164.15
Nexus Select Trust
7D
3.3%
1Y
17.7%
PURVA
₹248.76
Puravankara
7D
6.5%
1Y
-28.5%