Narrative Update • Sep 03
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Indian (NIFTY) Real Estate Sector Analysis
UpdatedSep 10, 2026
DataAggregated Company Financials
Companies207
- 7D-1.1%
- 3M11.7%
- 1Y-4.5%
- YTD-2.8%
Over the last 7 days, the Real Estate industry has dropped 1.1%, driven by pullbacks in DLF and Lodha Developers of 2.7% and 3.5%, respectively. However, the industry is down 4.5% 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 |
|---|---|---|---|---|---|---|
| Thu, 10 Sep 2026 | ₹9.9t | ₹1.4t | ₹263.5b | 23.8x | 37.4x | 7.1x |
| Sat, 08 Aug 2026 | ₹10.2t | ₹1.4t | ₹262.3b | 27.1x | 39x | 7.4x |
| Mon, 06 Jul 2026 | ₹10.3t | ₹1.4t | ₹261.5b | 26.6x | 39.5x | 7.4x |
| Wed, 03 Jun 2026 | ₹9.4t | ₹1.4t | ₹264.8b | 26.3x | 35.6x | 6.7x |
| Fri, 01 May 2026 | ₹9.1t | ₹1.3t | ₹232.4b | 26.5x | 39x | 7.2x |
| Sun, 29 Mar 2026 | ₹7.9t | ₹1.2t | ₹218.8b | 23.6x | 36.1x | 6.4x |
| Tue, 24 Feb 2026 | ₹9.4t | ₹1.2t | ₹219.0b | 27.4x | 42.9x | 7.6x |
| Thu, 22 Jan 2026 | ₹9.2t | ₹1.2t | ₹208.1b | 27.5x | 44.4x | 7.7x |
| Sat, 20 Dec 2025 | ₹10.0t | ₹1.2t | ₹207.9b | 29.8x | 47.9x | 8.3x |
| Mon, 17 Nov 2025 | ₹10.3t | ₹1.2t | ₹210.6b | 33.8x | 49.1x | 8.6x |
| Wed, 15 Oct 2025 | ₹9.9t | ₹1.1t | ₹216.2b | 36.5x | 45.7x | 8.7x |
| Fri, 12 Sep 2025 | ₹9.8t | ₹1.1t | ₹214.2b | 37.4x | 45.6x | 8.8x |
| Sun, 10 Aug 2025 | ₹9.2t | ₹1.1t | ₹213.8b | 33x | 43.1x | 8.7x |
| Tue, 08 Jul 2025 | ₹9.8t | ₹988.1b | ₹205.8b | 35.5x | 47.8x | 10x |
| Thu, 05 Jun 2025 | ₹9.6t | ₹993.0b | ₹209.1b | 32.9x | 45.8x | 9.6x |
| Sat, 03 May 2025 | ₹8.8t | ₹1.1t | ₹213.9b | 33.9x | 41.2x | 8.2x |
| Mon, 31 Mar 2025 | ₹8.5t | ₹1.1t | ₹220.1b | 32.6x | 38.7x | 7.9x |
| Wed, 26 Feb 2025 | ₹8.4t | ₹1.1t | ₹220.1b | 32.2x | 38.1x | 7.8x |
| Fri, 24 Jan 2025 | ₹9.0t | ₹1.0t | ₹218.7b | 34x | 41.2x | 8.7x |
| Sun, 22 Dec 2024 | ₹10.3t | ₹1.0t | ₹214.5b | 35.2x | 48.2x | 10.1x |
| Tue, 19 Nov 2024 | ₹9.3t | ₹1.0t | ₹212.5b | 34.3x | 43.9x | 9.1x |
| Thu, 17 Oct 2024 | ₹10.5t | ₹991.0b | ₹208.0b | 30.6x | 50.4x | 10.6x |
| Sat, 14 Sep 2024 | ₹10.2t | ₹971.1b | ₹203.5b | 32.2x | 49.9x | 10.5x |
| Mon, 12 Aug 2024 | ₹9.8t | ₹959.4b | ₹193.7b | 31.5x | 50.4x | 10.2x |
| Wed, 10 Jul 2024 | ₹10.3t | ₹832.6b | ₹165.9b | 34.6x | 62x | 12.4x |
| Fri, 07 Jun 2024 | ₹9.5t | ₹835.4b | ₹152.1b | 29.1x | 62.5x | 11.4x |
| Sun, 05 May 2024 | ₹8.8t | ₹754.0b | ₹137.6b | 33.6x | 64.1x | 11.7x |
| Tue, 02 Apr 2024 | ₹8.6t | ₹750.2b | ₹132.4b | 31.6x | 65.1x | 11.5x |
| Thu, 29 Feb 2024 | ₹8.4t | ₹749.9b | ₹132.6b | 32.7x | 63.2x | 11.2x |
| Sat, 27 Jan 2024 | ₹7.7t | ₹727.3b | ₹115.5b | 36.3x | 66.7x | 10.6x |
| Mon, 25 Dec 2023 | ₹7.0t | ₹730.1b | ₹116.2b | 28.9x | 60.7x | 9.7x |
| Wed, 22 Nov 2023 | ₹6.5t | ₹729.1b | ₹116.7b | 26.1x | 56x | 9x |
| Fri, 20 Oct 2023 | ₹5.7t | ₹672.7b | ₹88.8b | 34x | 64.4x | 8.5x |
| Sun, 17 Sep 2023 | ₹5.6t | ₹671.2b | ₹88.7b | 29.8x | 62.6x | 8.3x |
Price to Earnings Ratio
62.6x
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 37.4x which is lower than its 3-year average PE of 49.0x.
- The 3-year average PS ratio of 9.1x is higher than the industry's current PS ratio of 7.1x.
Past Earnings Growth
- The earnings for companies in the Real Estate industry have grown 44% per year over the last three years.
- Revenues for these companies have grown 27% 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 | -0.58% | |
| Real Estate | -1.12% | |
| Industrial REITs | 2.16% | |
| Office REITs | 1.06% | |
| REITS | 0% | 0 |
| Retail REITs | -0.012% | |
| Real Estate | -1.70% | |
Industry PE
- Investors are most optimistic about the Office REITs industry which is trading above its 3-year average PE ratio of 55.1x.
- Analysts are expecting annual earnings growth of 41.7%, which is lower than the prior year's growth of 50.0% 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 Office REITs industry, expecting annual earnings growth of 42% 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 19% 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 | |
|---|---|---|---|---|---|
| LOTUSDEV Sri Lotus Developers and Realty | ₹207.88 | 12.6% +₹11.4b | 16.6% | PE39.5x | |
| MAXESTATES Max Estates | ₹559.75 | 5.5% +₹4.7b | 27.4% | PE1024.2x | |
| BAGMANE Bagmane Prime Office REIT | ₹107.75 | 1.3% +₹4.7b | n/a | PE-187x | |
| 505355 Nesco | ₹1.09k | 4.4% +₹3.2b | -30.6% | PE18.5x | |
| WEWORK WeWork India Management | ₹676.95 | 3.4% +₹3.1b | n/a | PE111.4x |
