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Indian (NIFTY) Real Estate Sector Analysis

UpdatedMar 27, 2026
DataAggregated Company Financials
Companies203
  • 7D-1.3%
  • 3M-18.4%
  • 1Y-17.0%
  • YTD-18.7%

Over the last 7 days, the Real Estate industry has dropped 4.1%, driven by a pullback from Lodha Developers of 10%. Overall the industry is down 16% in 12 months. Looking forward, earnings are forecast to grow by 32% annually.

Sector Valuation and Performance

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

DateMarket CapRevenueEarningsPEAbsolute PEPS
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
Mon, 03 Apr 2023₹3.9t₹646.4b₹102.8b23.1x37.8x6x
Price to Earnings Ratio

37.8x


Total Market Cap: ₹3.9tTotal Earnings: ₹102.8bTotal Revenue: ₹646.4bTotal 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 37.2x which is lower than its 3-year average PE of 51.8x.
  • The 3-year average PS ratio of 9.1x is higher than the industry's current PS ratio of 6.6x.
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 Market1.06%
Real Estate-1.32%
Office REITs0.97%
Industrial REITs0.48%
REITS0%0
Retail REITs-0.084%
Real Estate-1.90%
Industry PE
  • Investors are most optimistic about the Office REITs industry which is trading above its 3-year average PE ratio of 52.3x.
    • Analysts are expecting annual earnings growth of 28.3%, which is higher than its past year's earnings growth of 11.0% 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 Real Estate industry, expecting annual earnings growth of 34% 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 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
OBEROIRLTY Oberoi Realty₹1.50k3.7%
+₹19.6b		-8.7%PE24.4x
EMBASSY Embassy Office Parks REIT₹429.752.6%
+₹10.3b		16.3%PB1.8x
MINDSPACE Mindspace Business Parks REIT₹464.262.5%
+₹7.3b		28.3%PB2.2x
GODREJPROP Godrej Properties₹1.56k0.8%
+₹3.9b		-26.4%PE29.8x
543542 Kesar India₹1.19k11.7%
+₹3.6b		88.8%PE190.8x

Latest News

LODHA
₹733.85
Lodha Developers
7D
-10.3%
1Y
-40.9%

LODHA: Data Centre Park Development Will Drive Long Term Upside Potential

Analysts have reduced their fair value estimate for Lodha Developers from ₹1,478.29 to ₹1,331.39, reflecting updated assumptions around a slightly higher discount rate, more moderate revenue growth, and a revised future P/E multiple, while keeping profit margin expectations broadly similar. What's in the News Lodha Developers signed a memorandum of understanding with the Maharashtra government for a data centre park involving a total planned investment of ₹1,300,000 million, including an earlier agreement of ₹300,000 million with the Mumbai government under the Green Integrated Data Centre Park policy (Key Developments).
RUSTOMJEE
₹390.10
Keystone Realtors
7D
4.5%
1Y
-26.7%

RUSTOMJEE: Large Mumbai Redevelopments Will Support Confidence In Future Earnings

Analysts have kept their fair value estimate for Keystone Realtors steady at ₹776.67, with only minor tweaks to assumptions such as the discount rate, revenue growth, profit margin and future P/E that leave the overall price target effectively unchanged. What's in the News Keystone Realtors, through subsidiary Keymidtown Developers Private Limited, signed Development and Construction and Development Agreements for the large-scale redevelopment of GTB Nagar in Sion with Maharashtra Housing and Area Development Authority, covering about 11.54 acres and an expected saleable area of roughly 20.7 million square feet with an estimated GDV of about ₹45.21b (Client Announcements).
OBEROIRLTY
₹1,499.70
Oberoi Realty
7D
3.7%
1Y
-8.7%

OBEROIRLTY: Project Execution And Cash Payouts Will Support Future Upside Potential

Analysts have revised their price target on Oberoi Realty to ₹2,204 from ₹2,457. This reflects updated views on fair value, discount rate, revenue growth, profit margin and future P/E assumptions in line with broader sector research trends.
532929
₹670.70
Brigade Enterprises
7D
1.8%
1Y
-32.5%

532929: South India Leasing And Industrial Parks Will Drive Future Upside Potential

Analysts have slightly trimmed their price target for Brigade Enterprises from ₹1,062.93 to ₹1,056.50, reflecting updated fair value estimates that incorporate a marginally higher discount rate, while keeping revenue growth, profit margin, and future P/E assumptions broadly unchanged. What's in the News Brigade announced the lease of 550 seats at its BuzzWorks Mindspace Business Park in Hyderabad to Dublin based MyComplianceOffice, taking total leased co working space in the city to 1.1 lakh sq.
PRESTIGE
₹1,228.10
Prestige Estates Projects
7D
-3.1%
1Y
1.8%

PRESTIGE: Metro Partnership And New Projects Will Support Future Upside Potential

Analysts have trimmed their fair value estimate for Prestige Estates Projects by about ₹4 to roughly ₹1,908, reflecting slightly higher discount rate and future P/E assumptions, along with marginally adjusted revenue growth and profit margin forecasts. What's in the News Prestige Group signed a Definitive Agreement with Bangalore Metro Rail Corporation Limited to adopt and co brand Bellandur Metro Station as "Prestige Bellandur Metro Station".
GODREJPROP
₹1,564.90
Godrej Properties
7D
0.8%
1Y
-26.4%

GODREJPROP: New Gurugram And Thane Projects Will Support Bullish Outlook

Analysts trimmed their price target on Godrej Properties slightly from ₹2,285 to about ₹2,274, tying the revision to modest updates in their fair value model, including tweaks to discount rate assumptions, revenue growth expectations, profit margin outlook, and the P/E multiple used for future earnings. What's in the News Acquired 11.36 acres in Sector 63A, Gurugram, through an outright purchase for a premium residential project, with an estimated revenue potential of over ₹45,000m in a well-connected Golf Course Extension Road micro market (Key Developments).
DLF
₹534.35
DLF
7D
-1.5%
1Y
-22.4%

DLF: Upcoming Board Meeting Will Support Confidence In Future Margin Sustainability

Analysts have made a small trim to their fair value estimate for DLF, taking it from about ₹869.45 to roughly ₹867.41, reflecting slightly updated assumptions around the discount rate, revenue growth, profit margin and forward P/E expectations. 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).
MINDSPACE
₹464.26
Mindspace Business Parks REIT
7D
2.5%
1Y
28.3%

MINDSPACE: Mixed Use Hotel Development Will Support Future Distribution Upside

Analysts have kept their price target for Mindspace Business Parks REIT steady at ₹506, reflecting unchanged views on fair value, discount rate, revenue growth, profit margin and future P/E assumptions. What's in the News K.
SOBHA
₹1,223.40
Sobha
7D
-3.7%
1Y
1.1%

SOBHA: Fair View Will Stay Intact Into January Results Review

Analysts have kept Sobha's fair value estimate steady at ₹1,480, pointing to only modest tweaks in their assumptions around discount rate, revenue growth, profit margin and future P/E that do not materially affect the price target. What's in the News Sobha has scheduled a board meeting on Jan 16, 2026, to consider the unaudited standalone and consolidated financial results for the quarter ended Dec 31, 2025 (company filing).
532313
₹337.15
Mahindra Lifespace Developers
7D
-5.0%
1Y
6.3%

532313: Bengaluru JV And Net Zero Project Will Support Future Upside

Analysts have kept their fair value estimate for Mahindra Lifespace Developers steady at about ₹548, with only small adjustments to assumptions around discount rate, profit margin and future P/E driving this unchanged price target view. What's in the News Mahindra Lifespace Developers announced a joint venture with Mitsui Fudosan Group for Mahindra Blossom, a premium high rise residential project in Whitefield, Bengaluru, comprising around 730 homes near the Hopefarm Channasandra Metro station on the Namma Metro Purple Line (Key Developments).
EMBASSY
₹429.75
Embassy Office Parks REIT
7D
2.6%
1Y
16.3%

EMBASSY: Planned Debt Issue For Acquisitions Will Support Future Returns

Analysts have maintained their fair value estimate for Embassy Office Parks REIT at ₹484.76 per unit. A slightly lower discount rate, along with almost unchanged revenue growth, profit margin and future P/E assumptions, has resulted in only a minimal adjustment to the overall valuation framework.
543542
₹1,190.00
Kesar India
7D
11.7%
1Y
88.8%
EMBDL
₹43.71
Embassy Developments
7D
-12.3%
1Y
-62.4%
KALPATARU
₹280.85
Kalpataru
7D
-5.7%
1Y
n/a
515055
₹455.85
Anant Raj
7D
1.8%
1Y
-10.3%
KRT
₹113.71
Knowledge Realty Trust
7D
-0.9%
1Y
n/a