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Indian (NIFTY) Real Estate Sector Analysis

UpdatedSep 20, 2026
DataAggregated Company Financials
Companies209
  • 7D-0.03%
  • 3M3.3%
  • 1Y-9.6%
  • YTD-4.6%

The Real Estate industry has been flat over the last week, but Prestige Estates Projects has lost 4.2%. As for the longer term, the industry has declined 9.6% in the last year. 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
Mon, 21 Sep 2026₹9.7t₹1.4t₹264.1b23.4x36.6x7x
Wed, 19 Aug 2026₹9.9t₹1.4t₹267.9b25.7x36.8x7.2x
Fri, 17 Jul 2026₹10.4t₹1.4t₹252.4b25.6x41.2x7.6x
Sun, 14 Jun 2026₹9.3t₹1.4t₹262.4b26.6x35.6x6.7x
Tue, 12 May 2026₹9.2t₹1.3t₹241.9b28.3x38.1x7.1x
Thu, 09 Apr 2026₹8.6t₹1.2t₹220.9b25.6x39x6.9x
Sat, 07 Mar 2026₹8.6t₹1.2t₹218.8b25.8x39.5x7x
Mon, 02 Feb 2026₹9.0t₹1.2t₹214.0b25.9x42.1x7.4x
Wed, 31 Dec 2025₹9.9t₹1.2t₹207.9b29.6x47.5x8.3x
Fri, 28 Nov 2025₹10.0t₹1.2t₹210.5b29.8x47.6x8.5x
Sun, 26 Oct 2025₹10.3t₹1.1t₹218.5b36.1x47.1x9x
Tue, 23 Sep 2025₹10.1t₹1.1t₹214.2b37.8x47.2x9.1x
Thu, 21 Aug 2025₹9.5t₹1.1t₹213.1b35.6x44.6x8.8x
Sat, 19 Jul 2025₹10.2t₹1.0t₹208.1b35.4x49x10x
Mon, 16 Jun 2025₹9.9t₹985.5b₹208.3b34.5x47.7x10.1x
Wed, 14 May 2025₹8.7t₹1.1t₹210.4b34.2x41.4x8x
Fri, 11 Apr 2025₹8.0t₹1.1t₹220.1b33x36.3x7.4x
Sun, 09 Mar 2025₹8.3t₹1.1t₹220.2b32.2x37.7x7.7x
Tue, 04 Feb 2025₹9.5t₹1.1t₹227.9b30.1x41.6x8.9x
Thu, 02 Jan 2025₹10.3t₹1.0t₹214.4b35.9x47.9x10x
Sat, 30 Nov 2024₹10.0t₹1.0t₹214.5b33.6x46.5x9.7x
Mon, 28 Oct 2024₹9.5t₹1.0t₹233.4b29.6x40.8x9.4x
Wed, 25 Sep 2024₹10.7t₹974.1b₹204.4b33.3x52.5x11x
Fri, 23 Aug 2024₹10.0t₹971.3b₹203.5b30.3x49.2x10.3x
Sun, 21 Jul 2024₹10.0t₹831.9b₹165.5b31.8x60.5x12x
Tue, 18 Jun 2024₹10.2t₹829.2b₹165.5b31.7x61.6x12.3x
Thu, 16 May 2024₹8.8t₹767.7b₹142.3b30.7x61.6x11.4x
Sat, 13 Apr 2024₹8.7t₹749.0b₹132.3b32.6x65.9x11.6x
Mon, 11 Mar 2024₹8.5t₹749.9b₹132.5b31.5x64.3x11.4x
Wed, 07 Feb 2024₹8.0t₹737.4b₹128.9b40x62.4x10.9x
Fri, 05 Jan 2024₹7.7t₹732.8b₹116.5b31.7x66.1x10.5x
Sun, 03 Dec 2023₹6.7t₹729.0b₹116.6b28.1x57.5x9.2x
Tue, 31 Oct 2023₹5.6t₹677.2b₹102.8b30.3x54.4x8.2x
Thu, 28 Sep 2023₹5.5t₹671.2b₹88.7b29.5x61.6x8.1x
Price to Earnings Ratio

61.6x


Total Market Cap: ₹5.5tTotal Earnings: ₹88.7bTotal Revenue: ₹671.2bTotal Market Cap vs Earnings and Revenue0%0%0%
Indian Real Estate Sector Price to Earnings3Y Average 48.8x202420252026
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 36.6x which is lower than its 3-year average PE of 48.8x.
  • The 3-year average PS ratio of 9.1x is higher than the industry's current PS ratio of 7.0x.
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-0.31%
Real Estate-0.033%
Office REITs0.63%
REITS0%0
Real Estate-0.18%
Retail REITs-0.38%
Industrial REITs-0.61%
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 30.5%, 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 31% over the next 5 years.
  • However this is lower than its past earnings growth rate of 50% 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
LODHA Lodha Developers₹1.14k2.5%
+₹27.8b		-5.9%PE27.7x
OBEROIRLTY Oberoi Realty₹1.79k2.5%
+₹16.0b		6.9%PE24.7x
MINDSPACE Mindspace Business Parks REIT₹505.582.8%
+₹9.2b		15.3%PB2.2x
MAXESTATES Max Estates₹594.006.0%
+₹5.5b		26.7%PE1086.9x
532313 Mahindra Lifespace Developers₹368.904.4%
+₹3.3b		-2.8%PE23.7x

Latest News

LODHA
₹1,144.70
Lodha Developers
7D
2.5%
1Y
-5.9%
Narrative Update • Sep 15

LODHA: Upcoming Dividend And Governance Actions Will Support Data Centre Park Upside

Analysts have lifted their price target for Lodha Developers from ₹1,473.36 to ₹1,615.00, reflecting updated assumptions on fair value, discount rate, revenue growth, profit margin and future P/E multiples. What's in the News for Lodha Developers Lodha Developers has scheduled a board meeting on July 24, 2026 to consider and approve the unaudited financial results, both consolidated and standalone, for the quarter ended June 30, 2026.
INDIQUBE
₹192.85
IndiQube Spaces
7D
-4.9%
1Y
-18.9%
New Narrative • Sep 15

GCC Demand And Sustainability Platform Will Support Stronger Long Term Prospects

Catalysts About IndiQube Spaces IndiQube Spaces provides enterprise focused managed workspaces and value added services across key Indian office markets. What are the underlying business or industry changes driving this perspective?
HORIZONIND
₹54.23
Horizon Industrial Parks
7D
-2.6%
1Y
n/a
MINDSPACE
₹505.58
Mindspace Business Parks REIT
7D
2.8%
1Y
15.3%
503100
₹1,877.00
Phoenix Mills
7D
-0.7%
1Y
15.2%
532929
₹621.35
Brigade Enterprises
7D
-2.7%
1Y
-11.5%
Narrative Update • Sep 03

532929: Elevated Multiple And Regulatory Setback Will Pressure Residential Pipeline

Analysts have lifted their fair value estimate for Brigade Enterprises from about ₹546.66 to roughly ₹572.55, reflecting updated assumptions around discount rates, revenue growth, profit margins and future P/E expectations. What’s in the News for Brigade Enterprises Brigade Enterprises signed a lease agreement with HealthEdge for about 1.62 million sq.
OBEROIRLTY
₹1,785.00
Oberoi Realty
7D
2.5%
1Y
6.9%
Narrative Update • Sep 03

OBEROIRLTY: Elevated P/E Will Likely Outweigh Upside From Luxury Project Launch

Analysts have raised the price target for Oberoi Realty to ₹1,583 from ₹1,345, reflecting updated assumptions on revenue growth, profit margins, and a lower future P/E multiple. What's in the News for Oberoi Realty Oberoi Realty entered a Development Agreement to redevelop land of about 2,430 square meters at Malabar Hill in Mumbai, with an estimated free sale entitlement of up to about 68,000 square feet of RERA carpet area, subject to local regulations.
LOTUSDEV
₹215.13
Sri Lotus Developers and Realty
7D
2.8%
1Y
11.9%
MAXESTATES
₹594.00
Max Estates
7D
6.0%
1Y
26.7%
PRESTIGE
₹1,435.10
Prestige Estates Projects
7D
-4.2%
1Y
-11.3%
GODREJPROP
₹1,691.10
Godrej Properties
7D
-3.3%
1Y
-21.2%
ARVSMART
₹550.10
Arvind SmartSpaces
7D
-8.0%
1Y
-15.3%
BIRET
₹338.57
Brookfield India Real Estate Trust
7D
0.9%
1Y
2.9%
BAGMANE
₹107.49
Bagmane Prime Office REIT
7D
-1.2%
1Y
n/a
532313
₹368.90
Mahindra Lifespace Developers
7D
4.4%
1Y
-2.8%
Narrative Update • Aug 02

532313: Mumbai Projects And Margin Outlook Will Shape Balanced Medium Term Prospects

Analysts have lifted their price target for Mahindra Lifespace Developers from ₹370 to ₹420, citing updated assumptions for profit margins, discount rate and future P/E as key drivers of this change. What’s in the News for Mahindra Lifespace Developers Mahindra Lifespace Developers incorporated Mahindra Kandivali Developers Limited on 29 June 2026 in Mumbai as a wholly owned subsidiary, which also becomes a step down subsidiary of Mahindra & Mahindra Limited.
515055
₹606.25
Anant Raj
7D
1.2%
1Y
-5.3%