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Indian (NIFTY) Real Estate Sector Analysis

UpdatedMay 21, 2026
DataAggregated Company Financials
Companies208
  • 7D-0.2%
  • 3M-5.4%
  • 1Y-15.6%
  • YTD-10.9%

The Real Estate industry has been flat over the last week, but Embassy Developments has lost 11%. As for the longer term, the industry has declined 16% in the last year. Looking forward, earnings are forecast to grow by 28% annually.

Sector Valuation and Performance

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

DateMarket CapRevenueEarningsPEAbsolute PEPS
Fri, 22 May 2026₹8.9t₹1.3t₹246.1b25.8x36.3x6.7x
Sun, 19 Apr 2026₹9.0t₹1.2t₹221.0b27.6x40.8x7.2x
Tue, 17 Mar 2026₹8.3t₹1.2t₹218.8b24.6x38x6.7x
Thu, 12 Feb 2026₹9.8t₹1.2t₹214.3b28.3x45.7x8.1x
Sat, 10 Jan 2026₹9.9t₹1.2t₹207.9b29x47.8x8.3x
Mon, 08 Dec 2025₹10.1t₹1.2t₹207.8b29.9x48.7x8.5x
Wed, 05 Nov 2025₹10.4t₹1.2t₹222.4b36.7x46.9x9x
Fri, 03 Oct 2025₹9.8t₹1.1t₹214.8b36.5x45.6x8.8x
Sun, 31 Aug 2025₹9.6t₹1.1t₹215.4b36.5x44.6x8.7x
Tue, 29 Jul 2025₹9.4t₹1.0t₹209.1b35.5x45.1x9.2x
Thu, 26 Jun 2025₹10.1t₹985.5b₹205.9b36.1x48.8x10.2x
Sat, 24 May 2025₹9.2t₹986.0b₹198.7b35.1x46.5x9.4x
Mon, 21 Apr 2025₹8.6t₹1.1t₹220.1b33.2x39x8x
Wed, 19 Mar 2025₹8.3t₹1.1t₹220.2b31.8x37.5x7.7x
Fri, 14 Feb 2025₹8.7t₹1.1t₹227.8b35.4x38.1x8.1x
Sun, 12 Jan 2025₹9.7t₹1.0t₹215.0b36.8x45x9.4x
Tue, 10 Dec 2024₹10.5t₹1.0t₹214.5b34.8x48.9x10.2x
Thu, 07 Nov 2024₹10.0t₹1.0t₹227.4b32.4x44.1x9.8x
Sat, 05 Oct 2024₹10.0t₹978.2b₹205.1b31.3x48.9x10.3x
Mon, 02 Sep 2024₹10.1t₹971.3b₹203.5b31.7x49.4x10.4x
Wed, 31 Jul 2024₹10.2t₹838.7b₹169.4b33.3x60.2x12.2x
Fri, 28 Jun 2024₹10.0t₹832.2b₹165.8b32.7x60.2x12x
Sun, 26 May 2024₹9.4t₹809.1b₹152.8b33.3x61.3x11.6x
Tue, 23 Apr 2024₹8.5t₹749.2b₹132.4b31.7x64.2x11.3x
Thu, 21 Mar 2024₹7.8t₹750.1b₹132.5b31x58.9x10.4x
Sat, 17 Feb 2024₹8.2t₹745.6b₹131.8b32.4x62.1x11x
Mon, 15 Jan 2024₹8.1t₹731.7b₹116.6b34.9x69.4x11.1x
Wed, 13 Dec 2023₹6.8t₹730.2b₹116.2b29.1x58.8x9.4x
Fri, 10 Nov 2023₹6.1t₹717.9b₹116.6b27.6x52.6x8.5x
Sun, 08 Oct 2023₹5.6t₹672.6b₹88.7b32.6x62.7x8.3x
Tue, 05 Sep 2023₹5.4t₹670.4b₹88.1b30.6x61.2x8x
Thu, 03 Aug 2023₹5.3t₹655.8b₹76.0b30.1x70.2x8.1x
Sat, 01 Jul 2023₹5.1t₹659.6b₹85.0b31.2x59.9x7.7x
Mon, 29 May 2023₹4.7t₹681.2b₹104.4b26.3x45.3x6.9x
Price to Earnings Ratio

45.3x


Total Market Cap: ₹4.7tTotal Earnings: ₹104.4bTotal Revenue: ₹681.2bTotal Market Cap vs Earnings and Revenue0%0%0%
Indian Real Estate Sector Price to Earnings3Y Average 51.7x202420252026
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 36.3x which is lower than its 3-year average PE of 51.7x.
  • The 3-year average PS ratio of 9.2x is higher than the industry's current PS ratio of 6.7x.
Past Earnings Growth
  • The earnings for companies in the Real Estate industry have grown 33% 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 Market0.53%
Real Estate-0.21%
Office REITs0.14%
REITS0%0
Real Estate-0.21%
Industrial REITs-1.19%
Retail REITs-2.00%
Industry PE
  • Investors are most optimistic about the Office REITs industry which is trading above its 3-year average PE ratio of 53.5x.
    • Analysts are expecting annual earnings growth of 26.2%, which is lower than the prior year's growth of 74.2% 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 28% 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 23% 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
503100 Phoenix Mills₹1.80k2.1%
+₹13.1b		12.7%PE52.5x
DLF DLF₹587.950.8%
+₹11.6b		-24.2%PE33x
WEWORK WeWork India Management₹573.9016.4%
+₹11.1b		n/aPE173.4x
LODHA Lodha Developers₹883.751.2%
+₹10.9b		-37.3%PE25.8x
EMBASSY Embassy Office Parks REIT₹434.332.1%
+₹8.6b		11.4%PB2x

Latest News

DLF
₹587.95
DLF
7D
0.8%
1Y
-24.2%
Analysis Article • May 21

Solid Earnings May Not Tell The Whole Story For DLF (NSE:DLF)

DLF Limited's ( NSE:DLF ) healthy profit numbers didn't contain any surprises for investors. We think this is due to...
500040
₹1,254.65
Aditya Birla Real Estate
7D
-4.0%
1Y
-40.7%
Narrative Update • May 19

500040: Higher Dividend And Refined Assumptions Will Support Future Returns

Analysts have trimmed their fair value estimate for Aditya Birla Real Estate slightly from about ₹1,899 to around ₹1,896. This reflects updated views on revenue growth, profit margins, discount rates, and future P/E assumptions.
533160
₹114.55
Valor Estate
7D
-9.7%
1Y
-39.2%
512179
₹287.05
Sunteck Realty
7D
-8.3%
1Y
-30.8%
Narrative Update • May 18

512179: Upcoming Results And Dividend Decision Will Support Future Rerating

Analysts have trimmed their price target on Sunteck Realty from ₹536.08 to ₹516.83, citing an updated view that combines slightly lower revenue growth expectations and a reduced future P/E with a modestly higher projected profit margin and a lower discount rate. What's in the News Sunteck Realty has scheduled a board meeting for April 21, 2026 to review audited standalone and consolidated financial results for the quarter and year ended March 31, 2026 (company filing).
SIGNATURE
₹821.85
Signatureglobal (India)
7D
-5.1%
1Y
-31.9%
EMBDL
₹64.60
Embassy Developments
7D
-10.6%
1Y
-37.0%
NXST
₹155.97
Nexus Select Trust
7D
-2.1%
1Y
15.3%
KRT
₹116.65
Knowledge Realty Trust
7D
-1.3%
1Y
n/a
OBEROIRLTY
₹1,654.40
Oberoi Realty
7D
1.0%
1Y
-4.3%
Analysis Article • May 13

Oberoi Realty Limited (NSE:OBEROIRLTY) Just Missed Earnings: Here's What Analysts Think Will Happen Next

Oberoi Realty Limited ( NSE:OBEROIRLTY ) missed earnings with its latest annual results, disappointing...
PRESTIGE
₹1,385.60
Prestige Estates Projects
7D
1.2%
1Y
-2.4%
515055
₹509.75
Anant Raj
7D
2.9%
1Y
-2.0%
WEWORK
₹573.90
WeWork India Management
7D
16.4%
1Y
n/a
LODHA
₹883.75
Lodha Developers
7D
1.2%
1Y
-37.3%
Narrative Update • May 09

LODHA: Future Auditor Shift And Softer Margins Will Balance Revenue Outlook

Analysts have revised their price target for Lodha Developers from ₹1,074.67 to ₹940.00, reflecting updated assumptions on the discount rate, revenue growth, profit margin, and future P/E. What's in the News Lodha Developers has scheduled a Special/Extraordinary Shareholders Meeting for May 28, 2026, to be conducted via postal ballot in India (company filing).
532929
₹669.00
Brigade Enterprises
7D
-4.5%
1Y
-39.3%
Narrative Update • May 07

532929: Future Bonus And Dividend Actions Will Mask Overvaluation Risk

Analysts have trimmed their price target on Brigade Enterprises to ₹698.54 from ₹710.18, citing updated assumptions that include a slightly lower discount rate, a modest change in revenue growth expectations, a higher profit margin outlook, and a reduced future P/E multiple. What's in the News A board meeting is scheduled for May 6, 2026, to review audited Q4 and full-year FY 2026 standalone and consolidated results, consider a dividend recommendation, and evaluate a potential bonus issue of equity shares.
EMBASSY
₹434.33
Embassy Office Parks REIT
7D
2.1%
1Y
11.4%
503100
₹1,795.90
Phoenix Mills
7D
2.1%
1Y
12.7%
Narrative Update • Apr 28

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).