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Indian (NIFTY) Real Estate Sector Analysis

UpdatedJan 08, 2026
DataAggregated Company Financials
Companies202
  • 7D2.9%
  • 3M0.3%
  • 1Y-12.0%
  • YTD2.1%

In the last week, the Real Estate industry is up 2.9%, with Lodha Developers up 4.7%. In the past year, the industry is down 12%. Looking forward, earnings are forecast to grow by 31% annually.

Sector Valuation and Performance

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

DateMarket CapRevenueEarningsPEAbsolute PEPS
Thu, 08 Jan 2026₹10.3t₹1.2t₹207.9b29.2x49.3x8.6x
Sat, 06 Dec 2025₹10.1t₹1.2t₹207.7b29.9x48.7x8.4x
Mon, 03 Nov 2025₹10.3t₹1.2t₹222.6b36.2x46.4x8.9x
Wed, 01 Oct 2025₹9.7t₹1.1t₹214.7b37.6x45.1x8.7x
Fri, 29 Aug 2025₹9.7t₹1.1t₹215.4b36x45x8.7x
Sun, 27 Jul 2025₹9.8t₹1.0t₹207.1b35.3x47.1x9.5x
Tue, 24 Jun 2025₹10.0t₹985.5b₹205.9b34.9x48.4x10.1x
Thu, 22 May 2025₹9.3t₹974.6b₹193.4b34.4x47.8x9.5x
Sat, 19 Apr 2025₹8.6t₹1.1t₹220.1b33.2x39x8x
Mon, 17 Mar 2025₹8.1t₹1.1t₹220.2b32x36.7x7.5x
Wed, 12 Feb 2025₹8.9t₹1.1t₹227.4b31.8x38.9x8.3x
Fri, 10 Jan 2025₹9.9t₹1.0t₹214.4b37.9x46.4x9.7x
Sun, 08 Dec 2024₹10.5t₹1.0t₹214.5b34.9x48.9x10.2x
Tue, 05 Nov 2024₹9.7t₹1.0t₹227.0b32.3x42.8x9.6x
Thu, 03 Oct 2024₹10.5t₹978.2b₹205.1b31.6x51.2x10.7x
Sat, 31 Aug 2024₹10.1t₹971.3b₹203.5b31.7x49.4x10.3x
Mon, 29 Jul 2024₹10.0t₹838.7b₹169.4b33x59.3x12x
Wed, 26 Jun 2024₹10.1t₹832.2b₹165.8b32.4x60.9x12.1x
Fri, 24 May 2024₹9.4t₹805.0b₹154.5b33x61x11.7x
Sun, 21 Apr 2024₹8.5t₹749.0b₹132.3b31.7x64.2x11.3x
Tue, 19 Mar 2024₹7.8t₹750.1b₹132.5b30.2x58.9x10.4x
Thu, 15 Feb 2024₹8.0t₹757.3b₹133.5b37.3x60.2x10.6x
Sat, 13 Jan 2024₹8.1t₹731.7b₹116.6b34.9x69.4x11.1x
Mon, 11 Dec 2023₹6.9t₹730.2b₹116.2b29.9x59.1x9.4x
Wed, 08 Nov 2023₹6.0t₹691.3b₹105.5b28.4x56.9x8.7x
Fri, 06 Oct 2023₹5.5t₹672.6b₹88.7b32.4x61.9x8.2x
Sun, 03 Sep 2023₹5.3t₹670.4b₹88.1b30.6x60.5x8x
Tue, 01 Aug 2023₹5.5t₹654.3b₹76.6b30x71.6x8.4x
Thu, 29 Jun 2023₹5.0t₹659.5b₹84.9b30.9x59.3x7.6x
Sat, 27 May 2023₹4.7t₹680.9b₹104.4b25.9x45.3x6.9x
Mon, 24 Apr 2023₹4.2t₹651.4b₹105.1b23.9x39.9x6.4x
Wed, 22 Mar 2023₹3.2t₹564.7b₹90.0b21.6x35.9x5.7x
Fri, 17 Feb 2023₹4.1t₹631.0b₹118.0b24.7x34.6x6.5x
Sun, 15 Jan 2023₹4.3t₹611.3b₹114.1b26.3x37.4x7x
Price to Earnings Ratio

37.4x


Total Market Cap: ₹4.3tTotal Earnings: ₹114.1bTotal Revenue: ₹611.3bTotal Market Cap vs Earnings and Revenue0%0%0%
Indian Real Estate Sector Price to Earnings3Y Average 51.3x202420252026
Current Industry PE
  • Investors are relatively neutral on the Indian Real Estate industry at the moment, indicating that they anticipate long term growth rates to remain steady.
  • The industry is trading close to its 3-year average PE ratio of 51.3x.
  • 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 Market0.84%
Real Estate2.93%
Industrial REITs3.98%
Retail REITs3.20%
Office REITs3.03%
Real Estate2.89%
REITS0%0
Industry PE
  • Investors are most optimistic about the Office REITs industry which is trading above its 3-year average PE ratio of 49.6x.
    • Analysts are expecting annual earnings growth of 30.4%, 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 32% 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
GODREJPROP Godrej Properties₹2.10k4.0%
+₹24.0b		-16.1%PE40.7x
LODHA Lodha Developers₹1.09k1.6%
+₹17.4b		-16.7%PE32.7x
EMBDL Embassy Developments₹68.7615.6%
+₹12.9b		-49.1%PS4x
SOBHA Sobha₹1.57k7.3%
+₹11.5b		13.5%PE112.9x
503100 Phoenix Mills₹1.90k1.7%
+₹11.1b		16.3%PE63.1x

Latest News

KRT
₹125.93
Knowledge Realty Trust
7D
1.7%
1Y
n/a
MAXESTATES
₹430.95
Max Estates
7D
-5.7%
1Y
-28.5%
SMARTWORKS
₹472.20
Smartworks Coworking Spaces
7D
-6.6%
1Y
n/a
SIGNATURE
₹991.60
Signatureglobal (India)
7D
-12.1%
1Y
-24.2%

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).
PRESTIGE
₹1,589.40
Prestige Estates Projects
7D
-0.9%
1Y
4.5%

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).
SOBHA
₹1,570.10
Sobha
7D
7.3%
1Y
13.5%

Is Sobha (NSE:SOBHA) Using Too Much Debt?

Jan 06
Is Sobha (NSE:SOBHA) Using Too Much Debt?
GODREJPROP
₹2,095.10
Godrej Properties
7D
4.0%
1Y
-16.1%

GODREJPROP: Future Land Acquisitions Will Support Bullish Residential Development Outlook

Analysts have reduced their fair value estimate for Godrej Properties from ₹2,644.81 to ₹2,595.77, citing an updated view that combines a slightly higher discount rate with revised expectations for revenue growth, profit margins and future P/E levels. What's in the News Acquired a 75 acre land parcel in Nagpur, taking business development above the INR 20,000 guidance for fiscal 26.
LODHA
₹1,090.20
Lodha Developers
7D
1.6%
1Y
-16.7%

LODHA: Higher Risk And Softer Margins Will Balance Stronger Revenue Outlook

Analysts have trimmed their price target on Lodha Developers slightly, reducing fair value from ₹1,104.50 to ₹1,074.67 as they incorporate higher discount rates and softer margin expectations, despite a more optimistic revenue growth outlook and modestly lower projected future P E multiples. What's in the News Board meeting scheduled on October 30, 2025 to consider and approve unaudited standalone and consolidated financial results for the quarter and half year ended September 30, 2025 (company filing).
532929
₹867.85
Brigade Enterprises
7D
-3.2%
1Y
-26.7%

532929: Hyderabad And Chennai Land Pipeline Will Drive Stronger Future Profitability

Analysts have modestly reduced their price target on Brigade Enterprises to ₹1,400 from ₹1,470, citing a slightly higher required return and lower future valuation multiples even as profit margin expectations improve. What's in the News Acquired a 4.04 acre land parcel in Neopolis Phase 3, Hyderabad, via HMDA auction for about INR 1,180 million per acre, reinforcing its growth plans in the city (Key Developments) Signed a Joint Development Agreement for a 6.6 acre land parcel in West Chennai, with an estimated project Gross Development Value of INR 10,000 million (Key Developments) Board meeting scheduled for October 29, 2025, to review Q2 and half year FY2026 unaudited results and to consider the appointment of Debashis Chatterjee as an additional independent director for a five year term, subject to shareholder approval (Key Developments) Special shareholders meeting set for December 11, 2025, via postal ballot, to consider confirming the appointment of Debashis Chatterjee as an independent director (Key Developments) Valuation Changes Fair Value: Reduced modestly from ₹1,470 to ₹1,400, reflecting slightly more conservative valuation assumptions.
OBEROIRLTY
₹1,722.00
Oberoi Realty
7D
1.5%
1Y
-23.3%

OBEROIRLTY: Nepean Sea Road Redevelopment Will Drive Future Upside Potential

Analysts have trimmed their price target on Oberoi Realty slightly, with updated fair value estimates easing from ₹2,485 to ₹2,457 as they factor in marginally higher discount rates and slightly softer assumptions for revenue growth and profit margins, while keeping long term valuation multiples broadly unchanged. What's in the News A board meeting is scheduled on December 22, 2025 to approve partial redemption of debentures via a cash sweep event on January 23, 2026, as per the debenture trust deed and offer letter (company filing).
MINDSPACE
₹488.96
Mindspace Business Parks REIT
7D
3.2%
1Y
31.3%

MINDSPACE: Future Acquisitions And Distributions Will Guide Measured Outlook Ahead

Narrative Update Analysts have maintained their price target for Mindspace Business Parks REIT at ₹466.88 per unit, reflecting largely unchanged expectations for growth, margins, and valuation multiples, even though there has been a modest increase in the assumed discount rate. What's in the News Board meeting scheduled for November 28, 2025, to consider a preferential issue of new Mindspace REIT units, subject to unitholder and regulatory approvals (board meeting agenda).
512038
₹445.85
TCC Concept
7D
-12.3%
1Y
-24.4%
500040
₹1,633.75
Aditya Birla Real Estate
7D
-2.9%
1Y
-24.6%

500040: Faster Revenue Outlook Will Support Strong Long Term Earnings Potential

Analysts have modestly reduced their price target on Aditya Birla Real Estate to ₹2,697 from ₹2,850, citing expectations of significantly faster revenue growth, tempered by lower profit margins and a compressed future price to earnings 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 (company filing) Proposal under consideration to amend debenture trust deeds to add early redemption clauses for three series of unsecured non convertible debentures (ISINs: INEOSSA08029, INEOSSA08045, INEOSSA08037) (company filing) Board to evaluate raising funds via issuance of non convertible debentures in one or more tranches on a private placement basis, within existing shareholder approved borrowing limits and subject to regulatory approvals (company filing) Valuation Changes Fair Value: Reduced modestly to approximately ₹2,697 from about ₹2,850, reflecting a slightly lower fundamental valuation.
503100
₹1,903.10
Phoenix Mills
7D
1.7%
1Y
16.3%

503100: Leadership Changes And Stable Margins Will Shape Balanced Future Outlook

Analysts have nudged their price target for Phoenix Mills slightly higher to ₹1,865 from ₹1,854, citing marginally stronger expectations for revenue growth and a modestly lower discount rate that more than offset a small trim to projected profit margins. What's in the News Phoenix Mills has scheduled a special or extraordinary shareholders meeting on December 28, 2025 via postal ballot in India to seek investor approvals on key matters (company filing).
EMBDL
₹68.76
Embassy Developments
7D
15.6%
1Y
-49.1%
505355
₹1,188.75
Nesco
7D
-3.2%
1Y
16.6%