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Indian (NIFTY) Real Estate Sector Analysis

UpdatedApr 11, 2026
DataAggregated Company Financials
Companies203
  • 7D10.2%
  • 3M-11.5%
  • 1Y-4.1%
  • YTD-12.5%

Lodha Developers is up 19%, leading the way for the Real Estate industry, which has gained 10%. However, the industry is down 4.1% over the past year. 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
Sat, 11 Apr 2026₹8.8t₹1.2t₹221.0b26.1x39.6x7x
Mon, 09 Mar 2026₹8.6t₹1.2t₹218.8b25.8x39.5x7x
Wed, 04 Feb 2026₹9.4t₹1.2t₹215.4b26.9x43.5x7.6x
Fri, 02 Jan 2026₹10.0t₹1.2t₹207.9b29.5x48.3x8.4x
Sun, 30 Nov 2025₹10.0t₹1.2t₹210.4b29.9x47.6x8.4x
Tue, 28 Oct 2025₹10.4t₹1.1t₹218.5b35.6x47.5x9x
Thu, 25 Sep 2025₹9.9t₹1.1t₹214.2b38x46.1x8.8x
Sat, 23 Aug 2025₹9.4t₹1.1t₹212.8b35.5x44.4x8.8x
Mon, 21 Jul 2025₹10.2t₹1.0t₹208.0b35.4x49x10x
Wed, 18 Jun 2025₹9.9t₹985.5b₹208.3b34.9x47.7x10.1x
Fri, 16 May 2025₹8.9t₹1.1t₹211.4b34.9x42.3x8.3x
Sun, 13 Apr 2025₹8.1t₹1.1t₹220.1b33.8x36.8x7.5x
Tue, 11 Mar 2025₹8.1t₹1.1t₹220.2b33.1x36.8x7.5x
Thu, 06 Feb 2025₹9.5t₹1.1t₹229.0b31.5x41.4x8.9x
Sat, 04 Jan 2025₹10.4t₹1.0t₹214.4b36.5x48.3x10.1x
Mon, 02 Dec 2024₹10.0t₹1.0t₹214.5b33.6x46.5x9.7x
Wed, 30 Oct 2024₹9.8t₹1.0t₹234.2b30.1x41.9x9.7x
Fri, 27 Sep 2024₹10.8t₹978.2b₹205.1b33.3x52.6x11x
Sun, 25 Aug 2024₹9.8t₹971.3b₹203.5b30.3x48.4x10.1x
Tue, 23 Jul 2024₹10.0t₹836.6b₹168.2b31.8x59.6x12x
Thu, 20 Jun 2024₹10.1t₹829.2b₹165.5b32x61x12.2x
Sat, 18 May 2024₹9.0t₹782.4b₹146.3b31.4x61.4x11.5x
Mon, 15 Apr 2024₹8.7t₹749.0b₹132.3b32.6x65.9x11.6x
Wed, 13 Mar 2024₹8.1t₹750.1b₹132.5b30.3x61.3x10.8x
Fri, 09 Feb 2024₹8.2t₹742.3b₹129.1b41.1x63.1x11x
Sun, 07 Jan 2024₹7.7t₹732.8b₹116.5b31.4x66.2x10.5x
Tue, 05 Dec 2023₹6.8t₹729.0b₹116.6b29.5x58.5x9.4x
Thu, 02 Nov 2023₹5.8t₹676.7b₹104.2b29.9x55.3x8.5x
Sat, 30 Sep 2023₹5.5t₹672.5b₹88.7b30.1x61.9x8.2x
Mon, 28 Aug 2023₹5.1t₹675.1b₹68.5b29.4x74.6x7.6x
Wed, 26 Jul 2023₹5.2t₹662.4b₹77.7b29.6x67.5x7.9x
Fri, 23 Jun 2023₹5.0t₹659.5b₹85.0b29.8x59.2x7.6x
Sun, 21 May 2023₹4.7t₹673.6b₹106.1b24.9x43.8x6.9x
Tue, 18 Apr 2023₹4.2t₹651.9b₹103.0b23.9x41.1x6.5x
Price to Earnings Ratio

41.1x


Total Market Cap: ₹4.2tTotal Earnings: ₹103.0bTotal Revenue: ₹651.9bTotal 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 39.6x which is lower than its 3-year average PE of 51.8x.
  • The 3-year average PS ratio of 9.2x 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 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 Market6.90%
Real Estate10.15%
Real Estate12.06%
Retail REITs4.60%
Office REITs3.45%
Industrial REITs0.31%
REITS0%0
Industry PE
  • Investors are most optimistic about the Office REITs industry which is trading above its 3-year average PE ratio of 52.7x.
    • Analysts are expecting annual earnings growth of 26.7%, which is lower than the prior year's growth of 58.9% 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 33% 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
LODHA Lodha Developers₹826.5518.7%
+₹130.4b		-26.4%PE24.7x
DLF DLF₹569.609.1%
+₹117.2b		-8.7%PE31.8x
503100 Phoenix Mills₹1.76k15.6%
+₹85.1b		19.3%PE57.9x
PRESTIGE Prestige Estates Projects₹1.32k14.8%
+₹73.4b		17.8%PE58.7x
GODREJPROP Godrej Properties₹1.72k13.8%
+₹62.7b		-11.9%PE32.7x

Latest News

503100
₹1,763.00
Phoenix Mills
7D
15.6%
1Y
19.3%
LODHA
₹826.55
Lodha Developers
7D
18.7%
1Y
-26.4%
OBEROIRLTY
₹1,671.70
Oberoi Realty
7D
10.9%
1Y
8.0%

OBEROIRLTY: Efficient Margins And Project Execution Will Support Future Upside

Analysts have made a slight trim to the Oberoi Realty price target to about ₹2,200, reflecting updated assumptions around revenue growth, profit margins and future P/E multiples, while still seeing the stock supported by more efficient profitability expectations. Analyst Commentary Even with a slightly lower price target around ₹2,200, bullish analysts see room for Oberoi Realty to execute on its current project pipeline and support valuations that are linked to more efficient profitability assumptions.
PRESTIGE
₹1,322.40
Prestige Estates Projects
7D
14.8%
1Y
17.8%
523007
₹96.93
Ansal Buildwell
7D
-7.3%
1Y
-12.6%
GODREJPROP
₹1,716.50
Godrej Properties
7D
13.8%
1Y
-11.9%

GODREJPROP: New Land Acquisitions Across Key Cities Will Support Bullish Outlook

Analysts have trimmed their 12 month price target for Godrej Properties slightly from ₹2,274 to ₹2,265. This reflects updated assumptions on higher forecast revenue growth, lower profit margins, a higher discount rate and a slightly lower future P/E multiple.
511634
₹353.75
Axentra
7D
-1.0%
1Y
n/a
DLF
₹569.60
DLF
7D
9.1%
1Y
-8.7%

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

Analysts have trimmed their price target on DLF slightly to around ₹862, reflecting updated fair value estimates and small adjustments to the discount rate, profit margin expectations, and future P/E assumptions. What's in the News DLF has scheduled a board meeting on Jan 22, 2026 to consider and approve unaudited standalone and consolidated financial results for the quarter and nine months ended Dec 31, 2025 (company filing).
500040
₹1,360.20
Aditya Birla Real Estate
7D
18.9%
1Y
-23.9%

500040: Higher Margin Outlook And CFO Transition Will Support Future Returns

Analysts have trimmed the price target for Aditya Birla Real Estate from about ₹2,107 to around ₹2,043, citing updated assumptions that include a slightly higher discount rate, a marginally different outlook for very large revenue growth, a higher profit margin, and a lower future P/E multiple. What's in the News Current Chief Financial Officer and Key Managerial Personnel, Mr. Snehal Shah, is set to retire from Aditya Birla Real Estate at the close of business on February 28, 2026 (company filing).
EMBASSY
₹447.30
Embassy Office Parks REIT
7D
4.0%
1Y
20.9%

EMBASSY: Planned Debt Issue And Acquisitions Will Support Future Returns

Analysts have made a marginal cut to the price target on Embassy Office Parks REIT to about ₹484 from roughly ₹485, reflecting slightly updated assumptions on discount rate, revenue growth, profit margin and future P/E, rather than a major change in view. What's in the News A board meeting is scheduled for February 20, 2026 to consider issuing 140,000 listed, rated, secured, redeemable, transferable, rupee-denominated, non-convertible debentures and the potential use of proceeds for repayment of existing debt and/or capital expenditure at SPVs. (Board Meeting) A board meeting was held on February 06, 2026 to review unaudited standalone and consolidated financial results for the quarter and nine months ended December 31, 2025, and to consider distributions to unitholders for the December 2025 quarter.
535621
₹147.95
S V Global Mill
7D
-1.0%
1Y
0.4%
540796
₹237.30
Ratnabhumi Developers
7D
-1.1%
1Y
91.4%
505285
₹766.00
Tulive Developers
7D
-1.8%
1Y
10.3%
531676
₹249.20
Emrock
7D
-0.7%
1Y
981.6%
543543
₹987.75
B-Right Realestate
7D
-2.0%
1Y
165.3%
531003
₹79.00
Swarna Securities
7D
-11.2%
1Y
4.0%