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Indian (NIFTY) Real Estate Industry Analysis

UpdatedMar 25, 2026
DataAggregated Company Financials
Companies196
  • 7D-5.1%
  • 3M-23.8%
  • 1Y-23.8%
  • YTD-24.0%

Over the last 7 days, the Real Estate industry has dropped 5.1%, driven by Lodha Developers declining 14%. On the other hand Marathon Nextgen Realty is actually up 5.7%. The industry has fallen 24% in the last year. Earnings are forecast to grow by 34% annually.

Industry Valuation and Performance

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

DateMarket CapRevenueEarningsPEAbsolute PEPS
Wed, 25 Mar 2026₹6.2t₹1.1t₹182.9b23.5x33.9x5.8x
Fri, 20 Feb 2026₹7.5t₹1.1t₹183.0b27.7x41.1x7.1x
Sun, 18 Jan 2026₹7.9t₹1.0t₹176.5b27.1x44.9x7.7x
Tue, 16 Dec 2025₹8.2t₹1.0t₹176.4b29x46.6x8x
Thu, 13 Nov 2025₹8.5t₹1.0t₹176.3b35x48.4x8.4x
Sat, 11 Oct 2025₹8.2t₹963.6b₹174.6b36.4x47.2x8.6x
Mon, 08 Sep 2025₹8.1t₹942.1b₹172.7b37.9x46.7x8.6x
Wed, 06 Aug 2025₹8.3t₹919.4b₹174.1b34.5x47.9x9.1x
Fri, 04 Jul 2025₹8.7t₹859.0b₹168.9b34.8x51.3x10.1x
Sun, 01 Jun 2025₹8.3t₹859.2b₹171.3b31.8x48.5x9.7x
Tue, 29 Apr 2025₹7.7t₹954.2b₹180.8b33.1x42.7x8.1x
Thu, 27 Mar 2025₹7.6t₹950.3b₹177.8b32.3x42.9x8x
Sat, 22 Feb 2025₹7.6t₹950.0b₹177.8b33x42.6x8x
Mon, 20 Jan 2025₹8.5t₹909.1b₹172.7b35.5x49.1x9.3x
Wed, 18 Dec 2024₹9.8t₹906.9b₹171.6b35.7x57.2x10.8x
Fri, 15 Nov 2024₹8.3t₹907.4b₹185.3b31.6x44.9x9.2x
Sun, 13 Oct 2024₹9.1t₹871.2b₹177.0b29x51.5x10.5x
Tue, 10 Sep 2024₹8.9t₹851.4b₹172.5b30.5x51.8x10.5x
Thu, 08 Aug 2024₹8.6t₹747.1b₹146.4b29.4x59x11.6x
Sat, 06 Jul 2024₹9.3t₹718.6b₹135.4b33.7x68.5x12.9x
Mon, 03 Jun 2024₹8.4t₹739.5b₹132.2b28.3x63.6x11.4x
Wed, 01 May 2024₹8.1t₹664.6b₹124.1b32.4x65.5x12.2x
Fri, 29 Mar 2024₹7.5t₹659.6b₹123.3b28.8x61.1x11.4x
Sun, 25 Feb 2024₹7.7t₹659.4b₹123.4b31.4x62.3x11.7x
Tue, 23 Jan 2024₹7.3t₹645.6b₹109.0b32.5x66.6x11.2x
Thu, 21 Dec 2023₹6.1t₹643.2b₹107.9b26.6x56.9x9.5x
Sat, 18 Nov 2023₹5.8t₹639.8b₹107.7b24.3x53.9x9.1x
Mon, 16 Oct 2023₹5.1t₹586.8b₹81.8b31.6x62.2x8.7x
Wed, 13 Sep 2023₹4.8t₹585.3b₹81.8b27x58.2x8.1x
Fri, 11 Aug 2023₹4.4t₹581.9b₹64.0b28.8x69.1x7.6x
Sun, 09 Jul 2023₹4.4t₹576.4b₹77.7b30.6x56.3x7.6x
Tue, 06 Jun 2023₹4.0t₹580.8b₹77.6b26.9x52.1x7x
Thu, 04 May 2023₹3.6t₹569.8b₹91.2b24.7x39.9x6.4x
Sat, 01 Apr 2023₹3.2t₹564.7b₹90.0b22.3x35.4x5.7x
Price to Earnings Ratio

35.4x


Total Market Cap: ₹3.2tTotal Earnings: ₹90.0bTotal Revenue: ₹564.7bTotal Market Cap vs Earnings and Revenue0%0%0%
Indian Real Estate Industry Price to Earnings3Y Average 52.4x202420252026
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 33.9x which is lower than its 3-year average PE of 52.4x.
  • The 3-year average PS ratio of 9.2x is higher than the industry's current PS ratio of 5.8x.
Past Earnings Growth
  • The earnings for companies in the Real Estate industry have grown 27% 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 industry?

IN Market-2.47%
Real Estate-4.13%
Real Estate-5.05%
Real Estate Operating Companies-0.86%
Diversified Real Estate-5.13%
Real Estate Development-5.40%
Real Estate Services-6.76%
Industry PE
  • Investors are most optimistic about the Real Estate Operating Companies industry which is trading above its 3-year average PE ratio of 34.9x.
    • Analysts are expecting annual earnings growth of 88.2%, which is higher than its past year's earnings growth of 13.2% per year.
  • Investors are most pessimistic about the Real Estate Services industry, which is trading below its 3-year average of 44.1x.
Forecasted Growth
  • Analysts are most optimistic on the Real Estate Operating Companies industry, expecting annual earnings growth of 88% over the next 5 years.
  • This is better than its past earnings growth rate of 13% per year.
  • In contrast, the Diversified Real Estate industry is expected to see its earnings grow by 21% 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₹1.50k1.8%
+₹9.8b		-7.4%PE24.4x
543542 Kesar India₹1.19k5.3%
+₹1.7b		81.3%PE190.8x
543543 B-Right Realestate₹982.1014.5%
+₹1.3b		176.1%PE216.6x
505400 Texmaco Infrastructure & Holdings₹97.0510.1%
+₹1.1b		-6.8%PE108x
RUSTOMJEE Keystone Realtors₹390.100.9%
+₹435.5m		-27.3%PE54x

Latest News

PRESTIGE
₹1,228.10
Prestige Estates Projects
7D
-7.1%
1Y
2.6%

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".
534675
₹46.82
Prozone Realty
7D
4.1%
1Y
62.2%
GODREJPROP
₹1,564.90
Godrej Properties
7D
-4.8%
1Y
-26.6%

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
-5.1%
1Y
-21.5%

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).
SOBHA
₹1,223.40
Sobha
7D
-5.4%
1Y
1.6%

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).
503100
₹1,569.95
Phoenix Mills
7D
-3.6%
1Y
-4.3%

503100: Upcoming Board Meeting Will Support Confidence In Future Upside

Analysts have kept Phoenix Mills' fair value estimate unchanged at ₹1,959.37, with a slightly higher discount rate and a marginally adjusted future P/E assumption informing the latest price target stance. What's in the News Phoenix Mills has scheduled a Board Meeting for January 28, 2026 to review and approve its unaudited standalone and consolidated financial results.
OBEROIRLTY
₹1,499.70
Oberoi Realty
7D
1.8%
1Y
-7.4%

OBEROIRLTY: Future Returns Will Likely Disappoint As Valuation Cushion Stays Thin

Analysts have nudged their fair value estimate for Oberoi Realty slightly higher to ₹1,216.97 from ₹1,214.36, reflecting updated views on revenue growth, margins and expected P/E multiples. Analyst Commentary While the updated fair value estimate for Oberoi Realty edges higher, some readers may still want to pay close attention to areas where sentiment could turn more cautious.
LODHA
₹733.85
Lodha Developers
7D
-14.1%
1Y
-38.7%

LODHA: Data Centre Park Commitments Will Drive Future Upside

Analysts have kept their price target for Lodha Developers steady at ₹1,615, indicating only marginal tweaks in assumptions around discount rate, revenue growth and profit margin to support their unchanged view. What's in the News A board meeting is scheduled on January 28, 2026 to consider and approve unaudited consolidated and standalone financial results for the quarter and nine months ended December 31, 2025 (Key Developments).
RUSTOMJEE
₹390.10
Keystone Realtors
7D
0.9%
1Y
-27.3%

RUSTOMJEE: Om Nagar Redevelopment Will Support Confidence In Future Earnings

Analysts have kept their fair value estimate for Keystone Realtors steady at ₹776.67. A slightly higher discount rate and future P/E input are now reflected in the updated price target framework.
543542
₹1,190.00
Kesar India
7D
5.3%
1Y
81.3%
EMBDL
₹43.71
Embassy Developments
7D
-15.1%
1Y
-59.8%
540796
₹238.20
Ratnabhumi Developers
7D
13.4%
1Y
133.5%
504000
₹89.82
Elpro International
7D
2.1%
1Y
22.2%
505400
₹97.05
Texmaco Infrastructure & Holdings
7D
10.1%
1Y
-6.8%
515055
₹455.85
Anant Raj
7D
-3.3%
1Y
-8.5%
543543
₹982.10
B-Right Realestate
7D
14.5%
1Y
176.1%