Narrative Update • Sep 17
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Indian (NIFTY) Real Estate Industry Analysis
UpdatedSep 22, 2026
DataAggregated Company Financials
Companies202
- 7D0.8%
- 3M5.0%
- 1Y-11.8%
- YTD-5.2%
The Real Estate industry has stayed flat over the last week. Unfortunately though, the industry is down 12% over the past 12 months. Looking forward, earnings are forecast to grow by 24% annually.
Industry Valuation and Performance
Has the Indian Real Estate Industry valuation changed over the past few years?
| Date | Market Cap | Revenue | Earnings | PE | Absolute PE | PS |
|---|---|---|---|---|---|---|
| Tue, 22 Sep 2026 | ₹7.8t | ₹1.2t | ₹227.6b | 22.7x | 34.3x | 6.6x |
| Thu, 20 Aug 2026 | ₹8.0t | ₹1.2t | ₹228.8b | 25.3x | 34.8x | 6.8x |
| Sat, 18 Jul 2026 | ₹8.2t | ₹1.2t | ₹218.3b | 25.4x | 37.8x | 6.9x |
| Mon, 15 Jun 2026 | ₹7.2t | ₹1.2t | ₹219.4b | 26x | 32.7x | 6x |
| Wed, 13 May 2026 | ₹7.1t | ₹1.1t | ₹206.0b | 26.2x | 34.6x | 6.3x |
| Fri, 10 Apr 2026 | ₹6.8t | ₹1.1t | ₹182.9b | 24.7x | 37.2x | 6.4x |
| Sun, 08 Mar 2026 | ₹6.8t | ₹1.1t | ₹182.9b | 25.2x | 37.4x | 6.4x |
| Tue, 03 Feb 2026 | ₹7.2t | ₹1.1t | ₹180.5b | 25x | 40x | 6.9x |
| Thu, 01 Jan 2026 | ₹8.2t | ₹1.0t | ₹176.4b | 27.6x | 46.2x | 7.9x |
| Sat, 29 Nov 2025 | ₹8.3t | ₹1.0t | ₹179.0b | 28.5x | 46.1x | 8.1x |
| Mon, 27 Oct 2025 | ₹8.5t | ₹974.7b | ₹177.0b | 35.7x | 48.2x | 8.8x |
| Wed, 24 Sep 2025 | ₹8.4t | ₹943.6b | ₹172.7b | 37.1x | 48.4x | 8.9x |
| Fri, 22 Aug 2025 | ₹8.4t | ₹942.6b | ₹173.5b | 34.7x | 48.3x | 8.9x |
| Sun, 20 Jul 2025 | ₹9.1t | ₹894.7b | ₹168.6b | 35.1x | 53.8x | 10.1x |
| Tue, 17 Jun 2025 | ₹8.9t | ₹857.3b | ₹171.0b | 34.8x | 52.1x | 10.4x |
| Thu, 15 May 2025 | ₹7.7t | ₹955.6b | ₹173.3b | 34x | 44.6x | 8.1x |
| Sat, 12 Apr 2025 | ₹7.1t | ₹950.3b | ₹177.8b | 33.2x | 39.9x | 7.5x |
| Mon, 10 Mar 2025 | ₹7.3t | ₹950.3b | ₹177.8b | 31.9x | 40.9x | 7.7x |
| Wed, 05 Feb 2025 | ₹8.5t | ₹934.2b | ₹185.7b | 30.9x | 45.8x | 9.1x |
| Fri, 03 Jan 2025 | ₹9.4t | ₹906.6b | ₹171.5b | 35.7x | 54.7x | 10.3x |
| Sun, 01 Dec 2024 | ₹9.0t | ₹906.9b | ₹171.6b | 33.5x | 52.2x | 9.9x |
| Tue, 29 Oct 2024 | ₹8.7t | ₹887.3b | ₹189.3b | 30.2x | 45.7x | 9.8x |
| Thu, 26 Sep 2024 | ₹9.8t | ₹858.5b | ₹174.0b | 32.2x | 56.1x | 11.4x |
| Sat, 24 Aug 2024 | ₹8.9t | ₹851.6b | ₹172.5b | 30.1x | 51.4x | 10.4x |
| Mon, 22 Jul 2024 | ₹9.0t | ₹723.0b | ₹137.8b | 29.7x | 65.5x | 12.5x |
| Wed, 19 Jun 2024 | ₹9.4t | ₹715.6b | ₹135.1b | 31.3x | 69.5x | 13.1x |
| Fri, 17 May 2024 | ₹8.1t | ₹683.6b | ₹133.1b | 29.9x | 61.2x | 11.9x |
| Sun, 14 Apr 2024 | ₹8.0t | ₹658.5b | ₹123.1b | 32.5x | 64.8x | 12.1x |
| Tue, 12 Mar 2024 | ₹7.7t | ₹659.6b | ₹123.3b | 30x | 62.1x | 11.6x |
| Thu, 08 Feb 2024 | ₹7.4t | ₹656.7b | ₹120.4b | 35.5x | 61.6x | 11.3x |
| Sat, 06 Jan 2024 | ₹7.0t | ₹645.9b | ₹108.3b | 29.9x | 64.6x | 10.8x |
| Mon, 04 Dec 2023 | ₹6.0t | ₹642.1b | ₹108.4b | 26.4x | 55.6x | 9.4x |
| Wed, 01 Nov 2023 | ₹5.0t | ₹591.4b | ₹96.4b | 29.7x | 52.1x | 8.5x |
| Fri, 29 Sep 2023 | ₹4.8t | ₹585.3b | ₹81.8b | 27.2x | 58.2x | 8.1x |
Price to Earnings Ratio
58.2x
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 34.3x which is lower than its 3-year average PE of 49.6x.
- The 3-year average PS ratio of 9.1x is higher than the industry's current PS ratio of 6.6x.
Past Earnings Growth
- The earnings for companies in the Real Estate industry have grown 41% per year over the last three years.
- Revenues for these companies have grown 26% 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 | -0.19% | |
| Real Estate | 0.74% | |
| Real Estate | 0.78% | |
| Diversified Real Estate | 1.72% | |
| Real Estate Development | 0.75% | |
| Real Estate Operating Companies | -2.94% | |
| Real Estate Services | -13.03% | |
Industry PE
- Investors are most optimistic about the Real Estate Operating Companies industry which is trading above its 3-year average PE ratio of 42.1x.
- Analysts are expecting annual earnings growth of 57.2%, which is higher than its past year's earnings growth of 13.0% per year.
- Investors are most pessimistic about the Real Estate Services industry, which is trading below its 3-year average of 44.5x.
Forecasted Growth
- Analysts are most optimistic on the Real Estate Operating Companies industry, expecting annual earnings growth of 57% 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 19% per year over the next few years.
Top Stock Gainers and Losers
Which companies have driven the market over the last 7 days?
| Company | Last Price | 7D | 1Y | Valuation | |
|---|---|---|---|---|---|
| DLF DLF | ₹669.50 | 7.8% +₹120.4b | -11.8% | PE37.3x | |
| LODHA Lodha Developers | ₹1.14k | 7.4% +₹79.1b | -5.1% | PE27.7x | |
| OBEROIRLTY Oberoi Realty | ₹1.85k | 10.6% +₹64.4b | 10.8% | PE25.5x | |
| 503100 Phoenix Mills | ₹1.94k | 6.2% +₹40.5b | 19.7% | PE54.3x | |
| PRESTIGE Prestige Estates Projects | ₹1.48k | 4.4% +₹27.0b | -7.8% | PE56x |
