Sector analysis · India
Construction sector earnings growth, Q2 FY24
The 20 largest Construction companies by market cap at the end of Q2 FY24 (30 Sep 2023), compared with Q1 FY24.
The top 20 at Q2 FY24
Q2 FY24 vs Q1 FY24: combined net profit ₹5,355 cr (+14%), median EPS +4% (12 of 20 up), market-cap-weighted price +23%. 20 of 20 reported.
| # | Company | Weight | EPS ₹, base → now | EPS growth | Contribution | Price |
|---|---|---|---|---|---|---|
| 1 | Larsen & Toubro Limited | 67.1% | 17.74 → 23.45 | +32% | +15.0 pp | +22% |
| 2 | Rail Vikas | 5.7% | 1.64 → 1.89 | +15% | +1.1 pp | +39% |
| 3 | IRB Infrastructure Developers Limited | 3.1% | 0.11 → 0.08 | −27% | −0.8 pp | +18% |
| 4 | KEC International Limited | 2.7% | 1.65 → 2.17 | +32% | +0.3 pp | +20% |
| 5 | Ircon International Limited | 2.2% | 1.99 → 2.67 | +34% | +1.3 pp | +73% |
| 6 | RITES Limited | 1.9% | 2.25 → 2.10 | −7% | −0.1 pp | +32% |
| 7 | G R Infraprojects Limited | 1.9% | 32.05 → 22.46 | −30% | −1.9 pp | −6% |
| 8 | NBCC (India) Limited | 1.7% | 0.28 → 0.29 | +4% one-off | +0.1 pp | +48% |
| 9 | Kalpataru Projects International Limited | 1.7% | 7.08 → 5.48 | −23% | −0.5 pp | +18% |
| 10 | NCC Limited | 1.6% | 2.78 → 1.21 | −56% | −2.0 pp | +27% |
| 11 | PNC Infratech Limited | 1.5% | 7.04 → 5.77 | −18% | −0.7 pp | +12% |
| 12 | Engineers India Limited | 1.3% | 2.47 → 2.27 | −8% | −0.2 pp | +28% |
| 13 | KNR Constructions Limited | 1.3% | 4.88 → 5.24 | +7% | +0.2 pp | +17% |
| 14 | Sterling and Wilson Renewable Energy Limited | 1.1% | −5.03 → −2.86 | loss, smaller | +0.8 pp | +25% |
| 15 | Power Mech Projects Limited | 1.0% | 17.10 → 17.20 | +1% | 0.0 pp | +25% |
| 16 | H.G. Infra Engineering Limited | 1.0% | 23.08 → 14.75 | −36% | −1.1 pp | +10% |
| 17 | Techno Electric & Engineering Company Limited | 0.9% | 2.35 → 6.86 | +192% | +1.0 pp | +39% |
| 18 | ISGEC Heavy | 0.9% | 6.89 → 8.13 | +18% | +0.2 pp | +5% |
| 19 | Ahluwalia Contracts (India) Limited | 0.8% | 7.42 → 8.26 | +11% | +0.1 pp | +16% |
| 20 | Dilip Buildcon Limited | 0.7% | 0.87 → 4.69 | +439% one-off | +1.1 pp | +31% |
| Sector earnings growth | 100% | +13.8 pp |
Who joined and who left
0 joined and 0 left the top 20 since the previous quarter, as market caps moved.
Joined the top 20 since the previous quarter
Left the top 20 since the previous quarter
EPS growth by company, Q2 FY24 to Q1 FY27
Each company's EPS growth quarter on quarter, every quarter it was in the top 20.
| Q2 FY24 | Q3 FY24 | Q4 FY24 | Q1 FY25 | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| LT | +32% | −9% | +49% | −37% | +22% | −1% | +64% | −34% | +9% | −18% | +66% | −23% |
| RVNL | +15% | −9% | +34% | −53% | +29% | +8% | +48% | −70% | +69% | +41% | −42% | −16% |
| IRB | −27% | +100% | 0% | −25% | −33% | +6,138% | −96% | −6% | −29% | +42% | +47% | 0% |
| KEC | +32% | +74% | +56% | −42% | −6% | +52% | +107% | −54% | +29% | −21% | +51% | −62% |
| IRCON | +34% | −3% | +1% | −9% | −8% | −58% | +143% | −22% | −16% | −27% | +91% | −51% |
| RITES | −7% | +28% | −2% | −37% | −7% | +37% | +33% | −39% | +22% | +4% | +27% | −33% |
| GRINFRA | −30% | +12% | +128% | −72% | +24% | +36% | +54% | −39% | −21% | +34% | −19% | +70% |
| NBCC | +4% | +41% | +22% | −22% | +15% | +13% | +27% | −25% | +16% | +25% | +25% | −36% |
| KPIL | −23% | +58% | +17% | −44% | +35% | +8% | +59% | −5% | +12% | −37% | +185% | −29% |
| NCC | −56% | +190% | +9% | −12% | −22% | +18% | +31% | −24% | −20% | −21% | +68% | +5% |
| PNCINFRA | −18% | +25% | +114% | +45% | −86% | −2% | −7% | +472% | −50% | −64% | outside | outside |
| ENGINERSIN | −8% | −50% | +82% | −21% | +9% | +9% | +158% | −77% | +28% | +315% | −44% | −19% |
| KNRCON | +7% | −5% | +153% | −51% | +156% | −44% | outside | outside | outside | outside | outside | outside |
| SWSOLAR | loss, smaller | loss, smaller | turned profitable | +200% | +67% | +113% | outside | −42% | outside | outside | outside | outside |
| POWERMECH | +1% | +14% | +36% | outside | +12% | outside | +43% | −31% | −7% | +25% | +52% | −44% |
| HGINFRA | −36% | +6% | +86% | −14% | −50% | +43% | +28% | outside | outside | outside | outside | outside |
| TECHNOE | +192% | +24% | −16% | +27% | −11% | +2% | +40% | +1% | −24% | +15% | −4% | −19% |
| ISGEC | +18% | +4% | +15% | −8% | +41% | −78% | +254% | sources disagree | sources disagree | +59% | +5% | −88% |
| AHLUCONT | +11% | outside | +184% | −85% | outside | outside | outside | outside | +54% | −31% | outside | outside |
| DBL | +439% | +65% | −95% | outside | +97% | outside | +48% | +21% | −21% | +357% | −93% | +82% |