Sector analysis · India
Construction sector earnings growth, Q3 FY24
The 20 largest Construction companies by market cap at the end of Q3 FY24 (31 Dec 2023), compared with Q2 FY24.
The top 20 at Q3 FY24
Q3 FY24 vs Q2 FY24: combined net profit ₹5,470 cr (+1%), median EPS +14% (14 of 20 up), market-cap-weighted price +15%. 20 of 20 reported.
| # | Company | Weight | EPS ₹, base → now | EPS growth | Contribution | Price |
|---|---|---|---|---|---|---|
| 1 | Larsen & Toubro Limited | 67.9% | 23.45 → 21.44 | −9% | −5.0 pp | +17% |
| 2 | Rail Vikas | 5.3% | 1.89 → 1.72 | −9% | −0.6 pp | +7% |
| 3 | IRB Infrastructure Developers Limited | 3.5% | 0.08 → 0.16 | +100% | +1.7 pp | +31% |
| 4 | Ircon International Limited | 2.3% | 2.67 → 2.60 | −3% | −0.1 pp | +18% |
| 5 | KEC International Limited | 2.1% | 2.17 → 3.77 | +74% | +0.7 pp | −11% |
| 6 | NBCC (India) Limited | 2.1% | 0.29 → 0.41 | +41% | +0.6 pp | +39% |
| 7 | RITES Limited | 1.7% | 2.10 → 2.68 | +28% | +0.5 pp | +2% |
| 8 | Kalpataru Projects International Limited | 1.6% | 5.48 → 8.68 | +58% | +0.9 pp | +12% |
| 9 | G R Infraprojects Limited | 1.5% | 22.46 → 25.10 | +12% | +0.5 pp | −5% |
| 10 | NCC Limited | 1.5% | 1.21 → 3.51 | +190% | +2.6 pp | +8% |
| 11 | Sterling and Wilson Renewable Energy Limited | 1.4% | −2.86 → −2.73 | loss, smaller | −0.2 pp | +20% |
| 12 | Engineers India Limited | 1.3% | 2.27 → 1.13 | −50% | −1.2 pp | +16% |
| 13 | PNC Infratech Limited | 1.3% | 5.77 → 7.21 | +25% | +0.7 pp | −4% |
| 14 | Techno Electric & Engineering Company Limited | 1.2% | 6.86 → 8.54 | +24% | +0.3 pp | +58% |
| 15 | ISGEC Heavy | 1.0% | 8.13 → 8.42 | +4% | 0.0 pp | +35% |
| 16 | KNR Constructions Limited | 1.0% | 5.24 → 4.96 | −5% | −0.1 pp | −10% |
| 17 | Power Mech Projects Limited | 0.9% | 17.20 → 19.63 | +14% | +0.2 pp | +2% |
| 18 | Dilip Buildcon Limited | 0.8% | 4.69 → 7.72 | +65% one-off | +0.8 pp | +24% |
| 19 | H.G. Infra Engineering Limited | 0.8% | 14.75 → 15.66 | +6% | +0.1 pp | −10% |
| 20 | Ramky Infra | 0.8% | 16.28 → 5.27 | −68% | −1.4 pp | +32% |
| Sector earnings growth | 100% | +1.0 pp |
Who joined and who left
1 joined and 1 left the top 20 since Q2 FY24, as market caps moved.
Joined the top 20 since Q2 FY24
Left the top 20 since Q2 FY24
- Ahluwalia Contracts (India) Limited
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% |
| IRCON | +34% | −3% | +1% | −9% | −8% | −58% | +143% | −22% | −16% | −27% | +91% | −51% |
| KEC | +32% | +74% | +56% | −42% | −6% | +52% | +107% | −54% | +29% | −21% | +51% | −62% |
| NBCC | +4% | +41% | +22% | −22% | +15% | +13% | +27% | −25% | +16% | +25% | +25% | −36% |
| RITES | −7% | +28% | −2% | −37% | −7% | +37% | +33% | −39% | +22% | +4% | +27% | −33% |
| KPIL | −23% | +58% | +17% | −44% | +35% | +8% | +59% | −5% | +12% | −37% | +185% | −29% |
| GRINFRA | −30% | +12% | +128% | −72% | +24% | +36% | +54% | −39% | −21% | +34% | −19% | +70% |
| NCC | −56% | +190% | +9% | −12% | −22% | +18% | +31% | −24% | −20% | −21% | +68% | +5% |
| SWSOLAR | loss, smaller | loss, smaller | turned profitable | +200% | +67% | +113% | outside | −42% | outside | outside | outside | outside |
| ENGINERSIN | −8% | −50% | +82% | −21% | +9% | +9% | +158% | −77% | +28% | +315% | −44% | −19% |
| PNCINFRA | −18% | +25% | +114% | +45% | −86% | −2% | −7% | +472% | −50% | −64% | 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% |
| KNRCON | +7% | −5% | +153% | −51% | +156% | −44% | outside | outside | outside | outside | outside | outside |
| POWERMECH | +1% | +14% | +36% | outside | +12% | outside | +43% | −31% | −7% | +25% | +52% | −44% |
| DBL | +439% | +65% | −95% | outside | +97% | outside | +48% | +21% | −21% | +357% | −93% | +82% |
| HGINFRA | −36% | +6% | +86% | −14% | −50% | +43% | +28% | outside | outside | outside | outside | outside |
| RAMKY | outside | −68% | outside | outside | outside | outside | outside | outside | outside | outside | outside | outside |