Sector analysis · India
Construction sector earnings growth, Q4 FY24
The 20 largest Construction companies by market cap at the end of Q4 FY24 (31 Mar 2024), compared with Q3 FY24.
The top 20 at Q4 FY24
Q4 FY24 vs Q3 FY24: combined net profit ₹8,176 cr (+47%), median EPS +34% (16 of 20 up), market-cap-weighted price +13%. 20 of 20 reported.
| # | Company | Weight | EPS ₹, base → now | EPS growth | Contribution | Price |
|---|---|---|---|---|---|---|
| 1 | Larsen & Toubro Limited | 63.9% | 21.44 → 31.98 | +49% | +25.7 pp | +7% |
| 2 | Rail Vikas | 6.5% | 1.72 → 2.30 | +34% | +2.1 pp | +39% |
| 3 | IRB Infrastructure Developers Limited | 4.4% | 0.16 → 0.16 | 0% | 0.0 pp | +41% |
| 4 | NBCC (India) Limited | 2.6% | 0.41 → 0.50 | +22% one-off | +0.5 pp | +46% |
| 5 | Ircon International Limited | 2.6% | 2.60 → 2.62 | +1% | 0.0 pp | +28% |
| 6 | KEC International Limited | 2.2% | 3.77 → 5.90 | +56% | +1.0 pp | +18% |
| 7 | Kalpataru Projects International Limited | 2.1% | 8.68 → 10.16 | +17% | +0.4 pp | +51% |
| 8 | RITES Limited | 2.0% | 2.68 → 2.62 | −2% | 0.0 pp | +32% |
| 9 | NCC Limited | 1.8% | 3.51 → 3.81 | +9% | +0.3 pp | +39% |
| 10 | G R Infraprojects Limited | 1.6% | 25.10 → 57.20 | +128% one-off | +5.5 pp | +14% |
| 11 | Sterling and Wilson Renewable Energy Limited | 1.5% | −2.73 → 0.06 | turned profitable | +1.2 pp | +21% |
| 12 | Engineers India Limited | 1.4% | 1.13 → 2.06 | +82% | +0.9 pp | +18% |
| 13 | PNC Infratech Limited | 1.4% | 7.21 → 15.43 | +114% | +3.7 pp | +24% |
| 14 | Techno Electric & Engineering Company Limited | 1.0% | 8.54 → 7.20 | −16% | −0.3 pp | −4% |
| 15 | Power Mech Projects Limited | 1.0% | 19.63 → 26.73 | +36% | +0.4 pp | +17% |
| 16 | KNR Constructions Limited | 0.9% | 4.96 → 12.56 | +153% | +3.8 pp | −4% |
| 17 | Ahluwalia Contracts (India) Limited | 0.8% | 10.49 → 29.83 | +184% one-off | +2.3 pp | +32% |
| 18 | Dilip Buildcon Limited | 0.8% | 7.72 → 0.37 | −95% one-off | −1.9 pp | +19% |
| 19 | ISGEC Heavy | 0.8% | 8.42 → 9.70 | +15% | +0.2 pp | −9% |
| 20 | H.G. Infra Engineering Limited | 0.7% | 15.66 → 29.16 | +86% | +1.6 pp | +7% |
| Sector earnings growth | 100% | +47.5 pp |
Who joined and who left
1 joined and 1 left the top 20 since Q3 FY24, as market caps moved.
Joined the top 20 since Q3 FY24
Left the top 20 since Q3 FY24
- Ramky Infra
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% |
| NBCC | +4% | +41% | +22% | −22% | +15% | +13% | +27% | −25% | +16% | +25% | +25% | −36% |
| 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% |
| KPIL | −23% | +58% | +17% | −44% | +35% | +8% | +59% | −5% | +12% | −37% | +185% | −29% |
| RITES | −7% | +28% | −2% | −37% | −7% | +37% | +33% | −39% | +22% | +4% | +27% | −33% |
| NCC | −56% | +190% | +9% | −12% | −22% | +18% | +31% | −24% | −20% | −21% | +68% | +5% |
| GRINFRA | −30% | +12% | +128% | −72% | +24% | +36% | +54% | −39% | −21% | +34% | −19% | +70% |
| 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% |
| POWERMECH | +1% | +14% | +36% | outside | +12% | outside | +43% | −31% | −7% | +25% | +52% | −44% |
| KNRCON | +7% | −5% | +153% | −51% | +156% | −44% | outside | outside | outside | outside | outside | outside |
| 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% |
| ISGEC | +18% | +4% | +15% | −8% | +41% | −78% | +254% | sources disagree | sources disagree | +59% | +5% | −88% |
| HGINFRA | −36% | +6% | +86% | −14% | −50% | +43% | +28% | outside | outside | outside | outside | outside |