Sector analysis · India

Construction sector earnings growth, Q1 FY25

The 20 largest Construction companies by market cap at the end of Q1 FY25 (30 Jun 2024), compared with Q4 FY24.

The top 20 at Q1 FY25

Q1 FY25 vs Q4 FY24: combined net profit ₹5,401 cr (−36%), median EPS −24% (4 of 20 up), market-cap-weighted price +8%. 20 of 20 reported.

Quarter

Q2 FY24 Q3 FY24 Q4 FY24 Q1 FY25 Q2 FY25 Q3 FY25 Q4 FY25 Q1 FY26 Q2 FY26 Q3 FY26 Q4 FY26 Q1 FY27

Compared with

YoY QoQ

Weight is each company's share of the 20 companies' combined market cap. Contribution is the change in its owners' profit divided by their combined base profit, in percentage points, so the column adds up to the sector's earnings growth. EPS cannot be added across companies, which is why contributions use profit.

#	Company	Weight	EPS ₹, base → now	EPS growth	Contribution	Price
1	Larsen & Toubro LimitedLT	55.5%	31.98 → 20.26	−37%	−19.1 pp	−6%
2	Rail VikasRVNL	9.9%	2.30 → 1.07	−53%	−3.0 pp	+65%
3	IRB Infrastructure Developers LimitedIRB	4.5%	0.16 → 0.12	−25%	−0.6 pp	+11%
4	NBCC (India) LimitedNBCC	3.2%	0.50 → 0.39	−22%	−0.4 pp	+32%
5	Ircon International LimitedIRCON	2.9%	2.62 → 2.38	−9%	−0.3 pp	+23%
6	KEC International LimitedKEC	2.6%	5.90 → 3.41	−42%	−0.8 pp	+28%
7	NCC LimitedNCC	2.3%	3.81 → 3.34	−12%	−0.3 pp	+36%
8	Kalpataru Projects International LimitedKPIL	2.2%	10.16 → 5.72	−44%	−0.9 pp	+10%
9	G R Infraprojects LimitedGRINFRA	1.9%	57.20 → 16.08	−72%	−4.7 pp	+33%
10	Techno Electric & Engineering Company LimitedTECHNOE	1.9%	7.20 → 9.12	+27%	+0.2 pp	+101%
11	Sterling and Wilson Renewable Energy LimitedSWSOLAR	1.9%	0.06 → 0.18	+200%	0.0 pp	+36%
12	RITES LimitedRITES	1.9%	2.62 → 1.64	−37%	−0.6 pp	+4%
13	Engineers India LimitedENGINERSIN	1.6%	2.06 → 1.63	−21%	−0.3 pp	+24%
14	PNC Infratech LimitedPNCINFRA	1.4%	15.43 → 22.42	+45%	+2.1 pp	+10%
15	H.G. Infra Engineering LimitedHGINFRA	1.3%	29.16 → 24.95	−14%	−0.3 pp	+94%
16	KNR Constructions LimitedKNRCON	1.1%	12.56 → 6.14	−51%	−2.1 pp	+42%
17	ISGEC HeavyISGEC	1.0%	9.70 → 8.90	−8%	−0.1 pp	+39%
18	Cemindia Projects LimitedCEMPRO	1.0%	5.21 → 5.83	+12%	+0.1 pp	+57%
19	Ahluwalia Contracts (India) LimitedAHLUCONT	1.0%	29.83 → 4.56	−85%	−2.0 pp	+22%
20	Hindustan Construction Company LimitedHCC	0.9%	1.02 → −0.01	to loss	−2.9 pp	+51%
	Sector earnings growth	100%			−35.9 pp

Who joined and who left

2 joined and 2 left the top 20 since Q4 FY24, as market caps moved.

Joined the top 20 since Q4 FY24 2

now #18 Cemindia Projects Limited CEMPRO
now #20 Hindustan Construction Company Limited HCC

Left the top 20 since Q4 FY24 2

was #15 Power Mech Projects Limited POWERMECH
was #18 Dilip Buildcon Limited DBL

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.

≤ −40%−20%0+20%≥ +40% Blue is growth, red is decline, grey is about zero; the colour stops deepening at ±40%.

turned profitableto loss crossed zero, so there is no growth rate to print
loss, smallerloss, bigger a loss in both quarters
sources disagree our two sources disagree, so the figure is left out of the sector totals
outside not in the sector's top 20 that quarter

EPS growth of each company in the sector's top 20, by quarter
Company	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%
NCC	−56%	+190%	+9%	−12%	−22%	+18%	+31%	−24%	−20%	−21%	+68%	+5%
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%
TECHNOE	+192%	+24%	−16%	+27%	−11%	+2%	+40%	+1%	−24%	+15%	−4%	−19%
SWSOLAR	loss, smaller	loss, smaller	turned profitable	+200%	+67%	+113%	outside	−42%	outside	outside	outside	outside
RITES	−7%	+28%	−2%	−37%	−7%	+37%	+33%	−39%	+22%	+4%	+27%	−33%
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
HGINFRA	−36%	+6%	+86%	−14%	−50%	+43%	+28%	outside	outside	outside	outside	outside
KNRCON	+7%	−5%	+153%	−51%	+156%	−44%	outside	outside	outside	outside	outside	outside
ISGEC	+18%	+4%	+15%	−8%	+41%	−78%	+254%	sources disagree	sources disagree	+59%	+5%	−88%
CEMPRO	outside	outside	outside	+12%	−28%	+21%	+30%	+21%	−22%	+3%	+118%	−42%
AHLUCONT	+11%	outside	+184%	−85%	outside	outside	outside	outside	+54%	−31%	outside	outside
HCC	outside	outside	outside	to loss	outside	outside	outside	outside	outside	outside	outside	outside