Sector analysis · India
Construction sector earnings growth, Q2 FY25
The 20 largest Construction companies by market cap at the end of Q2 FY25 (30 Sep 2024), compared with Q1 FY25.
The top 20 at Q2 FY25
Q2 FY25 vs Q1 FY25: combined net profit ₹6,024 cr (+8%), median EPS +10% (11 of 20 up), market-cap-weighted price +4%. 20 of 20 reported.
| # | Company | Weight | EPS ₹, base → now | EPS growth | Contribution | Price |
|---|---|---|---|---|---|---|
| 1 | Larsen & Toubro Limited | 54.9% | 20.26 → 24.69 | +22% | +11.0 pp | +4% |
| 2 | Rail Vikas | 12.0% | 1.07 → 1.38 | +29% | +1.1 pp | +28% |
| 3 | IRB Infrastructure Developers Limited | 4.0% | 0.12 → 0.08 | −33% | −0.7 pp | −6% |
| 4 | NBCC (India) Limited | 3.5% | 0.39 → 0.45 | +15% | +0.3 pp | +14% |
| 5 | KEC International Limited | 2.9% | 3.41 → 3.21 | −6% | 0.0 pp | +13% |
| 6 | Kalpataru Projects International Limited | 2.4% | 5.72 → 7.73 | +35% | +0.6 pp | +16% |
| 7 | Ircon International Limited | 2.3% | 2.38 → 2.19 | −8% | −0.3 pp | −15% |
| 8 | NCC Limited | 2.1% | 3.34 → 2.60 | −22% | −0.8 pp | −5% |
| 9 | Techno Electric & Engineering Company Limited | 2.0% | 9.12 → 8.10 | −11% | −0.1 pp | +3% |
| 10 | RITES Limited | 1.8% | 1.64 → 1.52 | −7% | −0.1 pp | 0% |
| 11 | G R Infraprojects Limited | 1.8% | 16.08 → 20.01 | +24% | +0.7 pp | −3% |
| 12 | Sterling and Wilson Renewable Energy Limited | 1.6% | 0.18 → 0.30 | +67% | +0.1 pp | −14% |
| 13 | Engineers India Limited | 1.3% | 1.63 → 1.77 | +9% | +0.1 pp | −16% |
| 14 | PNC Infratech Limited | 1.2% | 22.42 → 3.25 | −86% | −8.9 pp | −7% |
| 15 | Power Mech Projects Limited | 1.2% | 19.02 → 21.21 | +12% | +0.1 pp | +36% |
| 16 | ISGEC Heavy | 1.1% | 8.90 → 12.59 | +41% | +0.5 pp | +11% |
| 17 | H.G. Infra Engineering Limited | 1.1% | 24.95 → 12.39 | −50% | −1.5 pp | −12% |
| 18 | KNR Constructions Limited | 1.0% | 6.14 → 15.70 | +156% | +4.8 pp | −1% |
| 19 | Cemindia Projects Limited | 1.0% | 5.83 → 4.19 | −28% | −0.5 pp | +1% |
| 20 | Dilip Buildcon Limited | 0.8% | 8.17 → 16.09 | +97% one-off | +2.1 pp | +1% |
| Sector earnings growth | 100% | +8.5 pp |
Who joined and who left
2 joined and 2 left the top 20 since Q1 FY25, as market caps moved.
Joined the top 20 since Q1 FY25
Left the top 20 since Q1 FY25
- Ahluwalia Contracts (India) Limited
- Hindustan Construction Company 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% |
| NBCC | +4% | +41% | +22% | −22% | +15% | +13% | +27% | −25% | +16% | +25% | +25% | −36% |
| 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% |
| IRCON | +34% | −3% | +1% | −9% | −8% | −58% | +143% | −22% | −16% | −27% | +91% | −51% |
| NCC | −56% | +190% | +9% | −12% | −22% | +18% | +31% | −24% | −20% | −21% | +68% | +5% |
| TECHNOE | +192% | +24% | −16% | +27% | −11% | +2% | +40% | +1% | −24% | +15% | −4% | −19% |
| 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% |
| 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 |
| POWERMECH | +1% | +14% | +36% | outside | +12% | outside | +43% | −31% | −7% | +25% | +52% | −44% |
| 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 |
| KNRCON | +7% | −5% | +153% | −51% | +156% | −44% | outside | outside | outside | outside | outside | outside |
| CEMPRO | outside | outside | outside | +12% | −28% | +21% | +30% | +21% | −22% | +3% | +118% | −42% |
| DBL | +439% | +65% | −95% | outside | +97% | outside | +48% | +21% | −21% | +357% | −93% | +82% |