Sector analysis · India

Construction sector earnings growth, Q3 FY25

The 20 largest Construction companies by market cap at the end of Q3 FY25 (31 Dec 2024), compared with Q2 FY25.

The top 20 at Q3 FY25

Q3 FY25 vs Q2 FY25: combined net profit ₹12,324 cr (+95%), median EPS +12% (15 of 20 up), market-cap-weighted price −6%. 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	56.4%	24.69 → 24.43	−1%	−0.6 pp	−2%
2	Rail VikasRVNL	10.0%	1.38 → 1.49	+8%	+0.4 pp	−20%
3	IRB Infrastructure Developers LimitedIRB	3.9%	0.08 → 4.99	+6,138% one-off	+93.9 pp	−6%
4	KEC International LimitedKEC	3.6%	3.21 → 4.87	+52%	+0.7 pp	+20%
5	NBCC (India) LimitedNBCC	2.9%	0.45 → 0.51	+13%	+0.3 pp	−22%
6	Kalpataru Projects International LimitedKPIL	2.5%	7.73 → 8.31	+8%	+0.3 pp	−5%
7	Ircon International LimitedIRCON	2.3%	2.19 → 0.92	−58%	−1.9 pp	−6%
8	Afcons Infrastructure LimitedAFCONS	2.3%	3.68 → 4.05	+10% one source	+0.2 pp	—
9	Techno Electric & Engineering Company LimitedTECHNOE	2.1%	8.10 → 8.25	+2%	0.0 pp	−2%
10	NCC LimitedNCC	2.0%	2.60 → 3.08	+18%	+0.5 pp	−9%
11	G R Infraprojects LimitedGRINFRA	1.6%	20.01 → 27.14	+36%	+1.1 pp	−13%
12	RITES LimitedRITES	1.6%	1.52 → 2.08	+37%	+0.4 pp	−16%
13	Sterling and Wilson Renewable Energy LimitedSWSOLAR	1.2%	0.30 → 0.64	+113%	+0.1 pp	−26%
14	ISGEC HeavyISGEC	1.2%	12.59 → 2.73	−78%	−1.1 pp	+5%
15	Engineers India LimitedENGINERSIN	1.2%	1.77 → 1.93	+9%	+0.1 pp	−14%
16	H.G. Infra Engineering LimitedHGINFRA	1.1%	12.39 → 17.67	+43%	+0.5 pp	−2%
17	KNR Constructions LimitedKNRCON	1.1%	15.70 → 8.83	−44%	−3.1 pp	+1%
18	Cemindia Projects LimitedCEMPRO	1.1%	4.19 → 5.07	+21%	+0.2 pp	+2%
19	Ashoka Buildcon LimitedASHOKA	1.0%	16.28 → 23.32	+43%	+3.1 pp	+36%
20	PNC Infratech LimitedPNCINFRA	1.0%	3.25 → 3.17	−2%	0.0 pp	−25%
	Sector earnings growth	100%			+95.2 pp

Who joined and who left

2 joined and 2 left the top 20 since Q2 FY25, as market caps moved.

Joined the top 20 since Q2 FY25 2

now #8 Afcons Infrastructure Limited AFCONS
now #19 Ashoka Buildcon Limited ASHOKA

Left the top 20 since Q2 FY25 2

was #15 Power Mech Projects Limited POWERMECH
was #20 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%
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%
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%
AFCONS	outside	outside	outside	outside	outside	+10%	−25%	+24%	−24%	−8%	to loss	turned profitable
TECHNOE	+192%	+24%	−16%	+27%	−11%	+2%	+40%	+1%	−24%	+15%	−4%	−19%
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%
RITES	−7%	+28%	−2%	−37%	−7%	+37%	+33%	−39%	+22%	+4%	+27%	−33%
SWSOLAR	loss, smaller	loss, smaller	turned profitable	+200%	+67%	+113%	outside	−42%	outside	outside	outside	outside
ISGEC	+18%	+4%	+15%	−8%	+41%	−78%	+254%	sources disagree	sources disagree	+59%	+5%	−88%
ENGINERSIN	−8%	−50%	+82%	−21%	+9%	+9%	+158%	−77%	+28%	+315%	−44%	−19%
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%
ASHOKA	outside	outside	outside	outside	outside	+43%	outside	outside	outside	outside	outside	outside
PNCINFRA	−18%	+25%	+114%	+45%	−86%	−2%	−7%	+472%	−50%	−64%	outside	outside