Sector analysis · India

Construction sector earnings growth, Q1 FY26

The 20 largest Construction companies by market cap at the end of Q1 FY26 (30 Jun 2025), compared with Q4 FY25.

The top 20 at Q1 FY26

Q1 FY26 vs Q4 FY25: combined net profit ₹6,445 cr (−28%), median EPS −24% (5 of 19 up), market-cap-weighted price +11%. 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	58.0%	39.97 → 26.30	−34%	−20.9 pp	+5%
2	Rail VikasRVNL	9.5%	2.20 → 0.65	−70%	−3.6 pp	+13%
3	NBCC (India) LimitedNBCC	3.8%	0.65 → 0.49	−25%	−0.5 pp	+50%
4	IRB Infrastructure Developers LimitedIRB	3.4%	0.18 → 0.17	−6%	−0.1 pp	+10%
5	KEC International LimitedKEC	2.8%	10.08 → 4.68	−54%	−1.6 pp	+17%
6	Kalpataru Projects International LimitedKPIL	2.4%	13.20 → 12.51	−5%	−0.1 pp	+26%
7	Ircon International LimitedIRCON	2.2%	2.24 → 1.75	−22%	−0.5 pp	+30%
8	Techno Electric & Engineering Company LimitedTECHNOE	2.1%	11.58 → 11.69	+1%	0.0 pp	+59%
9	Afcons Infrastructure LimitedAFCONS	1.8%	3.02 → 3.74	+24%	+0.3 pp	−10%
10	Cemindia Projects LimitedCEMPRO	1.8%	6.61 → 7.99	+21%	+0.3 pp	+68%
11	NCC LimitedNCC	1.7%	4.04 → 3.06	−24%	−0.7 pp	+10%
12	Engineers India LimitedENGINERSIN	1.6%	4.98 → 1.16	−77%	−2.4 pp	+50%
13	RITES LimitedRITES	1.5%	2.76 → 1.67	−39%	−0.6 pp	+25%
14	G R Infraprojects LimitedGRINFRA	1.5%	41.67 → 25.23	−39%	−1.8 pp	+26%
15	Power Mech Projects LimitedPOWERMECH	1.2%	37.08 → 25.48	−31%	−0.4 pp	+23%
16	ISGEC HeavyISGEC	1.0%	— → 7.11	sources disagree	—	+18%
17	PNC Infratech LimitedPNCINFRA	0.9%	2.94 → 16.82	+472% one-off	+4.0 pp	+22%
18	Welspun Enterprises LimitedWELENT	0.9%	6.83 → 6.56	−4%	0.0 pp	+12%
19	Sterling and Wilson Renewable Energy LimitedSWSOLAR	0.9%	2.37 → 1.37	−42%	−0.3 pp	+28%
20	Dilip Buildcon LimitedDBL	0.9%	11.68 → 14.10	+21% one-off	+0.6 pp	−3%
	Sector earnings growth	100%			−28.3 pp

Who joined and who left

1 joined and 1 left the top 20 since Q4 FY25, as market caps moved.

Joined the top 20 since Q4 FY25 1

now #19 Sterling and Wilson Renewable Energy Limited SWSOLAR

Left the top 20 since Q4 FY25 1

was #18 H.G. Infra Engineering Limited HGINFRA

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%
NBCC	+4%	+41%	+22%	−22%	+15%	+13%	+27%	−25%	+16%	+25%	+25%	−36%
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%
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%
TECHNOE	+192%	+24%	−16%	+27%	−11%	+2%	+40%	+1%	−24%	+15%	−4%	−19%
AFCONS	outside	outside	outside	outside	outside	+10%	−25%	+24%	−24%	−8%	to loss	turned profitable
CEMPRO	outside	outside	outside	+12%	−28%	+21%	+30%	+21%	−22%	+3%	+118%	−42%
NCC	−56%	+190%	+9%	−12%	−22%	+18%	+31%	−24%	−20%	−21%	+68%	+5%
ENGINERSIN	−8%	−50%	+82%	−21%	+9%	+9%	+158%	−77%	+28%	+315%	−44%	−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%
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%
PNCINFRA	−18%	+25%	+114%	+45%	−86%	−2%	−7%	+472%	−50%	−64%	outside	outside
WELENT	outside	outside	outside	outside	outside	outside	+32%	−4%	0%	−73%	+501%	−68%
SWSOLAR	loss, smaller	loss, smaller	turned profitable	+200%	+67%	+113%	outside	−42%	outside	outside	outside	outside
DBL	+439%	+65%	−95%	outside	+97%	outside	+48%	+21%	−21%	+357%	−93%	+82%