Sector analysis · India
Construction sector earnings growth, Q2 FY26
The 20 largest Construction companies by market cap at the end of Q2 FY26 (30 Sep 2025), compared with Q1 FY26.
The top 20 at Q2 FY26
Q2 FY26 vs Q1 FY26: combined net profit ₹6,521 cr (0%), median EPS −7% (8 of 19 up), market-cap-weighted price −5%. 20 of 20 reported.
| # | Company | Weight | EPS ₹, base → now | EPS growth | Contribution | Price |
|---|---|---|---|---|---|---|
| 1 | Larsen & Toubro Limited | 60.9% | 26.30 → 28.54 | +9% | +4.8 pp | 0% |
| 2 | Rail Vikas | 8.6% | 0.65 → 1.10 | +69% | +1.5 pp | −15% |
| 3 | NBCC (India) Limited | 3.5% | 0.49 → 0.57 | +16% | +0.3 pp | −13% |
| 4 | IRB Infrastructure Developers Limited | 3.0% | 0.17 → 0.12 | −29% | −1.0 pp | −17% |
| 5 | KEC International Limited | 2.8% | 4.68 → 6.04 | +29% | +0.6 pp | −5% |
| 6 | Kalpataru Projects International Limited | 2.6% | 12.51 → 14.06 | +12% | +0.4 pp | +2% |
| 7 | Afcons Infrastructure Limited | 2.0% | 3.74 → 2.86 | −24% | −0.5 pp | +4% |
| 8 | Ircon International Limited | 1.9% | 1.75 → 1.47 | −16% | −0.4 pp | −16% |
| 9 | Techno Electric & Engineering Company Limited | 1.9% | 11.69 → 8.94 | −24% | −0.5 pp | −17% |
| 10 | Cemindia Projects Limited | 1.7% | 7.99 → 6.27 | −22% | −0.5 pp | −13% |
| 11 | NCC Limited | 1.6% | 3.06 → 2.46 | −20% | −0.6 pp | −10% |
| 12 | RITES Limited | 1.4% | 1.67 → 2.04 | +22% | +0.3 pp | −12% |
| 13 | G R Infraprojects Limited | 1.4% | 25.23 → 19.91 | −21% | −0.8 pp | −7% |
| 14 | Engineers India Limited | 1.3% | 1.16 → 1.49 | +28% | +0.3 pp | −20% |
| 15 | Power Mech Projects Limited | 1.0% | 25.48 → 23.70 | −7% | −0.1 pp | −19% |
| 16 | Dilip Buildcon Limited | 0.9% | 14.10 → 11.17 | −21% one-off | −0.7 pp | +3% |
| 17 | PNC Infratech Limited | 0.9% | 16.82 → 8.41 | −50% one-off | −3.3 pp | −5% |
| 18 | Welspun Enterprises Limited | 0.8% | 6.56 → 6.53 | 0% | 0.0 pp | −8% |
| 19 | Ahluwalia Contracts (India) Limited | 0.8% | 7.64 → 11.73 | +54% | +0.4 pp | −2% |
| 20 | ISGEC Heavy | 0.8% | — → 5.98 | sources disagree | — | −29% |
| Sector earnings growth | 100% | +0.2 pp |
Who joined and who left
1 joined and 1 left the top 20 since Q1 FY26, as market caps moved.
Joined the top 20 since Q1 FY26
Left the top 20 since Q1 FY26
- Sterling and Wilson Renewable Energy 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% |
| 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% |
| AFCONS | outside | outside | outside | outside | outside | +10% | −25% | +24% | −24% | −8% | to loss | turned profitable |
| 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% |
| 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% |
| 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% |
| ENGINERSIN | −8% | −50% | +82% | −21% | +9% | +9% | +158% | −77% | +28% | +315% | −44% | −19% |
| POWERMECH | +1% | +14% | +36% | outside | +12% | outside | +43% | −31% | −7% | +25% | +52% | −44% |
| DBL | +439% | +65% | −95% | outside | +97% | outside | +48% | +21% | −21% | +357% | −93% | +82% |
| 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% |
| AHLUCONT | +11% | outside | +184% | −85% | outside | outside | outside | outside | +54% | −31% | outside | outside |
| ISGEC | +18% | +4% | +15% | −8% | +41% | −78% | +254% | sources disagree | sources disagree | +59% | +5% | −88% |