Sector analysis · India

Construction sector earnings growth, Q4 FY26

The 20 largest Construction companies by market cap at the end of Q4 FY26 (31 Mar 2026), compared with Q3 FY26.

The top 20 at Q4 FY26

Q4 FY26 vs Q3 FY26: combined net profit ₹8,615 cr (+28%), median EPS +37% (14 of 20 up), market-cap-weighted price −18%. 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	66.2%	23.37 → 38.71	+66%	+31.3 pp	−14%
2	Rail VikasRVNL	7.1%	1.55 → 0.90	−42%	−2.0 pp	−30%
3	IRB Infrastructure Developers LimitedIRB	3.7%	0.17 → 0.25	+47%	+1.3 pp	+5%
4	NBCC (India) LimitedNBCC	2.9%	0.71 → 0.89	+25%	+0.7 pp	−36%
5	Kalpataru Projects International LimitedKPIL	2.5%	8.91 → 25.43	+185%	+4.2 pp	−12%
6	KEC International LimitedKEC	1.9%	4.79 → 7.24	+51%	+1.0 pp	−31%
7	Techno Electric & Engineering Company LimitedTECHNOE	1.6%	10.25 → 9.85	−4%	−0.1 pp	−9%
8	Central Mine Planning & Design Institute LimitedCMPDI	1.5%	2.42 → 2.63	+9%	+0.2 pp	—
9	Ircon International LimitedIRCON	1.5%	1.07 → 2.04	+91%	+1.3 pp	−35%
10	Engineers India LimitedENGINERSIN	1.4%	6.18 → 3.48	−44%	−2.2 pp	−9%
11	Afcons Infrastructure LimitedAFCONS	1.4%	2.63 → −2.41	to loss	−2.7 pp	−30%
12	Cemindia Projects LimitedCEMPRO	1.2%	6.46 → 14.10	+118%	+1.9 pp	−35%
13	RITES LimitedRITES	1.2%	2.12 → 2.70	+27%	+0.4 pp	−28%
14	NCC LimitedNCC	1.1%	1.95 → 3.28	+68%	+1.2 pp	−18%
15	G R Infraprojects LimitedGRINFRA	1.1%	26.74 → 21.69	−19%	−0.7 pp	−20%
16	ISGEC HeavyISGEC	0.9%	9.49 → 9.96	+5%	+0.1 pp	−5%
17	Dilip Buildcon LimitedDBL	0.9%	51.09 → 3.82	−93%	−11.4 pp	−19%
18	Welspun Enterprises LimitedWELENT	0.8%	1.74 → 10.45	+501%	+1.8 pp	−20%
19	Power Mech Projects LimitedPOWERMECH	0.8%	29.73 → 45.09	+52%	+0.7 pp	−24%
20	Ceigall India LimitedCEIGALL	0.6%	4.25 → 7.27	+71%	+0.8 pp	+1%
	Sector earnings growth	100%			+27.7 pp

Who joined and who left

2 joined and 2 left the top 20 since Q3 FY26, as market caps moved.

Joined the top 20 since Q3 FY26 2

now #8 Central Mine Planning & Design Institute Limited CMPDI
now #20 Ceigall India Limited CEIGALL

Left the top 20 since Q3 FY26 2

was #19 Ahluwalia Contracts (India) Limited AHLUCONT
was #20 PNC Infratech Limited PNCINFRA

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%
KPIL	−23%	+58%	+17%	−44%	+35%	+8%	+59%	−5%	+12%	−37%	+185%	−29%
KEC	+32%	+74%	+56%	−42%	−6%	+52%	+107%	−54%	+29%	−21%	+51%	−62%
TECHNOE	+192%	+24%	−16%	+27%	−11%	+2%	+40%	+1%	−24%	+15%	−4%	−19%
CMPDI	outside	outside	outside	outside	outside	outside	outside	outside	outside	outside	+9%	−38%
IRCON	+34%	−3%	+1%	−9%	−8%	−58%	+143%	−22%	−16%	−27%	+91%	−51%
ENGINERSIN	−8%	−50%	+82%	−21%	+9%	+9%	+158%	−77%	+28%	+315%	−44%	−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%
RITES	−7%	+28%	−2%	−37%	−7%	+37%	+33%	−39%	+22%	+4%	+27%	−33%
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%
ISGEC	+18%	+4%	+15%	−8%	+41%	−78%	+254%	sources disagree	sources disagree	+59%	+5%	−88%
DBL	+439%	+65%	−95%	outside	+97%	outside	+48%	+21%	−21%	+357%	−93%	+82%
WELENT	outside	outside	outside	outside	outside	outside	+32%	−4%	0%	−73%	+501%	−68%
POWERMECH	+1%	+14%	+36%	outside	+12%	outside	+43%	−31%	−7%	+25%	+52%	−44%
CEIGALL	outside	outside	outside	outside	outside	outside	outside	outside	outside	outside	+71%	−52%