Sector analysis · India
Construction sector earnings growth, Q4 FY25
The 20 largest Construction companies by market cap at the end of Q4 FY25 (31 Mar 2025), compared with Q4 FY24.
The top 20 at Q4 FY25
Q4 FY25 vs Q4 FY24: combined net profit ₹9,156 cr (+16%), median EPS +19% (13 of 20 up), market-cap-weighted price −6%. 20 of 20 reported.
| # | Company | Weight | EPS ₹, base → now | EPS growth | Contribution | Price |
|---|---|---|---|---|---|---|
| 1 | Larsen & Toubro Limited | 61.5% | 31.98 → 39.97 | +25% | +13.9 pp | −7% |
| 2 | Rail Vikas | 9.4% | 2.30 → 2.20 | −4% | −0.2 pp | +39% |
| 3 | IRB Infrastructure Developers Limited | 3.5% | 0.16 → 0.18 | +13% | +0.3 pp | −23% |
| 4 | NBCC (India) Limited | 2.8% | 0.50 → 0.65 | +30% one-off | +0.5 pp | +3% |
| 5 | KEC International Limited | 2.7% | 5.90 → 10.08 | +71% | +1.5 pp | +13% |
| 6 | Afcons Infrastructure Limited | 2.3% | 3.80 → 3.02 | −21% one source | −0.2 pp | — |
| 7 | Kalpataru Projects International Limited | 2.1% | 10.16 → 13.20 | +30% | +0.8 pp | −9% |
| 8 | Ircon International Limited | 1.9% | 2.62 → 2.24 | −15% | −0.5 pp | −29% |
| 9 | NCC Limited | 1.7% | 3.81 → 4.04 | +6% | +0.2 pp | −10% |
| 10 | Techno Electric & Engineering Company Limited | 1.5% | 7.20 → 11.58 | +61% | +0.7 pp | +30% |
| 11 | RITES Limited | 1.4% | 2.62 → 2.76 | +5% | +0.1 pp | −33% |
| 12 | G R Infraprojects Limited | 1.3% | 57.20 → 41.67 | −27% | −1.9 pp | −20% |
| 13 | Cemindia Projects Limited | 1.2% | 5.21 → 6.61 | +27% | +0.3 pp | +67% |
| 14 | Engineers India Limited | 1.2% | 2.06 → 4.98 | +142% | +2.1 pp | −20% |
| 15 | Power Mech Projects Limited | 1.1% | 26.73 → 37.08 | +39% | +0.4 pp | +8% |
| 16 | ISGEC Heavy | 1.0% | 9.70 → 9.67 | 0% | 0.0 pp | +17% |
| 17 | Dilip Buildcon Limited | 0.9% | 0.37 → 11.68 | +3,057% | +2.1 pp | +4% |
| 18 | H.G. Infra Engineering Limited | 0.9% | 29.16 → 22.55 | −23% | −0.5 pp | +16% |
| 19 | Welspun Enterprises Limited | 0.9% | 5.04 → 6.83 | +36% | +0.3 pp | +59% |
| 20 | PNC Infratech Limited | 0.8% | 15.43 → 2.94 | −81% | −4.1 pp | −42% |
| Sector earnings growth | 100% | +15.7 pp |
Who joined and who left
3 joined and 3 left the top 20 since Q3 FY25, as market caps moved.
Joined the top 20 since Q3 FY25
Left the top 20 since Q3 FY25
- Sterling and Wilson Renewable Energy Limited
- KNR Constructions Limited
- Ashoka Buildcon Limited
EPS growth by company, Q2 FY24 to Q1 FY27
Each company's EPS growth year on year, 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 | +48% | +18% | +13% | +14% | +5% | +14% | +25% | +30% | +16% | −4% | −3% | +14% |
| RVNL | +3% | −6% | +34% | −35% | −27% | −13% | −4% | −39% | −20% | +4% | −59% | +17% |
| IRB | +14% | +33% | +45% | +9% | 0% | +3,019% | +13% | +42% | +50% | −97% | +39% | +47% |
| NBCC | −17% | +58% | +25% | +39% | +55% | +24% | +30% | +26% | +27% | +39% | +37% | +16% |
| KEC | +1% | +454% | +110% | +107% | +48% | +29% | +71% | +37% | +88% | −2% | −28% | −42% |
| AFCONS | outside | outside | outside | outside | outside | +19% | −21% | +23% | −22% | −35% | to loss | −78% |
| KPIL | −5% | +10% | +6% | −19% | +41% | −4% | +30% | +119% | +82% | +7% | +93% | +45% |
| IRCON | +44% | +29% | −4% | +20% | −18% | −65% | −15% | −26% | −33% | +16% | −9% | −43% |
| NCC | −42% | +40% | +25% | +20% | +115% | −12% | +6% | −8% | −5% | −37% | −19% | +13% |
| TECHNOE | +28% | +203% | +36% | +288% | +18% | −3% | +61% | +28% | +10% | +24% | −15% | −31% |
| RITES | −24% | −8% | −5% | −27% | −28% | −22% | +5% | +2% | +34% | +2% | −2% | +8% |
| GRINFRA | −35% | −25% | +42% | −50% | −11% | +8% | −27% | +57% | 0% | −1% | −48% | +46% |
| CEMPRO | outside | outside | outside | +92% | +34% | +11% | +27% | +37% | +50% | +27% | +113% | +3% |
| ENGINERSIN | +69% | +290% | −39% | −34% | −22% | +71% | +142% | −29% | −16% | +220% | −30% | +142% |
| POWERMECH | +16% | +16% | +6% | outside | +23% | outside | +39% | +34% | +12% | +15% | +22% | −1% |
| ISGEC | +102% | −2% | −17% | +29% | +55% | −68% | 0% | sources disagree | −53% | +248% | +3% | sources disagree |
| DBL | +304% | +2% | turned profitable | outside | +243% | outside | +3,057% | +73% | −31% | +548% | −67% | −51% |
| HGINFRA | +17% | −22% | +11% | +8% | −16% | +13% | −23% | outside | outside | outside | outside | outside |
| WELENT | outside | outside | outside | outside | outside | outside | +36% | −7% | +54% | −66% | +53% | −49% |
| PNCINFRA | +12% | +32% | +171% | +218% | −44% | −56% | −81% | −25% | +159% | −6% | outside | outside |