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 Q1 FY25.
The top 20 at Q1 FY26
Q1 FY26 vs Q1 FY25: combined net profit ₹6,445 cr (+20%), median EPS +28% (13 of 19 up), market-cap-weighted price −3%. 20 of 20 reported.
| # | Company | Weight | EPS ₹, base → now | EPS growth | Contribution | Price |
|---|---|---|---|---|---|---|
| 1 | Larsen & Toubro Limited | 58.0% | 20.26 → 26.30 | +30% | +15.5 pp | +3% |
| 2 | Rail Vikas | 9.5% | 1.07 → 0.65 | −39% | −1.7 pp | −5% |
| 3 | NBCC (India) Limited | 3.8% | 0.39 → 0.49 | +26% | +0.5 pp | +17% |
| 4 | IRB Infrastructure Developers Limited | 3.4% | 0.12 → 0.17 | +42% | +1.2 pp | −24% |
| 5 | KEC International Limited | 2.8% | 3.41 → 4.68 | +37% | +0.7 pp | +4% |
| 6 | Kalpataru Projects International Limited | 2.4% | 5.72 → 12.51 | +119% | +2.3 pp | +4% |
| 7 | Ircon International Limited | 2.2% | 2.38 → 1.75 | −26% | −1.1 pp | −25% |
| 8 | Techno Electric & Engineering Company Limited | 2.1% | 9.12 → 11.69 | +28% | +0.7 pp | +3% |
| 9 | Afcons Infrastructure Limited | 1.8% | 3.04 → 3.74 | +23% | +0.6 pp | — |
| 10 | Cemindia Projects Limited | 1.8% | 5.83 → 7.99 | +37% | +0.7 pp | +78% |
| 11 | NCC Limited | 1.7% | 3.34 → 3.06 | −8% | −0.3 pp | −27% |
| 12 | Engineers India Limited | 1.6% | 1.63 → 1.16 | −29% | −0.5 pp | −4% |
| 13 | RITES Limited | 1.5% | 1.64 → 1.67 | +2% | 0.0 pp | −19% |
| 14 | G R Infraprojects Limited | 1.5% | 16.08 → 25.23 | +57% | +1.7 pp | −24% |
| 15 | Power Mech Projects Limited | 1.2% | 19.02 → 25.48 | +34% | +0.4 pp | +36% |
| 16 | ISGEC Heavy | 1.0% | — → 7.11 | sources disagree | — | −1% |
| 17 | PNC Infratech Limited | 0.9% | 22.42 → 16.82 | −25% one-off | −2.7 pp | −36% |
| 18 | Welspun Enterprises Limited | 0.9% | 7.08 → 6.56 | −7% | −0.1 pp | +20% |
| 19 | Sterling and Wilson Renewable Energy Limited | 0.9% | 0.18 → 1.37 | +661% | +0.5 pp | −55% |
| 20 | Dilip Buildcon Limited | 0.9% | 8.17 → 14.10 | +73% one-off | +2.0 pp | −12% |
| Sector earnings growth | 100% | +20.4 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
Left the top 20 since Q4 FY25
- H.G. Infra Engineering 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% |
| NBCC | −17% | +58% | +25% | +39% | +55% | +24% | +30% | +26% | +27% | +39% | +37% | +16% |
| IRB | +14% | +33% | +45% | +9% | 0% | +3,019% | +13% | +42% | +50% | −97% | +39% | +47% |
| KEC | +1% | +454% | +110% | +107% | +48% | +29% | +71% | +37% | +88% | −2% | −28% | −42% |
| 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% |
| TECHNOE | +28% | +203% | +36% | +288% | +18% | −3% | +61% | +28% | +10% | +24% | −15% | −31% |
| AFCONS | outside | outside | outside | outside | outside | +19% | −21% | +23% | −22% | −35% | to loss | −78% |
| CEMPRO | outside | outside | outside | +92% | +34% | +11% | +27% | +37% | +50% | +27% | +113% | +3% |
| NCC | −42% | +40% | +25% | +20% | +115% | −12% | +6% | −8% | −5% | −37% | −19% | +13% |
| ENGINERSIN | +69% | +290% | −39% | −34% | −22% | +71% | +142% | −29% | −16% | +220% | −30% | +142% |
| 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% |
| 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 |
| PNCINFRA | +12% | +32% | +171% | +218% | −44% | −56% | −81% | −25% | +159% | −6% | outside | outside |
| WELENT | outside | outside | outside | outside | outside | outside | +36% | −7% | +54% | −66% | +53% | −49% |
| SWSOLAR | loss, smaller | loss, smaller | turned profitable | turned profitable | turned profitable | turned profitable | outside | +661% | outside | outside | outside | outside |
| DBL | +304% | +2% | turned profitable | outside | +243% | outside | +3,057% | +73% | −31% | +548% | −67% | −51% |