Sector analysis · India
Construction sector earnings growth, Q3 FY26
The 20 largest Construction companies by market cap at the end of Q3 FY26 (31 Dec 2025), compared with Q3 FY25.
The top 20 at Q3 FY26
Q3 FY26 vs Q3 FY25: combined net profit ₹6,628 cr (−43%), median EPS +6% (12 of 20 up), market-cap-weighted price −1%. 20 of 20 reported.
| # | Company | Weight | EPS ₹, base → now | EPS growth | Contribution | Price |
|---|---|---|---|---|---|---|
| 1 | Larsen & Toubro Limited | 64.1% | 24.43 → 23.37 | −4% one-off | −1.2 pp | +13% |
| 2 | Rail Vikas | 8.5% | 1.49 → 1.55 | +4% | +0.1 pp | −15% |
| 3 | NBCC (India) Limited | 3.8% | 0.51 → 0.71 | +39% one-off | +0.5 pp | +31% |
| 4 | IRB Infrastructure Developers Limited | 2.9% | 4.99 → 0.17 | −97% | −50.1 pp | −27% |
| 5 | Kalpataru Projects International Limited | 2.3% | 8.31 → 8.91 | +7% | +0.1 pp | −7% |
| 6 | KEC International Limited | 2.2% | 4.87 → 4.79 | −2% one-off | 0.0 pp | −38% |
| 7 | Ircon International Limited | 1.9% | 0.92 → 1.07 | +16% | +0.1 pp | −17% |
| 8 | Afcons Infrastructure Limited | 1.6% | 4.05 → 2.63 | −35% one-off | −0.4 pp | −29% |
| 9 | Cemindia Projects Limited | 1.5% | 5.07 → 6.46 | +27% | +0.2 pp | +46% |
| 10 | Techno Electric & Engineering Company Limited | 1.4% | 8.25 → 10.25 | +24% | +0.2 pp | −31% |
| 11 | RITES Limited | 1.3% | 2.08 → 2.12 | +2% | 0.0 pp | −17% |
| 12 | Engineers India Limited | 1.3% | 1.93 → 6.18 | +220% | +2.1 pp | +11% |
| 13 | NCC Limited | 1.1% | 3.08 → 1.95 | −37% | −0.6 pp | −41% |
| 14 | G R Infraprojects Limited | 1.1% | 27.14 → 26.74 | −1% | 0.0 pp | −32% |
| 15 | Dilip Buildcon Limited | 0.9% | 7.88 → 51.09 | +548% one-off | +6.2 pp | +6% |
| 16 | Power Mech Projects Limited | 0.8% | 25.95 → 29.73 | +15% | +0.1 pp | −11% |
| 17 | Welspun Enterprises Limited | 0.8% | 5.16 → 1.74 | −66% one-off | −0.4 pp | −15% |
| 18 | ISGEC Heavy | 0.8% | 2.73 → 9.49 | +248% | +0.4 pp | −37% |
| 19 | Ahluwalia Contracts (India) Limited | 0.7% | 7.39 → 8.07 | +9% | 0.0 pp | −4% |
| 20 | PNC Infratech Limited | 0.7% | 3.17 → 2.99 | −6% | 0.0 pp | −25% |
| Sector earnings growth | 100% | −42.9 pp |
Who joined and who left
0 joined and 0 left the top 20 since Q2 FY26, as market caps moved.
Joined the top 20 since Q2 FY26
Left the top 20 since Q2 FY26
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% |
| KPIL | −5% | +10% | +6% | −19% | +41% | −4% | +30% | +119% | +82% | +7% | +93% | +45% |
| KEC | +1% | +454% | +110% | +107% | +48% | +29% | +71% | +37% | +88% | −2% | −28% | −42% |
| IRCON | +44% | +29% | −4% | +20% | −18% | −65% | −15% | −26% | −33% | +16% | −9% | −43% |
| 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% |
| 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% |
| ENGINERSIN | +69% | +290% | −39% | −34% | −22% | +71% | +142% | −29% | −16% | +220% | −30% | +142% |
| NCC | −42% | +40% | +25% | +20% | +115% | −12% | +6% | −8% | −5% | −37% | −19% | +13% |
| GRINFRA | −35% | −25% | +42% | −50% | −11% | +8% | −27% | +57% | 0% | −1% | −48% | +46% |
| DBL | +304% | +2% | turned profitable | outside | +243% | outside | +3,057% | +73% | −31% | +548% | −67% | −51% |
| POWERMECH | +16% | +16% | +6% | outside | +23% | outside | +39% | +34% | +12% | +15% | +22% | −1% |
| WELENT | outside | outside | outside | outside | outside | outside | +36% | −7% | +54% | −66% | +53% | −49% |
| ISGEC | +102% | −2% | −17% | +29% | +55% | −68% | 0% | sources disagree | −53% | +248% | +3% | sources disagree |
| AHLUCONT | +41% | outside | +177% | −39% | outside | outside | outside | outside | +103% | +9% | outside | outside |
| PNCINFRA | +12% | +32% | +171% | +218% | −44% | −56% | −81% | −25% | +159% | −6% | outside | outside |