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 Q4 FY25.
The top 20 at Q4 FY26
Q4 FY26 vs Q4 FY25: combined net profit ₹8,615 cr (−7%), median EPS −6% (8 of 20 up), market-cap-weighted price −8%. 20 of 20 reported.
| # | Company | Weight | EPS ₹, base → now | EPS growth | Contribution | Price |
|---|---|---|---|---|---|---|
| 1 | Larsen & Toubro Limited | 66.2% | 39.97 → 38.71 | −3% | −1.8 pp | 0% |
| 2 | Rail Vikas | 7.1% | 2.20 → 0.90 | −59% | −2.9 pp | −29% |
| 3 | IRB Infrastructure Developers Limited | 3.7% | 0.18 → 0.25 | +39% | +0.9 pp | −2% |
| 4 | NBCC (India) Limited | 2.9% | 0.65 → 0.89 | +37% | +0.7 pp | −5% |
| 5 | Kalpataru Projects International Limited | 2.5% | 13.20 → 25.43 | +93% | +2.2 pp | +9% |
| 6 | KEC International Limited | 1.9% | 10.08 → 7.24 | −28% | −0.8 pp | −35% |
| 7 | Techno Electric & Engineering Company Limited | 1.6% | 11.58 → 9.85 | −15% | −0.2 pp | −2% |
| 8 | Central Mine Planning & Design Institute Limited | 1.5% | 3.87 → 2.63 | −32% | −1.0 pp | — |
| 9 | Ircon International Limited | 1.5% | 2.24 → 2.04 | −9% | −0.2 pp | −26% |
| 10 | Engineers India Limited | 1.4% | 4.98 → 3.48 | −30% | −0.9 pp | +13% |
| 11 | Afcons Infrastructure Limited | 1.4% | 3.02 → −2.41 | to loss | −2.1 pp | −44% |
| 12 | Cemindia Projects Limited | 1.2% | 6.61 → 14.10 | +113% | +1.4 pp | −8% |
| 13 | RITES Limited | 1.2% | 2.76 → 2.70 | −2% | 0.0 pp | −21% |
| 14 | NCC Limited | 1.1% | 4.04 → 3.28 | −19% | −0.5 pp | −37% |
| 15 | G R Infraprojects Limited | 1.1% | 41.67 → 21.69 | −48% | −2.1 pp | −24% |
| 16 | ISGEC Heavy | 0.9% | 9.67 → 9.96 | +3% | 0.0 pp | −18% |
| 17 | Dilip Buildcon Limited | 0.9% | 11.68 → 3.82 | −67% | −1.2 pp | −19% |
| 18 | Welspun Enterprises Limited | 0.8% | 6.83 → 10.45 | +53% | +0.5 pp | −14% |
| 19 | Power Mech Projects Limited | 0.8% | 37.08 → 45.09 | +22% | +0.3 pp | −36% |
| 20 | Ceigall India Limited | 0.6% | 4.25 → 7.27 | +71% | +0.6 pp | +7% |
| Sector earnings growth | 100% | −7.2 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
Left the top 20 since Q3 FY26
- Ahluwalia Contracts (India) Limited
- PNC Infratech 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% |
| 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% |
| TECHNOE | +28% | +203% | +36% | +288% | +18% | −3% | +61% | +28% | +10% | +24% | −15% | −31% |
| CMPDI | outside | outside | outside | outside | outside | outside | outside | outside | outside | outside | −32% | +54% |
| IRCON | +44% | +29% | −4% | +20% | −18% | −65% | −15% | −26% | −33% | +16% | −9% | −43% |
| ENGINERSIN | +69% | +290% | −39% | −34% | −22% | +71% | +142% | −29% | −16% | +220% | −30% | +142% |
| 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% |
| RITES | −24% | −8% | −5% | −27% | −28% | −22% | +5% | +2% | +34% | +2% | −2% | +8% |
| 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% |
| 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% |
| WELENT | outside | outside | outside | outside | outside | outside | +36% | −7% | +54% | −66% | +53% | −49% |
| POWERMECH | +16% | +16% | +6% | outside | +23% | outside | +39% | +34% | +12% | +15% | +22% | −1% |
| CEIGALL | outside | outside | outside | outside | outside | outside | outside | outside | outside | outside | +71% | +15% |