Construction - Civil/Turnkey — sector analysis & key numbers
Construction - Civil/Turnkey is mid-way through a confirmed up-move: 6 of 11 constituents are in price uptrends, and aggregate profit grew 28% in the latest year.
Construction - Civil/Turnkey groups 12 listed companies worth ₹39,122 Cr combined, and 6 of 11 are in confirmed price uptrends. Aggregate profit moved −104.2% year-on-year in the latest reported quarter. The sector trades at an aggregate P/E of 8.12×, at the 63rd percentile of its own history.
Data as of 1 July 2026 · every number traces to its Screener source column · not investment advice.
- Companies
- 12
- Total market cap
- ₹39,122 Cr
- Relative strength
- 52.6
- RRG quadrant
- narrowing
- Weeks in streak
- 12
- In Stage-2 uptrend
- 6 of 11
- Above 200-DMA
- 7 of 11
- Beating NIFTY 500
- 6 of 11
- Latest-quarter revenue
- ₹6,487 Cr
- Latest-quarter profit
- ₹-20 Cr
- Aggregate P/E
- 8.12×
- Valuation percentile
- 63rd of its own history
- Sector wind
- tailwind
- Data as of
- 1 July 2026
The research read on Construction - Civil/Turnkey: mid-way through a confirmed up-move.lifecycle_bucket
The streams broadly AGREE on the up-direction but conflict on price/cycle-position and on the capital-cycle, so mixed. CURVE: a real earnings turnaround off a deep loss trough (profit -1217 in 2023 to 1063 in 2025) on a large, established revenue base (~22815), with price +94% off the bottom — a mid-recovery move, not a fresh start nor a topping winner. The deterministic curve_move_driver is NA (insufficient multiple history over the window — the loss-year PEs are uninterpretable), so I do NOT assert earnings-led on the deterministic ground; the raw atoms nonetheless show earnings inflected hard (ΣPAT +219.2% over ~3y) alongside price +94%, so the recovery is earnings-supported rather than a pure re-rating, but I flag this as my raw-atom read, not the deterministic label. The deterministic cyclicality verdict is the key warning — peak margin value trap: the optically-cheap 8.12 PE (0th percentile) rests on PEAK margins (OPM 19.67% at the 91st percentile versus 13.43% mid-cycle), so at normalized margins the aggregate PE rises to the 15th percentile — cheap, but not as cheap as it looks, and exposed to margin mean-reversion. The profit move is also dangerously CONCENTRATED: Gayatri Projects (GAYAPROJ) alone is 84.5% of the aggregate change in PAT, Interise Trust (INTERISE) second at 10.6%, and Afcons (AFCONS) actually a -3.8% drag — the 'sector turnaround' is largely one historically-stressed name's swing, NOT broad participation, and the December-quarter one-off spike with a negative next quarter reinforces that read. QUAL is a study further-leaning on watch in expansion, with high-severity commodity and state-payment risk and thin downside mapping. SOCIAL is broad/off-target. capital_flows is a late-cycle capex flood — institutions crowding in while capex floods. Net: a legitimate earnings recovery, but at peak margins, the move concentrated in one name with the latest quarter already negative, and institutions crowding in late. Earnings-supported but not pristine — a mid-move recovery to monitor, not a fresh high-conviction entry. Conviction in the high-50s.synthesis
What would change this view: Two prints flip this read. Bullish: the next two quarters confirm GAYAPROJ's December one-off spike washes through and the remaining eleven names post a broad-based, repeating PAT recovery — turning a one-name aggregate into a real sector turn. Bearish: sector OPM rolls down from its 91st-percentile peak while ΣPAT contracts (the March-2026 negative quarter extends), confirming the deterministic peak-margin value trap — the cheap 8.12 PE was a margin illusion, not value.would_change_my_mind
Civil/road turnkey EPC is the freshest inflection in the batch — record order books are converting to revenue with accelerating NHAI execution and margin expansion — though commodity pass-through and competitive bidding temper conviction.one_line_thesis
- ✓Aggregate PAT bled losses for years — -334 (2019) worsening to -892 (2022) and -1217 (2023) — then snapped to profit at 831 (2024) and 1063 (2025). · construction-civil-turnkey.json (curve.annual_fundamentals.pat)
- ⚠Revenue is large and steadily rising (19623 → 22549 → 22815 across 2023-25) — an established sector, not a thin micro-cap. · construction-civil-turnkey.json (curve.annual_fundamentals.revenue)
- ⚠OPM climbed to a record 19.67 (2025) from a 9.42 trough (2022); the deterministic block puts 19.67 at the 91st percentile versus a 13.43 normalized mid-cycle (gap +46.5%) — PEAK margins. · construction-civil-turnkey.json (sector_cycle_deterministic.margin)
- ✓The aggregate trailing PE is 8.12 (2026-03), down from absurd loss-year readings as earnings turned; PB is 2.1. · pb_now)
- ✓PB is 2.1 now versus a 1.73 anchor (2023-03) — a modest re-rating off the trough. · pb_window_start)
- ⚠The price index crashed from 100 (2015) to ~9.9 (2018) then recovered to 35.5 (2026-03), up 94% over the last twelve quarters but still far below the early peak. · construction-civil-turnkey.json (curve.valuation_series.price_idx; price_chg_pct +94%)
- ⚠The deterministic curve_move_driver is NA (insufficient history); the raw atoms show ΣPAT +219.2% over ~3y alongside price +94% — earnings-supported recovery (my raw-atom read, not the deterministic label). · construction-civil-turnkey.json (sector_cycle_deterministic.curve_move_driver)
- ⚠The deterministic verdict is peak margin value trap: trailing PE 0th percentile reads CHEAP, but at mid-cycle margin the normalized PE rises to the 15th percentile — the cheap PE is margin-inflated. · construction-civil-turnkey.json (sector_cycle_deterministic.verdict)
Research view from 2026-06-27
6 of 11 constituents are in Stage-2 price uptrends, 7 trade above their 200-day averages, and 6 are beating the NIFTY 500 on relative strength.stageabove_dma200rs_mansfield
Over the trailing ~20 weeks, the share of constituents above the 200-day line moved from 46% to 67% — participation is widening.breadth_series
Sector relative strength stands at 52.6, in the narrowing quadrant of the rotation map, with relative strength rising over a 12-week streak.current_rsquadrant
Recent stage changes: BLKASHYAP (stage 4→1).stage
Data: Breadth trend
| Period | % above 200-DMA (%) | % beating NIFTY (%) |
|---|---|---|
| Feb 26 | 45.5 | 40.0 |
| Feb 26 | 45.5 | 40.0 |
| Feb 26 | 45.5 | 40.0 |
| Mar 26 | 36.4 | 40.0 |
| Mar 26 | 20.0 | 33.3 |
| Mar 26 | 20.0 | 33.3 |
| Mar 26 | 20.0 | 33.3 |
| Mar 26 | 50.0 | 50.0 |
| Apr 26 | 100.0 | 100.0 |
| Apr 26 | 44.4 | 44.4 |
| Apr 26 | 33.3 | 33.3 |
| Apr 26 | 55.6 | 44.4 |
| May 26 | 55.6 | 55.6 |
| May 26 | 44.4 | 44.4 |
| May 26 | 55.6 | 55.6 |
| May 26 | 44.4 | 44.4 |
| Jun 26 | 44.4 | 44.4 |
| Jun 26 | 44.4 | 33.3 |
| Jun 26 | 44.4 | 33.3 |
| Jun 26 | 66.7 | 44.4 |
Data as of 2026-07-01
Top performers by 1-year price return: GHV Infra Projects Ltd (+583.4%), Gayatri Projects Ltd (+160%), Effwa Infra & Research Ltd (+62.2%), Ceigall India Ltd (+45.4%), Denta Water & Infra Solutions Ltd (+14%).price
Data: Indexed price (base 100, ~52 weeks) — default top-5
| Period | GHVINFRA (index) | GAYAPROJ (index) | EFFWA (index) | CEIGALL (index) | DENTA (index) | Sector avg (index) |
|---|---|---|---|---|---|---|
| Jul 25 | 100 | 100 | 100 | 100 | 100 | 100 |
| Jul 25 | 110 | 103 | 103 | 93.8 | 116 | 103 |
| Jul 25 | 122 | 103 | 100 | 92.0 | 111 | 103 |
| Aug 25 | 135 | 107 | 101 | 91.8 | 105 | 106 |
| Aug 25 | 149 | 102 | 99.6 | 89.9 | 104 | 106 |
| Aug 25 | 148 | 102 | 96.1 | 85.8 | 114 | 106 |
| Aug 25 | 134 | 108 | 98.8 | 88.1 | 143 | 111 |
| Aug 25 | 124 | 99.5 | 96.4 | 85.6 | 135 | 107 |
| Sep 25 | 126 | 102 | 97.2 | 95.6 | 141 | 111 |
| Sep 25 | 136 | 121 | 94.3 | 94.0 | 131 | 111 |
| Sep 25 | 141 | 127 | 101 | 96.3 | 157 | 118 |
| Sep 25 | 140 | 133 | 93.6 | 91.5 | 145 | 113 |
| Oct 25 | 140 | 133 | 97.9 | 90.9 | 150 | 116 |
| Oct 25 | 139 | 133 | 96.6 | 91.3 | 152 | 116 |
| Oct 25 | 140 | 133 | 89.6 | 86.5 | 139 | 112 |
| Oct 25 | 139 | 133 | 91.2 | 88.8 | 137 | 113 |
| Oct 25 | 143 | 133 | 90.8 | 87.7 | 136 | 115 |
| Nov 25 | 144 | 133 | 105 | 86.8 | 138 | 117 |
| Nov 25 | 141 | 140 | 110 | 85.9 | 136 | 117 |
| Nov 25 | 138 | 140 | 107 | 84.5 | 124 | 112 |
| Nov 25 | 134 | 140 | 105 | 84.5 | 128 | 111 |
| Dec 25 | 140 | 140 | 108 | 81.3 | 118 | 108 |
| Dec 25 | 132 | 140 | 109 | 81.9 | 108 | 108 |
| Dec 25 | 130 | – | 101 | 85.1 | 114 | 103 |
| Dec 25 | 130 | – | 98.4 | 90.7 | 113 | 104 |
| Jan 26 | 122 | – | 99.4 | 95.7 | 115 | 105 |
| Jan 26 | 112 | 147 | 92.0 | 94.9 | 104 | 104 |
| Jan 26 | 100 | 147 | 91.8 | 97.4 | 100 | 102 |
| Jan 26 | 107 | 147 | 91.6 | 95.9 | 86.9 | 98.5 |
| Feb 26 | 101 | 147 | 93.8 | 96.3 | 87.4 | 101 |
| Feb 26 | 98.7 | 147 | 88.7 | 102 | 89.3 | 103 |
| Feb 26 | 126 | 154 | 92.6 | 101 | 92.9 | 107 |
| Feb 26 | 146 | 154 | 90.7 | 100 | 85.3 | 109 |
| Feb 26 | 150 | 154 | 87.7 | 99.0 | 84.5 | 107 |
| Mar 26 | 136 | 154 | 91.8 | 96.9 | 78.3 | 104 |
| Mar 26 | – | 154 | 87.0 | 92.8 | 81.9 | 99.6 |
| Mar 26 | – | 162 | 89.4 | 94.4 | 81.5 | 102 |
| Mar 26 | – | 170 | 79.7 | 93.5 | 79.8 | 101 |
| Apr 26 | – | 175 | 90.7 | 96.3 | – | 112 |
| Apr 26 | – | 199 | 98.1 | 105 | – | 125 |
| Apr 26 | – | 241 | 99.8 | 107 | 102 | 112 |
| Apr 26 | – | 234 | 94.6 | 114 | 98.1 | 110 |
| Apr 26 | – | 217 | 107 | 118 | 94.6 | 110 |
| May 26 | – | 232 | 119 | 131 | 99.1 | 116 |
| May 26 | – | 219 | 111 | 121 | 88.7 | 107 |
| May 26 | – | 204 | 115 | 120 | 94.8 | 107 |
| May 26 | – | 227 | 117 | 121 | 85.1 | 108 |
| Jun 26 | – | 249 | 141 | 125 | 82.5 | 111 |
| Jun 26 | – | 265 | 138 | 131 | 82.7 | 113 |
| Jun 26 | – | 285 | 154 | 131 | 98.5 | 118 |
| Jun 26 | – | 266 | 159 | 133 | 110 | 120 |
| Jul 26 | – | 270 | 165 | 137 | 111 | 120 |
Data: Quarterly revenue (8q) — default top-5
| Period | GHVINFRA (₹ Cr) | GAYAPROJ (₹ Cr) | EFFWA (₹ Cr) | CEIGALL (₹ Cr) | DENTA (₹ Cr) | Sector avg (₹ Cr) |
|---|---|---|---|---|---|---|
| Jun 24 | – | 119 | – | 822 | 49.0 | 680 |
| Sep 24 | – | 103 | 61.0 | 772 | 48.0 | 582 |
| Dec 24 | 18.0 | 91.0 | – | 831 | 51.0 | 559 |
| Mar 25 | – | 137 | 124 | 1,012 | 54.0 | 621 |
| Jun 25 | – | 77.0 | – | 838 | 67.0 | 723 |
| Sep 25 | 184 | 73.0 | 90.0 | 807 | 74.0 | 494 |
| Dec 25 | 138 | 506 | – | 991 | 54.0 | 648 |
| Mar 26 | – | 191 | 163 | 1,387 | 55.0 | 649 |
Data: Quarterly net profit (8q) — default top-5
| Period | GHVINFRA (₹ Cr) | GAYAPROJ (₹ Cr) | EFFWA (₹ Cr) | CEIGALL (₹ Cr) | DENTA (₹ Cr) | Sector avg (₹ Cr) |
|---|---|---|---|---|---|---|
| Jun 24 | – | -13.0 | – | 78.0 | 13.0 | 23.5 |
| Sep 24 | – | -20.0 | 5.0 | 66.0 | 11.0 | 7.9 |
| Dec 24 | 3.0 | -2.0 | – | 71.0 | 15.0 | 29.3 |
| Mar 25 | – | 159 | 15.0 | 72.0 | 14.0 | 47.2 |
| Jun 25 | – | -1.0 | – | 51.0 | 19.0 | 32.9 |
| Sep 25 | 11.0 | -3.0 | 10.0 | 56.0 | 19.0 | 22.9 |
| Dec 25 | 15.0 | 2,157 | – | 72.0 | 14.0 | 246 |
| Mar 26 | – | -111 | 18.0 | 129 | 9.0 | -2.0 |
Data: Operating margin % (8q) — default top-5
| Period | GHVINFRA (%) | GAYAPROJ (%) | EFFWA (%) | CEIGALL (%) | DENTA (%) | Sector avg (%) |
|---|---|---|---|---|---|---|
| Jun 24 | – | -3.0 | – | 18.0 | 35.6 | 22.2 |
| Sep 24 | – | 21.0 | 12.0 | 16.0 | 31.3 | 20.6 |
| Dec 24 | 20.0 | 9.0 | – | 15.0 | 35.9 | 21.0 |
| Mar 25 | – | -19.0 | 18.0 | 13.0 | 30.5 | 16.4 |
| Jun 25 | – | 12.0 | – | 13.0 | 33.4 | 23.0 |
| Sep 25 | 12.0 | 1.0 | 17.0 | 14.0 | 31.9 | 20.1 |
| Dec 25 | 20.0 | -6.0 | – | 14.0 | 32.7 | 20.4 |
| Mar 26 | – | 9.0 | 16.0 | 16.0 | 19.3 | 17.8 |
Data: Latest reported ROCE / ROE (single latest reading, not a trend) — default top-5
| Period | GAYAPROJ (%) | EFFWA (%) | CEIGALL (%) | DENTA (%) | Sector avg (%) |
|---|---|---|---|---|---|
| ROCE % | 7.0 | 29.3 | 17.3 | 18.8 | 20.0 |
| ROE % | – | 26.2 | 15.7 | 14.0 | 17.8 |
Data: 10-year valuation percentile (latest) — default top-5
| Period | GAYAPROJ (percentile) | EFFWA (percentile) | CEIGALL (percentile) | DENTA (percentile) | Sector avg (percentile) |
|---|---|---|---|---|---|
| 10y percentile | 30.0 | 78.0 | 89.0 | 57.0 | 55.4 |
Interactive charts default to the five strongest performers by 1-year price return; use the rail to add or remove any constituent, globally or per chart. Non-interactive readers see the same numbers in each chart’s data table.
Data as of 2026-07-01
In the latest reported quarter (2026-03), constituents together booked ₹6,487 Cr of revenue (+4.5% year-on-year) and ₹−20.0 Cr of profit (-104.2%).revenuepat
On the annual arc, aggregate profit grew 28% to ₹1,063 Cr in 2025.pat
Data: Aggregate quarterly revenue
| Period | Revenue (₹ Cr) | Reporters |
|---|---|---|
| Jun 23 | 4,299 | 5 |
| Sep 23 | 4,797 | 7 |
| Dec 23 | 4,460 | 7 |
| Mar 24 | 5,433 | 8 |
| Jun 24 | 5,440 | 8 |
| Sep 24 | 5,241 | 9 |
| Dec 24 | 5,591 | 10 |
| Mar 25 | 6,210 | 10 |
| Jun 25 | 5,787 | 8 |
| Sep 25 | 5,925 | 12 |
| Dec 25 | 6,476 | 10 |
| Mar 26 | 6,487 | 10 |
Data: Aggregate quarterly profit
| Period | Profit after tax (₹ Cr) |
|---|---|
| Jun 23 | 110 |
| Sep 23 | 212 |
| Dec 23 | 196 |
| Mar 24 | 413 |
| Jun 24 | 188 |
| Sep 24 | 71 |
| Dec 24 | 293 |
| Mar 25 | 471 |
| Jun 25 | 263 |
| Sep 25 | 275 |
| Dec 25 | 2,457 |
| Mar 26 | -20 |
Data: Aggregate operating margin
| Period | OPM (%) |
|---|---|
| Jun 23 | 10.2 |
| Sep 23 | 10.8 |
| Dec 23 | 13.0 |
| Mar 24 | 10.6 |
| Jun 24 | 20.8 |
| Sep 24 | 19.5 |
| Dec 24 | 21.6 |
| Mar 25 | 17.8 |
| Jun 25 | 22.4 |
| Sep 25 | 21.0 |
| Dec 25 | 20.8 |
| Mar 26 | 16.0 |
Data: Aggregate profit by year
| Period | Profit after tax (₹ Cr) |
|---|---|
| 2015 | -105 |
| 2016 | -33 |
| 2017 | 5 |
| 2018 | 4 |
| 2019 | -334 |
| 2020 | -259 |
| 2021 | -183 |
| 2022 | -892 |
| 2023 | -1,217 |
| 2024 | 831 |
| 2025 | 1,063 |
| 2026 | – |
Data: Operating margin by year
| Period | OPM (%) |
|---|---|
| 2015 | 15.4 |
| 2016 | 10.6 |
| 2017 | 13.0 |
| 2018 | 13.4 |
| 2019 | 14.9 |
| 2020 | 10.3 |
| 2021 | 14.4 |
| 2022 | 9.4 |
| 2023 | 11.6 |
| 2024 | 18.9 |
| 2025 | 19.7 |
| 2026 | – |
Data as of 2026-06-27
Sector profit moved from ₹831 Cr to ₹1,063 Cr (+27.9% year-on-year) — the decomposition attributes the larger share to the margin side (costs and pricing).pat
Capital cycle: capital is entering this industry, with constituent capex running +65.7% year-on-year.readcapex_yoy_pct
Sector ΣPAT +27.9% YoY — dominant leg: net_margin (margin-led — confirm input-cost/pricing, not a one-off).
patCapital is ENTERING (read=ENTERING; capex +65.7%, FII+DII +0.48pp) — crowding in + a capex surge LATE in the cycle is a HEADWIND (supply coming, competition for returns). Check whether the inflow is EARLY (depressed valuation, fresh turn) or LATE (chasing a run).
capex_yoy_pctfii_dii_delta_4qcwip_growth_pctResearch view from 2026-06-27
Ownership: institutional (FII+DII) holdings moved +0.47 percentage points over four quarters; promoter stakes moved +0.13 points over two.fii_dii_delta_4qpromoter_delta_2q
Constituents spent ₹1,024 Cr on capex in the trailing twelve months (+65.7% year-on-year), with gross block growing -4%.capex_ttm_sum_crcapex_yoy_pct
On the deterministic capital-flow read, capital is entering this industry.read
Research view from 2026-06-27
The sector trades at an aggregate P/E of 8.12× against a range of 8.12–10293.41× over its 40-quarter history.pe
The median constituent sits at the 63rd percentile of its own 10-year valuation range.percentile
Aggregate operating margin (19.7%) sits at the 100th percentile of its own annual history — a cheap-looking multiple on near-peak margins is only cheap if the margins hold.opm
Data: Aggregate P/E and price index
| Period | P/E (×) | Price index |
|---|---|---|
| Jun 16 | – | 100 |
| Sep 16 | – | 101 |
| Dec 16 | – | 107 |
| Mar 17 | 1,377.8 | 115 |
| Jun 17 | 1,600.2 | 133 |
| Sep 17 | 1,775.6 | 148 |
| Dec 17 | 2,302.2 | 191 |
| Mar 18 | 10,293.4 | 171 |
| Jun 18 | 8,436.3 | 140 |
| Sep 18 | 8,446.1 | 140 |
| Dec 18 | 8,847.4 | 147 |
| Mar 19 | 51.6 | 132 |
| Jun 19 | 49.3 | 126 |
| Sep 19 | 34.1 | 87 |
| Dec 19 | 26.6 | 68 |
| Mar 20 | – | 10 |
| Jun 20 | – | 15 |
| Sep 20 | – | 18 |
| Dec 20 | – | 36 |
| Mar 21 | – | 32 |
| Jun 21 | – | 35 |
| Sep 21 | – | 50 |
| Dec 21 | – | 35 |
| Mar 22 | – | 30 |
| Jun 22 | – | 21 |
| Sep 22 | – | 17 |
| Dec 22 | – | 20 |
| Mar 23 | – | 18 |
| Jun 23 | – | 24 |
| Sep 23 | – | 31 |
| Dec 23 | – | 37 |
| Mar 24 | 21.1 | 38 |
| Jun 24 | 19.2 | 42 |
| Sep 24 | 68.2 | 52 |
| Dec 24 | 30.4 | 50 |
| Mar 25 | 37.4 | 42 |
| Jun 25 | 35.5 | 43 |
| Sep 25 | 32.6 | 45 |
| Dec 25 | 11.6 | 42 |
| Mar 26 | 8.1 | 36 |
Aggregate operating margin (19.7%) sits at the 100th percentile of its own annual history — a cheap-looking multiple on near-peak margins is only cheap if the margins hold.
Data as of 2026-06-27
12 companies make up this sector, led by Afcons Infrastructure Ltd at ₹11,521 Cr of market value.constituents
| Company | Price | 1y | Stage | RS | 10y val % |
|---|---|---|---|---|---|
| Afcons Infrastructure Ltd | ₹309 | −27.9% | 4 | -16.6 | 75 |
| Interise Trust | ₹110 | – | – | – | – |
| Ceigall India Ltd | ₹392 | +45.4% | 2 | 36.9 | 89 |
| GHV Infra Projects Ltd | ₹314 | +583.4% | 2 | 36.1 | – |
| B.L.Kashyap & Sons Ltd | ₹54.3 | −22.3% | 1 | -4.1 | 74 |
| SRM Contractors Ltd | ₹513 | +5.6% | 2 | 3.3 | 0 |
| Gayatri Projects Ltd | ₹22.3 | +160.0% | 2 | 69.4 | 30 |
| Effwa Infra & Research Ltd | ₹378 | +62.2% | 2 | 59.4 | 78 |
| Denta Water & Infra Solutions Ltd | ₹327 | +14.0% | 4 | 1.3 | 57 |
| Sathlokhar Synergys E&C Global Ltd | ₹314 | −16.2% | 4 | -25.7 | 33 |
| A B Infrabuild Ltd | ₹11.0 | −34.4% | 4 | -36.6 | 63 |
| HRS Aluglaze Ltd | ₹280 | – | 2 | – | – |
Data as of 2026-07-01
Tailwind chain: Strong residential pre-sales and government focus on water/urban infra. Also touches: Realty - National, DI Pipes/Saw Pipes.triggermechanism
Strong residential pre-sales and government focus on water/urban infra.
Housing boom creates trailing demand for building materials, pipes, and cables. Jal Jeevan and urban infra drive DI pipe and civil contracting orders.
Research view from 2026-06-27
A breakdown is NOT underway: 67% of constituents still trade above their 200-day averages.breadth_series
- A breakdown is NOT underway: 67% of constituents still trade above their 200-day averages.
Data as of 2026-07-01
Straight answers from the data
What is the Construction - Civil/Turnkey sector?
The Construction - Civil/Turnkey sector groups 12 listed companies with a combined market value of ₹39,122 Cr, led by Afcons Infrastructure Ltd, Interise Trust, Ceigall India Ltd. 6 of 11 constituents are currently in confirmed price uptrends.
Which stocks are in the Construction - Civil/Turnkey sector?
The largest Construction - Civil/Turnkey companies by market value are Afcons Infrastructure Ltd (₹11,521 Cr), Interise Trust (₹11,440 Cr), Ceigall India Ltd (₹6,658 Cr), GHV Infra Projects Ltd (₹2,262 Cr), B.L.Kashyap & Sons Ltd (₹1,283 Cr), SRM Contractors Ltd (₹1,174 Cr), Gayatri Projects Ltd (₹1,017 Cr), Effwa Infra & Research Ltd (₹845 Cr).
What are the best-performing Construction - Civil/Turnkey stocks?
By 1-year price return as of 1 July 2026, the strongest Construction - Civil/Turnkey stocks are GHV Infra Projects Ltd (+583%), Gayatri Projects Ltd (+160%), Effwa Infra & Research Ltd (+62%), Ceigall India Ltd (+45%), Denta Water & Infra Solutions Ltd (+14%). These are descriptive price moves measured from weekly Screener closes, not recommendations.
Is the Construction - Civil/Turnkey sector in an uptrend?
6 of 11 Construction - Civil/Turnkey constituents are in Stage-2 price uptrends, 7 trade above their 200-day average, and 6 are beating the NIFTY 500 on relative strength. Sector relative strength reads 52.6, in the narrowing quadrant of the rotation map, rising over a 12-week streak.
How many Construction - Civil/Turnkey stocks trade above their 200-day average?
7 of 11 Construction - Civil/Turnkey constituents currently trade above their 200-day moving average. Over the trailing ~20 weeks, that share moved from 46% to 67% — participation is widening.
Is the Construction - Civil/Turnkey sector expensive versus its own history?
The Construction - Civil/Turnkey sector trades at an aggregate P/E of 8.12× against a 8.12–10,293× band over its own history. The median constituent sits at the 63rd percentile of its own 10-year P/E range, above the middle of its own historical range. Aggregate operating margin (19.7%) sits at the 100th percentile of its own annual history — a cheap-looking multiple on near-peak margins is only cheap if the margins hold.
Is money entering or leaving the Construction - Civil/Turnkey sector?
On Sector Alpha's deterministic capital-flow read, money is entering the Construction - Civil/Turnkey sector. Institutional (FII+DII) holdings moved +0.48 percentage points across constituents over the last four quarters, and constituents grew capex +65.7% year-on-year.
How fast is the Construction - Civil/Turnkey sector growing?
In the latest reported quarter (March 2026), Construction - Civil/Turnkey constituents together booked ₹6,487 Cr of revenue, +4.5% year-on-year, with aggregate profit −104.2% year-on-year. Figures aggregate Screener-scraped quarterly filings across the sector.
How are Construction - Civil/Turnkey operating margins trending?
Aggregate Construction - Civil/Turnkey operating margin was 16% in the latest reported quarter (March 2026), versus 17.8% a year earlier — margins are softening.
Which sectors is the Construction - Civil/Turnkey sector connected to?
The Construction - Civil/Turnkey sector sits in 1 cross-sector chain: as a beneficiary it connects to Realty - National, DI Pipes/Saw Pipes — Strong residential pre-sales and government focus on water/urban infra..
What is the bull case for the Construction - Civil/Turnkey sector?
Civil/road turnkey EPC is the freshest inflection in the batch — record order books are converting to revenue with accelerating NHAI execution and margin expansion — though commodity pass-through and competitive bidding temper conviction. Aggregate PAT bled losses for years — -334 (2019) worsening to -892 (2022) and -1217 (2023) — then snapped to profit at 831 (2024) and 1063 (2025).
What could change the view on the Construction - Civil/Turnkey sector?
Two prints flip this read. Bullish: the next two quarters confirm GAYAPROJ's December one-off spike washes through and the remaining eleven names post a broad-based, repeating PAT recovery — turning a one-name aggregate into a real sector turn. Bearish: sector OPM rolls down from its 91st-percentile peak while ΣPAT contracts (the March-2026 negative quarter extends), confirming the deterministic peak-margin value trap — the cheap 8.12 PE was a margin illusion, not value. Also worth noting: a breakdown is NOT underway: 67% of constituents still trade above their 200-day averages.
What is the research view on the Construction - Civil/Turnkey sector?
Sector Alpha does not publish trading recommendations or price calls — this is a research read, not advice. What the data says: broken out mid · mixed. The streams broadly AGREE on the up-direction but conflict on price/cycle-position and on the capital-cycle, so mixed. CURVE: a real earnings turnaround off a deep loss trough (profit -1217 in 2023 to 1063 in 2025) on a large, established revenue base (~22815), with price +94% off the bottom — a mid-recovery move…. Every number on this page traces to its source column; it is machine-written research, not investment advice.
Should I invest in the Construction - Civil/Turnkey sector?
Sector Alpha does not publish sector allocations or trading calls — for Construction - Civil/Turnkey or any sector. What this page provides is a data-first read: how many constituents are in confirmed uptrends, how the sector's valuation compares with its own history, where earnings sit in their cycle, and whether capital is entering or leaving. Use it to study the sector on the evidence, then do your own diligence.
What is the Construction - Civil/Turnkey sector's relative-strength position?
Construction - Civil/Turnkey relative strength reads 52.6 on Sector Alpha's rotation map, placing it in the narrowing quadrant. Relative strength is rising and has held for 12 weeks. A positive, rising relative-strength trend means the sector has been outperforming the broad market week after week.