Construction Stocks and Companies in India

The largest Construction stocks in India by market value are NCC (₹7,621 crore), Mahindra Lifespace Developers (₹6,705 crore) and Man Infraconstruction (₹4,331 crore), at prices of 4 Nov 2026.

• NCC: ₹121.39 | market value ₹7,621 crore | P/E 10.5
• Mahindra Lifespace Developers: ₹314.15 | market value ₹6,705 crore | P/E 24.0
• Man Infraconstruction: ₹107.29 | market value ₹4,331 crore | P/E 19.3
• PSP Projects: ₹756.35 | market value ₹2,998 crore | P/E 40.8
• Ashoka Buildcon: ₹104.39 | market value ₹2,931 crore | P/E 4.3
• Garuda Construction and Engineering: ₹155.15 | market value ₹1,443 crore | P/E 10.6
• Modis Navnirman: ₹390.45 | market value ₹765 crore | P/E 21.1
• Vascon Engineers: ₹31.39 | market value ₹728 crore | P/E 25.5
• BEML Land Assets: ₹164.90 | market value ₹687 crore | P/E 299.5
• Jaiprakash Associates: ₹2.42 (price from the week of 22 Mar 2026) | market value ₹594 crore

The other 2 Construction companies are in the full list below.

Share price | market value | P/E, biggest first. Prices, market values and ratios at the official close of 4 Nov 2026; the score list below uses the weekly figures.

Ranked by the 4-Factor Sector Score (growth & earnings 35, capital efficiency 25, valuation 20, relative strength 20). Prices as of 30 Oct 2026.

All 12 listed Indian Construction & Contracting companies are named here, largest first. This is the set of companies people mean when they search for a Nifty Construction & Contracting index; NSE publishes its own indices only for the largest sectors, so this equal-weighted set stands in for one. One large company cannot set the reading.

1. NCC Ltd₹7,190 cr
2. Mahindra Lifespace Developers Ltd₹6,550 cr
3. Man Infraconstruction Ltd₹4,310 cr
4. PSP Projects Ltd₹2,740 cr
5. Ashoka Buildcon Ltd₹2,710 cr
6. Garuda Construction and Engineering Ltd₹1,260 cr
7. Modis Navnirman Ltd₹769 cr
8. Vascon Engineers Ltd₹690 cr
9. BEML Land Assets Ltd₹667 cr
10. Jaiprakash Associates Ltd₹594 cr
11. Consolidated Construction Consortium Ltd₹484 cr
12. RDB Infrastructure and Power Ltd₹338 cr

12 Construction companies in the Construction & Contracting industry group have a page on Sector Alpha, by market value as of 30 October 2026, and all 12 are listed below, largest first. The largest is NCC (₹7,189 crore) and the smallest with a market value is RDB Infrastructure and Power.

Download all 12 Construction companies (CSV)

The line below covers up to 5.2 years and opens on the 5Y view; the buttons cut it shorter. Over the last two years (104 weeks) this sector is 18% behind NIFTY 500. Earnings across its companies grew 41% on average over the last four reported quarters.

1 of the 11 companies with a long enough price record pass the momentum test (5+ points ahead of the Nifty 500 over 3 months, within 20% of the 52-week high). 2 are 20% or more behind over a year while earnings grew 20% or more.

Not ahead of NIFTY 500 on the three-month view this week; 1 of the 11 companies in the industry index above their 200-day average (1 fewer than four weeks earlier); 1 of those 11 pass the momentum test (1 fewer than four weeks earlier); earnings rising at 8 of the 11 that report earnings.

Not ahead of NIFTY 500, not building participation, not giving any back. Earnings confirming, 8 of 11 members have higher trailing twelve-month earnings than a year ago.

Both lines start at 200 in the same week, so the gap between them tells the story: the sector line is an equal-weighted index of 11 of its 12 companies (the 1 with too short a price record are ranked in the scorecard but cannot sit in this line). The bars underneath are trailing 12-month earnings per share, one bar per reported quarter, each member set to 100 at the start and the sector taking the middle value, so a price line pulling away from flat bars means the market is paying more for the same earnings. A bar turns grey when that figure is lower than the quarter before. The rules are fixed and the same everywhere on this site: ahead by 5% or more over three months, or behind by 20% or more over a year while earnings grew 20% or more. Hover or tap any point to read both values and the gap.

Construction & Contracting has done worse than the NIFTY 500 by 29.9% over the last 52 weeks. Over 13 weeks the gap is a shortfall of 6.7%. Modis Navnirman Ltd is the strongest against the sector itself at +35%. Readings are as of 30 October 2026.

Relative-strength score for the industry: 5.8 as of 30 October 2026 (leaders, rising).

Construction & Contracting has done worse than the NIFTY 500 by 29.9% over 52 weeks and by 6.7% over 13 weeks. 1 of 12 companies we track is beating the NIFTY on relative strength (how a share price has done against the index over recent months) (1 has no relative-strength reading yet), and 5 of the 7 with a long enough price history are ahead of the industry itself.

A score that ranks each company against the others in its industry. The four parts shown always add up to the total: Growth & earnings (35), Capital efficiency (25), Valuation (20), and Relative strength (20). Missing or old evidence affects only its own part, never as a hidden adjustment.

Modis Navnirman Ltd has the strongest current balance of earnings trajectory, business quality, valuation and price confirmation, with 75.3% evidence confidence.

NCC Ltd scores well on valuation against its peers or its own history, but its earnings have not yet improved enough to back that up.

Ranked last: too little evidence (1 company)

Under 60% of the evidence behind this score is available, so it ranks after every company above, whatever the score.

Modis Navnirman Ltd has the strongest one-year price move in Construction & Contracting at +24.5%. It also leads on relative strength against the NIFTY, at +16.5%. 1 of 12 companies we track is ahead of the index on that measure (1 has no relative-strength reading yet). Every line covers 313 weekly closes through 30 October 2026.

Price and relative strength

Price · same starting point: Every company, the sector's own index and NIFTY 500 all start level on the left edge of the window, so only the distance between the lines counts: the highest line has risen the most since then, and the chart at the top of this page is drawn the same way. It opens on one year; the buttons beside it stretch that to three or five.

RS vs NIFTY 500: How far ahead of or behind NIFTY 500 each company has been running, measured against its own recent average of that comparison, so the flat line at zero IS NIFTY 500: above it the company is beating the market, below it the market is beating the company. It opens on one year.

RS vs sector: The same measure taken against Construction & Contracting itself instead of the whole market, so the flat line at zero is the sector: above it the company is beating its own peers, which is the sharper test of the two. It opens on one year.

Biggest one-year moves

Strongest against NIFTY 500

Strongest against the sector itself

But two things spoil the clean read. First, the aggregate profit direction just turned DOWN: Σprofit fell 58% year-on-year (1,189cr to 502cr), and that drop was margin-led, not a one-off. In the week of 13 July 2026, 30% of 10 Construction & Contracting companies were beating the Nifty 500, against 25% on 2 March 2026.

From our industry review of 19 July 2026. A newer review (10 October 2026) did not cover Construction & Contracting, so this is the latest we have.

2 of 10 Construction & Contracting companies held a results call for July to September 2026. Modis Navnirman guided: October to December 2026 expected to be strong as festive traction improved after Navratri.

From the results calls for July to September 2026.

Big funds, foreign and Indian, kept their stake about the same over the last two quarters. Founders and promoters kept theirs about the same.

• Spending on new plants and equipment was ₹3,051 crore in the last 12 months, 108% more than a year before.
• Projects still being built grew 49% in a year.

Big funds = foreign and Indian institutions, change in their share of ownership across 14 Construction & Contracting companies, in percentage points.

Ownership and spending as of 10 October 2026.

This is the written read behind the Construction & Contracting figures above: what is actually happening in the industry, in words, with the evidence each claim rests on. It is dated 19 Jul 2026, so the words are older than the numbers. It also states what would change this read.

How old this read is: OLD: this read comes from our fortnightly sector read dated 19 Jul 2026, about 4 months ago. The page says so rather than dressing it up, and a fresh sector dive replaces it the day it runs.

What would change this read

The working-capital cash-block clearing, state receivables (UP Jal Jeevan, Telangana irrigation) getting paid so aggregate ΣPAT re-accelerates and margins turn back up off the 45th percentile, with the order-book pivot converting to clean cash earnings broadly (not just ASHOKA and a debt-free…

Sources: our fortnightly Construction & Contracting read, 19 Jul 2026.

NCC Ltd has the highest Revenue among the 12 Construction & Contracting companies compared here, at ₹21,456 crore. Ashoka Buildcon Ltd is next at ₹7,132 crore. Mahindra Lifespace Developers Ltd has the highest Revenue growth at the 100% top of the scoring scale, so level and change sit with different companies.

What the numbers say: NCC Ltd is the largest at ₹21,456 crore, 200.8% ahead of Ashoka Buildcon Ltd. Mahindra Lifespace Developers Ltd's growth is capped at 100% on the scoring scale; the full change over the last 12 months is 839.4% from a ₹2,123 crore base, with 19 reported quarters out of the last 20. Fast growth from a smaller base is not yet the same as proven size.

What this means: NCC Ltd is the size to compare against; Mahindra Lifespace Developers Ltd is the one growing fastest. The faster grower has to keep that growth and turn it into margin and returns before it counts as more than a fast start.

This conclusion weakens if: NCC Ltd's growth falls below Mahindra Lifespace Developers Ltd's for two consecutive comparable reports while operating margin also compresses.

Revenue is compared on a common reported-currency basis. Growth is year-on-year, so seasonality does not masquerade as progress.

Revenue · company comparison

Revenue · largest

Revenue growth · fastest growers

All-company data · latest reported quarter

In every all-company table on this page, each figure is the company’s latest single reported quarter. The rankings above them use trailing-twelve-month or current-market values, so a company can legitimately show a different number in each.

Revenue shows both size and speed. A large company can absorb shocks and pay for wide distribution; faster growth can mean market-share gains, new capacity or stronger demand. The best sign is usually growth that lasts without hurting margins and returns.

BEML Land Assets Ltd has the highest OPM among the 12 Construction & Contracting companies compared here, at 67.3%. Garuda Construction and Engineering Ltd is next at 32%. Mahindra Lifespace Developers Ltd has the highest Margin change at +129 percentage points, so level and change sit with different companies.

What the numbers say: BEML Land Assets Ltd leads opm at 67.3%; Mahindra Lifespace Developers Ltd leads margin change at +129 percentage points.

What this means: BEML Land Assets Ltd sets the level to compare against; the company improving fastest needs another report to confirm the change.

This conclusion weakens if: The next two comparable reports reverse the current margin change signal.

Operating margin compares operating profit with revenue. Improvement is measured in percentage points, not percentage growth.

Operating margin · company comparison

OPM · highest

Margin change · fastest expanders

All-company data · latest reported quarter

Ashoka Buildcon Ltd has the highest Net profit among the 12 Construction & Contracting companies compared here, at ₹2,476 crore. NCC Ltd is next at ₹748 crore. RDB Infrastructure and Power Ltd has the highest Profit growth at the 100% top of the scoring scale, so level and change sit with different companies.

What the numbers say: Ashoka Buildcon Ltd earns the most, ₹2,476 crore of profit over the last 12 months, 231% above NCC Ltd. RDB Infrastructure and Power Ltd shows at least 100% on the scoring scale (124.9% in full) growth from a profit base of ₹12 crore. A fast rate from a small base matters less than a large profit that keeps coming.

What this means: Ashoka Buildcon Ltd sets the level to compare against; the company improving fastest needs another report to confirm the change.

This conclusion weakens if: The next two comparable reports reverse the current profit growth signal.

Net profit is the residual after operating costs, interest and tax. Growth off a loss or near-zero base is excluded from the fastest-grower rank.

Net profit · company comparison

Net profit · largest

Profit growth · fastest growers

All-company data · latest reported quarter

Garuda Construction and Engineering Ltd has the highest ROCE among the 12 Construction & Contracting companies compared here, at 42.4%. Ashoka Buildcon Ltd is next at 26.4%. BEML Land Assets Ltd has the highest ROCE change at +43.5 percentage points, so level and change sit with different companies. Its ROCE series carries 8 reported observations across the 20-quarter window.

What the numbers say: Garuda Construction and Engineering Ltd leads ROCE at 42.4%, 16 percentage points above Ashoka Buildcon Ltd. A high return reported once may be one good year; a high return reported year after year shows a lasting business.

What this means: Garuda Construction and Engineering Ltd sets the level to compare against; the company improving fastest needs another report to confirm the change.

This conclusion weakens if: The next two comparable reports reverse the current roce change signal.

ROCE asks how much operating return the business earns on the capital employed. Direction matters, but a single exceptional year should not be mistaken for durability.

Return on capital · company comparison

Withheld from this chart: NCC Ltd (NCC): its two data sources disagree by up to 9.5% on reported income across 15 comparable periods, so its derived ratios are withheld; Man Infraconstruction Ltd (MANINFRA): its two data sources disagree by up to 20% on reported income across 15 comparable periods, so its derived ratios are withheld; Ashoka Buildcon Ltd (ASHOKA): its two data sources disagree by up to 15% on reported income across 15 comparable periods, so its derived ratios are withheld; Modis Navnirman Ltd (MODIS): its two data sources disagree by up to 427% on reported income across 14 comparable periods, so its derived ratios are withheld; Vascon Engineers Ltd (VASCONEQ): its two data sources disagree by up to 40% on reported income across 13 comparable periods, so its derived ratios are withheld; Jaiprakash Associates Ltd (JPASSOCIAT): its two data sources disagree by up to 17% on reported income across 12 comparable periods, so its derived ratios are withheld. A figure two sources cannot agree on is not drawn, the gap is a decision, not missing data.

ROCE · highest

ROCE change · fastest improvers

All-company data · latest reported quarter

PSP Projects Ltd has the lowest PEG among the 12 Construction & Contracting companies compared here, at 0.9×. Mahindra Lifespace Developers Ltd is next at 1.18×. Ashoka Buildcon Ltd has the lowest P/E at 4×, so level and change sit with different companies. 2 of 12 companies report a comparable reading, the latest through Jun 2026.

What the numbers say: PSP Projects Ltd has the lowest comparable PEG at 0.9×, 23.7% below Mahindra Lifespace Developers Ltd. That would need today's multiple, the company's own history and steady growth to agree.

What this means: A low valuation is a reason to look closer at the business, not a conclusion on its own.

This conclusion weakens if: The next two comparable reports reverse the current p/e signal.

PEG is shown only when earnings are positive and three-year EPS growth is between 5% and 60%. It is worked out the same way every time, as the P/E on the last 12 months of reported earnings divided by that growth rate, never on expected earnings. On Indian companies it is shown only where the two data feeds agreed. Where any of that fails the ratio is left out rather than printed: a P/E divided by a loss, or by growth measured off a tiny base, is a number that looks precise and means nothing.

Valuation · company comparison

Withheld from this chart: Jaiprakash Associates Ltd (JPASSOCIAT): its two data sources disagree by up to 17% on reported income across 12 comparable periods, so its derived ratios are withheld. A figure two sources cannot agree on is not drawn, the gap is a decision, not missing data.

PEG · lowest PEG

P/E · lowest P/E

All-company data · latest reported quarter

Construction & Contracting companies show up on 5 of our India lists. The most are on the 52 week high & low list (3 companies).

This Construction & Contracting comparison names 7 specific ways its own evidence can mislead, all listed below. 1 of the 12 companies reports on an older date than the sector's freshest reporters, so its rank is marked stale. 6 have second-source figures left out because the two sources disagree.

Keep these limits visible

• A high growth rate can come from a very small starting figure. The page keeps level and change separate for that reason.
• A high ROCE can be temporary, or look high because the capital base is small. It is best read beside margin, cash flow and how much is spent back on the business.
• The 4-Factor Sector Score ranks published data only. Management quality, upcoming events and risks are not part of it.
• An “all companies” line chart preserves completeness, but rank changes should be checked against reporting dates before drawing a conclusion.
• 1 company has an older fundamental reporting date than the sector’s freshest reporters; its rank carries a stale marker.
• 6 companies are missing from the second-source figures on purpose: the two sources disagree, so nothing from the second is drawn. Those rows have less evidence; that does not make the business weaker.
• Thin comparisons: Valuation have fewer than three usable current readings.

This comparison is built from the reported filings of 12 Construction & Contracting companies, normalized to a common ₹ scale and a shared quarter axis of up to 20 quarters each. Fundamentals run through Sep 2026 and market data through 30 October 2026.

6 of 12 companies have a second data feed that is known to disagree with the primary source, so nothing from it is drawn: NCC Ltd (NCC): its two data sources disagree by up to 9.5% on reported income across 15 comparable periods, so its derived ratios are withheld; Man Infraconstruction Ltd (MANINFRA): its two data sources disagree by up to 20% on reported income across 15 comparable periods, so its derived ratios are withheld; Ashoka Buildcon Ltd (ASHOKA): its two data sources disagree by up to 15% on reported income across 15 comparable periods, so its derived ratios are withheld; Modis Navnirman Ltd (MODIS): its two data sources disagree by up to 427% on reported income across 14 comparable periods, so its derived ratios are withheld; Vascon Engineers Ltd (VASCONEQ): its two data sources disagree by up to 40% on reported income across 13 comparable periods, so its derived ratios are withheld; Jaiprakash Associates Ltd (JPASSOCIAT): its two data sources disagree by up to 17% on reported income across 12 comparable periods, so its derived ratios are withheld.

These 24 answers restate the Construction & Contracting comparison above in question form. Every one is computed from the same 12 companies and the same reported filings as the rankings and charts, current through Sep 2026. Price and relative-strength answers run through 30 October 2026. Nothing here is estimated, and none of it is a recommendation.