Infra - Construction & Contracting — sector analysis & key numbers
Infra - Construction & Contracting is mid-way through a confirmed up-move: 3 of 17 constituents are in price uptrends, and aggregate profit grew 35% in the latest year.
Infra - Construction & Contracting groups 17 listed companies worth ₹7,38,732 Cr combined, and 3 of 17 are in confirmed price uptrends. Aggregate profit moved +0.3% year-on-year in the latest reported quarter. The sector trades at an aggregate P/E of 25.8×, at the 65th percentile of its own history.
Data as of 1 July 2026 · every number traces to its Screener source column · not investment advice.
- Companies
- 17
- Total market cap
- ₹7,38,732 Cr
- Relative strength
- 48.5
- RRG quadrant
- leaders
- Weeks in streak
- 9
- In Stage-2 uptrend
- 3 of 17
- Above 200-DMA
- 7 of 17
- Beating NIFTY 500
- 7 of 17
- Latest-quarter revenue
- ₹1,06,273 Cr
- Latest-quarter profit
- ₹7,611 Cr
- Aggregate P/E
- 25.8×
- Valuation percentile
- 65th of its own history
- Sector wind
- tailwind
- Data as of
- 1 July 2026
The research read on Infra - Construction & Contracting: mid-way through a confirmed up-move.lifecycle_bucket
All three streams point the same constructive direction, differing only on selectivity. The curve is the cleanest signal: earnings-led (aggregate profit +114% versus multiple +24%) at fair multiples with margins at the 9th percentile, cyclically low rather than peaked — durable, not froth. Qualitative independently corroborates with the L&T order-book super-cycle (₹7.33 trillion backlog, ₹12.2 lakh-crore FY27 government outlay) and a strong selective-worth studying deeper verdict, while flagging the right risk: working-capital stress and Red Sea freight at the smaller contractors. Capital flows read neutral with institutions absent and capex withdrawing at the aggregate (capex down ~19%, gross block down ~16%, promoters trimming) — institutions are not yet crowded in even as earnings inflect, which is supportive, no late-cycle crowding. The binding limitation is concentration: L&T is 91% of the three-year earnings delta, so the aggregate flatters the median smaller name, several of which (KNR, PNC, HG Infra) are working-capital-stressed per Tijori. Lifecycle is broken out mid-move — qualitative reads mid cycle expansion, order books at records but execution and margins still ramping, not peaked.synthesis
What would change this view: Order inflows and award momentum roll over — if L&T's record backlog and the ₹12.2 lakh-crore public-capex outlay stop translating into fresh awards, the earnings leg that the fair multiple rests on stops compounding and the sector becomes an L&T-concentrated, working-capital-stressed contractor pack rather than a durable super-cycle. A break in aggregate profit growth alongside the already-falling margin direction would carry the disproving print.would_change_my_mind
Record order books (L&T ₹7.33tn) on a ₹12.2 lakh-cr FY27 public capex outlay drive multi-year visibility, but state-payment delays and a geopolitical supply squeeze are stretching working capital and pinching near-term margins.one_line_thesis
- ✓Aggregate PAT rose from ₹5,610 cr (2015) to ₹29,505 cr (2025). · infra-construction-contracting.json (curve.annual_fundamentals.pat)
- ⚠Curve move driver earnings-led — aggregate profit +114.3% led the multiple +24.3% over ~3y (price index +74.1%); the winner pattern. · infra-construction-contracting.json (sector_cycle_deterministic.curve_move_driver)
- ⚠Aggregate OPM 14.01% at the 9th percentile vs mid-cycle 15.01%, amplitude only 1.2x, margin direction falling. · infra-construction-contracting.json (sector_cycle_deterministic.margin)
- ⚠Deterministic verdict fairly priced — trailing PE 60th %ile normalizes to 50th %ile (Δ10 pts); surface and normalized agree. · infra-construction-contracting.json (sector_cycle_deterministic.verdict)
- ⚠L&T drove 90.8% of the 3y ΔPAT (+₹6,423 cr); Ramky dragged -12.3% (-₹870 cr); Simplex +7.2% (+₹511 cr) — heavily L&T-concentrated. · infra-construction-contracting.json (sector_cycle_deterministic.top_contributors.top)
- ✓Breadth/contribution from the 7-curve engine not computed for this sector (B7 gap). · infra-construction-contracting.json (curve.breadth_contribution_note)
- ✓Capital flows neutral — institutions absent (FII/DII -0.301 2q, -0.793 4q), promoter -1.256 2q, capex withdrawing (capex_yoy -19.38%, gross-block -16.4%). · infra-construction-contracting.json (capital_flows)
- ✓Order-book super-cycle: L&T ₹7.33 trillion backlog, record ₹1,356 billion quarterly inflows, +70bps EBITDA, ₹12.2 lakh-cr FY27 capex. · infra-construction-contracting.json (qual.q1_fundamentals.evidence)
Research view from 2026-06-27
3 of 17 constituents are in Stage-2 price uptrends, 7 trade above their 200-day averages, and 7 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 6% to 50% — participation is widening.breadth_series
Sector relative strength stands at 48.5, in the leaders quadrant of the rotation map, with relative strength rising over a 9-week streak.current_rsquadrant
Recent stage changes: HCC (stage 4→2), LIKHITHA (stage 4→1), LT (stage 3→2), NBCC (stage 4→1).stage
Data: Breadth trend
| Period | % above 200-DMA (%) | % beating NIFTY (%) |
|---|---|---|
| Feb 26 | 5.9 | 5.9 |
| Feb 26 | 5.9 | 5.9 |
| Feb 26 | 5.9 | 5.9 |
| Mar 26 | 5.9 | 5.9 |
| Mar 26 | 0.0 | 0.0 |
| Mar 26 | 0.0 | 0.0 |
| Mar 26 | 0.0 | 12.5 |
| Mar 26 | 0.0 | 66.7 |
| Apr 26 | 25.0 | 25.0 |
| Apr 26 | 28.6 | 21.4 |
| Apr 26 | 21.4 | 21.4 |
| Apr 26 | 42.9 | 21.4 |
| May 26 | 42.9 | 28.6 |
| May 26 | 21.4 | 21.4 |
| May 26 | 35.7 | 28.6 |
| May 26 | 42.9 | 28.6 |
| Jun 26 | 42.9 | 42.9 |
| Jun 26 | 42.9 | 42.9 |
| Jun 26 | 50.0 | 42.9 |
| Jun 26 | 50.0 | 50.0 |
Data as of 2026-07-01
Top performers by 1-year price return: Cemindia Projects Ltd (+51.1%), Larsen & Toubro Ltd (+13.9%), Simplex Infrastructures Ltd (+2.8%), Hindustan Construction Company Ltd (+1.9%), Likhitha Infrastructure Ltd (-7.6%).price
Data: Indexed price (base 100, ~52 weeks) — default top-5
| Period | CEMPRO (index) | LT (index) | SIMPLEXINF (index) | HCC (index) | LIKHITHA (index) | Sector avg (index) |
|---|---|---|---|---|---|---|
| Jul 25 | 100 | 100 | 100 | 100 | 100 | 100 |
| Jul 25 | 92.8 | 97.9 | 119 | 97.4 | 101 | 103 |
| Jul 25 | 88.5 | 97.2 | 117 | 92.1 | 95.7 | 99.5 |
| Aug 25 | 90.9 | 101 | 116 | 88.8 | 95.7 | 100 |
| Aug 25 | 83.3 | 102 | 108 | 93.7 | 96.0 | 97.4 |
| Aug 25 | 88.2 | 104 | 104 | 88.1 | 86.8 | 96.6 |
| Aug 25 | 87.6 | 102 | 116 | 93.8 | 87.7 | 98.1 |
| Aug 25 | 81.3 | 102 | 111 | 87.0 | 86.8 | 93.4 |
| Sep 25 | 83.1 | 100 | 114 | 99.0 | 87.2 | 96.1 |
| Sep 25 | 89.9 | 101 | 113 | 97.9 | 87.0 | 95.6 |
| Sep 25 | 88.6 | 104 | 117 | 99.3 | 84.7 | 97.7 |
| Sep 25 | 92.0 | 105 | 109 | 94.8 | 82.4 | 94.4 |
| Oct 25 | 94.0 | 105 | 109 | 98.2 | 83.9 | 95.6 |
| Oct 25 | 93.9 | 107 | 110 | 98.4 | 83.8 | 95.3 |
| Oct 25 | 88.7 | 108 | 103 | 93.9 | 79.9 | 91.0 |
| Oct 25 | 91.8 | 110 | 107 | 97.3 | 82.0 | 90.8 |
| Oct 25 | 93.0 | 114 | 103 | 98.0 | 82.3 | 90.5 |
| Nov 25 | 98.3 | 110 | 113 | 90.4 | 77.4 | 87.5 |
| Nov 25 | 94.7 | 113 | 109 | 88.1 | 76.0 | 85.8 |
| Nov 25 | 89.3 | 114 | 110 | 82.5 | 70.6 | 82.7 |
| Nov 25 | 96.4 | 115 | 106 | 82.3 | 67.9 | 83.8 |
| Dec 25 | 94.2 | 114 | 105 | 81.2 | 65.2 | 81.7 |
| Dec 25 | 95.3 | 115 | 104 | 73.2 | 64.7 | 80.4 |
| Dec 25 | 91.9 | 115 | 99.1 | 75.6 | 64.3 | 80.6 |
| Dec 25 | 91.6 | 114 | 101 | 76.0 | 68.9 | 84.7 |
| Jan 26 | 88.9 | 118 | 95.9 | 79.1 | 67.9 | 83.6 |
| Jan 26 | 81.3 | 114 | 95.5 | 74.1 | 63.0 | 77.2 |
| Jan 26 | 77.7 | 109 | 94.8 | 84.3 | 59.8 | 77.2 |
| Jan 26 | 71.7 | 106 | 75.3 | 74.1 | 55.8 | 71.0 |
| Feb 26 | 72.5 | 108 | 84.8 | 78.9 | 58.7 | 72.3 |
| Feb 26 | 72.9 | 115 | 85.8 | 77.8 | 58.7 | 74.3 |
| Feb 26 | 69.2 | 118 | 86.4 | 80.9 | 58.6 | 74.3 |
| Feb 26 | 68.0 | 124 | 79.2 | 76.3 | 55.4 | 72.0 |
| Feb 26 | 66.1 | 121 | 77.1 | 70.9 | 52.6 | 69.5 |
| Mar 26 | 64.9 | 112 | 71.2 | 65.3 | 51.6 | 66.1 |
| Mar 26 | 61.9 | 97.1 | 65.3 | 62.5 | 49.8 | 63.8 |
| Mar 26 | 61.9 | 97.0 | 63.0 | 63.0 | 49.8 | 64.0 |
| Mar 26 | 60.5 | 101 | 59.2 | 59.2 | 60.8 | 62.9 |
| Apr 26 | 61.9 | 102 | – | – | – | 85.2 |
| Apr 26 | 72.4 | 112 | – | – | – | 84.0 |
| Apr 26 | 74.4 | 116 | 84.2 | 77.9 | 81.9 | 79.0 |
| Apr 26 | 74.4 | 113 | 82.3 | 81.8 | 81.5 | 78.5 |
| Apr 26 | 93.6 | 113 | 93.4 | 89.9 | 75.0 | 80.7 |
| May 26 | 110 | 112 | 85.1 | 95.1 | 76.0 | 83.3 |
| May 26 | 103 | 110 | 78.5 | 87.4 | 71.9 | 78.1 |
| May 26 | 99.0 | 111 | 82.6 | 85.1 | 71.4 | 78.4 |
| May 26 | 123 | 115 | 95.6 | 93.1 | 66.1 | 81.0 |
| Jun 26 | 128 | 112 | 91.9 | 98.0 | 76.0 | 81.7 |
| Jun 26 | 129 | 114 | 98.2 | 95.3 | 81.3 | 81.9 |
| Jun 26 | 144 | 119 | 105 | 110 | 85.4 | 87.9 |
| Jun 26 | 139 | 119 | 96.8 | 109 | 90.5 | 87.1 |
| Jul 26 | 157 | 116 | 101 | 105 | 93.5 | 87.9 |
Data: Quarterly revenue (8q) — default top-5
| Period | CEMPRO (₹ Cr) | LT (₹ Cr) | SIMPLEXINF (₹ Cr) | HCC (₹ Cr) | LIKHITHA (₹ Cr) | Sector avg (₹ Cr) |
|---|---|---|---|---|---|---|
| Jun 24 | 2,381 | 55,120 | 296 | 1,816 | 125 | 4,668 |
| Sep 24 | 1,991 | 61,555 | 268 | 1,407 | 133 | 4,763 |
| Dec 24 | 2,270 | 64,668 | 230 | 1,007 | 125 | 5,221 |
| Mar 25 | 2,532 | 74,392 | 282 | 1,374 | 136 | 5,833 |
| Jun 25 | 2,542 | 63,679 | 243 | 1,091 | 122 | 5,114 |
| Sep 25 | 2,195 | 67,984 | 248 | 961 | 102 | 5,080 |
| Dec 25 | 2,315 | 71,450 | 248 | 925 | 111 | 5,642 |
| Mar 26 | 2,973 | 82,762 | 283 | 992 | 121 | 7,591 |
Data: Quarterly net profit (8q) — default top-5
| Period | CEMPRO (₹ Cr) | LT (₹ Cr) | SIMPLEXINF (₹ Cr) | HCC (₹ Cr) | LIKHITHA (₹ Cr) | Sector avg (₹ Cr) |
|---|---|---|---|---|---|---|
| Jun 24 | 100 | 3,445 | -10.0 | -2.0 | 17.0 | 318 |
| Sep 24 | 72.0 | 4,099 | -11.0 | 64.0 | 18.0 | 336 |
| Dec 24 | 87.0 | 3,974 | -11.0 | -39.0 | 17.0 | 694 |
| Mar 25 | 113 | 6,156 | 43.0 | 90.0 | 18.0 | 446 |
| Jun 25 | 137 | 4,318 | 5.0 | 51.0 | 14.0 | 365 |
| Sep 25 | 108 | 4,678 | 9.0 | 48.0 | 12.0 | 348 |
| Dec 25 | 111 | 3,825 | 8.0 | 8.0 | 9.0 | 320 |
| Mar 26 | 242 | 6,133 | 19.0 | 59.0 | 4.0 | 544 |
Data: Operating margin % (8q) — default top-5
| Period | CEMPRO (%) | LT (%) | SIMPLEXINF (%) | HCC (%) | LIKHITHA (%) | Sector avg (%) |
|---|---|---|---|---|---|---|
| Jun 24 | 9.0 | 13.0 | 0.0 | 8.0 | 19.4 | 16.8 |
| Sep 24 | 9.0 | 13.0 | 1.0 | 17.0 | 18.1 | 16.6 |
| Dec 24 | 9.0 | 12.0 | 2.0 | -8.0 | 19.4 | 14.3 |
| Mar 25 | 10.0 | 13.0 | 5.0 | 21.0 | 17.7 | 14.4 |
| Jun 25 | 9.0 | 13.0 | 3.0 | 16.0 | 15.6 | 15.4 |
| Sep 25 | 9.0 | 13.0 | 6.0 | 15.0 | 16.2 | 14.4 |
| Dec 25 | 10.0 | 13.0 | 4.0 | 7.0 | 12.3 | 14.2 |
| Mar 26 | 12.0 | 13.0 | 8.0 | 17.0 | 6.0 | 14.4 |
Data: Latest reported ROCE / ROE (single latest reading, not a trend) — default top-5
| Period | CEMPRO (%) | LT (%) | SIMPLEXINF (%) | HCC (%) | LIKHITHA (%) | Sector avg (%) |
|---|---|---|---|---|---|---|
| ROCE % | 32.8 | 14.6 | 2.4 | 22.8 | 13.7 | 14.4 |
| ROE % | 27.8 | 15.9 | 5.3 | 9.1 | 10.0 | 11.4 |
Data: 10-year valuation percentile (latest) — default top-5
| Period | CEMPRO (percentile) | LT (percentile) | SIMPLEXINF (percentile) | HCC (percentile) | LIKHITHA (percentile) | Sector avg (percentile) |
|---|---|---|---|---|---|---|
| 10y percentile | 81.0 | 84.0 | 96.0 | 85.0 | 94.0 | 53.2 |
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 ₹1,06,273 Cr of revenue (+7.2% year-on-year) and ₹7,611 Cr of profit (+0.3%).revenuepat
Reporting honesty note: 14 of the constituents have reported this quarter versus 17 a year ago, so part of the year-on-year change is composition, not like-for-like growth.reporters
On the annual arc, aggregate profit grew 35% to ₹29,505 Cr in 2025.pat
Data: Aggregate quarterly revenue
| Period | Revenue (₹ Cr) | Reporters |
|---|---|---|
| Jun 23 | 67,985 | 15 |
| Sep 23 | 69,705 | 16 |
| Dec 23 | 74,602 | 16 |
| Mar 24 | 93,685 | 17 |
| Jun 24 | 74,694 | 16 |
| Sep 24 | 80,973 | 17 |
| Dec 24 | 83,543 | 16 |
| Mar 25 | 99,154 | 17 |
| Jun 25 | 81,818 | 16 |
| Sep 25 | 86,365 | 17 |
| Dec 25 | 90,265 | 16 |
| Mar 26 | 1,06,273 | 14 |
Data: Aggregate quarterly profit
| Period | Profit after tax (₹ Cr) |
|---|---|
| Jun 23 | 4,249 |
| Sep 23 | 5,047 |
| Dec 23 | 5,009 |
| Mar 24 | 7,590 |
| Jun 24 | 5,089 |
| Sep 24 | 5,705 |
| Dec 24 | 11,111 |
| Mar 25 | 7,588 |
| Jun 25 | 5,840 |
| Sep 25 | 5,922 |
| Dec 25 | 5,114 |
| Mar 26 | 7,611 |
Data: Aggregate operating margin
| Period | OPM (%) |
|---|---|
| Jun 23 | 13.6 |
| Sep 23 | 14.1 |
| Dec 23 | 13.4 |
| Mar 24 | 13.1 |
| Jun 24 | 14.0 |
| Sep 24 | 13.9 |
| Dec 24 | 12.8 |
| Mar 25 | 13.5 |
| Jun 25 | 13.1 |
| Sep 25 | 12.8 |
| Dec 25 | 13.1 |
| Mar 26 | 12.7 |
Data: Aggregate profit by year
| Period | Profit after tax (₹ Cr) |
|---|---|
| 2015 | 5,610 |
| 2016 | 5,670 |
| 2017 | 7,347 |
| 2018 | 9,670 |
| 2019 | 13,253 |
| 2020 | 13,131 |
| 2021 | 13,986 |
| 2022 | 13,766 |
| 2023 | 17,578 |
| 2024 | 21,868 |
| 2025 | 29,505 |
| 2026 | – |
Data: Operating margin by year
| Period | OPM (%) |
|---|---|
| 2015 | 16.1 |
| 2016 | 15.0 |
| 2017 | 14.9 |
| 2018 | 16.1 |
| 2019 | 15.9 |
| 2020 | 15.5 |
| 2021 | 15.8 |
| 2022 | 14.8 |
| 2023 | 14.5 |
| 2024 | 13.4 |
| 2025 | 14.0 |
| 2026 | – |
Data as of 2026-06-27
Sector profit moved from ₹21,868 Cr to ₹29,505 Cr (+34.9% year-on-year) — the decomposition attributes the larger share to the margin side (costs and pricing).pat
Sector revenue moved from ₹3,06,017 Cr to ₹3,38,430 Cr (+10.6% year-on-year).revenue
The aggregate P/E moved from 20.8× to 25.8× (+24.3%) while sector profits moved +114.3% — earnings led the multiple — the durable pattern.pe
Capital cycle: money is neither decisively entering nor leaving this industry, with constituent capex running -19.4% year-on-year.readcapex_yoy_pct
Sector ΣPAT +34.9% YoY — dominant leg: net_margin (margin-led — confirm input-cost/pricing, not a one-off).
patSector Σrevenue +10.6% YoY — confirm it is demand/volume-led across constituents, not price/base.
revenueSector PE moved +24.3% but aggregate ΣPAT rose +114.3% over ~3y — EARNINGS led the multiple (the durable pattern). The re-rating is backed by real aggregate earnings.
peprice_idxpatCapital is LEAVING (read=NEUTRAL; capex -19.38%, FII+DII -0.79pp) — capex starvation + institutions absent WHILE fundamentals inflect is the TAILWIND ("be greedy where capital is starving"). Confirm the fundamental turn is real before leaning on it.
capex_yoy_pctfii_dii_delta_4qpromoter_delta_2qSector breadth WIDENING — % above 200-DMA 6→46% over the trailing weeks: broad participation corroborates a genuine sector-wide turn rather than a few-name move.
pct_above_200dmapct_outperformingResearch view from 2026-06-27
Ownership: institutional (FII+DII) holdings moved -0.79 percentage points over four quarters; promoter stakes moved -1.26 points over two.fii_dii_delta_4qpromoter_delta_2q
Constituents spent ₹16,593 Cr on capex in the trailing twelve months (-19.4% year-on-year), with gross block growing -16.4%.capex_ttm_sum_crcapex_yoy_pct
On the deterministic capital-flow read, money is neither decisively entering nor leaving this industry.read
Research view from 2026-06-27
The sector trades at an aggregate P/E of 25.81× against a range of 9.48–35.58× over its 40-quarter history.pe
The median constituent sits at the 65th percentile of its own 10-year valuation range.percentile
Data: Aggregate P/E and price index
| Period | P/E (×) | Price index |
|---|---|---|
| Jun 16 | 35.3 | 100 |
| Sep 16 | 35.6 | 101 |
| Dec 16 | 33.3 | 94 |
| Mar 17 | 29.1 | 108 |
| Jun 17 | 31.2 | 116 |
| Sep 17 | 31.4 | 117 |
| Dec 17 | 35.6 | 133 |
| Mar 18 | 26.0 | 129 |
| Jun 18 | 24.3 | 120 |
| Sep 18 | 23.1 | 114 |
| Dec 18 | 25.8 | 127 |
| Mar 19 | 17.7 | 124 |
| Jun 19 | 19.2 | 135 |
| Sep 19 | 17.6 | 124 |
| Dec 19 | 16.3 | 114 |
| Mar 20 | 9.5 | 66 |
| Jun 20 | 12.0 | 83 |
| Sep 20 | 11.6 | 80 |
| Dec 20 | 16.2 | 112 |
| Mar 21 | 17.2 | 127 |
| Jun 21 | 18.3 | 135 |
| Sep 21 | 20.8 | 154 |
| Dec 21 | 22.9 | 169 |
| Mar 22 | 22.2 | 161 |
| Jun 22 | 19.3 | 140 |
| Sep 22 | 22.3 | 162 |
| Dec 22 | 26.0 | 188 |
| Mar 23 | 20.8 | 192 |
| Jun 23 | 24.4 | 225 |
| Sep 23 | 26.5 | 278 |
| Dec 23 | 29.0 | 323 |
| Mar 24 | 31.0 | 358 |
| Jun 24 | 31.4 | 376 |
| Sep 24 | 32.5 | 400 |
| Dec 24 | 24.5 | 381 |
| Mar 25 | 22.2 | 344 |
| Jun 25 | 23.5 | 375 |
| Sep 25 | 22.9 | 368 |
| Dec 25 | 30.9 | 398 |
| Mar 26 | 25.8 | 335 |
Data as of 2026-06-27
17 companies make up this sector, led by Larsen & Toubro Ltd at ₹5,80,062 Cr of market value.constituents
| Company | Price | 1y | Stage | RS | 10y val % |
|---|---|---|---|---|---|
| Larsen & Toubro Ltd | ₹4,093 | +13.9% | 2 | 5.4 | 84 |
| Rail Vikas Nigam Ltd | ₹238 | −39.3% | 4 | -23.6 | 73 |
| NBCC (India) Ltd | ₹104 | −11.4% | 1 | 1.0 | 60 |
| IRB Infrastructure Developers Ltd | ₹21.3 | −13.9% | 4 | -0.8 | 65 |
| Cemindia Projects Ltd | ₹1,363 | +51.1% | 2 | 72.8 | 81 |
| Hindustan Construction Company Ltd | ₹25.7 | +1.9% | 2 | 21.7 | 85 |
| PNC Infratech Ltd | ₹231 | −24.6% | 4 | -7.3 | 40 |
| KNR Constructions Ltd | ₹133 | −40.8% | 4 | -16.5 | 14 |
| H.G. Infra Engineering Ltd | ₹563 | −47.0% | 4 | -25.3 | 66 |
| Patel Engineering Ltd | ₹34.4 | −12.5% | 4 | 9.4 | 18 |
| Ramky Infrastructure Ltd | ₹401 | −28.3% | 4 | -23.8 | 12 |
| Simplex Infrastructures Ltd | ₹266 | +2.8% | 4 | 5.9 | 96 |
| SPML Infra Ltd | ₹195 | −18.0% | 1 | -8.5 | 33 |
| Likhitha Infrastructure Ltd | ₹266 | −7.6% | 1 | 24.9 | 94 |
| Hazoor Multi Projects Ltd | ₹29.7 | −28.6% | 4 | -22.1 | 66 |
| Giriraj Civil Developers Ltd | ₹190 | −28.4% | 4 | -12.3 | 0 |
| Vishnu Prakash R Punglia Ltd | ₹33.0 | −79.7% | 4 | -67.1 | 18 |
Data as of 2026-07-01
Tailwind chain: A Rs9.15Tn India T&D + RDSS + renewable-grid buildout with 5-7y order visibility, cited verbatim across the entire CapGoodsPower complex; Also touches: Cables - Power, Electrical Equipments/HVDC, Capital Goods - Transformers, Engineering - Turnkey Services.triggermechanism
Tailwind chain: A sharp private-capex contraction (-60% QoQ / -59% YoY) cited repeatedly: Project Consultancy/Turnkey (Q2 private capex -60% QoQ, OUTFLOW), Power - Generation/Distribution (Q5 60% private-capex slump), Engineering… Also touches: Project Consultancy/Turnkey, Capital Goods - Engineering General, Electric Equipment - General.triggermechanism
A Rs9.15Tn India T&D + RDSS + renewable-grid buildout with 5-7y order visibility, cited verbatim across the entire CapGoodsPower complex; the same wind shows in Cables - Power qual, Electrical Equipments/HVDC (Q1/Q4 order-to-billing inflection), Capital Goods - Transformers (Q1 order book) and Engineering - Turnkey Services (record Rs4,849 Cr quarter, Q2).
Government + utility grid spend converts to multi-year backlog → revenue/PAT inflection across transformers, cables, HVDC equipment and turnkey EPC. But the same capex wave is now showing up as a sector-wide supply flood on the balance sheet (Electrical Equipments/HVDC capex +232.8% YoY / CWIP +39.9%; Capital Goods - Transformers capex +154%; Engineering - Turnkey Services capex +69% with a late-cycle capex flood), which compresses the order premium and margins as utilization is chased late-cycle.
A sharp private-capex contraction (-60% QoQ / -59% YoY) cited repeatedly: Project Consultancy/Turnkey (Q2 private capex -60% QoQ, OUTFLOW), Power - Generation/Distribution (Q5 60% private-capex slump), Engineering - Turnkey Services (Q4 -59% YoY), Building Materials - Paints (Q4 private capex -60% QoQ).
Companies whose REVENUE is recognized off already-executed backlogs still print rising trailing earnings (a backward-looking tailwind), but the ORIGINATION pipeline that fills future backlogs is collapsing — so the forward feeder for consultancy/turnkey/engineering-general rolls over into a late-cycle margin squeeze even while current curves look healthy. A classic trailing-vs-forward split.
Research view from 2026-06-27
Institutional money is NOT yet crowding in: FII+DII holdings moved just -0.3 percentage points across constituents over the last two quarters — the capital-flow read is neutral.fii_dii_delta_2qread
- Institutional money is NOT yet crowding in: FII+DII holdings moved just -0.3 percentage points across constituents over the last two quarters — the capital-flow read is neutral.
Data as of 2026-07-01
Straight answers from the data
What is the Infra - Construction & Contracting sector?
The Infra - Construction & Contracting sector groups 17 listed companies with a combined market value of ₹7,38,732 Cr, led by Larsen & Toubro Ltd, Rail Vikas Nigam Ltd, NBCC (India) Ltd. 3 of 17 constituents are currently in confirmed price uptrends.
Which stocks are in the Infra - Construction & Contracting sector?
The largest Infra - Construction & Contracting companies by market value are Larsen & Toubro Ltd (₹5,80,062 Cr), Rail Vikas Nigam Ltd (₹50,028 Cr), NBCC (India) Ltd (₹28,936 Cr), IRB Infrastructure Developers Ltd (₹25,750 Cr), Cemindia Projects Ltd (₹20,845 Cr), Hindustan Construction Company Ltd (₹7,010 Cr), PNC Infratech Ltd (₹5,959 Cr), KNR Constructions Ltd (₹3,882 Cr).
What are the best-performing Infra - Construction & Contracting stocks?
By 1-year price return as of 1 July 2026, the strongest Infra - Construction & Contracting stocks are Cemindia Projects Ltd (+51%), Larsen & Toubro Ltd (+14%), Simplex Infrastructures Ltd (+2.8%), Hindustan Construction Company Ltd (+1.9%), Likhitha Infrastructure Ltd (−7.6%). These are descriptive price moves measured from weekly Screener closes, not recommendations.
Is the Infra - Construction & Contracting sector in an uptrend?
3 of 17 Infra - Construction & Contracting constituents are in Stage-2 price uptrends, 7 trade above their 200-day average, and 7 are beating the NIFTY 500 on relative strength. Sector relative strength reads 48.5, in the leaders quadrant of the rotation map, rising over a 9-week streak.
How many Infra - Construction & Contracting stocks trade above their 200-day average?
7 of 17 Infra - Construction & Contracting constituents currently trade above their 200-day moving average. Over the trailing ~20 weeks, that share moved from 6% to 50% — participation is widening.
Is the Infra - Construction & Contracting sector expensive versus its own history?
The Infra - Construction & Contracting sector trades at an aggregate P/E of 25.8× against a 9.48–35.6× band over its own history. The median constituent sits at the 65th percentile of its own 10-year P/E range, above the middle of its own historical range.
Is money entering or leaving the Infra - Construction & Contracting sector?
On Sector Alpha's deterministic capital-flow read, money is neither clearly entering nor leaving the Infra - Construction & Contracting sector. Institutional (FII+DII) holdings moved −0.79 percentage points across constituents over the last four quarters, and constituents grew capex −19.4% year-on-year.
How fast is the Infra - Construction & Contracting sector growing?
In the latest reported quarter (March 2026), Infra - Construction & Contracting constituents together booked ₹1,06,273 Cr of revenue, +7.2% year-on-year, with aggregate profit +0.3% year-on-year. Figures aggregate Screener-scraped quarterly filings across the sector.
How are Infra - Construction & Contracting operating margins trending?
Aggregate Infra - Construction & Contracting operating margin was 12.7% in the latest reported quarter (March 2026), versus 13.5% a year earlier — margins are softening.
Which sectors is the Infra - Construction & Contracting sector connected to?
The Infra - Construction & Contracting sector sits in 2 cross-sector chains: as a beneficiary it connects to Cables - Power, Electrical Equipments/HVDC, Capital Goods - Transformers, Engineering - Turnkey Services — A Rs9.15Tn India T&D + RDSS + renewable-grid buildout with 5-7y order visibility, cited verbatim across the entire CapGoodsPower complex;; as a beneficiary it connects to Project Consultancy/Turnkey, Capital Goods - Engineering General, Electric Equipment - General — A sharp private-capex contraction (-60% QoQ / -59% YoY) cited repeatedly: Project Consultancy/Turnkey (Q2 private capex -60% QoQ, OUTFLOW), Power….
What is the bull case for the Infra - Construction & Contracting sector?
Record order books (L&T ₹7.33tn) on a ₹12.2 lakh-cr FY27 public capex outlay drive multi-year visibility, but state-payment delays and a geopolitical supply squeeze are stretching working capital and pinching near-term margins. Aggregate PAT rose from ₹5,610 cr (2015) to ₹29,505 cr (2025).
What could change the view on the Infra - Construction & Contracting sector?
Order inflows and award momentum roll over — if L&T's record backlog and the ₹12.2 lakh-crore public-capex outlay stop translating into fresh awards, the earnings leg that the fair multiple rests on stops compounding and the sector becomes an L&T-concentrated, working-capital-stressed contractor pack rather than a durable super-cycle. A break in aggregate profit growth alongside the already-falling margin direction would carry the disproving print. Also worth noting: institutional money is NOT yet crowding in: FII+DII holdings moved just -0.3 percentage points across constituents over the last two quarters — the capital-flow read is neutral.
What is the research view on the Infra - Construction & Contracting 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 · aligned. All three streams point the same constructive direction, differing only on selectivity. The curve is the cleanest signal: earnings-led (aggregate profit +114% versus multiple +24%) at fair multiples with margins at the 9th percentile, cyclically low rather than peaked — durable, not froth. Every number on this page traces to its source column; it is machine-written research, not investment advice.
Should I invest in the Infra - Construction & Contracting sector?
Sector Alpha does not publish sector allocations or trading calls — for Infra - Construction & Contracting 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 Infra - Construction & Contracting sector's relative-strength position?
Infra - Construction & Contracting relative strength reads 48.5 on Sector Alpha's rotation map, placing it in the leaders quadrant. Relative strength is rising and has held for 9 weeks. A positive, rising relative-strength trend means the sector has been outperforming the broad market week after week.