Commercial Real Estate Stocks and Companies in India

The largest Commercial Real Estate stocks in India by market value are Phoenix Mills (₹76,341 crore), NESCO (₹7,330 crore) and Nirlon (₹5,702 crore), at prices of 4 Nov 2026.

• Phoenix Mills: ₹1,957.20 | market value ₹76,341 crore | P/E 57.9
• NESCO: ₹1,040.40 | market value ₹7,330 crore | P/E 18.2
• Nirlon: ₹623.05 | market value ₹5,702 crore | P/E 20.3

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.

All 3 listed Indian Realty - Commercial companies are named here, largest first. This is the set of companies people mean when they search for a Nifty Realty - Commercial 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. Phoenix Mills Ltd₹76,300 cr
2. NESCO Ltd₹6,990 cr
3. Nirlon Ltd₹5,700 cr

3 Commercial Real Estate companies in the Realty - Commercial industry group have a page on Sector Alpha, by market value as of 30 October 2026, and all 3 are listed below, largest first. The largest is Phoenix Mills (₹76,341 crore) and the smallest with a market value is Nirlon.

Download all 3 Commercial Real Estate 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 33% ahead of NIFTY 500. Earnings across its companies grew 17% on average over the last four reported quarters.

Price and the fundamentals both up. 2 of 3 companies pass the momentum test (5+ points ahead of the Nifty 500 over 3 months, within 20% of the 52-week high).

Ahead of NIFTY 500 on the three-month view for 2 weeks running; 2 of the 3 companies in the industry index above their 200-day average (no change from four weeks earlier); 2 of those 3 pass the momentum test (2 more than four weeks earlier); earnings rising at 2 of the 3 that report earnings.

Ahead of NIFTY 500 for 2 weeks after being behind, with 0 → 2 of 3 participating. Earnings confirming, 2 of 3 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 its 3 companies. 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.

Realty - Commercial has done better than the NIFTY 500 by 11% over the last 52 weeks. Over 13 weeks the gap is a lead of 7.5%. Nirlon Ltd is the strongest against the sector itself at +8.3%. Readings are as of 30 October 2026.

Relative-strength score for the industry: 9.1 as of 30 October 2026 (narrowing, rising).

Realty - Commercial has done better than the NIFTY 500 by 11% over 52 weeks and by 7.5% over 13 weeks. 2 of 3 companies we track are beating the NIFTY on relative strength (how a share price has done against the index over recent months), and 2 of 3 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.

Nirlon Ltd has the strongest current balance of earnings trajectory, business quality, valuation and price confirmation, with 79.3% evidence confidence.

Nirlon Ltd has the strongest one-year price move in Realty - Commercial at +23.4%. It also leads on relative strength against the NIFTY, at +16.1%. 2 of 3 companies we track are ahead of the index on that measure. 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 Realty - Commercial 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

An earnings-supported attempt at a second leg, still waiting for price confirmation and better institutional support. In the week of 5 October 2026, 66.7% of 3 Realty - Commercial companies were beating the Nifty 500, against 66.7% on 25 May 2026.

From our industry review of 10 October 2026.

Rent increases are the clearest shared driver: Phoenix expects growth from renewals and more occupied space, while Nirlon mainly relies on existing contracts. New buildings and a richer tenant mix are mainly Phoenix's story; Nirlon has no significant expansion planned. The evidence supports lasting rental income, but not an industry-wide step up in growth.

From our industry review of 10 October 2026.

1 of 3 Realty - Commercial companies held a results call for July to September 2026.

From the results calls for July to September 2026.

Big funds, foreign and Indian, cut their stake by 3.7 points over the last two quarters. Founders and promoters kept theirs about the same.

• Spending on new plants and equipment was ₹2,565 crore in the last 12 months, 2% more than a year before.
• Projects still being built grew 19% in a year.

Big funds = foreign and Indian institutions, change in their share of ownership across 3 Realty - Commercial companies, in percentage points.

Ownership and spending as of 10 October 2026.

2 chains of cause and effect link Realty - Commercial to other industries right now. Foreign stake-cutting tests domestic support and market-linked fees. For Realty - Commercial: Its verdict already reports institutional stake-cutting alongside higher financing costs.

From our cross-industry review of 10 October 2026.

The next things that show whether the Realty - Commercial story is on course. First: Price clears the sideways-range high while strength against NIFTY 500 continues.

• Phoenix's rent-paying office occupancy catches up toward its cited leased occupancy by March 2027.
• Phoenix delivers mid-teens rental growth for FY27 and FY28.
• Phoenix's early-2027 Bangalore addition opens and starts earning rent.
• Nirlon clarifies its debt schedule before repayments start in May 2027.
• Institutional ownership stops falling across the members.

What would change the story

A reported quarter with aggregate revenue and profit both below the same quarter a year earlier would break the earnings-backed second-leg call: rent and occupied space would no longer be carrying the recovery.

From our industry review of 10 October 2026.

Phoenix Mills Ltd has the highest Revenue among the 3 Realty - Commercial companies compared here, at ₹4,582 crore. NESCO Ltd is next at ₹940 crore. NESCO Ltd has the highest Revenue growth at 13.1%, so level and change sit with different companies. 3 of 3 companies report a comparable reading, the latest through Sep 2026.

What the numbers say: Phoenix Mills Ltd is the largest at ₹4,582 crore, 387.4% ahead of NESCO Ltd. NESCO Ltd's growth is 13.1% from a ₹940 crore base, with 16 reported quarters out of the last 20. Fast growth from a smaller base is not yet the same as proven size.

What this means: Phoenix Mills Ltd is the size to compare against; NESCO 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: Phoenix Mills Ltd's growth falls below NESCO 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.

Nirlon Ltd has the highest OPM among the 3 Realty - Commercial companies compared here, at 78%. Phoenix Mills Ltd is next at 62%. Phoenix Mills Ltd has the highest Margin change at +2 percentage points, so level and change sit with different companies. 3 of 3 companies report a comparable reading, the latest through Sep 2026.

What the numbers say: Nirlon Ltd leads opm at 78%; Phoenix Mills Ltd leads margin change at +2 percentage points.

What this means: Nirlon 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

Phoenix Mills Ltd has the highest Net profit among the 3 Realty - Commercial companies compared here, at ₹1,672 crore. NESCO Ltd is next at ₹403 crore. Nirlon Ltd has the highest Profit growth at 58%, so level and change sit with different companies. 3 of 3 companies report a comparable reading, the latest through Sep 2026.

What the numbers say: Phoenix Mills Ltd earns the most, ₹1,672 crore of profit over the last 12 months, 314.9% above NESCO Ltd. Nirlon Ltd shows 58% growth from a profit base of ₹357 crore. A fast rate from a small base matters less than a large profit that keeps coming.

What this means: Phoenix Mills 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

Nirlon Ltd has the highest ROCE among the 3 Realty - Commercial companies compared here, at 30.8%. NESCO Ltd is next at 18.5%. The same company also has the highest ROCE change, at +1 percentage points. 3 of 3 companies report a comparable reading, the latest through Sep 2026.

What the numbers say: Nirlon Ltd leads ROCE at 30.8%, 12.3 percentage points above NESCO 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: Nirlon 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.

No quarter-by-quarter ROCE chart yet: these companies have too few comparable reported quarters. The latest figures are in the table below.

Withheld from this chart: Phoenix Mills Ltd (PHOENIXLTD): its two data sources disagree by up to 26% on reported income across 15 comparable periods, so its derived ratios are withheld; NESCO Ltd (NESCO): its two data sources disagree by up to 21% on reported income across 16 comparable periods, so its derived ratios are withheld; Nirlon Ltd (NIRLON): its two data sources disagree by up to 6.7% on reported income across 15 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

No company in this Realty - Commercial comparison reports a valuation figure this section can compare, so the PEG rank is empty. On P/E, NESCO Ltd is lowest at 17.3× at the latest share price, across 3 of 3 companies with a usable reading.

What the numbers say: There is not enough comparable evidence to name a reliable peg leader.

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

PEG · lowest PEG

Not enough comparable data.

P/E · lowest P/E

All-company data · latest reported quarter

PEG is left out: no company here reports it on a comparable basis.

Realty - Commercial companies show up on 4 of our India lists. The most are on the real estate, reit & cement list (3 companies).

This Realty - Commercial comparison names 6 specific ways its own evidence can mislead, all listed below. All 3 companies here report on comparable dates, so no rank carries a stale marker. 3 have second-source figures left out because the two sources disagree. 1 of the 5 ranked sections has fewer than three usable current readings.

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.
• 3 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 3 Realty - Commercial 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.

3 of 3 companies have a second data feed that is known to disagree with the primary source, so nothing from it is drawn: Phoenix Mills Ltd (PHOENIXLTD): its two data sources disagree by up to 26% on reported income across 15 comparable periods, so its derived ratios are withheld; NESCO Ltd (NESCO): its two data sources disagree by up to 21% on reported income across 16 comparable periods, so its derived ratios are withheld; Nirlon Ltd (NIRLON): its two data sources disagree by up to 6.7% on reported income across 15 comparable periods, so its derived ratios are withheld.

These 21 answers restate the Realty - Commercial comparison above in question form. Every one is computed from the same 3 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.