Civil Construction industry
173 companies · ₹9.2 L cr · 43 with AI deep dives · Q1FY27 report
Record order books masked by geopolitical cost shocks and JJM arrears, keeping margins range-bound
- Revenue YoY
- +5.9%
- EBITDA margin
- 10.7%
- -70bps YoY
- Price, 1 year
- -17.4%
- 28% of names up
- P/E vs own 5y
- +18.4%
- 19.7x now
Exhibit 1The quarter in numbers
constant panel of 50 companies above ₹500 cr- Jun 26
- 1.30 L cr
- Mar 26
- 1.58 L cr
- QoQ
- -17.7%
- Jun 25
- 1.23 L cr
- YoY
- +5.9%
- Peak
- 1.58 L cr
- vs peak
- -17.7%
- Jun 26
- 10.7%
- Mar 26
- 10.6%
- QoQ
- +10bps
- Jun 25
- 11.4%
- YoY
- -70bps
- Peak
- 12.1%
- vs peak
- -140bps
Breadth: 75% of 57 companies grew revenue year on year (was 60% a quarter earlier) and 47% expanded margin (was 46%).
Exhibit 2What it costs
11.22x - 28.66x across the panel todayThe median name trades at 19.7x, +18.4% against this industry's own 5-year median of 16.6x, and -25.1% against its own peak of 26.3x.
Exhibit 3Structure
₹9.2 L crLarsen & Toubro Ltd is 59.7% of this industry by market cap. The top 5 are 72% and the top 10 are 80.2%.
Exhibit 4Screen
P/E below the sub-industry median of 19.71x, 5y ROCE above its median of 17.6%, and at least 2 growth triggers stated on the latest earnings call.
Which names clear this screen is premium
The screen runs on stated growth triggers from the latest earnings calls - the same guidance data the stock screener reserves for premium. Premium names every company in this industry that is cheap against its own median and has the triggers behind it.
See plans →Exhibit 5Coverage (25 of 174)
Every company here with a deep dive, topped up by market cap. The rest of the industry is in the appendix.
- Mcap
- ₹24,506 cr
- P/E
- 21.6x
- EV/EBITDA
- 11.7x
- ROCE
- 21.5%
- Margin
- 8.7%
- Rev YoY
- +3.8%
- Mcap
- ₹23,794 cr
- P/E
- 24.9x
- EV/EBITDA
- 10.6x
- ROCE
- 6.2%
- Margin
- 52.8%
- Rev YoY
- +1.8%
- Mcap
- ₹5,970 cr
- P/E
- 36.2x
- EV/EBITDA
- 9.8x
- ROCE
- 17.2%
- Margin
- 17.5%
- Rev YoY
- -9.0%
- Mcap
- ₹5,882 cr
- P/E
- 30.0x
- EV/EBITDA
- 10.1x
- ROCE
- 14.6%
- Margin
- 9.7%
- Rev YoY
- +47.7%
- Mcap
- ₹4,218 cr
- P/E
- -
- EV/EBITDA
- -51.2x
- ROCE
- -10.3%
- Margin
- -1.5%
- Rev YoY
- -9.7%
- Mcap
- ₹3,992 cr
- P/E
- 17.7x
- EV/EBITDA
- 7.9x
- ROCE
- 15.8%
- Margin
- 10.9%
- Rev YoY
- +12.0%
Exhibit 6What managements said
from this industry's latest earnings calls · as of 2026-06-30Order books and Q1 inflows reached all-time or multi-quarter highs across the majority of covered names. LT's group order book stood at ₹7.79 trillion (+27% YoY) with a ₹15…
- LT (Q1FY27): “the group order inflows at Rs. 1,080 billion, registered a 14% Y-on-Y growth... Group…”
Exhibit 7Outlook
The outlook and what resolves next quarter
Where these managements said things are heading, and the dated, checkable events that would change it. Free with an account - 3 full reports a quarter.
Create a free account →AppendixThe other 149 companies
1-30- Mcap
- ₹15,280 cr
- P/E
- 24.9x
- EV/EBITDA
- -
- ROCE
- 34.6%
- Margin
- 35.8%
- Rev YoY
- -
- Mcap
- ₹11,265 cr
- P/E
- 26.1x
- EV/EBITDA
- 18.5x
- ROCE
- 12.4%
- Margin
- 18.0%
- Rev YoY
- +19.8%
- Mcap
- ₹2,905 cr
- P/E
- 21.6x
- EV/EBITDA
- 14.5x
- ROCE
- 20.9%
- Margin
- 10.5%
- Rev YoY
- +20.7%
- Mcap
- ₹1,689 cr
- P/E
- 12.4x
- EV/EBITDA
- 10.2x
- ROCE
- 40.7%
- Margin
- 31.3%
- Rev YoY
- +40.1%
- Mcap
- ₹1,229 cr
- P/E
- 10.5x
- EV/EBITDA
- 7.9x
- ROCE
- 20.0%
- Margin
- 13.3%
- Rev YoY
- +146.8%
- Mcap
- ₹1,111 cr
- P/E
- 10.4x
- EV/EBITDA
- 10.2x
- ROCE
- 32.4%
- Margin
- 14.3%
- Rev YoY
- -
- Mcap
- ₹1,101 cr
- P/E
- 0.3x
- EV/EBITDA
- 0.3x
- ROCE
- 6.4%
- Margin
- 49.2%
- Rev YoY
- +0.9%
- Mcap
- ₹837 cr
- P/E
- 0.0x
- EV/EBITDA
- 0.4x
- ROCE
- 21.5%
- Margin
- 96.1%
- Rev YoY
- +189.9%
119 more companies
This industry has 149 constituents beyond the covered names. The first page is free; premium opens the rest.
See plans →