Civil Construction industry

173 companies · ₹8.3 L cr · 70 with AI deep dives · Q1FY27 report

Record order books meet H1 execution gaps as Middle East disruptions and stuck JJM receivables cap margins

Mid cyclemargin range-bound near 10.7%

Revenue YoY: +5.9%
EBITDA margin: 10.7%; -70bps YoY
Price, 1 year: -32.1%; 22% of names up
P/E vs own 5y: -9.0%; 17.3x now

Exhibit 1The quarter in numbers

constant panel of 47 companies above ₹500 cr

aggregate revenue (₹ cr)EBITDA margin (right axis)

Metric	Jun 26	Mar 26	QoQ	Jun 25	YoY	Peak	vs peak
Revenue	1.30 L cr	1.58 L cr	-17.7%	1.23 L cr	+5.9%	1.58 L cr	-17.7%
EBITDA margin	10.7%	10.6%	+10bps	11.4%	-70bps	12.1%	-140bps

Revenue

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%

EBITDA margin

Jun 26: 10.7%
Mar 26: 10.6%
QoQ: +10bps
Jun 25: 11.4%

Sept 26: 3 of 58 reported so far, so it is not in the trend above.

Breadth: 74% of 53 companies grew revenue year on year (was 60% a quarter earlier) and 47% expanded margin (was 46%).

Exhibit 2What it costs

8.4x - 24.6x across the panel today

The median name trades at 17.3x, -9.0% against this industry's own 5-year median of 18.9x, and -33.1% against its own peak of 25.8x.

Exhibit 3Structure

₹8.3 L cr

Larsen & Toubro Ltd is 60.7% of this industry by market cap. The top 5 are 72.7% and the top 10 are 80.4%.

large 1mid 7small 38micro 12758 above ₹500 cr

Exhibit 4Screen

P/E below the sub-industry median of 17.25x, 5y ROCE above its median of 13.62%, 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.

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Exhibit 5Coverage (25 of 173)

Every company here with a deep dive, topped up by market cap. The rest of the industry is in the appendix.

Company	Mcap	P/E	EV/EBITDA	ROCE	Margin	Rev YoY	Read
Larsen & Toubro Ltd	₹5.1 L cr	30.5x	18.9x	12.1%	10.2%	+6.7%	Unlock
Rail Vikas Nigam Ltd	₹37,947 cr

Exhibit 6What managements said

from this industry's latest earnings calls · as of 2026-06-30

headwindMiddle East geopolitical disruptions compress input costs and execution timelines sector-wide8 managements

Eight managements independently cited ongoing Middle East conflict as a source of elevated freight rates, supply-chain disruptions, longer lead times, and uncompensated cost…

LT (Q1FY27): “the Middle East region continues to navigate logistical and trade disruptions arising…”

mixed7 managements headwind5 managements

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.

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AppendixThe other 148 companies

1-30

sort: mcap · composite · name

Company	Mcap	P/E	EV/EBITDA	ROCE	Margin	Rev YoY	Read
Sterling & Wilson Renewable Energy Ltd	₹3,249 cr	15.8x	-42.0x	26.3%	4.0%	-12.6%	Unlock