Residential, Commercial Projects industry

172 companies · ₹6.9 L cr · 46 with AI deep dives · Q2FY27 report

War-hit sentiment and approval slippage push FY27 pre-sales into H2; record launches show demand persists

Turning upmargin troughed at 20.4% and has risen for 4 quarters to 25.8%, on positive revenue growth

Revenue YoY: +18.0%
EBITDA margin: 25.8%; +540bps YoY
Price, 1 year: -19.5%; 28% of names up
P/E vs own 5y: -12.0%; 25.4x now

Exhibit 1The quarter in numbers

constant panel of 43 companies above ₹500 cr

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

Metric	Jun 26	Mar 26	QoQ	Jun 25	YoY	Peak	vs peak
Revenue	23,409 cr	31,904 cr	-26.6%	19,846 cr	+18.0%	31,904 cr	-26.6%
EBITDA margin	25.8%	20.9%	+490bps	20.4%	+540bps	26.1%	-30bps

Revenue

Jun 26: 23,409 cr

Exhibit 4Screen

P/E below the sub-industry median of 25.39x, 5y ROCE above its median of 6.58%, 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 164)

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
DLF Ltd	₹1.6 L cr	35.9x	50.1x	10.2%	17.7%	-23.3%	Unlock
Lodha Developers Ltd	₹98,140 cr

Exhibit 6What managements said

from this industry's latest earnings calls · as of 2026-09-30

headwindMiddle East conflict weighs on buyer sentiment and delays launches6 managements

Lodha, Mahindra Lifespace, SignatureGlobal, Sunteck, Max Estates and Godrej linked softer sentiment, launch deferrals or cost pressure to the conflict. Lodha chose to launch…

LODHA (Q1FY27): “This was a decision, not an outcome. We launched almost nothing on the residential side…”

mixed8 managements headwind4 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 139 companies

1-30

sort: mcap · composite · name

Company	Mcap	P/E	EV/EBITDA	ROCE	Margin	Rev YoY	Read
Kesar India Ltd	₹3,512 cr	97.6x	76.9x	23.4%	24.5%	-