Infrastructure Industry in India

Explore the infrastructure industry in India through a structured view of listed and unlisted providers, their reported financials and their place in the wider market.

Top infrastructure companies in India (listed and private)

Frequently asked questions

How large is the infrastructure industry in India?

3469 infrastructure companies with statutory filings (139 listed, 3330 private) reported combined revenue of ₹12.18 lakh crore in FY2025, +8.6% on the same companies, and aggregate EBITDA of ₹2.53 lakh crore. As filed each year, combined revenue was ₹4.79 lakh crore in FY2018, reached ₹12.18 lakh crore in FY2025, the highest in the period; year-on-year changes are measured on the same companies. The 86 listed companies with an exchange price are worth ₹12.51 lakh crore in market capitalisation. Size here is measured in revenue, profit and market value, from statutory filings and exchange prices, not in physical volume of output.

Is profitability improving or deteriorating?

Mixed. The aggregate EBITDA margin of infrastructure companies was 20.8% in FY2025, 0.0 pts above FY2024, against a peak of 22.5% in FY2021. The low since the peak was 18.9% in FY2023. Profit after tax margin was 6.1% (+1.1 pts on FY2024). Aggregate EBITDA of listed and private infrastructure companies moved +57% from FY2022 to FY2025 on a same-company basis; FY2025 EBITDA was ₹2.53 lakh crore (+13.6% on FY2024).

Which companies are leading the infrastructure industry?

By FY2025 revenue the largest infrastructure companies are L&T (₹2.56 lakh crore, 11.9% EBITDA margin); Southern Power Distribution Company of Telangana (₹44,518 crore, 11.4% EBITDA margin, private); Megha Engineering & Infrastructures (₹41,826 crore, 17.2% EBITDA margin, private); Shapoorji Pallonji and Company (₹30,661 crore, 13.2% EBITDA margin, private); Adani Ports and Special Economic Zone (₹26,711 crore, 65.0% EBITDA margin). Among the ten largest, Adani Ports and Special Economic Zone (65.0%) and Megha Engineering & Infrastructures (17.2%) earn the widest EBITDA margins and Northern Power Distribution Company of Telangana (4.2%) the thinnest. 12 of the 25 largest are private companies, which a listed-only view leaves out.

Where is demand or investment changing?

In the news: Supply chain carried 4.0% of infrastructure stories in 2025-10 to 2026-09, up 1.7 pts (+73%) on the prior 12 months; net tone +68 vs +57 for all infrastructure stories. In buyer searches: Stories pairing infrastructure with digital and data infrastructure rose +85% as a share of India news in the last four quarters to Q1 FY27 vs the four before (976 stories).

What should I investigate next?

These are the findings that fired on the data, negative signals first, each with the topic that holds the evidence: Infrastructure EBITDA grew 57% since FY2022 (Industry financials). 142 private infrastructure providers pass an IPO-readiness screen (Top infrastructure companies in India). Supply chain is gaining the most ground in infrastructure news (Infrastructure in the news). Digital and data infrastructure gained the most ground in infrastructure news (Search & demand signals). Median EV/EBITDA is 10.6× and median P/E 18.7× across 86 priced infrastructure companies. (Market capitalisation & valuation).

How are infrastructure stocks valued?

The median trailing P/E is 18.7× and the median EV/EBITDA 10.6× across 86 priced companies.

What does this infrastructure industry page cover?

It brings together relevant listed and unlisted providers using statutory activity codes, company names and reported financial information.

How are companies selected for this page?

The selection uses relevant statutory activity codes and focused name rules, followed by review to remove clearly unrelated firms and avoid duplicate reporting.

Research information, not investment advice.