Industry research
Real estate in India spans residential developers, commercial and office landlords, malls and industrial parks, and township and plotted-land builders, from national listed groups to single-project companies. This page measures the whole industry, listed and private developers together, from statutory filings and exchange prices, and sets it against related industries, buyer searches, news, geography and the wider real estate ecosystem.
| # | Company | Status | Revenue (₹ crore) | EBITDA margin % | Registered in |
|---|---|---|---|---|---|
| 1 | DLF India | Listed · DLF | 7,994 | 38.9 | Haryana |
| 2 | Prestige Estates | Listed · PRESTIGE | 7,349 | 40.1 | Karnataka |
| 3 | Oberoi Realty | Listed · OBEROIRLTY | 5,286 | 62.3 | Maharashtra |
| 4 | Brigade Enterprises | Listed · BRIGADE | 5,074 | 32.6 | Karnataka |
| 5 | Godrej Properties | Listed · GODREJPROP | 4,923 | 42.4 | Maharashtra |
| 6 | Sobha | Listed · SOBHA | 4,039 | 10.4 | Karnataka |
| 7 | Phoenix Mills | Listed · PHOENIXLTD | 3,814 | 60.6 | Maharashtra |
| 8 | Aparna Constructions and Estates | Private | 3,801 | 32.1 | Telangana |
| 9 | Casagrand Premier Builder | Private | 2,696 | 15.4 | Tamil Nadu |
| 10 | Signature Global | Listed · SIGNATURE | 2,498 | 7.4 | Delhi |
| 11 | Embassy Developments | Listed · EMBDL | 2,180 | Haryana | |
| 12 | MY Home Constructions | Private | 2,123 | 43.7 | Telangana |
| 13 | Bagmane Developers | Private | 80.2 | Karnataka | |
| 14 | Anant Raj | Listed · ANANTRAJ | 2,060 | 25.8 | Haryana |
| 15 | Puravankara | Listed · PURVA | 18.4 | Karnataka | |
| 16 | Keystone Realtors | Listed · RUSTOMJEE | 2,004 | 16.6 | Maharashtra |
| 17 | Omaxe | Listed · OMAXE | 1,561 | −34.1 | Haryana |
| 18 | Smartworld Developers | Private | 1,559 | 25.6 | Haryana |
| 19 | Rajapushpa Properties | Private | 1,466 | 18.1 | Telangana |
| 20 | Dosti Realty | Private | 1,448 | 4.6 | Maharashtra |
| 21 | ACE Infracity Developers | Private | 1,418 | 43.3 | Uttar Pradesh |
| 22 | Kolte Patil | Listed · KOLTEPATIL | 1,371 | 3.0 | Maharashtra |
| 23 | Aparna Infrahousing | Private | 1,369 | 46.4 | Telangana |
| 24 | Magarpatta Township Development and Construction Company | Private | 1,279 | 37.1 | Maharashtra |
| 25 | Kanakia Spaces Realty | Private | 1,220 | 24.8 | Maharashtra |
| 26 | Aditya Birla Real Estate | Listed · ABREL | 1,219 | 5.6 | Maharashtra |
| 27 | Aqua Space Developers | Private | 1,193 | 49.9 | Telangana |
| 28 | Tata Realty and Infrastructure | Private | 1,172 | 90.1 | Maharashtra |
| 29 | Valor Estate | Listed · DBREALTY | 1,133 | −4.3 | Maharashtra |
| 30 | Experion Developers | Private | 1,124 | 42.9 | Delhi |
980 real estate companies with statutory filings (47 listed, 933 private) reported combined revenue of ₹1.44 lakh crore in FY2025, +11.7% on the same companies, and aggregate EBITDA of ₹46,874 crore. As filed each year, combined revenue was ₹40,885 crore in FY2018, reached ₹1.44 lakh crore in FY2025, the highest in the period; year-on-year changes are measured on the same companies. The 37 listed companies with an exchange price are worth ₹4.61 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.
Improving. The aggregate EBITDA margin of real estate companies was 33.0% in FY2025, 1.1 pts above FY2024, against a peak of 34.9% in FY2023. The low since the peak was 32.0% in FY2024. Profit after tax margin was 15.3% (+1.7 pts on FY2024). Aggregate EBITDA of listed and private real estate companies moved +81% from FY2022 to FY2025 on a same-company basis; FY2025 EBITDA was ₹46,874 crore (+18.0% on FY2024).
By FY2025 revenue the largest real estate companies are DLF India (₹7,994 crore, 38.9% EBITDA margin); Prestige Estates (₹7,349 crore, 40.1% EBITDA margin); Oberoi Realty (₹5,286 crore, 62.3% EBITDA margin); Brigade Enterprises (₹5,074 crore, 32.6% EBITDA margin); Godrej Properties (₹4,923 crore, 42.4% EBITDA margin). Among the ten largest, Oberoi Realty (62.3%) and Phoenix Mills (60.6%) earn the widest EBITDA margins and Signature Global (7.4%) the thinnest. 11 of the 25 largest are private companies, which a listed-only view leaves out.
In the news: Rera regulation carried 2.3% of real estate stories in 2025-06 to 2026-05, up 0.9 pts (+62%) on the prior 12 months; net tone +48 vs +45 for all real estate stories. In buyer searches: Search interest in villas and luxury homes queries (villa in bangalore, luxury villa) was +37% in the 12 months to 2026-09 vs the prior 12, led by “luxury villa” (+53%), followed by flats and apartments to buy (+24%); homes and rooms to rent moved -4%.
These are the findings that fired on the data, negative signals first, each with the topic that holds the evidence: Real Estate EBITDA grew 81% since FY2022 (Industry financials). 17 private real estate developers pass an IPO-readiness screen (Top real estate companies in India). Rera regulation is gaining the most ground in real estate news (Real Estate in the news). Villas and luxury homes searches rose most in the last year (Search & demand signals). Median EV/EBITDA is 15.6× and median P/E 22.4× across 37 priced real estate companies. (Market capitalisation & valuation).
The median trailing P/E is 22.4× and the median EV/EBITDA 15.6× across 37 priced companies.
The real estate industry assembles land and develops it into homes, plots, offices, shops, warehouses and townships, then sells or leases the finished property to households and businesses, usually through project-level companies, with brokers, property managers and listing platforms around it.
Listed and private developers and owners of property whose registered industry code is real estate (own or leased property, letting), or who file under construction codes with a developer name, reviewed by hand. Construction contractors, brokers and property-service firms, housing lenders, hotel and hospital operators, REITs, NBCC (a government project-management contractor) and subsidiaries of listed real estate groups, such as the project companies of DLF, Godrej Properties and Prestige, are left out of the company totals. Separately filing entities of unlisted groups are counted as filed. Macrotech Developers (Lodha), the largest listed developer, and a few recently listed developers with no statutory filings feed are not part of the company set; the ecosystem section covers brokers, platforms and property services by sub-sector.
Research information, not investment advice.
Industry research