October 2026
Largest Buildings & Property Public Companies in India
Benchmark revenue and EBITDA valuation multiples for public comps like
Phoenix Mills, Oberoi Realty, Knowledge Realty Trust, Horizon Industrial Parks and NCC.
 | Mall and mixed-use property developer and operator. It owns and runs retail malls such as High Street Phoenix in Mumbai and Phoenix Marketcity in several cities, with offices, hotels and residential projects. Income comes mainly from rent from retailers and some property sales. Headquartered in Mumbai. | $20 | +7% | $7.2B | $7.9B | 17.4x | 27.7x | ||
| Mumbai-focused real estate developer building luxury and premium residential towers and commercial space. It also owns a retail mall, office buildings and hotels, earning rent and hospitality income alongside property sales. Headquartered in Mumbai. | $17 | -15% | $6.2B | $6.2B | 9.8x | 16.9x | ||
| Knowledge Realty Trust owns and manages a high-quality office portfolio in India. Its Portfolio comprises 6 city-center offices and 23 business parks/centers, with some of its assets being best-in-class developments in their respective sub-markets. | $1 | -9% | $5.3B | $6.5B | 20.2x | 24.6x | ||
| Horizon Industrial Parks develops, owns and operates industrial and warehousing parks in India, leased to logistics, manufacturing and e-commerce tenants. It is backed by Blackstone. Headquartered in Mumbai. | $0 | -- | $1.3B | $1.8B | 25.9x | 31.2x | ||
| NCC is an Indian engineering and construction company. It builds buildings, roads, water pipelines, irrigation, power, mining and railway projects for government and private clients. Headquartered in Hyderabad. | $1 | -47% | $798M | $947M | 0.4x | 5.5x | ||
| Embassy Developments Ltd is engaged in real estate development, including the purchase, sale, construction, and management of residential, commercial, industrial, and other properties, both movable and immovable, and Special Economic Zone (SEZ) projects across Indian cities, with a strategic focus on Bengaluru, the Mumbai Metropolitan Region (MMR), and the National Capital Region (NCR). | $1 | -48% | $762M | $1.3B | 7.4x | (30.2x) | ||
| Runs the Bombay Exhibition Centre in Mumbai and owns IT park space and other commercial property. It also has an engineering business making industrial equipment and a food business. Based in Mumbai. | Events+1 | $11 | -31% | $751M | $739M | 7.5x | 13.8x | |
| Nirlon Limited is a Mumbai property company founded in 1958 and listed in India. The company owns Nirlon Knowledge Park, a large office campus in Goregaon along Mumbai's Western Express Highway. The park comprises multiple office blocks and serves international technology and financial-services tenants under long-term leases. Rental income and related property services are the company's core revenue sources, replacing its historical textiles activities. Its operating profile is therefore a concentrated commercial real-estate owner and manager with a major institutional-quality business park rather than a diversified developer. Its tenants include multinational employers. Nirlon serves B2B customers through activities spanning Buildings & Property and Real Estate Services. Its commercial model generates revenue through Leasing & Rental Services and Services, supported by sector expertise, operating execution and customer relationships. | $7 | +16% | $596M | $687M | 9.8x | 12.5x | ||
| Hemisphere Properties India is a real estate company that owns and develops land parcels in Delhi that came from government holdings. It earns money from development, lease and sale of these properties. It is headquartered in New Delhi. | $1 | -29% | $318M | $322M | 3065.1x | (337.7x) | ||
| Elpro International is a real estate company with commercial and residential projects in Pune, and earlier in its history made electrical goods. It earns from property sales and rentals. It is headquartered in Mumbai. | $2 | +81% | $296M | $386M | 8.3x | 17.5x | ||
| Vipul Ltd is an India-based company engaged in the business of Real Estate. Its projects include a range of residential, commercial, retail, integrated townships, and lifestyle gated communities, built in partnership with contractors and consultants. The company's project includes Gurgaon: Tatvam Villas, Vipul Plots, Vipul Garden, Vipul Greens, Vipul Plaza, Vipul Square, Vipul Belmonte, Vipul Floors, Vipul Agora, Ardee City, Vipul Agora, Vipul Trade Center, Vipul Business Park, Vipul Plaza, Faridabad, Vipul Plaza, Bhubaneswar. | $0 | -- | $13M | $21M | 3.3x | (15.0x) | ||
| Median | $1 | -15% | $762M | $947M | 9.8x | 13.8x |
Financial data powered by FactSet and Morningstar. Valuation multiples as of current fiscal year. For more data, start your free trial here.
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