October 2026
Largest Construction & Engineering Public Companies in India
Benchmark revenue and EBITDA valuation multiples for public comps like
Larsen & Toubro, CG Power & Industrial, Rail Vikas Nigam, Transrail Lighting and Kalpataru.
 | Larsen & Toubro Ltd is a technology, engineering, manufacturing, and financial services conglomerate operating globally. It enters into contracts to construct various facilities, develop solutions for offshore and onshore hydrocarbon projects, serve power plants, build ships, and perform other engineering projects. Its integrated capabilities help customers throughout the entire value chain, from design to delivering a project. The company's operating segments are: Infrastructure projects, Energy projects, Hi-Tech Manufacturing, IT & Technology services, Financial services, Development projects, and other segments. A majority of its revenue is generated from the Infrastructure projects segment. Geographically, the group generates maximum revenue from its operations in India. | $38 | -17% | $52B | $59B | 2.0x | 18.9x | ||
| CG Power & Industrial Solutions Ltd is an India-based company engaged in providing products, services, and solutions to utilities, industries, and consumers for the management and application of sustainable electrical energy. It has two reportable business segments: Industrial Systems, which derives key revenue, and Power Systems. The Power Systems segment includes products and services from ultra-high-voltage, high voltage, medium voltage and low voltage like transformer, switchgear, and turnkey projects; and the Industrial Systems segment, includes rotating machines of power and ratings, automated AC, DC, and frequency drives and control systems like electric motors, alternators, drives, traction electronics, and SCADA. Geographically, it derives key revenue from the domestic market. | $9 | +7% | $14B | $14B | 10.8x | 80.8x | ||
| Rail Vikas Nigam Limited is a listed Government of India railway-infrastructure company established in 2003. It executes rail-line doubling, electrification, gauge conversion, station, bridge and connectivity projects for Indian Railways and other public clients. The company earns project-management, construction and infrastructure-development revenue and also enters special-purpose ventures for transport assets. Customers and counterparties include central ministries, railway zones, state agencies and industrial infrastructure companies. RVNL joined Chennai Multimodal Logistics Park with an initial 26% ownership interest to provide the rail-development and network-integration capability needed for an intermodal freight hub. Its role complements the road platform, Chennai Port Authority's maritime gateway and TIDCO's state industrial-development mandate. The company is headquartered in New Delhi and its shares trade publicly in India. | $2 | -48% | $4B | $4.5B | 2.1x | 30.7x | ||
| Transrail Lighting Ltd is an Indian engineering, procurement and construction business (EPC) relating to infrastructure inter alia relating to products, projects and engineerings. The Company focuses on power transmission and distribution business and integrated manufacturing facilities for lattice structures, conductors, and monopoles. Besides the power transmission and distribution business, It has other business verticals, such as civil construction, poles and lighting Railways, and Solar EPC. | $5 | -40% | $656M | $677M | 1.0x | 8.3x | ||
| Kalpataru Ltd is an integrated real estate development company involved in all key activities associated with real estate development, including the identification and acquisition of land (or development rights thereto), planning, designing, execution, sales, and marketing of its projects. It is a prominent real estate developer in the Mumbai Metropolitan Region (MMR) in Maharashtra and are present across all micro-markets in the MMR. The company generates key revenue from the sale of residential units, and License fees & other charges. | $3 | -38% | $554M | $1.4B | 4.5x | 10.7x | ||
| Sterling and Wilson Renewable Energy Ltd is an Indian company engaged in Turnkey and Rooftop solutions for engineering, procurement, construction (EPC), development, operation, and maintenance of Solar Power projects. The Operating segments of the company are; Solar EPC business and Operation and maintenance service. The company derives maximum revenue from the Solar EPC business. The company operates in India, the Middle East and North Africa, the United States of America, Latin America, Australia, Rest of Africa, and Europe. | $2 | -33% | $388M | $501M | 0.6x | (34.5x) | ||
| Ahluwalia Contracts (India) Ltd is an integrated construction company. Its project comprises residential and commercial complexes, hotels, institutional buildings, hospitals, and others. The company's operating segments include Construction Contract, Investment Property (Lease Rental), and Other. It generates maximum revenue from the Construction Contract segment. Geographically, it derives a majority of its revenue from India. | $6 | -47% | $384M | $330M | 0.7x | 7.4x | ||
| Ashoka Buildcon Ltd develops highways and is also active in power transmission and distribution. It operates in three segments: Construction and Contract Related Activities, which includes engineering, procurement, and construction of infrastructure projects; Build, Operate, and Transfer, which involves annuity-based infrastructure development under BOT and annuity models; and Sale of Goods, which mainly consists of the sale of construction materials, including RMC and real estate. The company operates across India, with the majority of its revenue generated from construction and contract-related activities. | $1 | -55% | $295M | $427M | 0.6x | 1.0x | ||
| Denta Water And Infra Solutions Ltd is a growing water and infrastructure solutions company engaged in the design, installation and commissioning of water management infrastructure projects with expertise in groundwater recharging projects. In addition, It also undertakes construction projects in the field of railways and highways. The company operates only in India. | $3 | -41% | $71M | $63M | 2.4x | 7.8x | ||
| Median | $3 | -40% | $554M | $677M | 2.0x | 8.3x |
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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