Construction & EPC.

Construction is India's fifth-largest activity by value added and second-largest employer after agriculture, generating ₹26.5 lakh crore of GVA in FY26 (8.4% of national GVA) from ~₹62 lakh crore of construction output, spanning residential, commercial & industrial and infrastructure building. It is funded mainly by general government (₹39 LC of GFCF) and households (₹28 LC), and built mostly outside any company: roughly 47% of output is self-built or done by unincorporated contractors, with listed EPC contractors capturing only about 2% of output and 0.6% of GVA. The current cycle is public-capex driven, with general government capital expenditure rising from ₹7.9 LC (FY20) to ₹19.8 LC (FY26) and real construction GVA growing 7.3% a year in FY24–FY26. Employment nearly doubled as a share of the workforce over two decades with almost no productivity gain, leaving GVA per worker at about 70% of the national average.

Construction GVA FY26

26.5 ₹ lakh crore · FY26

Construction output FY26

~62 ₹ lakh crore · FY26

Employment

~75 million workers · FY26

GFCF in dwellings, buildings & structures

59.7 ₹ lakh crore · FY26

General government capex, Centre + states

19.8 ₹ lakh crore · FY26

Cement demand

470 million tonnes · FY26

Steel used in construction

~95 of 158 million tonnes · FY26

Listed EPC market cap

~8 ₹ lakh crore · Jul-2026