ICRA maintains its expectation of 8-10% revenue growth for the
construction sector in FY2027 over 6-
8% growth of FY2026 backed by a
healthy order book position, despite
the OI remaining flat in H1 FY2026 visà-vis H1 FY2025.
Credit profile of diversified players is
expected to benefit, but players
focussed primarily on the road or JalJeevan mission could face some
challenges in the near to medium term.
Exhibit: Quarterly trend in construction GVA (in real terms)
