Top Infrastructure Stocks in India

Infrastructure is the backbone of any thriving economy, and for India, it’s the road to becoming a US$26 trillion economy. Over the last decade, India has rapidly expanded its infrastructure, including highways, airports, ports, and power plants, thereby improving connectivity and enhancing the ease of doing business. In the Union Budget 2025-26, the government pushed this vision further by allocating a record ₹11.21 lakh crore for capital investments in infrastructure, making up 3.1% of GDP.

With steady support from both public and private players, India’s infrastructure boom is on a growth trajectory. For investors, this opens up exciting opportunities to tap into companies driving this transformation. Keeping an eye on the top infrastructure stocks can help you ride this wave of growth in 2025 and beyond. 

Industry Overview 

India’s infrastructure sector covers vital areas like power, roads, bridges, ports, and urban development. It doesn’t just build physical assets; it fuels jobs, supports industries like housing and logistics, and keeps the economy moving. Major initiatives, such as the National Infrastructure Pipeline (NIP) and the US$1.3 trillion Gati Shakti master plan, aim to expedite large projects, eliminate bottlenecks, and attract additional investment.

India’s infrastructure market is valued at $190.7 billion in 2025 and is expected to reach $280.6 billion by 2030, growing at an annual rate of 8%. Further, it’s estimated that India needs to spend about $840 billion just on urban infrastructure over the next 15 years to serve its growing population. All these numbers show that the future of India’s infrastructure and the companies behind it look very promising.

Top Infrastructure Stocks in India by Market Capitalisation  

Here are the top 5 infrastructure stocks in India as per market capitalisation. 

Overview of the Top Infrastructure Stocks in India 

Let us understand each infrastructure stock in detail. 

1. Larsen & Toubro Ltd (L&T)

L&T is a global conglomerate with deep roots in engineering, procurement, and construction (EPC). Over the years, it has built a strong presence across diverse sectors, from infrastructure, hydrocarbons, and power to process industries, defence, IT, and financial services, both in India and abroad.

At the heart of L&T’s operations lies its infrastructure business. This segment covers everything from buildings, factories, and transport networks to power transmission lines, water supply, and sewage treatment. It’s no surprise, then, that infrastructure alone accounts for about 62% of L&T’s current order book, which stands at ₹5.79 lakh crore.

The road ahead looks equally promising. For FY26, the company expects an infrastructure order pipeline worth ₹9.64 lakh crore. If we look at all business segments combined, L&T is eyeing a total opportunity pipeline of ₹19 lakh crore for FY26, a 56% jump from the previous year, thanks mainly to a 135% surge in overseas opportunities. 

Revenue-wise, the infrastructure segment delivered strongly in FY25, bringing in ₹1.31 lakh crore, a healthy 15.2% growth over last year, driven by faster project execution across multiple sites. This segment alone contributed over half of the company’s total revenue for the year.

L&T’s future prospects look bright, too. It’s among just three Indian companies chosen by the US Department of Technology for the technology transfer of Small Modular Reactors (SMRs). This move could place it at the forefront of India’s next chapter in nuclear power.

Adding to this momentum, in June 2025, L&T bagged a major contract worth between ₹1,000-₹2,500 crore from JSW Energy to develop a pump storage project in Maharashtra. 

2. GMR Airports Ltd (GAL) 

GAL is primarily involved in building and running airports, generating power, mining coal, developing highways and special economic zones, and handling construction projects through its engineering, procurement, and construction (EPC) services.

GAL is best known as the parent company behind two of India’s busiest airports: Delhi International Airport (DIAL) and GMR Hyderabad International Airport (GHIAL). Beyond these, the company also has stakes in four more airports: two domestic ones, Goa and Visakhapatnam, and two international projects, Medan Airport in Indonesia and Crete Airport in Greece.

Today, GAL is India’s largest private airport operator and the second-largest worldwide. It currently ranks 9th globally by the number of airports owned or under development. In FY25 alone, GMR airports handled 120.5 million passengers, a solid 9% increase year-on-year, accounting for nearly 27.5% of India’s total passenger traffic.

For FY25, GMR’s airports business reported revenue of ₹10,414.24 crore, with EBITDA jumping 22.5% over the previous year. Key growth drivers include new tariffs at Delhi Airport, full integration of Delhi duty-free operations, and robust growth in non-aeronautical revenues. FY25 net loss stood at ₹816.90 crore. On the expansion front, the Bhogapuram Airport project is on track for completion by December 2026. Additionally, GMR is in the process of taking over Nagpur Airport, with the transaction expected to close in Q1 FY26.

To fuel these developments, gross debt may rise by around ₹2,400 crore in FY26, mainly ₹1,700 crore for Bhogapuram’s capital expenditure and another ₹600–700 crore for the Nagpur concession, Bhogapuram equity funding, and a security payment for Delhi Duty-Free Services. However, the company aims to balance this out through stronger cash flows, aided by higher tariffs and improved earnings from its core airports business. 

3. Rail Vikas Nigam Ltd (RVNL) 

RVNL is a Government of India enterprise at the forefront of developing India’s rail infrastructure. Traditionally, its core business has been to execute a wide range of projects assigned by the Ministry of Railways, including doubling existing tracks, laying new lines, railway electrification, building major bridges, setting up production units, and sharing freight revenue under concession agreements with the Railways.

In recent years, RVNL has been transforming its business model. It’s smoothly moving beyond just assigned government work to winning projects through competitive bidding. This diversification push has taken RVNL into new areas such as metro rail, highways, ports, and manufacturing. 

Financially, RVNL closed FY25 with a turnover of around ₹19,500 crore. As of now, RVNL’s total order book stands at approximately ₹1 lakh crore. Of this, about ₹45,000 crore comes from traditional railway-assigned projects, while the larger share, ₹55,000 crore, comes from projects secured via competitive bidding.

International expansion is a big priority, too. The management is aiming to build up the overseas business to contribute as much as 40 -45% of the total portfolio, which should help boost margins and diversify risks.

A major part of RVNL’s new playbook is its entry into telecom infrastructure through BharatNet. The capital segment alone adds roughly ₹7,000 crore to the order book, and when you include operations and maintenance over the 7-year post-completion period, the total BharatNet opportunity goes up to about ₹14,000 crore. 

Beyond this, RVNL is exploring fresh growth avenues in renewable energy and technology. Plans are underway to step into solar power generation, battery energy storage systems (BESS), small modular nuclear reactors, and even data centres. 

4. NBCC (India) Ltd

NBCC (India) Limited is a government-owned company and is among the country’s largest construction companies. It operates through three key verticals: Project Management Consultancy (PMC), Engineering Procurement & Construction (EPC), and Real Estate.

Under PMC, the company undertakes civil construction, handling a wide range of projects, from residential and commercial buildings to large-scale government redevelopment. It also plays a vital role in national security by constructing border fencing and related infrastructure, and is actively involved in building roads, water supply systems, and rural infrastructure. 

In its EPC segment, NBCC undertakes technically complex projects, including high-rise chimneys, cooling towers, and coal handling plants, delivering services from design and feasibility studies to final commissioning and handover. The company’s real estate arm develops residential townships and apartments, along with commercial spaces like corporate offices and shopping complexes.

As of FY25, NBCC’s order book stands strong at ₹1,20,533 crore. For the same period, it recorded a revenue of ₹12,038.57 crore and a net profit of ₹557.42 crore. Breaking it down, the PMC segment contributes the lion’s share at ₹7,820.54 crore (65% of total revenue), followed by real estate at ₹269.06 crore (2.23%) and EPC at ₹591.15 crore (4.91%); the rest comes from its subsidiaries.

NBCC is also expanding its footprint through strategic partnerships. A notable example is its memorandum of understanding (MoU) with Mahatma Phule Renewable Energy and Infrastructure Technology Limited (MAHAPREIT) to jointly develop projects worth ₹25,000 crore, covering cluster development, data centres, slum rehabilitation, and various residential ventures.

Some of its ongoing marquee projects include the planning, design, and execution of a mixed-use development spread over 50 acres in Poorvi Vihar, Lucknow (Phase 1); township construction at Durgapur, Koderma, and Raghunathpur. 

5. IRB Infrastructure Developers Ltd

IRB Infrastructure Developers Ltd. is India’s leading and largest integrated transport infrastructure company and the first Indian multinational in the roads and highways sector. It has built a strong reputation in the Build-Operate-Transfer (BOT) space and plays a key role in India’s growing infrastructure story. Beyond highways, IRB is also active in road maintenance, construction, airport development, and real estate.

The company also launched India’s first Infrastructure Investment Trust (InvIT) and was the first in the sector to tap global bond markets. Today, IRB operates 26 highway projects across 12 states, managing an asset base worth around ₹80,000 crore. It handles about 10% of India’s total toll revenue, with 15,500 lane kilometres under operation, covering 14% of the Golden Quadrilateral and 12% of the North-South Corridor.

For FY25, IRB reported a total income of ₹80,315 crore and a net profit of ₹64,807 crore, boosted by exceptional income. Toll revenue grew by 23%, surpassing the national growth rate of 12.5%. The company’s total order book stands at around ₹31,000 crore, with an engineering, procurement, and construction (EPC) order book of ₹2,500 crore and executable work worth about ₹5,000 crore over the next two years.

Recently, IRB’s associate, IRB Infrastructure Trust, signed a binding deal to transfer three BOT highway assets to IRB InvIT Fund (its Public InvIT) for about ₹8,450 crore. The funds raised will support new road projects worth ₹15,000 crore, helping IRB expand its asset base to an estimated ₹1.4 lakh crore over the next three years, part of its capital recycling and growth strategy.

Things to Keep in Mind Before Investing in Infrastructure Stocks  

Infrastructure stocks in India often move in sync with how much the government spends, the pace of the economy, and how efficiently companies execute big projects. Factors such as high debt, interest rate fluctuations, or project delays can also impact profits. 

On the flip side, a strong order book, clear expansion plans, and stable policies usually work in their favour. So, for those keeping an eye on India’s growth story, the best infrastructure stocks can be an interesting way to be part of the country’s massive development push over time.

But remember to do your research and avoid putting all your money in one stock when looking for infrastructure stocks to buy. 

Final Thoughts 

India’s push for world-class infrastructure is not just an ambition. It’s a necessity for its next phase of growth. Whether it’s new airports, faster railways, smart cities, or cleaner energy, the companies building this backbone stand to benefit massively.

For investors, this means long-term investing potential, but with the usual pinch of caution. Not every infrastructure stock is a winner overnight. Look for players with strong fundamentals, execution capability, and a clear vision for future expansion. And as always, spread your investments instead of putting all your eggs in one basket. 

FAQs 

1. What are the best infrastructure stocks in India to invest in?

Some of the leading names include Larsen & Toubro, GMR Airports, Rail Vikas Nigam, NBCC, and IRB Infrastructure Developers.

2. Is infrastructure stock a good investment?

Infrastructure stocks can deliver stable returns as India keeps investing heavily in roads, airports, and power. However, they can be cyclical and depend on government budgets.

3. Should you diversify when investing in infrastructure stocks?

Absolutely. Instead of betting on just one company, pick a mix of large EPC players, airport operators, and rail developers to spread your risk and benefit from multiple growth areas.

4. How to start investing in infrastructure stocks in India? 

You can start by opening a demat and trading account with a registered broker, like Share.Market. Research the stocks, check company fundamentals, and invest according to your risk tolerance.

5. How to evaluate infrastructure stocks?

Focus on order book size, revenue growth, debt levels, profit margins, project execution record, and dividend history. Also, keep an eye on government policy changes and sector-specific news.

Disclaimer: Investments in the securities market are subject to market risks, read all the related documents carefully before investing.

Registration granted by SEBI, enlistment as a Research Analyst with the Exchange and certification from NISM in no way guarantee performance of the intermediary or provide any assurance of returns to investors. The securities are quoted as an example and not as a recommendation.

This is for informational purposes and should not be considered as recommendations. Kindly refer to  https://share.market/ for more details. PhonePe Wealth Broking Private Limited, Research Analyst with SEBI Regn No: INH000013387, BSE RA Enlistment Number: 5887.