List of Infrastructure Stocks in India 2025

Infrastructure stocks are shares of companies that build and manage key public services like roads, bridges, power, water, and telecom networks.
Infrastructure developer stocks 2024
3 min
10-June-2025

Infrastructure stocks represent shares in companies responsible for developing and maintaining essential public facilities such as roads, bridges, power supply, and water systems. These stocks often experience growth alongside economic expansion and increased government spending. This article explores some of the leading infrastructure companies in India and highlights why they deserve investor attention.

List of infrastructure developer stocks in 2025

Infrastructure stocks refer to companies involved in large-scale projects across transport, energy, and urban development. Below is a list of prominent players currently trending based on their market capitalisation.

Company Name Market Capitalisation (Rs. Crore)
Larsen & Toubro Ltd 4,75,926
Rail Vikas Nigam Ltd 35,431
IRB Infrastructure Developers Ltd 35,431
KEC International Ltd 25,014
Kalpataru Projects International Ltd 20,077
Ircon International Ltd 20,723
NCC Ltd 31,552
Techno Electric & Engineering Ltd 20,077
G R Infraprojects Ltd 20,077
Sterling and Wilson Renewable Energy Ltd 20,077


Disclaimer: The market capitalisation values mentioned above are subject to change based on market conditions, company performance, and economic trends. For the latest and most accurate market capitalisation figures, please refer to official sources such as the SEBI or the respective stock exchanges.

Pro tip

Invest in equities, F&O, and upcoming IPOs effortlessly by opening a Demat account online. Enjoy a free subscription for the first year with Bajaj Broking.

Overview of infrastructure stocks

Infrastructure stocks play a vital role in driving economic growth by constructing roads, railways, and power plants. Leading companies such as L&T and IRB dominate the sector, presenting strong long-term investment opportunities.

1. Larsen & Toubro Ltd - Rs. 4,75,926 4,97,382 Crore

Larsen & Toubro is a key player in India’s infrastructure development landscape. With a market capitalisation of ₹4,97,382 crore, it ranks among the country’s largest engineering and construction firms. L&T operates across multiple sectors, including construction, power, heavy engineering, and IT. Its strong market presence underscores its diversified operations and major role in national infrastructure initiatives.

2. Rail Vikas Nigam Ltd - Rs. 35,431 78,448 Crore

Rail Vikas Nigam Ltd (RVNL) is a prominent player in India’s infrastructure sector, focusing primarily on railway development. With a market capitalisation of ₹78,448 crore, the company undertakes key projects such as track laying, electrification, and station redevelopment. Backed by strong government support and a robust project pipeline, RVNL is well-positioned for sustained long-term growth as India advances its railway infrastructure.

3. IRB Infrastructure Developers Ltd - Rs. 35,431 30,829 Crore

IRB Infrastructure Developers Ltd is a prominent infrastructure firm focused on toll roads, highways, and transportation projects. With a market capitalisation of Rs. 30,829 crore, IRB holds a strong position in the Indian road infrastructure sector. The company works on multiple projects across the country, aiming to improve connectivity and reduce travel times. Its robust project pipeline and strategic government partnerships support its long-term growth prospects

4. KEC International Ltd - Rs. 25,014 20,666 Crore

KEC International Ltd, with a market capitalisation of Rs. 20,666 crore, is a global infrastructure and engineering player. The company specialises in power transmission, infrastructure construction, and railways. KEC’s wide geographic reach and diverse project portfolio strengthen its market position. Its focus on sustainable energy and transport infrastructure supports growth potential. The company is well-positioned to benefit from rising demand for modern infrastructure in domestic and international markets.

5. Kalpataru Projects International Ltd - Rs. 20,077 17,229 Crore

Kalpataru Projects International Ltd is a key player in the infrastructure sector with a market capitalisation of Rs. 17,229 crore. The company specialises in construction and engineering projects across the power, oil & gas, and transportation sectors. Kalpataru’s strong market position comes from its expertise in large-scale projects. Its steady growth is supported by a diverse portfolio, a robust order book, and the ability to seize new infrastructure opportunities across the country.

6. Ircon International Ltd - Rs. 20,723 16,701 Crore

Ircon International Ltd is a key government-owned infrastructure company with a market capitalisation of Rs. 16,701 crore. It specializes in railway infrastructure, construction, and transportation projects in India and abroad. Known for its expertise in high-speed rail and urban transport, Ircon is well-positioned for growth as India invests more in transport infrastructure.

7. NCC Ltd - Rs. 31,552 14405 Crore

NCC Ltd, a leading construction and infrastructure development company, holds a market capitalisation of Rs. 14,405 crore. The company operates across sectors like roads, bridges, power, real estate, and more. Known for executing complex projects, NCC has built a strong presence in India’s infrastructure sector. Its growing portfolio and government support position it well to benefit from rising infrastructure investments.

8. Techno Electric & Engineering Ltd - Rs. 20,077 13,139 Crore

Techno Electric & Engineering Ltd, with a market capitalisation of Rs. 13,139 crore, is involved in the power and infrastructure sectors. The company specialises in electrical transmission and distribution, power generation, and infrastructure services. Techno Electric plays a significant role in India’s power sector, especially in transmission lines, substations, and renewable energy projects. Its growth is driven by a strong focus on clean energy and expanding energy infrastructure across the country.

9. G R Infraprojects Ltd - Rs. 20,077 11,061 Crore

G R Infraprojects Ltd is a key player in India’s road construction and infrastructure sector, with a market capitalisation of Rs. 11,061 crore. The company specialises in designing, constructing, and maintaining highways, roads, and related infrastructure. With government initiatives pushing infrastructure growth, G R Infraprojects has positioned itself as a major beneficiary. Its strong order book and expertise in road and highway development offer solid growth potential for investors

10. Sterling and Wilson Renewable Energy Ltd - Rs. 20,077 6,814 Crore

Sterling and Wilson Renewable Energy Ltd is an emerging leader in the renewable energy sector with a market capitalisation of Rs. 20,077 crore in 2024. The company specializes in the design, development, and operation of solar power projects. As India focuses on sustainable energy, Sterling and Wilson’s growing portfolio of renewable energy projects positions it well for future growth. The company’s expertise in solar energy and strong government backing make it a promising investment opportunity in India’s green infrastructure sector.

Types of infrastructure stocks in India

 Soft Infrastructure:

  • Less capital intensive.
  • Ensures smooth and efficient functioning of the country.
  • Includes financial institutions, law enforcement, government systems, and education systems.

Hard Infrastructure:

  • Involves physical systems essential for industrial and modern development.
  • Requires significant capital and assets for operations.
  • Examples include highways, roadways, and other transportation networks.

Critical Infrastructure:

  • Vital for the country’s basic functioning and security.
  • Encompasses sectors like energy, telecommunications, electricity, agriculture, and public health.
  • Includes companies and services that must remain operational even during emergencies.

Key features of infrastructure stocks

Infrastructure sector stocks are vital to the growth of a nation’s economy, offering several key features:

Stable cash flows: Many infrastructure companies have long-term contracts, ensuring steady revenue.

Government backing: Infrastructure projects are often supported by government policies and funding.

Capital intensive: High initial investments and long development cycles are typical.

Growth potential: Infrastructure expansion in India presents long-term growth prospects.

Defensive nature: These stocks tend to perform well in stable economic conditions.

How to invest in infrastructure stocks in India?

To invest in leading infrastructure stocks in India, begin by analysing companies with strong fundamentals across key sectors such as construction, energy, transportation, and urban development. Focus on well-established firms with consistent financial performance, healthy order pipelines, and active government contracts.

  • Open a Demat account through a broker.
  • Research companies in sectors like construction, railways, power, and roads.
  • Invest directly in stocks or through mutual funds/ETFs focusing on infrastructure.
  • Stay updated on government policies and industry developments.
  • Regularly review portfolio performance and make adjustments based on market trends.

Factors to consider when investing in infrastructure stocks

Company fundamentals

Evaluating a company’s financial health is essential before investing. Infrastructure firms, including AI-driven infrastructure stocks, often operate with high capital expenditures. Key indicators like debt levels, revenue generation, and profitability help determine the company’s ability to sustain operations and fund future growth.

Order book and execution capability

A strong order book reflects upcoming revenue opportunities, but the real test lies in the company’s ability to deliver projects efficiently and within deadlines. Execution capability significantly affects profitability, especially for firms operating in capital-intensive sectors.

Regulatory environment

Regulations can influence costs, timelines, and project feasibility. Infrastructure companies, whether small, mid, or large cap, are subject to shifting policies. Investors should track regulatory changes to identify potential challenges and risks, particularly for global infrastructure stock exposures.

Market demand and sector trends

Analysing demand in key segments like transport, power, or telecom helps in identifying growth areas. Sector-specific trends can influence profitability, and targeting areas with rising demand can result in better investment outcomes.

Political stability

Political consistency ensures smooth execution and continuation of infrastructure policies. In contrast, political uncertainty can cause project delays, cancellations, or funding changes, directly affecting the earnings and outlook of infrastructure companies.

Economic growth

Infrastructure investment is closely linked to a country’s economic momentum. With India positioned as one of the fastest-growing economies, infrastructure stocks—including undervalued or cheap picks—stand to benefit from continued development and public spending.

Who should invest in infrastructure sector stocks?

Infrastructure stocks India are suited for:

Long-term investors: Investors looking for capital appreciation over time.

Risk-tolerant investors: Those willing to bear the cyclical risks of infrastructure development.

Diversification seekers: Investors wanting to add stable, growth-oriented assets to their portfolio.

Income-focused investors: Those looking for consistent dividend payouts from mature infrastructure companies.

Benefits of investing in infrastructure stocks in India

Infrastructure shares provide several benefits, including:

Economic growth alignment

Infrastructure development plays a central role in India’s economic progress. By investing in this sector, including infrastructure-all stocks, investors can align their portfolios with the country’s growth path and benefit from long-term capital appreciation driven by expanding industrial and urban development.

Government support

The Indian government actively supports infrastructure through favourable policies, budget allocations, and large-scale initiatives. This backing strengthens the prospects of infrastructure companies, including top-performing energy infrastructure stocks and emerging AI infrastructure stocks, by providing a stable environment for expansion and innovation.

Stable revenue streams

Many infrastructure projects, such as toll roads, power utilities, and transport systems, offer long-term contracts and regulated income. These projects generate consistent cash flows, enabling investors to earn reliable and steady returns while benefiting from the predictability of essential service demand.

Resilience to economic cycles

Infrastructure services like energy, transport, and digital networks remain in demand regardless of economic conditions. As a result, stocks tied to digital infrastructure or urban development often display greater resilience during downturns, providing a defensive edge to investment portfolios in volatile markets.

Risks of investing in infrastructure stocks

While attractive, infrastructure shares carry certain risks:

  • Infrastructure projects in India often rely heavily on leverage, which increases financial risk. High debt levels lead to significant interest obligations, and if the project's revenues are insufficient to cover these costs, it could jeopardise the asset’s financial viability.
  • Environmental, social, and governance (ESG) risks are particularly relevant in Indian infrastructure. Projects like highways or bridges may disrupt local communities or ecosystems, while construction phases can contribute to pollution and environmental degradation, requiring strict regulatory compliance and mitigation strategies.
  • Political risk is a key concern in India’s infrastructure sector. Changes in government policies, regulatory frameworks, or project approvals can impact timelines and returns. Being an emerging market, India presents higher political uncertainty compared to more developed economies, influencing investor confidence and project stability.

Conclusion

Infrastructure stocks present attractive investment opportunities fuelled by India’s expanding development requirements. They offer strong growth potential, consistent income, and diversification benefits. However, investors must be mindful of risks such as project delays and dependency on government policies. By evaluating financial health, sector trends, and regulatory support, one can make well-informed investment decisions. With careful research and a long-term outlook, infrastructure stocks can become a valuable component of a robust investment portfolio.

Check some of the popular stocks today

TATA Group Stocks

Refinery Stocks in India

Banking Stocks

NBFC Stocks List

Dividend Stocks in India

Penny Stocks List

AI Stocks in India

Power Stocks

Automobile Passenger Car stocks

Most Volatile Stocks

Battery Stocks India

Defence sector Stocks

Pharmaceuticals Stocks

Chemical Stocks

Undervalued Stocks

Solar energy stocks India

IT Sector Stocks

Telecom Stocks

Textile Stocks

Upcoming Dividend paying Stock

Frequently asked questions

Is infrastructure stock a good investment?

Yes, infrastructure stocks can be a good investment as they benefit from long-term economic growth and government spending on development projects. They often provide stable cash flows and potential capital appreciation. However, investors should consider risks like project delays and regulatory changes before investing.

Is diversification important when investing in infra sector stocks?

Absolutely. Diversification helps reduce risks associated with individual projects or companies within the infrastructure sector. By spreading investments across different segments—such as transport, energy, and telecommunications—investors can better manage volatility and improve the stability of their overall portfolio.

Bajaj Finserv app for all your financial needs and goals

Trusted by 50 million+ customers in India, Bajaj Finserv App is a one-stop solution for all your financial needs and goals.

You can use the Bajaj Finserv App to:

  • Apply for loans online, such as Instant Personal Loan, Home Loan, Business Loan, Gold Loan, and more.
  • Invest in fixed deposits and mutual funds on the app.
  • Choose from multiple insurance for your health, motor and even pocket insurance, from various insurance providers.
  • Pay and manage your bills and recharges using the BBPS platform. Use Bajaj Pay and Bajaj Wallet for quick and simple money transfers and transactions.
  • Apply for Insta EMI Card and get a pre-qualified limit on the app. Explore over 1 million products on the app that can be purchased from a partner store on Easy EMIs.
  • Shop from over 100+ brand partners that offer a diverse range of products and services.
  • Use specialised tools like EMI calculators, SIP Calculators
  • Check your credit score, download loan statements and even get quick customer support—all on the app.

Download the Bajaj Finserv App today and experience the convenience of managing your finances on one app.

Do more with the Bajaj Finserv App!

UPI, Wallet, Loans, Investments, Cards, Shopping and more

Standard Disclaimer

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

Research Disclaimer

Broking services offered by Bajaj Financial Securities Limited (BFSL) | Registered Office: Bajaj Auto Limited Complex , Mumbai –Pune Road Akurdi Pune 411035 | Corporate Office: Bajaj Financial Securities Ltd,1st Floor, Mantri IT Park, Tower B, Unit No 9 & 10, Viman Nagar, Pune, Maharashtra 411014| CIN: U67120PN2010PLC136026| SEBI Registration No.: INZ000218931 | BSE Cash/F&O (Member ID: 6706) | DP registration No : IN-DP-418-2019 | CDSL DP No.: 12088600 | NSDL DP No. IN304300 | AMFI Registration No.: ARN – 163403|

Research Services are offered by Bajaj Financial Securities Limited (BFSL) as Research Analyst under SEBI Regn: INH000010043. Kindly refer to www.bajajfinservsecurities.in for detailed disclaimer and risk factors

This content is for educational purpose only.

Details of Compliance Officer: Ms. Kanti Pal (For Broking/DP/Research)|Email: compliance_sec@bajajfinserv.in/Compliance_dp@bajajfinserv.in |Contact No.: 020-4857 4486 |

Investment in the securities involves risks, investor should consult his own advisors/consultant to determine the merits and risks of investment.