India’s infrastructure sector serves as the backbone of its economic growth, driving industrial expansion, job creation, and improved living standards through large-scale investments that enhance connectivity, logistics, and productivity across the nation to achieve India’s US$5 trillion economic growth target.
Listed below are 5 stocks engaged in developing infrastructure projects whose market value has more than doubled in 3 years.
Rail Vikas Nigam Ltd
Rail Vikas Nigam Ltd was Incorporated in 2003 by the Govt. of India, it is engaged in the business of implementing various types of Rail infrastructure projects assigned by MoR including doubling, gauge conversion, new lines, railway electrification, major bridges, workshops, Production Units and sharing of freight revenue with Railways as per the concession agreement entered into with Ministry of Railway.
With a market cap of Rs. 69,300 Crores, the shares of Rail Vikas Nigam Ltd have delivered a return of 810 percent against Nifty 50 returns of 46 percent over the last 3 years. It is currently trading at a discount of 34 percent from its 52 week high of Rs. 501.55.
It has delivered a 3 year revenue and net profit CAGR of 0.92 percent and 4.92 percent, respectively. As of August 2025 Rail Vikas Nigam Limited has a strong orderbook of Rs. 1.01 Lakh Crores that provides strong revenue visibility.
Cemindia Projects ltd
Cemindia projects ltd is engaged in the business of providing design, engineering, procurement and construction (EPC) services for infrastructure projects in India. It is a leading engineering and construction company with over nine decades of experience delivering infrastructure solutions across India and internationally.
With a market cap of around Rs 13,718 crore this infra stock gave a massive return of 535 percent in the last 3 years .The stock is trading around 15 percent discount from its 52 week high of Rs 943.
The company’s 3 year CAGR of sales and net profit would be 33.67 percent and 75.5 percent respectively.The order book as on Q1 FY26 would be at Rs 18,820 crore.
NBCC (India) ltd
NBCC (India) Limited is a Government of India Navratna Enterprise under the Ministry of Housing and Urban Affairs. The Co. operates in three major segments – Project Management Consultancy, Engineering Procurement & Construction, and Real Estate.
With a market cap of Rs 30,470 Crore , this navratna company has given a return of around 421 percent over the last 3 years .The shares are currently trading at Rs 113.1 which is 15 percent discount from its 52 week high of Rs 130.6.
The company’s 3 year CAGR of sales and profit would be 16.11 percent and 32.77 percent respectively. As of Q1 FY26 the consolidated order book is at Rs 1,20,307 crore . New orders worth Rs 2,400 were secured and new tenders worth Rs 1,700 crore were awarded. The FY26 target for orders is Rs 15,000 crore and FY27 target would be Rs 20,000-25,000 crore with upside potential from state government and PSU redevelopment projects.
Techno Electric & Engineering Company ltd
Techno Electric & Engineering Company Ltd (TEECL) is engaged in providing Engineering, Procurement and Construction (EPC), asset ownership and operations and maintenance services in the power infrastructure industry.
With the market cap of around Rs 15,270 Crore , this engineering stock has given almost 367 percent return in the last 3 years. The shares are currently trading at Rs 1,313 which is 23.5 percent discount from its high of Rs 1,718.
The company’s 3 year CAGR of sales and profit would be 31.45 percent and 17.02 percent respectively. The order book as of June 2025 stood at Rs 1,408 Crore unexecuted orders and expected FY26 order intake can be Rs 3,500 crore.
Ircon International ltd
Ircon International Limited (IRCON) commenced its business in 1976 as a railway construction company, it diversified progressively since 1985 as an integrated engineering and construction PSU specializing in large and technologically complex infrastructure projects in various sectors such as railways, highways, etc.
With a market cap of Rs 15,980 Crore , Ircon international has given a return of 311 percent over the last 3 years. The shares are trading at Rs 170 which is 39.7 percent discount from its 52 week high of Rs 237.6.
The company’s 3 year CAGR of sales and profit would be 13.39 percent and 7.14 percent respectively. The order book stood at Rs 20,973 crore as on 30 June 2025 with 75 percent orders coming from Railway sector followed by highways with 20 percent and 5 percent from others.
Written by Leon Mendonca
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