ICRA projects the construction industry to report a YoY growth of 8-10% in operating income (OI) for FY2026, supported by an adequate order book position, on the low base of FY2025. However, this marks a moderation from the long-term CAGR of ~15% for the FY2018-FY2024 period. ICRA estimates the aggregate order book/OI for its sample set of entities1 at ~3.5 times as on March 31, 2025, reflecting healthy growth prospects and revenue