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Indian (NIFTY) Electrical Industry Analysis

UpdatedJun 06, 2026
DataAggregated Company Financials
Companies136
  • 7D-1.9%
  • 3M25.3%
  • 1Y29.4%
  • YTD32.2%

Over the last 7 days, the Electrical industry has dropped 1.9%, driven by a pullback from Bharat Heavy Electricals of 7.1%. In the past year, the industry has gained 29%. As for the next few years, earnings are expected to grow by 22% per annum.

Industry Valuation and Performance

Has the Indian Electrical Industry valuation changed over the past few years?

DateMarket CapRevenueEarningsPEAbsolute PEPS
Sun, 07 Jun 2026₹15.8t₹3.0t₹257.8b29.3x61.3x5.3x
Tue, 05 May 2026₹14.9t₹2.8t₹241.5b30.6x61.9x5.4x
Thu, 02 Apr 2026₹11.8t₹2.8t₹239.8b23x49.4x4.3x
Sat, 28 Feb 2026₹12.7t₹2.7t₹238.1b24.9x53.5x4.6x
Mon, 26 Jan 2026₹10.3t₹2.7t₹230.7b24.3x44.8x3.9x
Wed, 24 Dec 2025₹11.9t₹2.6t₹224.8b30.1x53x4.6x
Fri, 21 Nov 2025₹12.5t₹2.6t₹225.6b33.9x55.5x4.8x
Sun, 19 Oct 2025₹12.1t₹2.5t₹202.8b36.2x59.7x4.9x
Tue, 16 Sep 2025₹12.4t₹2.4t₹195.1b38x63.6x5.1x
Thu, 14 Aug 2025₹11.9t₹2.4t₹193.9b40.6x61.2x4.9x
Sat, 12 Jul 2025₹12.2t₹2.3t₹188.3b42.2x64.8x5.3x
Mon, 09 Jun 2025₹10.9t₹2.3t₹180.8b40.4x60.5x4.8x
Wed, 07 May 2025₹9.6t₹2.2t₹165.9b36.6x57.6x4.4x
Fri, 04 Apr 2025₹9.4t₹2.2t₹163.8b36.9x57.2x4.3x
Sun, 02 Mar 2025₹8.5t₹2.2t₹163.3b34.8x51.8x3.9x
Tue, 28 Jan 2025₹9.5t₹2.1t₹153.8b42.4x61.9x4.6x
Thu, 26 Dec 2024₹11.4t₹2.0t₹153.1b52.9x74.3x5.6x
Sat, 23 Nov 2024₹10.9t₹2.0t₹152.9b47.1x71.4x5.3x
Mon, 21 Oct 2024₹12.3t₹2.0t₹150.7b50.6x81.8x6.3x
Wed, 18 Sep 2024₹12.1t₹1.9t₹149.2b52.8x80.8x6.2x
Fri, 16 Aug 2024₹11.7t₹1.9t₹149.2b52.7x78.2x6.1x
Sun, 14 Jul 2024₹11.7t₹1.8t₹135.2b52.1x86.3x6.3x
Tue, 11 Jun 2024₹10.7t₹1.8t₹135.7b43.2x79.2x5.8x
Thu, 09 May 2024₹9.7t₹1.8t₹123.8b44.3x78x5.4x
Sat, 06 Apr 2024₹8.9t₹1.8t₹119.2b37.7x74.6x5x
Mon, 04 Mar 2024₹8.3t₹1.8t₹118.6b38.3x70x4.7x
Wed, 31 Jan 2024₹9.1t₹1.7t₹112.7b39.7x81.2x5.3x
Fri, 29 Dec 2023₹7.3t₹1.7t₹110.9b36x65.9x4.3x
Sun, 26 Nov 2023₹6.7t₹1.7t₹110.8b36.3x60.4x3.9x
Tue, 24 Oct 2023₹6.0t₹1.7t₹101.8b35.5x59.1x3.6x
Thu, 21 Sep 2023₹6.2t₹1.6t₹98.4b37.3x63.3x3.8x
Sat, 19 Aug 2023₹5.7t₹1.6t₹96.6b29.9x59x3.6x
Mon, 17 Jul 2023₹5.4t₹1.5t₹113.9b28x47.2x3.5x
Wed, 14 Jun 2023₹5.1t₹1.5t₹113.1b27.1x44.7x3.3x
Price to Earnings Ratio

44.7x


Total Market Cap: ₹5.1tTotal Earnings: ₹113.1bTotal Revenue: ₹1.5tTotal Market Cap vs Earnings and Revenue0%0%0%
Indian Electrical Industry Price to Earnings3Y Average 64x202420252026
Current Industry PE
  • Investors are relatively neutral on the Indian Electrical industry at the moment, indicating that they anticipate long term growth rates to remain steady.
  • The industry is trading close to its 3-year average PE ratio of 64.0x.
  • The industry is trading close to its 3-year average PS ratio of 4.8x.
Past Earnings Growth
  • The earnings for companies in the Electrical industry have grown 32% per year over the last three years.
  • Revenues for these companies have grown 25% per year.
  • This means that more sales are being generated by these companies overall, and subsequently their profits are increasing too.

Industry Trends

Which industries have driven the changes within the Indian Industrials industry?

IN Market-0.83%
Industrials-0.65%
Electrical-1.91%
Electrical Components0.36%
Heavy Electrical Equipment-3.57%
Industry PE
  • Investors are most optimistic about the Heavy Electrical Equipment industry even though it's trading below its 3-year average PE ratio of 103x.
    • Analysts are expecting annual earnings growth of 24.3%, which is higher than its past year's earnings growth of 20.5% per year.
  • Investors are most pessimistic about the Electrical Components industry, which is trading close to its 3-year average of 50.5x.
Forecasted Growth
  • Analysts are most optimistic on the Heavy Electrical Equipment industry, expecting annual earnings growth of 24% over the next 5 years.
  • This is roughly in line with its past earnings growth rate.
  • In contrast, the Electrical Components industry is expected to see its earnings grow by 19% per year over the next few years.

Top Stock Gainers and Losers

Which companies have driven the market over the last 7 days?

CompanyLast Price7D1YValuation
POLYCAB Polycab India₹9.70k2.3%
+₹33.3b		58.8%PE54.6x
CGPOWER CG Power and Industrial Solutions₹937.852.2%
+₹32.1b		37.6%PE122.6x
RRKABEL R R Kabel₹2.22k8.1%
+₹18.9b		57.3%PE51.1x
ATLANTAELE Atlanta Electricals₹2.04k3.7%
+₹5.5b		n/aPE77.9x
517569 KEI Industries₹5.34k1.0%
+₹5.2b		42.5%PE55.5x

Latest News

HAVELLS
₹1,150.50
Havells India
7D
-2.2%
1Y
-24.5%
Narrative Update • Jun 06

HAVELLS: Upcoming Results And Dividend Decision Will Support Future Upside Potential

Analysts have slightly reduced their fair value estimate for Havells India, adjusting the price target from about ₹1,481.89 to around ₹1,470.69 as they fine tune assumptions on discount rate, revenue growth, profit margins and future P/E multiples. What's in the News Havells India has scheduled a board meeting for April 22, 2026, to consider and approve the standalone and consolidated audited financial results for the fourth quarter and full financial year ended March 31, 2026.
522275
₹5,055.00
GE Vernova T&D India
7D
-1.1%
1Y
118.6%
Narrative Update • Jun 05

522275: Higher Future P/E Assumptions Will Likely Pressure Overstretched Earnings Multiple

Analysts have raised their price target on GE Vernova T&D India from ₹3,057 to about ₹3,268, citing updated assumptions related to discount rates, revenue growth, profit margins and future P/E expectations. What's in the News Board meeting scheduled for May 18, 2026 to consider and approve audited financial results for the year ended March 31, 2026 and the quarter ended on that date, and to consider a dividend recommendation, if any.
SCHNEIDER
₹1,172.20
Schneider Electric Infrastructure
7D
-10.4%
1Y
47.9%
New Narrative • Jun 05

Data Center And Grid Modernization Tailwinds Will Drive Stronger Future Position

Catalysts About Schneider Electric Infrastructure Schneider Electric Infrastructure focuses on electrification, automation and digital solutions for power distribution and grid management across utilities, infrastructure, industry and data centers. What are the underlying business or industry changes driving this perspective?
505700
₹531.25
Elecon Engineering
7D
4.1%
1Y
-23.4%
SPECTRUM
₹1,769.10
Spectrum Electrical Industries
7D
22.6%
1Y
7.7%
POLYCAB
₹9,699.00
Polycab India
7D
2.3%
1Y
58.8%
Narrative Update • Jun 03

POLYCAB: Future Returns Will Reflect Dividend Commitment And Refined Earnings Outlook

Analysts have lifted their price target for Polycab India from ₹8,587 to ₹9,305, citing updated assumptions around revenue growth, discount rate, profit margins and future P/E that together point to a higher assessed fair value for the stock. What's in the News The board has proposed a dividend of ₹47 per share, described as 470% of face value, for the year ended March 31, 2026.
POWERINDIA
₹36,870.00
Hitachi Energy India
7D
-4.1%
1Y
102.5%
Narrative Update • Jun 02

POWERINDIA: Elevated Margin Assumptions Will Test Sustainability Of Current Market Optimism

Analysts have lifted their price target on Hitachi Energy India from ₹23,871.87 to ₹30,967.59, citing updated assumptions that now pair a fair value of ₹30,967.59 with a 16.6% discount rate, a 33.9% revenue growth outlook, a 14.6% profit margin and a future P/E of 75.27. What's in the News Hitachi Energy India announced an annual dividend of ₹8.00 per share, payable on September 27, 2026, with an ex date and record date of August 21, 2026.
CGPOWER
₹937.85
CG Power and Industrial Solutions
7D
2.2%
1Y
37.6%
Narrative Update • Jun 01

CGPOWER: Revised Forecasts And Upcoming Results Date Will Shape Return Potential

Analysts have revised their price target for CG Power and Industrial Solutions from ₹708.50 to about ₹848.18, citing refreshed assumptions around revenue growth, profit margins, the discount rate, and future P/E levels. What's in the News Board meeting scheduled for May 6, 2026 to consider and approve audited financial results on a standalone basis for the year and quarter ended March 31, 2026.
RRKABEL
₹2,223.40
R R Kabel
7D
8.1%
1Y
57.3%
Narrative Update • Jun 01

RRKABEL: Upcoming Board Results And Dividend Will Support Bullish Outlook

Analysts have raised their price target on R R Kabel from ₹2,200.00 to about ₹2,579.65, reflecting updated assumptions regarding revenue growth, profit margins and future P/E multiples. What's in the News A board meeting is scheduled on 30 April 2026 to consider audited standalone and consolidated financial results for the quarter and year ended 31 March 2026, along with related auditor reports (company filing).
SUZLON
₹55.31
Suzlon Energy
7D
-2.9%
1Y
-17.1%
Analysis Article • Jun 01

Suzlon Energy's (NSE:SUZLON) Earnings Might Be Weaker Than You Think

Following the release of a positive earnings report recently, Suzlon Energy Limited's ( NSE:SUZLON ) stock performed...
ATLANTAELE
₹2,044.00
Atlanta Electricals
7D
3.7%
1Y
n/a
517569
₹5,336.10
KEI Industries
7D
1.0%
1Y
42.5%
Narrative Update • May 28

517569: Higher Required Return And Lower Future P/E Will Pressure Outlook

Analysts now place KEI Industries' fair value at ₹3,967, up from ₹3,866. This reflects tweaks to assumptions around discount rate, revenue growth, profit margins and future P/E that modestly lift the stock's assessed worth.
522163
₹203.20
Diamond Power Infrastructure
7D
4.5%
1Y
100.7%
533655
₹687.35
Triveni Turbine
7D
-7.3%
1Y
16.1%
ENRIN
₹3,647.90
Siemens Energy India
7D
-5.8%
1Y
n/a
500103
₹387.00
Bharat Heavy Electricals
7D
-7.1%
1Y
51.4%