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Indian (NIFTY) Electrical Industry Analysis

UpdatedMar 14, 2026
DataAggregated Company Financials
Companies133
  • 7D-4.4%
  • 3M0.9%
  • 1Y24.0%
  • YTD0.8%

Over the last 7 days, the Electrical industry has dropped 4.4%, driven by a pullback from Polycab India of 16%. In contrast, ABB India has gained 5.4%. This takes the industry's 12 month performance to a gain of 24%. Looking forward, earnings are forecast to grow by 24% annually.

Industry Valuation and Performance

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

DateMarket CapRevenueEarningsPEAbsolute PEPS
Sat, 14 Mar 2026₹12.0t₹2.8t₹238.2b22.9x50.4x4.4x
Mon, 09 Feb 2026₹12.1t₹2.7t₹238.4b25.4x50.6x4.4x
Wed, 07 Jan 2026₹12.1t₹2.6t₹225.1b28.1x53.6x4.6x
Fri, 05 Dec 2025₹11.9t₹2.6t₹223.4b30x53.2x4.6x
Sun, 02 Nov 2025₹12.4t₹2.5t₹204.5b38.1x60.7x5x
Tue, 30 Sep 2025₹12.2t₹2.4t₹196.3b36.2x62.2x5x
Thu, 28 Aug 2025₹11.7t₹2.4t₹194.9b37.4x60.2x4.8x
Sat, 26 Jul 2025₹11.9t₹2.3t₹191.7b41.6x62x5.1x
Mon, 23 Jun 2025₹11.6t₹2.2t₹179.2b40.4x64.6x5.2x
Wed, 21 May 2025₹10.4t₹2.2t₹171.1b39.2x61x4.6x
Fri, 18 Apr 2025₹9.6t₹2.2t₹164.3b37.9x58.2x4.4x
Sun, 16 Mar 2025₹8.8t₹2.2t₹163.7b33.2x53.8x4.1x
Tue, 11 Feb 2025₹9.6t₹2.2t₹160.6b40.4x59.6x4.5x
Thu, 09 Jan 2025₹11.0t₹2.0t₹153.1b50.8x72.1x5.4x
Sat, 07 Dec 2024₹11.8t₹2.0t₹152.7b50.9x77.4x5.8x
Mon, 04 Nov 2024₹11.4t₹2.0t₹156.5b47.9x73x5.7x
Wed, 02 Oct 2024₹12.4t₹1.9t₹149.7b50.6x82.7x6.4x
Fri, 30 Aug 2024₹11.9t₹1.9t₹149.4b54.7x79.4x6.1x
Sun, 28 Jul 2024₹11.5t₹1.9t₹139.6b53.8x82.7x6.1x
Tue, 25 Jun 2024₹11.4t₹1.8t₹135.8b49.2x84.1x6.2x
Thu, 23 May 2024₹10.7t₹1.8t₹134.2b47.2x79.9x5.9x
Sat, 20 Apr 2024₹8.9t₹1.8t₹120.0b39x74.5x5.1x
Mon, 18 Mar 2024₹7.9t₹1.8t₹119.2b33.6x66.6x4.5x
Wed, 14 Feb 2024₹7.5t₹1.7t₹120.5b39x62.6x4.3x
Fri, 12 Jan 2024₹7.6t₹1.7t₹111.0b39x68.1x4.5x
Sun, 10 Dec 2023₹7.1t₹1.7t₹110.8b36.5x64.1x4.2x
Tue, 07 Nov 2023₹6.3t₹1.7t₹105.7b36.4x59.4x3.7x
Thu, 05 Oct 2023₹6.3t₹1.6t₹98.6b37x63.8x3.8x
Sat, 02 Sep 2023₹6.1t₹1.6t₹97.3b34.3x62.8x3.9x
Mon, 31 Jul 2023₹5.6t₹1.6t₹94.6b30.7x59.5x3.6x
Wed, 28 Jun 2023₹5.1t₹1.5t₹113.4b28x44.7x3.3x
Fri, 26 May 2023₹4.5t₹1.5t₹83.9b24.1x53.8x3.1x
Sun, 23 Apr 2023₹4.0t₹1.4t₹76.9b22.8x52x2.8x
Tue, 21 Mar 2023₹3.8t₹1.4t₹77.0b18.9x49.8x2.7x
Price to Earnings Ratio

49.8x


Total Market Cap: ₹3.8tTotal Earnings: ₹77.0bTotal Revenue: ₹1.4tTotal Market Cap vs Earnings and Revenue0%0%0%
Indian Electrical Industry Price to Earnings3Y Average 63.7x202420252026
Current Industry PE
  • Investors are pessimistic on the Indian Electrical industry, indicating that they anticipate long term growth rates will be lower than they have historically.
  • The industry is trading at a PE ratio of 50.4x which is lower than its 3-year average PE of 63.7x.
  • The industry is trading close to its 3-year average PS ratio of 4.6x.
Past Earnings Growth
  • The earnings for companies in the Electrical industry have grown 46% per year over the last three years.
  • Revenues for these companies have grown 24% 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-4.42%
Industrials-5.55%
Electrical-4.38%
Heavy Electrical Equipment-1.98%
Electrical Components-7.10%
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 109x.
    • Analysts are expecting annual earnings growth of 27.6%, which is lower than the prior year's growth of 55.9% per year.
  • Investors are most pessimistic about the Electrical Components industry, which is trading below its 3-year average of 50.0x.
Forecasted Growth
  • Analysts are most optimistic on the Heavy Electrical Equipment industry, expecting annual earnings growth of 28% over the next 5 years.
  • However this is lower than its past earnings growth rate of 56% per year.
  • In contrast, the Electrical Components industry is expected to see its earnings grow by 18% 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
500002 ABB India₹6.39k5.4%
+₹69.7b		24.9%PE81.2x
SUZLON Suzlon Energy₹41.413.6%
+₹19.5b		-24.1%PE17.6x
ATLANTAELE Atlanta Electricals₹983.507.1%
+₹5.0b		n/aPE52.4x
532953 V-Guard Industries₹320.152.8%
+₹3.7b		-4.3%PE48.6x
KSHINTL KSH International₹387.404.4%
+₹1.1b		n/aPE27.9x

Latest News

POLYCAB
₹7,193.50
Polycab India
7D
-15.9%
1Y
43.8%
517569
₹4,156.90
KEI Industries
7D
-15.5%
1Y
36.3%
KSHINTL
₹387.40
KSH International
7D
4.4%
1Y
n/a

Power Transmission And HVDC Demand Will Support A Long-Term Bullish Thesis

Catalysts About KSH International KSH International manufactures copper and aluminum magnet winding wires used in power transformers, motors, compressors and other electric machines for domestic and global OEMs. What are the underlying business or industry changes driving this perspective? Structural spending on power transmission and distribution, including grid modernization, urbanization and power needs for data centers and renewable projects, supports ongoing demand for power transformers.
SUZLON
₹41.41
Suzlon Energy
7D
3.6%
1Y
-24.1%

SUZLON: New Leadership And Order Wins Will Support Future Upside

Analysts have lowered their price target on Suzlon Energy from about ₹65.45 to roughly ₹62.91. This reflects slightly adjusted assumptions on fair value, discount rate, revenue growth, profit margin, and future P/E after reviewing recent Street research commentary.
HAVELLS
₹1,310.20
Havells India
7D
-2.9%
1Y
-10.2%

HAVELLS: Upcoming Results And Interim Dividend Will Support Future Brand Upside

Analysts have trimmed their fair value estimate for Havells India slightly to ₹1,643 from ₹1,646, reflecting modest tweaks to the discount rate and long term P/E assumptions, while keeping revenue growth and profit margin expectations broadly unchanged. What's in the News Havells India is among 22 prospective bidders that have submitted expressions of interest to acquire Gupta Power Infrastructure, which is undergoing a corporate insolvency resolution process with admitted debtor claims of ₹42,400m, alongside bidders such as Jindal Power and Vedanta (ET report mentioned in event details).
ATLANTAELE
₹983.50
Atlanta Electricals
7D
7.1%
1Y
n/a
500002
₹6,394.60
ABB India
7D
5.4%
1Y
24.9%

500002: Metro Contracts And Restructuring Will Balance Margin Risks And Premium Valuation

Analysts have lifted their price target on ABB India from about ₹5,275 to roughly ₹5,864, citing adjustments to revenue growth, profit margin assumptions, and a lower forward P/E multiple in their models. What's in the News Board meeting on February 19, 2026 to consider audited financial results for the quarter and year ended December 31, 2025, a final dividend of ₹29.59 per share, AGM notice for May 9, 2026, and related book-closure dates (Board Meeting).
522275
₹3,603.55
GE Vernova T&D India
7D
-6.9%
1Y
153.6%

522275: Softer Margins And Discount Rate Will Limit Multi Year Contract Upside

Analysts have trimmed their price target on GE Vernova T&D India to ₹3,057 from ₹3,141, reflecting updated assumptions for slightly lower revenue growth, a modestly softer profit margin profile, a reduced future P/E multiple, and a marginal adjustment to the discount rate. What's in the News GE Vernova T&D India has a Special or Extraordinary Shareholders Meeting scheduled for March 20, 2026, to be conducted via postal ballot in India (company filing).
FINCABLES
₹856.00
Finolex Cables
7D
-11.6%
1Y
7.3%

FINCABLES: GST Assessments Will Be Absorbed As Earnings Outlook Remains Supportive

Analysts have trimmed their price target on Finolex Cables from ₹1,098 to ₹1,060, reflecting updated inputs on the discount rate, revenue growth, profit margin, and future P/E expectations. What's in the News Board meeting scheduled on February 10, 2026 to consider and approve unaudited standalone and consolidated financial results for the quarter ended December 31, 2025 (company filing).
RRKABEL
₹1,343.10
R R Kabel
7D
-12.1%
1Y
53.5%

RRKABEL: Upcoming Board Results Review Will Reinforce Confidence In Future Earnings Potential

Analysts have raised their fair value estimate for R R Kabel from ₹1,763 to ₹1,876, citing updated assumptions around revenue growth, profit margins and the P/E multiple applied to the stock. What's in the News R R Kabel has scheduled a board meeting on January 31, 2026, at 17:20 Indian Standard Time.
POWERINDIA
₹24,165.00
Hitachi Energy India
7D
-6.6%
1Y
100.8%

POWERINDIA: Future Returns Will Depend On Margin Pressure And Lower P/E

Analysts have lifted their price target on Hitachi Energy India from ₹17,400 to ₹18,400, citing updated assumptions on discount rate, revenue growth, profit margin and future P/E, which refine their long term valuation view. What's in the News Hitachi Energy and Pakal Technologies agreed to collaborate on integrating Pakal's Insulated Gate Turn-Off Thyristor, IGTO(t), silicon power switch into high-voltage power modules used in rail, renewables, energy storage, AI and data center infrastructure (Client Announcements).
532953
₹320.15
V-Guard Industries
7D
2.8%
1Y
-4.3%

532953: Upcoming Board Review Will Support Bullish Repricing Narrative

Analysts have trimmed their price target for V-Guard Industries slightly, with fair value moving from about ₹403.17 to ₹397.47. This reflects modest tweaks to assumptions around discount rate, revenue growth, profit margin and future P/E.
ENRIN
₹2,796.90
Siemens Energy India
7D
-4.2%
1Y
n/a
517467
₹139.05
Marsons
7D
3.3%
1Y
-23.7%
SPECTRUM
₹1,465.20
Spectrum Electrical Industries
7D
3.0%
1Y
-6.5%
UTLSOLAR
₹186.44
Fujiyama Power Systems
7D
1.9%
1Y
n/a