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Indian (NIFTY) Electrical Industry Analysis

UpdatedMar 26, 2026
DataAggregated Company Financials
Companies133
  • 7D-1.6%
  • 3M1.6%
  • 1Y17.7%
  • YTD1.5%

Over the last 7 days, the Electrical industry has dropped 2.0%, driven by Havells India declining 5.6%. Over the past 12 months, the industry was up 15%. As for the next few years, earnings are expected to grow by 24% per annum.

Industry Valuation and Performance

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

DateMarket CapRevenueEarningsPEAbsolute PEPS
Thu, 26 Mar 2026₹12.1t₹2.8t₹238.2b23.2x50.7x4.4x
Sat, 21 Feb 2026₹12.4t₹2.8t₹238.2b25.1x51.9x4.5x
Mon, 19 Jan 2026₹10.9t₹2.6t₹226.8b26.5x48.2x4.2x
Wed, 17 Dec 2025₹11.9t₹2.6t₹224.1b29.1x53x4.6x
Fri, 14 Nov 2025₹12.5t₹2.5t₹222.7b34.4x56x4.9x
Sun, 12 Oct 2025₹12.3t₹2.5t₹199.3b36.8x61.5x5x
Tue, 09 Sep 2025₹12.1t₹2.4t₹195.1b37.6x62x5x
Thu, 07 Aug 2025₹11.9t₹2.4t₹193.7b39.7x61.6x5.1x
Sat, 05 Jul 2025₹12.1t₹2.3t₹188.3b42.6x64.2x5.2x
Mon, 02 Jun 2025₹11.1t₹2.3t₹182.1b38.7x60.8x4.8x
Wed, 30 Apr 2025₹9.8t₹2.2t₹165.4b38.8x59.3x4.5x
Fri, 28 Mar 2025₹9.3t₹2.2t₹163.7b35.2x57x4.3x
Sun, 23 Feb 2025₹9.3t₹2.2t₹163.2b36.5x57x4.3x
Tue, 21 Jan 2025₹10.7t₹2.1t₹153.3b46.8x69.6x5.2x
Thu, 19 Dec 2024₹11.8t₹2.0t₹152.5b54.5x77.4x5.8x
Sat, 16 Nov 2024₹10.5t₹2.0t₹153.0b46.2x68.9x5.2x
Mon, 14 Oct 2024₹12.6t₹1.9t₹150.2b50.3x84x6.5x
Wed, 11 Sep 2024₹11.7t₹1.9t₹149.6b53.6x78.1x6x
Fri, 09 Aug 2024₹11.5t₹1.9t₹144.5b52.2x79.5x6x
Sun, 07 Jul 2024₹12.0t₹1.9t₹136.0b52.6x88.1x6.5x
Tue, 04 Jun 2024₹11.1t₹1.8t₹136.0b44.2x81.4x6x
Thu, 02 May 2024₹9.6t₹1.8t₹121.3b44.8x78.9x5.4x
Sat, 30 Mar 2024₹8.6t₹1.8t₹119.2b35.5x71.9x4.9x
Mon, 26 Feb 2024₹8.0t₹1.8t₹118.6b39.2x67.7x4.6x
Wed, 24 Jan 2024₹7.3t₹1.7t₹111.7b38.8x64.9x4.3x
Fri, 22 Dec 2023₹7.2t₹1.7t₹110.8b37.5x64.7x4.2x
Sun, 19 Nov 2023₹6.6t₹1.7t₹110.8b36.4x59.1x3.9x
Tue, 17 Oct 2023₹6.3t₹1.6t₹98.7b37.3x63.7x3.8x
Thu, 14 Sep 2023₹6.0t₹1.6t₹95.9b33.3x63x3.8x
Sat, 12 Aug 2023₹5.7t₹1.6t₹93.9b31.8x60.8x3.6x
Mon, 10 Jul 2023₹5.3t₹1.5t₹113.4b29.4x46.4x3.4x
Wed, 07 Jun 2023₹4.9t₹1.5t₹113.2b24.4x43.1x3.2x
Fri, 05 May 2023₹4.3t₹1.5t₹76.2b22.3x56.2x2.9x
Sun, 02 Apr 2023₹3.9t₹1.4t₹77.0b18.5x50.6x2.7x
Price to Earnings Ratio

50.6x


Total Market Cap: ₹3.9tTotal 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 49.5x 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 4.7x.
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-1.90%
Industrials-2.65%
Electrical-1.56%
Heavy Electrical Equipment-0.25%
Electrical Components-3.13%
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 108x.
    • Analysts are expecting annual earnings growth of 27.8%, 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
POWERINDIA Hitachi Energy India₹25.67k2.8%
+₹31.0b		110.9%PE136x
ATLANTAELE Atlanta Electricals₹1.20k11.0%
+₹9.1b		n/aPE63.8x
533553 TD Power Systems₹886.156.0%
+₹7.8b		115.9%PE63x
500103 Bharat Heavy Electricals₹262.050.8%
+₹7.1b		24.5%PE112.1x
SUZLON Suzlon Energy₹42.270.5%
+₹2.9b		-26.4%PE17.9x

Latest News

POLYCAB
₹7,145.00
Polycab India
7D
-3.1%
1Y
38.7%

POLYCAB: Board And Leadership Reshuffle Will Shape Balanced Yet Cautious Outlook

Analysts have trimmed their price target on Polycab India slightly, with fair value moving from around ₹7,062.83 to about ₹7,023.51. This reflects small tweaks to assumptions around discount rate, revenue growth and profit margin.
500008
₹725.30
Amara Raja Energy & Mobility
7D
-7.5%
1Y
-30.3%

500008: US Subsidiary And Board Reappointment Will Support A Steady Outlook

Analysts have maintained the ₹800 price target for Amara Raja Energy & Mobility, reflecting updated assumptions on the discount rate, revenue growth, profit margin and future P/E. These updates leave their overall valuation view broadly unchanged.
500002
₹6,212.20
ABB India
7D
-2.0%
1Y
12.4%

500002: Capacity Investments And Metro Orders Will Support Margins And Premium Profile

Analysts have lifted their price target on ABB India to about ₹6,025 from around ₹5,864, citing updated assumptions on fair value, discount rate, revenue growth, profit margin and future P/E that together point to a slightly richer valuation profile. What's in the News Plans to invest an additional US$75 million in 2026, on top of over US$35 million in 2025, to expand manufacturing and R&D in India across Electrification, Motion and Automation, with around 300 new skilled roles across engineering, operations and research (Key Developments).
CGPOWER
₹692.25
CG Power and Industrial Solutions
7D
-2.1%
1Y
8.9%

CGPOWER: Data Center Order And Stable Assumptions Will Shape Future Returns

Analysts have maintained their price target for CG Power and Industrial Solutions at ₹692.44, with only minor tweaks to inputs such as the discount rate, revenue growth, profit margin and future P/E assumptions supporting the updated view. What's in the News CG Power and Industrial Solutions secured a landmark €900 million (US$99.2 million) export order from Tallgrass Integrated Logistics Solutions LLC, USA, to supply power transformers for a large scale data center project, described as the largest single order ever won by the company and its entry into the global data center segment (Key Developments).
ATLANTAELE
₹1,195.95
Atlanta Electricals
7D
11.0%
1Y
n/a
522275
₹3,763.45
GE Vernova T&D India
7D
-1.3%
1Y
144.4%

522275: Multi Year Contract Wins And Governance Steps Support Measured Future Upside

Analysts have raised their price target on GE Vernova T&D India from ₹3,538.50 to ₹3,828.56, citing updated assumptions around the discount rate, revenue growth, profit margin and future P/E. What's in the News Board meeting scheduled on Mar 18, 2026, to consider the appointment of M/s.
POWERINDIA
₹25,670.00
Hitachi Energy India
7D
2.8%
1Y
110.9%

POWERINDIA: Fair Value View Will Depend On Efficiency Gains And Margin Resilience

Analysts have lifted their fair value estimate for Hitachi Energy India to about ₹23,872 from roughly ₹23,198, citing updated assumptions around revenue growth, profit margins and future P/E multiples. What's in the News Hitachi Energy and Pakal Technologies announced a collaboration focused on shared value creation and sustainable growth, with Pakal's Insulated Gate Turn-Off (Thyristor), IGTO(t), to be used in Hitachi Energy's high-voltage power modules for applications such as rail, renewables, energy storage, AI and data center infrastructure (Key Developments).
517569
₹4,193.15
KEI Industries
7D
-4.5%
1Y
48.7%

517569: Interim Dividend Will Support Bullish Outlook Despite Delisting Review

Analysts have kept their fair value estimate for KEI Industries steady at about ₹4,800, while slightly adjusting assumptions on the discount rate, revenue growth, profit margin and future P/E, resulting in a modest upward revision in their price expectations. What's in the News Board meeting on January 21, 2026 to consider and approve unaudited standalone and consolidated financial results for the quarter and nine months ended December 31, 2025, and to consider an interim dividend for FY 2025-26 (company filing).
KSHINTL
₹458.35
KSH International
7D
9.8%
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
₹42.27
Suzlon Energy
7D
0.5%
1Y
-26.4%

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
₹1,268.40
Havells India
7D
-5.6%
1Y
-15.0%

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).
543230
₹1,761.45
Advait Energy Transitions
7D
8.4%
1Y
47.9%
ENRIN
₹2,771.40
Siemens Energy India
7D
-2.4%
1Y
n/a
QPOWER
₹854.45
Quality Power Electrical Equipments
7D
3.5%
1Y
167.0%
533553
₹886.15
TD Power Systems
7D
6.0%
1Y
115.9%
500103
₹262.05
Bharat Heavy Electricals
7D
0.8%
1Y
24.5%