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Indian (NIFTY) Electrical Industry Analysis

UpdatedMar 19, 2026
DataAggregated Company Financials
Companies133
  • 7D-0.3%
  • 3M5.7%
  • 1Y18.5%
  • YTD3.1%

The Electrical industry has been flat over the last week, but CG Power and Industrial Solutions has lost 6.9%. As for the the longer term, the industry is up 18% over the past 12 months. 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
Thu, 19 Mar 2026₹12.3t₹2.8t₹238.2b23.7x51.5x4.5x
Sat, 14 Feb 2026₹12.1t₹2.7t₹239.1b25.9x50.5x4.4x
Mon, 12 Jan 2026₹11.4t₹2.6t₹225.0b26.8x50.8x4.4x
Wed, 10 Dec 2025₹11.8t₹2.6t₹224.1b29.5x52.6x4.6x
Fri, 07 Nov 2025₹12.4t₹2.5t₹219.4b39.1x56.3x4.9x
Sun, 05 Oct 2025₹12.3t₹2.5t₹199.2b37x61.8x5x
Tue, 02 Sep 2025₹12.0t₹2.4t₹195.0b36.3x61.3x4.9x
Thu, 31 Jul 2025₹12.1t₹2.3t₹193.2b39.5x62.6x5.2x
Sat, 28 Jun 2025₹12.1t₹2.2t₹179.2b40.7x67.4x5.4x
Mon, 26 May 2025₹10.7t₹2.2t₹170.0b37x62.7x4.7x
Wed, 23 Apr 2025₹9.9t₹2.2t₹164.2b39.1x60.1x4.5x
Fri, 21 Mar 2025₹9.3t₹2.2t₹163.7b36x56.7x4.3x
Sun, 16 Feb 2025₹9.0t₹2.2t₹160.8b36.3x55.9x4.2x
Tue, 14 Jan 2025₹10.0t₹2.1t₹153.4b45x65.4x4.9x
Thu, 12 Dec 2024₹12.0t₹2.0t₹152.7b52.3x78.4x5.8x
Sat, 09 Nov 2024₹11.2t₹2.0t₹157.3b48.7x71x5.5x
Mon, 07 Oct 2024₹12.0t₹1.9t₹149.8b51.3x79.9x6.2x
Wed, 04 Sep 2024₹11.8t₹1.9t₹149.6b55.2x78.8x6.1x
Fri, 02 Aug 2024₹11.7t₹1.9t₹140.7b51.9x82.9x6.1x
Sun, 30 Jun 2024₹11.4t₹1.8t₹135.9b46.9x83.7x6.2x
Tue, 28 May 2024₹10.8t₹1.8t₹133.7b47.6x81x5.9x
Thu, 25 Apr 2024₹9.3t₹1.8t₹120.6b44x76.9x5.2x
Sat, 23 Mar 2024₹8.3t₹1.8t₹119.2b34.3x69.3x4.7x
Mon, 19 Feb 2024₹7.8t₹1.7t₹118.2b40.1x65.9x4.5x
Wed, 17 Jan 2024₹7.4t₹1.7t₹111.1b38.7x66.8x4.4x
Fri, 15 Dec 2023₹7.3t₹1.7t₹110.8b37.6x65.6x4.3x
Sun, 12 Nov 2023₹6.3t₹1.7t₹110.9b35.7x57.2x3.7x
Tue, 10 Oct 2023₹6.2t₹1.6t₹98.6b35.9x62.6x3.8x
Thu, 07 Sep 2023₹6.2t₹1.6t₹95.7b37.2x64.3x3.9x
Sat, 05 Aug 2023₹5.6t₹1.6t₹95.1b31.7x59.1x3.6x
Mon, 03 Jul 2023₹5.2t₹1.5t₹113.4b27.4x45.5x3.4x
Wed, 31 May 2023₹4.6t₹1.5t₹82.8b23.2x55.7x3.1x
Fri, 28 Apr 2023₹4.1t₹1.4t₹77.2b22x53.6x2.9x
Sun, 26 Mar 2023₹3.8t₹1.4t₹77.0b18x50x2.7x
Price to Earnings Ratio

50x


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 51.5x 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-0.65%
Industrials-1.20%
Electrical-0.27%
Heavy Electrical Equipment0.26%
Electrical Components-0.90%
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
533553 TD Power Systems₹833.402.8%
+₹3.5b		121.1%PE59.3x
DPEL Divine Power Energy₹408.1037.5%
+₹2.6b		233.4%PE77.7x
UTLSOLAR Fujiyama Power Systems₹196.803.7%
+₹2.1b		n/aPE24.2x
532953 V-Guard Industries₹323.401.5%
+₹2.1b		-5.7%PE49.1x
ATLANTAELE Atlanta Electricals₹1.07k2.4%
+₹2.0b		n/aPE57.2x

Latest News

DPEL
₹408.10
Divine Power Energy
7D
37.5%
1Y
233.4%
517569
₹4,212.35
KEI Industries
7D
-2.6%
1Y
48.1%

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).
532953
₹323.40
V-Guard Industries
7D
1.5%
1Y
-5.7%

532953: Upcoming Board Decisions On Results And Investment Will Support Bullish Repricing Narrative

Analysts have kept their fair value estimate for V-Guard Industries steady at about ₹397.47 per share, making only marginal tweaks to key model inputs such as discount rate, revenue growth, profit margin and future P/E assumptions. What's in the News Board meeting scheduled on Jan 28, 2026 to consider, review and approve standalone and consolidated unaudited financial results for the quarter and nine months ended Dec 31, 2025, along with the limited review report (company filing).
POLYCAB
₹7,180.00
Polycab India
7D
-3.7%
1Y
41.2%
SUZLON
₹41.09
Suzlon Energy
7D
-3.2%
1Y
-29.6%

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
₹1,294.30
Havells India
7D
-4.4%
1Y
-13.8%

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
₹1,072.00
Atlanta Electricals
7D
2.4%
1Y
n/a
500002
₹6,196.10
ABB India
7D
-3.4%
1Y
13.4%

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).
CGPOWER
₹686.70
CG Power and Industrial Solutions
7D
-6.9%
1Y
4.9%

CGPOWER: Data Center Mega Order And New Assumptions Will Shape Returns

Analysts have cut their price target on CG Power and Industrial Solutions by about ₹99 to ₹692, citing adjusted assumptions for revenue growth, profit margins, and future P/E expectations. What's in the News CG Power and Industrial Solutions has secured a landmark order valued at €900 million (about $99.2 million) from Tallgrass Integrated Logistics Solutions LLC in the US for a large scale data center project, focused on supplying power transformers for hyperscale data center applications (Key Developments).
532051
₹546.30
Swelect Energy Systems
7D
4.8%
1Y
-8.3%
540358
₹428.50
RMC Switchgears
7D
8.4%
1Y
-35.6%
ENRIN
₹2,755.20
Siemens Energy India
7D
-3.9%
1Y
n/a
UTLSOLAR
₹196.80
Fujiyama Power Systems
7D
3.7%
1Y
n/a
533553
₹833.40
TD Power Systems
7D
2.8%
1Y
121.1%
500103
₹251.65
Bharat Heavy Electricals
7D
-6.1%
1Y
21.9%
PARTH
₹316.20
Parth Electricals & Engineering
7D
12.2%
1Y
n/a