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Indian (NIFTY) Electrical Industry Analysis

UpdatedFeb 23, 2026
DataAggregated Company Financials
Companies132
  • 7D2.4%
  • 3M1.9%
  • 1Y21.3%
  • YTD3.9%

In the last week, the Electrical industry is up 2.4%, with Hitachi Energy India up 6.2%. In the last 12 months, the industry was up 21%. Looking forward, earnings are forecast to grow by 23% annually.

Industry Valuation and Performance

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

DateMarket CapRevenueEarningsPEAbsolute PEPS
Tue, 24 Feb 2026₹12.4t₹2.7t₹238.0b25.4x51.9x4.5x
Thu, 22 Jan 2026₹10.5t₹2.7t₹229.9b24.9x45.8x4x
Sat, 20 Dec 2025₹11.8t₹2.6t₹224.1b28.2x52.5x4.5x
Mon, 17 Nov 2025₹12.5t₹2.6t₹223.4b36.7x55.8x4.9x
Wed, 15 Oct 2025₹12.1t₹2.5t₹199.2b37.5x60.8x4.9x
Fri, 12 Sep 2025₹12.2t₹2.4t₹195.1b37.9x62.6x5x
Sun, 10 Aug 2025₹11.7t₹2.4t₹196.0b38.8x59.7x4.9x
Tue, 08 Jul 2025₹12.1t₹2.3t₹188.3b42.1x64x5.2x
Thu, 05 Jun 2025₹11.0t₹2.3t₹180.7b40.8x60.6x4.8x
Sat, 03 May 2025₹9.6t₹2.2t₹165.3b37.8x58.1x4.4x
Mon, 31 Mar 2025₹9.4t₹2.2t₹163.7b35x57.6x4.3x
Wed, 26 Feb 2025₹9.3t₹2.2t₹163.2b35.9x56.7x4.3x
Fri, 24 Jan 2025₹10.2t₹2.1t₹153.7b45.9x66.2x4.9x
Sun, 22 Dec 2024₹11.4t₹2.0t₹152.8b52.7x74.5x5.6x
Tue, 19 Nov 2024₹10.6t₹2.0t₹153.1b46x69.1x5.2x
Thu, 17 Oct 2024₹12.7t₹1.9t₹150.4b51.7x84.4x6.5x
Sat, 14 Sep 2024₹12.0t₹1.9t₹149.8b51.7x80.3x6.2x
Mon, 12 Aug 2024₹11.7t₹1.9t₹150.1b54.3x77.7x6.1x
Wed, 10 Jul 2024₹11.9t₹1.9t₹136.0b52.9x87.3x6.4x
Fri, 07 Jun 2024₹10.6t₹1.8t₹135.8b41.8x77.9x5.7x
Sun, 05 May 2024₹9.7t₹1.8t₹124.1b44.7x78.2x5.4x
Tue, 02 Apr 2024₹8.7t₹1.8t₹119.2b36.8x72.8x4.9x
Thu, 29 Feb 2024₹8.0t₹1.8t₹118.6b38.1x67.8x4.6x
Sat, 27 Jan 2024₹7.5t₹1.7t₹112.1b39.3x66.6x4.3x
Mon, 25 Dec 2023₹7.2t₹1.7t₹110.8b36.7x64.9x4.2x
Wed, 22 Nov 2023₹6.6t₹1.7t₹110.8b35.6x59.6x3.9x
Fri, 20 Oct 2023₹6.3t₹1.7t₹100.3b37.9x62.4x3.8x
Sun, 17 Sep 2023₹6.2t₹1.6t₹95.9b34.8x64.2x3.9x
Tue, 15 Aug 2023₹5.6t₹1.6t₹96.5b30.4x58.5x3.6x
Thu, 13 Jul 2023₹5.4t₹1.5t₹113.7b28.5x47.8x3.5x
Sat, 10 Jun 2023₹5.0t₹1.5t₹113.1b25.4x43.8x3.2x
Mon, 08 May 2023₹4.3t₹1.5t₹79.4b21.8x54.4x3x
Wed, 05 Apr 2023₹3.9t₹1.4t₹77.0b20.4x50.9x2.7x
Fri, 03 Mar 2023₹3.9t₹1.4t₹77.0b18.9x50.7x2.7x
Price to Earnings Ratio

50.7x


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 51.9x 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 Market0.28%
Industrials1.34%
Electrical2.38%
Electrical Components2.86%
Heavy Electrical Equipment1.96%
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 111x.
    • Analysts are expecting annual earnings growth of 27.3%, which is lower than the prior year's growth of 50.9% per year.
  • Investors are most pessimistic about the Electrical Components industry, which is trading close to its 3-year average of 49.8x.
Forecasted Growth
  • Analysts are most optimistic on the Heavy Electrical Equipment industry, expecting annual earnings growth of 27% over the next 5 years.
  • However this is lower than its past earnings growth rate of 51% 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₹24.24k6.2%
+₹63.2b		108.9%PE128.4x
POLYCAB Polycab India₹7.97k4.4%
+₹50.9b		36.5%PE45.7x
CGPOWER CG Power and Industrial Solutions₹720.504.6%
+₹50.0b		19.6%PE102x
517569 KEI Industries₹4.76k6.3%
+₹26.8b		27.4%PE52.9x
SCHNEIDER Schneider Electric Infrastructure₹914.4510.9%
+₹21.5b		41.4%PE89.2x

Latest News

532928
₹304.45
Transformers and Rectifiers (India)
7D
12.6%
1Y
-31.8%

532928: Power Grid And GETCO Orders Will Support Future Upside Potential

Analysts have kept the fair value estimate for Transformers and Rectifiers (India) steady at ₹398.5, with only small tweaks to assumptions around discount rate, revenue growth, profit margins and future P/E feeding into this unchanged price target. What's in the News Board meeting on January 8, 2026 to review unaudited standalone and consolidated financial results for the quarter and nine months ended December 31, 2025, and to consider CEO resignation and appointment (company filing).
505700
₹425.85
Elecon Engineering
7D
-1.8%
1Y
-8.5%

505700: Stable Forecasts And CFO Transition Are Expected To Support Further Upside

Analysts have kept Elecon Engineering's fair value unchanged at ₹575.5, with only small tweaks to discount rate, revenue growth, profit margin and future P/E assumptions, which together leave their overall price target effectively stable. What's in the News Chief Financial Officer Mr. Narasimhan Raghunathan has resigned from Elecon Engineering, citing personal reasons related to his children's education in his hometown, with his tenure ending at the close of business on January 31, 2026 (company filing).
POLYCAB
₹7,974.00
Polycab India
7D
4.4%
1Y
36.5%

POLYCAB: Future Returns Will Reflect Governance Resolutions And Fine-Tuned Outlook

Analysts have nudged their fair value estimate for Polycab India higher from about ₹8,327 to roughly ₹8,587, reflecting updated assumptions around discount rate, revenue growth, profit margin, and future P/E. What's in the News A board meeting is scheduled for Jan 16, 2026 to review and approve unaudited standalone and consolidated financial results for the quarter and nine months ended Dec 31, 2025, along with limited review reports (company filing).
INOXWIND
₹96.13
Inox Wind
7D
-5.0%
1Y
-42.7%
CGPOWER
₹720.50
CG Power and Industrial Solutions
7D
4.6%
1Y
19.6%

CGPOWER: Hyperscale Data Center Order Will Drive Future Capacity And Margin Upside

Analysts have trimmed their price target on CG Power and Industrial Solutions from ₹880 to ₹820, reflecting updated assumptions around revenue growth, profit margins and a higher future P/E multiple, while keeping the discount rate broadly similar. What's in the News CG Power and Industrial Solutions has secured an order valued at €900 million (US$99.2 million) from Tallgrass Integrated Logistics Solutions LLC in the United States for a large scale data center project, focused on supplying power transformers for hyperscale data center applications (Key Developments).
522275
₹3,710.70
GE Vernova T&D India
7D
1.3%
1Y
156.6%

522275: Multi Year HVDC Wins And Upcoming Meeting Will Support Long Term Upside

Analysts have maintained their fair value estimate for GE Vernova T&D India at ₹4,050, making only small adjustments to assumptions around the discount rate, revenue growth, profit margin and future P/E to reflect updated views on the company’s risk profile and earnings potential. What's in the News GE Vernova T&D India is scheduled to hold a Special and Extraordinary Shareholders Meeting on March 20, 2026, via postal ballot in India, with details yet to be disclosed (company filing).
HAVELLS
₹1,412.80
Havells India
7D
-0.6%
1Y
-7.2%
522163
₹134.40
Diamond Power Infrastructure
7D
-4.5%
1Y
38.3%
POWERINDIA
₹24,243.00
Hitachi Energy India
7D
6.2%
1Y
108.9%

POWERINDIA: Fair Value View Will Rely On Sustained Margins And Earnings

Analysts have lifted their fair value estimate for Hitachi Energy India to ₹23,197.69 from ₹22,232.15, citing slightly lower assumed discount rates, a modestly higher profit margin outlook, and a reduced future P/E multiple as key drivers of the updated price target. What's in the News A board meeting is scheduled for February 5, 2026, to consider and approve the unaudited financial results for the quarter ended December 31, 2025 (Key Developments).
517569
₹4,763.25
KEI Industries
7D
6.3%
1Y
27.4%

517569: Future Cash Flow Assumptions Will Support Bullish Upside

The analyst price target for KEI Industries has shifted from ₹5,057 to ₹5,573, with analysts pointing to updated assumptions on revenue growth, profit margins, and future P/E as the key drivers of this change. What's in the News A board meeting is scheduled for January 21, 2026 to consider and approve unaudited standalone and consolidated financial results for the quarter and nine months ended December 31, 2025 (Key Developments).
SCHNEIDER
₹914.45
Schneider Electric Infrastructure
7D
10.9%
1Y
41.4%
SUZLON
₹44.25
Suzlon Energy
7D
-4.2%
1Y
-18.5%

SUZLON: New Wind Orders And Execution Discipline Will Support Future Upside

Analysts have trimmed their fair value estimate for Suzlon Energy from ₹72.55 to ₹65.45 per share. They cited more moderate revenue growth, slightly lower profit margins, a marginally reduced P/E assumption and an updated discount rate in their models as the reasons for the revision.
517271
₹705.50
HBL Engineering
7D
-4.4%
1Y
50.0%
SERVOTECH
₹76.64
Servotech Renewable Power System
7D
-8.6%
1Y
-37.7%
533553
₹902.80
TD Power Systems
7D
5.1%
1Y
170.5%
500103
₹259.05
Bharat Heavy Electricals
7D
-1.3%
1Y
35.4%