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Indian (NIFTY) Electrical Industry Analysis

UpdatedDec 26, 2025
DataAggregated Company Financials
Companies131
  • 7D2.5%
  • 3M-3.1%
  • 1Y-5.9%
  • YTD-6.3%

Over the last 7 days, the Electrical industry has risen 2.5%, driven by gains in Polycab India and GE Vernova T&D India of 7.5% and 10%, respectively. During this same period, the Siemens Energy India underperformed, falling 8.6%. In the past year, the industry is down 5.9%. 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
Fri, 26 Dec 2025₹11.9t₹2.6t₹224.8b30.9x52.9x4.6x
Sun, 23 Nov 2025₹12.3t₹2.6t₹225.6b33.5x54.5x4.8x
Tue, 21 Oct 2025₹12.1t₹2.5t₹202.8b37.3x59.6x4.9x
Thu, 18 Sep 2025₹12.6t₹2.4t₹195.1b38.8x64.4x5.2x
Sat, 16 Aug 2025₹11.8t₹2.4t₹193.4b39.3x60.9x4.9x
Mon, 14 Jul 2025₹12.1t₹2.3t₹189.4b41x63.7x5.2x
Wed, 11 Jun 2025₹11.1t₹2.3t₹180.6b40.1x61.2x4.9x
Fri, 09 May 2025₹9.5t₹2.2t₹165.9b36.4x57.5x4.4x
Sun, 06 Apr 2025₹9.0t₹2.2t₹163.8b36.1x55x4.2x
Tue, 04 Mar 2025₹8.5t₹2.2t₹163.4b32.7x52.2x3.9x
Thu, 30 Jan 2025₹9.7t₹2.1t₹156.9b41.7x61.8x4.6x
Sat, 28 Dec 2024₹11.4t₹2.0t₹153.1b51.4x74.4x5.6x
Mon, 25 Nov 2024₹10.9t₹2.0t₹152.9b47.1x71.4x5.3x
Wed, 23 Oct 2024₹11.6t₹2.0t₹150.5b47.4x76.9x5.9x
Fri, 20 Sep 2024₹11.8t₹1.9t₹149.8b50.4x79x6.1x
Sun, 18 Aug 2024₹11.9t₹1.9t₹149.2b54.9x80x6.2x
Tue, 16 Jul 2024₹11.7t₹1.8t₹135.2b51.6x86.4x6.3x
Thu, 13 Jun 2024₹10.9t₹1.8t₹135.8b44.9x80.3x5.9x
Sat, 11 May 2024₹9.6t₹1.8t₹124.2b44.9x77.1x5.3x
Mon, 08 Apr 2024₹8.9t₹1.8t₹119.2b37.7x74.6x5x
Wed, 06 Mar 2024₹8.4t₹1.8t₹119.2b38.2x70.2x4.8x
Fri, 02 Feb 2024₹7.6t₹1.7t₹114.3b42.8x66.4x4.4x
Sun, 31 Dec 2023₹7.4t₹1.7t₹110.9b35.5x66.3x4.3x
Tue, 28 Nov 2023₹6.7t₹1.7t₹110.8b36.3x60.4x3.9x
Thu, 26 Oct 2023₹5.9t₹1.7t₹101.8b35.7x58.3x3.6x
Sat, 23 Sep 2023₹6.2t₹1.6t₹98.4b36.8x62.6x3.8x
Mon, 21 Aug 2023₹5.7t₹1.6t₹96.6b29.9x59x3.6x
Wed, 19 Jul 2023₹5.5t₹1.5t₹113.9b29.3x48.3x3.6x
Fri, 16 Jun 2023₹5.1t₹1.5t₹113.1b27x44.9x3.3x
Sun, 14 May 2023₹4.5t₹1.5t₹81.9b23.1x54.8x3.1x
Tue, 11 Apr 2023₹3.9t₹1.4t₹77.0b20.3x51.1x2.7x
Thu, 09 Mar 2023₹4.0t₹1.4t₹77.0b19.3x51.9x2.8x
Sat, 04 Feb 2023₹3.8t₹1.4t₹76.7b19.6x48.9x2.6x
Mon, 02 Jan 2023₹3.6t₹1.4t₹76.9b22.1x46.3x2.5x
Price to Earnings Ratio

46.3x


Total Market Cap: ₹3.6tTotal Earnings: ₹76.9bTotal Revenue: ₹1.4tTotal Market Cap vs Earnings and Revenue0%0%0%
Indian Electrical Industry Price to Earnings3Y Average 63.6x20242025
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 52.9x which is lower than its 3-year average PE of 63.6x.
  • The industry is trading close to its 3-year average PS ratio of 4.5x.
Past Earnings Growth
  • The earnings for companies in the Electrical industry have grown 43% per year over the last three years.
  • Revenues for these companies have grown 23% 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 Market1.68%
Industrials2.41%
Electrical2.53%
Electrical Components3.87%
Heavy Electrical Equipment1.33%
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 118x.
    • Analysts are expecting annual earnings growth of 27.3%, which is lower than the prior year's growth of 47.9% per year.
  • Investors are most pessimistic about the Electrical Components industry, which is trading close to its 3-year average of 49.3x.
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 48% per year.
  • 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₹7.63k7.5%
+₹80.0b		6.8%PE46.7x
522275 GE Vernova T&D India₹3.16k10.3%
+₹75.7b		51.5%PE88x
517569 KEI Industries₹4.41k8.0%
+₹31.1b		2.1%PE53.3x
500002 ABB India₹5.21k2.4%
+₹26.1b		-25.0%PE62.5x
SUZLON Suzlon Energy₹53.302.9%
+₹20.8b		-17.2%PE23x

Latest News

SUZLON
₹53.30
Suzlon Energy
7D
2.9%
1Y
-17.2%

SUZLON: New CFO And Rajasthan Wind Wins Will Support Upside

Analysts have reaffirmed Suzlon Energy's fair value estimate at Rs 73.8 per share, with only marginal tweaks to key assumptions such as a slightly lower discount rate and marginally refined long term growth and profitability expectations. What's in the News Suzlon Group and Yanara have extended their partnership with two new 153 MW wind contracts in Barmer, Rajasthan.
517271
₹881.75
HBL Engineering
7D
7.5%
1Y
39.5%
500002
₹5,211.10
ABB India
7D
2.4%
1Y
-25.0%

500002: Local Manufacturing And Hydrogen Initiatives Will Support Balanced Prospects Ahead

Analysts have nudged their price target for ABB India slightly higher to approximately ₹5,275 from about ₹5,263, citing faster expected revenue growth and a modestly lower discount rate, while keeping profit margin assumptions broadly intact. What's in the News ABB India has partnered with HDF Energy to jointly develop a scalable high power maritime hydrogen fuel cell system aimed at enabling zero emission propulsion and auxiliary power for vessels, supporting global decarbonisation targets in shipping (company announcement).
VIDYAWIRES
₹51.79
Vidya Wires
7D
-2.6%
1Y
n/a
POWERINDIA
₹18,420.00
Hitachi Energy India
7D
1.4%
1Y
28.5%

POWERINDIA: Future Margins And Earnings Multiple Are Expected To Strengthen

Analysts have raised their price target for Hitachi Energy India significantly, from ₹13,350 to ₹17,400, citing expectations of stronger profit margins and a higher justified future valuation multiple, despite only modest adjustments to growth and discount rate assumptions. What's in the News Board meeting scheduled for November 3, 2025, to consider and approve unaudited financial results for the second quarter and half year ended September 30, 2025 (company filing) Valuation Changes Fair Value: Raised significantly from ₹13,350 to ₹17,400, implying a notable upward reassessment of intrinsic value.
522275
₹3,162.90
GE Vernova T&D India
7D
10.3%
1Y
51.5%

522275: Capacity Expansion And Profitability Improvements Will Drive Stronger Long Term Upside

Analysts have raised their price target on GE Vernova T&D India from ₹3,032 to ₹3,700, citing expectations of slightly stronger long term profitability and a higher justified future earnings multiple, despite a marginally softer revenue growth outlook. What's in the News Board approves approximately INR 8,060 million capex to expand transformer and reactor capacities at Vadodara, and GIS and AIS product capacities at Padappai and Hosur, including new manufacturing lines for air core reactors and bushings at Hosur (company filing) Planned capacity expansion aims to strengthen GE Vernova T&D India's domestic manufacturing footprint and support anticipated growth in power transmission and grid modernization demand (company filing) Board meeting scheduled for November 3, 2025, to consider and approve unaudited financial results for the quarter and period ended September 30, 2025 (company filing) Valuation Changes Fair Value Target: Raised from ₹3,032 to ₹3,700, indicating a moderate upward revision in the long term valuation.
HAVELLS
₹1,424.40
Havells India
7D
1.7%
1Y
-15.0%

HAVELLS: Digital Expansion Will Drive Brand Upside Following Trademark Resolution

Analysts have nudged their price target for Havells India slightly lower to ₹1,666.94 from ₹1,668.33, as modestly reduced discount rate and valuation multiple assumptions more than offset essentially unchanged growth and margin outlooks. What's in the News Havells India and the HPL Group have signed a comprehensive Settlement Agreement resolving all long standing trademark disputes and litigations over the use of the HAVELLS brand name, including matters before the Delhi High Court and the Supreme Court of India (Key Developments) The Delhi High Court had earlier referred the HAVELLS trademark disputes between Havells India and the HPL Group to mediation, culminating in a final settlement executed on 08 November 2025 (Key Developments) Havells India has scheduled a board meeting on 17 October 2025 to consider and approve its standalone and consolidated unaudited financial results for the second quarter and half year ended 30 September 2025 (Key Developments) Lloyd, a brand of Havells India, has launched its Kolors refrigerator on Flipkart and other distribution channels, extending its digital reach with pricing starting at INR 18,990 (Key Developments) Valuation Changes The consensus analyst price target, or fair value estimate, has edged down slightly to ₹1,666.94 from ₹1,668.33.
517569
₹4,409.75
KEI Industries
7D
8.0%
1Y
2.1%

517569: Revenue Outlook And Margin Improvement Will Support Bullish Upside

Narrative Update on KEI Industries Analysts have raised their price target on KEI Industries from ₹4,914 to ₹5,057, citing expectations of slightly faster revenue growth, modestly higher profit margins, and a recalibrated future valuation multiple despite a higher discount rate. What's in the News A board meeting is scheduled for October 15, 2025, to consider and approve the unaudited standalone and consolidated financial results for the quarter and half year ended September 30, 2025, and to consider other business matters (company filing).
CGPOWER
₹660.90
CG Power and Industrial Solutions
7D
-0.1%
1Y
-11.1%

CGPOWER: New Switchgear Facility Will Drive Future Capacity Expansion And Returns

Analysts have modestly increased their price target on CG Power and Industrial Solutions to ₹791.87, citing slightly higher assumptions for discount rate and future earnings multiples while keeping revenue growth and profit margin expectations broadly unchanged. What's in the News The board has approved a new greenfield switchgear manufacturing facility in Western India, aimed at doubling existing capacity across MV and EHV switchgear, substation automation systems, and power electronics solutions (Key Developments) The new plant, planned on about 35 acres with an estimated project cost of roughly INR 7,482 million, will be funded through a mix of internal accruals, equity and or debt and is expected to be completed within 33 months (Key Developments) The expansion is intended to alleviate capacity constraints, support growth in domestic and export markets, and strengthen CG Power and Industrial Solutions competitiveness in automation and power electronics, while contributing to India power infrastructure development (Key Developments) The board has scheduled a meeting on October 29, 2025, to consider unaudited standalone and consolidated financial results for the quarter and half year ended September 30, 2025, and to discuss a potential shift of the registered office and other matters (Key Developments) Valuation Changes Fair Value: Unchanged at approximately ₹791.87 per share, indicating no revision to the core valuation estimate.
POLYCAB
₹7,630.50
Polycab India
7D
7.5%
1Y
6.8%

POLYCAB: Future Returns Will Be Driven By CFO Transition And Promoter Stake Sale

Analysts have modestly raised their fair value estimate for Polycab India from ₹8,210 to about ₹8,215 per share, citing slightly higher long term margin and earnings visibility, reflected in a marginally richer forward P E assumption. What's in the News The board approves unaudited standalone and consolidated results for the quarter and half year ended September 30, 2025, at its October 17, 2025 meeting (company filing).
542679
₹214.95
Dhanashree Electronics
7D
-7.8%
1Y
230.8%
541228
₹95.25
Taylormade Renewables
7D
-18.5%
1Y
-72.7%
ENRIN
₹2,595.50
Siemens Energy India
7D
-8.6%
1Y
n/a

Shareholders Will Be Pleased With The Quality of Siemens Energy India's (NSE:ENRIN) Earnings

Dec 02
Shareholders Will Be Pleased With The Quality of Siemens Energy India's (NSE:ENRIN) Earnings
UEL
₹142.30
Ujaas Energy
7D
-5.0%
1Y
24.4%
ATLANTAELE
₹940.55
Atlanta Electricals
7D
-1.1%
1Y
n/a
IWEL
₹10,652.00
Inox Wind Energy
7D
-5.2%
1Y
50.1%