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Indian (NIFTY) Electrical Industry Analysis

UpdatedMar 02, 2026
DataAggregated Company Financials
Companies133
  • 7D3.1%
  • 3M4.7%
  • 1Y37.5%
  • YTD7.1%

The Electrical industry is up 3.1% in the last week, with Polycab India up 9.4%. This means that the industry has gained 38% over the past year. 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
Mon, 02 Mar 2026₹12.7t₹2.8t₹238.2b24.2x53.5x4.6x
Wed, 28 Jan 2026₹10.4t₹2.7t₹230.7b24.3x45x3.9x
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
Price to Earnings Ratio

51.9x


Total Market Cap: ₹4.0tTotal 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 53.5x 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 4.6x.
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-0.79%
Industrials0.13%
Electrical3.05%
Electrical Components3.11%
Heavy Electrical Equipment3.00%
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 110x.
    • 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 close to its 3-year average of 49.9x.
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
POLYCAB Polycab India₹8.61k9.4%
+₹111.6b		82.7%PE49.4x
POWERINDIA Hitachi Energy India₹25.56k7.1%
+₹75.4b		126.5%PE135.4x
ENRIN Siemens Energy India₹2.93k5.6%
+₹55.7b		n/aPE88.4x
522275 GE Vernova T&D India₹3.85k5.4%
+₹50.2b		185.0%PE92.3x
517569 KEI Industries₹5.08k6.8%
+₹31.0b		64.5%PE56.4x

Latest News

SUZLON
₹42.67
Suzlon Energy
7D
-4.0%
1Y
-14.2%

SUZLON: Order Wins And Execution Progress Will Support Future Upside

Analysts have adjusted their view on Suzlon Energy with a revised price target of ₹65.45. This reflects updated assumptions on the discount rate and future P/E, while keeping revenue growth and profit margin expectations broadly consistent.
500002
₹6,074.30
ABB India
7D
1.5%
1Y
23.2%
HAVELLS
₹1,397.10
Havells India
7D
-1.1%
1Y
-1.7%

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

Analysts have kept their fair value estimate for Havells India broadly unchanged at about ₹1,646 per share, with only marginal tweaks to inputs like discount rate, revenue growth, profit margin and future P/E assumptions. This signals a steady view on the stock rather than a material shift in conviction.
505700
₹416.05
Elecon Engineering
7D
-1.8%
1Y
0.9%

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
₹8,610.50
Polycab India
7D
9.4%
1Y
82.7%

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).
500008
₹846.55
Amara Raja Energy & Mobility
7D
-1.0%
1Y
-13.6%

500008: ESOP Plans And US Subsidiary Expansion Will Shape Balanced Outlook

Analysts have revised their fair value estimate for Amara Raja Energy & Mobility from ₹875 to ₹800 in response to updated assumptions regarding the discount rate, revenue growth, profit margins, and future P/E multiples. What's in the News The board approved the incorporation of a wholly owned subsidiary in the United States to support customer servicing and global business expansion plans, as per the meeting held on February 11, 2026 (Key Developments).
INOXWIND
₹92.13
Inox Wind
7D
-4.7%
1Y
-38.7%
CGPOWER
₹725.20
CG Power and Industrial Solutions
7D
1.8%
1Y
26.7%

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
₹3,849.60
GE Vernova T&D India
7D
5.4%
1Y
185.0%

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).
POWERINDIA
₹25,562.00
Hitachi Energy India
7D
7.1%
1Y
126.5%

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
₹5,080.40
KEI Industries
7D
6.8%
1Y
64.5%

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
₹906.45
Schneider Electric Infrastructure
7D
-1.8%
1Y
48.1%
ENRIN
₹2,930.90
Siemens Energy India
7D
5.6%
1Y
n/a
517271
₹684.90
HBL Engineering
7D
-4.9%
1Y
58.1%
UTLSOLAR
₹187.87
Fujiyama Power Systems
7D
-10.8%
1Y
n/a
500103
₹264.85
Bharat Heavy Electricals
7D
3.0%
1Y
48.0%