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Indian (NIFTY) Electrical Industry Analysis

UpdatedFeb 20, 2026
DataAggregated Company Financials
Companies133
  • 7D-0.5%
  • 3M-1.5%
  • 1Y19.1%
  • YTD2.1%

The Electrical industry is up 1.3% in the last week, with Schneider Electric Infrastructure up 15%. This means that the industry has gained 25% over the past year. As for the next few years, earnings are expected to grow by 23% per annum.

Industry Valuation and Performance

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

DateMarket CapRevenueEarningsPEAbsolute PEPS
Fri, 20 Feb 2026₹12.2t₹2.8t₹239.2b25.3x50.8x4.4x
Sun, 18 Jan 2026₹10.9t₹2.6t₹226.8b26.5x48.2x4.2x
Tue, 16 Dec 2025₹11.9t₹2.6t₹224.1b29.6x53.1x4.6x
Thu, 13 Nov 2025₹12.5t₹2.5t₹221.7b36.2x56.5x4.9x
Sat, 11 Oct 2025₹12.3t₹2.5t₹199.2b36.8x62x5x
Mon, 08 Sep 2025₹12.0t₹2.4t₹195.0b37.1x61.8x5x
Wed, 06 Aug 2025₹12.1t₹2.4t₹193.6b40.7x62.6x5.1x
Fri, 04 Jul 2025₹12.1t₹2.3t₹188.3b42.8x64.1x5.2x
Sun, 01 Jun 2025₹11.1t₹2.3t₹182.1b38.7x60.8x4.8x
Tue, 29 Apr 2025₹9.7t₹2.2t₹165.4b38.3x58.9x4.5x
Thu, 27 Mar 2025₹9.4t₹2.2t₹163.7b35.8x57.2x4.3x
Sat, 22 Feb 2025₹9.3t₹2.2t₹163.2b36.5x57x4.3x
Mon, 20 Jan 2025₹10.5t₹2.1t₹153.3b47.1x68.7x5.1x
Wed, 18 Dec 2024₹12.0t₹2.0t₹152.5b55.1x78.5x5.9x
Fri, 15 Nov 2024₹10.5t₹2.0t₹152.8b46.6x68.9x5.2x
Sun, 13 Oct 2024₹12.6t₹1.9t₹150.2b50.3x84x6.5x
Tue, 10 Sep 2024₹11.5t₹1.9t₹149.6b53.9x77x5.9x
Thu, 08 Aug 2024₹11.5t₹1.9t₹144.5b51.4x79.5x6x
Sat, 06 Jul 2024₹12.0t₹1.9t₹136.0b52.6x88.1x6.5x
Mon, 03 Jun 2024₹10.7t₹1.8t₹136.0b44.4x78.9x5.8x
Wed, 01 May 2024₹9.6t₹1.8t₹120.4b44.8x79.4x5.4x
Fri, 29 Mar 2024₹8.6t₹1.8t₹119.2b35.5x71.9x4.9x
Sun, 25 Feb 2024₹8.0t₹1.8t₹118.6b39.2x67.7x4.6x
Tue, 23 Jan 2024₹7.5t₹1.7t₹111.7b41.3x66.8x4.4x
Thu, 21 Dec 2023₹7.0t₹1.7t₹110.8b37.6x63.4x4.1x
Sat, 18 Nov 2023₹6.6t₹1.7t₹110.8b36.4x59.1x3.9x
Mon, 16 Oct 2023₹6.3t₹1.6t₹98.7b37.3x63.7x3.8x
Wed, 13 Sep 2023₹6.0t₹1.6t₹95.9b33.6x62.9x3.8x
Fri, 11 Aug 2023₹5.7t₹1.6t₹94.3b33x60.2x3.6x
Sun, 09 Jul 2023₹5.3t₹1.5t₹113.4b29.4x46.4x3.4x
Tue, 06 Jun 2023₹4.9t₹1.5t₹113.2b24.5x43.1x3.2x
Thu, 04 May 2023₹4.2t₹1.4t₹77.4b22.3x54.4x2.9x
Sat, 01 Apr 2023₹3.9t₹1.4t₹77.0b18.5x50.6x2.7x
Mon, 27 Feb 2023₹3.9t₹1.4t₹77.0b19.9x50x2.7x
Price to Earnings Ratio

50x


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 Market-1.63%
Industrials-1.00%
Electrical-0.48%
Electrical Components0.39%
Heavy Electrical Equipment-1.25%
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 26.6%, 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
SCHNEIDER Schneider Electric Infrastructure₹907.5515.0%
+₹28.4b		41.7%PE88.5x
CGPOWER CG Power and Industrial Solutions₹696.551.7%
+₹18.0b		16.9%PE98.6x
ENRIN Siemens Energy India₹2.76k1.0%
+₹9.4b		n/aPE83.1x
532928 Transformers and Rectifiers (India)₹303.908.2%
+₹6.9b		-25.0%PE33.9x
POWERINDIA Hitachi Energy India₹22.85k0.7%
+₹6.6b		102.3%PE121.1x

Latest News

500002
₹5,715.65
ABB India
7D
-1.2%
1Y
6.9%
INOXWIND
₹96.65
Inox Wind
7D
-11.6%
1Y
-44.6%

INOXWIND: New Manufacturing Capacity And Orders Will Support Profitability Ahead

Analysts have trimmed their fair value estimate for Inox Wind from ₹201 to about ₹160 as they reset assumptions around revenue growth, profitability and future P/E, while acknowledging a stronger projected profit margin and slightly lower discount rate in their models. What's in the News A board meeting is scheduled on Feb 13, 2026 to consider and approve unaudited standalone and consolidated financial results for the quarter and nine months ended Dec 31, 2025, and to consider granting stock options under the Inox Wind Employee Stock Option Scheme 2024 (company filing).
VMARCIND
₹728.00
V-MARC India
7D
21.5%
1Y
153.0%
POWERINDIA
₹22,851.00
Hitachi Energy India
7D
0.7%
1Y
102.3%

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).
532953
₹322.10
V-Guard Industries
7D
-3.5%
1Y
-2.7%

532953: Upcoming Board Review And Shareholder Vote Will Support Bullish Repricing Narrative

Analysts have trimmed their price target on V-Guard Industries by about ₹6, reflecting updated assumptions around fair value, discount rate, revenue growth, profit margin, and future P/E expectations. What's in the News Board meeting scheduled for January 28, 2026, to consider, review and approve the standalone and consolidated unaudited financial results for the quarter and nine months ended December 31, 2025, along with the limited review report (company filing).
SCHNEIDER
₹907.55
Schneider Electric Infrastructure
7D
15.0%
1Y
41.7%
SUZLON
₹45.25
Suzlon Energy
7D
-3.3%
1Y
-17.5%

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.
ENRIN
₹2,757.70
Siemens Energy India
7D
1.0%
1Y
n/a
532928
₹303.90
Transformers and Rectifiers (India)
7D
8.2%
1Y
-25.0%
517271
₹727.30
HBL Engineering
7D
-6.4%
1Y
48.3%
505700
₹425.85
Elecon Engineering
7D
-4.2%
1Y
-10.8%

505700: Lower Discount Rate Is Expected To Support Further Upside

Analysts have trimmed their fair value P/E input slightly, which keeps our Elecon Engineering fair value estimate steady at ₹575.50, while reflecting a modest reduction in the discount rate and a marginally lower future P/E assumption. What's in the News Chief Financial Officer Mr. Narasimhan Raghunathan has resigned from Elecon Engineering for personal reasons linked to his children's education in his hometown, with his last working day scheduled as the close of business on January 31, 2026 (company filing).
CGPOWER
₹696.55
CG Power and Industrial Solutions
7D
1.7%
1Y
16.9%

CGPOWER: Landmark Data Center Contract Will Likely Not Offset Rich Pricing

Analysts have trimmed their fair value estimate for CG Power and Industrial Solutions from ₹567.11 to ₹479.51 as they now apply a slightly lower discount rate, incorporate more moderate revenue growth and profit margins, and factor in a reduced future P/E multiple. What's in the News CG Power and Industrial Solutions has secured a landmark order valued at €900 million (US$99.2 million) from Tallgrass Integrated Logistics Solutions LLC, USA, for a large scale data center project in the United States, focused on supplying power transformers for hyperscale data center applications (Client announcement).
522275
₹3,545.95
GE Vernova T&D India
7D
-2.1%
1Y
148.8%

522275: Multi Year HVDC Contract Wins Will Support Long Term Upside

Analysts have nudged their fair value estimate for GE Vernova T&D India higher from ₹4,005 to ₹4,050, reflecting updated assumptions around discount rates, revenue growth, profit margins and future P/E expectations. What's in the News Board meeting scheduled for January 28, 2026 to consider and approve unaudited financial results for the quarter and period ended December 31, 2025 (company filing).
QPOWER
₹858.60
Quality Power Electrical Equipments
7D
7.2%
1Y
n/a
533553
₹884.40
TD Power Systems
7D
4.5%
1Y
165.6%
500103
₹254.05
Bharat Heavy Electricals
7D
-2.4%
1Y
26.9%