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Indian (NIFTY) Electrical Industry Analysis

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

Over the last 7 days, the Electrical industry has risen 3.1%, driven by gains from Polycab India of 5.3%. In the same time, Suzlon Energy was down 7.2%. In the last 12 months, the industry was up 38%. 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
Wed, 04 Mar 2026₹12.7t₹2.8t₹238.2b24.2x53.5x4.6x
Fri, 30 Jan 2026₹11.1t₹2.7t₹232.7b24.5x47.9x4.2x
Sun, 28 Dec 2025₹11.8t₹2.6t₹224.8b31.1x52.7x4.5x
Tue, 25 Nov 2025₹12.1t₹2.6t₹225.6b32.4x53.6x4.7x
Thu, 23 Oct 2025₹12.2t₹2.5t₹202.8b37.3x60x4.9x
Sat, 20 Sep 2025₹12.6t₹2.4t₹195.1b38.6x64.3x5.2x
Mon, 18 Aug 2025₹11.8t₹2.4t₹194.4b37.4x60.5x4.9x
Wed, 16 Jul 2025₹12.1t₹2.3t₹189.4b40.8x63.8x5.2x
Fri, 13 Jun 2025₹10.8t₹2.3t₹180.6b39.8x59.9x4.7x
Sun, 11 May 2025₹9.6t₹2.2t₹168.3b36.3x56.8x4.3x
Tue, 08 Apr 2025₹8.6t₹2.2t₹163.8b34.3x52.7x4x
Thu, 06 Mar 2025₹8.9t₹2.2t₹163.4b34.9x54.7x4.1x
Sat, 01 Feb 2025₹10.1t₹2.1t₹158.1b44.9x63.7x4.7x
Mon, 30 Dec 2024₹11.4t₹2.0t₹153.1b51.4x74.4x5.6x
Wed, 27 Nov 2024₹11.2t₹2.0t₹152.9b47.4x73.4x5.5x
Fri, 25 Oct 2024₹11.3t₹2.0t₹151.0b46.5x74.9x5.7x
Sun, 22 Sep 2024₹12.0t₹1.9t₹149.8b50.1x80.3x6.2x
Tue, 20 Aug 2024₹11.9t₹1.9t₹149.3b54.6x80x6.2x
Thu, 18 Jul 2024₹11.7t₹1.8t₹135.2b52.3x86.2x6.3x
Sat, 15 Jun 2024₹11.4t₹1.8t₹135.8b45.8x83.6x6.1x
Mon, 13 May 2024₹9.6t₹1.8t₹127.5b44.9x75.1x5.3x
Wed, 10 Apr 2024₹8.9t₹1.8t₹119.5b36.6x74.1x5x
Fri, 08 Mar 2024₹8.2t₹1.8t₹119.2b37.5x69.1x4.7x
Sun, 04 Feb 2024₹7.7t₹1.7t₹114.6b41.5x66.8x4.4x
Tue, 02 Jan 2024₹7.4t₹1.7t₹110.9b37x66.7x4.4x
Thu, 30 Nov 2023₹6.7t₹1.7t₹110.8b35.2x60.7x4x
Sat, 28 Oct 2023₹5.9t₹1.7t₹102.0b37.4x58x3.6x
Mon, 25 Sep 2023₹6.2t₹1.6t₹98.4b36.8x62.6x3.8x
Wed, 23 Aug 2023₹5.9t₹1.6t₹96.6b30.7x60.7x3.7x
Fri, 21 Jul 2023₹5.6t₹1.5t₹115.7b29.8x48.1x3.6x
Sun, 18 Jun 2023₹5.1t₹1.5t₹113.4b26.9x45.1x3.3x
Tue, 16 May 2023₹4.5t₹1.5t₹81.9b22.9x54.5x3.1x
Thu, 13 Apr 2023₹3.9t₹1.4t₹77.0b20.5x51.1x2.7x
Sat, 11 Mar 2023₹4.0t₹1.4t₹77.0b19.2x51.6x2.8x
Price to Earnings Ratio

51.6x


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₹8.55k5.3%
+₹64.4b		74.3%PE49x
517569 KEI Industries₹5.20k8.8%
+₹40.2b		65.6%PE57.8x
POWERINDIA Hitachi Energy India₹25.50k2.4%
+₹26.6b		109.2%PE135.1x
ENRIN Siemens Energy India₹2.97k2.3%
+₹23.5b		n/aPE89.6x
FINCABLES Finolex Cables₹946.4516.5%
+₹20.5b		16.1%PE21.3x

Latest News

POWERINDIA
₹25,500.00
Hitachi Energy India
7D
2.4%
1Y
109.2%

POWERINDIA: Future Returns Will Depend On Margin Pressure And Lower P/E

Analysts have lifted their price target on Hitachi Energy India from ₹17,400 to ₹18,400, citing updated assumptions on discount rate, revenue growth, profit margin and future P/E, which refine their long term valuation view. What's in the News Hitachi Energy and Pakal Technologies agreed to collaborate on integrating Pakal's Insulated Gate Turn-Off Thyristor, IGTO(t), silicon power switch into high-voltage power modules used in rail, renewables, energy storage, AI and data center infrastructure (Client Announcements).
517569
₹5,202.95
KEI Industries
7D
8.8%
1Y
65.6%

517569: Interim Dividend And Delisting Proposal Will Shape Measured Near-Term Outlook

Analysts have slightly lifted their fair value estimate for KEI Industries from about ₹4,758 to roughly ₹4,800, citing updated assumptions around discount rates, steady revenue growth, a modestly higher profit margin, and a lower future P/E multiple. What's in the News Board meeting on January 21, 2026 to consider and approve the unaudited standalone and consolidated financial results for the quarter and nine months ended December 31, 2025 (company filing).
FINCABLES
₹946.45
Finolex Cables
7D
16.5%
1Y
16.1%
533655
₹466.85
Triveni Turbine
7D
-3.7%
1Y
-4.0%

533655: Interim Dividend Will Support Future Upside Despite Slightly Higher Required Returns

Analysts have lowered their fair value estimate for Triveni Turbine from ₹635.10 to about ₹622.33, reflecting a slightly higher discount rate and a modestly lower future P/E assumption, while keeping revenue growth and profit margin expectations broadly unchanged. What's in the News The board declared an interim dividend of ₹2.25 per fully paid equity share with a face value of ₹1 each for the 2025-26 financial year, with payment scheduled on or before February 23, 2026, subject to tax deduction at source (Key Developments).
SUZLON
₹40.95
Suzlon Energy
7D
-7.2%
1Y
-18.3%

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
₹5,985.65
ABB India
7D
-1.1%
1Y
15.3%
HAVELLS
₹1,354.00
Havells India
7D
-3.5%
1Y
-3.8%

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.
POLYCAB
₹8,548.50
Polycab India
7D
5.3%
1Y
74.3%

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
₹826.15
Amara Raja Energy & Mobility
7D
-3.8%
1Y
-14.4%

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
₹89.19
Inox Wind
7D
-6.1%
1Y
-38.4%
CGPOWER
₹711.85
CG Power and Industrial Solutions
7D
-1.7%
1Y
18.0%

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
₹3,772.30
GE Vernova T&D India
7D
0.9%
1Y
177.4%

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).
509488
₹707.95
Graphite India
7D
3.7%
1Y
86.6%
ENRIN
₹2,972.70
Siemens Energy India
7D
2.3%
1Y
n/a
517271
₹669.05
HBL Engineering
7D
-4.5%
1Y
52.5%
VOLTAMP
₹8,814.50
Voltamp Transformers
7D
4.6%
1Y
33.2%