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Indian (NIFTY) Electrical Industry Analysis

UpdatedApr 14, 2026
DataAggregated Company Financials
Companies135
  • 7D8.7%
  • 3M15.6%
  • 1Y31.5%
  • YTD8.6%

Over the last 7 days, the Electrical industry has risen 8.7%, and Hitachi Energy India contributed the most with a gain of 13%. In the last 12 months, the industry was up 31%. Looking forward, 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, 15 Apr 2026₹13.0t₹2.8t₹240.0b26.9x54.1x4.7x
Fri, 13 Mar 2026₹12.4t₹2.8t₹238.2b23.4x51.9x4.5x
Sun, 08 Feb 2026₹12.1t₹2.7t₹236.8b25.4x50.9x4.4x
Tue, 06 Jan 2026₹12.0t₹2.6t₹224.8b29.7x53.6x4.6x
Thu, 04 Dec 2025₹12.0t₹2.6t₹223.4b30.3x53.9x4.7x
Sat, 01 Nov 2025₹12.4t₹2.5t₹203.6b38.1x61x5x
Mon, 29 Sep 2025₹12.2t₹2.4t₹196.3b36.2x62x5x
Wed, 27 Aug 2025₹11.8t₹2.4t₹194.4b37.4x60.5x4.9x
Fri, 25 Jul 2025₹12.1t₹2.3t₹191.4b42.4x63.4x5.2x
Sun, 22 Jun 2025₹11.6t₹2.2t₹179.2b40.4x64.6x5.2x
Tue, 20 May 2025₹10.6t₹2.2t₹171.1b39.8x61.8x4.7x
Thu, 17 Apr 2025₹9.4t₹2.2t₹164.3b37.9x57.4x4.3x
Sat, 15 Mar 2025₹8.8t₹2.2t₹163.4b33.2x53.9x4.1x
Mon, 10 Feb 2025₹9.8t₹2.2t₹160.6b42.9x60.9x4.5x
Wed, 08 Jan 2025₹11.2t₹2.0t₹153.1b51.1x73.2x5.5x
Fri, 06 Dec 2024₹11.7t₹2.0t₹152.7b50.8x76.9x5.7x
Sun, 03 Nov 2024₹11.4t₹2.0t₹156.5b47.9x73x5.7x
Tue, 01 Oct 2024₹12.3t₹1.9t₹149.8b50.7x82x6.3x
Thu, 29 Aug 2024₹12.0t₹1.9t₹149.3b52.4x80.3x6.2x
Sat, 27 Jul 2024₹11.5t₹1.9t₹139.5b53.8x82.7x6.1x
Mon, 24 Jun 2024₹11.3t₹1.8t₹135.8b49.5x83.3x6.1x
Wed, 22 May 2024₹10.8t₹1.8t₹128.7b45.5x83.9x5.9x
Fri, 19 Apr 2024₹8.9t₹1.8t₹120.0b39x74.5x5.1x
Sun, 17 Mar 2024₹7.9t₹1.8t₹119.2b33.6x66.6x4.5x
Tue, 13 Feb 2024₹7.5t₹1.7t₹120.4b38.6x62.5x4.3x
Thu, 11 Jan 2024₹7.6t₹1.7t₹111.0b40.7x68.1x4.5x
Sat, 09 Dec 2023₹7.1t₹1.7t₹110.8b36.5x64.1x4.2x
Mon, 06 Nov 2023₹6.2t₹1.7t₹105.4b36.1x58.9x3.7x
Wed, 04 Oct 2023₹6.3t₹1.6t₹98.6b38x63.8x3.8x
Fri, 01 Sep 2023₹6.1t₹1.6t₹97.3b34x62.4x3.9x
Sun, 30 Jul 2023₹5.6t₹1.6t₹93.7b30.7x60.1x3.6x
Tue, 27 Jun 2023₹5.1t₹1.5t₹113.4b27.1x44.6x3.3x
Thu, 25 May 2023₹4.5t₹1.5t₹83.9b24.1x53.8x3.1x
Sat, 22 Apr 2023₹4.0t₹1.4t₹76.9b22.8x52x2.8x
Price to Earnings Ratio

52x


Total Market Cap: ₹4.0tTotal Earnings: ₹76.9bTotal 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 54.1x 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 4.7x.
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 25% 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 Market4.97%
Industrials7.36%
Electrical8.71%
Heavy Electrical Equipment10.82%
Electrical Components6.13%
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 106x.
    • Analysts are expecting annual earnings growth of 27.5%, 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 below its 3-year average of 50.1x.
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
POWERINDIA Hitachi Energy India₹28.33k13.2%
+₹146.9b		125.3%PE150.1x
500103 Bharat Heavy Electricals₹287.8513.6%
+₹119.6b		29.7%PE123.1x
500002 ABB India₹6.83k8.9%
+₹118.7b		30.1%PE86.7x
522275 GE Vernova T&D India₹4.09k11.5%
+₹107.9b		194.8%PE98.2x
ENRIN Siemens Energy India₹2.85k8.4%
+₹78.4b		n/aPE85.9x

Latest News

POWERINDIA
₹28,325.00
Hitachi Energy India
7D
13.2%
1Y
125.3%

POWERINDIA: Future Returns Will Be Constrained By Margin Pressure Despite Revenue Optimism

Analysts now set their price target for Hitachi Energy India at approximately ₹18,409, a very small change from about ₹18,400. This reflects updated views on revenue growth, profit margins and future P/E assumptions.
522275
₹4,094.60
GE Vernova T&D India
7D
11.5%
1Y
194.8%
532953
₹313.85
V-Guard Industries
7D
-1.6%
1Y
-13.8%

532953: Further Associate Investment And Board Changes Will Support Bullish Repricing Narrative

Analysts have slightly trimmed their fair value estimate for V-Guard Industries from about ₹396.18 to ₹394.47. This reflects marginal tweaks to assumptions on the discount rate, revenue growth, profit margins and future P/E expectations.
500002
₹6,829.75
ABB India
7D
8.9%
1Y
30.1%
SUZLON
₹45.86
Suzlon Energy
7D
10.4%
1Y
-15.7%

SUZLON: Green Steel Orders And Leadership Change Will Support Future Upside

Analysts have inched up Suzlon Energy's fair value estimate from ₹62.91 to ₹63.83, as slightly higher assumed revenue growth and a modestly lower discount rate more than offset a near flat profit margin outlook and a similar forward P/E expectation. Analyst Commentary Bullish Takeaways Bullish analysts see the updated fair value estimate of ₹63.83 as broadly aligned with Suzlon Energy's execution assumptions, with slightly stronger revenue expectations now better reflected in the model.
SMARTEN
₹57.85
Smarten Power Systems
7D
-8.8%
1Y
n/a
544354
₹196.40
Solarium Green Energy
7D
-5.2%
1Y
-27.5%
POLYCAB
₹7,548.00
Polycab India
7D
4.4%
1Y
43.8%

POLYCAB: Leadership Reappointments And Fair Value View Will Shape Balanced Outlook

Analysts have trimmed their fair value estimate for Polycab India from about ₹7,024 to roughly ₹6,799, citing updated assumptions around revenue growth, profit margins and future P/E expectations. What's in the News Polycab India has scheduled a Special or Extraordinary Shareholders Meeting for February 22, 2026 at 17:00 Indian Standard Time, to be conducted via postal ballot in India (Key Developments).
CGPOWER
₹716.10
CG Power and Industrial Solutions
7D
3.2%
1Y
21.5%

CGPOWER: Landmark Data Center Win Will Likely Not Justify Elevated P/E

Analysts have trimmed their price target on CG Power and Industrial Solutions to ₹472 from ₹479.51, citing updated assumptions around discount rates, slightly higher revenue growth, modestly improved profit margins, and a lower future P/E multiple. What's in the News CG Power and Industrial Solutions secured a landmark order valued at €900 million (about $99.2 million) from Tallgrass Integrated Logistics Solutions LLC, USA, for power transformers for a large scale data center project in the United States.
DPEL
₹424.85
Divine Power Energy
7D
-4.4%
1Y
193.0%
542679
₹169.70
Dhanashree Electronics
7D
-7.6%
1Y
30.3%
ENRIN
₹2,849.20
Siemens Energy India
7D
8.4%
1Y
n/a
544681
₹158.90
Indo SMC
7D
-4.2%
1Y
n/a
SPECTRUM
₹1,202.00
Spectrum Electrical Industries
7D
-10.1%
1Y
-31.1%
500103
₹287.85
Bharat Heavy Electricals
7D
13.6%
1Y
29.7%
RELTD
₹134.77
Ravindra Energy
7D
-0.4%
1Y
10.4%