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Indian (NIFTY) Electrical Industry Analysis

UpdatedApr 01, 2026
DataAggregated Company Financials
Companies133
  • 7D-2.9%
  • 3M-3.6%
  • 1Y12.9%
  • YTD-3.8%

In the last week, the Electrical industry is down 2.9% with ABB India down the most at 3.6%. In the past year, the industry has gained 13%. 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, 01 Apr 2026₹11.4t₹2.8t₹238.2b21.4x48.1x4.2x
Fri, 27 Feb 2026₹12.7t₹2.7t₹238.1b25.1x53.5x4.6x
Sun, 25 Jan 2026₹10.3t₹2.7t₹230.7b24.3x44.8x3.9x
Tue, 23 Dec 2025₹11.9t₹2.6t₹224.8b28.8x53x4.6x
Thu, 20 Nov 2025₹12.5t₹2.6t₹225.5b34.9x55.4x4.8x
Sat, 18 Oct 2025₹12.1t₹2.5t₹199.8b36.2x60.6x4.9x
Mon, 15 Sep 2025₹12.3t₹2.4t₹195.1b37.8x63x5.1x
Wed, 13 Aug 2025₹11.8t₹2.4t₹195.7b39.7x60.1x4.9x
Fri, 11 Jul 2025₹12.2t₹2.3t₹188.3b42.2x64.8x5.3x
Sun, 08 Jun 2025₹10.9t₹2.3t₹180.8b40.4x60.5x4.8x
Tue, 06 May 2025₹9.8t₹2.2t₹165.9b37.6x59.2x4.5x
Thu, 03 Apr 2025₹9.4t₹2.2t₹163.8b36.7x57.2x4.3x
Sat, 01 Mar 2025₹8.5t₹2.2t₹163.3b34.8x51.8x3.9x
Mon, 27 Jan 2025₹9.9t₹2.1t₹153.7b43.7x64.1x4.7x
Wed, 25 Dec 2024₹11.4t₹2.0t₹153.1b52.9x74.3x5.6x
Fri, 22 Nov 2024₹10.8t₹2.0t₹152.9b45.4x70.4x5.3x
Sun, 20 Oct 2024₹12.3t₹2.0t₹150.7b50.6x81.8x6.3x
Tue, 17 Sep 2024₹12.1t₹1.9t₹149.8b52x80.6x6.2x
Thu, 15 Aug 2024₹11.7t₹1.9t₹149.1b52.7x78.2x6.1x
Sat, 13 Jul 2024₹11.7t₹1.8t₹135.2b52.1x86.3x6.3x
Mon, 10 Jun 2024₹10.7t₹1.8t₹135.7b42.9x79.2x5.8x
Wed, 08 May 2024₹9.5t₹1.8t₹123.8b43.6x76.7x5.3x
Fri, 05 Apr 2024₹8.8t₹1.8t₹119.2b37.6x74x5x
Sun, 03 Mar 2024₹8.2t₹1.8t₹118.6b38.1x69.3x4.7x
Tue, 30 Jan 2024₹9.2t₹1.7t₹112.2b39.6x82.1x5.4x
Thu, 28 Dec 2023₹7.3t₹1.7t₹110.8b36x65.5x4.3x
Sat, 25 Nov 2023₹6.7t₹1.7t₹110.8b36.3x60.4x3.9x
Mon, 23 Oct 2023₹6.2t₹1.7t₹101.8b37.3x60.9x3.7x
Wed, 20 Sep 2023₹6.1t₹1.6t₹96.0b33.9x63.8x3.9x
Fri, 18 Aug 2023₹5.7t₹1.6t₹96.6b31x59.1x3.6x
Sun, 16 Jul 2023₹5.4t₹1.5t₹113.9b28x47.2x3.5x
Tue, 13 Jun 2023₹5.0t₹1.5t₹113.2b26.8x44x3.3x
Thu, 11 May 2023₹4.3t₹1.5t₹81.0b21.4x53.6x3x
Sat, 08 Apr 2023₹3.9t₹1.4t₹77.0b20.2x51.1x2.7x
Price to Earnings Ratio

51.1x


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 48.1x which is lower than its 3-year average PE of 63.7x.
  • The 3-year average PS ratio of 4.7x is higher than the industry's current PS ratio of 4.2x.
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-2.63%
Industrials-3.23%
Electrical-2.94%
Heavy Electrical Equipment-2.83%
Electrical Components-3.08%
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 108x.
    • Analysts are expecting annual earnings growth of 27.7%, 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 50.0x.
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
HEG HEG₹564.1512.1%
+₹11.8b		12.7%PE28.5x
509488 Graphite India₹643.608.3%
+₹9.6b		28.8%PE38.2x
522275 GE Vernova T&D India₹3.80k0.9%
+₹9.1b		154.7%PE91.1x
VOLTAMP Voltamp Transformers₹9.06k5.5%
+₹4.8b		28.4%PE25.9x
UTLSOLAR Fujiyama Power Systems₹203.212.2%
+₹1.3b		n/aPE25x

Latest News

522275
₹3,798.80
GE Vernova T&D India
7D
0.9%
1Y
154.7%
POWERINDIA
₹25,065.00
Hitachi Energy India
7D
-2.4%
1Y
101.6%

POWERINDIA: New Power Module Partnership Will Support Long Term Upside

Analysts have lifted their price target on Hitachi Energy India from ₹26,600 to ₹28,500, citing updated assumptions on the discount rate, revenue growth, profit margin and future P/E as the key drivers behind the change. What's in the News Hitachi Energy and Pakal Technologies announced a collaboration focused on shared value creation and sustainable growth, centered on integrating Pakal Technologies' Insulated Gate Turn-Off (Thyristor), IGTO(t), silicon power switch into Hitachi Energy's high-voltage power modules portfolio (Key Developments).
HEG
₹564.15
HEG
7D
12.1%
1Y
12.7%
HAVELLS
₹1,185.90
Havells India
7D
-6.5%
1Y
-21.5%

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

Analysts have marginally trimmed their price target on Havells India to about ₹1,635 from roughly ₹1,643, reflecting slightly adjusted assumptions on the discount rate, revenue growth, profit margin and future P/E, while keeping the overall view broadly steady. What's in the News Havells India is among 22 prospective bidders that have submitted expressions of interest to acquire Gupta Power Infrastructure, which is undergoing a corporate insolvency resolution process with admitted debtor claims of INR 42,400 million, according to reports citing people aware of the matter (Key Developments).
533655
₹454.40
Triveni Turbine
7D
0.6%
1Y
-16.1%

533655: Interim Dividend And Leadership Continuity Will Support Further Upside

Analysts have kept their fair value estimate for Triveni Turbine steady at ₹622.33 per share, with only marginal tweaks to discount rate, revenue growth, profit margin and future P/E assumptions supporting this unchanged price target. What's in the News Board meeting held on February 3, 2026, to review unaudited standalone and consolidated financial results for the quarter and nine months ended December 31, 2025; consider an interim dividend; review the reappointment of Managing Director Nikhil Sawhney; and discuss senior management changes (Key Developments).
SUZLON
₹41.12
Suzlon Energy
7D
-2.7%
1Y
-28.4%

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

Narrative Update on Suzlon Energy The analyst price target for Suzlon Energy is now set around ₹62.91, broadly aligned with the prior fair value estimate. Analysts are keeping discount rate, revenue growth, profit margin and future P/E assumptions effectively unchanged while maintaining a constructive stance on the sector.
POLYCAB
₹6,925.00
Polycab India
7D
-3.1%
1Y
31.0%

POLYCAB: Board And Leadership Reshuffle Will Shape Balanced Yet Cautious Outlook

Analysts have trimmed their price target on Polycab India slightly, with fair value moving from around ₹7,062.83 to about ₹7,023.51. This reflects small tweaks to assumptions around discount rate, revenue growth and profit margin.
500002
₹6,058.65
ABB India
7D
-2.5%
1Y
14.0%

500002: Capacity Investments And Metro Orders Will Support Margins And Premium Profile

Analysts have lifted their price target on ABB India to about ₹6,025 from around ₹5,864, citing updated assumptions on fair value, discount rate, revenue growth, profit margin and future P/E that together point to a slightly richer valuation profile. What's in the News Plans to invest an additional US$75 million in 2026, on top of over US$35 million in 2025, to expand manufacturing and R&D in India across Electrification, Motion and Automation, with around 300 new skilled roles across engineering, operations and research (Key Developments).
CGPOWER
₹680.30
CG Power and Industrial Solutions
7D
-1.7%
1Y
9.1%

CGPOWER: Data Center Order And Stable Assumptions Will Shape Future Returns

Analysts have maintained their price target for CG Power and Industrial Solutions at ₹692.44, with only minor tweaks to inputs such as the discount rate, revenue growth, profit margin and future P/E assumptions supporting the updated view. What's in the News CG Power and Industrial Solutions secured a landmark €900 million (US$99.2 million) export order from Tallgrass Integrated Logistics Solutions LLC, USA, to supply power transformers for a large scale data center project, described as the largest single order ever won by the company and its entry into the global data center segment (Key Developments).
ATLANTAELE
₹1,204.30
Atlanta Electricals
7D
0.7%
1Y
n/a
509488
₹643.60
Graphite India
7D
8.3%
1Y
28.8%
ENRIN
₹2,613.90
Siemens Energy India
7D
-5.7%
1Y
n/a
VOLTAMP
₹9,055.00
Voltamp Transformers
7D
5.5%
1Y
28.4%
QPOWER
₹866.80
Quality Power Electrical Equipments
7D
1.4%
1Y
175.9%
UTLSOLAR
₹203.21
Fujiyama Power Systems
7D
2.2%
1Y
n/a
500103
₹251.70
Bharat Heavy Electricals
7D
-3.9%
1Y
18.4%