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Indian (NIFTY) Electrical Industry Analysis

UpdatedMar 11, 2026
DataAggregated Company Financials
Companies133
  • 7D-1.2%
  • 3M6.1%
  • 1Y27.3%
  • YTD4.4%

Over the last 7 days, the Electrical industry has dropped 2.4%, driven by a pullback from Polycab India of 9.7%. This takes the industry's 12 month performance to a gain of 26%. 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, 11 Mar 2026₹12.4t₹2.8t₹238.2b23.8x52.1x4.5x
Fri, 06 Feb 2026₹11.8t₹2.7t₹234.4b25.5x50.5x4.4x
Sun, 04 Jan 2026₹12.1t₹2.6t₹224.8b29.9x53.6x4.6x
Tue, 02 Dec 2025₹12.2t₹2.6t₹223.4b31.8x54.4x4.7x
Thu, 30 Oct 2025₹12.4t₹2.5t₹203.0b37.5x61.1x5x
Sat, 27 Sep 2025₹12.2t₹2.4t₹196.3b36.2x62x5x
Mon, 25 Aug 2025₹11.9t₹2.4t₹194.4b38.6x61.4x4.9x
Wed, 23 Jul 2025₹12.3t₹2.3t₹190.8b42.1x64.3x5.3x
Fri, 20 Jun 2025₹10.5t₹2.2t₹179.2b39.7x58.5x4.7x
Sun, 18 May 2025₹10.5t₹2.2t₹171.1b37.3x61.5x4.7x
Tue, 15 Apr 2025₹9.0t₹2.2t₹164.3b37.1x54.8x4.1x
Thu, 13 Mar 2025₹8.9t₹2.2t₹163.4b33.8x54.2x4.1x
Sat, 08 Feb 2025₹9.8t₹2.1t₹160.5b41.5x60.9x4.6x
Mon, 06 Jan 2025₹11.5t₹2.0t₹153.1b51.8x74.9x5.6x
Wed, 04 Dec 2024₹11.6t₹2.0t₹152.7b50x76.2x5.7x
Fri, 01 Nov 2024₹11.2t₹2.0t₹156.5b46.5x71.7x5.6x
Sun, 29 Sep 2024₹12.3t₹1.9t₹149.8b50.5x82.3x6.3x
Tue, 27 Aug 2024₹12.0t₹1.9t₹149.3b52.1x80.3x6.2x
Thu, 25 Jul 2024₹11.2t₹1.9t₹138.7b53.4x81x6x
Sat, 22 Jun 2024₹11.3t₹1.8t₹135.8b49.5x83.3x6.1x
Mon, 20 May 2024₹10.7t₹1.8t₹128.6b47.7x83.4x5.9x
Wed, 17 Apr 2024₹8.8t₹1.8t₹120.0b38x73.5x5x
Fri, 15 Mar 2024₹8.0t₹1.8t₹119.2b33.8x66.8x4.5x
Sun, 11 Feb 2024₹7.7t₹1.7t₹120.5b39.1x64.2x4.4x
Tue, 09 Jan 2024₹7.5t₹1.7t₹111.0b38.4x67.9x4.4x
Thu, 07 Dec 2023₹7.0t₹1.7t₹110.8b36.3x63.5x4.1x
Sat, 04 Nov 2023₹6.2t₹1.7t₹104.4b36.6x59.5x3.7x
Mon, 02 Oct 2023₹6.3t₹1.6t₹98.5b37x63.9x3.8x
Wed, 30 Aug 2023₹5.9t₹1.6t₹97.3b33.8x61x3.8x
Fri, 28 Jul 2023₹5.6t₹1.6t₹93.0b30.6x59.9x3.6x
Sun, 25 Jun 2023₹5.0t₹1.5t₹113.4b27.3x44.2x3.3x
Tue, 23 May 2023₹4.5t₹1.5t₹84.1b23.4x53.4x3.1x
Thu, 20 Apr 2023₹4.0t₹1.4t₹76.9b22.4x52.1x2.8x
Sat, 18 Mar 2023₹3.9t₹1.4t₹77.0b18.7x50.4x2.7x
Price to Earnings Ratio

50.4x


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 51.5x 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-2.09%
Industrials-1.78%
Electrical-1.23%
Heavy Electrical Equipment0.52%
Electrical Components-3.20%
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 below 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
500002 ABB India₹6.22k4.0%
+₹50.4b		21.3%PE79x
CGPOWER CG Power and Industrial Solutions₹728.202.3%
+₹25.7b		19.7%PE103.1x
522275 GE Vernova T&D India₹3.86k2.2%
+₹21.3b		161.2%PE92.4x
SCHNEIDER Schneider Electric Infrastructure₹923.605.8%
+₹12.1b		53.2%PE90.1x
ATLANTAELE Atlanta Electricals₹1.01k12.2%
+₹8.4b		n/aPE53.8x

Latest News

ATLANTAELE
₹1,008.60
Atlanta Electricals
7D
12.2%
1Y
n/a
HEG
₹521.25
HEG
7D
-8.9%
1Y
30.4%

HEG: Upcoming Board Meeting Will Support Bullish View On Group Reshaping

Analysts have raised their price target on HEG from ₹677.50 to ₹705.00, citing updated assumptions around fair value, discount rate, revenue growth, profit margins, and future P/E multiples. What's in the News A board meeting is scheduled for Feb 10, 2026 at 14:00 IST to consider and approve unaudited standalone and consolidated financial results for the quarter and nine months ended Dec 31, 2025 (Key Developments).
POLYCAB
₹7,723.00
Polycab India
7D
-9.7%
1Y
57.4%

POLYCAB: Upcoming Board Decisions Will Tighten Already Stretched Risk Profile

Analysts have lifted their price target for Polycab India from ₹6,702.88 to ₹7,062.83, citing updated assumptions around fair value, discount rate, revenue growth, profit margin and future P/E as key drivers of the change. What's in the News Board meeting 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 (Key Developments).
500002
₹6,223.45
ABB India
7D
4.0%
1Y
21.3%

500002: Metro Contracts And Restructuring Will Balance Margin Risks And Premium Valuation

Analysts have lifted their price target on ABB India from about ₹5,275 to roughly ₹5,864, citing adjustments to revenue growth, profit margin assumptions, and a lower forward P/E multiple in their models. What's in the News Board meeting on February 19, 2026 to consider audited financial results for the quarter and year ended December 31, 2025, a final dividend of ₹29.59 per share, AGM notice for May 9, 2026, and related book-closure dates (Board Meeting).
CGPOWER
₹728.20
CG Power and Industrial Solutions
7D
2.3%
1Y
19.7%

CGPOWER: Data Center Mega Order And New Assumptions Will Shape Returns

Analysts have cut their price target on CG Power and Industrial Solutions by about ₹99 to ₹692, citing adjusted assumptions for revenue growth, profit margins, and future P/E expectations. What's in the News CG Power and Industrial Solutions has secured a landmark order valued at €900 million (about $99.2 million) from Tallgrass Integrated Logistics Solutions LLC in the US for a large scale data center project, focused on supplying power transformers for hyperscale data center applications (Key Developments).
522275
₹3,855.65
GE Vernova T&D India
7D
2.2%
1Y
161.2%

522275: Softer Margins And Discount Rate Will Limit Multi Year Contract Upside

Analysts have trimmed their price target on GE Vernova T&D India to ₹3,057 from ₹3,141, reflecting updated assumptions for slightly lower revenue growth, a modestly softer profit margin profile, a reduced future P/E multiple, and a marginal adjustment to the discount rate. What's in the News GE Vernova T&D India has a Special or Extraordinary Shareholders Meeting scheduled for March 20, 2026, to be conducted via postal ballot in India (company filing).
INOXWIND
₹82.93
Inox Wind
7D
-7.0%
1Y
-49.6%

INOXWIND: Expanding Manufacturing Capacity Will Support Stronger Long Term Earnings Potential

Analysts have trimmed their price target on Inox Wind from ₹281.00 to about ₹261.15, reflecting updated assumptions around the discount rate, revenue growth, profit margin and future P/E multiples. What's in the News Management issued consolidated earnings guidance for FY26, with revenue guidance of more than ₹50,000 million and an indicated Year over Year growth rate of above 35% (company guidance).
POWERINDIA
₹25,225.00
Hitachi Energy India
7D
-1.1%
1Y
107.3%

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
₹4,534.75
KEI Industries
7D
-12.8%
1Y
49.4%

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).
SUZLON
₹41.45
Suzlon Energy
7D
1.2%
1Y
-22.9%

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.
PRECWIRE
₹352.65
Precision Wires India
7D
9.2%
1Y
155.5%
509488
₹635.90
Graphite India
7D
-10.2%
1Y
49.0%
SCHNEIDER
₹923.60
Schneider Electric Infrastructure
7D
5.8%
1Y
53.2%
517271
₹683.50
HBL Engineering
7D
2.2%
1Y
56.0%
533553
₹815.00
TD Power Systems
7D
-8.6%
1Y
140.6%
500103
₹258.55
Bharat Heavy Electricals
7D
-1.3%
1Y
33.2%