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Indian (NIFTY) Electrical Industry Analysis

UpdatedMar 22, 2026
DataAggregated Company Financials
Companies133
  • 7D0.5%
  • 3M2.2%
  • 1Y17.4%
  • YTD1.3%

Over the last 7 days, the Electrical industry has remained flat, although notably Hitachi Energy India gained 3.6%. As for the the longer term, the industry is up 17% over the past 12 months. 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
Sun, 22 Mar 2026₹12.1t₹2.8t₹238.2b23x50.6x4.4x
Tue, 17 Feb 2026₹12.2t₹2.8t₹239.0b25.5x51.1x4.4x
Thu, 15 Jan 2026₹11.1t₹2.6t₹225.0b26.7x49.5x4.3x
Sat, 13 Dec 2025₹11.9t₹2.6t₹224.1b29.7x52.9x4.6x
Mon, 10 Nov 2025₹12.3t₹2.5t₹222.9b37.5x55.4x4.9x
Wed, 08 Oct 2025₹12.3t₹2.5t₹199.2b36.8x61.7x5x
Fri, 05 Sep 2025₹12.0t₹2.4t₹195.0b36.9x61.6x5x
Sun, 03 Aug 2025₹12.0t₹2.4t₹194.8b40.3x61.6x5.1x
Tue, 01 Jul 2025₹12.2t₹2.3t₹188.2b42.8x64.6x5.2x
Thu, 29 May 2025₹11.0t₹2.3t₹171.8b38x63.9x4.9x
Sat, 26 Apr 2025₹9.6t₹2.2t₹165.4b38x58.3x4.4x
Mon, 24 Mar 2025₹9.3t₹2.2t₹163.7b36.1x57x4.3x
Wed, 19 Feb 2025₹8.8t₹2.2t₹162.8b33.4x54.2x4.1x
Fri, 17 Jan 2025₹10.4t₹2.1t₹153.4b47.1x68x5.1x
Sun, 15 Dec 2024₹11.9t₹2.0t₹152.7b54.3x77.8x5.8x
Tue, 12 Nov 2024₹11.1t₹2.0t₹158.4b48.2x70.4x5.5x
Thu, 10 Oct 2024₹12.4t₹1.9t₹149.8b50.6x82.6x6.4x
Sat, 07 Sep 2024₹11.5t₹1.9t₹149.6b54.8x77.1x5.9x
Mon, 05 Aug 2024₹11.6t₹1.9t₹141.4b51.4x82.2x6.1x
Wed, 03 Jul 2024₹11.5t₹1.9t₹135.9b50.3x84.7x6.2x
Fri, 31 May 2024₹10.6t₹1.8t₹135.8b44.7x78.2x5.8x
Sun, 28 Apr 2024₹9.5t₹1.8t₹120.4b44.1x78.5x5.3x
Tue, 26 Mar 2024₹8.3t₹1.8t₹119.2b34.3x69.3x4.7x
Thu, 22 Feb 2024₹7.8t₹1.8t₹118.6b37.9x66x4.5x
Sat, 20 Jan 2024₹7.5t₹1.7t₹111.7b40.1x67.3x4.4x
Mon, 18 Dec 2023₹7.3t₹1.7t₹110.8b37.3x65.8x4.3x
Wed, 15 Nov 2023₹6.4t₹1.7t₹110.7b36.2x57.7x3.8x
Fri, 13 Oct 2023₹6.3t₹1.6t₹98.6b34.9x63.7x3.8x
Sun, 10 Sep 2023₹6.3t₹1.6t₹95.7b35.7x65.7x4x
Tue, 08 Aug 2023₹5.7t₹1.6t₹93.5b32.9x60.5x3.6x
Thu, 06 Jul 2023₹5.2t₹1.5t₹113.4b29.4x46.2x3.4x
Sat, 03 Jun 2023₹4.8t₹1.5t₹112.7b24.5x42.9x3.2x
Mon, 01 May 2023₹4.2t₹1.4t₹77.2b22.4x53.9x2.9x
Wed, 29 Mar 2023₹3.8t₹1.4t₹77.0b17.7x49.2x2.6x
Price to Earnings Ratio

49.2x


Total Market Cap: ₹3.8tTotal 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 50.6x 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 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-0.17%
Industrials-0.63%
Electrical0.47%
Heavy Electrical Equipment1.42%
Electrical Components-0.67%
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 109x.
    • 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
POWERINDIA Hitachi Energy India₹25.03k3.6%
+₹38.3b		107.5%PE132.6x
522275 GE Vernova T&D India₹3.68k2.1%
+₹19.6b		127.1%PE88.2x
ATLANTAELE Atlanta Electricals₹1.18k19.9%
+₹15.0b		n/aPE62.9x
533553 TD Power Systems₹863.1010.6%
+₹12.9b		120.3%PE61.4x
500103 Bharat Heavy Electricals₹261.901.3%
+₹12.0b		23.7%PE112x

Latest News

500002
₹6,297.40
ABB India
7D
-1.5%
1Y
15.4%

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
₹681.60
CG Power and Industrial Solutions
7D
-4.0%
1Y
6.3%

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
₹1,179.20
Atlanta Electricals
7D
19.9%
1Y
n/a
522275
₹3,680.15
GE Vernova T&D India
7D
2.1%
1Y
127.1%

522275: Multi Year Contract Wins And Governance Steps Support Measured Future Upside

Analysts have raised their price target on GE Vernova T&D India from ₹3,538.50 to ₹3,828.56, citing updated assumptions around the discount rate, revenue growth, profit margin and future P/E. What's in the News Board meeting scheduled on Mar 18, 2026, to consider the appointment of M/s.
RRKABEL
₹1,391.40
R R Kabel
7D
3.6%
1Y
50.1%

RRKABEL: Upcoming Q3 Board Review Will Support Confident Long Term Outlook

Analysts have kept the fair value estimate for R R Kabel steady at ₹1,876, with only marginal tweaks to inputs such as discount rate, revenue growth, profit margin and future P/E assumptions. This reflects fine tuning rather than a change in overall view.
POWERINDIA
₹25,025.00
Hitachi Energy India
7D
3.6%
1Y
107.5%

POWERINDIA: Fair Value View Will Depend On Efficiency Gains And Margin Resilience

Analysts have lifted their fair value estimate for Hitachi Energy India to about ₹23,872 from roughly ₹23,198, citing updated assumptions around revenue growth, profit margins and future P/E multiples. What's in the News Hitachi Energy and Pakal Technologies announced a collaboration focused on shared value creation and sustainable growth, with Pakal's Insulated Gate Turn-Off (Thyristor), IGTO(t), to be used in Hitachi Energy's high-voltage power modules for applications such as rail, renewables, energy storage, AI and data center infrastructure (Key Developments).
POLYCAB
₹7,171.00
Polycab India
7D
-0.3%
1Y
43.6%
SUZLON
₹41.95
Suzlon Energy
7D
1.3%
1Y
-25.8%

SUZLON: New Leadership And Order Wins Will Support Future Upside

Analysts have lowered their price target on Suzlon Energy from about ₹65.45 to roughly ₹62.91. This reflects slightly adjusted assumptions on fair value, discount rate, revenue growth, profit margin, and future P/E after reviewing recent Street research commentary.
HAVELLS
₹1,281.20
Havells India
7D
-2.2%
1Y
-13.5%

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

Analysts have trimmed their fair value estimate for Havells India slightly to ₹1,643 from ₹1,646, reflecting modest tweaks to the discount rate and long term P/E assumptions, while keeping revenue growth and profit margin expectations broadly unchanged. 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 ₹42,400m, alongside bidders such as Jindal Power and Vedanta (ET report mentioned in event details).
500008
₹759.95
Amara Raja Energy & Mobility
7D
-1.8%
1Y
-28.5%

500008: New US Subsidiary And Governance Moves Will Drive Bullish Repricing

The analyst price target for Amara Raja Energy & Mobility has shifted from about ₹1,109 to roughly ₹1,027 as analysts factor in updated assumptions on fair value, revenue growth, profit margins and future P/E expectations. What's in the News The board approved the incorporation of a wholly owned subsidiary in the United States to strengthen customer servicing capabilities and support global business expansion, following a meeting held on February 11, 2026 (Key Developments).
509488
₹607.10
Graphite India
7D
-2.3%
1Y
30.9%
HPL
₹283.55
HPL Electric & Power
7D
-9.2%
1Y
-32.4%

Shareholders Would Enjoy A Repeat Of HPL Electric & Power's (NSE:HPL) Recent Growth In Returns

Feb 11
Shareholders Would Enjoy A Repeat Of HPL Electric & Power's (NSE:HPL) Recent Growth In Returns
ENRIN
₹2,791.20
Siemens Energy India
7D
-0.2%
1Y
n/a
UTLSOLAR
₹202.01
Fujiyama Power Systems
7D
8.4%
1Y
n/a
533553
₹863.10
TD Power Systems
7D
10.6%
1Y
120.3%
500103
₹261.90
Bharat Heavy Electricals
7D
1.3%
1Y
23.7%