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Indian (NIFTY) Heavy Electrical Equipment Industry Analysis

UpdatedMar 16, 2026
DataAggregated Company Financials
Companies27
  • 7D-2.0%
  • 3M2.9%
  • 1Y32.9%
  • YTDn/a

Over the last 7 days, the Heavy Electrical Equipment industry has dropped 2.0%, driven by declines in Hitachi Energy India and GE Vernova T&D India of 6.6% and 6.9%, respectively. Meanwhile, ABB India actually outperformed within the industry, gaining 5.4% in the last week. Over the past 12 months, the industry was up 33%. Earnings are forecast to grow by 28% annually.

Industry Valuation and Performance

Has the Indian Heavy Electrical Equipment Industry valuation changed over the past few years?

DateMarket CapRevenueEarningsPEAbsolute PEPS
Mon, 16 Mar 2026₹6.5t₹965.2b₹109.6b32.4x59.6x6.8x
Wed, 11 Feb 2026₹6.6t₹955.6b₹110.6b36.1x59.2x6.9x
Fri, 09 Jan 2026₹6.0t₹913.6b₹104.5b40.1x57.6x6.6x
Sun, 07 Dec 2025₹6.3t₹913.6b₹104.5b46.7x60.1x6.9x
Tue, 04 Nov 2025₹6.6t₹891.7b₹91.3b49.5x72x7.4x
Thu, 02 Oct 2025₹6.4t₹879.7b₹88.4b43.3x72.4x7.3x
Sat, 30 Aug 2025₹6.1t₹871.7b₹87.5b39.9x69.9x7x
Mon, 28 Jul 2025₹6.3t₹818.3b₹82.1b42.5x76.5x7.7x
Wed, 25 Jun 2025₹6.3t₹745.8b₹72.1b50.9x87.7x8.5x
Fri, 23 May 2025₹5.1t₹747.0b₹61.1b51.3x83.8x6.9x
Sun, 20 Apr 2025₹4.5t₹729.6b₹58.8b46x76.1x6.1x
Tue, 18 Mar 2025₹4.2t₹729.6b₹58.8b37.8x70.9x5.7x
Thu, 13 Feb 2025₹4.2t₹720.8b₹56.4b52.4x75.1x5.9x
Sat, 11 Jan 2025₹4.8t₹672.0b₹49.5b67.6x96.1x7.1x
Mon, 09 Dec 2024₹5.4t₹670.8b₹49.4b76.1x108.8x8x
Wed, 06 Nov 2024₹5.3t₹661.4b₹47.8b81.3x110.2x8x
Fri, 04 Oct 2024₹5.7t₹623.4b₹41.5b76.1x137.2x9.1x
Sun, 01 Sep 2024₹5.6t₹620.2b₹41.3b80.7x136.2x9.1x
Tue, 30 Jul 2024₹5.4t₹602.0b₹36.9b76.1x146.5x9x
Thu, 27 Jun 2024₹5.1t₹591.8b₹34.7b83.9x148.4x8.7x
Sat, 25 May 2024₹5.0t₹586.6b₹35.0b62.2x143.4x8.6x
Mon, 22 Apr 2024₹4.0t₹564.5b₹24.5b54.2x163.6x7.1x
Wed, 20 Mar 2024₹3.5t₹559.6b₹23.8b56.3x146.1x6.2x
Fri, 16 Feb 2024₹3.4t₹556.3b₹23.4b61.1x146.4x6.1x
Sun, 14 Jan 2024₹3.2t₹542.0b₹18.6b55x173.6x6x
Tue, 12 Dec 2023₹3.0t₹540.6b₹18.5b56.1x160.2x5.5x
Thu, 09 Nov 2023₹2.5t₹533.4b₹21.8b52.8x116.2x4.7x
Sat, 07 Oct 2023₹2.3t₹525.0b₹19.8b61.3x117.8x4.4x
Mon, 04 Sep 2023₹2.3t₹524.9b₹19.7b59x118.5x4.5x
Wed, 02 Aug 2023₹2.2t₹514.9b₹19.4b46.5x111.4x4.2x
Fri, 30 Jun 2023₹2.0t₹511.0b₹41.5b31.6x47.1x3.8x
Sun, 28 May 2023₹1.6t₹466.4b₹9.5b30.1x170.1x3.5x
Tue, 25 Apr 2023₹1.4t₹447.5b₹8.3b29.2x164.4x3x
Thu, 23 Mar 2023₹1.3t₹447.4b₹8.3b26.5x162.8x3x
Price to Earnings Ratio

162.8x


Total Market Cap: ₹1.3tTotal Earnings: ₹8.3bTotal Revenue: ₹447.4bTotal Market Cap vs Earnings and Revenue0%0%0%
Indian Heavy Electrical Equipment Industry Price to Earnings3Y Average 109.1x202420252026
Current Industry PE
  • Investors are pessimistic on the Indian Heavy Electrical Equipment 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 59.6x which is lower than its 3-year average PE of 109x.
  • The industry is trading close to its 3-year average PS ratio of 6.5x.
Past Earnings Growth
  • The earnings for companies in the Heavy Electrical Equipment industry have grown 137% per year over the last three years.
  • Revenues for these companies have grown 29% per year.
  • This means that more sales are being generated by these companies overall, and subsequently their profits are increasing too.

Industry Comparison

How does Indian Heavy Electrical Equipment compare with similar industries?

IN Market-4.42%
Industrials-5.55%
Electrical-4.38%
Heavy Electrical Equipment-1.98%
Electrical Components-7.10%
Industry PEThere are no additional sub-industries under this industry.
Forecasted GrowthThere are no additional sub-industries under this industry.

Top Stock Gainers and Losers

Which companies have driven the market over the last 7 days?

CompanyLast Price7D1YValuation
500002 ABB India₹6.22k4.0%
+₹50.7b		19.9%PE78.9x
SUZLON Suzlon Energy₹41.013.5%
+₹19.1b		-24.8%PE17.4x
ATLANTAELE Atlanta Electricals₹979.756.8%
+₹4.8b		n/aPE52.2x
544150 KP Green Engineering₹350.203.8%
+₹647.5m		-6.5%PE16.8x
517467 Marsons₹133.651.1%
+₹249.5m		-30.1%PE70.3x

Latest News

SUZLON
₹41.01
Suzlon Energy
7D
3.5%
1Y
-24.8%

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.
ATLANTAELE
₹979.75
Atlanta Electricals
7D
6.8%
1Y
n/a
505700
₹376.40
Elecon Engineering
7D
-7.3%
1Y
-3.5%

505700: Stable Outlook And CFO Transition Will Support Further Upside

Analysts have maintained their fair value estimate for Elecon Engineering at ₹575.5 per share, making only minor adjustments to the discount rate, revenue growth, profit margin and future P/E assumptions. As a result, the price target and the underlying thesis remain largely unchanged.
500002
₹6,218.60
ABB India
7D
4.0%
1Y
19.9%

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).
522275
₹3,523.10
GE Vernova T&D India
7D
-6.5%
1Y
137.9%

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
₹78.40
Inox Wind
7D
-4.1%
1Y
-51.2%

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
₹24,205.00
Hitachi Energy India
7D
-3.8%
1Y
91.1%

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).
JAYBEE
₹75.65
Jay Bee Laminations
7D
3.0%
1Y
-61.1%
540358
₹368.60
RMC Switchgears
7D
0.4%
1Y
-35.9%
ENRIN
₹2,787.70
Siemens Energy India
7D
-3.3%
1Y
n/a
517467
₹133.65
Marsons
7D
1.1%
1Y
-30.1%
533553
₹795.55
TD Power Systems
7D
-5.9%
1Y
133.2%
500103
₹253.50
Bharat Heavy Electricals
7D
-0.7%
1Y
29.8%
544150
₹350.20
KP Green Engineering
7D
3.8%
1Y
-6.5%
532930
₹304.15
BGR Energy Systems
7D
-9.1%
1Y
272.8%
PARTH
₹272.00
Parth Electricals & Engineering
7D
0.9%
1Y
n/a