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Indian (NIFTY) Heavy Electrical Equipment Industry Analysis

UpdatedJan 17, 2026
DataAggregated Company Financials
Companies26
  • 7D-4.7%
  • 3M-9.6%
  • 1Y-3.1%
  • YTDn/a

Over the last 7 days, the Heavy Electrical Equipment industry has dropped 5.0%, driven by declines in Hitachi Energy India and GE Vernova T&D India of 9.3% and 9.6%, respectively. Over the last year, the industry has been flat overall. As for the next few years, earnings are expected to grow by 28% per annum.

Industry Valuation and Performance

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

DateMarket CapRevenueEarningsPEAbsolute PEPS
Sat, 17 Jan 2026₹5.6t₹913.7b₹104.2b36.3x53.7x6.1x
Mon, 15 Dec 2025₹6.3t₹913.6b₹104.5b45.6x60.7x6.9x
Wed, 12 Nov 2025₹6.7t₹923.0b₹105.5b48x63.5x7.3x
Fri, 10 Oct 2025₹6.3t₹904.0b₹91.1b42.6x69.6x7x
Sun, 07 Sep 2025₹6.2t₹871.7b₹87.5b41.6x71x7.1x
Tue, 05 Aug 2025₹6.4t₹825.1b₹84.0b44.4x76.6x7.8x
Thu, 03 Jul 2025₹6.5t₹817.3b₹81.1b44.9x79.9x7.9x
Sat, 31 May 2025₹5.5t₹765.8b₹71.5b49.4x77.5x7.2x
Mon, 28 Apr 2025₹4.5t₹731.9b₹59.2b47.2x76.5x6.2x
Wed, 26 Mar 2025₹4.4t₹729.6b₹58.8b43x74.8x6x
Fri, 21 Feb 2025₹4.2t₹729.9b₹58.5b50.3x72.3x5.8x
Sun, 19 Jan 2025₹4.8t₹672.1b₹49.5b64.8x97.3x7.2x
Tue, 17 Dec 2024₹5.5t₹670.8b₹49.4b78.5x111.8x8.2x
Thu, 14 Nov 2024₹4.8t₹668.4b₹49.3b60.1x97.4x7.2x
Sat, 12 Oct 2024₹5.9t₹623.4b₹41.5b86.2x142.4x9.5x
Mon, 09 Sep 2024₹5.4t₹623.5b₹41.5b76.1x129.9x8.6x
Wed, 07 Aug 2024₹5.1t₹610.1b₹38.1b71.4x134.9x8.4x
Fri, 05 Jul 2024₹5.5t₹592.0b₹34.8b111.6x157.3x9.2x
Sun, 02 Jun 2024₹5.0t₹591.7b₹34.7b60.8x142.7x8.4x
Tue, 30 Apr 2024₹4.3t₹565.2b₹24.4b63x174.3x7.5x
Thu, 28 Mar 2024₹3.8t₹559.6b₹23.8b54.7x160x6.8x
Sat, 24 Feb 2024₹3.6t₹559.6b₹23.8b61.4x152.5x6.5x
Mon, 22 Jan 2024₹3.3t₹542.0b₹18.6b59.9x176.2x6.1x
Wed, 20 Dec 2023₹3.0t₹540.6b₹18.5b55.1x161.8x5.5x
Fri, 17 Nov 2023₹2.6t₹540.5b₹18.5b55.1x141.7x4.9x
Sun, 15 Oct 2023₹2.4t₹525.0b₹19.8b55.5x119.2x4.5x
Tue, 12 Sep 2023₹2.4t₹524.9b₹19.7b59.5x122.6x4.6x
Thu, 10 Aug 2023₹2.2t₹520.6b₹18.2b52.9x119.8x4.2x
Sat, 08 Jul 2023₹2.0t₹511.0b₹41.5b34.2x49.1x4x
Mon, 05 Jun 2023₹1.8t₹510.8b₹41.4b25.4x43x3.5x
Wed, 03 May 2023₹1.4t₹448.5b₹8.5b31.9x168.1x3.2x
Fri, 31 Mar 2023₹1.3t₹447.4b₹8.3b27.3x163.1x3x
Sun, 26 Feb 2023₹1.3t₹447.4b₹8.3b24.5x154.9x2.9x
Tue, 24 Jan 2023₹1.3t₹438.3b₹6.7b32x190.6x2.9x
Price to Earnings Ratio

190.6x


Total Market Cap: ₹1.3tTotal Earnings: ₹6.7bTotal Revenue: ₹438.3bTotal Market Cap vs Earnings and Revenue0%0%0%
Indian Heavy Electrical Equipment Industry Price to Earnings3Y Average 115x202420252026
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 54.9x which is lower than its 3-year average PE of 115x.
  • The industry is trading close to its 3-year average PS ratio of 6.3x.
Past Earnings Growth
  • The earnings for companies in the Heavy Electrical Equipment industry have grown 150% per year over the last three years.
  • Revenues for these companies have grown 28% 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 Market0.022%
Industrials-1.93%
Electrical-4.26%
Heavy Electrical Equipment-4.74%
Electrical Components-3.75%
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
517467 Marsons₹152.654.9%
+₹1.2b		-14.5%PE80.7x
544310 Yash Highvoltage₹403.509.3%
+₹982.2m		57.2%PE39.7x
PARTH Parth Electricals & Engineering₹215.757.8%
+₹213.2m		n/aPE24.4x
532930 BGR Energy Systems₹336.800.5%
+₹119.1m		156.6%PS6.6x
544150 KP Green Engineering₹403.050.2%
+₹35.0m		-17.6%PE19.3x

Latest News

540358
₹387.35
RMC Switchgears
7D
0.3%
1Y
-57.8%
505700
₹391.90
Elecon Engineering
7D
-7.4%
1Y
-33.6%
SUZLON
₹48.45
Suzlon Energy
7D
-1.5%
1Y
-14.8%

SUZLON: Rajasthan Projects And New Group CFO Will Support Upside

Narrative Update on Suzlon Energy Analysts have trimmed their fair value estimate for Suzlon Energy from ₹73.80 to ₹71.10, reflecting a slightly higher discount rate and a modestly lower future P/E assumption, partly balanced by marginally stronger revenue growth and profit margin inputs. What's in the News Suzlon Group and Yanara extended their partnership with two new 153 MW wind contracts for firm and dispatchable renewable energy projects in Barmer, Rajasthan.
ENRIN
₹2,327.00
Siemens Energy India
7D
-3.2%
1Y
n/a
500002
₹4,867.15
ABB India
7D
-4.4%
1Y
-25.5%

500002: Local Manufacturing And Maritime Fuel Cells Will Support Balanced Outlook

Analysts have kept their fair value estimate for ABB India broadly steady, with only small tweaks to discount rate, revenue growth, profit margin, and future P/E assumptions. They view this as a fine tuning of their price target rather than a major reset.
522275
₹2,621.25
GE Vernova T&D India
7D
-9.6%
1Y
34.3%

522275: Multi Year Grid Contracts And Capacity Expansion Will Shape Balanced Outlook

Narrative Update on GE Vernova T&D India The analyst price target for GE Vernova T&D India has been revised from ₹2,005 to ₹3,141 as analysts factor in updated assumptions for the discount rate, revenue growth, profit margin and future P/E multiple. What's in the News AESL Projects Limited awarded GE Vernova T&D India a contract to design, supply and execute a 2,500 MW, ± 500 kV HVDC VSC terminal station, split into 2x1,250 MW, to evacuate renewable power from KPS 3 Khavda to South Olpad over multiple years (company filing).
500103
₹265.55
Bharat Heavy Electricals
7D
-3.3%
1Y
24.1%
POWERINDIA
₹16,214.00
Hitachi Energy India
7D
-9.3%
1Y
25.5%

POWERINDIA: Revenue Momentum Will Drive Stronger Long Term Share Price Performance

Analysts have raised their price target for Hitachi Energy India to ₹26,600 from ₹25,033, citing stronger expected revenue growth despite a slightly higher discount rate as well as modestly lower profit margins and valuation multiples. What's in the News Board meeting scheduled for November 3, 2025, to review and approve unaudited financial results for the second quarter and half year ended September 30, 2025 (company filing) Valuation Changes Consensus analyst price target has risen moderately from ₹25,033 to ₹26,600, reflecting higher expected long term value.
544310
₹403.50
Yash Highvoltage
7D
9.3%
1Y
57.2%
SUPREMEPWR
₹176.30
Supreme Power Equipment
7D
0.5%
1Y
-17.3%
544150
₹403.05
KP Green Engineering
7D
0.2%
1Y
-17.6%
517467
₹152.65
Marsons
7D
4.9%
1Y
-14.5%
532930
₹336.80
BGR Energy Systems
7D
0.5%
1Y
156.6%
PARTH
₹215.75
Parth Electricals & Engineering
7D
7.8%
1Y
n/a
IWEL
₹10,652.00
Inox Wind Energy
7D
-5.2%
1Y
50.1%