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Indian (NIFTY) Heavy Electrical Equipment Industry Analysis

UpdatedMar 02, 2026
DataAggregated Company Financials
Companies27
  • 7D3.0%
  • 3M3.1%
  • 1Y45.3%
  • YTDn/a

Over the last 7 days, the Heavy Electrical Equipment industry has risen 3.0%, driven by gains in Hitachi Energy India and Siemens Energy India of 5.2% and 5.6%, respectively. During this same period, the Suzlon Energy underperformed, falling 7.5%. This takes the industry's 12 month performance to a gain of 45%. Looking forward, 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
Tue, 03 Mar 2026₹6.7t₹965.2b₹109.6b31.7x61.5x7x
Thu, 29 Jan 2026₹5.7t₹927.8b₹107.0b35.2x53.5x6.2x
Sat, 27 Dec 2025₹6.2t₹913.6b₹104.5b41.3x59.1x6.8x
Mon, 24 Nov 2025₹6.6t₹931.7b₹106.6b47.4x61.8x7.1x
Wed, 22 Oct 2025₹6.3t₹905.4b₹91.1b47.3x69.2x7x
Fri, 19 Sep 2025₹6.5t₹866.2b₹87.0b44.1x74.6x7.5x
Sun, 17 Aug 2025₹6.2t₹866.4b₹87.0b41.1x71.1x7.1x
Tue, 15 Jul 2025₹6.4t₹818.3b₹82.1b43.9x77.8x7.8x
Thu, 12 Jun 2025₹5.5t₹780.6b₹73.5b48.6x74.3x7x
Sat, 10 May 2025₹4.5t₹731.9b₹59.2b44.6x76.4x6.2x
Mon, 07 Apr 2025₹4.2t₹729.6b₹58.8b44.3x71.6x5.8x
Wed, 05 Mar 2025₹4.0t₹729.9b₹58.5b42.1x68.5x5.5x
Fri, 31 Jan 2025₹4.4t₹708.2b₹53.4b61.9x82.6x6.2x
Sun, 29 Dec 2024₹5.2t₹671.9b₹49.5b70.8x105.6x7.8x
Tue, 26 Nov 2024₹5.2t₹671.0b₹49.5b65.6x104.6x7.7x
Thu, 24 Oct 2024₹5.3t₹623.6b₹41.5b84.1x128.4x8.5x
Sat, 21 Sep 2024₹5.7t₹623.4b₹41.5b74.4x136.4x9.1x
Mon, 19 Aug 2024₹5.7t₹620.2b₹41.3b85x137.7x9.2x
Wed, 17 Jul 2024₹5.3t₹592.0b₹34.8b106.6x153.8x9x
Fri, 14 Jun 2024₹5.0t₹591.7b₹34.7b67.6x144.8x8.5x
Sun, 12 May 2024₹4.3t₹579.9b₹29.3b62.5x146.3x7.4x
Tue, 09 Apr 2024₹4.1t₹559.6b₹23.8b54.9x170.8x7.3x
Thu, 07 Mar 2024₹3.7t₹559.6b₹23.8b61x155.2x6.6x
Sat, 03 Feb 2024₹3.4t₹546.7b₹20.4b70.1x165.8x6.2x
Mon, 01 Jan 2024₹3.1t₹541.6b₹18.6b51.8x164.3x5.6x
Wed, 29 Nov 2023₹2.7t₹540.6b₹18.5b56.1x146.5x5x
Fri, 27 Oct 2023₹2.3t₹526.0b₹20.0b53.8x114.1x4.3x
Sun, 24 Sep 2023₹2.3t₹525.0b₹19.8b60.5x114.6x4.3x
Tue, 22 Aug 2023₹2.1t₹524.9b₹19.7b51.4x107.5x4x
Thu, 20 Jul 2023₹2.1t₹511.8b₹41.7b40.1x50.2x4.1x
Sat, 17 Jun 2023₹1.9t₹511.0b₹41.5b31x46.9x3.8x
Mon, 15 May 2023₹1.6t₹453.8b₹10.3b28.1x155.6x3.5x
Wed, 12 Apr 2023₹1.3t₹447.4b₹8.3b26.6x162.7x3x
Fri, 10 Mar 2023₹1.4t₹447.4b₹8.3b25.3x169.2x3.1x
Price to Earnings Ratio

169.2x


Total Market Cap: ₹1.4tTotal Earnings: ₹8.3bTotal Revenue: ₹447.4bTotal Market Cap vs Earnings and Revenue0%0%0%
Indian Heavy Electrical Equipment Industry Price to Earnings3Y Average 110.3x202420252026
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 61.5x which is lower than its 3-year average PE of 110x.
  • The industry is trading close to its 3-year average PS ratio of 6.4x.
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-0.79%
Industrials0.13%
Electrical3.05%
Heavy Electrical Equipment3.00%
Electrical Components3.11%
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
POWERINDIA Hitachi Energy India₹25.50k5.2%
+₹56.0b		116.9%PE135.1x
ENRIN Siemens Energy India₹2.97k5.6%
+₹55.9b		n/aPE89.6x
522275 GE Vernova T&D India₹3.77k1.7%
+₹15.8b		188.5%PE90.4x
500002 ABB India₹5.99k1.2%
+₹14.7b		17.4%PE76x
500103 Bharat Heavy Electricals₹262.051.2%
+₹10.4b		41.3%PE112.1x

Latest News

533655
₹466.85
Triveni Turbine
7D
-5.3%
1Y
-2.3%

533655: Interim Dividend Will Support Future Upside Despite Slightly Higher Required Returns

Analysts have lowered their fair value estimate for Triveni Turbine from ₹635.10 to about ₹622.33, reflecting a slightly higher discount rate and a modestly lower future P/E assumption, while keeping revenue growth and profit margin expectations broadly unchanged. What's in the News The board declared an interim dividend of ₹2.25 per fully paid equity share with a face value of ₹1 each for the 2025-26 financial year, with payment scheduled on or before February 23, 2026, subject to tax deduction at source (Key Developments).
SUZLON
₹40.95
Suzlon Energy
7D
-7.5%
1Y
-17.7%

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.
500002
₹5,985.65
ABB India
7D
1.2%
1Y
17.4%
505700
₹405.85
Elecon Engineering
7D
-4.7%
1Y
4.6%

505700: Stable Forecasts And CFO Transition Are Expected To Support Further Upside

Analysts have kept Elecon Engineering's fair value unchanged at ₹575.5, with only small tweaks to discount rate, revenue growth, profit margin and future P/E assumptions, which together leave their overall price target effectively stable. What's in the News Chief Financial Officer Mr. Narasimhan Raghunathan has resigned from Elecon Engineering, citing personal reasons related to his children's education in his hometown, with his tenure ending at the close of business on January 31, 2026 (company filing).
INOXWIND
₹89.19
Inox Wind
7D
-7.2%
1Y
-38.0%
522275
₹3,772.30
GE Vernova T&D India
7D
1.7%
1Y
188.5%

522275: Multi Year HVDC Wins And Upcoming Meeting Will Support Long Term Upside

Analysts have maintained their fair value estimate for GE Vernova T&D India at ₹4,050, making only small adjustments to assumptions around the discount rate, revenue growth, profit margin and future P/E to reflect updated views on the company’s risk profile and earnings potential. What's in the News GE Vernova T&D India is scheduled to hold a Special and Extraordinary Shareholders Meeting on March 20, 2026, via postal ballot in India, with details yet to be disclosed (company filing).
POWERINDIA
₹25,500.00
Hitachi Energy India
7D
5.2%
1Y
116.9%

POWERINDIA: Fair Value View Will Rely On Sustained Margins And Earnings

Analysts have lifted their fair value estimate for Hitachi Energy India to ₹23,197.69 from ₹22,232.15, citing slightly lower assumed discount rates, a modestly higher profit margin outlook, and a reduced future P/E multiple as key drivers of the updated price target. What's in the News A board meeting is scheduled for February 5, 2026, to consider and approve the unaudited financial results for the quarter ended December 31, 2025 (Key Developments).
ENRIN
₹2,972.70
Siemens Energy India
7D
5.6%
1Y
n/a
517467
₹132.80
Marsons
7D
-5.8%
1Y
3.4%
QPOWER
₹829.25
Quality Power Electrical Equipments
7D
-5.9%
1Y
128.3%
533553
₹892.15
TD Power Systems
7D
-1.2%
1Y
193.4%
500103
₹262.05
Bharat Heavy Electricals
7D
1.2%
1Y
41.3%
VDEAL
₹174.15
Vdeal System
7D
12.4%
1Y
36.6%
532930
₹311.05
BGR Energy Systems
7D
-6.0%
1Y
316.0%
MAKS
₹29.25
Maks Energy Solutions India
7D
4.3%
1Y
3.5%