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Indian (NIFTY) Electrical Industry Analysis

UpdatedDec 29, 2025
DataAggregated Company Financials
Companies131
  • 7D0.5%
  • 3M-3.7%
  • 1Y-5.8%
  • YTD-6.6%

Last week, the Electrical industry hasn't moved much but GE Vernova T&D India is up 4.9% in that time. As for the longer term, the industry has declined 5.8% in the last year. As for the next few years, earnings are expected to grow by 24% per annum.

Industry Valuation and Performance

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

DateMarket CapRevenueEarningsPEAbsolute PEPS
Mon, 29 Dec 2025₹11.8t₹2.6t₹224.8b31.1x52.7x4.5x
Wed, 26 Nov 2025₹12.1t₹2.6t₹223.4b33.3x54.1x4.7x
Fri, 24 Oct 2025₹12.1t₹2.5t₹202.8b36.5x59.5x4.9x
Sun, 21 Sep 2025₹12.6t₹2.4t₹195.1b38.6x64.3x5.2x
Tue, 19 Aug 2025₹11.8t₹2.4t₹194.4b37.2x60.7x4.9x
Thu, 17 Jul 2025₹12.1t₹2.3t₹189.4b40.7x63.8x5.2x
Sat, 14 Jun 2025₹10.8t₹2.3t₹180.6b41.6x59.8x4.7x
Mon, 12 May 2025₹9.6t₹2.2t₹168.4b36.3x56.8x4.3x
Wed, 09 Apr 2025₹8.8t₹2.2t₹163.8b35.3x53.6x4x
Fri, 07 Mar 2025₹9.1t₹2.2t₹163.4b35.4x55.4x4.2x
Sun, 02 Feb 2025₹10.1t₹2.1t₹159.4b44.9x63.1x4.7x
Tue, 31 Dec 2024₹11.3t₹2.0t₹153.1b51.8x73.6x5.5x
Thu, 28 Nov 2024₹11.4t₹2.0t₹152.7b47.8x74.7x5.6x
Sat, 26 Oct 2024₹11.1t₹2.0t₹150.8b46x73.5x5.6x
Mon, 23 Sep 2024₹12.0t₹1.9t₹149.8b50.1x80.4x6.2x
Wed, 21 Aug 2024₹12.0t₹1.9t₹149.3b54.4x80.7x6.3x
Fri, 19 Jul 2024₹11.3t₹1.8t₹135.2b50.9x83.4x6.1x
Sun, 16 Jun 2024₹11.4t₹1.8t₹135.8b46.3x83.6x6.1x
Tue, 14 May 2024₹9.9t₹1.8t₹127.5b45.1x77.4x5.4x
Thu, 11 Apr 2024₹8.9t₹1.8t₹119.5b36.7x74.5x5x
Sat, 09 Mar 2024₹8.3t₹1.8t₹119.2b37.5x70x4.7x
Mon, 05 Feb 2024₹7.7t₹1.7t₹114.7b41.5x66.7x4.4x
Wed, 03 Jan 2024₹7.4t₹1.7t₹110.9b36.6x66.8x4.4x
Fri, 01 Dec 2023₹6.9t₹1.7t₹110.8b35.4x61.9x4x
Sun, 29 Oct 2023₹6.0t₹1.7t₹103.3b36.8x58.2x3.6x
Tue, 26 Sep 2023₹6.2t₹1.6t₹98.5b36.5x62.7x3.8x
Thu, 24 Aug 2023₹5.9t₹1.6t₹97.1b32.4x60.9x3.8x
Sat, 22 Jul 2023₹5.5t₹1.6t₹116.2b30.7x47.6x3.6x
Mon, 19 Jun 2023₹5.1t₹1.5t₹113.4b27.1x45.2x3.3x
Wed, 17 May 2023₹4.5t₹1.5t₹81.9b23.4x54.8x3.1x
Fri, 14 Apr 2023₹3.9t₹1.4t₹77.0b20.9x51.3x2.7x
Sun, 12 Mar 2023₹4.0t₹1.4t₹77.0b19.2x51.6x2.8x
Tue, 07 Feb 2023₹3.8t₹1.4t₹76.8b19.7x49.4x2.7x
Thu, 05 Jan 2023₹3.6t₹1.4t₹76.9b22.8x47x2.6x
Price to Earnings Ratio

47x


Total Market Cap: ₹3.6tTotal Earnings: ₹76.9bTotal Revenue: ₹1.4tTotal Market Cap vs Earnings and Revenue0%0%0%
Indian Electrical Industry Price to Earnings3Y Average 63.6x20242025
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 52.7x which is lower than its 3-year average PE of 63.6x.
  • The industry is trading close to its 3-year average PS ratio of 4.5x.
Past Earnings Growth
  • The earnings for companies in the Electrical industry have grown 43% per year over the last three years.
  • Revenues for these companies have grown 23% 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 Market0.59%
Industrials1.27%
Electrical0.51%
Electrical Components0.75%
Heavy Electrical Equipment0.29%
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 117x.
    • Analysts are expecting annual earnings growth of 27.4%, which is lower than the prior year's growth of 47.9% per year.
  • Investors are most pessimistic about the Electrical Components industry, which is trading close to its 3-year average of 49.4x.
Forecasted Growth
  • Analysts are most optimistic on the Heavy Electrical Equipment industry, expecting annual earnings growth of 27% over the next 5 years.
  • However this is lower than its past earnings growth rate of 48% per year.
  • In contrast, the Electrical Components industry is expected to see its earnings grow by 19% 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
522275 GE Vernova T&D India₹3.07k4.9%
+₹36.9b		51.0%PE85.5x
500103 Bharat Heavy Electricals₹281.602.0%
+₹18.8b		19.6%PE175.6x
POLYCAB Polycab India₹7.56k1.6%
+₹17.7b		5.7%PE46.2x
517271 HBL Engineering₹897.606.2%
+₹14.5b		42.1%PE38.9x
SUZLON Suzlon Energy₹53.201.2%
+₹8.4b		-15.9%PE23x

Latest News

SUZLON
₹53.20
Suzlon Energy
7D
1.2%
1Y
-15.9%

Shareholders Would Enjoy A Repeat Of Suzlon Energy's (NSE:SUZLON) Recent Growth In Returns

Dec 29
Shareholders Would Enjoy A Repeat Of Suzlon Energy's (NSE:SUZLON) Recent Growth In Returns
CGPOWER
₹656.00
CG Power and Industrial Solutions
7D
-2.3%
1Y
-12.3%

CGPOWER: New Switchgear Expansion Will Support Stronger Margins Ahead

Analysts have raised their price target for CG Power and Industrial Solutions from ₹890 to ₹940, citing slightly stronger expected revenue growth, a meaningful improvement in forecast profit margins, and a more reasonable future earnings multiple despite a modestly higher discount rate. What's in the News The board has approved a new greenfield switchgear manufacturing facility in Western India, designed to double existing capacity and cover the full range of MV and EHV switchgear, substation automation systems, and power electronics solutions (Key Developments) The planned project, with an estimated cost of about INR 7,482 million, will be funded through a mix of internal accruals, equity and or debt, and is expected to be completed within 33 months on a 35 acre site with roughly 72,000 sq.
POLYCAB
₹7,556.50
Polycab India
7D
1.6%
1Y
5.7%

POLYCAB: Future Returns Will Reflect CFO Transition And Stable Financial Outlook

Analysts have raised their price target for Polycab India slightly to ₹8,238 from ₹8,215, reflecting modestly higher long term revenue growth assumptions and a marginally lower discount rate, while keeping profitability expectations broadly unchanged. What's in the News The board has approved the appointment of industry veteran Niyant Maru as Executive President Finance from October 17, 2025.
532928
₹288.50
Transformers and Rectifiers (India)
7D
-3.1%
1Y
-47.5%

532928: Large Domestic Orders Will Support Stronger Earnings Visibility Ahead

Analysts have nudged their price target for Transformers and Rectifiers (India) modestly higher to ₹412.5, reflecting slightly lower perceived risk and a marginally richer justified earnings multiple, while growth and margin expectations remain largely unchanged. What's in the News Secured a high value INR 533.3 million order from Power Grid Corporation of India Limited for repair, erection, testing, and commissioning of a 397 MVA HVDC converter transformer and related works, with delivery targeted by next financial year (company announcement).
517271
₹897.60
HBL Engineering
7D
6.2%
1Y
42.1%
POWERINDIA
₹18,350.00
Hitachi Energy India
7D
-1.1%
1Y
24.9%

POWERINDIA: Future Margins And Earnings Multiple Are Expected To Strengthen

Analysts have raised their price target for Hitachi Energy India significantly, from ₹13,350 to ₹17,400, citing expectations of stronger profit margins and a higher justified future valuation multiple, despite only modest adjustments to growth and discount rate assumptions. What's in the News Board meeting scheduled for November 3, 2025, to consider and approve unaudited financial results for the second quarter and half year ended September 30, 2025 (company filing) Valuation Changes Fair Value: Raised significantly from ₹13,350 to ₹17,400, implying a notable upward reassessment of intrinsic value.
522275
₹3,071.60
GE Vernova T&D India
7D
4.9%
1Y
51.0%

522275: Capacity Expansion And Profitability Improvements Will Drive Stronger Long Term Upside

Analysts have raised their price target on GE Vernova T&D India from ₹3,032 to ₹3,700, citing expectations of slightly stronger long term profitability and a higher justified future earnings multiple, despite a marginally softer revenue growth outlook. What's in the News Board approves approximately INR 8,060 million capex to expand transformer and reactor capacities at Vadodara, and GIS and AIS product capacities at Padappai and Hosur, including new manufacturing lines for air core reactors and bushings at Hosur (company filing) Planned capacity expansion aims to strengthen GE Vernova T&D India's domestic manufacturing footprint and support anticipated growth in power transmission and grid modernization demand (company filing) Board meeting scheduled for November 3, 2025, to consider and approve unaudited financial results for the quarter and period ended September 30, 2025 (company filing) Valuation Changes Fair Value Target: Raised from ₹3,032 to ₹3,700, indicating a moderate upward revision in the long term valuation.
RRKABEL
₹1,473.70
R R Kabel
7D
-3.8%
1Y
3.9%

R R Kabel Limited's (NSE:RRKABEL) Share Price Not Quite Adding Up

Dec 17
R R Kabel Limited's (NSE:RRKABEL) Share Price Not Quite Adding Up
HEG
₹559.80
HEG
7D
5.6%
1Y
12.5%

HEG: Higher Multiple Will Outweigh Margin Risks In Coming Years

Narrative Update on HEG Analysts have raised their price target on HEG from ₹590.00 to ₹652.50, reflecting a higher assumed future valuation multiple despite more conservative expectations for revenue growth and profit margins. What's in the News Board meeting scheduled for November 10, 2025, to consider and approve unaudited standalone and consolidated financial results for the quarter and half year ended September 30, 2025 (company filing) Proposal to subscribe to unsecured, unlisted, optionally convertible debentures of TACC Limited to be taken up at the November 10, 2025 board meeting (company filing) Board to consider sale of the stake held by wholly owned subsidiary Bhilwara Infotechnology Limited in Texnere India Private Limited at the November 10, 2025 meeting (company filing) Separate board meeting on September 23, 2025, to approve an unsecured loan of INR 2,100 million to associate company Bhilwara Energy Limited (company filing) Valuation Changes Fair Value: increased from ₹590.00 to ₹652.50, reflecting a moderate upward revision in intrinsic value.
517569
₹4,365.70
KEI Industries
7D
-1.7%
1Y
0.4%

517569: Revenue Outlook And Margin Improvement Will Support Bullish Upside

Narrative Update on KEI Industries Analysts have raised their price target on KEI Industries from ₹4,914 to ₹5,057, citing expectations of slightly faster revenue growth, modestly higher profit margins, and a recalibrated future valuation multiple despite a higher discount rate. What's in the News A board meeting is scheduled for October 15, 2025, to consider and approve the unaudited standalone and consolidated financial results for the quarter and half year ended September 30, 2025, and to consider other business matters (company filing).
UTLSOLAR
₹215.23
Fujiyama Power Systems
7D
10.2%
1Y
n/a
533553
₹710.30
TD Power Systems
7D
-4.3%
1Y
57.7%
500103
₹281.60
Bharat Heavy Electricals
7D
2.0%
1Y
19.6%
ENRIN
₹2,625.10
Siemens Energy India
7D
-4.4%
1Y
n/a

Shareholders Will Be Pleased With The Quality of Siemens Energy India's (NSE:ENRIN) Earnings

Dec 02
Shareholders Will Be Pleased With The Quality of Siemens Energy India's (NSE:ENRIN) Earnings
509488
₹583.10
Graphite India
7D
6.2%
1Y
4.1%
IWEL
₹10,652.00
Inox Wind Energy
7D
-5.2%
1Y
50.1%