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Indian (NIFTY) Electrical Industry Analysis

UpdatedJan 03, 2026
DataAggregated Company Financials
Companies131
  • 7D1.8%
  • 3M-2.4%
  • 1Y-4.2%
  • YTD1.4%

In the last week, the Electrical industry is up 1.8%, with Bharat Heavy Electricals up 6.3%. In contrast, the industry has lost 4.2% in the last 12 months. Looking forward, 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
Sat, 03 Jan 2026₹12.1t₹2.6t₹224.8b29.9x53.6x4.6x
Mon, 01 Dec 2025₹12.2t₹2.6t₹223.4b32.6x54.7x4.8x
Wed, 29 Oct 2025₹12.1t₹2.5t₹203.0b36.8x59.7x4.9x
Fri, 26 Sep 2025₹12.3t₹2.4t₹195.1b36.9x63.2x5.1x
Sun, 24 Aug 2025₹11.9t₹2.4t₹194.4b38.6x61.4x4.9x
Tue, 22 Jul 2025₹12.2t₹2.3t₹191.4b41.6x63.9x5.2x
Thu, 19 Jun 2025₹10.7t₹2.2t₹179.2b40.6x59.7x4.8x
Sat, 17 May 2025₹10.5t₹2.2t₹170.8b38.7x61.6x4.7x
Mon, 14 Apr 2025₹9.0t₹2.2t₹164.3b37.1x54.8x4.1x
Wed, 12 Mar 2025₹8.9t₹2.2t₹163.4b34.6x54.2x4.1x
Fri, 07 Feb 2025₹9.8t₹2.1t₹160.3b43.8x61.2x4.6x
Sun, 05 Jan 2025₹11.4t₹2.0t₹153.1b51.8x74.7x5.6x
Tue, 03 Dec 2024₹11.5t₹2.0t₹152.7b48.6x75.4x5.6x
Thu, 31 Oct 2024₹11.2t₹2.0t₹156.4b46.6x71.7x5.5x
Sat, 28 Sep 2024₹12.3t₹1.9t₹149.8b50.5x82.3x6.3x
Mon, 26 Aug 2024₹12.0t₹1.9t₹149.3b53.1x80.5x6.2x
Wed, 24 Jul 2024₹11.0t₹1.9t₹138.7b51.2x79.3x5.9x
Fri, 21 Jun 2024₹11.2t₹1.8t₹135.8b49.7x82.6x6.1x
Sun, 19 May 2024₹10.6t₹1.8t₹128.6b46.6x82.3x5.8x
Tue, 16 Apr 2024₹8.8t₹1.8t₹119.5b37.2x73.6x5x
Thu, 14 Mar 2024₹7.8t₹1.8t₹119.2b32.8x65.3x4.4x
Sat, 10 Feb 2024₹7.7t₹1.7t₹116.2b39.1x66.6x4.5x
Mon, 08 Jan 2024₹7.6t₹1.7t₹111.0b38.7x68.2x4.5x
Wed, 06 Dec 2023₹7.1t₹1.7t₹110.8b35.5x64.1x4.2x
Fri, 03 Nov 2023₹6.5t₹1.7t₹104.4b36.7x61.9x3.9x
Sun, 01 Oct 2023₹6.3t₹1.6t₹98.5b37x63.9x3.8x
Tue, 29 Aug 2023₹5.9t₹1.6t₹97.3b33.5x60.6x3.7x
Thu, 27 Jul 2023₹5.6t₹1.6t₹93.0b31.1x59.8x3.6x
Sat, 24 Jun 2023₹5.0t₹1.5t₹113.4b27.3x44.2x3.3x
Mon, 22 May 2023₹4.5t₹1.5t₹84.1b22.9x53.4x3.1x
Wed, 19 Apr 2023₹4.0t₹1.4t₹76.9b22.7x52x2.8x
Fri, 17 Mar 2023₹3.9t₹1.4t₹77.0b18.3x50.1x2.7x
Sun, 12 Feb 2023₹3.9t₹1.4t₹77.2b22.3x50.4x2.7x
Tue, 10 Jan 2023₹3.7t₹1.4t₹76.9b23.6x48.4x2.6x
Price to Earnings Ratio

48.4x


Total Market Cap: ₹3.7tTotal Earnings: ₹76.9bTotal Revenue: ₹1.4tTotal Market Cap vs Earnings and Revenue0%0%0%
Indian Electrical Industry Price to Earnings3Y Average 63.6x202420252026
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 53.6x 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 Market1.48%
Industrials1.49%
Electrical1.81%
Electrical Components2.25%
Heavy Electrical Equipment1.39%
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 27.8%, 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 28% 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
500103 Bharat Heavy Electricals₹299.456.3%
+₹62.2b		30.2%PE186.7x
POLYCAB Polycab India₹7.80k3.2%
+₹36.4b		8.2%PE47.7x
POWERINDIA Hitachi Energy India₹18.80k2.5%
+₹20.2b		24.3%PE116.9x
517569 KEI Industries₹4.53k3.7%
+₹15.4b		3.6%PE54.7x
509488 Graphite India₹659.9013.2%
+₹15.0b		15.7%PE53.5x

Latest News

532928
₹336.40
Transformers and Rectifiers (India)
7D
16.6%
1Y
-45.8%
SCHNEIDER
₹717.30
Schneider Electric Infrastructure
7D
-1.3%
1Y
-8.8%

The Trend Of High Returns At Schneider Electric Infrastructure (NSE:SCHNEIDER) Has Us Very Interested

Jan 02
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SUZLON
₹54.28
Suzlon Energy
7D
2.0%
1Y
-12.4%

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

Dec 29
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522163
₹136.45
Diamond Power Infrastructure
7D
-2.5%
1Y
-9.1%
CGPOWER
₹649.10
CG Power and Industrial Solutions
7D
-1.1%
1Y
-11.9%

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
₹7,798.00
Polycab India
7D
3.2%
1Y
8.2%

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.
POWERINDIA
₹18,803.00
Hitachi Energy India
7D
2.5%
1Y
24.3%

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.
HAVELLS
₹1,439.90
Havells India
7D
1.5%
1Y
-15.3%

HAVELLS: Digital Expansion Will Drive Brand Upside Following Trademark Resolution

Analysts have nudged their price target for Havells India slightly lower to ₹1,666.94 from ₹1,668.33, as modestly reduced discount rate and valuation multiple assumptions more than offset essentially unchanged growth and margin outlooks. What's in the News Havells India and the HPL Group have signed a comprehensive Settlement Agreement resolving all long standing trademark disputes and litigations over the use of the HAVELLS brand name, including matters before the Delhi High Court and the Supreme Court of India (Key Developments) The Delhi High Court had earlier referred the HAVELLS trademark disputes between Havells India and the HPL Group to mediation, culminating in a final settlement executed on 08 November 2025 (Key Developments) Havells India has scheduled a board meeting on 17 October 2025 to consider and approve its standalone and consolidated unaudited financial results for the second quarter and half year ended 30 September 2025 (Key Developments) Lloyd, a brand of Havells India, has launched its Kolors refrigerator on Flipkart and other distribution channels, extending its digital reach with pricing starting at INR 18,990 (Key Developments) Valuation Changes The consensus analyst price target, or fair value estimate, has edged down slightly to ₹1,666.94 from ₹1,668.33.
517569
₹4,526.70
KEI Industries
7D
3.7%
1Y
3.6%

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).
533553
₹684.90
TD Power Systems
7D
-3.6%
1Y
52.1%
500103
₹299.45
Bharat Heavy Electricals
7D
6.3%
1Y
30.2%
ENRIN
₹2,546.70
Siemens Energy India
7D
-3.0%
1Y
n/a

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

Dec 02
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509488
₹659.90
Graphite India
7D
13.2%
1Y
15.7%
RELTD
₹156.51
Ravindra Energy
7D
-6.1%
1Y
17.0%
ATLANTAELE
₹907.35
Atlanta Electricals
7D
-3.5%
1Y
n/a
IWEL
₹10,652.00
Inox Wind Energy
7D
-5.2%
1Y
50.1%