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Indian (NIFTY) Electrical Industry Analysis

UpdatedDec 19, 2025
DataAggregated Company Financials
Companies130
  • 7D-1.4%
  • 3M-8.9%
  • 1Y-11.2%
  • YTD-8.6%

Over the last 7 days, the Electrical industry has dropped 1.4%, driven by Hitachi Energy India declining 5.6%. In contrast, Transformers and Rectifiers (India) has gained 18%. However, the industry is down 11% over the past 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
Fri, 19 Dec 2025₹11.6t₹2.6t₹224.1b28.3x51.6x4.5x
Sun, 16 Nov 2025₹12.5t₹2.6t₹222.8b38.2x56x4.9x
Tue, 14 Oct 2025₹12.2t₹2.5t₹199.3b36.9x61.2x4.9x
Thu, 11 Sep 2025₹12.2t₹2.4t₹195.1b38x62.5x5x
Sat, 09 Aug 2025₹11.7t₹2.4t₹195.7b38.8x59.8x4.9x
Mon, 07 Jul 2025₹12.1t₹2.3t₹188.3b42.6x64.2x5.2x
Wed, 04 Jun 2025₹10.9t₹2.3t₹180.7b39.5x60.2x4.8x
Fri, 02 May 2025₹9.7t₹2.2t₹165.3b37.9x58.5x4.4x
Sun, 30 Mar 2025₹9.4t₹2.2t₹163.7b35x57.6x4.3x
Tue, 25 Feb 2025₹9.3t₹2.2t₹163.2b36x56.8x4.3x
Thu, 23 Jan 2025₹10.1t₹2.1t₹153.5b45.3x65.9x4.9x
Sat, 21 Dec 2024₹11.4t₹2.0t₹152.8b52.7x74.5x5.6x
Mon, 18 Nov 2024₹10.5t₹2.0t₹153.0b46.6x68.9x5.2x
Wed, 16 Oct 2024₹12.7t₹1.9t₹150.2b50.3x84.6x6.5x
Fri, 13 Sep 2024₹12.0t₹1.9t₹149.8b51.8x80.2x6.2x
Sun, 11 Aug 2024₹11.7t₹1.9t₹150.1b53.9x77.7x6.1x
Tue, 09 Jul 2024₹11.9t₹1.9t₹136.0b52.6x87.6x6.4x
Thu, 06 Jun 2024₹10.3t₹1.8t₹135.7b40.9x75.6x5.5x
Sat, 04 May 2024₹9.7t₹1.8t₹121.4b44.7x80x5.5x
Mon, 01 Apr 2024₹8.6t₹1.8t₹119.2b35.5x71.9x4.9x
Wed, 28 Feb 2024₹8.1t₹1.8t₹118.6b39.2x68.1x4.6x
Fri, 26 Jan 2024₹7.5t₹1.7t₹111.8b39.5x66.7x4.4x
Sun, 24 Dec 2023₹7.2t₹1.7t₹110.8b36.7x64.9x4.2x
Tue, 21 Nov 2023₹6.6t₹1.7t₹110.8b36.2x59.5x3.9x
Thu, 19 Oct 2023₹6.3t₹1.6t₹98.7b36.4x63.4x3.8x
Sat, 16 Sep 2023₹6.1t₹1.6t₹95.9b33.7x63.7x3.9x
Mon, 14 Aug 2023₹5.7t₹1.6t₹96.5b30.2x59.1x3.6x
Wed, 12 Jul 2023₹5.4t₹1.5t₹113.4b28.5x47.5x3.5x
Fri, 09 Jun 2023₹4.9t₹1.5t₹113.1b24.8x43.6x3.2x
Sun, 07 May 2023₹4.3t₹1.5t₹79.3b22.1x54.4x3x
Tue, 04 Apr 2023₹3.9t₹1.4t₹77.0b20.4x50.9x2.7x
Thu, 02 Mar 2023₹3.9t₹1.4t₹77.0b19x51.2x2.7x
Sat, 28 Jan 2023₹3.7t₹1.4t₹76.7b20.7x47.9x2.6x
Mon, 26 Dec 2022₹3.5t₹1.4t₹76.9b20.7x44.9x2.5x
Price to Earnings Ratio

44.9x


Total Market Cap: ₹3.5tTotal Earnings: ₹76.9bTotal Revenue: ₹1.4tTotal Market Cap vs Earnings and Revenue0%0%0%
Indian Electrical Industry Price to Earnings3Y Average 63.6x202320242025
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 51.6x 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 22% 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 Market-0.21%
Industrials-0.45%
Electrical-1.43%
Electrical Components-0.49%
Heavy Electrical Equipment-2.24%
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 118x.
    • Analysts are expecting annual earnings growth of 27.5%, 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 49.3x.
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
532928 Transformers and Rectifiers (India)₹281.7517.7%
+₹12.7b		-50.5%PE33.8x
ATLANTAELE Atlanta Electricals₹951.058.8%
+₹5.9b		n/aPE59.4x
FINCABLES Finolex Cables₹774.804.9%
+₹5.5b		-34.9%PE17.8x
517271 HBL Engineering₹820.202.3%
+₹5.1b		21.2%PE35.5x
INOXWIND Inox Wind₹124.212.2%
+₹4.6b		-33.9%PE35.9x

Latest News

RRKABEL
₹1,430.20
R R Kabel
7D
1.5%
1Y
1.4%

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
FINCABLES
₹774.80
Finolex Cables
7D
4.9%
1Y
-34.9%

FINCABLES: Upcoming Board Meeting Will Drive Governance Focus And Future Confidence

Analysts have marginally revised their price target for Finolex Cables upward to ₹1,095.88 from ₹1,095.88, citing slightly lower discount rate assumptions and a steady outlook on revenue growth, profit margins, and future valuation multiples. What's in the News Board meeting scheduled for November 11, 2025 to review and approve unaudited standalone and consolidated financial results for the quarter ended September 30, 2025 (company filing) Board to consider amendments to the company's code of conduct governing trading by designated persons and their immediate relatives, indicating continued focus on governance and compliance (company filing) Valuation Changes Consensus Analyst Price Target: The fair value estimate remains unchanged at ₹1,095.88, indicating a stable overall valuation outlook.
INOXWIND
₹124.21
Inox Wind
7D
2.2%
1Y
-33.9%

INOXWIND: New Project Pipeline Will Drive Stronger Profitability Ahead

Analysts have raised their price target on Inox Wind from ₹158 to ₹172, citing expectations of slightly stronger profitability and improved valuation support despite a modest uptick in the assumed discount rate and a more conservative future earnings multiple. What's in the News Inox Wind signed an exclusive MoU with KP Energy to jointly develop 2.5 GW of wind and wind solar hybrid projects across multiple Indian states, combining turbine supply, EPC, and O&M capabilities with KP Energy's project development expertise (Key Developments).
517569
₹4,084.70
KEI Industries
7D
0.7%
1Y
-4.3%

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).
500002
₹5,087.90
ABB India
7D
-2.9%
1Y
-30.8%
532928
₹281.75
Transformers and Rectifiers (India)
7D
17.7%
1Y
-50.5%
CGPOWER
₹661.80
CG Power and Industrial Solutions
7D
-0.7%
1Y
-13.5%

CGPOWER: New Switchgear Facility Will Drive Future Capacity Expansion And Returns

Analysts have modestly increased their price target on CG Power and Industrial Solutions to ₹791.87, citing slightly higher assumptions for discount rate and future earnings multiples while keeping revenue growth and profit margin expectations broadly unchanged. What's in the News The board has approved a new greenfield switchgear manufacturing facility in Western India, aimed at doubling existing capacity across MV and EHV switchgear, substation automation systems, and power electronics solutions (Key Developments) The new plant, planned on about 35 acres with an estimated project cost of roughly 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 (Key Developments) The expansion is intended to alleviate capacity constraints, support growth in domestic and export markets, and strengthen CG Power and Industrial Solutions competitiveness in automation and power electronics, while contributing to India power infrastructure development (Key Developments) The board has scheduled a meeting on October 29, 2025, to consider unaudited standalone and consolidated financial results for the quarter and half year ended September 30, 2025, and to discuss a potential shift of the registered office and other matters (Key Developments) Valuation Changes Fair Value: Unchanged at approximately ₹791.87 per share, indicating no revision to the core valuation estimate.
POLYCAB
₹7,099.00
Polycab India
7D
-1.7%
1Y
-5.3%

POLYCAB: Future Returns Will Be Driven By CFO Transition And Promoter Stake Sale

Analysts have modestly raised their fair value estimate for Polycab India from ₹8,210 to about ₹8,215 per share, citing slightly higher long term margin and earnings visibility, reflected in a marginally richer forward P E assumption. What's in the News The board approves unaudited standalone and consolidated results for the quarter and half year ended September 30, 2025, at its October 17, 2025 meeting (company filing).
533553
₹697.45
TD Power Systems
7D
2.8%
1Y
54.5%
500103
₹275.05
Bharat Heavy Electricals
7D
-0.5%
1Y
13.5%
POWERINDIA
₹18,160.00
Hitachi Energy India
7D
-5.6%
1Y
38.4%

POWERINDIA: Future Earnings Strength And Margins Will Support Long-Term Potential

Analysts have nudged their price target for Hitachi Energy India higher to ₹22,232 from ₹21,895, citing marginally stronger expectations for revenue growth, profit margins, and the company’s future earnings multiple despite a slightly higher discount rate. What's in the News A board meeting is scheduled on November 3, 2025, to consider and approve the unaudited financial results for the second quarter and half year ended September 30, 2025 (company filing).
522275
₹2,867.15
GE Vernova T&D India
7D
-4.5%
1Y
35.4%

522275: Capacity Expansion And Dividend Will Drive Strong Future Upside

Analysts have modestly raised their price target for GE Vernova T&D India to ₹3,538.50, reflecting slight adjustments to the discount rate and future P/E assumptions while maintaining robust revenue growth and profit margin expectations. What's in the News The board approves an investment of approximately INR 8,060 million to expand transformer and reactor capacity at Vadodara, and GIS and AIS product capacity at Padappai and Hosur.
ENRIN
₹2,839.40
Siemens Energy India
7D
-2.3%
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
517271
₹820.20
HBL Engineering
7D
2.3%
1Y
21.2%
ATLANTAELE
₹951.05
Atlanta Electricals
7D
8.8%
1Y
n/a
IWEL
₹10,652.00
Inox Wind Energy
7D
-5.2%
1Y
50.1%