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Indian (NIFTY) Utilities Sector Analysis

UpdatedFeb 15, 2026
DataAggregated Company Financials
Companies48
  • 7D-2.0%
  • 3M-3.6%
  • 1Y12.6%
  • YTD-1.6%

Over the last 7 days, the Utilities industry has dropped 2.0%, driven by Adani Power declining 8.4%. Over the past 12 months, the industry was up 13%. As for the next few years, earnings are expected to grow by 18% per annum.

Sector Valuation and Performance

Has the Indian Utilities Sector valuation changed over the past few years?

DateMarket CapRevenueEarningsPEAbsolute PEPS
Sun, 15 Feb 2026₹20.1t₹7.7t₹963.1b23.4x20.9x2.6x
Tue, 13 Jan 2026₹19.8t₹7.7t₹954.8b23.3x20.8x2.6x
Thu, 11 Dec 2025₹19.6t₹7.7t₹954.8b23.9x20.6x2.6x
Sat, 08 Nov 2025₹20.7t₹7.7t₹1.0t26.5x20.7x2.7x
Mon, 06 Oct 2025₹21.2t₹7.7t₹1.0t28.1x20.8x2.8x
Wed, 03 Sep 2025₹20.1t₹7.7t₹1.0t26.3x19.7x2.6x
Fri, 01 Aug 2025₹20.3t₹7.7t₹1.0t27.2x19.8x2.7x
Sun, 29 Jun 2025₹21.0t₹7.6t₹1.0t28.4x20.8x2.8x
Tue, 27 May 2025₹20.7t₹7.7t₹1.0t27.7x20.4x2.7x
Thu, 24 Apr 2025₹21.0t₹7.5t₹1.0t29.5x20.3x2.8x
Sat, 22 Mar 2025₹19.9t₹7.5t₹1.0t27.1x19.2x2.7x
Mon, 17 Feb 2025₹17.8t₹7.5t₹1.0t27x17.2x2.4x
Wed, 15 Jan 2025₹19.7t₹7.4t₹1.0t29.6x19.1x2.7x
Fri, 13 Dec 2024₹22.5t₹7.4t₹1.0t31x21.8x3x
Sun, 10 Nov 2024₹22.3t₹7.3t₹942.5b36.9x23.6x3x
Tue, 08 Oct 2024₹23.5t₹7.3t₹960.9b36.6x24.4x3.2x
Thu, 05 Sep 2024₹24.1t₹7.3t₹960.9b35.6x25.1x3.3x
Sat, 03 Aug 2024₹25.3t₹7.2t₹955.6b38.9x26.4x3.5x
Mon, 01 Jul 2024₹23.5t₹7.1t₹977.5b37.8x24x3.3x
Wed, 29 May 2024₹22.8t₹7.1t₹955.0b27.8x23.9x3.2x
Fri, 26 Apr 2024₹21.9t₹6.9t₹863.9b32x25.4x3.2x
Sun, 24 Mar 2024₹20.5t₹6.9t₹864.2b27.9x23.7x3x
Tue, 20 Feb 2024₹21.3t₹6.9t₹864.2b30.6x24.6x3.1x
Thu, 18 Jan 2024₹19.0t₹6.8t₹835.9b26.3x22.8x2.8x
Sat, 16 Dec 2023₹18.2t₹6.8t₹835.7b24.7x21.8x2.7x
Mon, 13 Nov 2023₹14.0t₹6.8t₹835.9b19.6x16.8x2.1x
Wed, 11 Oct 2023₹13.6t₹6.7t₹703.9b19.4x19.4x2x
Fri, 08 Sep 2023₹13.9t₹6.7t₹703.9b19.9x19.7x2.1x
Sun, 06 Aug 2023₹12.8t₹6.7t₹712.5b18.6x17.9x1.9x
Tue, 04 Jul 2023₹12.0t₹6.8t₹684.1b18.3x17.6x1.8x
Thu, 01 Jun 2023₹11.6t₹6.8t₹720.3b14.7x16.1x1.7x
Sat, 29 Apr 2023₹12.0t₹6.6t₹710.2b15.3x16.9x1.8x
Mon, 27 Mar 2023₹11.8t₹6.6t₹709.8b14.5x16.6x1.8x
Wed, 22 Feb 2023₹10.5t₹6.6t₹709.9b13.1x14.8x1.6x
Price to Earnings Ratio

14.8x


Total Market Cap: ₹10.5tTotal Earnings: ₹709.9bTotal Revenue: ₹6.6tTotal Market Cap vs Earnings and Revenue0%0%0%
Indian Utilities Sector Price to Earnings3Y Average 20.7x202420252026
Current Industry PE
  • Investors are relatively neutral on the Indian Utilities industry at the moment, indicating that they anticipate long term growth rates to remain steady.
  • The industry is trading close to its 3-year average PE ratio of 20.7x.
  • The industry is trading close to its 3-year average PS ratio of 2.6x.
Past Earnings Growth
  • The earnings for companies in the Utilities industry have grown 11% per year over the last three years.
  • Revenues for these companies have grown 5.2% 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 Utilities sector?

IN Market-0.39%
Utilities-1.97%
Water Utilities5.69%
Electric Utilities-0.52%
Gas Utilities-2.03%
Renewable Energy-2.84%
Industry PE
  • Investors are most optimistic about the Water Utilities industry even though it's trading below its 3-year average PE ratio of 59.9x.
    • Analysts are expecting annual earnings growth of 19.7%, which is lower than the prior year's growth of 27.3% per year.
  • Investors are most pessimistic about the Gas Utilities industry, which is trading close to its 3-year average of 18.9x.
Forecasted Growth
  • Analysts are most optimistic on the Renewable Energy industry, expecting annual earnings growth of 22% over the next 5 years.
  • This is better than its past earnings growth rate of 16% per year.
  • In contrast, the Gas Utilities industry is expected to see its earnings grow by 8.2% 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
500400 Tata Power₹374.152.3%
+₹26.8b		11.0%PE31.5x
SJVN SJVN₹76.676.1%
+₹17.3b		-14.6%PE47.6x
TORNTPOWER Torrent Power₹1.46k2.4%
+₹16.9b		18.2%PE23.3x
NTPCGREEN NTPC Green Energy₹89.012.2%
+₹16.1b		-16.7%PE134.2x
513683 NLC India₹259.501.4%
+₹5.1b		33.7%PE13.8x

Latest News

ADANIENSOL
₹988.00
Adani Energy Solutions
7D
-2.9%
1Y
39.5%

Is Adani Energy Solutions (NSE:ADANIENSOL) A Risky Investment?

Feb 15
Is Adani Energy Solutions (NSE:ADANIENSOL) A Risky Investment?
IGL
₹166.51
Indraprastha Gas
7D
-5.4%
1Y
-10.3%
TORNTPOWER
₹1,462.60
Torrent Power
7D
2.4%
1Y
18.2%

Earnings Beat: Torrent Power Limited Just Beat Analyst Forecasts, And Analysts Have Been Updating Their Models

Feb 14
Earnings Beat: Torrent Power Limited Just Beat Analyst Forecasts, And Analysts Have Been Updating Their Models
SJVN
₹76.67
SJVN
7D
6.1%
1Y
-14.6%
513683
₹259.50
NLC India
7D
1.4%
1Y
33.7%

513683: Interim Dividend And Renewable Listing Plan Will Support Bullish Repricing

Analysts have revised their price target on NLC India to ₹324 from ₹304, citing updated assumptions around revenue growth, profit margins, and future P/E expectations in their valuation work. What's in the News A board meeting is scheduled on Feb 10, 2026 to consider and approve the unaudited financial results for the quarter and nine months ended Dec 31, 2025 (Key Developments).
NHPC
₹75.47
NHPC
7D
-5.0%
1Y
3.0%

NHPC: Planned Bond Issue Will Support Future Earnings Strength

Analysts have adjusted their price target for NHPC to ₹87.00 from ₹91.63, reflecting updated assumptions related to discount rates, revenue growth, profit margins and future P/E expectations. What's in the News Board meeting scheduled on Jan 08, 2026 to review the General Information Document and Key Information Document for a proposed issue of unsecured, redeemable, taxable, non convertible, non cumulative bonds.
WABAG
₹1,284.00
VA Tech Wabag
7D
5.7%
1Y
-7.3%

VA Tech Wabag Limited (NSE:WABAG) Third-Quarter Results Just Came Out: Here's What Analysts Are Forecasting For Next Year

Feb 10
VA Tech Wabag Limited (NSE:WABAG) Third-Quarter Results Just Came Out: Here's What Analysts Are Forecasting For Next Year
500400
₹374.15
Tata Power
7D
2.3%
1Y
11.0%

500400: Expanding Power Transmission Projects Will Support Long Term Upside Potential

Analysts have maintained their fair value estimate for Tata Power at ₹510. This reflects a combination of revised assumptions, including a slightly lower discount rate, higher projected revenue growth, a marginally softer profit margin outlook, and a reduced future P/E multiple.
POWERGRID
₹287.20
Power Grid Corporation of India
7D
-1.9%
1Y
11.6%

POWERGRID: Future P/E Expansion Will Outpace Slowing Revenue And Margin Profile

Analysts have lifted their fair value estimate for Power Grid Corporation of India from ₹247.81 to ₹260.00, citing updated assumptions around the discount rate, revenue growth, profit margins, and future P/E expectations. What's in the News The board is scheduled to meet on January 30, 2026 to review unaudited financial results for the quarter and nine months ended December 31, 2025 and to consider a 2nd interim dividend for FY 2025-26, if any (company filing).
ADANIGREEN
₹950.50
Adani Green Energy
7D
-2.2%
1Y
7.5%

ADANIGREEN: Stake Sale And Storage Investments Will Eventually Highlight Overvaluation Risk

The analyst price target for Adani Green Energy has been revised to ₹864 from ₹825.89, as analysts update their assumptions on the discount rate, revenue growth, profit margin and future P/E for the company. What's in the News TotalEnergies is reportedly preparing to sell up to a 6% stake in Adani Green Energy, out of its roughly 19% holding.
ADANIPOWER
₹139.90
Adani Power
7D
-8.4%
1Y
43.1%

Adani Power (NSE:ADANIPOWER) Is Experiencing Growth In Returns On Capital

Feb 07
Adani Power (NSE:ADANIPOWER) Is Experiencing Growth In Returns On Capital
533148
₹474.70
JSW Energy
7D
0.3%
1Y
8.6%

533148: Preferential Equity Funding Will Support Alaknanda Acquisition Upside

Analysts have nudged their fair value estimate for JSW Energy from ₹598.44 to ₹568.59, citing adjusted assumptions for revenue growth, profit margins, the discount rate and the future P/E multiple. What's in the News On January 21, 2026, JSW Energy closed a private placement that increased paid up share capital from ₹17,477,684,510 (1,747,768,451 equity shares) to ₹18,049,113,070 (1,804,911,307 equity shares) (company event filing).
NTPCGREEN
₹89.01
NTPC Green Energy
7D
2.2%
1Y
-16.7%
540565
₹166.25
Indigrid Infrastructure Trust
7D
1.6%
1Y
17.1%
NTPC
₹363.00
NTPC
7D
-0.6%
1Y
20.9%
ATGL
₹519.90
Adani Total Gas
7D
-4.3%
1Y
-9.4%