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Indian (NIFTY) Utilities Sector Analysis

UpdatedMar 01, 2026
DataAggregated Company Financials
Companies49
  • 7D0.1%
  • 3M1.0%
  • 1Y18.1%
  • YTD0.5%

In the last week, Utilities has been flat. As for the the longer term, the industry is up 18% over the past 12 months. 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, 01 Mar 2026₹20.7t₹7.7t₹963.1b23.6x21.5x2.7x
Tue, 27 Jan 2026₹18.7t₹7.7t₹952.7b21.8x19.6x2.4x
Thu, 25 Dec 2025₹20.0t₹7.7t₹954.8b24x20.9x2.6x
Sat, 22 Nov 2025₹20.5t₹7.7t₹956.0b24.9x21.5x2.7x
Mon, 20 Oct 2025₹21.5t₹7.7t₹1.0t26.8x21.1x2.8x
Wed, 17 Sep 2025₹20.6t₹7.7t₹1.0t26.5x20.3x2.7x
Fri, 15 Aug 2025₹20.0t₹7.7t₹1.0t27x19.6x2.6x
Sun, 13 Jul 2025₹21.0t₹7.6t₹1.0t28.4x20.8x2.8x
Tue, 10 Jun 2025₹21.1t₹7.6t₹1.0t30.3x20.9x2.8x
Thu, 08 May 2025₹20.0t₹7.5t₹1.0t26.3x19.1x2.7x
Sat, 05 Apr 2025₹19.8t₹7.5t₹1.0t28.6x19.1x2.6x
Mon, 03 Mar 2025₹17.4t₹7.5t₹1.0t26.9x16.8x2.3x
Wed, 29 Jan 2025₹19.0t₹7.4t₹1.0t26.2x18.2x2.5x
Fri, 27 Dec 2024₹21.0t₹7.4t₹1.0t30x20.3x2.8x
Sun, 24 Nov 2024₹19.9t₹7.4t₹1.0t26.9x19.3x2.7x
Tue, 22 Oct 2024₹23.3t₹7.3t₹960.2b38.9x24.3x3.2x
Thu, 19 Sep 2024₹24.2t₹7.3t₹960.9b35x25.2x3.3x
Sat, 17 Aug 2024₹23.9t₹7.3t₹960.9b34.7x24.9x3.3x
Mon, 15 Jul 2024₹23.8t₹7.1t₹977.5b38.2x24.4x3.4x
Wed, 12 Jun 2024₹23.3t₹7.1t₹977.5b36.6x23.9x3.3x
Fri, 10 May 2024₹21.1t₹7.0t₹842.7b30.8x25.1x3x
Sun, 07 Apr 2024₹22.0t₹6.9t₹863.4b34.2x25.5x3.2x
Tue, 05 Mar 2024₹21.6t₹6.9t₹864.2b29.7x24.9x3.1x
Thu, 01 Feb 2024₹20.3t₹6.9t₹901.9b30.4x22.5x2.9x
Sat, 30 Dec 2023₹18.5t₹6.8t₹835.7b23.3x22.1x2.7x
Mon, 27 Nov 2023₹14.3t₹6.8t₹835.7b23.1x17.1x2.1x
Wed, 25 Oct 2023₹13.1t₹6.7t₹707.8b19.1x18.5x1.9x
Fri, 22 Sep 2023₹14.0t₹6.7t₹703.8b19.2x19.9x2.1x
Sun, 20 Aug 2023₹12.9t₹6.7t₹704.0b17.8x18.3x1.9x
Tue, 18 Jul 2023₹12.0t₹6.8t₹681.0b16.3x17.6x1.8x
Thu, 15 Jun 2023₹12.1t₹6.8t₹697.5b15x17.3x1.8x
Sat, 13 May 2023₹11.8t₹6.6t₹737.8b15.7x16x1.8x
Mon, 10 Apr 2023₹11.3t₹6.6t₹709.8b14.9x16x1.7x
Wed, 08 Mar 2023₹10.8t₹6.6t₹709.8b14.9x15.2x1.6x
Price to Earnings Ratio

15.2x


Total Market Cap: ₹10.8tTotal Earnings: ₹709.8bTotal Revenue: ₹6.6tTotal Market Cap vs Earnings and Revenue0%0%0%
Indian Utilities Sector Price to Earnings3Y Average 20.8x202420252026
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 20.8x.
  • 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 5.3% 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-0.79%
Utilities0.098%
Gas Utilities0.61%
Electric Utilities0.33%
Renewable Energy-0.14%
Water Utilities-0.68%
Industry PE
  • Investors are most optimistic about the Renewable Energy industry which is trading above its 3-year average PE ratio of 19.8x.
    • Analysts are expecting annual earnings growth of 21.1%, which is higher than its past year's earnings growth of 10.0% 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 21% over the next 5 years.
  • This is better than its past earnings growth rate of 10.0% 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
NTPC NTPC₹381.902.4%
+₹86.8b		22.6%PE15.3x
TORNTPOWER Torrent Power₹1.57k2.5%
+₹19.0b		24.0%PE25x
ADANIENSOL Adani Energy Solutions₹1.01k1.3%
+₹16.2b		55.4%PE54.1x
NHPC NHPC₹75.331.2%
+₹8.6b		3.3%PE24x
MGL Mahanagar Gas₹1.22k7.6%
+₹8.5b		-1.4%PE12.6x

Latest News

513683
₹259.95
NLC India
7D
-1.9%
1Y
25.9%

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

Analysts have kept their fair value estimate for NLC India steady at ₹324. They have, however, slightly adjusted assumptions such as the discount rate, revenue growth, profit margin and future P/E, which together influence their updated price target narrative.
TORNTPOWER
₹1,566.40
Torrent Power
7D
2.5%
1Y
24.0%

TORNTPOWER: Dividend Plans And Debenture Issue Will Support Measured Forward Outlook

Analysts have increased their price target on Torrent Power from ₹1,525 to ₹1,571. This reflects updated assumptions that combine higher projected revenue growth with slightly lower profit margins and a modestly reduced future P/E multiple.
NTPC
₹381.90
NTPC
7D
2.4%
1Y
22.6%
NHPC
₹75.33
NHPC
7D
1.2%
1Y
3.3%

NHPC: Bond Issue And New Hydropower Projects Will Support Future Upside

Analysts have lifted their price target on NHPC to ₹87.0 per share from ₹87, reflecting updated assumptions around the discount rate, revenue growth, profit margin, and future P/E that are broadly consistent with prior estimates. What's in the News Board meeting scheduled on Feb 20, 2026, to consider an investment proposal for the Uri I Stage II hydroelectric project with planned capacity of 240 MW in the Union Territory of Jammu & Kashmir, at an estimated completion cost of ₹2,708.95 crore, subject to implementation agreements and approvals (Key Developments).
ADANIENSOL
₹1,011.55
Adani Energy Solutions
7D
1.3%
1Y
55.4%

ADANIENSOL: New Subsidiaries And Governance Steps Will Support Measured Future Expansion

Analysts have trimmed their price target for Adani Energy Solutions from about ₹1,161.60 to roughly ₹1,123.83, citing updated assumptions around the discount rate, revenue growth, profit margin and future P/E that now point to a slightly lower fair value estimate. What's in the News A board meeting is scheduled on Jan 22, 2026 to consider and approve unaudited standalone and consolidated financial results for the quarter and nine months ended Dec 31, 2025 (company filing).
SJVN
₹73.03
SJVN
7D
-3.0%
1Y
-13.2%

SJVN: Upcoming Dividend Decision And Debt Issue Will Support Bullish Outlook

Analysts have trimmed their price target on SJVN from ₹87.33 to ₹84.67, pointing to slightly adjusted fair value assumptions, a marginally lower discount rate, stable revenue growth expectations, a small improvement in profit margin, and a reduced future P/E multiple. What's in the News SJVN has scheduled a Board meeting on Feb 11, 2026 to review financial results for the quarter ended Dec 31, 2025.
ADANIGREEN
₹947.35
Adani Green Energy
7D
-2.2%
1Y
22.3%

ADANIGREEN: Assam Storage Build Out Will Support Long-Term Upside

Analysts have trimmed their price target on Adani Green Energy from ₹1,263 to ₹1,220.5, citing updated assumptions around discount rate, revenue growth, profit margins and future P/E that modestly adjust their valuation framework. What's in the News TotalEnergies is preparing to sell up to a 6% stake in Adani Green Energy, potentially offering the stake to Adani Green Energy itself, after initially acquiring around a 20% minority interest in 2021 along with 50% of its operating solar portfolio (Key Developments).
533148
₹487.35
JSW Energy
7D
-1.3%
1Y
5.1%

533148: Preferential Equity Raise Will Support Alaknanda Acquisition Upside

Analysts now set their JSW Energy price target at about ₹568.75, up slightly from roughly ₹568.59. This reflects minor adjustments to their fair value model as they incorporate slightly higher discount rates, a modestly lower profit margin outlook, and a marginally higher future P/E assumption.
GAIL
₹169.53
GAIL (India)
7D
0.6%
1Y
8.6%

GAIL: Higher PNGRB Tariffs Will Support Earnings And Undervalued Upside

Analysts have trimmed their price target on GAIL (India) from ₹233.46 to ₹196.00. This reflects updated views on fair value and a lower assumed future P/E multiple, while keeping revenue growth and profit margin expectations broadly similar.
ADANIPOWER
₹140.11
Adani Power
7D
-1.8%
1Y
46.3%

ADANIPOWER: Assam Expansion And Governance Moves Will Support Long Term Upside

Analysts have kept their fair value estimate for Adani Power steady at ₹182.17 per share, with only minor tweaks to the discount rate and future P/E assumptions influencing this price target update. What's in the News A board meeting is scheduled for Jan 29, 2026 to consider and approve the unaudited financial results for the quarter and nine months ended Dec 31, 2025 (company filing).
IGL
₹170.86
Indraprastha Gas
7D
1.6%
1Y
-9.8%

IGL: Biogas Partnerships And Dividend Plan Will Support Long Term Upside

Analysts have nudged their price target on Indraprastha Gas down from ₹270 to ₹250. This reflects updated assumptions around slightly lower revenue growth, a modest adjustment to the discount rate, and revised expectations for profit margins and future P/E levels.
MGL
₹1,219.80
Mahanagar Gas
7D
7.6%
1Y
-1.4%

MGL: Upcoming Board Meeting And Interim Dividend Will Support Bullish Outlook

Analysts have trimmed their price target for Mahanagar Gas from about ₹1,437 to roughly ₹1,381, citing updated assumptions on the discount rate, long term revenue growth, profit margins and forward P/E. What's in the News Board meeting scheduled for February 7, 2026, to consider and approve the unaudited standalone and consolidated financial results for the quarter and nine months ended December 31, 2025 (Key Developments).
JPPOWER
₹15.25
Jaiprakash Power Ventures
7D
4.0%
1Y
14.1%

These 4 Measures Indicate That Jaiprakash Power Ventures (NSE:JPPOWER) Is Using Debt Reasonably Well

Feb 12
These 4 Measures Indicate That Jaiprakash Power Ventures (NSE:JPPOWER) Is Using Debt Reasonably Well
RPOWER
₹23.97
Reliance Power
7D
-8.7%
1Y
-27.9%
500390
₹90.45
Reliance Infrastructure
7D
-12.6%
1Y
-57.4%
ATGL
₹512.00
Adani Total Gas
7D
-1.4%
1Y
-8.1%