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Indian (NIFTY) Utilities Sector Analysis

UpdatedJul 21, 2026
DataAggregated Company Financials
Companies50
  • 7D0.5%
  • 3M2.0%
  • 1Y14.1%
  • YTD17.5%

Over the last 7 days, the Utilities industry has remained flat, although notably Adani Energy Solutions gained 3.0%. The past year has been better, since the industry has gained 14% in that time. Earnings are forecast to grow by 16% annually.

Sector Valuation and Performance

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

DateMarket CapRevenueEarningsPEAbsolute PEPS
Wed, 22 Jul 2026₹24.2t₹7.7t₹969.6b33x25x3.1x
Fri, 19 Jun 2026₹24.5t₹7.7t₹969.6b32.5x25.3x3.2x
Sun, 17 May 2026₹24.1t₹7.8t₹989.3b27x24.3x3.1x
Tue, 14 Apr 2026₹22.1t₹7.7t₹963.4b22.9x22.9x2.9x
Thu, 12 Mar 2026₹20.2t₹7.7t₹963.1b22.9x20.9x2.6x
Sat, 07 Feb 2026₹20.5t₹7.7t₹960.4b23.4x21.4x2.7x
Mon, 05 Jan 2026₹20.9t₹7.7t₹954.8b24.9x21.9x2.7x
Wed, 03 Dec 2025₹20.3t₹7.7t₹956.0b24.5x21.2x2.6x
Fri, 31 Oct 2025₹21.8t₹7.7t₹1.0t28.6x21.5x2.8x
Sun, 28 Sep 2025₹20.8t₹7.7t₹1.0t26.5x20.4x2.7x
Tue, 26 Aug 2025₹20.2t₹7.7t₹1.0t26.2x19.8x2.6x
Thu, 24 Jul 2025₹21.1t₹7.6t₹1.0t28.7x20.8x2.8x
Sat, 21 Jun 2025₹20.1t₹7.6t₹1.0t28.4x19.9x2.6x
Mon, 19 May 2025₹20.8t₹7.6t₹956.2b26.2x21.7x2.7x
Wed, 16 Apr 2025₹20.3t₹7.5t₹1.0t27.7x19.6x2.7x
Fri, 14 Mar 2025₹18.6t₹7.5t₹1.0t26.2x17.9x2.5x
Sun, 09 Feb 2025₹19.2t₹7.5t₹1.1t29x18x2.6x
Tue, 07 Jan 2025₹20.4t₹7.4t₹1.0t29.9x19.7x2.8x
Thu, 05 Dec 2024₹22.5t₹7.4t₹1.0t31.1x21.8x3x
Sat, 02 Nov 2024₹22.7t₹7.3t₹947.5b38.2x24x3.1x
Mon, 30 Sep 2024₹25.1t₹7.3t₹960.9b36.6x26.2x3.5x
Wed, 28 Aug 2024₹24.1t₹7.3t₹960.9b34.1x25.1x3.3x
Fri, 26 Jul 2024₹23.8t₹7.1t₹979.4b39.1x24.3x3.4x
Sun, 23 Jun 2024₹23.2t₹7.1t₹977.5b37.3x23.8x3.3x
Tue, 21 May 2024₹22.4t₹7.0t₹852.8b31.2x26.3x3.2x
Thu, 18 Apr 2024₹21.7t₹6.9t₹863.4b30.5x25.2x3.2x
Sat, 16 Mar 2024₹20.3t₹6.9t₹864.2b28.7x23.4x2.9x
Mon, 12 Feb 2024₹21.0t₹6.9t₹896.4b30.5x23.5x3.1x
Wed, 10 Jan 2024₹19.3t₹6.8t₹835.8b25.7x23.1x2.8x
Fri, 08 Dec 2023₹18.4t₹6.8t₹835.7b23.6x22.1x2.7x
Sun, 05 Nov 2023₹13.6t₹6.8t₹803.6b19.8x17x2x
Tue, 03 Oct 2023₹14.1t₹6.7t₹703.8b19.7x20x2.1x
Thu, 31 Aug 2023₹13.2t₹6.7t₹704.0b19.3x18.8x2x
Sat, 29 Jul 2023₹12.9t₹6.8t₹681.4b17.2x18.9x1.9x
Price to Earnings Ratio

18.9x


Total Market Cap: ₹12.9tTotal Earnings: ₹681.4bTotal Revenue: ₹6.8tTotal Market Cap vs Earnings and Revenue0%0%0%
Indian Utilities Sector Price to Earnings3Y Average 21.7x202420252026
Current Industry PE
  • Investors are optimistic on the Indian Utilities industry, and appear confident in long term growth rates.
  • The industry is trading at a PE ratio of 25.0x which is higher than its 3-year average PE of 21.7x.
  • The 3-year average PS ratio of 2.8x is lower than the industry's current PS ratio of 3.1x.
Past Earnings Growth
  • The earnings for companies in the Utilities industry have grown 12% per year over the last three years.
  • Revenues for these companies have grown 4.3% 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 Market0.002%
Utilities0.53%
Electric Utilities1.91%
Renewable Energy0.094%
Gas Utilities-0.83%
Water Utilities-4.02%
Industry PE
  • Investors are most optimistic about the Water Utilities industry even though it's trading below its 3-year average PE ratio of 49.5x.
    • Analysts are expecting annual earnings growth of 19.5%, which is lower than the prior year's growth of 25.5% 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 Water Utilities industry, expecting annual earnings growth of 20% over the next 5 years.
  • However this is lower than its past earnings growth rate of 25% per year.
  • In contrast, the Gas Utilities industry is expected to see its earnings grow by 13% 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
ADANIENSOL Adani Energy Solutions₹1.74k3.0%
+₹61.6b		100.8%PE91.7x
GAIL GAIL (India)₹173.991.4%
+₹16.3b		-5.5%PE15.1x
533148 JSW Energy₹565.851.5%
+₹15.8b		6.5%PE46.3x
NHPC NHPC₹80.312.0%
+₹15.5b		-7.0%PE21.4x
500400 Tata Power₹381.451.1%
+₹12.8b		-4.4%PE32.5x

Latest News

GAIL
₹173.99
GAIL (India)
7D
1.4%
1Y
-5.5%
JPPOWER
₹17.75
Jaiprakash Power Ventures
7D
6.5%
1Y
-17.1%
GUJENERGY
₹267.00
Gujarat Energy
7D
-6.3%
1Y
-43.4%
513683
₹295.25
NLC India
7D
-2.7%
1Y
22.4%
500400
₹381.45
Tata Power
7D
1.1%
1Y
-4.4%
TORNTPOWER
₹1,435.90
Torrent Power
7D
-2.0%
1Y
6.9%
Narrative Update • Jul 17

TORNTPOWER: Higher P/E Versus Weakening Margins Will Pressure Future Returns

Analysts have lifted their fair value estimate for Torrent Power from ₹1,202.96 to ₹1,255.00, reflecting updated assumptions for revenue growth, profit margins, and future P/E levels. What’s in the News for Torrent Power Torrent Power has scheduled a board meeting on May 12, 2026, to consider audited standalone and consolidated financial results for the quarter and year ended March 31, 2026.
NTPCGREEN
₹92.54
NTPC Green Energy
7D
-1.7%
1Y
-14.7%
533148
₹565.85
JSW Energy
7D
1.5%
1Y
6.5%
Narrative Update • Jul 16

533148: Follow On Equity Offering Will Pressure Overextended Share Price

Analysts have nudged their fair value estimate for JSW Energy from ₹450.00 to about ₹463.03, citing updated assumptions around discount rates, revenue growth, profit margins, and future P/E expectations. What’s in the News for JSW Energy JSW Energy completed a follow on equity offering of ₹40b, issuing 76,190,476 equity shares at ₹525 per share under Regulation S, followed by a direct listing.
ADANIENSOL
₹1,741.60
Adani Energy Solutions
7D
3.0%
1Y
100.8%
ADANIPOWER
₹220.37
Adani Power
7D
-2.6%
1Y
86.6%
ADANIGREEN
₹1,541.90
Adani Green Energy
7D
-3.9%
1Y
52.1%
Narrative Update • Jul 14

ADANIGREEN: Future Returns Will Depend On Executing Massive Khavda Storage Project

Adani Green Energy's analyst price target has been revised from ₹864 to ₹1,000, with analysts pointing to updated assumptions around revenue growth, profit margins, discount rate and future P/E as the key drivers of this change. What’s in the News for Adani Green Energy Upcoming board meeting scheduled for October 21, 2026, to consider Adani Green Energy’s second quarter results for FY 2026-27.
CLEANMAX
₹1,365.30
Clean Max Enviro Energy Solutions
7D
7.2%
1Y
n/a
ATGL
₹700.40
Adani Total Gas
7D
-2.9%
1Y
8.3%
NHPC
₹80.31
NHPC
7D
2.0%
1Y
-7.0%
Narrative Update • Jun 18

NHPC: Senior Housing Shift And Etalin Project Keep Outlook Balanced

Analysts have kept their fair value estimate for NHPC steady at ₹72.0, with only slight adjustments to the discount rate, revenue growth, profit margin and future P/E assumptions as they factor in varied views on the company’s evolving exposure to senior housing and the balance between growth potential and execution risk. Analyst Commentary Recent Street research on NHPC highlights a split view on how the company’s push into senior housing could affect its long term growth profile, risk level and valuation.
VEDPOWER
₹37.79
Vedanta Power
7D
-5.6%
1Y
n/a
CESC
₹165.06
CESC
7D
3.7%
1Y
-7.2%
Analysis Article • May 09

Analysts Are Updating Their CESC Limited (NSE:CESC) Estimates After Its Annual Results

CESC Limited ( NSE:CESC ) came out with its yearly results last week, and we wanted to see how the business is...