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Indian (NIFTY) Utilities Sector Analysis

UpdatedApr 12, 2026
DataAggregated Company Financials
Companies49
  • 7D8.3%
  • 3M9.7%
  • 1Y9.6%
  • YTD6.0%

The Utilities industry is up 8.3% in the last week, with Adani Green Energy up 27%. In the last 12 months, the industry was up 9.6%. Earnings are forecast to grow by 17% annually.

Sector Valuation and Performance

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

DateMarket CapRevenueEarningsPEAbsolute PEPS
Sun, 12 Apr 2026₹21.8t₹7.7t₹963.4b22.5x22.6x2.8x
Tue, 10 Mar 2026₹19.8t₹7.7t₹963.1b21.8x20.6x2.6x
Thu, 05 Feb 2026₹20.5t₹7.7t₹964.1b23.5x21.3x2.7x
Sat, 03 Jan 2026₹20.9t₹7.7t₹954.8b24.9x21.9x2.7x
Mon, 01 Dec 2025₹20.4t₹7.7t₹956.0b24.4x21.3x2.6x
Wed, 29 Oct 2025₹21.3t₹7.7t₹1.0t27.9x21x2.8x
Fri, 26 Sep 2025₹21.2t₹7.7t₹1.0t27.1x20.9x2.8x
Sun, 24 Aug 2025₹20.1t₹7.7t₹1.0t26.6x19.8x2.6x
Tue, 22 Jul 2025₹21.1t₹7.6t₹1.0t28.6x20.8x2.8x
Thu, 19 Jun 2025₹20.3t₹7.6t₹1.0t28.5x20.1x2.7x
Sat, 17 May 2025₹20.7t₹7.6t₹954.7b26.2x21.7x2.7x
Mon, 14 Apr 2025₹19.8t₹7.5t₹1.0t28.1x19.1x2.6x
Wed, 12 Mar 2025₹18.4t₹7.5t₹1.0t27.1x17.8x2.5x
Fri, 07 Feb 2025₹19.3t₹7.5t₹1.1t27.8x18.1x2.6x
Sun, 05 Jan 2025₹21.2t₹7.4t₹1.0t30.4x20.6x2.9x
Tue, 03 Dec 2024₹22.2t₹7.4t₹1.0t30.6x21.5x3x
Thu, 31 Oct 2024₹22.4t₹7.3t₹947.0b37.7x23.7x3.1x
Sat, 28 Sep 2024₹25.1t₹7.3t₹960.9b36.6x26.1x3.4x
Mon, 26 Aug 2024₹24.0t₹7.3t₹960.9b34.3x25x3.3x
Wed, 24 Jul 2024₹23.4t₹7.1t₹979.8b38.4x23.9x3.3x
Fri, 21 Jun 2024₹23.4t₹7.1t₹977.5b37.3x23.9x3.3x
Sun, 19 May 2024₹22.3t₹7.0t₹852.8b30.9x26.2x3.2x
Tue, 16 Apr 2024₹21.7t₹6.9t₹863.4b30.4x25.1x3.1x
Thu, 14 Mar 2024₹19.4t₹6.9t₹864.2b27.1x22.5x2.8x
Sat, 10 Feb 2024₹21.0t₹6.9t₹902.4b31x23.3x3.1x
Mon, 08 Jan 2024₹19.3t₹6.8t₹835.7b25.4x23.1x2.8x
Wed, 06 Dec 2023₹17.1t₹6.8t₹835.7b23.6x20.4x2.5x
Fri, 03 Nov 2023₹13.5t₹6.7t₹744.4b19.5x18.2x2x
Sun, 01 Oct 2023₹14.1t₹6.7t₹703.8b19.7x20x2.1x
Tue, 29 Aug 2023₹13.2t₹6.7t₹704.0b18.6x18.7x2x
Thu, 27 Jul 2023₹12.7t₹6.8t₹681.4b17.2x18.7x1.9x
Sat, 24 Jun 2023₹11.8t₹6.8t₹697.6b16.6x17x1.7x
Mon, 22 May 2023₹11.4t₹6.8t₹711.2b19.1x16x1.7x
Wed, 19 Apr 2023₹11.7t₹6.6t₹710.1b15.4x16.5x1.8x
Price to Earnings Ratio

16.5x


Total Market Cap: ₹11.7tTotal Earnings: ₹710.1bTotal Revenue: ₹6.6tTotal Market Cap vs Earnings and Revenue0%0%0%
Indian Utilities Sector Price to Earnings3Y Average 21x202420252026
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 21.0x.
  • The industry is trading close to its 3-year average PS ratio of 2.7x.
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 Market6.90%
Utilities8.25%
Water Utilities9.35%
Gas Utilities9.02%
Electric Utilities8.36%
Renewable Energy8.04%
Industry PE
  • Investors are most optimistic about the Renewable Energy industry which is trading above its 3-year average PE ratio of 20.2x.
    • Analysts are expecting annual earnings growth of 20.1%, which is higher than its past year's earnings growth of 12.9% per year.
  • Investors are most pessimistic about the Gas Utilities industry, which is trading below 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 27% per year.
  • In contrast, the Gas Utilities industry is expected to see its earnings grow by 7.5% 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
ADANIGREEN Adani Green Energy₹1.09k26.8%
+₹377.8b		21.5%PE130.7x
ADANIPOWER Adani Power₹175.819.9%
+₹305.5b		69.6%PE30.9x
ADANIENSOL Adani Energy Solutions₹1.16k23.0%
+₹259.8b		37.1%PE61.9x
NTPC NTPC₹380.155.7%
+₹198.8b		5.6%PE15.2x
POWERGRID Power Grid Corporation of India₹302.754.4%
+₹119.0b		-0.4%PE18.1x

Latest News

513683
₹267.30
NLC India
7D
-4.0%
1Y
16.6%

513683: Interim Dividend Will Support Future Repricing Potential

Analysts have kept their fair value estimate for NLC India steady at ₹324, citing largely unchanged assumptions around discount rate, revenue growth, profit margin and forward P/E. Taken together, these factors support a consistent view of the company’s valuation.
ADANIENSOL
₹1,157.90
Adani Energy Solutions
7D
23.0%
1Y
37.1%
TORNTPOWER
₹1,471.80
Torrent Power
7D
10.5%
1Y
-5.8%

TORNTPOWER: Measured Outlook As Dividend Plans And Debenture Funding Guide Future Performance

Analysts have nudged their fair value estimate for Torrent Power slightly higher, with the price target moving from ₹1,415.20 to ₹1,422.20. This change reflects updated assumptions around revenue growth, profit margins and future P/E expectations.
ADANIPOWER
₹175.81
Adani Power
7D
9.9%
1Y
69.6%
ADANIGREEN
₹1,085.35
Adani Green Energy
7D
26.8%
1Y
21.5%

ADANIGREEN: Steady Fair Value Will Reflect Higher Growth And Softer Margins

Analysts have kept their price target on Adani Green Energy steady at ₹864, citing offsetting adjustments to revenue growth assumptions, profit margin expectations, and future P/E inputs that together leave their overall valuation view unchanged. What's in the News Board meeting scheduled on Apr 24, 2026 to consider and approve the fourth quarter financial results for FY 2025-26 (Key Developments).
NTPC
₹380.15
NTPC
7D
5.7%
1Y
5.6%

NTPC: Dividend Strength And Storage Investments Will Support Long Term Appeal

Analysts have kept NTPC's fair value estimate steady at ₹424.46, with a slightly higher discount rate and P/E assumption, as well as a small adjustment to revenue growth and profit margin expectations shaping this updated price target view. What's in the News A board meeting is scheduled for Mar 28, 2026, to review an investment proposal for a Battery Energy Storage System with 4.70 GWh capacity at an estimated project cost of ₹58,219m, along with other matters (Board Meeting).
POWERGRID
₹302.75
Power Grid Corporation of India
7D
4.4%
1Y
-0.4%

POWERGRID: Future P/E Expansion Will Outrun Weakening Margins And Modest Revenue Outlook

Analysts have adjusted their price target on Power Grid Corporation of India to ₹267 from ₹260, citing updated assumptions that combine a small change in profit margin and P/E expectations with a shift in projected revenue growth from a decline of 0.59% to growth of 0.42%. What's in the News Board meeting scheduled on 19 March 2026 to review a revised proposal to merge or amalgamate 28 wholly owned subsidiaries into 2 other wholly owned subsidiaries, replacing an earlier plan that covered 11 subsidiaries (Board Meeting).
533148
₹488.75
JSW Energy
7D
-0.1%
1Y
-1.0%

533148: Preferential Allotment And Governance Actions Will Support Long-Term Expansion

Analysts have maintained their price target for JSW Energy at ₹700, pointing to largely unchanged fair value assumptions along with minor tweaks to the discount rate, revenue growth, profit margin and future P/E inputs. What's in the News JSW Energy plans a Special and Extraordinary Shareholders Meeting via postal ballot in India on March 25, 2026 to seek approval for the re appointment of Independent Director Mr. Munesh Khanna (Key Developments).
ATGL
₹581.05
Adani Total Gas
7D
11.7%
1Y
-1.9%
GAIL
₹154.08
GAIL (India)
7D
8.7%
1Y
-10.3%

GAIL: Upcoming Renewables Expansion And New Leadership Will Support Future Upside

Analysts have trimmed their price target on GAIL (India) slightly from about ₹195 to around ₹192, reflecting updated assumptions for more measured revenue growth, a marginally stronger profit margin, and a slightly lower future P/E multiple. What's in the News Board meeting scheduled on January 31, 2026 at 14:00 IST to consider unaudited financial results for the quarter and nine months ended December 31, 2025, a possible interim dividend for FY 2025-26, and an extension in the completion schedule of the MNJPL Project with PNGRB (Key Developments).
538520
₹1.93
Shivamshree Businesses
7D
-4.0%
1Y
-12.3%
ACMESOLAR
₹268.65
ACME Solar Holdings
7D
-2.2%
1Y
36.3%
NTPCGREEN
₹97.17
NTPC Green Energy
7D
-0.05%
1Y
1.4%