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Indian (NIFTY) Utilities Sector Analysis

UpdatedApr 07, 2026
DataAggregated Company Financials
Companies49
  • 7D4.0%
  • 3M-1.2%
  • 1Y6.3%
  • YTD0.03%

In the last week, the Utilities industry is up 4.0%, with Adani Power up 8.5%. This means that the industry has gained 6.3% over the past year. As for the next few years, earnings are expected to grow by 17% per annum.

Sector Valuation and Performance

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

DateMarket CapRevenueEarningsPEAbsolute PEPS
Tue, 07 Apr 2026₹20.6t₹7.7t₹963.4b21.4x21.3x2.7x
Thu, 05 Mar 2026₹19.8t₹7.7t₹963.1b22.4x20.5x2.6x
Sat, 31 Jan 2026₹19.4t₹7.7t₹946.4b23.6x20.5x2.5x
Mon, 29 Dec 2025₹20.0t₹7.7t₹954.8b24x20.9x2.6x
Wed, 26 Nov 2025₹20.2t₹7.7t₹956.0b24.5x21.2x2.6x
Fri, 24 Oct 2025₹21.6t₹7.7t₹1.0t27.9x21.2x2.8x
Sun, 21 Sep 2025₹21.1t₹7.7t₹1.0t26.1x20.7x2.8x
Tue, 19 Aug 2025₹20.1t₹7.7t₹1.0t27.3x19.8x2.6x
Thu, 17 Jul 2025₹21.3t₹7.6t₹1.0t29x21x2.8x
Sat, 14 Jun 2025₹20.5t₹7.6t₹1.0t29.4x20.3x2.7x
Mon, 12 May 2025₹19.3t₹7.6t₹945.7b24.5x20.4x2.6x
Wed, 09 Apr 2025₹19.4t₹7.5t₹1.0t27.7x18.7x2.6x
Fri, 07 Mar 2025₹18.6t₹7.5t₹1.0t27.8x17.9x2.5x
Sun, 02 Feb 2025₹19.7t₹7.5t₹1.1t29.1x18.8x2.6x
Tue, 31 Dec 2024₹21.0t₹7.4t₹1.0t29.6x20.3x2.8x
Thu, 28 Nov 2024₹21.4t₹7.4t₹1.0t29.9x20.7x2.9x
Sat, 26 Oct 2024₹22.3t₹7.3t₹980.7b36x22.7x3x
Mon, 23 Sep 2024₹24.5t₹7.3t₹960.9b36.7x25.5x3.4x
Wed, 21 Aug 2024₹24.4t₹7.3t₹960.9b34x25.4x3.4x
Fri, 19 Jul 2024₹23.7t₹7.1t₹977.5b38.2x24.3x3.4x
Sun, 16 Jun 2024₹23.5t₹7.1t₹977.5b37.1x24.1x3.3x
Tue, 14 May 2024₹21.3t₹7.0t₹842.6b28.3x25.2x3x
Thu, 11 Apr 2024₹22.2t₹6.9t₹863.4b31.9x25.8x3.2x
Sat, 09 Mar 2024₹21.5t₹6.9t₹864.2b29.7x24.9x3.1x
Mon, 05 Feb 2024₹20.7t₹6.9t₹892.2b31.5x23.3x3x
Wed, 03 Jan 2024₹18.5t₹6.8t₹835.7b23.9x22.2x2.7x
Fri, 01 Dec 2023₹15.1t₹6.8t₹835.7b23.4x18.1x2.2x
Sun, 29 Oct 2023₹13.3t₹6.8t₹715.2b19.2x18.6x2x
Tue, 26 Sep 2023₹14.0t₹6.7t₹703.8b19.4x19.9x2.1x
Thu, 24 Aug 2023₹13.2t₹6.7t₹704.0b18.6x18.8x2x
Sat, 22 Jul 2023₹12.2t₹6.8t₹681.0b16.3x17.9x1.8x
Mon, 19 Jun 2023₹12.1t₹6.8t₹697.6b15.2x17.3x1.8x
Wed, 17 May 2023₹11.6t₹6.6t₹737.3b15.3x15.7x1.7x
Fri, 14 Apr 2023₹11.7t₹6.6t₹709.8b15x16.5x1.8x
Price to Earnings Ratio

16.5x


Total Market Cap: ₹11.7tTotal Earnings: ₹709.8bTotal 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 2.6x.
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 Market3.69%
Utilities4.03%
Water Utilities8.83%
Renewable Energy5.14%
Gas Utilities3.32%
Electric Utilities2.25%
Industry PE
  • Investors are most optimistic about the Renewable Energy industry which is trading above its 3-year average PE ratio of 20.1x.
    • Analysts are expecting annual earnings growth of 19.6%, 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 8.0% 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
ADANIPOWER Adani Power₹163.368.6%
+₹249.4b		59.0%PE28.7x
ADANIGREEN Adani Green Energy₹925.3514.7%
+₹195.1b		5.7%PE111.4x
ADANIENSOL Adani Energy Solutions₹986.255.5%
+₹61.7b		17.3%PE52.8x
GAIL GAIL (India)₹145.385.6%
+₹50.4b		-15.8%PE11.1x
TORNTPOWER Torrent Power₹1.40k7.2%
+₹47.2b		-7.3%PE22.3x

Latest News

ADANIPOWER
₹163.26
Adani Power
7D
8.5%
1Y
60.1%

ADANIPOWER: Upcoming Results And Revised Assumptions Will Support Long Term Upside Conviction

Analysts now see Adani Power's fair value at about ₹180 per share, compared with roughly ₹182 earlier. This reflects updates to the discount rate, revenue growth, profit margin and future P/E assumptions.
533148
₹496.65
JSW Energy
7D
5.1%
1Y
1.6%

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).
GAIL
₹143.14
GAIL (India)
7D
3.9%
1Y
-15.3%

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).
ADANIENSOL
₹991.35
Adani Energy Solutions
7D
6.0%
1Y
21.6%
ADANIGREEN
₹921.10
Adani Green Energy
7D
14.2%
1Y
5.5%
TORNTPOWER
₹1,379.10
Torrent Power
7D
5.6%
1Y
-7.9%

TORNTPOWER: Board Actions On Dividend And Funding Will Shape Future Performance

Analysts now peg Torrent Power's fair value slightly lower at about ₹1,415 per share, down from roughly ₹1,420, citing updated assumptions on discount rate, revenue growth, profit margin and future P/E. What's in the News Torrent Power declared an interim dividend of ₹15 per share for fiscal year 2025-26, with a record date of February 16, 2026 and a scheduled payment date of March 12, 2026 (company announcement).
NHPC
₹76.16
NHPC
7D
3.3%
1Y
-7.8%

NHPC: Upcoming Bond Programme Will Support Hydropower Expansion Upside

Analysts have modestly raised their price target on NHPC to ₹89.57 from ₹87, reflecting updated assumptions around fair value, discount rate, revenue growth, profit margin and future P/E. What's in the News Board meeting on Mar 25, 2026 to review the borrowing plan for FY 2026-27, including secured or unsecured corporate bonds, term loans and External Commercial Borrowings, among other options (Board Meeting).
NTPC
₹366.10
NTPC
7D
-1.2%
1Y
4.7%

NTPC: Dividend Strength And Gasification Projects Will Support Long Term Appeal

Analysts have lifted their price target for NTPC from ₹413.28 to ₹424.46, citing updated assumptions around the discount rate, revenue growth, profit margin and future P/E as key drivers of the change. What's in the News NTPC signed an MoU with Gujarat Mineral Development Corporation to explore coal and lignite gasification projects in Odisha and Gujarat.
POWERGRID
₹295.15
Power Grid Corporation of India
7D
-0.3%
1Y
2.0%

POWERGRID: Dividend Strength And Subsidiary Merger Plans Will Support Upside

Analysts have trimmed their price target for Power Grid Corporation of India by about ₹2, reflecting slightly adjusted views on fair value, revenue growth assumptions, profit margin expectations and future P/E levels. What's in the News Board meeting on March 19, 2026 to review a revised merger plan to combine 28 wholly owned subsidiaries into 2 other wholly owned subsidiaries, replacing an earlier proposal that covered 11 subsidiaries, along with related merger schemes (Key Developments).
538520
₹2.03
Shivamshree Businesses
7D
-5.6%
1Y
-7.7%
NTPCGREEN
₹98.05
NTPC Green Energy
7D
6.2%
1Y
3.4%