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Indian (NIFTY) Utilities Sector Analysis

UpdatedApr 05, 2026
DataAggregated Company Financials
Companies49
  • 7D-0.05%
  • 3M-4.3%
  • 1Y1.2%
  • YTD-2.1%

Over the last 7 days, the Utilities industry has remained flat, although notably Adani Power gained 3.9%. In line with that, the industry has also been flat over the past 12 months. 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, 05 Apr 2026₹20.1t₹7.7t₹963.4b21x20.9x2.6x
Tue, 03 Mar 2026₹20.7t₹7.7t₹963.1b23.6x21.5x2.7x
Thu, 29 Jan 2026₹19.2t₹7.7t₹952.7b22.5x20.2x2.5x
Sat, 27 Dec 2025₹20.0t₹7.7t₹954.8b24x20.9x2.6x
Mon, 24 Nov 2025₹20.5t₹7.7t₹956.0b24.9x21.5x2.7x
Wed, 22 Oct 2025₹21.6t₹7.7t₹1.0t27.5x21.2x2.8x
Fri, 19 Sep 2025₹20.6t₹7.7t₹1.0t26.4x20.2x2.7x
Sun, 17 Aug 2025₹20.0t₹7.7t₹1.0t27x19.6x2.6x
Tue, 15 Jul 2025₹21.2t₹7.6t₹1.0t28.5x20.9x2.8x
Thu, 12 Jun 2025₹21.3t₹7.6t₹1.0t31.6x21.1x2.8x
Sat, 10 May 2025₹19.3t₹7.5t₹1.0t26x18.5x2.6x
Mon, 07 Apr 2025₹19.8t₹7.5t₹1.0t28.6x19.1x2.6x
Wed, 05 Mar 2025₹17.5t₹7.5t₹1.0t25.4x16.9x2.3x
Fri, 31 Jan 2025₹19.3t₹7.5t₹1.0t28x18.5x2.6x
Sun, 29 Dec 2024₹20.9t₹7.4t₹1.0t29.6x20.2x2.8x
Tue, 26 Nov 2024₹19.9t₹7.4t₹1.0t27.8x19.3x2.7x
Thu, 24 Oct 2024₹22.7t₹7.3t₹968.1b37.8x23.4x3.1x
Sat, 21 Sep 2024₹24.5t₹7.3t₹960.9b36.7x25.5x3.4x
Mon, 19 Aug 2024₹23.9t₹7.3t₹960.9b34.7x24.9x3.3x
Wed, 17 Jul 2024₹24.0t₹7.1t₹977.5b38.4x24.6x3.4x
Fri, 14 Jun 2024₹23.6t₹7.1t₹977.5b37.8x24.1x3.3x
Sun, 12 May 2024₹21.3t₹7.0t₹842.5b29.3x25.3x3x
Tue, 09 Apr 2024₹22.2t₹6.9t₹863.4b32.7x25.8x3.2x
Thu, 07 Mar 2024₹21.5t₹6.9t₹864.2b30.1x24.8x3.1x
Sat, 03 Feb 2024₹20.7t₹6.9t₹901.9b32x23x3x
Mon, 01 Jan 2024₹18.5t₹6.8t₹835.7b23.3x22.1x2.7x
Wed, 29 Nov 2023₹15.0t₹6.8t₹835.7b23.4x17.9x2.2x
Fri, 27 Oct 2023₹13.0t₹6.7t₹707.8b18.8x18.3x1.9x
Sun, 24 Sep 2023₹14.0t₹6.7t₹703.8b19.3x19.9x2.1x
Tue, 22 Aug 2023₹12.9t₹6.7t₹704.0b18.1x18.3x1.9x
Thu, 20 Jul 2023₹12.1t₹6.8t₹681.0b15.8x17.8x1.8x
Sat, 17 Jun 2023₹12.1t₹6.8t₹697.5b15.2x17.3x1.8x
Mon, 15 May 2023₹11.8t₹6.6t₹737.3b15.7x16x1.8x
Wed, 12 Apr 2023₹11.8t₹6.6t₹709.8b15x16.6x1.8x
Price to Earnings Ratio

16.6x


Total Market Cap: ₹11.8tTotal Earnings: ₹709.8bTotal Revenue: ₹6.6tTotal Market Cap vs Earnings and Revenue0%0%0%
Indian Utilities Sector Price to Earnings3Y Average 20.9x202420252026
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 20.9x.
  • 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 Market0.0059%
Utilities-0.049%
Water Utilities3.26%
Gas Utilities0.68%
Renewable Energy0.39%
Electric Utilities-1.11%
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 19.4%, 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₹159.973.9%
+₹116.7b		50.2%PE28.1x
ADANIGREEN Adani Green Energy₹856.002.8%
+₹38.7b		-7.3%PE103.1x
GAIL GAIL (India)₹141.733.3%
+₹29.9b		-19.7%PE10.8x
NTPCGREEN NTPC Green Energy₹97.222.3%
+₹18.2b		0.5%PE146.6x
513683 NLC India₹278.553.0%
+₹11.3b		17.9%PE14.8x

Latest News

ATGL
₹520.05
Adani Total Gas
7D
-1.7%
1Y
-12.0%
GAIL
₹141.73
GAIL (India)
7D
3.3%
1Y
-19.7%

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
₹941.60
Adani Energy Solutions
7D
-1.5%
1Y
9.6%
ADANIPOWER
₹159.97
Adani Power
7D
3.9%
1Y
50.2%
IGL
₹146.31
Indraprastha Gas
7D
-1.4%
1Y
-26.1%

IGL: Biogas Partnership And Interim Dividend Will Support Long Term Upside

Analysts have kept Indraprastha Gas's fair value estimate steady at ₹255, reflecting only minor tweaks to revenue growth, profit margin and future P/E assumptions in their refreshed model. What's in the News Board meeting scheduled for February 12, 2026 to consider and approve unaudited financial results for the quarter ended December 31, 2025, share performance indicators with analysts and institutional investors, and consider an interim dividend of ₹3.25 per share at 162.5% on a face value of ₹2, with February 19, 2026 set as the record date (Key Developments).
ADANIGREEN
₹856.00
Adani Green Energy
7D
2.8%
1Y
-7.3%
513683
₹278.55
NLC India
7D
3.0%
1Y
17.9%

513683: Interim Dividend And Renewable Listing Plan Will Support Repricing

Analysts have kept the price target for NLC India broadly unchanged at around ₹324, reflecting only marginal tweaks to underlying assumptions such as discount rate, revenue growth, profit margin and future P/E estimates. What's in the News NLC India signed an MoU with National Aluminium Company (NALCO), a Navratna CPSE under the Ministry of Mines, to work together on thermal and renewable energy projects, with scope for a potential joint venture company (Key Developments).
TORNTPOWER
₹1,332.20
Torrent Power
7D
-1.5%
1Y
-13.3%

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
₹75.33
NHPC
7D
-1.6%
1Y
-9.3%

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
₹359.65
NTPC
7D
-4.3%
1Y
2.6%

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
₹289.95
Power Grid Corporation of India
7D
-1.9%
1Y
-1.3%

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).
SJVN
₹67.34
SJVN
7D
1.8%
1Y
-27.1%

SJVN: Future Earnings And Governance Will Be Shaped By Funding And Dividend Decisions

Analysts have trimmed their fair value estimate for SJVN from ₹74.00 to ₹67.00 after updated assumptions for the discount rate, revenue growth, profit margin and future P/E reset expectations around the stock. What's in the News SJVN has scheduled a Board meeting on February 11, 2026, to consider financial results for the quarter ended December 31, 2025.
GUJGASLTD
₹308.10
Gujarat Gas
7D
-3.0%
1Y
-22.4%

GUJGASLTD: Leadership Transition And Steady Margins Will Support A Positive Outlook

Analysts now place Gujarat Gas's price target at approximately ₹435, slightly below the prior fair value of about ₹438. This reflects updates to revenue growth assumptions, a broadly similar profit margin outlook, and a marginally higher future P/E estimate.
533148
₹489.35
JSW Energy
7D
1.0%
1Y
-3.3%

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

Analysts have maintained the JSW Energy price target at ₹700.00, citing updated assumptions on the discount rate, revenue growth, profit margin and future P/E that refine their view while leaving the headline number unchanged. What's in the News Board meeting on January 21, 2026 to consider and approve the allotment of equity shares and warrants on a preferential basis, along with other matters (company filing).
NTPCGREEN
₹97.22
NTPC Green Energy
7D
2.3%
1Y
0.5%
RPOWER
₹22.64
Reliance Power
7D
6.0%
1Y
-45.2%