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Indian (NIFTY) Utilities Sector Analysis

UpdatedFeb 05, 2026
DataAggregated Company Financials
Companies48
  • 7D7.0%
  • 3M-1.1%
  • 1Y5.2%
  • YTD0.5%

In the last week, the Utilities industry is up 6.3%, with Adani Power up 15%. In the same time, NTPC Green Energy was down 6.4%. In the last 12 months, the industry was up 3.5%. Earnings are forecast to grow by 18% annually.

Sector Valuation and Performance

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

DateMarket CapRevenueEarningsPEAbsolute PEPS
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
Fri, 17 Mar 2023₹11.4t₹6.6t₹709.8b14.9x16.1x1.7x
Sun, 12 Feb 2023₹11.4t₹6.6t₹712.5b12.4x16x1.7x
Price to Earnings Ratio

16x


Total Market Cap: ₹11.4tTotal Earnings: ₹712.5bTotal Revenue: ₹6.6tTotal Market Cap vs Earnings and Revenue0%0%0%
Indian Utilities Sector Price to Earnings3Y Average 20.6x202420252026
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 20.6x.
  • 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 Market2.05%
Utilities6.97%
Water Utilities11.68%
Electric Utilities8.39%
Renewable Energy7.71%
Gas Utilities0.32%
Industry PE
  • Investors are most optimistic about the Water Utilities industry even though it's trading below its 3-year average PE ratio of 59.8x.
    • Analysts expect its future annual earnings growth (20.6%) to be largely in line with prior year's earnings growth.
  • Investors are most pessimistic about the Gas Utilities industry, which is trading close to its 3-year average of 19.0x.
Forecasted Growth
  • Analysts are most optimistic on the Renewable Energy industry, expecting annual earnings growth of 22% 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 8.4% 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₹155.2915.3%
+₹396.7b		53.6%PE27.3x
POWERGRID Power Grid Corporation of India₹289.4011.4%
+₹275.3b		1.5%PE17.3x
ADANIGREEN Adani Green Energy₹954.4516.0%
+₹216.7b		-6.2%PE114.9x
NTPC NTPC₹367.255.5%
+₹186.2b		14.9%PE14.7x
ADANIENSOL Adani Energy Solutions₹988.1512.0%
+₹127.5b		27.4%PE52.9x

Latest News

540565
₹163.22
Indigrid Infrastructure Trust
7D
-0.8%
1Y
14.5%
POWERGRID
₹289.40
Power Grid Corporation of India
7D
11.4%
1Y
1.5%
NTPC
₹367.25
NTPC
7D
5.5%
1Y
14.9%
GAIL
₹165.41
GAIL (India)
7D
-1.6%
1Y
-7.8%

Future LNG Commitments And Heavy Capex Will Constrain Returns Over The Long Term

Catalysts About GAIL (India) GAIL (India) operates a large natural gas transmission, marketing, petrochemicals and clean energy portfolio in India. What are the underlying business or industry changes driving this perspective?
TORNTPOWER
₹1,407.50
Torrent Power
7D
5.6%
1Y
5.5%
IGL
₹173.59
Indraprastha Gas
7D
-0.8%
1Y
-15.2%

IGL: Future Saudi Alliance And Biofuel Projects Will Support Balanced Outlook

Analysts have raised their fair value estimate for Indraprastha Gas from ₹158.89 to ₹162.48, citing updated assumptions on the discount rate, revenue growth, profit margins, and future P/E, which together indicate a modestly higher valuation range. What's in the News A board meeting is scheduled for Nov 12, 2025, to consider unaudited financial results for the quarter ended Sep 30, 2025, and an alliance cum partnership agreement with MASAH Construction Company, Saudi Arabia, for pre qualification to tender for natural gas distribution licenses in industrial cities in Saudi Arabia (Key Developments).
NTPCGREEN
₹87.58
NTPC Green Energy
7D
-6.4%
1Y
-21.8%

Earnings Report: NTPC Green Energy Limited Missed Revenue Estimates By 6.5%

Feb 02
Earnings Report: NTPC Green Energy Limited Missed Revenue Estimates By 6.5%
RPOWER
₹28.94
Reliance Power
7D
-1.6%
1Y
-27.5%
ADANIENSOL
₹988.15
Adani Energy Solutions
7D
12.0%
1Y
27.4%
SJVN
₹73.98
SJVN
7D
-0.3%
1Y
-23.3%
ADANIPOWER
₹155.29
Adani Power
7D
15.3%
1Y
53.6%
ADANIGREEN
₹954.45
Adani Green Energy
7D
16.0%
1Y
-6.2%

Earnings Miss: Adani Green Energy Limited Missed EPS And Analysts Are Revising Their Forecasts

Jan 28
Earnings Miss: Adani Green Energy Limited Missed EPS And Analysts Are Revising Their Forecasts
500390
₹132.65
Reliance Infrastructure
7D
-1.3%
1Y
-47.8%
500400
₹371.30
Tata Power
7D
4.6%
1Y
1.4%

500400: Expanding Transmission Network Will Support Long Term Upside Potential

Analysts have kept their fair value estimate for Tata Power steady at ₹510, with only minor tweaks to revenue growth, profit margin and future P/E assumptions. These changes reflect updated modeling rather than a change in the overall view.
533148
₹468.55
JSW Energy
7D
5.0%
1Y
-5.1%

533148: Fair Outlook Will Weigh Private Placement, Warrants And CFO Transition

Analysts have kept their fair value estimate for JSW Energy steady at ₹486, while slightly adjusting assumptions around the discount rate, revenue growth, profit margin, and future P/E. This has resulted in a largely unchanged overall price target narrative.
NHPC
₹78.48
NHPC
7D
-0.5%
1Y
-1.3%

Not Many Are Piling Into NHPC Limited (NSE:NHPC) Just Yet

Jan 16
Not Many Are Piling Into NHPC Limited (NSE:NHPC) Just Yet