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Indian (NIFTY) Utilities Sector Analysis

UpdatedFeb 26, 2026
DataAggregated Company Financials
Companies48
  • 7D0.3%
  • 3M1.4%
  • 1Y14.5%
  • YTD1.4%

Last week, the Utilities industry hasn't moved much but NTPC is up 5.1% in that time. The past year has been better, since the industry has gained 15% in that time. As for the next few years, earnings are expected to grow by 18% per annum.

Sector Valuation and Performance

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

DateMarket CapRevenueEarningsPEAbsolute PEPS
Thu, 26 Feb 2026₹20.7t₹7.7t₹962.8b23.9x21.6x2.7x
Sat, 24 Jan 2026₹18.7t₹7.7t₹955.5b21.8x19.5x2.4x
Mon, 22 Dec 2025₹19.8t₹7.7t₹954.8b24x20.7x2.6x
Wed, 19 Nov 2025₹20.8t₹7.7t₹955.9b25x21.8x2.7x
Fri, 17 Oct 2025₹21.5t₹7.7t₹1.0t26.2x21.1x2.8x
Sun, 14 Sep 2025₹20.4t₹7.7t₹1.0t26x20.1x2.7x
Tue, 12 Aug 2025₹20.0t₹7.7t₹1.0t26.8x19.5x2.6x
Thu, 10 Jul 2025₹21.1t₹7.6t₹1.0t28.6x20.8x2.8x
Sat, 07 Jun 2025₹20.8t₹7.6t₹1.0t30x20.5x2.7x
Mon, 05 May 2025₹20.0t₹7.5t₹1.0t27.7x19.1x2.7x
Wed, 02 Apr 2025₹19.8t₹7.5t₹1.0t27x19.1x2.6x
Fri, 28 Feb 2025₹17.8t₹7.5t₹1.0t27.3x17.2x2.4x
Sun, 26 Jan 2025₹19.7t₹7.4t₹1.0t28.5x18.9x2.7x
Tue, 24 Dec 2024₹21.0t₹7.4t₹1.0t30.7x20.3x2.8x
Thu, 21 Nov 2024₹20.8t₹7.4t₹1.0t27.7x20.2x2.8x
Sat, 19 Oct 2024₹23.6t₹7.3t₹960.2b38.9x24.6x3.2x
Mon, 16 Sep 2024₹23.7t₹7.3t₹960.9b35x24.7x3.3x
Wed, 14 Aug 2024₹23.8t₹7.3t₹954.8b34.4x24.9x3.3x
Fri, 12 Jul 2024₹24.0t₹7.1t₹977.5b38.8x24.5x3.4x
Sun, 09 Jun 2024₹23.2t₹7.1t₹978.3b36.6x23.7x3.3x
Tue, 07 May 2024₹22.0t₹7.0t₹839.7b28.5x26.2x3.2x
Thu, 04 Apr 2024₹21.8t₹6.9t₹863.4b31.2x25.2x3.2x
Sat, 02 Mar 2024₹21.3t₹6.9t₹864.2b29x24.6x3.1x
Mon, 29 Jan 2024₹19.6t₹6.9t₹866.2b26.1x22.6x2.8x
Wed, 27 Dec 2023₹18.2t₹6.8t₹835.7b24x21.8x2.7x
Fri, 24 Nov 2023₹14.2t₹6.8t₹835.7b23.2x16.9x2.1x
Sun, 22 Oct 2023₹13.5t₹6.7t₹707.8b19.8x19.1x2x
Tue, 19 Sep 2023₹14.1t₹6.7t₹703.8b19.5x20x2.1x
Thu, 17 Aug 2023₹12.8t₹6.7t₹704.0b18.1x18.2x1.9x
Sat, 15 Jul 2023₹12.0t₹6.8t₹683.7b16.4x17.5x1.8x
Mon, 12 Jun 2023₹12.0t₹6.8t₹697.5b15.4x17.2x1.8x
Wed, 10 May 2023₹11.8t₹6.6t₹739.0b15.5x16x1.8x
Fri, 07 Apr 2023₹11.3t₹6.6t₹709.8b14.9x16x1.7x
Sun, 05 Mar 2023₹10.4t₹6.6t₹709.8b13.7x14.7x1.6x
Price to Earnings Ratio

14.7x


Total Market Cap: ₹10.4tTotal Earnings: ₹709.8bTotal Revenue: ₹6.6tTotal Market Cap vs Earnings and Revenue0%0%0%
Indian Utilities Sector Price to Earnings3Y Average 20.8x202420252026
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 20.8x.
  • 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 5.2% 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 Market-0.97%
Utilities0.32%
Electric Utilities0.85%
Gas Utilities0.10%
Renewable Energy0.08%
Water Utilities-3.39%
Industry PE
  • Investors are most optimistic about the Renewable Energy industry which is trading above its 3-year average PE ratio of 19.8x.
    • Analysts are expecting annual earnings growth of 21.1%, which is higher than its past year's earnings growth of 10.0% 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 Renewable Energy industry, expecting annual earnings growth of 21% 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 8.2% 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
NTPC NTPC₹381.905.1%
+₹181.3b		21.0%PE15.3x
POWERGRID Power Grid Corporation of India₹303.252.9%
+₹80.0b		18.3%PE18.2x
TORNTPOWER Torrent Power₹1.57k4.9%
+₹36.5b		19.2%PE25x
500400 Tata Power₹380.052.9%
+₹33.7b		10.7%PE32x
533148 JSW Energy₹498.503.9%
+₹32.6b		8.7%PE38.5x

Latest News

NTPC
₹381.90
NTPC
7D
5.1%
1Y
21.0%
533122
₹8.30
RattanIndia Power
7D
-4.8%
1Y
-11.3%
ADANIENSOL
₹1,023.95
Adani Energy Solutions
7D
1.7%
1Y
54.7%

ADANIENSOL: New Subsidiaries And Governance Steps Will Support Measured Future Expansion

Analysts have trimmed their price target for Adani Energy Solutions from about ₹1,161.60 to roughly ₹1,123.83, citing updated assumptions around the discount rate, revenue growth, profit margin and future P/E that now point to a slightly lower fair value estimate. What's in the News A board meeting is scheduled on Jan 22, 2026 to consider and approve unaudited standalone and consolidated financial results for the quarter and nine months ended Dec 31, 2025 (company filing).
500400
₹380.05
Tata Power
7D
2.9%
1Y
10.7%

500400: Expanding Transmission Network Will Support Long Term Upside Potential

Analysts have nudged their price target on Tata Power to ₹510, reflecting slightly updated views on revenue growth, profit margin and future P/E assumptions, while keeping the overall fair value level unchanged at ₹510. What's in the News The company has commissioned two 765 kV EHV transmission corridors in Uttar Pradesh under the SEUPPTCL project, adding 574 circuit kilometres that support evacuation of over 3,000 MW of thermal power and contribute to grid reliability across the northern region (Client Announcements).
SJVN
₹74.06
SJVN
7D
-1.4%
1Y
-15.8%

SJVN: Upcoming Dividend Decision And Debt Issue Will Support Bullish Outlook

Analysts have trimmed their price target on SJVN from ₹87.33 to ₹84.67, pointing to slightly adjusted fair value assumptions, a marginally lower discount rate, stable revenue growth expectations, a small improvement in profit margin, and a reduced future P/E multiple. What's in the News SJVN has scheduled a Board meeting on Feb 11, 2026 to review financial results for the quarter ended Dec 31, 2025.
POWERGRID
₹303.25
Power Grid Corporation of India
7D
2.9%
1Y
18.3%

POWERGRID: Dividend Momentum And Subsidiary Merger Moves Will Support Upside Potential

Analysts have raised their fair value estimate for Power Grid Corporation of India from ₹375.00 to approximately ₹381.77, citing updated assumptions for the discount rate, revenue growth, profit margins, and future P/E as the main factors behind the revised price target. What's in the News A board meeting is scheduled for January 30, 2026 to review unaudited financial results for the quarter and nine months ended December 31, 2025, and to consider a 2nd interim dividend for FY 2025-26, if any (company filing).
ADANIGREEN
₹965.95
Adani Green Energy
7D
-1.1%
1Y
19.0%

ADANIGREEN: Assam Storage Build Out Will Support Long-Term Upside

Analysts have trimmed their price target on Adani Green Energy from ₹1,263 to ₹1,220.5, citing updated assumptions around discount rate, revenue growth, profit margins and future P/E that modestly adjust their valuation framework. What's in the News TotalEnergies is preparing to sell up to a 6% stake in Adani Green Energy, potentially offering the stake to Adani Green Energy itself, after initially acquiring around a 20% minority interest in 2021 along with 50% of its operating solar portfolio (Key Developments).
533148
₹498.50
JSW Energy
7D
3.9%
1Y
8.7%

533148: Preferential Equity Raise Will Support Alaknanda Acquisition Upside

Analysts now set their JSW Energy price target at about ₹568.75, up slightly from roughly ₹568.59. This reflects minor adjustments to their fair value model as they incorporate slightly higher discount rates, a modestly lower profit margin outlook, and a marginally higher future P/E assumption.
GAIL
₹169.96
GAIL (India)
7D
1.8%
1Y
6.6%

GAIL: Higher PNGRB Tariffs Will Support Earnings And Undervalued Upside

Analysts have trimmed their price target on GAIL (India) from ₹233.46 to ₹196.00. This reflects updated views on fair value and a lower assumed future P/E multiple, while keeping revenue growth and profit margin expectations broadly similar.
ADANIPOWER
₹141.34
Adani Power
7D
0.6%
1Y
42.1%

ADANIPOWER: Assam Expansion And Governance Moves Will Support Long Term Upside

Analysts have kept their fair value estimate for Adani Power steady at ₹182.17 per share, with only minor tweaks to the discount rate and future P/E assumptions influencing this price target update. What's in the News A board meeting is scheduled for Jan 29, 2026 to consider and approve the unaudited financial results for the quarter and nine months ended Dec 31, 2025 (company filing).
TORNTPOWER
₹1,565.10
Torrent Power
7D
4.9%
1Y
19.2%
NTPCGREEN
₹90.19
NTPC Green Energy
7D
-0.4%
1Y
-3.1%
RPOWER
₹25.24
Reliance Power
7D
-5.6%
1Y
-27.4%
500390
₹93.85
Reliance Infrastructure
7D
-13.6%
1Y
-57.8%
ATGL
₹516.10
Adani Total Gas
7D
-1.1%
1Y
-11.1%
542323
₹383.40
KPI Green Energy
7D
-3.1%
1Y
-2.6%