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Indian (NIFTY) Utilities Sector Analysis

UpdatedDec 14, 2025
DataAggregated Company Financials
Companies48
  • 7D0.1%
  • 3M-2.0%
  • 1Y-11.2%
  • YTD-5.5%

Over the last 7 days, the Utilities industry has remained flat, although notably Adani Energy Solutions gained 3.3%. Unfortunately though, the industry is down 11% over the past 12 months. Earnings are forecast to grow by 16% annually.

Sector Valuation and Performance

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

DateMarket CapRevenueEarningsPEAbsolute PEPS
Sun, 14 Dec 2025₹20.0t₹7.7t₹954.8b24.2x20.9x2.6x
Tue, 11 Nov 2025₹20.7t₹7.7t₹1.0t25.6x20.6x2.7x
Thu, 09 Oct 2025₹20.9t₹7.7t₹1.0t26.4x20.6x2.7x
Sat, 06 Sep 2025₹19.9t₹7.7t₹1.0t26.1x19.5x2.6x
Mon, 04 Aug 2025₹20.0t₹7.7t₹1.0t28.6x19.5x2.6x
Wed, 02 Jul 2025₹21.0t₹7.6t₹1.0t28.6x20.8x2.8x
Fri, 30 May 2025₹20.7t₹7.6t₹1.0t29.4x20.3x2.7x
Sun, 27 Apr 2025₹20.3t₹7.5t₹1.0t28.3x19.5x2.7x
Tue, 25 Mar 2025₹20.2t₹7.5t₹1.0t27.3x19.5x2.7x
Thu, 20 Feb 2025₹18.1t₹7.5t₹1.0t26.4x17.4x2.4x
Sat, 18 Jan 2025₹20.5t₹7.4t₹1.0t30x19.8x2.8x
Mon, 16 Dec 2024₹22.5t₹7.4t₹1.0t30.6x21.7x3x
Wed, 13 Nov 2024₹21.9t₹7.4t₹949.8b35.1x23x3x
Fri, 11 Oct 2024₹24.1t₹7.3t₹960.9b37.3x25.1x3.3x
Sun, 08 Sep 2024₹23.6t₹7.3t₹960.9b35.2x24.6x3.2x
Tue, 06 Aug 2024₹24.2t₹7.2t₹950.7b37x25.5x3.4x
Thu, 04 Jul 2024₹23.6t₹7.1t₹977.5b38.4x24.1x3.3x
Sat, 01 Jun 2024₹23.3t₹7.1t₹953.5b35.3x24.4x3.3x
Mon, 29 Apr 2024₹21.9t₹6.9t₹870.4b28.9x25.2x3.2x
Wed, 27 Mar 2024₹20.6t₹6.9t₹864.2b27.4x23.8x3x
Fri, 23 Feb 2024₹21.2t₹6.9t₹864.2b29x24.5x3.1x
Sun, 21 Jan 2024₹19.0t₹6.8t₹835.9b26.2x22.7x2.8x
Tue, 19 Dec 2023₹18.2t₹6.8t₹835.7b24.8x21.7x2.7x
Thu, 16 Nov 2023₹14.2t₹6.8t₹835.7b23.2x16.9x2.1x
Sat, 14 Oct 2023₹13.7t₹6.7t₹703.9b19.8x19.5x2x
Mon, 11 Sep 2023₹14.0t₹6.7t₹703.9b20.1x19.9x2.1x
Wed, 09 Aug 2023₹12.7t₹6.7t₹712.5b18.7x17.9x1.9x
Fri, 07 Jul 2023₹12.3t₹6.8t₹683.9b19.1x18x1.8x
Sun, 04 Jun 2023₹11.7t₹6.8t₹697.5b13x16.7x1.7x
Tue, 02 May 2023₹12.0t₹6.6t₹710.2b15.3x16.9x1.8x
Thu, 30 Mar 2023₹11.3t₹6.6t₹709.8b14.9x15.9x1.7x
Sat, 25 Feb 2023₹10.0t₹6.6t₹709.9b12.8x14.1x1.5x
Mon, 23 Jan 2023₹18.7t₹6.3t₹736.8b15.9x25.4x3x
Wed, 21 Dec 2022₹18.7t₹6.3t₹738.2b16.7x25.3x3x
Price to Earnings Ratio

25.3x


Total Market Cap: ₹18.7tTotal Earnings: ₹738.2bTotal Revenue: ₹6.3tTotal Market Cap vs Earnings and Revenue0%0%0%
Indian Utilities Sector Price to Earnings3Y Average 20.8x202320242025
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 9.0% per year over the last three years.
  • Revenues for these companies have grown 7.0% 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-0.34%
Utilities0.15%
Renewable Energy0.92%
Gas Utilities-0.63%
Electric Utilities-0.75%
Water Utilities-8.86%
Industry PE
  • Investors are most optimistic about the Water Utilities industry even though it's trading below its 3-year average PE ratio of 59.3x.
    • Analysts expect its future annual earnings growth (21.3%) to be largely in line with prior year's earnings growth.
  • Investors are most pessimistic about the Gas Utilities industry, which is trading below its 3-year average of 19.7x.
Forecasted Growth
  • Analysts are most optimistic on the Water Utilities industry, expecting annual earnings growth of 21% over the next 5 years.
  • This is roughly in line with its past earnings growth rate.
  • In contrast, the Gas Utilities industry is expected to see its earnings grow by 4.5% 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
ADANIENSOL Adani Energy Solutions₹1.01k3.3%
+₹39.0b		21.5%PE53.9x
ADANIGREEN Adani Green Energy₹1.04k2.2%
+₹37.1b		-13.2%PE90.1x
533148 JSW Energy₹482.054.5%
+₹36.0b		-28.9%PE41.6x
NTPC NTPC₹325.050.5%
+₹17.0b		-9.0%PE13.3x
ADANIPOWER Adani Power₹144.490.5%
+₹13.7b		34.6%PE24.1x

Latest News

SJVN
₹72.30
SJVN
7D
-2.4%
1Y
-38.8%

Market Participants Recognise SJVN Limited's (NSE:SJVN) Earnings

Dec 14
Market Participants Recognise SJVN Limited's (NSE:SJVN) Earnings
ADANIENSOL
₹1,011.30
Adani Energy Solutions
7D
3.3%
1Y
21.5%

ADANIENSOL: Renewable Energy Contracts Will Drive Future Expansion And Re Rating Potential

Analysts have maintained their fair value estimate for Adani Energy Solutions at ₹1,161.60 per share, reflecting unchanged assumptions on discount rate, revenue growth, profit margin and future P/E as they await clearer catalysts for a rerating. What's in the News Diamond Power Infrastructure received a letter of intent from Adani Energy Solutions to supply 7,668 km of AL 59 Zebra conductor for the Khavda Project, a contract valued at about INR 2,760.6 crore including tax, with execution targeted by November 23, 2026 (company announcement) Adani Group outlined that its first large scale Battery Energy Storage Systems project, of 1,126 MW / 3,530 MWh, will initially be implemented by Adani Green Energy under the integrated utility platform, with future roles for Adani Energy Solutions and Adani Power to be detailed as and when they become disclosable events (business expansion update) Adani Energy Solutions signed an agreement to supply 60 MW of renewable energy to RSWM Ltd, helping the textile company lift the share of renewables in its energy mix from 33 percent to a targeted 70 percent in the near term (client agreement) A special shareholders meeting, conducted via postal ballot in India on December 7, 2025, has been convened to consider material modifications in previously approved material related party transactions (shareholder meeting notice) A board meeting scheduled for October 27, 2025 will review and approve the company unaudited financial results for the quarter and half year ended September 30, 2025 (regulatory filing) Valuation Changes Fair Value Estimate, unchanged at ₹1,161.60 per share, indicating no revision to the base case valuation.
ADANIGREEN
₹1,040.20
Adani Green Energy
7D
2.2%
1Y
-13.2%

ADANIGREEN: Future Multiple Expansion Will Likely Outpace Slowing Profit Margins

Analysts have raised their price target for Adani Green Energy from ₹792.00 to approximately ₹825.89, citing expectations of stronger revenue growth despite lower projected profit margins and a higher future price to earnings multiple. What's in the News TotalEnergies is reportedly preparing to sell up to a 6 percent stake in Adani Green Energy, potentially raising about INR 102,000 million from the divestment at current market value (M&A rumors and discussions).
500400
₹381.90
Tata Power
7D
-0.6%
1Y
-10.8%

500400: Bhutan Hydro Expansion And Stable Margins Will Guide The Medium Term

Analysts have maintained their price target on Tata Power at Rs 419, reflecting unchanged expectations for revenue growth, profitability, and future valuation multiples. What's in the News Tata Power signed commercial agreements with Druk Green Power Corporation to develop the 1,125 MW Dorjilung hydropower project in Bhutan via an SPV, with DGPC holding 60% and Tata Power 40% equity (company announcement).
533148
₹482.05
JSW Energy
7D
4.5%
1Y
-28.9%

533148: Future Funding Plan Will Drive Alaknanda Acquisition Upside

Analysts have nudged their price target for JSW Energy modestly higher to ₹598.44, reflecting slightly lower perceived risk from a reduced discount rate, while maintaining robust assumptions for revenue growth, profit margins, and future valuation multiples. What's in the News Board meeting scheduled for December 12, 2025, to consider raising funds via equity shares, warrants, convertible securities, or other instruments, using modes such as QIP, rights issue, or preferential allotment, subject to regulatory approvals (company filing) Chief financial officer Pritesh Vinay has resigned to pursue external opportunities and will remain in position until December 31, 2025, to ensure an orderly transition (company announcement) Board meeting set for October 17, 2025, to review unaudited standalone and consolidated financial results for the quarter and half year ended September 30, 2025 (company filing) Valuation Changes Fair Value: Unchanged at ₹598.44, indicating no revision to the intrinsic value estimate.
GUJGASLTD
₹395.65
Gujarat Gas
7D
-2.7%
1Y
-22.2%

GUJGASLTD: Stable Margins And Earnings Outlook Will Drive Future Upside

Analysts have maintained their price target for Gujarat Gas at ₹448.46 per share. This reflects unchanged assumptions on the discount rate, revenue growth, profit margins, and future valuation multiples that continue to support the current fair value estimate.
POWERGRID
₹263.60
Power Grid Corporation of India
7D
-2.3%
1Y
-21.0%

POWERGRID: Upcoming Bond Issue Will Support Attractive Long Term Upside Potential

Analysts have maintained their price target for Power Grid Corporation of India at ₹313.57 per share, noting that only marginal tweaks to long term revenue growth, profit margin assumptions and future valuation multiples were insufficient to justify a change in fair value. What's in the News Board meeting scheduled on November 17, 2025 to consider issuing unsecured, non convertible, non cumulative, redeemable, taxable bonds under the "POWERGRID Bond LXXXIII (83rd) Issue" via private placement, along with other business matters (company filing) Change in joint statutory auditors for FY 2025 26, with M/s.
WABAG
₹1,245.80
VA Tech Wabag
7D
-8.9%
1Y
-31.3%

These 4 Measures Indicate That VA Tech Wabag (NSE:WABAG) Is Using Debt Reasonably Well

Dec 10
These 4 Measures Indicate That VA Tech Wabag (NSE:WABAG) Is Using Debt Reasonably Well
NTPC
₹325.05
NTPC
7D
0.5%
1Y
-9.0%

Does NTPC (NSE:NTPC) Deserve A Spot On Your Watchlist?

Dec 08
Does NTPC (NSE:NTPC) Deserve A Spot On Your Watchlist?
IGL
₹186.71
Indraprastha Gas
7D
-2.7%
1Y
-4.8%

IGL: Saudi Gas Network Push Will Drive Long-Term Upside Potential

Analysts have nudged their price target for Indraprastha Gas slightly higher from ₹225.40 to approximately ₹225.73, citing modestly stronger revenue growth expectations, which are offset by a marginal downward revision in profit margin forecasts and a slightly higher implied future valuation multiple. What's in the News Board meeting scheduled for November 12, 2025, to review and approve unaudited financial results for the quarter ended September 30, 2025 (company filing) The board will consider an alliance and partnership agreement with MASAH Construction Company, Saudi Arabia, to jointly pursue licenses for developing natural gas distribution networks in multiple industrial cities in the Kingdom of Saudi Arabia (company filing) Shareholders approved a final dividend of INR 1.5 per equity share for the financial year ended March 31, 2025, at the AGM held on September 26, 2025 (AGM resolution) Valuation Changes Fair Value: Adjusted marginally higher from ₹225.40 to about ₹225.73, reflecting a very small upward revision in intrinsic value estimates.
ADANIPOWER
₹144.49
Adani Power
7D
0.5%
1Y
34.6%

ADANIPOWER: Massive Assam Project And Share Split Are Set To Lift Shares

Analysts have reaffirmed Adani Power's price target at ₹187.75, citing minor updates to the discount rate and forward valuation metrics in their latest assessment. What's in the News Adani Power will invest INR 480,000 million to develop a 3,200 MW greenfield ultra super critical thermal power plant in Assam.
GAIL
₹170.71
GAIL (India)
7D
0.4%
1Y
-16.7%

GAIL: Upcoming Pipeline Completion Will Drive Momentum Into December 2025

Analysts have slightly reduced their fair value estimate for GAIL (India) from ₹208.19 to ₹206.19. This revision is due to minor adjustments in profit margin and revenue growth expectations.
ACMESOLAR
₹228.32
ACME Solar Holdings
7D
7.4%
1Y
-14.8%

Weak Statutory Earnings May Not Tell The Whole Story For ACME Solar Holdings (NSE:ACMESOLAR)

Nov 11
Weak Statutory Earnings May Not Tell The Whole Story For ACME Solar Holdings (NSE:ACMESOLAR)
500390
₹136.10
Reliance Infrastructure
7D
-12.1%
1Y
-53.6%
RPOWER
₹34.53
Reliance Power
7D
-8.4%
1Y
-27.2%
513683
₹243.70
NLC India
7D
1.2%
1Y
-5.3%