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Indian (NIFTY) Utilities Sector Analysis

UpdatedMay 19, 2026
DataAggregated Company Financials
Companies50
  • 7D-2.5%
  • 3M14.6%
  • 1Y13.7%
  • YTD16.0%

Over the last 7 days, the Utilities industry has dropped 2.5%, driven by a pullback from Power Grid Corporation of India of 2.5%. Over the past 12 months, the industry was up 14%. 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
Wed, 20 May 2026₹23.9t₹7.8t₹995.5b26.1x24x3.1x
Fri, 17 Apr 2026₹23.0t₹7.7t₹963.4b24.4x23.9x3x
Sun, 15 Mar 2026₹20.6t₹7.7t₹963.1b22.3x21.4x2.7x
Tue, 10 Feb 2026₹20.6t₹7.7t₹960.5b23.8x21.4x2.7x
Thu, 08 Jan 2026₹20.5t₹7.7t₹954.8b24.3x21.5x2.7x
Sat, 06 Dec 2025₹19.9t₹7.7t₹954.8b24.2x20.9x2.6x
Mon, 03 Nov 2025₹21.6t₹7.7t₹1.0t28.4x21.5x2.8x
Wed, 01 Oct 2025₹20.8t₹7.7t₹1.0t26.7x20.4x2.7x
Fri, 29 Aug 2025₹19.6t₹7.7t₹1.0t25.8x19.3x2.6x
Sun, 27 Jul 2025₹20.4t₹7.6t₹1.0t27.7x19.8x2.7x
Tue, 24 Jun 2025₹20.2t₹7.6t₹1.0t28.9x20x2.6x
Thu, 22 May 2025₹20.6t₹7.6t₹954.7b26.9x21.5x2.7x
Sat, 19 Apr 2025₹20.5t₹7.5t₹1.0t28.5x19.8x2.7x
Mon, 17 Mar 2025₹18.6t₹7.5t₹1.0t26.2x17.9x2.5x
Wed, 12 Feb 2025₹18.4t₹7.5t₹1.1t27.4x17.2x2.4x
Fri, 10 Jan 2025₹20.0t₹7.4t₹1.0t30.3x19.4x2.7x
Sun, 08 Dec 2024₹22.6t₹7.4t₹1.0t31x21.9x3.1x
Tue, 05 Nov 2024₹22.2t₹7.3t₹947.5b37.2x23.4x3x
Thu, 03 Oct 2024₹25.0t₹7.3t₹960.9b37x26x3.4x
Sat, 31 Aug 2024₹24.0t₹7.3t₹960.9b33.7x25x3.3x
Mon, 29 Jul 2024₹24.2t₹7.1t₹979.0b39x24.7x3.4x
Wed, 26 Jun 2024₹23.2t₹7.1t₹977.5b37.2x23.7x3.3x
Fri, 24 May 2024₹23.2t₹7.0t₹941.9b28.1x24.7x3.3x
Sun, 21 Apr 2024₹21.5t₹6.9t₹863.8b30.3x24.9x3.1x
Tue, 19 Mar 2024₹20.2t₹6.9t₹864.2b27.9x23.4x2.9x
Thu, 15 Feb 2024₹20.6t₹6.9t₹893.1b28x23.1x3x
Sat, 13 Jan 2024₹19.4t₹6.8t₹835.9b26.1x23.2x2.8x
Mon, 11 Dec 2023₹18.1t₹6.8t₹835.7b23.6x21.6x2.6x
Wed, 08 Nov 2023₹13.8t₹6.8t₹804.7b20x17.2x2x
Fri, 06 Oct 2023₹14.1t₹6.7t₹703.8b19.5x20x2.1x
Sun, 03 Sep 2023₹13.4t₹6.7t₹704.0b19.5x19x2x
Tue, 01 Aug 2023₹13.1t₹6.8t₹688.9b17.4x19.1x1.9x
Thu, 29 Jun 2023₹11.9t₹6.8t₹697.8b17.2x17.1x1.7x
Sat, 27 May 2023₹11.8t₹6.8t₹705.4b20x16.8x1.7x
Price to Earnings Ratio

16.8x


Total Market Cap: ₹11.8tTotal Earnings: ₹705.4bTotal Revenue: ₹6.8tTotal Market Cap vs Earnings and Revenue0%0%0%
Indian Utilities Sector Price to Earnings3Y Average 21.3x202420252026
Current Industry PE
  • Investors are optimistic on the Indian Utilities industry, and appear confident in long term growth rates.
  • The industry is trading at a PE ratio of 24.0x which is higher than its 3-year average PE of 21.3x.
  • The 3-year average PS ratio of 2.7x is lower than the industry's current PS ratio of 3.1x.
Past Earnings Growth
  • The earnings for companies in the Utilities industry have grown 12% per year over the last three years.
  • Revenues for these companies have grown 4.6% 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-1.96%
Utilities-2.52%
Renewable Energy-1.46%
Gas Utilities-2.23%
Electric Utilities-4.61%
Water Utilities-5.88%
Industry PE
  • Investors are most optimistic about the Renewable Energy industry which is trading above its 3-year average PE ratio of 20.6x.
    • Analysts are expecting annual earnings growth of 18.5%, which is lower than the prior year's growth of 24.9% 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 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 7.3% 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₹219.094.5%
+₹182.4b		97.0%PE32.9x
ADANIGREEN Adani Green Energy₹1.38k5.3%
+₹115.0b		40.0%PE137.4x
513683 NLC India₹358.0516.2%
+₹69.3b		48.8%PE14.1x
ADANIENSOL Adani Energy Solutions₹1.33k3.5%
+₹54.3b		52.9%PE70x
ATGL Adani Total Gas₹623.305.4%
+₹35.2b		-5.6%PE104.5x

Latest News

NHPC
₹79.06
NHPC
7D
3.0%
1Y
-8.7%
Analysis Article • 2h

NHPC Limited Beat Analyst Estimates: See What The Consensus Is Forecasting For This Year

It's been a good week for NHPC Limited ( NSE:NHPC ) shareholders, because the company has just released its latest...
NTPC
₹389.40
NTPC
7D
-0.8%
1Y
13.7%
Analysis Article • May 19

Do NTPC's (NSE:NTPC) Earnings Warrant Your Attention?

Investors are often guided by the idea of discovering 'the next big thing', even if that means buying 'story stocks...
513683
₹358.05
NLC India
7D
16.2%
1Y
48.8%
Narrative Update • May 19

513683: Stable Outlook As Board Decisions And Assumption Shifts Shape Future Repricing

Analysts have reset their price target for NLC India to ₹324, reflecting updates to key assumptions on the discount rate, revenue growth, profit margins, and future P/E expectations. What's in the News Board meeting scheduled for May 13, 2026, at 16:30 IST to review audited standalone and consolidated financial results for the quarter and year ended March 31, 2026 (company filing).
533148
₹533.05
JSW Energy
7D
2.9%
1Y
5.7%
RPOWER
₹27.11
Reliance Power
7D
-0.7%
1Y
-39.4%
500390
₹67.71
Reliance Infrastructure
7D
-5.0%
1Y
-75.3%
POWERGRID
₹298.60
Power Grid Corporation of India
7D
-2.5%
1Y
0.2%
540565
₹169.47
Indigrid Infrastructure Trust
7D
-2.4%
1Y
15.5%
ADANIPOWER
₹219.09
Adani Power
7D
4.5%
1Y
97.0%
New Narrative • May 15

Thermal Capacity Expansion And Long Term PPAs Will Support Stronger Future Cash Flows

Catalysts About Adani Power Adani Power develops, owns and operates thermal and hydro power plants that supply electricity under a mix of long term, medium term and merchant contracts. What are the underlying business or industry changes driving this perspective?
TORNTPOWER
₹1,480.30
Torrent Power
7D
-7.3%
1Y
6.5%
Analysis Article • May 15

Torrent Power Limited (NSE:TORNTPOWER) Fell Short of Analyst Expectations: Here's What You Need To Know

The analysts might have been a bit too bullish on Torrent Power Limited ( NSE:TORNTPOWER ), given that the company fell...
500400
₹414.90
Tata Power
7D
-0.8%
1Y
4.0%
GAIL
₹156.12
GAIL (India)
7D
-2.6%
1Y
-18.3%
ADANIGREEN
₹1,377.80
Adani Green Energy
7D
5.3%
1Y
40.0%
Narrative Update • May 07

ADANIGREEN: Future Earnings Visibility Will Improve Through New Renewable Joint Venture

Analysts have lifted their fair value estimate for Adani Green Energy from ₹1,350 to ₹1,570, citing updated views on revenue growth, profit margins and future P/E assumptions. What's in the News Board meeting on April 24, 2026 approved the appointment of Shah Dhandharia & Co. LLP as one of the joint statutory auditors, with a proposed term running from the 11th to the 16th Annual General Meeting, subject to shareholder approval (company filing).
ADANIENSOL
₹1,329.50
Adani Energy Solutions
7D
3.5%
1Y
52.9%
Narrative Update • May 07

ADANIENSOL: Mumbai Power Link And Smart Meter Push Will Support Upside

Analysts have lifted their price target on Adani Energy Solutions from ₹1,199 to ₹1,665, citing updated assumptions for discount rate, revenue growth, profit margin and future P/E that together indicate a higher assessed fair value. What's in the News Hitachi Energy India and Adani Energy Solutions have commissioned a high voltage direct current city center infeed in Mumbai that can inject up to 1,000 MW of power directly into the city, increasing supply sourced from outside Mumbai by 50% and supporting the daily needs of more than 20 million people (Client Announcement).
JPPOWER
₹18.84
Jaiprakash Power Ventures
7D
7.5%
1Y
27.4%
ATGL
₹623.30
Adani Total Gas
7D
5.4%
1Y
-5.6%