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Indian (NIFTY) Utilities Sector Analysis

UpdatedMar 05, 2026
DataAggregated Company Financials
Companies49
  • 7D-5.2%
  • 3M-1.4%
  • 1Y7.3%
  • YTD-3.9%

Over the last 7 days, the Utilities industry has dropped 5.2%, driven by a pullback from NTPC of 5.0%. This takes the industry's 12 month performance to a gain of 7.3%. Looking forward, 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 Mar 2026₹19.8t₹7.7t₹963.1b22.4x20.5x2.6x
Sat, 31 Jan 2026₹19.4t₹7.7t₹946.4b23.6x20.5x2.5x
Mon, 29 Dec 2025₹20.0t₹7.7t₹954.8b24x20.9x2.6x
Wed, 26 Nov 2025₹20.2t₹7.7t₹956.0b24.5x21.2x2.6x
Fri, 24 Oct 2025₹21.6t₹7.7t₹1.0t27.9x21.2x2.8x
Sun, 21 Sep 2025₹21.1t₹7.7t₹1.0t26.1x20.7x2.8x
Tue, 19 Aug 2025₹20.1t₹7.7t₹1.0t27.3x19.8x2.6x
Thu, 17 Jul 2025₹21.3t₹7.6t₹1.0t29x21x2.8x
Sat, 14 Jun 2025₹20.5t₹7.6t₹1.0t29.4x20.3x2.7x
Mon, 12 May 2025₹19.3t₹7.6t₹945.7b24.5x20.4x2.6x
Wed, 09 Apr 2025₹19.4t₹7.5t₹1.0t27.7x18.7x2.6x
Fri, 07 Mar 2025₹18.6t₹7.5t₹1.0t27.8x17.9x2.5x
Sun, 02 Feb 2025₹19.7t₹7.5t₹1.1t29.1x18.8x2.6x
Tue, 31 Dec 2024₹21.0t₹7.4t₹1.0t29.6x20.3x2.8x
Thu, 28 Nov 2024₹21.4t₹7.4t₹1.0t29.9x20.7x2.9x
Sat, 26 Oct 2024₹22.3t₹7.3t₹980.7b36x22.7x3x
Mon, 23 Sep 2024₹24.5t₹7.3t₹960.9b36.7x25.5x3.4x
Wed, 21 Aug 2024₹24.4t₹7.3t₹960.9b34x25.4x3.4x
Fri, 19 Jul 2024₹23.7t₹7.1t₹977.5b38.2x24.3x3.4x
Sun, 16 Jun 2024₹23.5t₹7.1t₹977.5b37.1x24.1x3.3x
Tue, 14 May 2024₹21.3t₹7.0t₹842.6b28.3x25.2x3x
Thu, 11 Apr 2024₹22.2t₹6.9t₹863.4b31.9x25.8x3.2x
Sat, 09 Mar 2024₹21.5t₹6.9t₹864.2b29.7x24.9x3.1x
Mon, 05 Feb 2024₹20.7t₹6.9t₹892.2b31.5x23.3x3x
Wed, 03 Jan 2024₹18.5t₹6.8t₹835.7b23.9x22.2x2.7x
Fri, 01 Dec 2023₹15.1t₹6.8t₹835.7b23.4x18.1x2.2x
Sun, 29 Oct 2023₹13.3t₹6.8t₹715.2b19.2x18.6x2x
Tue, 26 Sep 2023₹14.0t₹6.7t₹703.8b19.4x19.9x2.1x
Thu, 24 Aug 2023₹13.2t₹6.7t₹704.0b18.6x18.8x2x
Sat, 22 Jul 2023₹12.2t₹6.8t₹681.0b16.3x17.9x1.8x
Mon, 19 Jun 2023₹12.1t₹6.8t₹697.6b15.2x17.3x1.8x
Wed, 17 May 2023₹11.6t₹6.6t₹737.3b15.3x15.7x1.7x
Fri, 14 Apr 2023₹11.7t₹6.6t₹709.8b15x16.5x1.8x
Sun, 12 Mar 2023₹11.4t₹6.6t₹709.8b14.9x16x1.7x
Price to Earnings Ratio

16x


Total Market Cap: ₹11.4tTotal 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 5.3% 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 Market-4.38%
Utilities-5.17%
Renewable Energy-4.91%
Electric Utilities-5.06%
Gas Utilities-6.62%
Water Utilities-6.67%
Industry PE
  • Investors are most optimistic about the Renewable Energy industry which is trading above its 3-year average PE ratio of 19.9x.
    • Analysts are expecting annual earnings growth of 21.0%, 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 below 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
507836 Mac Charles (India)₹643.201.5%
+₹127.7m		19.3%PS10.5x
541445 Waa Solar₹49.973.8%
+₹24.1m		-28.7%PE7.3x
513452 Elango Industries₹10.4510.1%
+₹3.7m		-2.5%PS16.1x

Latest News

507836
₹643.20
Mac Charles (India)
7D
1.5%
1Y
19.3%
TORNTPOWER
₹1,503.90
Torrent Power
7D
-3.9%
1Y
13.3%

TORNTPOWER: Dividend Plans And Debenture Issue Will Support Measured Forward Outlook

Analysts have increased their price target on Torrent Power from ₹1,525 to ₹1,571. This reflects updated assumptions that combine higher projected revenue growth with slightly lower profit margins and a modestly reduced future P/E multiple.
NTPC
₹378.05
NTPC
7D
-1.0%
1Y
11.9%
ADANIENSOL
₹987.90
Adani Energy Solutions
7D
-3.5%
1Y
34.7%

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).
POWERGRID
₹299.45
Power Grid Corporation of India
7D
-1.3%
1Y
12.3%

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
₹884.55
Adani Green Energy
7D
-8.4%
1Y
4.6%

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
₹478.90
JSW Energy
7D
-3.9%
1Y
-4.0%

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
₹156.73
GAIL (India)
7D
-7.8%
1Y
-2.9%

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.
513452
₹10.45
Elango Industries
7D
10.1%
1Y
-2.5%
ATGL
₹483.45
Adani Total Gas
7D
-6.3%
1Y
-18.9%
541445
₹49.97
Waa Solar
7D
3.8%
1Y
-28.7%