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Indian (NIFTY) Utilities Sector Analysis

UpdatedDec 28, 2025
DataAggregated Company Financials
Companies48
  • 7D0.8%
  • 3M-3.9%
  • 1Y-4.6%
  • YTD-5.6%

Over the last 7 days, the Utilities industry has remained flat, although notably Reliance Power declined by 5.2%. As for the longer term, the industry has declined 4.6% in the last year. 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, 28 Dec 2025₹20.0t₹7.7t₹954.8b24x20.9x2.6x
Tue, 25 Nov 2025₹20.3t₹7.7t₹956.0b24.4x21.2x2.6x
Thu, 23 Oct 2025₹21.6t₹7.7t₹1.0t27.5x21.2x2.8x
Sat, 20 Sep 2025₹21.1t₹7.7t₹1.0t26.1x20.7x2.8x
Mon, 18 Aug 2025₹20.0t₹7.7t₹1.0t27x19.6x2.6x
Wed, 16 Jul 2025₹21.2t₹7.6t₹1.0t28.6x20.9x2.8x
Fri, 13 Jun 2025₹20.8t₹7.6t₹1.0t30.1x20.5x2.7x
Sun, 11 May 2025₹19.3t₹7.5t₹1.0t26x18.5x2.6x
Tue, 08 Apr 2025₹19.2t₹7.5t₹1.0t26.4x18.5x2.6x
Thu, 06 Mar 2025₹18.3t₹7.5t₹1.0t26.6x17.6x2.4x
Sat, 01 Feb 2025₹19.7t₹7.5t₹1.1t29.1x18.8x2.6x
Mon, 30 Dec 2024₹20.9t₹7.4t₹1.0t29.6x20.2x2.8x
Wed, 27 Nov 2024₹20.4t₹7.4t₹1.0t30.3x19.8x2.8x
Fri, 25 Oct 2024₹22.8t₹7.3t₹974.4b37.9x23.4x3.1x
Sun, 22 Sep 2024₹24.5t₹7.3t₹960.9b36.7x25.5x3.4x
Tue, 20 Aug 2024₹24.2t₹7.3t₹960.9b34.6x25.2x3.3x
Thu, 18 Jul 2024₹24.0t₹7.1t₹977.5b38.4x24.6x3.4x
Sat, 15 Jun 2024₹23.5t₹7.1t₹977.5b37.1x24.1x3.3x
Mon, 13 May 2024₹21.3t₹7.0t₹842.6b28.8x25.3x3x
Wed, 10 Apr 2024₹22.2t₹6.9t₹863.4b31.9x25.8x3.2x
Fri, 08 Mar 2024₹21.5t₹6.9t₹864.2b29.7x24.8x3.1x
Sun, 04 Feb 2024₹20.7t₹6.9t₹901.9b31.5x23x3x
Tue, 02 Jan 2024₹18.6t₹6.8t₹835.7b23.5x22.2x2.7x
Thu, 30 Nov 2023₹15.1t₹6.8t₹835.7b23.4x18.1x2.2x
Sat, 28 Oct 2023₹13.0t₹6.8t₹715.2b19.2x18.1x1.9x
Mon, 25 Sep 2023₹14.0t₹6.7t₹703.8b19.3x19.9x2.1x
Wed, 23 Aug 2023₹13.5t₹6.7t₹704.0b18.4x19.1x2x
Fri, 21 Jul 2023₹12.2t₹6.8t₹681.0b16.1x17.9x1.8x
Sun, 18 Jun 2023₹12.1t₹6.8t₹697.5b15.2x17.3x1.8x
Tue, 16 May 2023₹11.7t₹6.6t₹737.3b15.4x15.8x1.8x
Thu, 13 Apr 2023₹11.7t₹6.6t₹709.8b15.1x16.5x1.8x
Sat, 11 Mar 2023₹11.4t₹6.6t₹709.8b14.9x16x1.7x
Mon, 06 Feb 2023₹12.4t₹6.5t₹712.6b12.5x17.5x1.9x
Wed, 04 Jan 2023₹18.1t₹6.3t₹738.2b15.7x24.5x2.9x
Price to Earnings Ratio

24.5x


Total Market Cap: ₹18.1tTotal Earnings: ₹738.2bTotal Revenue: ₹6.3tTotal Market Cap vs Earnings and Revenue0%0%0%
Indian Utilities Sector Price to Earnings3Y Average 20.7x20242025
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 Market0.59%
Utilities0.83%
Electric Utilities0.97%
Renewable Energy0.86%
Gas Utilities0.43%
Water Utilities-0.80%
Industry PE
  • Investors are most optimistic about the Water Utilities industry even though it's trading below its 3-year average PE ratio of 59.4x.
    • 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 19.5x.
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 4.2% 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₹324.101.3%
+₹40.7b		-3.3%PE13.2x
ADANIENSOL Adani Energy Solutions₹1.02k2.7%
+₹32.5b		26.0%PE54.1x
NTPCGREEN NTPC Green Energy₹92.983.4%
+₹25.8b		-28.4%PE129.1x
POWERGRID Power Grid Corporation of India₹265.450.8%
+₹18.6b		-14.2%PE16.2x
NHPC NHPC₹78.362.3%
+₹17.6b		-2.5%PE24.8x

Latest News

ADANIENSOL
₹1,015.30
Adani Energy Solutions
7D
2.7%
1Y
26.0%

ADANIENSOL: Future Profit Margin Expansion Will Support Stronger Risk Reward Profile

Analysts have raised their price target on Adani Energy Solutions to ₹1,290 per share, highlighting upgraded expectations for revenue growth, a significantly stronger profit margin outlook, and a lower projected future P E multiple, which together support a more favorable risk return profile. 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 transmission project, an order valued at about INR 2,760 crore including tax, to be executed by November 23, 2026 (company announcement).
ADANIGREEN
₹1,018.10
Adani Green Energy
7D
-0.3%
1Y
-3.4%

ADANIGREEN: Future Debt Reduction Efforts Will Likely Expose Overvaluation Risk

Analysts have modestly raised their price target on Adani Green Energy to ₹825.89, reflecting slightly higher expectations for revenue growth and profit margin despite a marginal uptick in the assumed discount rate and a small compression in future P E multiples. What's in the News TotalEnergies is reportedly exploring the sale of up to a 6 percent stake in Adani Green Energy, potentially raising about INR 102,000 million, as part of broader efforts to reduce its debt burden (M&A Rumors and Discussions).
500400
₹379.35
Tata Power
7D
-0.3%
1Y
-4.9%

500400: Future Margin Pressures Will Likely Undermine Rising Clean Energy Projects

Analysts have modestly raised their price target on Tata Power to INR 294 from INR 282, citing slightly stronger revenue growth expectations despite a small uptick in the discount rate and lower projected profit margins, alongside a higher assumed future P/E multiple. What's in the News Tata Power launched the Energy Insights & Innovation Lab at its Mumbai headquarters in collaboration with the London School of Economics and the International Growth Centre to develop data driven solutions that support India's clean energy transition and grid reliability (strategic alliance).
NTPCGREEN
₹92.98
NTPC Green Energy
7D
3.4%
1Y
-28.4%

Slowing Rates Of Return At NTPC Green Energy (NSE:NTPCGREEN) Leave Little Room For Excitement

Dec 25
Slowing Rates Of Return At NTPC Green Energy (NSE:NTPCGREEN) Leave Little Room For Excitement
POWERGRID
₹265.45
Power Grid Corporation of India
7D
0.8%
1Y
-14.2%

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

Narrative Update on Power Grid Corporation of India Analysts have marginally reduced their price target on Power Grid Corporation of India by around ₹1 to approximately ₹312 per share. This reflects a slightly more conservative fair value assessment while leaving key assumptions on growth, profitability, and valuation multiples broadly unchanged.
NTPC
₹324.10
NTPC
7D
1.3%
1Y
-3.3%

NTPC: Dividend And Renewable Expansion Will Drive Stronger Long Term Appeal

Analysts have slightly reduced their price target on NTPC to approximately ₹413 from about ₹417, reflecting marginally higher perceived risk and a modestly softer long term growth outlook, even as profitability expectations remain broadly unchanged. What's in the News Board declares first interim dividend of INR 2.75 per share for FY 2025-26, reflecting confidence in earnings visibility (Board of Directors filing) Board meeting on 30 October 2025 to review unaudited Q2 and H1 FY 2025-26 financial results and to consider an interim dividend on equity share capital (company disclosure) NTPC signs MoU with Government of Gujarat to explore projects across conventional and renewable energy segments, strengthening its clean energy pipeline (Vibrant Gujarat Regional Conference announcement) Board to consider equity infusion of up to INR 2,444.39 crore into NEEPCO to fund three hydro and one solar project, supporting capacity expansion in the North East (board agenda) Proposal under review for two large municipal solid waste to torrefied charcoal projects in Faridabad and Gurugram, with a combined estimated investment of about INR 780 crore, advancing NTPC's waste-to-energy strategy (board agenda) Valuation Changes Consensus Analyst Price Target, or fair value estimate, has eased slightly to about ₹413 per share from roughly ₹417.
MGL
₹1,136.60
Mahanagar Gas
7D
-1.3%
1Y
-8.2%

MGL: Upcoming Board Meeting Will Support Positive Long Term Outlook

Analysts have marginally raised their price target on Mahanagar Gas to ₹1,469.13 from ₹1,468.80, reflecting slightly higher long term revenue growth assumptions that more than offset a modest trim to projected profit margins. What's in the News Mahanagar Gas has scheduled a board meeting on October 29, 2025, to consider and approve unaudited standalone and consolidated financial results for the quarter and half year ended September 30, 2025 (company filing).
ADANIPOWER
₹142.19
Adani Power
7D
0.3%
1Y
40.3%

ADANIPOWER: Assam Expansion Will Drive Long Term Upside Potential

Analysts have nudged their price target on Adani Power slightly lower from ₹187.75 to ₹187.60, citing marginally softer long term profit margin assumptions that are only partly offset by a modestly lower discount rate and a slightly higher future earnings multiple. What's in the News Adani Power plans to invest about INR 480,000 million in a 3,200 MW ultra super critical thermal power plant in Assam, aiming to expand base load capacity and support regional industrial demand (Key Developments).
NHPC
₹78.36
NHPC
7D
2.3%
1Y
-2.5%

NHPC (NSE:NHPC) Has A Somewhat Strained Balance Sheet

Dec 16
NHPC (NSE:NHPC) Has A Somewhat Strained Balance Sheet
ACMESOLAR
₹231.12
ACME Solar Holdings
7D
-0.7%
1Y
-3.5%

Slowing Rates Of Return At ACME Solar Holdings (NSE:ACMESOLAR) Leave Little Room For Excitement

Dec 16
Slowing Rates Of Return At ACME Solar Holdings (NSE:ACMESOLAR) Leave Little Room For Excitement
TORNTPOWER
₹1,299.20
Torrent Power
7D
1.6%
1Y
-10.5%

TORNTPOWER: Medium-Term Expansion Plans Will Support Balanced Risk Reward Ahead

Analysts have raised their price target on Torrent Power from ₹1,050 to ₹1,210, citing stronger expected revenue growth despite slightly higher discount rates and moderating profit margins, which are still seen as compatible with a higher forward P/E multiple. What's in the News Torrent Power has scheduled an Analyst and Investor Day, where management is expected to outline medium term growth plans and capital allocation priorities.
CESC
₹166.59
CESC
7D
-1.4%
1Y
-9.8%

We Think CESC (NSE:CESC) Can Stay On Top Of Its Debt

Dec 14
We Think CESC (NSE:CESC) Can Stay On Top Of Its Debt
JPPOWER
₹17.31
Jaiprakash Power Ventures
7D
-3.5%
1Y
-4.5%
RPOWER
₹36.54
Reliance Power
7D
-5.2%
1Y
-15.3%
533122
₹9.52
RattanIndia Power
7D
-1.9%
1Y
-28.4%
513683
₹249.90
NLC India
7D
4.6%
1Y
4.6%