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Indian (NIFTY) Utilities Sector Analysis

UpdatedJan 25, 2026
DataAggregated Company Financials
Companies48
  • 7D-5.5%
  • 3M-13.3%
  • 1Y-5.6%
  • YTD-8.7%

Over the last 7 days, the Utilities industry has dropped 5.5%, driven by a pullback from Adani Green Energy of 17%. However, the industry is down 5.6% over the past year. Earnings are forecast to grow by 17% annually.

Sector Valuation and Performance

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

DateMarket CapRevenueEarningsPEAbsolute PEPS
Sun, 25 Jan 2026₹18.7t₹7.7t₹952.7b21.8x19.6x2.4x
Tue, 23 Dec 2025₹19.9t₹7.7t₹954.8b24.2x20.8x2.6x
Thu, 20 Nov 2025₹20.8t₹7.7t₹956.0b25.3x21.8x2.7x
Sat, 18 Oct 2025₹21.5t₹7.7t₹1.0t26.8x21.1x2.8x
Mon, 15 Sep 2025₹20.4t₹7.7t₹1.0t26x20.1x2.7x
Wed, 13 Aug 2025₹20.1t₹7.7t₹1.0t26.6x19.6x2.6x
Fri, 11 Jul 2025₹21.1t₹7.6t₹1.0t28.8x20.8x2.8x
Sun, 08 Jun 2025₹20.8t₹7.6t₹1.0t30x20.5x2.7x
Tue, 06 May 2025₹20.5t₹7.5t₹1.0t28.2x19.6x2.7x
Thu, 03 Apr 2025₹19.9t₹7.5t₹1.0t27.3x19.2x2.6x
Sat, 01 Mar 2025₹17.4t₹7.5t₹1.0t26.9x16.8x2.3x
Mon, 27 Jan 2025₹19.7t₹7.4t₹1.0t28.5x18.9x2.7x
Wed, 25 Dec 2024₹21.0t₹7.4t₹1.0t30.7x20.3x2.8x
Fri, 22 Nov 2024₹19.9t₹7.4t₹1.0t27.2x19.3x2.7x
Sun, 20 Oct 2024₹23.6t₹7.3t₹960.2b38.9x24.6x3.2x
Tue, 17 Sep 2024₹24.2t₹7.3t₹960.9b35x25.2x3.3x
Thu, 15 Aug 2024₹23.6t₹7.3t₹955.9b34.7x24.7x3.2x
Sat, 13 Jul 2024₹23.8t₹7.1t₹977.5b38.2x24.4x3.4x
Mon, 10 Jun 2024₹23.2t₹7.1t₹977.5b36.6x23.7x3.3x
Wed, 08 May 2024₹21.4t₹7.0t₹840.1b28.6x25.5x3.1x
Fri, 05 Apr 2024₹21.9t₹6.9t₹863.4b32.7x25.4x3.2x
Sun, 03 Mar 2024₹21.3t₹6.9t₹864.2b29x24.6x3.1x
Tue, 30 Jan 2024₹20.3t₹6.9t₹866.2b26.3x23.4x2.9x
Thu, 28 Dec 2023₹18.2t₹6.8t₹835.7b23.4x21.8x2.7x
Sat, 25 Nov 2023₹14.3t₹6.8t₹835.7b23.1x17.1x2.1x
Mon, 23 Oct 2023₹13.5t₹6.7t₹707.8b19.8x19.1x2x
Wed, 20 Sep 2023₹14.1t₹6.7t₹703.8b19.5x20x2.1x
Fri, 18 Aug 2023₹12.7t₹6.7t₹704.0b17.9x18x1.9x
Sun, 16 Jul 2023₹12.0t₹6.8t₹681.0b16.4x17.6x1.8x
Tue, 13 Jun 2023₹12.0t₹6.8t₹697.5b15.5x17.3x1.8x
Thu, 11 May 2023₹11.9t₹6.6t₹738.6b15.3x16.1x1.8x
Sat, 08 Apr 2023₹11.3t₹6.6t₹709.8b14.9x16x1.7x
Mon, 06 Mar 2023₹10.4t₹6.6t₹709.8b13.7x14.7x1.6x
Wed, 01 Feb 2023₹14.2t₹6.5t₹705.8b16.1x20.1x2.2x
Price to Earnings Ratio

20.1x


Total Market Cap: ₹14.2tTotal Earnings: ₹705.8bTotal Revenue: ₹6.5tTotal Market Cap vs Earnings and Revenue0%0%0%
Indian Utilities Sector Price to Earnings3Y Average 20.6x202420252026
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 20.6x.
  • 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 5.8% 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-3.58%
Utilities-5.45%
Gas Utilities-2.80%
Electric Utilities-4.97%
Renewable Energy-6.28%
Water Utilities-11.49%
Industry PE
  • Investors are most optimistic about the Renewable Energy industry, which is trading close to its 3-year average PE ratio of 19.5x.
    • Analysts are expecting annual earnings growth of 20.6%, which is higher than its past year's earnings growth of 9.7% per year.
  • Investors are most pessimistic about the Gas Utilities industry, which is trading below its 3-year average of 19.1x.
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 9.7% per year.
  • In contrast, the Gas Utilities industry is expected to see its earnings grow by 3.8% 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
540565 Indigrid Infrastructure Trust₹165.640.08%
+₹15.4b		14.4%PE55.5x
MGL Mahanagar Gas₹1.08k1.4%
+₹1.4b		-15.8%PE10.9x
PTC PTC India₹157.520.9%
+₹417.4m		10.7%PE5.3x
KKVAPOW KKV Agro Powers₹660.458.3%
+₹31.5m		-2.5%PE7.5x
GVKPIL GVK Power & Infrastructure₹2.990.3%
+₹15.8m		-38.2%PS1.8x

Latest News

ADANIENSOL
₹812.70
Adani Energy Solutions
7D
-10.6%
1Y
2.8%

Adani Energy Solutions Limited Just Missed EPS By 49%: Here's What Analysts Think Will Happen Next

Jan 25
Adani Energy Solutions Limited Just Missed EPS By 49%: Here's What Analysts Think Will Happen Next
500400
₹345.30
Tata Power
7D
-5.7%
1Y
-5.0%

500400: Expanding Transmission Network Will Support Long Term Upside Potential

Analysts have kept their fair value estimate for Tata Power steady at ₹510, with only minor tweaks to revenue growth, profit margin and future P/E assumptions. These changes reflect updated modeling rather than a change in the overall view.
ADANIGREEN
₹772.80
Adani Green Energy
7D
-16.9%
1Y
-23.6%

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

Analysts have kept their fair value estimate for Adani Green Energy broadly steady at ₹1,263, citing updated views on discount rates, revenue growth, profit margins and future P/E that largely offset one another in their price target work. What's in the News TotalEnergies is preparing to sell up to a 6% stake in Adani Green Energy, with its current holding of almost 19% acquired in 2021 for about $2.5b and now valued at nearly $8b, and is said to be exploring a broader sale of renewable assets in Asia to reduce debt (Key Developments).
538520
₹2.12
Shivamshree Businesses
7D
1.4%
1Y
59.4%
ATGL
₹517.45
Adani Total Gas
7D
-5.4%
1Y
-19.3%
NTPC
₹336.70
NTPC
7D
-2.8%
1Y
4.0%
ADANIPOWER
₹132.96
Adani Power
7D
-6.8%
1Y
29.1%

ADANIPOWER: Assam Ultra Super Critical Project Will Drive Long Term Upside

Analysts have kept their fair value estimate for Adani Power steady at ₹186.0, with only small tweaks to assumptions such as discount rate and forward P/E. This reflects a broadly unchanged view of the stock's risk and earnings profile.
540565
₹165.64
Indigrid Infrastructure Trust
7D
0.08%
1Y
14.4%
MGL
₹1,077.00
Mahanagar Gas
7D
1.4%
1Y
-15.8%

MGL: Board Results Review Will Clarify Outlook For Margins And P/E

Analysts have trimmed their fair value estimate for Mahanagar Gas from ₹1,151.49 to ₹1,036.77 as they factor in updated assumptions around revenue growth, profit margin and future P/E levels. What's in the News Mahanagar Gas has scheduled a board meeting on Oct 29, 2025, to consider and approve the unaudited standalone and consolidated financial results for the quarter and half year ended Sep 30, 2025 (Key Developments).
NHPC
₹75.25
NHPC
7D
-6.2%
1Y
-2.1%

Not Many Are Piling Into NHPC Limited (NSE:NHPC) Just Yet

Jan 16
Not Many Are Piling Into NHPC Limited (NSE:NHPC) Just Yet
TORNTPOWER
₹1,270.70
Torrent Power
7D
-6.4%
1Y
-13.5%

TORNTPOWER: Elevated P/E Will Limit Upside Despite Upcoming Analyst Day

Analysts have kept their fair value estimate for Torrent Power steady at ₹1,210.00, with slightly revised assumptions around revenue growth, profit margin, and future P/E helping to refine rather than reset their overall view. What's in the News Torrent Power has scheduled an Analyst/Investor Day, giving management a platform to share its current priorities and explain how it is thinking about growth, capital allocation, and risks for shareholders (Key Developments).
PTC
₹157.52
PTC India
7D
0.9%
1Y
10.7%
GVKPIL
₹2.99
GVK Power & Infrastructure
7D
0.3%
1Y
-38.2%
KKVAPOW
₹660.45
KKV Agro Powers
7D
8.3%
1Y
-2.5%