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Indian (NIFTY) Utilities Sector Analysis

UpdatedFeb 10, 2026
DataAggregated Company Financials
Companies48
  • 7D7.1%
  • 3M-0.9%
  • 1Y9.4%
  • YTD0.5%

The Utilities industry is up 9.3% in the last week, with Adani Power up 12%. In the last 12 months, the industry was up 6.6%. Looking forward, earnings are forecast to grow by 19% annually.

Sector Valuation and Performance

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

DateMarket CapRevenueEarningsPEAbsolute PEPS
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
Mon, 24 Apr 2023₹11.6t₹6.6t₹710.2b15.2x16.4x1.8x
Wed, 22 Mar 2023₹11.5t₹6.6t₹709.8b14.9x16.2x1.7x
Fri, 17 Feb 2023₹10.7t₹6.6t₹709.9b13x15.1x1.6x
Price to Earnings Ratio

15.1x


Total Market Cap: ₹10.7tTotal Earnings: ₹709.9bTotal Revenue: ₹6.6tTotal Market Cap vs Earnings and Revenue0%0%0%
Indian Utilities Sector Price to Earnings3Y Average 20.7x202420252026
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 20.7x.
  • 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 5.2% 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 Market4.09%
Utilities7.08%
Water Utilities18.79%
Electric Utilities7.61%
Renewable Energy7.54%
Gas Utilities3.43%
Industry PE
  • Investors are most optimistic about the Renewable Energy industry which is trading above its 3-year average PE ratio of 19.6x.
    • Analysts are expecting annual earnings growth of 22.3%, which is higher than its past year's earnings growth of 15.9% 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 Renewable Energy industry, expecting annual earnings growth of 22% over the next 5 years.
  • This is better than its past earnings growth rate of 16% per year.
  • In contrast, the Gas Utilities industry is expected to see its earnings grow by 8.4% 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₹151.3712.5%
+₹323.4b		54.0%PE26.6x
ADANIGREEN Adani Green Energy₹982.6516.4%
+₹228.5b		3.0%PE118.3x
POWERGRID Power Grid Corporation of India₹289.757.2%
+₹180.0b		7.8%PE17.4x
ADANIENSOL Adani Energy Solutions₹1.03k16.7%
+₹177.7b		39.2%PE55.2x
NTPC NTPC₹361.903.3%
+₹112.0b		16.6%PE14.5x

Latest News

ADANIENSOL
₹1,032.50
Adani Energy Solutions
7D
16.7%
1Y
39.2%
500400
₹368.75
Tata Power
7D
2.8%
1Y
2.9%

500400: Expanding Power Transmission Projects Will Support Long Term Upside Potential

Analysts have maintained their fair value estimate for Tata Power at ₹510. This reflects a combination of revised assumptions, including a slightly lower discount rate, higher projected revenue growth, a marginally softer profit margin outlook, and a reduced future P/E multiple.
POWERGRID
₹289.75
Power Grid Corporation of India
7D
7.2%
1Y
7.8%

POWERGRID: Future P/E Expansion Will Outpace Slowing Revenue And Margin Profile

Analysts have lifted their fair value estimate for Power Grid Corporation of India from ₹247.81 to ₹260.00, citing updated assumptions around the discount rate, revenue growth, profit margins, and future P/E expectations. What's in the News The board is scheduled to meet on 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
₹982.65
Adani Green Energy
7D
16.4%
1Y
3.0%

ADANIGREEN: Stake Sale And Storage Investments Will Eventually Highlight Overvaluation Risk

The analyst price target for Adani Green Energy has been revised to ₹864 from ₹825.89, as analysts update their assumptions on the discount rate, revenue growth, profit margin and future P/E for the company. What's in the News TotalEnergies is reportedly preparing to sell up to a 6% stake in Adani Green Energy, out of its roughly 19% holding.
ADANIPOWER
₹151.37
Adani Power
7D
12.5%
1Y
54.0%

Adani Power (NSE:ADANIPOWER) Is Experiencing Growth In Returns On Capital

Feb 07
Adani Power (NSE:ADANIPOWER) Is Experiencing Growth In Returns On Capital
533148
₹479.90
JSW Energy
7D
6.3%
1Y
0.7%

533148: Preferential Equity Funding Will Support Alaknanda Acquisition Upside

Analysts have nudged their fair value estimate for JSW Energy from ₹598.44 to ₹568.59, citing adjusted assumptions for revenue growth, profit margins, the discount rate and the future P/E multiple. What's in the News On January 21, 2026, JSW Energy closed a private placement that increased paid up share capital from ₹17,477,684,510 (1,747,768,451 equity shares) to ₹18,049,113,070 (1,804,911,307 equity shares) (company event filing).
526025
₹12.73
Globus Power Generation
7D
-4.5%
1Y
-21.2%
TORNTPOWER
₹1,427.20
Torrent Power
7D
7.3%
1Y
5.7%

Torrent Power Limited's (NSE:TORNTPOWER) Business Is Yet to Catch Up With Its Share Price

Feb 06
Torrent Power Limited's (NSE:TORNTPOWER) Business Is Yet to Catch Up With Its Share Price
538520
₹2.19
Shivamshree Businesses
7D
-3.5%
1Y
44.1%
540565
₹164.04
Indigrid Infrastructure Trust
7D
-0.4%
1Y
15.1%
NTPC
₹361.90
NTPC
7D
3.3%
1Y
16.6%
INDOWIND
₹11.07
Indowind Energy
7D
-3.7%
1Y
-51.6%

Indowind Energy Limited (NSE:INDOWIND) Investors Are Less Pessimistic Than Expected

Jan 31
Indowind Energy Limited (NSE:INDOWIND) Investors Are Less Pessimistic Than Expected
500390
₹116.85
Reliance Infrastructure
7D
-3.7%
1Y
-59.0%
CHAMUNDA
₹45.95
Chamunda Electrical
7D
-2.2%
1Y
n/a