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Indian (NIFTY) Utilities Sector Analysis

UpdatedApr 14, 2026
DataAggregated Company Financials
Companies49
  • 7D7.5%
  • 3M11.2%
  • 1Y11.1%
  • YTD7.5%

The Utilities industry is up 7.5% in the last week, with Adani Power up 11%. In the last 12 months, the industry was up 11%. As for the next few years, earnings are expected to grow by 17% per annum.

Sector Valuation and Performance

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

DateMarket CapRevenueEarningsPEAbsolute PEPS
Tue, 14 Apr 2026₹22.1t₹7.7t₹963.4b22.9x22.9x2.9x
Thu, 12 Mar 2026₹20.2t₹7.7t₹963.1b22.9x20.9x2.6x
Sat, 07 Feb 2026₹20.5t₹7.7t₹960.4b23.4x21.4x2.7x
Mon, 05 Jan 2026₹20.9t₹7.7t₹954.8b24.9x21.9x2.7x
Wed, 03 Dec 2025₹20.3t₹7.7t₹956.0b24.5x21.2x2.6x
Fri, 31 Oct 2025₹21.8t₹7.7t₹1.0t28.6x21.5x2.8x
Sun, 28 Sep 2025₹20.8t₹7.7t₹1.0t26.5x20.4x2.7x
Tue, 26 Aug 2025₹20.2t₹7.7t₹1.0t26.2x19.8x2.6x
Thu, 24 Jul 2025₹21.1t₹7.6t₹1.0t28.7x20.8x2.8x
Sat, 21 Jun 2025₹20.1t₹7.6t₹1.0t28.4x19.9x2.6x
Mon, 19 May 2025₹20.8t₹7.6t₹956.2b26.2x21.7x2.7x
Wed, 16 Apr 2025₹20.3t₹7.5t₹1.0t27.7x19.6x2.7x
Fri, 14 Mar 2025₹18.6t₹7.5t₹1.0t26.2x17.9x2.5x
Sun, 09 Feb 2025₹19.2t₹7.5t₹1.1t29x18x2.6x
Tue, 07 Jan 2025₹20.4t₹7.4t₹1.0t29.9x19.7x2.8x
Thu, 05 Dec 2024₹22.5t₹7.4t₹1.0t31.1x21.8x3x
Sat, 02 Nov 2024₹22.7t₹7.3t₹947.5b38.2x24x3.1x
Mon, 30 Sep 2024₹25.1t₹7.3t₹960.9b36.6x26.2x3.5x
Wed, 28 Aug 2024₹24.1t₹7.3t₹960.9b34.1x25.1x3.3x
Fri, 26 Jul 2024₹23.8t₹7.1t₹979.4b39.1x24.3x3.4x
Sun, 23 Jun 2024₹23.2t₹7.1t₹977.5b37.3x23.8x3.3x
Tue, 21 May 2024₹22.4t₹7.0t₹852.8b31.2x26.3x3.2x
Thu, 18 Apr 2024₹21.7t₹6.9t₹863.4b30.5x25.2x3.2x
Sat, 16 Mar 2024₹20.3t₹6.9t₹864.2b28.7x23.4x2.9x
Mon, 12 Feb 2024₹21.0t₹6.9t₹896.4b30.5x23.5x3.1x
Wed, 10 Jan 2024₹19.3t₹6.8t₹835.8b25.7x23.1x2.8x
Fri, 08 Dec 2023₹18.4t₹6.8t₹835.7b23.6x22.1x2.7x
Sun, 05 Nov 2023₹13.6t₹6.8t₹803.6b19.8x17x2x
Tue, 03 Oct 2023₹14.1t₹6.7t₹703.8b19.7x20x2.1x
Thu, 31 Aug 2023₹13.2t₹6.7t₹704.0b19.3x18.8x2x
Sat, 29 Jul 2023₹12.9t₹6.8t₹681.4b17.2x18.9x1.9x
Mon, 26 Jun 2023₹11.8t₹6.8t₹697.6b16.6x17x1.7x
Wed, 24 May 2023₹11.8t₹6.8t₹711.4b19.7x16.6x1.7x
Fri, 21 Apr 2023₹11.7t₹6.6t₹710.1b15.3x16.5x1.8x
Price to Earnings Ratio

16.5x


Total Market Cap: ₹11.7tTotal Earnings: ₹710.1bTotal Revenue: ₹6.6tTotal Market Cap vs Earnings and Revenue0%0%0%
Indian Utilities Sector Price to Earnings3Y Average 21x202420252026
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 21.0x.
  • The industry is trading close to its 3-year average PS ratio of 2.7x.
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 Market4.97%
Utilities7.51%
Renewable Energy8.08%
Water Utilities7.60%
Gas Utilities6.95%
Electric Utilities6.67%
Industry PE
  • Investors are most optimistic about the Renewable Energy industry which is trading above its 3-year average PE ratio of 20.2x.
    • Analysts are expecting annual earnings growth of 20.1%, which is higher than its past year's earnings growth of 12.9% 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 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 7.5% 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₹181.3511.1%
+₹348.9b		75.0%PE31.9x
ADANIGREEN Adani Green Energy₹1.09k17.8%
+₹270.7b		21.5%PE130.7x
ADANIENSOL Adani Energy Solutions₹1.18k18.6%
+₹221.0b		39.1%PE62.9x
NTPC NTPC₹386.255.5%
+₹195.4b		7.3%PE15.5x
500400 Tata Power₹409.456.6%
+₹80.7b		12.3%PE34.5x

Latest News

513683
₹271.80
NLC India
7D
-1.1%
1Y
18.6%

513683: Interim Dividend Will Support Future Repricing Potential

Analysts have kept their fair value estimate for NLC India steady at ₹324, citing largely unchanged assumptions around discount rate, revenue growth, profit margin and forward P/E. Taken together, these factors support a consistent view of the company’s valuation.
ADANIENSOL
₹1,175.30
Adani Energy Solutions
7D
18.6%
1Y
39.1%
ADANIPOWER
₹181.35
Adani Power
7D
11.1%
1Y
75.0%
ADANIGREEN
₹1,085.45
Adani Green Energy
7D
17.8%
1Y
21.5%

ADANIGREEN: Steady Fair Value Will Reflect Higher Growth And Softer Margins

Analysts have kept their price target on Adani Green Energy steady at ₹864, citing offsetting adjustments to revenue growth assumptions, profit margin expectations, and future P/E inputs that together leave their overall valuation view unchanged. What's in the News Board meeting scheduled on Apr 24, 2026 to consider and approve the fourth quarter financial results for FY 2025-26 (Key Developments).
NTPC
₹386.25
NTPC
7D
5.5%
1Y
7.3%

NTPC: Dividend Strength And Storage Investments Will Support Long Term Appeal

Analysts have kept NTPC's fair value estimate steady at ₹424.46, with a slightly higher discount rate and P/E assumption, as well as a small adjustment to revenue growth and profit margin expectations shaping this updated price target view. What's in the News A board meeting is scheduled for Mar 28, 2026, to review an investment proposal for a Battery Energy Storage System with 4.70 GWh capacity at an estimated project cost of ₹58,219m, along with other matters (Board Meeting).
500400
₹409.45
Tata Power
7D
6.6%
1Y
12.3%

500400: Future Transmission Expansion Will Likely Strain Margins And Limit Upside

Analysts have lifted Tata Power's price target from ₹293.94 to ₹302.14, reflecting updated assumptions around slightly higher projected revenue growth, modestly stronger profit margins, a lower future P/E multiple and a revised discount rate. What's in the News Tata Power commissioned the 400 kV Tanda Gonda and 400 kV Gonda Basti double circuit transmission lines in Uttar Pradesh, completing all Extra High Voltage transmission lines and substations under the South East UP Power Transmission Company project and supporting evacuation of over 4,000 MW of thermal power in the state (Key Developments).
GUJGASLTD
₹314.30
Gujarat Gas
7D
-1.0%
1Y
-26.6%

GUJGASLTD: Tweaked Assumptions And Fair Value View Will Shape Future Returns

Analysts have trimmed their fair value estimate for Gujarat Gas slightly from ₹345 to ₹340, reflecting updated assumptions around revenue growth, profit margins, and future P/E expectations. Valuation Changes Fair Value: Trimmed slightly from ₹345.0 to ₹340.0, a reduction of about 1.4%.
ATGL
₹572.40
Adani Total Gas
7D
9.4%
1Y
-3.3%
GAIL
₹153.71
GAIL (India)
7D
7.4%
1Y
-10.5%

GAIL: Upcoming Renewables Expansion And New Leadership Will Support Future Upside

Analysts have trimmed their price target on GAIL (India) slightly from about ₹195 to around ₹192, reflecting updated assumptions for more measured revenue growth, a marginally stronger profit margin, and a slightly lower future P/E multiple. What's in the News Board meeting scheduled on January 31, 2026 at 14:00 IST to consider unaudited financial results for the quarter and nine months ended December 31, 2025, a possible interim dividend for FY 2025-26, and an extension in the completion schedule of the MNJPL Project with PNGRB (Key Developments).
534612
₹19.77
Advance Metering Technology
7D
-1.4%
1Y
-23.1%
507836
₹657.55
Mac Charles (India)
7D
-1.7%
1Y
23.0%
538520
₹1.85
Shivamshree Businesses
7D
-8.9%
1Y
-15.9%
NTPCGREEN
₹104.23
NTPC Green Energy
7D
6.3%
1Y
8.8%
GSPL
₹237.07
Gujarat State Petronet
7D
-0.3%
1Y
-24.6%