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Indian (NIFTY) Utilities Sector Analysis

UpdatedMar 27, 2026
DataAggregated Company Financials
Companies49
  • 7D-0.7%
  • 3M1.3%
  • 1Y0.3%
  • YTD-1.0%

Over the last 7 days, the Utilities industry has remained flat, although notably Adani Energy Solutions declined by 5.3%. In line with that, the industry has also been flat over the past 12 months. 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
Sat, 28 Mar 2026₹20.3t₹7.7t₹963.4b21.6x21.1x2.6x
Mon, 23 Feb 2026₹20.5t₹7.7t₹962.8b23.7x21.3x2.7x
Wed, 21 Jan 2026₹19.2t₹7.7t₹954.8b22.6x20.1x2.5x
Fri, 19 Dec 2025₹19.6t₹7.7t₹954.8b23.6x20.5x2.6x
Sun, 16 Nov 2025₹20.9t₹7.7t₹953.4b25.4x21.9x2.7x
Tue, 14 Oct 2025₹21.3t₹7.7t₹1.0t26.3x20.9x2.8x
Thu, 11 Sep 2025₹20.1t₹7.7t₹1.0t26.1x19.8x2.6x
Sat, 09 Aug 2025₹19.8t₹7.7t₹1.0t26.6x19.3x2.6x
Mon, 07 Jul 2025₹20.9t₹7.6t₹1.0t28.9x20.6x2.7x
Wed, 04 Jun 2025₹20.3t₹7.6t₹1.0t28.7x20.1x2.7x
Fri, 02 May 2025₹20.1t₹7.6t₹1.0t28.3x19.2x2.7x
Sun, 30 Mar 2025₹19.9t₹7.5t₹1.0t25.4x19.2x2.7x
Tue, 25 Feb 2025₹18.1t₹7.5t₹1.0t28.1x17.5x2.4x
Thu, 23 Jan 2025₹19.9t₹7.4t₹1.0t28.7x19.2x2.7x
Sat, 21 Dec 2024₹21.0t₹7.4t₹1.0t31x20.3x2.8x
Mon, 18 Nov 2024₹21.2t₹7.4t₹1.0t28.9x20.6x2.9x
Wed, 16 Oct 2024₹23.9t₹7.3t₹960.2b38.1x24.9x3.3x
Fri, 13 Sep 2024₹23.9t₹7.3t₹960.9b35.2x24.9x3.3x
Sun, 11 Aug 2024₹24.2t₹7.3t₹954.7b35.7x25.4x3.3x
Tue, 09 Jul 2024₹23.7t₹7.1t₹977.5b38.6x24.2x3.4x
Thu, 06 Jun 2024₹22.1t₹7.1t₹985.4b34.1x22.4x3.1x
Sat, 04 May 2024₹22.4t₹7.1t₹858.4b29x26.1x3.2x
Mon, 01 Apr 2024₹20.8t₹6.9t₹864.2b27.4x24x3x
Wed, 28 Feb 2024₹21.4t₹6.9t₹864.2b29.9x24.8x3.1x
Fri, 26 Jan 2024₹19.6t₹6.8t₹837.5b26.1x23.4x2.9x
Sun, 24 Dec 2023₹17.9t₹6.8t₹835.7b24.4x21.5x2.6x
Tue, 21 Nov 2023₹14.1t₹6.8t₹835.7b23.3x16.9x2.1x
Thu, 19 Oct 2023₹13.7t₹6.7t₹703.9b20x19.5x2x
Sat, 16 Sep 2023₹14.1t₹6.7t₹703.9b19.6x20x2.1x
Mon, 14 Aug 2023₹12.8t₹6.7t₹704.0b18.5x18.2x1.9x
Wed, 12 Jul 2023₹12.2t₹6.8t₹683.9b18.9x17.8x1.8x
Fri, 09 Jun 2023₹12.0t₹6.8t₹697.5b15.2x17.2x1.8x
Sun, 07 May 2023₹12.0t₹6.6t₹737.6b14.8x16.3x1.8x
Tue, 04 Apr 2023₹11.2t₹6.6t₹709.8b13.9x15.8x1.7x
Price to Earnings Ratio

15.8x


Total Market Cap: ₹11.2tTotal Earnings: ₹709.8bTotal Revenue: ₹6.6tTotal Market Cap vs Earnings and Revenue0%0%0%
Indian Utilities Sector Price to Earnings3Y Average 20.9x202420252026
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 20.9x.
  • 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 Market1.06%
Utilities-0.68%
Water Utilities4.24%
Renewable Energy0.55%
Electric Utilities-1.40%
Gas Utilities-4.94%
Industry PE
  • Investors are most optimistic about the Renewable Energy industry which is trading above its 3-year average PE ratio of 20.0x.
    • Analysts are expecting annual earnings growth of 19.5%, 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 8.0% 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₹153.921.6%
+₹45.9b		51.1%PE27x
ACMESOLAR ACME Solar Holdings₹269.419.4%
+₹14.0b		40.3%PE33.8x
513683 NLC India₹270.401.5%
+₹5.7b		10.5%PE14.4x
534612 Advance Metering Technology₹19.7145.7%
+₹99.2m		-17.5%PS2.2x
506640 ZR2 Bioenergy₹93.800.9%
+₹12.7m		-66.5%PE162.6x

Latest News

TORNTPOWER
₹1,352.30
Torrent Power
7D
-6.8%
1Y
-9.0%

TORNTPOWER: Board Actions On Dividend And Funding Will Shape Future Performance

Analysts now peg Torrent Power's fair value slightly lower at about ₹1,415 per share, down from roughly ₹1,420, citing updated assumptions on discount rate, revenue growth, profit margin and future P/E. What's in the News Torrent Power declared an interim dividend of ₹15 per share for fiscal year 2025-26, with a record date of February 16, 2026 and a scheduled payment date of March 12, 2026 (company announcement).
ADANIENSOL
₹956.00
Adani Energy Solutions
7D
-5.3%
1Y
9.6%

ADANIENSOL: New Transmission Subsidiaries And Governance Steps Will Support Future Upside

Analysts have kept their price target for Adani Energy Solutions broadly unchanged at around ₹1,129. They report that this reflects stable assumptions on discount rate, revenue growth, profit margin and future P/E multiple in their latest models.
ADANIGREEN
₹832.50
Adani Green Energy
7D
-3.5%
1Y
-12.2%

ADANIGREEN: Tweaked Profit Assumptions And Higher Future P/E Signal Balanced Outlook

Analysts have maintained Adani Green Energy's fair value estimate at ₹864.00, with their price target update reflecting tweaks to discount rate assumptions, revenue growth expectations, profit margin outlook, and a higher future P/E input in their valuation models. Valuation Changes Fair Value: Held steady at ₹864.00 per share, with no change in the central valuation output.
NTPC
₹375.65
NTPC
7D
-1.4%
1Y
5.0%

NTPC: Dividend Strength And Gasification Projects Will Support Long Term Appeal

Analysts have lifted their price target for NTPC from ₹413.28 to ₹424.46, citing updated assumptions around the discount rate, revenue growth, profit margin and future P/E as key drivers of the change. What's in the News NTPC signed an MoU with Gujarat Mineral Development Corporation to explore coal and lignite gasification projects in Odisha and Gujarat.
500400
₹385.70
Tata Power
7D
-4.2%
1Y
2.7%

500400: Grid Modernisation And Transmission Expansion Will Support Long Term Upside Potential

Analysts have kept the fair value estimate for Tata Power unchanged at ₹510, indicating only minor model adjustments in revenue growth, profit margin and forward P/E assumptions, rather than a material shift in their overall view. What's in the News Tata Power announced a collaboration with Salesforce to digitise its rooftop solar, EV charging, and smart home solutions businesses using AI enabled workflows across sales, service, and marketing, including a proprietary deep learning layer for zero touch quality and safety validation under its Solaroof offerings (Client Announcements).
533148
₹484.65
JSW Energy
7D
-4.4%
1Y
-9.9%

533148: Preferential Allotment And Board Actions Will Support Long-Term Expansion

Analysts have maintained the JSW Energy price target at ₹700.00, citing updated assumptions on the discount rate, revenue growth, profit margin and future P/E that refine their view while leaving the headline number unchanged. What's in the News Board meeting on January 21, 2026 to consider and approve the allotment of equity shares and warrants on a preferential basis, along with other matters (company filing).
ADANIPOWER
₹153.92
Adani Power
7D
1.6%
1Y
51.1%

ADANIPOWER: Upcoming Results Will Support Long Term Upside Conviction

Analysts have kept the fair value estimate for Adani Power steady at ₹182.17 per share, with only marginal tweaks to inputs such as discount rate, revenue growth, profit margin and future P/E. This reflects fine tuning of their valuation framework rather than a change in overall view.
GAIL
₹137.19
GAIL (India)
7D
-4.0%
1Y
-25.0%

GAIL: Upcoming Green Projects Will Support Future Upside

Analysts have inched their price target on GAIL (India) slightly lower from about ₹195.87 to about ₹195.19, reflecting small tweaks to fair value inputs, revenue growth expectations, profit margin assumptions and future P/E estimates. What's in the News Appointment of Shri Deepak Gupta as Chairman and Managing Director from March 1, 2026, following his tenure as Director (Projects).
513683
₹270.40
NLC India
7D
1.5%
1Y
10.5%

513683: Interim Dividend And Renewable Listing Plan Will Drive Repricing

Analysts have kept their price target for NLC India broadly unchanged at around ₹324, as only minor tweaks to assumptions on discount rate, revenue growth, profit margin and future P/E contribute to a largely stable valuation view. What's in the News NLC India signed an MoU with National Aluminium Company (NALCO), a Navratna CPSE under the Ministry of Mines, to work together on thermal and renewable energy projects, with potential for a future joint venture company (Key Developments).
534612
₹19.71
Advance Metering Technology
7D
45.7%
1Y
-17.5%
506640
₹93.80
ZR2 Bioenergy
7D
0.9%
1Y
-66.5%
513452
₹9.12
Elango Industries
7D
4.0%
1Y
-6.6%
538520
₹2.05
Shivamshree Businesses
7D
4.1%
1Y
2.5%
ACMESOLAR
₹269.41
ACME Solar Holdings
7D
9.4%
1Y
40.3%
NTPCGREEN
₹95.06
NTPC Green Energy
7D
-6.0%
1Y
-5.5%