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Indian (NIFTY) Utilities Sector Analysis

UpdatedSep 18, 2025
DataAggregated Company Financials
Companies50
  • 7D2.3%
  • 3M3.4%
  • 1Y-20.1%
  • YTD-3.0%

Over the last 7 days, the Utilities industry has risen 2.3%, driven by gains in NTPC and NHPC of 1.8% and 5.8%, respectively. In the past year, the industry is down 20%. Looking forward, earnings are forecast to grow by 14% annually.

Sector Valuation and Performance

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

DateMarket CapRevenueEarningsPEAbsolute PEPS
Thu, 18 Sep 2025₹20.6t₹7.7t₹1.0t26.4x20.2x2.7x
Sat, 16 Aug 2025₹20.0t₹7.7t₹1.0t27x19.6x2.6x
Mon, 14 Jul 2025₹21.0t₹7.6t₹1.0t28.4x20.8x2.8x
Wed, 11 Jun 2025₹21.4t₹7.6t₹1.0t31x21.2x2.8x
Fri, 09 May 2025₹19.6t₹7.5t₹1.0t26.5x18.7x2.6x
Sun, 06 Apr 2025₹19.8t₹7.5t₹1.0t28.6x19.1x2.6x
Tue, 04 Mar 2025₹17.5t₹7.5t₹1.0t25.6x16.9x2.3x
Thu, 30 Jan 2025₹19.2t₹7.4t₹1.0t27x18.5x2.6x
Sat, 28 Dec 2024₹20.9t₹7.4t₹1.0t29.6x20.2x2.8x
Mon, 25 Nov 2024₹19.9t₹7.4t₹1.0t26.9x19.3x2.7x
Wed, 23 Oct 2024₹22.7t₹7.3t₹960.2b37.2x23.7x3.1x
Fri, 20 Sep 2024₹24.1t₹7.3t₹960.9b35.1x25.1x3.3x
Sun, 18 Aug 2024₹23.9t₹7.3t₹960.9b34.7x24.9x3.3x
Tue, 16 Jul 2024₹24.0t₹7.1t₹977.5b38.7x24.5x3.4x
Thu, 13 Jun 2024₹23.4t₹7.1t₹977.5b36.7x23.9x3.3x
Sat, 11 May 2024₹21.3t₹7.0t₹842.5b29.3x25.3x3x
Mon, 08 Apr 2024₹22.0t₹6.9t₹863.4b34.2x25.5x3.2x
Wed, 06 Mar 2024₹21.7t₹6.9t₹864.2b29.7x25.1x3.1x
Fri, 02 Feb 2024₹20.4t₹6.9t₹901.9b32x22.6x3x
Sun, 31 Dec 2023₹18.5t₹6.8t₹835.7b23.3x22.1x2.7x
Tue, 28 Nov 2023₹14.3t₹6.8t₹835.7b23.1x17.1x2.1x
Thu, 26 Oct 2023₹12.9t₹6.7t₹707.8b18.9x18.3x1.9x
Sat, 23 Sep 2023₹14.0t₹6.7t₹703.8b19.3x19.9x2.1x
Mon, 21 Aug 2023₹12.9t₹6.7t₹704.0b17.8x18.3x1.9x
Wed, 19 Jul 2023₹12.0t₹6.8t₹681.0b15.9x17.7x1.8x
Fri, 16 Jun 2023₹12.1t₹6.8t₹697.5b14.9x17.3x1.8x
Sun, 14 May 2023₹11.8t₹6.6t₹737.2b15.7x16x1.8x
Tue, 11 Apr 2023₹11.3t₹6.6t₹709.8b15x16x1.7x
Thu, 09 Mar 2023₹11.0t₹6.6t₹709.8b14.9x15.6x1.7x
Sat, 04 Feb 2023₹12.4t₹6.5t₹707.6b15.6x17.6x1.9x
Mon, 02 Jan 2023₹18.2t₹6.3t₹738.2b15.4x24.7x2.9x
Wed, 30 Nov 2022₹18.9t₹6.3t₹743.3b15.8x25.4x3x
Fri, 28 Oct 2022₹16.2t₹5.8t₹732.3b14.8x22.1x2.8x
Sun, 25 Sep 2022₹16.8t₹5.8t₹731.6b16.8x22.9x2.9x
Price to Earnings Ratio

22.9x


Total Market Cap: ₹16.8tTotal Earnings: ₹731.6bTotal Revenue: ₹5.8tTotal Market Cap vs Earnings and Revenue0%0%0%
Indian Utilities Sector Price to Earnings3Y Average 21x202320242025
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 2.6x.
Past Earnings Growth
  • The earnings for companies in the Utilities industry have grown 12% per year over the last three years.
  • Revenues for these companies have grown 9.9% 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 Market1.75%
Utilities2.26%
Gas Utilities3.38%
Renewable Energy2.37%
Electric Utilities1.60%
Water Utilities1.50%
Industry PE
  • Investors are most optimistic about the Water Utilities industry even though it's trading below its 3-year average PE ratio of 58.0x.
    • Analysts expect its future annual earnings growth (20.3%) 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 20.7x.
Forecasted Growth
  • Analysts are most optimistic on the Water Utilities industry, expecting annual earnings growth of 20% 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 growth to stay flat 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₹336.951.8%
+₹57.2b		-20.5%PE13.6x
NHPC NHPC₹87.095.8%
+₹48.3b		-5.8%PE28.7x
ADANIENSOL Adani Energy Solutions₹837.602.9%
+₹28.7b		-14.4%PE42x
533148 JSW Energy₹537.703.1%
+₹28.1b		-27.7%PE43.2x
ADANIPOWER Adani Power₹631.351.1%
+₹25.8b		-2.8%PE20.4x

Latest News

ADANIENSOL
₹837.60
Adani Energy Solutions
7D
2.9%
1Y
-14.4%
NHPC
₹87.09
NHPC
7D
5.8%
1Y
-5.8%

Is NHPC (NSE:NHPC) A Risky Investment?

Sep 15
Is NHPC (NSE:NHPC) A Risky Investment?
GIPCL
₹189.23
Gujarat Industries Power
7D
-3.6%
1Y
-11.8%

Shareholders Will Likely Find Gujarat Industries Power Company Limited's (NSE:GIPCL) CEO Compensation Acceptable

Sep 14
Shareholders Will Likely Find Gujarat Industries Power Company Limited's (NSE:GIPCL) CEO Compensation Acceptable
500400
₹393.15
Tata Power
7D
1.3%
1Y
-10.5%

Renewable Energy Expansion Will Shape Global Energy Landscape

Tata Power’s consensus analyst price target saw a minor downward revision as both its Future P/E and Net Profit Margin remained stable, resulting in a new fair value estimate of ₹413.91. What's in the News Tata Power's board will meet to consider audited and unaudited consolidated financial results.
JPPOWER
₹18.83
Jaiprakash Power Ventures
7D
-1.4%
1Y
11.4%
NTPC
₹336.95
NTPC
7D
1.8%
1Y
-20.5%

Here's What To Make Of NTPC's (NSE:NTPC) Decelerating Rates Of Return

Sep 10
Here's What To Make Of NTPC's (NSE:NTPC) Decelerating Rates Of Return
GAIL
₹180.95
GAIL (India)
7D
1.1%
1Y
-14.2%

A Look At The Fair Value Of GAIL (India) Limited (NSE:GAIL)

Sep 07
A Look At The Fair Value Of GAIL (India) Limited (NSE:GAIL)
ACMESOLAR
₹303.85
ACME Solar Holdings
7D
-2.9%
1Y
n/a
532219
₹19.83
Energy Development
7D
-2.5%
1Y
-20.6%
513683
₹256.00
NLC India
7D
-0.3%
1Y
-3.0%
ADANIPOWER
₹631.35
Adani Power
7D
1.1%
1Y
-2.8%

Expanded Capacity And Reliable PPAs Will Shape India's Energy Future

With both the Future P/E and Discount Rate for Adani Power remaining effectively unchanged, analyst valuation sentiment is stable, resulting in no adjustment to the consensus price target, which holds steady at ₹685.00. What's in the News Board meeting held to consider and approve unaudited financial results for the quarter ended June 30, 2025.
533148
₹537.70
JSW Energy
7D
3.1%
1Y
-27.7%

Expanding Renewable Capacity And Storage Will Shape India's Future Markets

With a slight decrease in JSW Energy's future P/E multiple and an essentially unchanged discount rate, consensus analyst fair value estimates have modestly declined from ₹602.35 to ₹584.69. What's in the News Board meeting scheduled to consider and approve unaudited standalone and consolidated financial results for the quarter ended 30th June, 2025.
KKVAPOW
₹593.00
KKV Agro Powers
7D
-5.0%
1Y
-16.6%
POWERGRID
₹289.10
Power Grid Corporation of India
7D
0.8%
1Y
-13.7%

Power Grid Corporation of India (NSE:POWERGRID) Is Paying Out Less In Dividends Than Last Year

Aug 03
Power Grid Corporation of India (NSE:POWERGRID) Is Paying Out Less In Dividends Than Last Year
540565
₹167.88
Indigrid Infrastructure Trust
7D
-0.4%
1Y
17.7%
PTC
₹174.25
PTC India
7D
-0.6%
1Y
-18.8%