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Indian (NIFTY) Utilities Sector Analysis

UpdatedFeb 22, 2026
DataAggregated Company Financials
Companies48
  • 7D2.0%
  • 3M0.1%
  • 1Y11.4%
  • YTD0.4%

In the last week, the Utilities industry is up 2.0%, with Power Grid Corporation of India leading the way, up 4.1%. This means that the industry has gained 11% over the past year. Looking forward, earnings are forecast to grow by 18% annually.

Sector Valuation and Performance

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

DateMarket CapRevenueEarningsPEAbsolute PEPS
Sun, 22 Feb 2026₹20.5t₹7.7t₹962.8b23.7x21.3x2.7x
Tue, 20 Jan 2026₹19.6t₹7.7t₹954.8b23x20.5x2.5x
Thu, 18 Dec 2025₹19.7t₹7.7t₹954.8b23.8x20.7x2.6x
Sat, 15 Nov 2025₹20.9t₹7.7t₹953.4b25.4x21.9x2.7x
Mon, 13 Oct 2025₹21.2t₹7.7t₹1.0t26.5x20.8x2.8x
Wed, 10 Sep 2025₹20.0t₹7.7t₹1.0t25.8x19.6x2.6x
Fri, 08 Aug 2025₹19.9t₹7.7t₹1.0t26.7x19.4x2.6x
Sun, 06 Jul 2025₹20.9t₹7.6t₹1.0t28.9x20.6x2.7x
Tue, 03 Jun 2025₹20.6t₹7.6t₹1.0t28.9x20.4x2.7x
Thu, 01 May 2025₹20.1t₹7.5t₹1.0t28.3x19.4x2.7x
Sat, 29 Mar 2025₹19.9t₹7.5t₹1.0t25.4x19.2x2.7x
Mon, 24 Feb 2025₹18.4t₹7.5t₹1.0t28.6x17.8x2.5x
Wed, 22 Jan 2025₹20.2t₹7.4t₹1.0t29.1x19.5x2.7x
Fri, 20 Dec 2024₹21.5t₹7.4t₹1.0t31.1x20.8x2.9x
Sun, 17 Nov 2024₹21.2t₹7.4t₹1.0t28.9x20.6x2.9x
Tue, 15 Oct 2024₹24.0t₹7.3t₹960.2b37.5x25x3.3x
Thu, 12 Sep 2024₹23.5t₹7.3t₹960.9b35.1x24.5x3.2x
Sat, 10 Aug 2024₹24.2t₹7.3t₹954.2b35.7x25.4x3.3x
Mon, 08 Jul 2024₹23.7t₹7.1t₹977.5b38.8x24.2x3.4x
Wed, 05 Jun 2024₹21.4t₹7.1t₹985.1b34.5x21.7x3x
Fri, 03 May 2024₹22.5t₹7.1t₹858.4b28.4x26.2x3.2x
Sun, 31 Mar 2024₹20.8t₹6.9t₹864.2b27.4x24x3x
Tue, 27 Feb 2024₹21.5t₹6.9t₹864.2b29.2x24.9x3.1x
Thu, 25 Jan 2024₹19.3t₹6.8t₹836.9b26.1x23.1x2.8x
Sat, 23 Dec 2023₹17.9t₹6.8t₹835.7b24.4x21.5x2.6x
Mon, 20 Nov 2023₹14.2t₹6.8t₹835.7b23.4x17x2.1x
Wed, 18 Oct 2023₹13.7t₹6.7t₹703.9b19.8x19.5x2x
Fri, 15 Sep 2023₹14.1t₹6.7t₹703.9b19.6x20x2.1x
Sun, 13 Aug 2023₹12.8t₹6.7t₹703.8b18.5x18.2x1.9x
Tue, 11 Jul 2023₹12.1t₹6.8t₹683.9b18.4x17.7x1.8x
Thu, 08 Jun 2023₹12.0t₹6.8t₹697.5b15.6x17.2x1.8x
Sat, 06 May 2023₹12.0t₹6.6t₹719.6b14.8x16.7x1.8x
Mon, 03 Apr 2023₹11.3t₹6.6t₹709.8b14.9x16x1.7x
Wed, 01 Mar 2023₹9.9t₹6.6t₹709.8b13.6x14x1.5x
Price to Earnings Ratio

14x


Total Market Cap: ₹9.9tTotal Earnings: ₹709.8bTotal 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 Market0.28%
Utilities2.02%
Electric Utilities2.54%
Renewable Energy1.92%
Gas Utilities1.21%
Water Utilities-0.86%
Industry PE
  • Investors are most optimistic about the Renewable Energy industry which is trading above its 3-year average PE ratio of 19.7x.
    • Analysts are expecting annual earnings growth of 21.4%, which is higher than its past year's earnings growth of 10.0% 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 21% over the next 5 years.
  • This is better than its past earnings growth rate of 10.0% per year.
  • In contrast, the Gas Utilities industry is expected to see its earnings grow by 8.2% 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
POWERGRID Power Grid Corporation of India₹298.954.1%
+₹109.3b		14.1%PE17.9x
NTPC NTPC₹372.952.7%
+₹96.5b		14.3%PE15x
ADANIPOWER Adani Power₹142.702.0%
+₹54.0b		49.1%PE25.1x
GAIL GAIL (India)₹168.474.2%
+₹44.6b		2.6%PE12.9x
533148 JSW Energy₹493.804.0%
+₹33.5b		-0.6%PE38.1x

Latest News

GAIL
₹168.47
GAIL (India)
7D
4.2%
1Y
2.6%

GAIL: Higher PNGRB Tariffs Will Support Earnings And Undervalued Upside

Analysts have trimmed their price target on GAIL (India) from ₹233.46 to ₹196.00. This reflects updated views on fair value and a lower assumed future P/E multiple, while keeping revenue growth and profit margin expectations broadly similar.
ADANIPOWER
₹142.70
Adani Power
7D
2.0%
1Y
49.1%

ADANIPOWER: Assam Expansion And Governance Moves Will Support Long Term Upside

Analysts have kept their fair value estimate for Adani Power steady at ₹182.17 per share, with only minor tweaks to the discount rate and future P/E assumptions influencing this price target update. What's in the News A board meeting is scheduled for Jan 29, 2026 to consider and approve the unaudited financial results for the quarter and nine months ended Dec 31, 2025 (company filing).
SJVN
₹75.30
SJVN
7D
-1.8%
1Y
-19.0%
TORNTPOWER
₹1,528.60
Torrent Power
7D
4.5%
1Y
18.6%
PTC
₹168.69
PTC India
7D
-8.8%
1Y
11.5%
JPPOWER
₹14.66
Jaiprakash Power Ventures
7D
-1.9%
1Y
5.3%

These 4 Measures Indicate That Jaiprakash Power Ventures (NSE:JPPOWER) Is Using Debt Reasonably Well

Feb 12
These 4 Measures Indicate That Jaiprakash Power Ventures (NSE:JPPOWER) Is Using Debt Reasonably Well
NHPC
₹74.47
NHPC
7D
-1.3%
1Y
-6.8%

NHPC: Planned Bond Issue Will Support Future Earnings Strength

Analysts have adjusted their price target for NHPC to ₹87.00 from ₹91.63, reflecting updated assumptions related to discount rates, revenue growth, profit margins and future P/E expectations. What's in the News Board meeting scheduled on Jan 08, 2026 to review the General Information Document and Key Information Document for a proposed issue of unsecured, redeemable, taxable, non convertible, non cumulative bonds.
500400
₹377.95
Tata Power
7D
1.0%
1Y
5.7%

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
₹298.95
Power Grid Corporation of India
7D
4.1%
1Y
14.1%

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
₹968.25
Adani Green Energy
7D
1.9%
1Y
14.0%

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.
GUJGASLTD
₹405.15
Gujarat Gas
7D
-4.5%
1Y
-0.04%

GUJGASLTD: Leadership Transition And Upcoming Results Will Support Earnings Visibility

Analysts have nudged their fair value estimate for Gujarat Gas slightly higher from ₹557.09 to ₹560.57, reflecting updated views on discount rates, revenue growth, profit margin and future P/E assumptions. What's in the News Managing Director Shri Milind Torawane, IAS (DIN: 03632394), has resigned from the Board of Directors effective December 24, 2025, following his transfer and appointment as Principal Secretary to Government, Education Department, Primary & Secondary Education (Key Developments).
533148
₹493.80
JSW Energy
7D
4.0%
1Y
-0.6%

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).
540565
₹164.17
Indigrid Infrastructure Trust
7D
-1.3%
1Y
15.4%
NTPC
₹372.95
NTPC
7D
2.7%
1Y
14.3%
RPOWER
₹26.25
Reliance Power
7D
-2.1%
1Y
-30.4%
GSPL
₹300.40
Gujarat State Petronet
7D
-3.1%
1Y
4.9%