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Indian (NIFTY) Utilities Sector Analysis

UpdatedApr 21, 2026
DataAggregated Company Financials
Companies49
  • 7D6.9%
  • 3M22.5%
  • 1Y11.8%
  • YTD14.9%

Over the last 7 days, the Utilities industry has risen 7.5%, driven by gains from Adani Power of 11%. This means that the industry has gained 13% over the past year. As for the next few years, earnings are expected to grow by 19% per annum.

Sector Valuation and Performance

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

DateMarket CapRevenueEarningsPEAbsolute PEPS
Tue, 21 Apr 2026₹23.6t₹7.7t₹963.4b25.8x24.5x3.1x
Thu, 19 Mar 2026₹20.7t₹7.7t₹963.1b21.8x21.5x2.7x
Sat, 14 Feb 2026₹20.1t₹7.7t₹962.9b23.4x20.9x2.6x
Mon, 12 Jan 2026₹19.8t₹7.7t₹954.8b23.5x20.7x2.6x
Wed, 10 Dec 2025₹19.6t₹7.7t₹954.8b23.9x20.6x2.6x
Fri, 07 Nov 2025₹20.8t₹7.7t₹1.0t27.5x20.8x2.7x
Sun, 05 Oct 2025₹21.2t₹7.7t₹1.0t28.1x20.8x2.8x
Tue, 02 Sep 2025₹19.8t₹7.7t₹1.0t26.6x19.5x2.6x
Thu, 31 Jul 2025₹20.6t₹7.6t₹1.0t27.6x20x2.7x
Sat, 28 Jun 2025₹21.0t₹7.6t₹1.0t28.4x20.8x2.8x
Mon, 26 May 2025₹20.6t₹7.7t₹1.0t26.8x20.3x2.7x
Wed, 23 Apr 2025₹20.9t₹7.5t₹1.0t29x20.1x2.8x
Fri, 21 Mar 2025₹19.5t₹7.5t₹1.0t26.8x18.8x2.6x
Sun, 16 Feb 2025₹17.8t₹7.5t₹1.0t27x17.2x2.4x
Tue, 14 Jan 2025₹18.6t₹7.4t₹1.0t28.2x18x2.5x
Thu, 12 Dec 2024₹22.4t₹7.4t₹1.0t31.2x21.7x3x
Sat, 09 Nov 2024₹22.3t₹7.4t₹942.4b36.2x23.6x3x
Mon, 07 Oct 2024₹24.3t₹7.3t₹960.9b36.9x25.3x3.3x
Wed, 04 Sep 2024₹24.2t₹7.3t₹960.9b35.4x25.2x3.3x
Fri, 02 Aug 2024₹25.5t₹7.2t₹949.2b38.6x26.8x3.5x
Sun, 30 Jun 2024₹23.5t₹7.1t₹977.5b37.8x24x3.3x
Tue, 28 May 2024₹23.2t₹7.1t₹954.2b28.4x24.3x3.3x
Thu, 25 Apr 2024₹21.8t₹6.9t₹863.9b32x25.2x3.1x
Sat, 23 Mar 2024₹20.5t₹6.9t₹864.2b27.9x23.7x3x
Mon, 19 Feb 2024₹21.0t₹6.9t₹864.2b30.5x24.3x3x
Wed, 17 Jan 2024₹19.3t₹6.8t₹835.9b26.4x23x2.8x
Fri, 15 Dec 2023₹18.1t₹6.8t₹835.7b24.3x21.6x2.6x
Sun, 12 Nov 2023₹14.0t₹6.8t₹835.9b19.4x16.8x2.1x
Tue, 10 Oct 2023₹13.5t₹6.7t₹703.8b19.3x19.2x2x
Thu, 07 Sep 2023₹13.7t₹6.7t₹703.9b19.6x19.5x2x
Sat, 05 Aug 2023₹12.8t₹6.7t₹713.3b18.6x17.9x1.9x
Mon, 03 Jul 2023₹12.0t₹6.8t₹684.1b17.4x17.5x1.8x
Wed, 31 May 2023₹11.7t₹6.8t₹716.5b14.9x16.4x1.7x
Fri, 28 Apr 2023₹11.8t₹6.6t₹710.2b15.2x16.6x1.8x
Price to Earnings Ratio

16.6x


Total Market Cap: ₹11.8tTotal Earnings: ₹710.2bTotal Revenue: ₹6.6tTotal Market Cap vs Earnings and Revenue0%0%0%
Indian Utilities Sector Price to Earnings3Y Average 21x202420252026
Current Industry PE
  • Investors are optimistic on the Indian Utilities industry, and appear confident in long term growth rates.
  • The industry is trading at a PE ratio of 24.3x which is higher than its 3-year average PE of 21.0x.
  • The 3-year average PS ratio of 2.7x is lower than the industry's current PS ratio of 3.0x.
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 Market3.52%
Utilities6.88%
Renewable Energy7.05%
Electric Utilities6.73%
Gas Utilities6.42%
Water Utilities5.02%
Industry PE
  • Investors are most optimistic about the Renewable Energy industry which is trading above its 3-year average PE ratio of 20.3x.
    • Analysts are expecting annual earnings growth of 22.3%, 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 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 13% per year.
  • In contrast, the Gas Utilities industry is expected to see its earnings grow by 7.2% 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
ADANIPOWER Adani Power₹200.8310.7%
+₹375.7b		76.5%PE35.3x
POWERGRID Power Grid Corporation of India₹319.706.4%
+₹180.0b		-0.09%PE19.2x
NTPC NTPC₹398.003.0%
+₹113.9b		9.2%PE16x
ADANIGREEN Adani Green Energy₹1.15k6.2%
+₹110.8b		20.5%PE138.8x
ADANIENSOL Adani Energy Solutions₹1.26k7.2%
+₹101.0b		34.3%PE67.4x

Latest News

ADANIGREEN
₹1,152.70
Adani Green Energy
7D
6.2%
1Y
20.5%
ADANIENSOL
₹1,259.40
Adani Energy Solutions
7D
7.2%
1Y
34.3%
TORNTPOWER
₹1,606.30
Torrent Power
7D
9.0%
1Y
0.9%

TORNTPOWER: Measured Outlook As Dividend Plans And Debenture Funding Guide Future Performance

Analysts have nudged their fair value estimate for Torrent Power slightly higher, with the price target moving from ₹1,415.20 to ₹1,422.20. This change reflects updated assumptions around revenue growth, profit margins and future P/E expectations.
ADANIPOWER
₹200.83
Adani Power
7D
10.7%
1Y
76.5%
NTPC
₹398.00
NTPC
7D
3.0%
1Y
9.2%

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).
POWERGRID
₹319.70
Power Grid Corporation of India
7D
6.4%
1Y
-0.09%

POWERGRID: Future P/E Expansion Will Outrun Weakening Margins And Modest Revenue Outlook

Analysts have adjusted their price target on Power Grid Corporation of India to ₹267 from ₹260, citing updated assumptions that combine a small change in profit margin and P/E expectations with a shift in projected revenue growth from a decline of 0.59% to growth of 0.42%. What's in the News Board meeting scheduled on 19 March 2026 to review a revised proposal to merge or amalgamate 28 wholly owned subsidiaries into 2 other wholly owned subsidiaries, replacing an earlier plan that covered 11 subsidiaries (Board Meeting).
500400
₹433.65
Tata Power
7D
5.9%
1Y
10.9%

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).
536709
₹11.54
Ind Renewable Energy
7D
-4.2%
1Y
-16.4%
NTPCGREEN
₹113.00
NTPC Green Energy
7D
8.4%
1Y
5.2%
500390
₹83.11
Reliance Infrastructure
7D
-5.0%
1Y
-69.4%