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Indian (NIFTY) Utilities Sector Analysis

UpdatedJun 06, 2026
DataAggregated Company Financials
Companies50
  • 7D-1.7%
  • 3M22.2%
  • 1Y17.9%
  • YTD19.8%

Over the last 7 days, the Utilities industry has dropped 1.7%, driven by declines in NTPC and Adani Power of 6.5% and 4.4%, respectively. This takes the industry's 12 month performance to a gain of 18%. Earnings are forecast to grow by 16% annually.

Sector Valuation and Performance

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

DateMarket CapRevenueEarningsPEAbsolute PEPS
Sun, 07 Jun 2026₹24.7t₹7.9t₹979.8b29.7x25.2x3.1x
Tue, 05 May 2026₹24.8t₹7.7t₹985.3b27.2x25.2x3.2x
Thu, 02 Apr 2026₹20.1t₹7.7t₹963.4b20.6x20.9x2.6x
Sat, 28 Feb 2026₹20.7t₹7.7t₹963.1b23.6x21.5x2.7x
Mon, 26 Jan 2026₹18.7t₹7.7t₹952.7b21.8x19.6x2.4x
Wed, 24 Dec 2025₹20.0t₹7.7t₹954.8b24.3x20.9x2.6x
Fri, 21 Nov 2025₹20.8t₹7.7t₹956.0b25.3x21.7x2.7x
Sun, 19 Oct 2025₹21.5t₹7.7t₹1.0t26.8x21.1x2.8x
Tue, 16 Sep 2025₹20.5t₹7.7t₹1.0t26x20.1x2.7x
Thu, 14 Aug 2025₹20.1t₹7.7t₹1.0t26.5x19.6x2.6x
Sat, 12 Jul 2025₹21.1t₹7.6t₹1.0t28.8x20.8x2.8x
Mon, 09 Jun 2025₹20.8t₹7.6t₹1.0t30x20.5x2.7x
Wed, 07 May 2025₹19.9t₹7.5t₹1.0t27x19x2.6x
Fri, 04 Apr 2025₹20.3t₹7.5t₹1.0t27.5x19.6x2.7x
Sun, 02 Mar 2025₹17.4t₹7.5t₹1.0t26.9x16.8x2.3x
Tue, 28 Jan 2025₹19.2t₹7.4t₹1.0t27.4x18.4x2.6x
Thu, 26 Dec 2024₹21.0t₹7.4t₹1.0t30.7x20.3x2.8x
Sat, 23 Nov 2024₹19.9t₹7.4t₹1.0t26.9x19.3x2.7x
Mon, 21 Oct 2024₹23.6t₹7.3t₹960.2b38.9x24.6x3.2x
Wed, 18 Sep 2024₹24.3t₹7.3t₹960.9b35x25.3x3.3x
Fri, 16 Aug 2024₹23.6t₹7.3t₹961.0b34.6x24.6x3.2x
Sun, 14 Jul 2024₹23.8t₹7.1t₹977.5b38.2x24.4x3.4x
Tue, 11 Jun 2024₹23.2t₹7.1t₹977.5b36.6x23.7x3.3x
Thu, 09 May 2024₹21.6t₹7.0t₹840.5b29.4x25.7x3.1x
Sat, 06 Apr 2024₹22.0t₹6.9t₹863.4b34.2x25.4x3.2x
Mon, 04 Mar 2024₹21.3t₹6.9t₹864.2b29.8x24.7x3.1x
Wed, 31 Jan 2024₹20.1t₹6.9t₹901.7b27.2x22.3x2.9x
Fri, 29 Dec 2023₹18.3t₹6.8t₹835.7b23.2x21.9x2.7x
Sun, 26 Nov 2023₹14.3t₹6.8t₹835.7b23.1x17.1x2.1x
Tue, 24 Oct 2023₹13.1t₹6.7t₹707.8b19.1x18.5x1.9x
Thu, 21 Sep 2023₹14.2t₹6.7t₹703.8b19.6x20.1x2.1x
Sat, 19 Aug 2023₹12.9t₹6.7t₹704.0b17.8x18.3x1.9x
Mon, 17 Jul 2023₹12.0t₹6.8t₹681.0b16.4x17.6x1.8x
Wed, 14 Jun 2023₹12.0t₹6.8t₹697.5b15.2x17.2x1.8x
Price to Earnings Ratio

17.2x


Total Market Cap: ₹12.0tTotal Earnings: ₹697.5bTotal Revenue: ₹6.8tTotal Market Cap vs Earnings and Revenue0%0%0%
Indian Utilities Sector Price to Earnings3Y Average 21.4x202420252026
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 25.2x which is higher than its 3-year average PE of 21.4x.
  • The 3-year average PS ratio of 2.7x is lower than the industry's current PS ratio of 3.1x.
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 4.8% 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 Market-0.83%
Utilities-1.66%
Water Utilities4.75%
Gas Utilities0.41%
Electric Utilities0.19%
Renewable Energy-2.99%
Industry PE
  • Investors are most optimistic about the Water Utilities industry even though it's trading below its 3-year average PE ratio of 57.9x.
    • Analysts are expecting annual earnings growth of 18.8%, which is lower than the prior year's growth of 25.5% 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 Water Utilities industry, expecting annual earnings growth of 19% over the next 5 years.
  • However this is lower than its past earnings growth rate of 25% per year.
  • In contrast, the Gas Utilities industry is expected to see its earnings grow by 11% 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
ADANIGREEN Adani Green Energy₹1.53k3.4%
+₹82.9b		49.8%PE159.2x
ADANIENSOL Adani Energy Solutions₹1.58k4.3%
+₹78.9b		78.6%PE83.1x
ACMESOLAR ACME Solar Holdings₹356.6515.0%
+₹28.2b		42.2%PE43.3x
TORNTPOWER Torrent Power₹1.46k2.8%
+₹20.1b		3.7%PE30.4x
GAIL GAIL (India)₹167.401.8%
+₹19.0b		-12.4%PE14.5x

Latest News

ACMESOLAR
₹356.65
ACME Solar Holdings
7D
15.0%
1Y
42.2%
ADANIENSOL
₹1,579.00
Adani Energy Solutions
7D
4.3%
1Y
78.6%
Narrative Update • Jun 05

ADANIENSOL: Mumbai HVDC Expansion And Smart Meter Bid Will Shape Balanced Outlook

Analysts have lifted their price target on Adani Energy Solutions from ₹1,129 to ₹1,417.88, citing updated assumptions around discount rates, revenue growth, profit margins, and a higher future P/E multiple. What's in the News Adani Energy Solutions is among four shortlisted bidders in the final leg of the proposed sale of smart meter platform IntelliSmart Infrastructure, with the equity value for IntelliSmart cited at about $400 million (₹37,000 million), according to ET.
TORNTPOWER
₹1,460.10
Torrent Power
7D
2.8%
1Y
3.7%
Narrative Update • Jun 04

TORNTPOWER: Future Board Review And Dividend Plans Support Measured Outlook

Analysts have lifted their price target for Torrent Power from ₹1,422 to ₹1,461, reflecting updated assumptions that combine higher expected revenue growth, a slightly higher discount rate, a lower projected profit margin and a higher future P/E multiple. What's in the News A board meeting is scheduled for May 12, 2026, to review audited standalone and consolidated financial results for the quarter and year ended March 31, 2026.
NHPC
₹74.97
NHPC
7D
-4.9%
1Y
-16.1%
Narrative Update • Jun 03

NHPC: Senior Housing Shift And Borrowing Plans Shape A Balanced Outlook

The analyst fair value estimate for NHPC has been adjusted from ₹70 to ₹72, reflecting updated assumptions on revenue growth, profitability and P/E, and aligning with broader analyst expectations that the company’s shift toward senior housing exposure and portfolio transition could influence earnings potential and risk pricing. Analyst Commentary Street research on NHPC highlights a split view on how the company’s increased senior housing exposure and portfolio transition could play out for earnings, growth and valuation.
IGL
₹164.32
Indraprastha Gas
7D
2.4%
1Y
-22.0%
Narrative Update • Jun 02

IGL: Leadership Changes And Dividend Decision Will Support Future Upside

Analysts have trimmed their price target on Indraprastha Gas slightly from ₹255.00 to about ₹250.60, reflecting updated assumptions on the discount rate, revenue growth, profit margins and the future P/E. What's in the News Board meeting on May 18, 2026 to consider and approve standalone and consolidated audited financial results for the quarter and year ended March 31, 2026, and to consider a final dividend recommendation for FY 2025-26.
NTPC
₹361.65
NTPC
7D
-6.5%
1Y
8.7%
Narrative Update • Jun 02

NTPC: Dividend And Storage Expansion Will Support Future Earnings Appeal

Analysts have nudged their price target for NTPC higher to about ₹436 from roughly ₹425, citing updated assumptions around fair value, discount rate, revenue growth, profit margin and future P/E. What's in the News A board meeting is scheduled for May 23, 2026, to review the annual standalone and consolidated financial statements for the year ended March 31, 2026, and to consider a final dividend recommendation for FY 2025-26, subject to shareholder approval.
ADANIGREEN
₹1,525.70
Adani Green Energy
7D
3.4%
1Y
49.8%
Narrative Update • Jun 01

ADANIGREEN: Joint Venture And Governance Moves Will Support Future Earnings Visibility

Analysts have kept the price target for Adani Green Energy unchanged at ₹1,570, citing relatively steady assumptions around revenue growth, profit margins, and future P/E expectations as the main factors behind this stance. What's in the News Adani Green Energy has scheduled a board meeting on April 24, 2026, to consider fourth quarter FY 2025-26 results, board level appointments and reappointments, changes in senior management, and matters related to joint statutory auditors.
NTPCGREEN
₹100.86
NTPC Green Energy
7D
-2.6%
1Y
-7.2%
Analysis Article • Jun 01

NTPC Green Energy's (NSE:NTPCGREEN) Shareholders May Want To Dig Deeper Than Statutory Profit

NTPC Green Energy Limited's ( NSE:NTPCGREEN ) healthy profit numbers didn't contain any surprises for investors...
ADANIPOWER
₹232.60
Adani Power
7D
-4.4%
1Y
109.5%
533148
₹583.70
JSW Energy
7D
-2.0%
1Y
11.6%
GAIL
₹167.40
GAIL (India)
7D
1.8%
1Y
-12.4%
JPPOWER
₹19.03
Jaiprakash Power Ventures
7D
-13.0%
1Y
17.2%
POWERGRID
₹285.65
Power Grid Corporation of India
7D
-1.7%
1Y
-3.4%
Narrative Update • May 24

POWERGRID: Upcoming Dividend Decision Will Support Future Upside Potential

Analysts have lifted their price target on Power Grid Corporation of India from ₹384.09 to ₹390.00, citing updated assumptions that combine a higher projected revenue growth rate with a lower profit margin and a slightly higher future P/E multiple. What's in the News A board meeting is scheduled for May 15, 2026 to review and approve audited financial results for the year ended March 31, 2026 and to consider a final dividend recommendation for FY 2025-26, subject to shareholder approval at the AGM (company filing).
CLEANMAX
₹1,217.00
Clean Max Enviro Energy Solutions
7D
9.6%
1Y
n/a
500400
₹409.05
Tata Power
7D
-2.8%
1Y
2.4%
Narrative Update • May 21

500400: Bhutan Hydro Buildout And Digital Projects Will Shape A Balanced Outlook

Analysts have lifted their fair value estimate for Tata Power from ₹418.82 to ₹428.70, citing updated assumptions around revenue growth, profit margins, the discount rate, and future P/E expectations. What's in the News Tata Power announced an annual dividend of ₹2.50 per share, with an ex date and record date of June 23, 2026, and payment scheduled for August 6, 2026 (company announcement).
500390
₹82.07
Reliance Infrastructure
7D
27.6%
1Y
-77.9%