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Indian (NIFTY) Utilities Sector Analysis
UpdatedJan 29, 2026
DataAggregated Company Financials
Companies48
- 7D0.3%
- 3M-11.9%
- 1Y-0.3%
- YTD-6.1%
Over the last 7 days, the Utilities industry has remained flat, although notably NTPC gained 4.6%. In line with that, the industry has also been flat over the past 12 months. Looking forward, earnings are forecast to grow by 17% annually.
Sector Valuation and Performance
Has the Indian Utilities Sector valuation changed over the past few years?
| Date | Market Cap | Revenue | Earnings | PE | Absolute PE | PS |
|---|---|---|---|---|---|---|
| Thu, 29 Jan 2026 | ₹19.2t | ₹7.7t | ₹952.7b | 22.5x | 20.2x | 2.5x |
| Sat, 27 Dec 2025 | ₹20.0t | ₹7.7t | ₹954.8b | 24x | 20.9x | 2.6x |
| Mon, 24 Nov 2025 | ₹20.5t | ₹7.7t | ₹956.0b | 24.9x | 21.5x | 2.7x |
| Wed, 22 Oct 2025 | ₹21.6t | ₹7.7t | ₹1.0t | 27.5x | 21.2x | 2.8x |
| Fri, 19 Sep 2025 | ₹20.6t | ₹7.7t | ₹1.0t | 26.4x | 20.2x | 2.7x |
| Sun, 17 Aug 2025 | ₹20.0t | ₹7.7t | ₹1.0t | 27x | 19.6x | 2.6x |
| Tue, 15 Jul 2025 | ₹21.2t | ₹7.6t | ₹1.0t | 28.5x | 20.9x | 2.8x |
| Thu, 12 Jun 2025 | ₹21.3t | ₹7.6t | ₹1.0t | 31.6x | 21.1x | 2.8x |
| Sat, 10 May 2025 | ₹19.3t | ₹7.5t | ₹1.0t | 26x | 18.5x | 2.6x |
| Mon, 07 Apr 2025 | ₹19.8t | ₹7.5t | ₹1.0t | 28.6x | 19.1x | 2.6x |
| Wed, 05 Mar 2025 | ₹17.5t | ₹7.5t | ₹1.0t | 25.4x | 16.9x | 2.3x |
| Fri, 31 Jan 2025 | ₹19.3t | ₹7.5t | ₹1.0t | 28x | 18.5x | 2.6x |
| Sun, 29 Dec 2024 | ₹20.9t | ₹7.4t | ₹1.0t | 29.6x | 20.2x | 2.8x |
| Tue, 26 Nov 2024 | ₹19.9t | ₹7.4t | ₹1.0t | 27.8x | 19.3x | 2.7x |
| Thu, 24 Oct 2024 | ₹22.7t | ₹7.3t | ₹968.1b | 37.8x | 23.4x | 3.1x |
| Sat, 21 Sep 2024 | ₹24.5t | ₹7.3t | ₹960.9b | 36.7x | 25.5x | 3.4x |
| Mon, 19 Aug 2024 | ₹23.9t | ₹7.3t | ₹960.9b | 34.7x | 24.9x | 3.3x |
| Wed, 17 Jul 2024 | ₹24.0t | ₹7.1t | ₹977.5b | 38.4x | 24.6x | 3.4x |
| Fri, 14 Jun 2024 | ₹23.6t | ₹7.1t | ₹977.5b | 37.8x | 24.1x | 3.3x |
| Sun, 12 May 2024 | ₹21.3t | ₹7.0t | ₹842.5b | 29.3x | 25.3x | 3x |
| Tue, 09 Apr 2024 | ₹22.2t | ₹6.9t | ₹863.4b | 32.7x | 25.8x | 3.2x |
| Thu, 07 Mar 2024 | ₹21.5t | ₹6.9t | ₹864.2b | 30.1x | 24.8x | 3.1x |
| Sat, 03 Feb 2024 | ₹20.7t | ₹6.9t | ₹901.9b | 32x | 23x | 3x |
| Mon, 01 Jan 2024 | ₹18.5t | ₹6.8t | ₹835.7b | 23.3x | 22.1x | 2.7x |
| Wed, 29 Nov 2023 | ₹15.0t | ₹6.8t | ₹835.7b | 23.4x | 17.9x | 2.2x |
| Fri, 27 Oct 2023 | ₹13.0t | ₹6.7t | ₹707.8b | 18.8x | 18.3x | 1.9x |
| Sun, 24 Sep 2023 | ₹14.0t | ₹6.7t | ₹703.8b | 19.3x | 19.9x | 2.1x |
| Tue, 22 Aug 2023 | ₹12.9t | ₹6.7t | ₹704.0b | 18.1x | 18.3x | 1.9x |
| Thu, 20 Jul 2023 | ₹12.1t | ₹6.8t | ₹681.0b | 15.8x | 17.8x | 1.8x |
| Sat, 17 Jun 2023 | ₹12.1t | ₹6.8t | ₹697.5b | 15.2x | 17.3x | 1.8x |
| Mon, 15 May 2023 | ₹11.8t | ₹6.6t | ₹737.3b | 15.7x | 16x | 1.8x |
| Wed, 12 Apr 2023 | ₹11.8t | ₹6.6t | ₹709.8b | 15x | 16.6x | 1.8x |
| Fri, 10 Mar 2023 | ₹11.2t | ₹6.6t | ₹709.8b | 15.1x | 15.7x | 1.7x |
| Sun, 05 Feb 2023 | ₹12.4t | ₹6.5t | ₹712.8b | 15.6x | 17.4x | 1.9x |
Price to Earnings Ratio
17.4x
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 20.6x.
- 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 10% per year over the last three years.
- Revenues for these companies have grown 5.6% 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 | 1.14% | |
| Utilities | 0.34% | |
| Gas Utilities | 1.58% | |
| Electric Utilities | 0.98% | |
| Renewable Energy | -0.29% | |
| Water Utilities | -2.46% | |
Industry PE
- Investors are most optimistic about the Renewable Energy industry which is trading above its 3-year average PE ratio of 19.5x.
- Analysts are expecting annual earnings growth of 20.4%, which is higher than its past year's earnings growth of 9.7% per year.
- Investors are most pessimistic about the Gas Utilities industry, which is trading below its 3-year average of 19.0x.
Forecasted Growth
- Analysts are most optimistic on the Water Utilities industry, expecting annual earnings growth of 21% 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 grow by 3.8% per year over the next few years.
Top Stock Gainers and Losers
Which companies have driven the market over the last 7 days?
| Company | Last Price | 7D | 1Y | Valuation | |
|---|---|---|---|---|---|
| NTPC NTPC | ₹358.15 | 4.6% +₹152.2b | 10.9% | PE14.6x | |
| 500400 Tata Power | ₹366.40 | 4.0% +₹45.5b | 4.0% | PE28.9x | |
| TORNTPOWER Torrent Power | ₹1.37k | 3.8% +₹25.1b | -5.7% | PE23.1x | |
| GAIL GAIL (India) | ₹167.38 | 2.3% +₹25.1b | 0.2% | PE10.1x | |
| 513683 NLC India | ₹264.70 | 6.2% +₹21.6b | 24.7% | PE14x |
