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Indian (NIFTY) Utilities Sector Analysis

UpdatedDec 12, 2025
DataAggregated Company Financials
Companies48
  • 7D-1.0%
  • 3M-3.2%
  • 1Y-12.4%
  • YTD-6.7%

Over the last 7 days, the Utilities industry has dropped 1.0%, driven by pullbacks in Adani Power and Power Grid Corporation of India of 1.5% and 1.6%, respectively. Overall the industry is down 12% in 12 months. As for the next few years, earnings are expected to grow by 16% per annum.

Sector Valuation and Performance

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

DateMarket CapRevenueEarningsPEAbsolute PEPS
Fri, 12 Dec 2025₹19.7t₹7.7t₹954.8b23.8x20.7x2.6x
Sun, 09 Nov 2025₹20.7t₹7.7t₹1.0t25.5x20.7x2.7x
Tue, 07 Oct 2025₹21.2t₹7.7t₹1.0t27.2x20.8x2.8x
Thu, 04 Sep 2025₹20.1t₹7.7t₹1.0t26.6x19.7x2.6x
Sat, 02 Aug 2025₹20.0t₹7.7t₹1.0t27.5x19.4x2.6x
Mon, 30 Jun 2025₹21.0t₹7.6t₹1.0t28.4x20.8x2.8x
Wed, 28 May 2025₹20.7t₹7.7t₹1.0t27.8x20.3x2.7x
Fri, 25 Apr 2025₹21.0t₹7.5t₹1.0t29.5x20.3x2.8x
Sun, 23 Mar 2025₹19.9t₹7.5t₹1.0t27.1x19.2x2.7x
Tue, 18 Feb 2025₹17.9t₹7.5t₹1.0t26.5x17.3x2.4x
Thu, 16 Jan 2025₹20.1t₹7.4t₹1.0t29.3x19.4x2.7x
Sat, 14 Dec 2024₹22.5t₹7.4t₹1.0t30.6x21.7x3x
Mon, 11 Nov 2024₹22.3t₹7.3t₹942.8b36.9x23.6x3x
Wed, 09 Oct 2024₹24.0t₹7.3t₹960.9b36.4x24.9x3.3x
Fri, 06 Sep 2024₹24.0t₹7.3t₹960.9b35x24.9x3.3x
Sun, 04 Aug 2024₹25.3t₹7.2t₹955.6b38.9x26.4x3.5x
Tue, 02 Jul 2024₹23.4t₹7.1t₹977.5b38.2x24x3.3x
Thu, 30 May 2024₹22.8t₹7.1t₹953.1b33.4x23.9x3.2x
Sat, 27 Apr 2024₹21.9t₹6.9t₹864.0b32.1x25.4x3.2x
Mon, 25 Mar 2024₹20.5t₹6.9t₹864.2b27.9x23.7x3x
Wed, 21 Feb 2024₹21.3t₹6.9t₹864.2b29.9x24.6x3.1x
Fri, 19 Jan 2024₹18.8t₹6.8t₹835.9b26.4x22.5x2.7x
Sun, 17 Dec 2023₹18.2t₹6.8t₹835.7b24.7x21.8x2.7x
Tue, 14 Nov 2023₹14.1t₹6.8t₹836.0b19.3x16.9x2.1x
Thu, 12 Oct 2023₹13.7t₹6.7t₹703.9b19.6x19.5x2x
Sat, 09 Sep 2023₹14.0t₹6.7t₹703.9b20.1x19.9x2.1x
Mon, 07 Aug 2023₹12.8t₹6.7t₹712.5b18.6x18x1.9x
Wed, 05 Jul 2023₹12.0t₹6.8t₹684.1b19.2x17.6x1.8x
Fri, 02 Jun 2023₹11.7t₹6.8t₹697.4b14.8x16.8x1.7x
Sun, 30 Apr 2023₹12.0t₹6.6t₹710.2b15.3x16.9x1.8x
Tue, 28 Mar 2023₹11.5t₹6.6t₹709.8b14.5x16.2x1.7x
Thu, 23 Feb 2023₹10.3t₹6.6t₹709.9b12.9x14.4x1.6x
Sat, 21 Jan 2023₹18.7t₹6.3t₹738.2b15.9x25.3x3x
Mon, 19 Dec 2022₹18.6t₹6.3t₹738.2b16.3x25.1x3x
Price to Earnings Ratio

25.1x


Total Market Cap: ₹18.6tTotal Earnings: ₹738.2bTotal Revenue: ₹6.3tTotal Market Cap vs Earnings and Revenue0%0%0%
Indian Utilities Sector Price to Earnings3Y Average 20.8x202320242025
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 20.8x.
  • 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 9.0% per year over the last three years.
  • Revenues for these companies have grown 7.0% 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-0.93%
Utilities-1.04%
Renewable Energy-0.74%
Electric Utilities-1.01%
Gas Utilities-2.12%
Water Utilities-10.04%
Industry PE
  • Investors are most optimistic about the Water Utilities industry even though it's trading below its 3-year average PE ratio of 59.3x.
    • Analysts expect its future annual earnings growth (21.3%) 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 19.7x.
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 4.5% 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
ADANIENSOL Adani Energy Solutions₹1.01k3.3%
+₹39.0b		21.5%PE53.9x
ADANIGREEN Adani Green Energy₹1.04k2.2%
+₹37.1b		-13.2%PE90.1x
533148 JSW Energy₹482.054.5%
+₹36.0b		-28.9%PE41.6x
NTPC NTPC₹325.050.5%
+₹17.0b		-9.0%PE13.3x
ADANIPOWER Adani Power₹144.490.5%
+₹13.7b		34.6%PE24.1x

Latest News

533148
₹482.05
JSW Energy
7D
4.5%
1Y
-28.9%

533148: Future Funding Plan Will Drive Alaknanda Acquisition Upside

Analysts have nudged their price target for JSW Energy modestly higher to ₹598.44, reflecting slightly lower perceived risk from a reduced discount rate, while maintaining robust assumptions for revenue growth, profit margins, and future valuation multiples. What's in the News Board meeting scheduled for December 12, 2025, to consider raising funds via equity shares, warrants, convertible securities, or other instruments, using modes such as QIP, rights issue, or preferential allotment, subject to regulatory approvals (company filing) Chief financial officer Pritesh Vinay has resigned to pursue external opportunities and will remain in position until December 31, 2025, to ensure an orderly transition (company announcement) Board meeting set for October 17, 2025, to review unaudited standalone and consolidated financial results for the quarter and half year ended September 30, 2025 (company filing) Valuation Changes Fair Value: Unchanged at ₹598.44, indicating no revision to the intrinsic value estimate.
GUJGASLTD
₹395.65
Gujarat Gas
7D
-2.7%
1Y
-22.2%

GUJGASLTD: Stable Margins And Earnings Outlook Will Drive Future Upside

Analysts have maintained their price target for Gujarat Gas at ₹448.46 per share. This reflects unchanged assumptions on the discount rate, revenue growth, profit margins, and future valuation multiples that continue to support the current fair value estimate.
POWERGRID
₹263.60
Power Grid Corporation of India
7D
-2.3%
1Y
-21.0%

POWERGRID: Upcoming Bond Issue Will Support Attractive Long Term Upside Potential

Analysts have maintained their price target for Power Grid Corporation of India at ₹313.57 per share, noting that only marginal tweaks to long term revenue growth, profit margin assumptions and future valuation multiples were insufficient to justify a change in fair value. What's in the News Board meeting scheduled on November 17, 2025 to consider issuing unsecured, non convertible, non cumulative, redeemable, taxable bonds under the "POWERGRID Bond LXXXIII (83rd) Issue" via private placement, along with other business matters (company filing) Change in joint statutory auditors for FY 2025 26, with M/s.
WABAG
₹1,245.80
VA Tech Wabag
7D
-8.9%
1Y
-31.3%

These 4 Measures Indicate That VA Tech Wabag (NSE:WABAG) Is Using Debt Reasonably Well

Dec 10
These 4 Measures Indicate That VA Tech Wabag (NSE:WABAG) Is Using Debt Reasonably Well
NTPC
₹325.05
NTPC
7D
0.5%
1Y
-9.0%

Does NTPC (NSE:NTPC) Deserve A Spot On Your Watchlist?

Dec 08
Does NTPC (NSE:NTPC) Deserve A Spot On Your Watchlist?
IGL
₹186.71
Indraprastha Gas
7D
-2.7%
1Y
-4.8%

IGL: Saudi Gas Network Push Will Drive Long-Term Upside Potential

Analysts have nudged their price target for Indraprastha Gas slightly higher from ₹225.40 to approximately ₹225.73, citing modestly stronger revenue growth expectations, which are offset by a marginal downward revision in profit margin forecasts and a slightly higher implied future valuation multiple. What's in the News Board meeting scheduled for November 12, 2025, to review and approve unaudited financial results for the quarter ended September 30, 2025 (company filing) The board will consider an alliance and partnership agreement with MASAH Construction Company, Saudi Arabia, to jointly pursue licenses for developing natural gas distribution networks in multiple industrial cities in the Kingdom of Saudi Arabia (company filing) Shareholders approved a final dividend of INR 1.5 per equity share for the financial year ended March 31, 2025, at the AGM held on September 26, 2025 (AGM resolution) Valuation Changes Fair Value: Adjusted marginally higher from ₹225.40 to about ₹225.73, reflecting a very small upward revision in intrinsic value estimates.
ADANIPOWER
₹144.49
Adani Power
7D
0.5%
1Y
34.6%

ADANIPOWER: Massive Assam Project And Share Split Are Set To Lift Shares

Analysts have reaffirmed Adani Power's price target at ₹187.75, citing minor updates to the discount rate and forward valuation metrics in their latest assessment. What's in the News Adani Power will invest INR 480,000 million to develop a 3,200 MW greenfield ultra super critical thermal power plant in Assam.
GAIL
₹170.71
GAIL (India)
7D
0.4%
1Y
-16.7%

GAIL: Upcoming Pipeline Completion Will Drive Momentum Into December 2025

Analysts have slightly reduced their fair value estimate for GAIL (India) from ₹208.19 to ₹206.19. This revision is due to minor adjustments in profit margin and revenue growth expectations.
ADANIENSOL
₹1,011.30
Adani Energy Solutions
7D
3.3%
1Y
21.5%

With Adani Energy Solutions Limited (NSE:ADANIENSOL) It Looks Like You'll Get What You Pay For

Nov 30
With Adani Energy Solutions Limited (NSE:ADANIENSOL) It Looks Like You'll Get What You Pay For
500400
₹381.90
Tata Power
7D
-0.6%
1Y
-10.8%

500400: Renewable Project Wins And Steady Margins Will Shape The Medium Term

Analysts have marginally raised their price target for Tata Power from ₹418.64 to ₹418.82. They cite a steady profit margin outlook while adjusting expectations for slower revenue growth.
ADANIGREEN
₹1,040.20
Adani Green Energy
7D
2.2%
1Y
-13.2%
SJVN
₹72.30
SJVN
7D
-2.4%
1Y
-38.8%

Here's Why SJVN (NSE:SJVN) Has A Meaningful Debt Burden

Nov 22
Here's Why SJVN (NSE:SJVN) Has A Meaningful Debt Burden
ACMESOLAR
₹228.32
ACME Solar Holdings
7D
7.4%
1Y
-14.8%

Weak Statutory Earnings May Not Tell The Whole Story For ACME Solar Holdings (NSE:ACMESOLAR)

Nov 11
Weak Statutory Earnings May Not Tell The Whole Story For ACME Solar Holdings (NSE:ACMESOLAR)
500390
₹136.10
Reliance Infrastructure
7D
-12.1%
1Y
-53.6%
RPOWER
₹34.53
Reliance Power
7D
-8.4%
1Y
-27.2%
513683
₹243.70
NLC India
7D
1.2%
1Y
-5.3%