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Indian (NIFTY) Utilities Sector Analysis

UpdatedJan 22, 2026
DataAggregated Company Financials
Companies48
  • 7D-3.6%
  • 3M-11.1%
  • 1Y-3.9%
  • YTD-6.4%

The Utilities industry is down 3.0% over the last week with NTPC the worst performer, down 3.0%. In contrast, Mahanagar Gas has gained 5.5%. Overall the industry is down 5.2% in 12 months. Looking forward, 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
Thu, 22 Jan 2026₹19.1t₹7.7t₹954.3b22.4x20x2.5x
Sat, 20 Dec 2025₹19.8t₹7.7t₹954.8b24x20.7x2.6x
Mon, 17 Nov 2025₹20.9t₹7.7t₹955.9b25.4x21.9x2.7x
Wed, 15 Oct 2025₹21.1t₹7.7t₹1.0t26x20.8x2.8x
Fri, 12 Sep 2025₹20.3t₹7.7t₹1.0t26.2x19.9x2.6x
Sun, 10 Aug 2025₹19.8t₹7.7t₹1.0t26.6x19.3x2.6x
Tue, 08 Jul 2025₹21.0t₹7.6t₹1.0t28.7x20.7x2.7x
Thu, 05 Jun 2025₹20.5t₹7.6t₹1.0t29.3x20.2x2.7x
Sat, 03 May 2025₹20.0t₹7.5t₹1.0t27.7x19.2x2.7x
Mon, 31 Mar 2025₹19.9t₹7.5t₹1.0t25.4x19.2x2.7x
Wed, 26 Feb 2025₹18.1t₹7.5t₹1.0t28.1x17.4x2.4x
Fri, 24 Jan 2025₹19.9t₹7.4t₹1.0t29.1x19.2x2.7x
Sun, 22 Dec 2024₹21.0t₹7.4t₹1.0t31x20.3x2.8x
Tue, 19 Nov 2024₹20.8t₹7.4t₹1.0t28.3x20.2x2.8x
Thu, 17 Oct 2024₹23.8t₹7.3t₹960.2b37.5x24.8x3.3x
Sat, 14 Sep 2024₹23.7t₹7.3t₹960.9b35x24.7x3.3x
Mon, 12 Aug 2024₹24.2t₹7.3t₹954.7b35.7x25.4x3.3x
Wed, 10 Jul 2024₹23.8t₹7.1t₹977.5b39.1x24.4x3.4x
Fri, 07 Jun 2024₹22.7t₹7.1t₹985.4b34.7x23.1x3.2x
Sun, 05 May 2024₹22.4t₹7.0t₹839.7b29x26.7x3.2x
Tue, 02 Apr 2024₹21.3t₹6.9t₹864.2b28.4x24.7x3.1x
Thu, 29 Feb 2024₹20.8t₹6.9t₹864.2b29x24.1x3x
Sat, 27 Jan 2024₹19.6t₹7.0t₹866.2b26.1x22.6x2.8x
Mon, 25 Dec 2023₹17.9t₹6.8t₹835.7b24.4x21.5x2.6x
Wed, 22 Nov 2023₹14.2t₹6.8t₹835.7b23.3x16.9x2.1x
Fri, 20 Oct 2023₹13.7t₹6.7t₹703.9b19.8x19.5x2x
Sun, 17 Sep 2023₹14.0t₹6.7t₹703.8b19.7x19.9x2.1x
Tue, 15 Aug 2023₹12.7t₹6.7t₹704.0b18.1x18x1.9x
Thu, 13 Jul 2023₹12.1t₹6.8t₹683.9b19x17.7x1.8x
Sat, 10 Jun 2023₹12.0t₹6.8t₹697.5b15.4x17.2x1.8x
Mon, 08 May 2023₹12.0t₹6.6t₹737.6b14.8x16.3x1.8x
Wed, 05 Apr 2023₹11.2t₹6.6t₹709.8b13.9x15.8x1.7x
Fri, 03 Mar 2023₹10.2t₹6.6t₹709.8b13.6x14.4x1.5x
Sun, 29 Jan 2023₹15.8t₹6.3t₹736.6b15.6x21.4x2.5x
Price to Earnings Ratio

21.4x


Total Market Cap: ₹15.8tTotal Earnings: ₹736.6bTotal Revenue: ₹6.3tTotal 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 9.0% per year over the last three years.
  • Revenues for these companies have grown 6.9% 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-3.07%
Utilities-3.58%
Gas Utilities-2.47%
Electric Utilities-3.03%
Renewable Energy-4.10%
Water Utilities-8.21%
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 19.2%, which is higher than its past year's earnings growth of 7.6% per year.
  • Investors are most pessimistic about the Gas Utilities industry, which is trading below its 3-year average of 19.1x.
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?

CompanyLast Price7D1YValuation
POWERGRID Power Grid Corporation of India₹259.250.3%
+₹8.4b		-11.9%PE15.9x
MGL Mahanagar Gas₹1.12k6.5%
+₹6.7b		-15.0%PE11.3x
ADANIENSOL Adani Energy Solutions₹924.800.2%
+₹2.6b		14.3%PE49.3x
542323 KPI Green Energy₹434.500.5%
+₹394.7m		17.4%PE19.9x
KKVAPOW KKV Agro Powers₹629.003.1%
+₹11.8m		-7.1%PE7.2x

Latest News

542323
₹434.50
KPI Green Energy
7D
0.5%
1Y
17.4%
MGL
₹1,116.10
Mahanagar Gas
7D
6.5%
1Y
-15.0%

MGL: Board Results Review Will Clarify Outlook For Margins And P/E

Analysts have trimmed their fair value estimate for Mahanagar Gas from ₹1,151.49 to ₹1,036.77 as they factor in updated assumptions around revenue growth, profit margin and future P/E levels. What's in the News Mahanagar Gas has scheduled a board meeting on Oct 29, 2025, to consider and approve the unaudited standalone and consolidated financial results for the quarter and half year ended Sep 30, 2025 (Key Developments).
513683
₹249.15
NLC India
7D
-4.3%
1Y
9.1%
NHPC
₹77.45
NHPC
7D
-4.7%
1Y
-1.3%

Not Many Are Piling Into NHPC Limited (NSE:NHPC) Just Yet

Jan 16
Not Many Are Piling Into NHPC Limited (NSE:NHPC) Just Yet
500400
₹352.15
Tata Power
7D
-4.2%
1Y
-2.9%
NTPC
₹342.45
NTPC
7D
-1.9%
1Y
5.8%

Return Trends At NTPC (NSE:NTPC) Aren't Appealing

Jan 13
Return Trends At NTPC (NSE:NTPC) Aren't Appealing
ADANIPOWER
₹140.92
Adani Power
7D
-1.3%
1Y
35.0%

Some Confidence Is Lacking In Adani Power Limited's (NSE:ADANIPOWER) P/E

Jan 11
Some Confidence Is Lacking In Adani Power Limited's (NSE:ADANIPOWER) P/E
ADANIENSOL
₹924.80
Adani Energy Solutions
7D
0.2%
1Y
14.3%

ADANIENSOL: Future Margin Strength And Projects Will Support Superior Risk Reward Profile

Analysts have kept their fair value estimate for Adani Energy Solutions unchanged at ₹1,290. They cited small adjustments to revenue growth, profit margin expectations, and future P/E assumptions that offset each other in their updated model.
SJVN
₹72.52
SJVN
7D
-7.9%
1Y
-26.2%

SJVN: New CFO Appointment Will Support Long Term Earnings Quality

Analysts have kept their fair value estimate for SJVN steady at ₹97.0. The updated price target reflects a balance of higher modeled revenue growth at 65.87% and a lower profit margin of 23.20%, alongside a slight tweak to the discount rate and a reduced future P/E assumption. What's in the News SJVN's board approved the appointment of Shri Sipan Kumar Garg as Chief Financial Officer and Key Managerial Personnel, bringing over 23 years of finance, accounts, taxation, and commercial experience in the power sector to the company (Key Developments).
ADANIGREEN
₹904.30
Adani Green Energy
7D
-3.3%
1Y
-12.2%

ADANIGREEN: Assam Storage Projects And Energy Platform Will Drive Long-Term Upside

Analysts have nudged their price target for Adani Green Energy higher to ₹1,263 from ₹1,242.71, citing updated assumptions around revenue growth, profit margins, as well as a slightly adjusted discount rate and future P/E multiple. What's in the News Adani Green Energy has called a special shareholders meeting for January 2, 2026, to vote on the reappointment of independent director Dinesh Kanabar for a second 3 year term and to seek approval for a material related party transaction with Jash Energy Private Limited.
POWERGRID
₹259.25
Power Grid Corporation of India
7D
0.3%
1Y
-11.9%

POWERGRID: Planned Bond Issue Will Support Long Term Upside Potential

Narrative Update on Power Grid Corporation of India Analysts have trimmed their price target slightly for Power Grid Corporation of India, with revised fair value moving from ₹312.26 to about ₹311.65, citing updated assumptions that pair more moderate revenue growth with a marginally higher profit margin and a slight adjustment to future P/E expectations. What's in the News Energy Efficiency Services Ltd.
CESC
₹143.45
CESC
7D
-8.7%
1Y
-1.2%
KKVAPOW
₹629.00
KKV Agro Powers
7D
3.1%
1Y
-7.1%