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Indian (NIFTY) Utilities Sector Analysis

UpdatedJan 17, 2026
DataAggregated Company Financials
Companies48
  • 7D-0.2%
  • 3M-8.0%
  • 1Y-3.9%
  • YTD-3.5%

Over the last 7 days, the Utilities industry has dropped 1.3%, driven by a pullback from Adani Energy Solutions of 5.4%. As for the longer term, the industry's performance has been flat for the past year. 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
Sat, 17 Jan 2026₹19.7t₹7.7t₹954.8b23.6x20.7x2.6x
Mon, 15 Dec 2025₹20.0t₹7.7t₹954.8b24.2x20.9x2.6x
Wed, 12 Nov 2025₹20.8t₹7.7t₹973.1b26.7x21.3x2.7x
Fri, 10 Oct 2025₹21.0t₹7.7t₹1.0t26.3x20.7x2.7x
Sun, 07 Sep 2025₹19.9t₹7.7t₹1.0t26.1x19.5x2.6x
Tue, 05 Aug 2025₹20.2t₹7.7t₹1.0t28.5x19.7x2.6x
Thu, 03 Jul 2025₹20.9t₹7.6t₹1.0t29.3x20.7x2.7x
Sat, 31 May 2025₹20.5t₹7.6t₹1.0t29.4x20.1x2.7x
Mon, 28 Apr 2025₹20.3t₹7.5t₹1.0t28.3x19.5x2.7x
Wed, 26 Mar 2025₹19.9t₹7.5t₹1.0t26x19.2x2.7x
Fri, 21 Feb 2025₹18.5t₹7.5t₹1.0t27.6x17.8x2.5x
Sun, 19 Jan 2025₹20.5t₹7.4t₹1.0t30x19.8x2.8x
Tue, 17 Dec 2024₹22.3t₹7.4t₹1.0t30.8x21.6x3x
Thu, 14 Nov 2024₹21.4t₹7.4t₹949.9b34x22.5x2.9x
Sat, 12 Oct 2024₹24.0t₹7.3t₹960.2b37.5x25x3.3x
Mon, 09 Sep 2024₹23.6t₹7.3t₹960.9b35.2x24.6x3.2x
Wed, 07 Aug 2024₹24.1t₹7.2t₹950.7b36.7x25.3x3.3x
Fri, 05 Jul 2024₹23.5t₹7.1t₹977.5b38.1x24.1x3.3x
Sun, 02 Jun 2024₹23.3t₹7.1t₹953.1b35.3x24.5x3.3x
Tue, 30 Apr 2024₹22.1t₹6.9t₹870.4b28.2x25.4x3.2x
Thu, 28 Mar 2024₹20.5t₹6.9t₹864.2b27.3x23.7x3x
Sat, 24 Feb 2024₹21.2t₹6.9t₹864.2b29.2x24.5x3.1x
Mon, 22 Jan 2024₹19.5t₹6.8t₹835.5b26.1x23.3x2.8x
Wed, 20 Dec 2023₹18.2t₹6.8t₹835.7b24.6x21.8x2.7x
Fri, 17 Nov 2023₹14.2t₹6.8t₹835.7b23.3x16.9x2.1x
Sun, 15 Oct 2023₹13.7t₹6.7t₹703.9b19.8x19.5x2x
Tue, 12 Sep 2023₹13.9t₹6.7t₹703.9b19.9x19.8x2.1x
Thu, 10 Aug 2023₹12.8t₹6.7t₹712.5b18.9x17.9x1.9x
Sat, 08 Jul 2023₹12.2t₹6.8t₹683.9b18.5x17.8x1.8x
Mon, 05 Jun 2023₹11.7t₹6.8t₹697.5b13x16.7x1.7x
Wed, 03 May 2023₹12.0t₹6.6t₹710.2b15.2x16.9x1.8x
Fri, 31 Mar 2023₹11.3t₹6.6t₹709.8b14.9x15.9x1.7x
Sun, 26 Feb 2023₹10.0t₹6.6t₹709.8b13.3x14.1x1.5x
Tue, 24 Jan 2023₹18.7t₹6.3t₹736.8b16.2x25.4x3x
Price to Earnings Ratio

25.4x


Total Market Cap: ₹18.7tTotal Earnings: ₹736.8bTotal 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 Market0.022%
Utilities-0.18%
Renewable Energy0.63%
Water Utilities0%0
Electric Utilities-1.17%
Gas Utilities-1.32%
Industry PE
  • Investors are most optimistic about the Water Utilities industry even though it's trading below its 3-year average PE ratio of 59.6x.
    • Analysts expect its future annual earnings growth (20.6%) 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 19.2x.
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 3.9% 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
NTPC NTPC₹346.353.1%
+₹100.4b		6.2%PE14.1x
TORNTPOWER Torrent Power₹1.36k2.8%
+₹18.3b		-8.1%PE22.9x
ADANIPOWER Adani Power₹142.630.7%
+₹18.3b		29.4%PE23.8x
NTPCGREEN NTPC Green Energy₹92.401.8%
+₹13.8b		-23.6%PE128.3x
513683 NLC India₹257.251.8%
+₹6.4b		11.7%PE13.7x

Latest News

513683
₹257.25
NLC India
7D
1.8%
1Y
11.7%
NHPC
₹80.22
NHPC
7D
-2.7%
1Y
-0.2%

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
₹366.10
Tata Power
7D
0.3%
1Y
-2.0%
TORNTPOWER
₹1,357.70
Torrent Power
7D
2.8%
1Y
-8.1%

TORNTPOWER: Elevated P/E Will Limit Upside Despite Upcoming Analyst Day

Analysts have kept their fair value estimate for Torrent Power steady at ₹1,210.00, with slightly revised assumptions around revenue growth, profit margin, and future P/E helping to refine rather than reset their overall view. What's in the News Torrent Power has scheduled an Analyst/Investor Day, giving management a platform to share its current priorities and explain how it is thinking about growth, capital allocation, and risks for shareholders (Key Developments).
ATGL
₹546.75
Adani Total Gas
7D
-1.8%
1Y
-18.8%

Adani Total Gas (NSE:ATGL) Seems To Use Debt Quite Sensibly

Jan 13
Adani Total Gas (NSE:ATGL) Seems To Use Debt Quite Sensibly
NTPC
₹346.35
NTPC
7D
3.1%
1Y
6.2%

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

Jan 13
Return Trends At NTPC (NSE:NTPC) Aren't Appealing
ADANIPOWER
₹142.63
Adani Power
7D
0.7%
1Y
29.4%

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
₹908.70
Adani Energy Solutions
7D
-5.4%
1Y
12.9%

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.
533148
₹492.30
JSW Energy
7D
0.4%
1Y
-13.4%

533148: Fair Outlook Will Weigh Private Placement And Governance Changes

The analyst fair value estimate for JSW Energy has moved from ₹423.00 to ₹486.00 as analysts factor in updated assumptions for the discount rate, revenue growth, profit margins, and future P/E expectations. What's in the News JSW Energy has called a Special or Extraordinary Shareholders Meeting for January 3, 2026, at 11:00 Indian Standard Time to consider preferential issues of equity shares and convertible warrants on a private placement basis, additional equity issuance, and material related party transactions between JSW Thermal Energy Limited and Toshiba JSW Power Systems Private Limited.
ADANIGREEN
₹930.10
Adani Green Energy
7D
-1.7%
1Y
-13.7%

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.
GUJGASLTD
₹410.20
Gujarat Gas
7D
-3.4%
1Y
-18.0%

GUJGASLTD: Leadership Exit And Softer Assumptions Will Weigh On Future Returns

Analysts have trimmed their fair value estimate for Gujarat Gas slightly from ₹350 to ₹345, reflecting updated assumptions for revenue growth, profit margins and future P/E expectations. What's in the News Managing Director Shri Milind Torawane, IAS, has resigned from the Gujarat Gas board following his transfer and appointment as Principal Secretary to the Government, Education Department, Primary & Secondary Education, effective 24 December 2025 (company filing).
MGL
₹1,062.60
Mahanagar Gas
7D
0.4%
1Y
-19.6%

Improved Earnings Required Before Mahanagar Gas Limited (NSE:MGL) Shares Find Their Feet

Jan 08
Improved Earnings Required Before Mahanagar Gas Limited (NSE:MGL) Shares Find Their Feet
CESC
₹155.73
CESC
7D
-5.9%
1Y
2.0%
IGL
₹180.91
Indraprastha Gas
7D
-3.2%
1Y
-10.7%

IGL: Saudi Gas Alliance And Biofuel Push Will Support Long Term Upside

Analysts have kept their fair value estimate for Indraprastha Gas steady at ₹270.0, making only small tweaks to underlying assumptions such as slightly adjusted revenue growth, profit margin expectations, and future P/E, which together support an unchanged price target for now. What's in the News Indraprastha Gas Limited signed a Joint Venture Agreement with Hindustan Waste Treatment Private Limited to set up Compressed Bio Gas and biofuel projects, indicating an expansion into alternative gas and fuel infrastructure (company filing).
NTPCGREEN
₹92.40
NTPC Green Energy
7D
1.8%
1Y
-23.6%

Slowing Rates Of Return At NTPC Green Energy (NSE:NTPCGREEN) Leave Little Room For Excitement

Dec 25
Slowing Rates Of Return At NTPC Green Energy (NSE:NTPCGREEN) Leave Little Room For Excitement
RPOWER
₹31.88
Reliance Power
7D
-5.9%
1Y
-24.2%