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Indian (NIFTY) Utilities Sector Analysis

UpdatedJan 31, 2026
DataAggregated Company Financials
Companies48
  • 7D3.8%
  • 3M-10.1%
  • 1Y-2.2%
  • YTD-5.3%

Over the last 7 days, the Utilities industry has remained flat, although notably NTPC gained 5.7%. Furthermore, the industry has been flat for the past year as well. Earnings are forecast to grow by 17% annually.

Sector Valuation and Performance

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

DateMarket CapRevenueEarningsPEAbsolute PEPS
Sat, 31 Jan 2026₹19.4t₹7.7t₹946.4b23.6x20.5x2.5x
Mon, 29 Dec 2025₹20.0t₹7.7t₹954.8b24x20.9x2.6x
Wed, 26 Nov 2025₹20.2t₹7.7t₹956.0b24.5x21.2x2.6x
Fri, 24 Oct 2025₹21.6t₹7.7t₹1.0t27.9x21.2x2.8x
Sun, 21 Sep 2025₹21.1t₹7.7t₹1.0t26.1x20.7x2.8x
Tue, 19 Aug 2025₹20.1t₹7.7t₹1.0t27.3x19.8x2.6x
Thu, 17 Jul 2025₹21.3t₹7.6t₹1.0t29x21x2.8x
Sat, 14 Jun 2025₹20.5t₹7.6t₹1.0t29.4x20.3x2.7x
Mon, 12 May 2025₹19.3t₹7.6t₹945.7b24.5x20.4x2.6x
Wed, 09 Apr 2025₹19.4t₹7.5t₹1.0t27.7x18.7x2.6x
Fri, 07 Mar 2025₹18.6t₹7.5t₹1.0t27.8x17.9x2.5x
Sun, 02 Feb 2025₹19.7t₹7.5t₹1.1t29.1x18.8x2.6x
Tue, 31 Dec 2024₹21.0t₹7.4t₹1.0t29.6x20.3x2.8x
Thu, 28 Nov 2024₹21.4t₹7.4t₹1.0t29.9x20.7x2.9x
Sat, 26 Oct 2024₹22.3t₹7.3t₹980.7b36x22.7x3x
Mon, 23 Sep 2024₹24.5t₹7.3t₹960.9b36.7x25.5x3.4x
Wed, 21 Aug 2024₹24.4t₹7.3t₹960.9b34x25.4x3.4x
Fri, 19 Jul 2024₹23.7t₹7.1t₹977.5b38.2x24.3x3.4x
Sun, 16 Jun 2024₹23.5t₹7.1t₹977.5b37.1x24.1x3.3x
Tue, 14 May 2024₹21.3t₹7.0t₹842.6b28.3x25.2x3x
Thu, 11 Apr 2024₹22.2t₹6.9t₹863.4b31.9x25.8x3.2x
Sat, 09 Mar 2024₹21.5t₹6.9t₹864.2b29.7x24.9x3.1x
Mon, 05 Feb 2024₹20.7t₹6.9t₹892.2b31.5x23.3x3x
Wed, 03 Jan 2024₹18.5t₹6.8t₹835.7b23.9x22.2x2.7x
Fri, 01 Dec 2023₹15.1t₹6.8t₹835.7b23.4x18.1x2.2x
Sun, 29 Oct 2023₹13.3t₹6.8t₹715.2b19.2x18.6x2x
Tue, 26 Sep 2023₹14.0t₹6.7t₹703.8b19.4x19.9x2.1x
Thu, 24 Aug 2023₹13.2t₹6.7t₹704.0b18.6x18.8x2x
Sat, 22 Jul 2023₹12.2t₹6.8t₹681.0b16.3x17.9x1.8x
Mon, 19 Jun 2023₹12.1t₹6.8t₹697.6b15.2x17.3x1.8x
Wed, 17 May 2023₹11.6t₹6.6t₹737.3b15.3x15.7x1.7x
Fri, 14 Apr 2023₹11.7t₹6.6t₹709.8b15x16.5x1.8x
Sun, 12 Mar 2023₹11.4t₹6.6t₹709.8b14.9x16x1.7x
Tue, 07 Feb 2023₹12.2t₹6.5t₹712.6b12.1x17.1x1.9x
Price to Earnings Ratio

17.1x


Total Market Cap: ₹12.2tTotal Earnings: ₹712.6bTotal Revenue: ₹6.5tTotal Market Cap vs Earnings and Revenue0%0%0%
Indian Utilities Sector Price to Earnings3Y Average 20.6x202420252026
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 Market1.81%
Utilities3.77%
Electric Utilities4.55%
Renewable Energy3.54%
Gas Utilities3.00%
Water Utilities1.56%
Industry PE
  • Investors are most optimistic about the Renewable Energy industry which is trading above its 3-year average PE ratio of 19.6x.
    • Analysts are expecting annual earnings growth of 20.3%, 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?

CompanyLast Price7D1YValuation
NTPC NTPC₹356.005.7%
+₹187.1b		9.9%PE14.5x
ADANIGREEN Adani Green Energy₹852.3010.3%
+₹131.0b		-14.6%PE102.6x
ADANIENSOL Adani Energy Solutions₹894.8010.1%
+₹98.6b		19.6%PE47.9x
500400 Tata Power₹366.606.2%
+₹68.1b		0.6%PE28.9x
TORNTPOWER Torrent Power₹1.39k9.2%
+₹58.9b		-5.2%PE23.4x

Latest News

INDOWIND
₹11.86
Indowind Energy
7D
-15.3%
1Y
-49.9%

Indowind Energy Limited (NSE:INDOWIND) Investors Are Less Pessimistic Than Expected

Jan 31
Indowind Energy Limited (NSE:INDOWIND) Investors Are Less Pessimistic Than Expected
NTPC
₹356.00
NTPC
7D
5.7%
1Y
9.9%

NTPC Limited (NSE:NTPC) Looks Inexpensive But Perhaps Not Attractive Enough

Jan 31
NTPC Limited (NSE:NTPC) Looks Inexpensive But Perhaps Not Attractive Enough
ADANIPOWER
₹135.38
Adani Power
7D
1.8%
1Y
31.9%
NTPCGREEN
₹86.17
NTPC Green Energy
7D
-4.6%
1Y
-25.0%
MGL
₹1,052.80
Mahanagar Gas
7D
-2.2%
1Y
-23.7%
ADANIGREEN
₹852.30
Adani Green Energy
7D
10.3%
1Y
-14.6%

Earnings Miss: Adani Green Energy Limited Missed EPS And Analysts Are Revising Their Forecasts

Jan 28
Earnings Miss: Adani Green Energy Limited Missed EPS And Analysts Are Revising Their Forecasts
TORNTPOWER
₹1,387.60
Torrent Power
7D
9.2%
1Y
-5.2%

TORNTPOWER: Steady Fair Value And Elevated P/E Will Frame Upcoming Updates

Analysts have kept their fair value estimate for Torrent Power steady at ₹1,210, with only small tweaks to revenue growth, profit margin and forward P/E assumptions guiding this unchanged price target. What's in the News Torrent Power has scheduled an Analyst and Investor Day, giving management a platform to update the market on business plans, capital allocation, and operational priorities.
500390
₹134.35
Reliance Infrastructure
7D
-5.0%
1Y
-45.5%
ADANIENSOL
₹894.80
Adani Energy Solutions
7D
10.1%
1Y
19.6%

ADANIENSOL: New Energy Networks And Storage Platform Will Support Future Upside

Analysts have kept their fair value estimate for Adani Energy Solutions steady at ₹1,290, with the latest pricing work reflecting updated assumptions for slightly lower revenue growth, a softer profit margin profile, and a higher future P/E multiple. What's in the News Adani Energy Solutions incorporated A-ONE ENERGY NetworkS Limited in India to establish, commission, operate and maintain electric power transmission systems, with authorized equity share capital of 100,000 shares and paid up capital of 50,000 shares of ₹10 each, fully held by the company (SEBI filing).
500400
₹366.60
Tata Power
7D
6.2%
1Y
0.6%

500400: Expanding Transmission Network Will Support Long Term Upside Potential

Analysts have kept their fair value estimate for Tata Power steady at ₹510, with only minor tweaks to revenue growth, profit margin and future P/E assumptions. These changes reflect updated modeling rather than a change in the overall view.
533148
₹459.30
JSW Energy
7D
-4.0%
1Y
-9.8%

533148: Fair Outlook Will Weigh Private Placement, Warrants And CFO Transition

Analysts have kept their fair value estimate for JSW Energy steady at ₹486, while slightly adjusting assumptions around the discount rate, revenue growth, profit margin, and future P/E. This has resulted in a largely unchanged overall price target narrative.
GAIL
₹167.29
GAIL (India)
7D
4.0%
1Y
-5.5%

GAIL: Tariff Order And Pipeline Progress Will Support Future Earnings

Analysts have slightly trimmed their price target for GAIL (India) to ₹205.90 from ₹206.19, citing updated assumptions around revenue growth, profit margins and future P/E expectations. What's in the News Board meeting scheduled on January 3, 2026, at 14:00 IST to consider a revised completion schedule for the Durgapur to Haldia and Dhamra to Haldia pipeline sections of the integrated Jagdishpur to Haldia to Bokaro to Dhamra pipeline project (Board Meeting).
542323
₹395.55
KPI Green Energy
7D
-3.6%
1Y
7.7%
540565
₹164.48
Indigrid Infrastructure Trust
7D
-0.7%
1Y
15.2%
NHPC
₹78.20
NHPC
7D
3.9%
1Y
-2.9%

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

Jan 16
Not Many Are Piling Into NHPC Limited (NSE:NHPC) Just Yet
507836
₹558.85
Mac Charles (India)
7D
-10.7%
1Y
-3.2%