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Indian (NIFTY) Utilities Sector Analysis

UpdatedMar 20, 2026
DataAggregated Company Financials
Companies49
  • 7D-2.1%
  • 3M2.9%
  • 1Y4.5%
  • YTD-0.4%

Over the last 7 days, the Utilities industry has dropped 2.1%, driven by a pullback from NTPC of 4.2%. In the past year, the industry has gained 4.5%. 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
Fri, 20 Mar 2026₹20.5t₹7.7t₹963.1b21.4x21.3x2.7x
Sun, 15 Feb 2026₹20.1t₹7.7t₹963.1b23.4x20.9x2.6x
Tue, 13 Jan 2026₹19.8t₹7.7t₹954.8b23.3x20.8x2.6x
Thu, 11 Dec 2025₹19.6t₹7.7t₹954.8b23.9x20.6x2.6x
Sat, 08 Nov 2025₹20.7t₹7.7t₹1.0t26.5x20.7x2.7x
Mon, 06 Oct 2025₹21.2t₹7.7t₹1.0t28.1x20.8x2.8x
Wed, 03 Sep 2025₹20.1t₹7.7t₹1.0t26.3x19.7x2.6x
Fri, 01 Aug 2025₹20.3t₹7.7t₹1.0t27.2x19.8x2.7x
Sun, 29 Jun 2025₹21.0t₹7.6t₹1.0t28.4x20.8x2.8x
Tue, 27 May 2025₹20.7t₹7.7t₹1.0t27.7x20.4x2.7x
Thu, 24 Apr 2025₹21.0t₹7.5t₹1.0t29.5x20.3x2.8x
Sat, 22 Mar 2025₹19.9t₹7.5t₹1.0t27.1x19.2x2.7x
Mon, 17 Feb 2025₹17.8t₹7.5t₹1.0t27x17.2x2.4x
Wed, 15 Jan 2025₹19.7t₹7.4t₹1.0t29.6x19.1x2.7x
Fri, 13 Dec 2024₹22.5t₹7.4t₹1.0t31x21.8x3x
Sun, 10 Nov 2024₹22.3t₹7.3t₹942.5b36.9x23.6x3x
Tue, 08 Oct 2024₹23.5t₹7.3t₹960.9b36.6x24.4x3.2x
Thu, 05 Sep 2024₹24.1t₹7.3t₹960.9b35.6x25.1x3.3x
Sat, 03 Aug 2024₹25.3t₹7.2t₹955.6b38.9x26.4x3.5x
Mon, 01 Jul 2024₹23.5t₹7.1t₹977.5b37.8x24x3.3x
Wed, 29 May 2024₹22.8t₹7.1t₹955.0b27.8x23.9x3.2x
Fri, 26 Apr 2024₹21.9t₹6.9t₹863.9b32x25.4x3.2x
Sun, 24 Mar 2024₹20.5t₹6.9t₹864.2b27.9x23.7x3x
Tue, 20 Feb 2024₹21.3t₹6.9t₹864.2b30.6x24.6x3.1x
Thu, 18 Jan 2024₹19.0t₹6.8t₹835.9b26.3x22.8x2.8x
Sat, 16 Dec 2023₹18.2t₹6.8t₹835.7b24.7x21.8x2.7x
Mon, 13 Nov 2023₹14.0t₹6.8t₹835.9b19.6x16.8x2.1x
Wed, 11 Oct 2023₹13.6t₹6.7t₹703.9b19.4x19.4x2x
Fri, 08 Sep 2023₹13.9t₹6.7t₹703.9b19.9x19.7x2.1x
Sun, 06 Aug 2023₹12.8t₹6.7t₹712.5b18.6x17.9x1.9x
Tue, 04 Jul 2023₹12.0t₹6.8t₹684.1b18.3x17.6x1.8x
Thu, 01 Jun 2023₹11.6t₹6.8t₹720.3b14.7x16.1x1.7x
Sat, 29 Apr 2023₹12.0t₹6.6t₹710.2b15.3x16.9x1.8x
Mon, 27 Mar 2023₹11.8t₹6.6t₹709.8b14.5x16.6x1.8x
Price to Earnings Ratio

16.6x


Total Market Cap: ₹11.8tTotal Earnings: ₹709.8bTotal Revenue: ₹6.6tTotal Market Cap vs Earnings and Revenue0%0%0%
Indian Utilities Sector Price to Earnings3Y Average 20.9x202420252026
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 20.9x.
  • 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 11% per year over the last three years.
  • Revenues for these companies have grown 5.3% 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-3.16%
Utilities-2.10%
Renewable Energy-1.21%
Electric Utilities-1.94%
Water Utilities-6.14%
Gas Utilities-6.68%
Industry PE
  • Investors are most optimistic about the Renewable Energy industry which is trading above its 3-year average PE ratio of 20.0x.
    • Analysts are expecting annual earnings growth of 19.8%, which is higher than its past year's earnings growth of 10.0% per year.
  • Investors are most pessimistic about the Gas Utilities industry, which is trading below its 3-year average of 18.9x.
Forecasted Growth
  • Analysts are most optimistic on the Water Utilities industry, expecting annual earnings growth of 20% over the next 5 years.
  • However this is lower than its past earnings growth rate of 27% per year.
  • In contrast, the Gas Utilities industry is expected to see its earnings grow by 8.0% 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
ADANIPOWER Adani Power₹151.011.3%
+₹36.6b		45.3%PE26.5x
JPPOWER Jaiprakash Power Ventures₹16.7518.2%
+₹17.7b		14.4%PE18.6x
NHPC NHPC₹76.242.0%
+₹14.7b		-4.7%PE24.2x
ACMESOLAR ACME Solar Holdings₹262.039.1%
+₹13.3b		31.1%PE32.9x
NTPCGREEN NTPC Green Energy₹98.881.3%
+₹10.4b		-0.3%PE149.1x

Latest News

JPPOWER
₹16.75
Jaiprakash Power Ventures
7D
18.2%
1Y
14.4%
BAJEL
₹160.87
Bajel Projects
7D
10.2%
1Y
-3.9%
ATGL
₹556.15
Adani Total Gas
7D
-8.5%
1Y
-10.2%
POWERGRID
₹296.70
Power Grid Corporation of India
7D
-2.3%
1Y
5.8%
TORNTPOWER
₹1,446.90
Torrent Power
7D
-3.9%
1Y
-1.5%

TORNTPOWER: Elevated P/E And Dividend Plans Will Restrain Future Upside

Analysts have trimmed their price target on Torrent Power slightly from ₹1,210 to about ₹1,190, reflecting updated assumptions on the discount rate, revenue growth, profit margins and future P/E expectations. What's in the News Torrent Power declared an interim dividend of ₹15 per share for fiscal year 2025-26, with a record date of February 16, 2026, and a scheduled payment date of March 12, 2026 (company announcement).
GAIL
₹144.27
GAIL (India)
7D
-5.3%
1Y
-14.4%
NHPC
₹76.24
NHPC
7D
2.0%
1Y
-4.7%

NHPC: Upcoming Hydropower Projects And Bond Issue Will Support Future Upside

Analysts have kept their fair value estimate for NHPC steady at ₹87.0, with only minor tweaks to discount rate, growth, margin and future P/E assumptions. This signals a largely unchanged view of the stock’s longer term potential drivers.
ADANIENSOL
₹1,005.30
Adani Energy Solutions
7D
0.09%
1Y
23.3%

ADANIENSOL: New Subsidiaries And Governance Steps Will Support Measured Future Expansion

Analysts have nudged their price target for Adani Energy Solutions slightly higher to ₹1,129 from ₹1,123.83, pointing to updated inputs around revenue growth assumptions, profit margins, and future P/E expectations in their models. What's in the News A board meeting is scheduled on Jan 22, 2026 to consider and approve unaudited standalone and consolidated financial results for the quarter and nine months ended Dec 31, 2025 (company filing).
GUJGASLTD
₹354.30
Gujarat Gas
7D
-8.8%
1Y
-12.0%

GUJGASLTD: Leadership Transition Will Support Earnings Visibility And Future Repricing Potential

Analysts have nudged their implied fair value estimate for Gujarat Gas slightly higher to about ₹564 from about ₹561, reflecting marginally different assumptions around revenue growth, profit margins and future P/E expectations. What's in the News Managing Director Shri Milind Torawane, IAS (DIN: 03632394), has resigned from the Gujarat Gas board following his transfer and appointment as Principal Secretary to Government, Education Department (Primary & Secondary Education).
ADANIGREEN
₹854.90
Adani Green Energy
7D
-1.3%
1Y
-7.4%

ADANIGREEN: Assam Storage Build Out Will Support Future Upside

Analysts have kept their fair value estimate for Adani Green Energy steady at ₹1,220.50 per share, with only very slight tweaks to the discount rate, revenue growth, profit margin, and future P/E assumptions. Taken together, these changes leave their overall price target effectively unchanged.
533148
₹505.95
JSW Energy
7D
-2.4%
1Y
-10.0%

533148: Fair Outlook Will Weigh Preferential Issue And Private Placement Warrants

Analysts have trimmed their price target on JSW Energy from ₹486 to ₹450, citing updated assumptions for revenue growth, profit margins, and a higher future P/E multiple. What's in the News Board meeting on January 21, 2026 to consider and approve allotment of equity shares and warrants on a preferential basis, along with other matters.
ADANIPOWER
₹151.01
Adani Power
7D
1.3%
1Y
45.3%

ADANIPOWER: Upcoming Results And Assam Expansion Will Support Long Term Upside

Analysts have kept their fair value estimate for Adani Power steady at ₹182.17, with only small tweaks to inputs like discount rate, revenue growth and future P/E assumptions driving this unchanged price target. What's in the News A board meeting is scheduled for January 29, 2026 to consider and approve the unaudited financial results for the quarter and nine months ended December 31, 2025, which may provide fresh clarity on recent business trends (company filing).
NTPC
₹374.05
NTPC
7D
-4.2%
1Y
9.5%
INDOWIND
₹8.75
Indowind Energy
7D
5.5%
1Y
-49.7%
ACMESOLAR
₹262.03
ACME Solar Holdings
7D
9.1%
1Y
31.1%
NTPCGREEN
₹98.88
NTPC Green Energy
7D
1.3%
1Y
-0.3%