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Indian (NIFTY) Utilities Sector Analysis

UpdatedFeb 07, 2026
DataAggregated Company Financials
Companies48
  • 7D6.0%
  • 3M-0.9%
  • 1Y6.6%
  • YTD0.4%

In the last week, the Utilities industry is up 6.0%, with Power Grid Corporation of India leading the way, up 14%. This means that the industry has gained 6.6% over the past year. As for the next few years, earnings are expected to grow by 18% per annum.

Sector Valuation and Performance

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

DateMarket CapRevenueEarningsPEAbsolute PEPS
Sat, 07 Feb 2026₹20.5t₹7.7t₹960.4b23.4x21.4x2.7x
Mon, 05 Jan 2026₹20.9t₹7.7t₹954.8b24.9x21.9x2.7x
Wed, 03 Dec 2025₹20.3t₹7.7t₹956.0b24.5x21.2x2.6x
Fri, 31 Oct 2025₹21.8t₹7.7t₹1.0t28.6x21.5x2.8x
Sun, 28 Sep 2025₹20.8t₹7.7t₹1.0t26.5x20.4x2.7x
Tue, 26 Aug 2025₹20.2t₹7.7t₹1.0t26.2x19.8x2.6x
Thu, 24 Jul 2025₹21.1t₹7.6t₹1.0t28.7x20.8x2.8x
Sat, 21 Jun 2025₹20.1t₹7.6t₹1.0t28.4x19.9x2.6x
Mon, 19 May 2025₹20.8t₹7.6t₹956.2b26.2x21.7x2.7x
Wed, 16 Apr 2025₹20.3t₹7.5t₹1.0t27.7x19.6x2.7x
Fri, 14 Mar 2025₹18.6t₹7.5t₹1.0t26.2x17.9x2.5x
Sun, 09 Feb 2025₹19.2t₹7.5t₹1.1t29x18x2.6x
Tue, 07 Jan 2025₹20.4t₹7.4t₹1.0t29.9x19.7x2.8x
Thu, 05 Dec 2024₹22.5t₹7.4t₹1.0t31.1x21.8x3x
Sat, 02 Nov 2024₹22.7t₹7.3t₹947.5b38.2x24x3.1x
Mon, 30 Sep 2024₹25.1t₹7.3t₹960.9b36.6x26.2x3.5x
Wed, 28 Aug 2024₹24.1t₹7.3t₹960.9b34.1x25.1x3.3x
Fri, 26 Jul 2024₹23.8t₹7.1t₹979.4b39.1x24.3x3.4x
Sun, 23 Jun 2024₹23.2t₹7.1t₹977.5b37.3x23.8x3.3x
Tue, 21 May 2024₹22.4t₹7.0t₹852.8b31.2x26.3x3.2x
Thu, 18 Apr 2024₹21.7t₹6.9t₹863.4b30.5x25.2x3.2x
Sat, 16 Mar 2024₹20.3t₹6.9t₹864.2b28.7x23.4x2.9x
Mon, 12 Feb 2024₹21.0t₹6.9t₹896.4b30.5x23.5x3.1x
Wed, 10 Jan 2024₹19.3t₹6.8t₹835.8b25.7x23.1x2.8x
Fri, 08 Dec 2023₹18.4t₹6.8t₹835.7b23.6x22.1x2.7x
Sun, 05 Nov 2023₹13.6t₹6.8t₹803.6b19.8x17x2x
Tue, 03 Oct 2023₹14.1t₹6.7t₹703.8b19.7x20x2.1x
Thu, 31 Aug 2023₹13.2t₹6.7t₹704.0b19.3x18.8x2x
Sat, 29 Jul 2023₹12.9t₹6.8t₹681.4b17.2x18.9x1.9x
Mon, 26 Jun 2023₹11.8t₹6.8t₹697.6b16.6x17x1.7x
Wed, 24 May 2023₹11.8t₹6.8t₹711.4b19.7x16.6x1.7x
Fri, 21 Apr 2023₹11.7t₹6.6t₹710.1b15.3x16.5x1.8x
Sun, 19 Mar 2023₹11.5t₹6.6t₹709.8b14.9x16.3x1.7x
Tue, 14 Feb 2023₹11.2t₹6.6t₹712.5b12.3x15.8x1.7x
Price to Earnings Ratio

15.8x


Total Market Cap: ₹11.2tTotal Earnings: ₹712.5bTotal Revenue: ₹6.6tTotal 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 10% per year over the last three years.
  • Revenues for these companies have grown 5.2% 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 Market1.60%
Utilities6.05%
Water Utilities12.73%
Electric Utilities8.28%
Renewable Energy6.18%
Gas Utilities-0.068%
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 22.0%, which is higher than its past year's earnings growth of 15.9% per year.
  • Investors are most pessimistic about the Gas Utilities industry, which is trading close to its 3-year average of 19.0x.
Forecasted Growth
  • Analysts are most optimistic on the Renewable Energy industry, expecting annual earnings growth of 22% over the next 5 years.
  • This is better than its past earnings growth rate of 16% per year.
  • In contrast, the Gas Utilities industry is expected to see its earnings grow by 8.3% 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₹292.7514.1%
+₹337.1b		5.2%PE17.5x
ADANIPOWER Adani Power₹152.7412.8%
+₹334.8b		54.6%PE26.8x
ADANIGREEN Adani Green Energy₹971.8514.0%
+₹196.9b		-1.8%PE117x
ADANIENSOL Adani Energy Solutions₹1.02k13.7%
+₹147.6b		31.6%PE54.4x
NTPC NTPC₹365.052.5%
+₹87.8b		15.2%PE14.6x

Latest News

ADANIPOWER
₹152.74
Adani Power
7D
12.8%
1Y
54.6%

Adani Power (NSE:ADANIPOWER) Is Experiencing Growth In Returns On Capital

Feb 07
Adani Power (NSE:ADANIPOWER) Is Experiencing Growth In Returns On Capital
TORNTPOWER
₹1,429.00
Torrent Power
7D
3.0%
1Y
1.5%

Torrent Power Limited's (NSE:TORNTPOWER) Business Is Yet to Catch Up With Its Share Price

Feb 06
Torrent Power Limited's (NSE:TORNTPOWER) Business Is Yet to Catch Up With Its Share Price
513683
₹255.80
NLC India
7D
-1.3%
1Y
18.1%
GAIL
₹162.99
GAIL (India)
7D
-2.6%
1Y
-4.7%

GAIL: Higher PNGRB Tariffs Will Support Future Earnings Potential

Analysts have lifted their fair value estimate for GAIL (India) from ₹205.90 to ₹233.46, citing updated assumptions on revenue growth, profit margins and future P/E that feed into a slightly lower discount rate in their models. What's in the News Board meeting scheduled on 3 Jan 2026 at 14:00 IST to consider revising the completion schedule for the Durgapur Haldia and Dhamra Haldia pipeline sections of the integrated Jagdishpur Haldia Bokaro Dhamra pipeline project (company filing).
ACMESOLAR
₹221.59
ACME Solar Holdings
7D
-1.9%
1Y
-5.4%
500400
₹365.75
Tata Power
7D
-0.2%
1Y
-0.3%
POWERGRID
₹292.75
Power Grid Corporation of India
7D
14.1%
1Y
5.2%

Power Grid Corporation of India (NSE:POWERGRID) Will Pay A Dividend Of ₹3.25

Feb 05
Power Grid Corporation of India (NSE:POWERGRID) Will Pay A Dividend Of ₹3.25
NTPC
₹365.05
NTPC
7D
2.5%
1Y
15.2%
IGL
₹175.98
Indraprastha Gas
7D
-1.1%
1Y
-11.5%

IGL: Future Saudi Alliance And Biofuel Projects Will Support Balanced Outlook

Analysts have raised their fair value estimate for Indraprastha Gas from ₹158.89 to ₹162.48, citing updated assumptions on the discount rate, revenue growth, profit margins, and future P/E, which together indicate a modestly higher valuation range. What's in the News A board meeting is scheduled for Nov 12, 2025, to consider unaudited financial results for the quarter ended Sep 30, 2025, and an alliance cum partnership agreement with MASAH Construction Company, Saudi Arabia, for pre qualification to tender for natural gas distribution licenses in industrial cities in Saudi Arabia (Key Developments).
RPOWER
₹27.98
Reliance Power
7D
-1.0%
1Y
-33.1%
ADANIENSOL
₹1,017.70
Adani Energy Solutions
7D
13.7%
1Y
31.6%
SJVN
₹72.26
SJVN
7D
-0.3%
1Y
-24.2%
ADANIGREEN
₹971.85
Adani Green Energy
7D
14.0%
1Y
-1.8%

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
500390
₹120.10
Reliance Infrastructure
7D
-10.6%
1Y
-58.1%
533148
₹473.30
JSW Energy
7D
3.0%
1Y
-2.4%

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.
ATGL
₹543.50
Adani Total Gas
7D
3.1%
1Y
-13.7%