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Indian (NIFTY) Utilities Sector Analysis

UpdatedNov 14, 2025
DataAggregated Company Financials
Companies50
  • 7D0.8%
  • 3M4.7%
  • 1Y-5.9%
  • YTD-1.3%

Over the last 7 days, the Utilities industry has remained flat, although notably Adani Energy Solutions gained 6.6%. Unfortunately though, the industry is down 5.9% over the past 12 months. 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
Sun, 16 Nov 2025₹20.9t₹7.7t₹953.4b25.3x21.9x2.7x
Tue, 14 Oct 2025₹21.3t₹7.7t₹1.0t26.3x20.9x2.8x
Thu, 11 Sep 2025₹20.1t₹7.7t₹1.0t26.1x19.8x2.6x
Sat, 09 Aug 2025₹19.8t₹7.7t₹1.0t26.6x19.3x2.6x
Mon, 07 Jul 2025₹20.9t₹7.6t₹1.0t28.9x20.6x2.7x
Wed, 04 Jun 2025₹20.3t₹7.6t₹1.0t28.7x20.1x2.7x
Fri, 02 May 2025₹20.1t₹7.6t₹1.0t28.3x19.2x2.7x
Sun, 30 Mar 2025₹19.9t₹7.5t₹1.0t25.4x19.2x2.7x
Tue, 25 Feb 2025₹18.1t₹7.5t₹1.0t28.1x17.5x2.4x
Thu, 23 Jan 2025₹19.9t₹7.4t₹1.0t28.7x19.2x2.7x
Sat, 21 Dec 2024₹21.0t₹7.4t₹1.0t31x20.3x2.8x
Mon, 18 Nov 2024₹21.2t₹7.4t₹1.0t28.9x20.6x2.9x
Wed, 16 Oct 2024₹23.9t₹7.3t₹960.2b38.1x24.9x3.3x
Fri, 13 Sep 2024₹23.9t₹7.3t₹960.9b35.2x24.9x3.3x
Sun, 11 Aug 2024₹24.2t₹7.3t₹954.7b35.7x25.4x3.3x
Tue, 09 Jul 2024₹23.7t₹7.1t₹977.5b38.6x24.2x3.4x
Thu, 06 Jun 2024₹22.1t₹7.1t₹985.4b34.1x22.4x3.1x
Sat, 04 May 2024₹22.4t₹7.1t₹858.4b29x26.1x3.2x
Mon, 01 Apr 2024₹20.8t₹6.9t₹864.2b27.4x24x3x
Wed, 28 Feb 2024₹21.4t₹6.9t₹864.2b29.9x24.8x3.1x
Fri, 26 Jan 2024₹19.6t₹6.8t₹837.5b26.1x23.4x2.9x
Sun, 24 Dec 2023₹17.9t₹6.8t₹835.7b24.4x21.5x2.6x
Tue, 21 Nov 2023₹14.1t₹6.8t₹835.7b23.3x16.9x2.1x
Thu, 19 Oct 2023₹13.7t₹6.7t₹703.9b20x19.5x2x
Sat, 16 Sep 2023₹14.1t₹6.7t₹703.9b19.6x20x2.1x
Mon, 14 Aug 2023₹12.8t₹6.7t₹704.0b18.5x18.2x1.9x
Wed, 12 Jul 2023₹12.2t₹6.8t₹683.9b18.9x17.8x1.8x
Fri, 09 Jun 2023₹12.0t₹6.8t₹697.5b15.2x17.2x1.8x
Sun, 07 May 2023₹12.0t₹6.6t₹737.6b14.8x16.3x1.8x
Tue, 04 Apr 2023₹11.2t₹6.6t₹709.8b13.9x15.8x1.7x
Thu, 02 Mar 2023₹10.1t₹6.6t₹709.8b13.7x14.2x1.5x
Sat, 28 Jan 2023₹15.8t₹6.3t₹736.6b15.6x21.4x2.5x
Mon, 26 Dec 2022₹16.8t₹6.3t₹738.2b15.2x22.7x2.7x
Wed, 23 Nov 2022₹18.9t₹6.3t₹742.5b15.4x25.4x3x
Price to Earnings Ratio

25.4x


Total Market Cap: ₹18.9tTotal Earnings: ₹742.5bTotal Revenue: ₹6.3tTotal Market Cap vs Earnings and Revenue0%0%0%
Indian Utilities Sector Price to Earnings3Y Average 20.9x202320242025
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 8.7% per year over the last three years.
  • Revenues for these companies have grown 7.1% 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 Market1.07%
Utilities0.84%
Water Utilities1.71%
Gas Utilities1.58%
Electric Utilities0.91%
Renewable Energy0.62%
Industry PE
  • Investors are most optimistic about the Water Utilities industry even though it's trading below its 3-year average PE ratio of 58.9x.
    • Analysts expect its future annual earnings growth (20.7%) 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 20.1x.
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 4.5% 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
ADANIENSOL Adani Energy Solutions₹1.02k6.6%
+₹76.0b		16.4%PE54.5x
ADANIPOWER Adani Power₹153.911.6%
+₹46.9b		40.1%PE25.7x
NTPC NTPC₹328.450.7%
+₹22.8b		-11.8%PE13.4x
GAIL GAIL (India)₹183.411.6%
+₹19.3b		-2.9%PE11x
533148 JSW Energy₹528.951.8%
+₹16.1b		-27.8%PE45.6x

Latest News

TORNTPOWER
₹1,301.00
Torrent Power
7D
1.5%
1Y
-16.5%

Earnings Update: Torrent Power Limited Beat Earnings And Now Analysts Have New Forecasts For This Year

Nov 14
Earnings Update: Torrent Power Limited Beat Earnings And Now Analysts Have New Forecasts For This Year
500400
₹388.20
Tata Power
7D
-1.3%
1Y
-4.1%

500400: Revenue Projections And Business Expansion Will Define The Medium Term Outlook

Analysts have raised Tata Power's fair value estimate from ₹413.91 to ₹418.64. They cite stronger revenue growth projections, which more than offset a slightly higher discount rate and modestly lower profit margin expectations.
533148
₹528.95
JSW Energy
7D
1.8%
1Y
-27.8%

533148: Future Acquisition Bid For Alaknanda Project Will Drive Market Interest

Analysts have marginally raised their price target on JSW Energy from ₹592.25 to ₹594.38. They cite slight improvements in projected revenue growth and a higher discount rate, which were only partially offset by a modestly reduced profit margin.
GAIL
₹183.41
GAIL (India)
7D
1.6%
1Y
-2.9%

Investors Don't See Light At End Of GAIL (India) Limited's (NSE:GAIL) Tunnel

Nov 12
Investors Don't See Light At End Of GAIL (India) Limited's (NSE:GAIL) Tunnel
SJVN
₹83.44
SJVN
7D
-1.7%
1Y
-19.6%
ACMESOLAR
₹250.60
ACME Solar Holdings
7D
-5.5%
1Y
9.5%

Weak Statutory Earnings May Not Tell The Whole Story For ACME Solar Holdings (NSE:ACMESOLAR)

Nov 11
Weak Statutory Earnings May Not Tell The Whole Story For ACME Solar Holdings (NSE:ACMESOLAR)
ADANIPOWER
₹153.91
Adani Power
7D
1.6%
1Y
40.1%
542323
₹469.00
KPI Green Energy
7D
-6.8%
1Y
-6.3%
ADANIENSOL
₹1,023.85
Adani Energy Solutions
7D
6.6%
1Y
16.4%

ADANIENSOL: New Subsidiaries Will Drive Expansion Into Power Transmission Segment

Narrative Update on Adani Energy Solutions: Analyst Price Target Revision Analysts have maintained Adani Energy Solutions’ price target at ₹1,153.25. This reflects steady confidence in the company’s outlook, citing improved revenue growth and profit margin, offset by a slightly higher discount rate and a reduction in forecasted future P/E.
POWERGRID
₹271.30
Power Grid Corporation of India
7D
-0.3%
1Y
-13.1%

POWERGRID: Interim Dividend And Auditor Changes Will Strengthen Shareholder Returns Outlook

Narrative Update on Power Grid Corporation of India Analysts have slightly reduced their price target for Power Grid Corporation of India from ₹319 to ₹316.04, citing changes in underlying growth and profitability assumptions. What's in the News The Board of Directors will meet on November 3, 2025, to review and approve unaudited financial results for the quarter and half-year ended September 30, 2025.
NHPC
₹80.30
NHPC
7D
-1.4%
1Y
2.4%
ADANIGREEN
₹1,068.80
Adani Green Energy
7D
0.8%
1Y
-28.3%

Adani Green Energy's (NSE:ADANIGREEN) Promising Earnings May Rest On Soft Foundations

Nov 05
Adani Green Energy's (NSE:ADANIGREEN) Promising Earnings May Rest On Soft Foundations
NTPC
₹328.45
NTPC
7D
0.7%
1Y
-11.8%

NTPC Limited Just Missed EPS By 9.8%: Here's What Analysts Think Will Happen Next

Nov 02
NTPC Limited Just Missed EPS By 9.8%: Here's What Analysts Think Will Happen Next
513683
₹254.85
NLC India
7D
-1.2%
1Y
9.7%
NTPCGREEN
₹98.48
NTPC Green Energy
7D
-0.5%
1Y
n/a
ATGL
₹625.15
Adani Total Gas
7D
2.3%
1Y
-8.6%