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Indian (NIFTY) Utilities Sector Analysis

UpdatedMar 15, 2026
DataAggregated Company Financials
Companies49
  • 7D2.2%
  • 3M2.4%
  • 1Y10.1%
  • YTD0.2%

In the last week, the Utilities industry is up 2.2%, with Adani Power up 5.5%. In the same time, GAIL (India) was down 5.1%. This takes the industry's 12 month performance to a gain of 10%. Looking forward, earnings are forecast to grow by 18% annually.

Sector Valuation and Performance

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

DateMarket CapRevenueEarningsPEAbsolute PEPS
Mon, 16 Mar 2026₹20.6t₹7.7t₹963.1b22.3x21.4x2.7x
Wed, 11 Feb 2026₹20.6t₹7.7t₹960.5b24.2x21.5x2.7x
Fri, 09 Jan 2026₹20.1t₹7.7t₹954.8b24x21x2.6x
Sun, 07 Dec 2025₹19.9t₹7.7t₹954.8b24.2x20.9x2.6x
Tue, 04 Nov 2025₹21.5t₹7.7t₹1.0t28.4x21.5x2.8x
Thu, 02 Oct 2025₹21.1t₹7.7t₹1.0t27.9x20.7x2.8x
Sat, 30 Aug 2025₹19.5t₹7.7t₹1.0t25.4x19.2x2.5x
Mon, 28 Jul 2025₹20.4t₹7.6t₹1.0t27.7x19.8x2.7x
Wed, 25 Jun 2025₹20.3t₹7.6t₹1.0t29.2x20.1x2.7x
Fri, 23 May 2025₹20.5t₹7.6t₹956.6b27.8x21.4x2.7x
Sun, 20 Apr 2025₹20.5t₹7.5t₹1.0t28.5x19.8x2.7x
Tue, 18 Mar 2025₹18.6t₹7.5t₹1.0t25.9x18x2.5x
Thu, 13 Feb 2025₹18.3t₹7.5t₹1.1t27.2x17.2x2.4x
Sat, 11 Jan 2025₹19.5t₹7.4t₹1.0t29.6x18.8x2.6x
Mon, 09 Dec 2024₹22.6t₹7.4t₹1.0t31x21.9x3.1x
Wed, 06 Nov 2024₹22.4t₹7.3t₹947.5b36.5x23.6x3.1x
Fri, 04 Oct 2024₹24.6t₹7.3t₹960.9b36.8x25.6x3.4x
Sun, 01 Sep 2024₹24.0t₹7.3t₹960.9b33.7x25x3.3x
Tue, 30 Jul 2024₹24.2t₹7.1t₹979.0b40.2x24.8x3.4x
Thu, 27 Jun 2024₹23.2t₹7.1t₹977.5b37.4x23.7x3.3x
Sat, 25 May 2024₹23.3t₹7.0t₹941.9b28.2x24.7x3.3x
Mon, 22 Apr 2024₹21.5t₹6.9t₹863.8b30.3x24.9x3.1x
Wed, 20 Mar 2024₹19.9t₹6.9t₹864.2b26.9x23x2.9x
Fri, 16 Feb 2024₹21.1t₹6.9t₹893.2b31.4x23.7x3.1x
Sun, 14 Jan 2024₹19.4t₹6.8t₹835.9b26.1x23.2x2.8x
Tue, 12 Dec 2023₹18.1t₹6.8t₹835.7b24.3x21.7x2.7x
Thu, 09 Nov 2023₹13.9t₹6.8t₹806.0b20.1x17.2x2x
Sat, 07 Oct 2023₹13.8t₹6.7t₹703.8b19.7x19.6x2x
Mon, 04 Sep 2023₹13.4t₹6.7t₹704.0b19.5x19x2x
Wed, 02 Aug 2023₹13.1t₹6.8t₹673.2b18.6x19.5x1.9x
Fri, 30 Jun 2023₹12.0t₹6.8t₹697.8b17.2x17.2x1.8x
Sun, 28 May 2023₹11.8t₹6.8t₹705.4b20x16.8x1.7x
Tue, 25 Apr 2023₹11.6t₹6.6t₹710.2b15.4x16.3x1.8x
Thu, 23 Mar 2023₹11.7t₹6.6t₹709.8b14.8x16.4x1.8x
Price to Earnings Ratio

16.4x


Total Market Cap: ₹11.7tTotal 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-4.42%
Utilities2.17%
Renewable Energy3.23%
Electric Utilities1.03%
Gas Utilities0.40%
Water Utilities0.21%
Industry PE
  • Investors are most optimistic about the Renewable Energy industry which is trading above its 3-year average PE ratio of 19.9x.
    • Analysts are expecting annual earnings growth of 20.9%, 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 Renewable Energy industry, expecting annual earnings growth of 21% over the next 5 years.
  • This is better than its past earnings growth rate of 10.0% 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₹146.575.5%
+₹146.2b		43.1%PE25.7x
ATGL Adani Total Gas₹565.9017.2%
+₹91.6b		-6.4%PE96.9x
NTPCGREEN NTPC Green Energy₹98.1511.6%
+₹86.0b		2.0%PE148x
500400 Tata Power₹394.955.2%
+₹62.3b		12.6%PE33.3x
533148 JSW Energy₹512.755.0%
+₹42.5b		-0.2%PE39.6x

Latest News

POWERGRID
₹300.95
Power Grid Corporation of India
7D
0.6%
1Y
12.4%
TORNTPOWER
₹1,461.30
Torrent Power
7D
-1.4%
1Y
13.2%

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
₹147.78
GAIL (India)
7D
-5.1%
1Y
-6.4%
MGL
₹1,035.00
Mahanagar Gas
7D
-1.4%
1Y
-19.5%
500400
₹394.95
Tata Power
7D
5.2%
1Y
12.6%

500400: Expanding High Voltage Transmission Network Will Support Long Term Upside Potential

Analysts maintained their fair value estimate for Tata Power at ₹510, citing only minor adjustments to projected revenue growth, profit margins and future P/E that were not significant enough to change their overall view. What's in the News The University of Warwick signed an MoU with Tata Power to work on grid modernization, fast charging, power storage, industrial decarbonisation, digital energy systems and advanced manufacturing, alongside joint research, executive education and talent development initiatives (Key Developments).
SJVN
₹69.89
SJVN
7D
-1.5%
1Y
-18.2%

SJVN: Upcoming Board Meeting Will Set Interim Dividend Catalyst

Analysts have kept their price target for SJVN unchanged at ₹84.67, citing consistent assumptions around revenue growth, profit margins and future P/E in their valuation work. What's in the News SJVN has scheduled a board meeting for Feb 11, 2026, to review financial results for the quarter ended Dec 31, 2025.
GUJGASLTD
₹374.30
Gujarat Gas
7D
-5.4%
1Y
-3.4%

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).
533148
₹512.75
JSW Energy
7D
5.0%
1Y
-0.2%

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
₹146.57
Adani Power
7D
5.5%
1Y
43.1%

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).
IGL
₹156.51
Indraprastha Gas
7D
-0.5%
1Y
-15.3%

IGL: Biogas Expansion And Upcoming Dividend Will Support Long Term Upside

Analysts have adjusted their price target on Indraprastha Gas to ₹255 from ₹250, citing updated assumptions related to slightly higher revenue growth, a marginally different profit margin outlook and a modestly higher future P/E multiple. What's in the News Board meeting scheduled for February 12, 2026, to consider and approve unaudited financial results for the quarter ended December 31, 2025, share performance indicators with analysts and institutional investors, and consider an interim dividend of ₹3.25 per share at 162.5% on a face value of ₹2, with February 19, 2026 set as the record date (company event filing).
NTPC
₹384.45
NTPC
7D
1.0%
1Y
15.8%
ACMESOLAR
₹255.61
ACME Solar Holdings
7D
11.9%
1Y
27.1%
NTPCGREEN
₹98.15
NTPC Green Energy
7D
11.6%
1Y
2.0%
500390
₹85.74
Reliance Infrastructure
7D
-8.3%
1Y
-60.7%
GSPL
₹271.60
Gujarat State Petronet
7D
-7.6%
1Y
-0.3%
ATGL
₹565.90
Adani Total Gas
7D
17.2%
1Y
-6.4%