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Indian (NIFTY) Utilities Sector Analysis

UpdatedFeb 17, 2026
DataAggregated Company Financials
Companies48
  • 7D0.03%
  • 3M-1.2%
  • 1Y14.7%
  • YTD0.6%

Over the last 7 days, the Utilities industry has remained flat, although notably Adani Green Energy gained 3.9%. The past year has been better, since the industry has gained 15% in that time. 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
Wed, 18 Feb 2026₹20.6t₹7.7t₹962.8b23.5x21.4x2.7x
Fri, 16 Jan 2026₹19.8t₹7.7t₹954.8b23.6x20.8x2.6x
Sun, 14 Dec 2025₹20.0t₹7.7t₹954.8b24.2x20.9x2.6x
Tue, 11 Nov 2025₹20.7t₹7.7t₹1.0t25.6x20.6x2.7x
Thu, 09 Oct 2025₹20.9t₹7.7t₹1.0t26.4x20.6x2.7x
Sat, 06 Sep 2025₹19.9t₹7.7t₹1.0t26.1x19.5x2.6x
Mon, 04 Aug 2025₹20.0t₹7.7t₹1.0t28.6x19.5x2.6x
Wed, 02 Jul 2025₹21.0t₹7.6t₹1.0t28.6x20.8x2.8x
Fri, 30 May 2025₹20.7t₹7.6t₹1.0t29.4x20.3x2.7x
Sun, 27 Apr 2025₹20.3t₹7.5t₹1.0t28.3x19.5x2.7x
Tue, 25 Mar 2025₹20.2t₹7.5t₹1.0t27.3x19.5x2.7x
Thu, 20 Feb 2025₹18.1t₹7.5t₹1.0t26.4x17.4x2.4x
Sat, 18 Jan 2025₹20.5t₹7.4t₹1.0t30x19.8x2.8x
Mon, 16 Dec 2024₹22.5t₹7.4t₹1.0t30.6x21.7x3x
Wed, 13 Nov 2024₹21.9t₹7.4t₹949.8b35.1x23x3x
Fri, 11 Oct 2024₹24.1t₹7.3t₹960.9b37.3x25.1x3.3x
Sun, 08 Sep 2024₹23.6t₹7.3t₹960.9b35.2x24.6x3.2x
Tue, 06 Aug 2024₹24.2t₹7.2t₹950.7b37x25.5x3.4x
Thu, 04 Jul 2024₹23.6t₹7.1t₹977.5b38.4x24.1x3.3x
Sat, 01 Jun 2024₹23.3t₹7.1t₹953.5b35.3x24.4x3.3x
Mon, 29 Apr 2024₹21.9t₹6.9t₹870.4b28.9x25.2x3.2x
Wed, 27 Mar 2024₹20.6t₹6.9t₹864.2b27.4x23.8x3x
Fri, 23 Feb 2024₹21.2t₹6.9t₹864.2b29x24.5x3.1x
Sun, 21 Jan 2024₹19.0t₹6.8t₹835.9b26.2x22.7x2.8x
Tue, 19 Dec 2023₹18.2t₹6.8t₹835.7b24.8x21.7x2.7x
Thu, 16 Nov 2023₹14.2t₹6.8t₹835.7b23.2x16.9x2.1x
Sat, 14 Oct 2023₹13.7t₹6.7t₹703.9b19.8x19.5x2x
Mon, 11 Sep 2023₹14.0t₹6.7t₹703.9b20.1x19.9x2.1x
Wed, 09 Aug 2023₹12.7t₹6.7t₹712.5b18.7x17.9x1.9x
Fri, 07 Jul 2023₹12.3t₹6.8t₹683.9b19.1x18x1.8x
Sun, 04 Jun 2023₹11.7t₹6.8t₹697.5b13x16.7x1.7x
Tue, 02 May 2023₹12.0t₹6.6t₹710.2b15.3x16.9x1.8x
Thu, 30 Mar 2023₹11.3t₹6.6t₹709.8b14.9x15.9x1.7x
Sat, 25 Feb 2023₹10.0t₹6.6t₹709.9b12.8x14.1x1.5x
Price to Earnings Ratio

14.1x


Total Market Cap: ₹10.0tTotal Earnings: ₹709.9bTotal 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 11% 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 Market-1.11%
Utilities0.028%
Electric Utilities2.15%
Water Utilities-0.70%
Renewable Energy-0.89%
Gas Utilities-1.34%
Industry PE
  • Investors are most optimistic about the Water Utilities industry even though it's trading below its 3-year average PE ratio of 59.9x.
    • Analysts are expecting annual earnings growth of 19.7%, which is lower than the prior year's growth of 27.3% per year.
  • Investors are most pessimistic about the Gas Utilities industry, which is trading close to its 3-year average of 18.9x.
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 13% per year.
  • In contrast, the Gas Utilities industry is expected to see its earnings grow by 8.2% 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
ADANIGREEN Adani Green Energy₹1.02k3.9%
+₹63.4b		13.3%PE122.4x
POWERGRID Power Grid Corporation of India₹300.752.2%
+₹59.5b		12.7%PE18x
500400 Tata Power₹378.152.2%
+₹26.4b		11.3%PE31.8x
SJVN SJVN₹77.556.5%
+₹18.7b		-13.4%PE48.2x
ADANIENSOL Adani Energy Solutions₹1.03k1.3%
+₹16.2b		52.1%PE55.1x

Latest News

IGL
₹172.41
Indraprastha Gas
7D
-2.8%
1Y
-10.4%

IGL: Biogas Partnerships And Dividend Plan Will Support Long Term Upside

Analysts have nudged their price target on Indraprastha Gas down from ₹270 to ₹250. This reflects updated assumptions around slightly lower revenue growth, a modest adjustment to the discount rate, and revised expectations for profit margins and future P/E levels.
MGL
₹1,107.40
Mahanagar Gas
7D
-5.7%
1Y
-14.9%

MGL: Upcoming Board Meeting And Interim Dividend Will Support Bullish Outlook

Analysts have trimmed their price target for Mahanagar Gas from about ₹1,437 to roughly ₹1,381, citing updated assumptions on the discount rate, long term revenue growth, profit margins and forward P/E. What's in the News Board meeting scheduled for February 7, 2026, to consider and approve the unaudited standalone and consolidated financial results for the quarter and nine months ended December 31, 2025 (Key Developments).
GAIL
₹165.75
GAIL (India)
7D
0.7%
1Y
1.0%

The Returns At GAIL (India) (NSE:GAIL) Aren't Growing

Feb 16
The Returns At GAIL (India) (NSE:GAIL) Aren't Growing
ADANIENSOL
₹1,030.20
Adani Energy Solutions
7D
1.3%
1Y
52.1%

Is Adani Energy Solutions (NSE:ADANIENSOL) A Risky Investment?

Feb 15
Is Adani Energy Solutions (NSE:ADANIENSOL) A Risky Investment?
SJVN
₹77.55
SJVN
7D
6.5%
1Y
-13.4%
500400
₹378.15
Tata Power
7D
2.2%
1Y
11.3%

500400: Expanding Power Transmission Projects Will Support Long Term Upside Potential

Analysts have maintained their fair value estimate for Tata Power at ₹510. This reflects a combination of revised assumptions, including a slightly lower discount rate, higher projected revenue growth, a marginally softer profit margin outlook, and a reduced future P/E multiple.
POWERGRID
₹300.75
Power Grid Corporation of India
7D
2.2%
1Y
12.7%

POWERGRID: Future P/E Expansion Will Outpace Slowing Revenue And Margin Profile

Analysts have lifted their fair value estimate for Power Grid Corporation of India from ₹247.81 to ₹260.00, citing updated assumptions around the discount rate, revenue growth, profit margins, and future P/E expectations. What's in the News The board is scheduled to meet on January 30, 2026 to review unaudited financial results for the quarter and nine months ended December 31, 2025 and to consider a 2nd interim dividend for FY 2025-26, if any (company filing).
ADANIGREEN
₹1,016.80
Adani Green Energy
7D
3.9%
1Y
13.3%

ADANIGREEN: Stake Sale And Storage Investments Will Eventually Highlight Overvaluation Risk

The analyst price target for Adani Green Energy has been revised to ₹864 from ₹825.89, as analysts update their assumptions on the discount rate, revenue growth, profit margin and future P/E for the company. What's in the News TotalEnergies is reportedly preparing to sell up to a 6% stake in Adani Green Energy, out of its roughly 19% holding.
GUJGASLTD
₹414.80
Gujarat Gas
7D
-2.7%
1Y
5.6%

GUJGASLTD: Leadership Transition And Upcoming Results Will Support Earnings Visibility

Analysts have nudged their fair value estimate for Gujarat Gas slightly higher from ₹557.09 to ₹560.57, reflecting updated views on discount rates, revenue growth, profit margin and future P/E assumptions. What's in the News Managing Director Shri Milind Torawane, IAS (DIN: 03632394), has resigned from the Board of Directors effective December 24, 2025, following his transfer and appointment as Principal Secretary to Government, Education Department, Primary & Secondary Education (Key Developments).
ADANIPOWER
₹144.35
Adani Power
7D
-3.2%
1Y
48.9%

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

Feb 07
Adani Power (NSE:ADANIPOWER) Is Experiencing Growth In Returns On Capital
533148
₹487.30
JSW Energy
7D
0.8%
1Y
10.6%

533148: Preferential Equity Funding Will Support Alaknanda Acquisition Upside

Analysts have nudged their fair value estimate for JSW Energy from ₹598.44 to ₹568.59, citing adjusted assumptions for revenue growth, profit margins, the discount rate and the future P/E multiple. What's in the News On January 21, 2026, JSW Energy closed a private placement that increased paid up share capital from ₹17,477,684,510 (1,747,768,451 equity shares) to ₹18,049,113,070 (1,804,911,307 equity shares) (company event filing).
NTPC
₹368.40
NTPC
7D
0.4%
1Y
18.4%
RPOWER
₹27.33
Reliance Power
7D
-4.0%
1Y
-25.7%
500390
₹104.05
Reliance Infrastructure
7D
-13.5%
1Y
-58.2%
GSPL
₹304.15
Gujarat State Petronet
7D
-2.9%
1Y
7.0%
ATGL
₹533.85
Adani Total Gas
7D
-1.7%
1Y
-7.9%