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Indian (NIFTY) Utilities Sector Analysis

UpdatedApr 22, 2026
DataAggregated Company Financials
Companies49
  • 7D7.1%
  • 3M23.0%
  • 1Y12.6%
  • YTD15.2%

In the last week, the Utilities industry is up 7.1%, with Adani Power up 12%. This means that the industry has gained 13% over the past year. Looking forward, earnings are forecast to grow by 19% annually.

Sector Valuation and Performance

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

DateMarket CapRevenueEarningsPEAbsolute PEPS
Wed, 22 Apr 2026₹23.7t₹7.7t₹963.4b26.1x24.6x3.1x
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
Price to Earnings Ratio

16.9x


Total Market Cap: ₹12.0tTotal Earnings: ₹710.2bTotal Revenue: ₹6.6tTotal Market Cap vs Earnings and Revenue0%0%0%
Indian Utilities Sector Price to Earnings3Y Average 21x202420252026
Current Industry PE
  • Investors are optimistic on the Indian Utilities industry, and appear confident in long term growth rates.
  • The industry is trading at a PE ratio of 24.6x which is higher than its 3-year average PE of 21.0x.
  • The 3-year average PS ratio of 2.7x is lower than the industry's current PS ratio of 3.1x.
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 Market4.27%
Utilities7.08%
Water Utilities9.72%
Gas Utilities7.37%
Renewable Energy7.07%
Electric Utilities6.96%
Industry PE
  • Investors are most optimistic about the Renewable Energy industry which is trading above its 3-year average PE ratio of 20.3x.
    • Analysts are expecting annual earnings growth of 22.3%, which is higher than its past year's earnings growth of 12.9% 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 7.1% 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₹202.9811.9%
+₹417.1b		77.0%PE35.7x
POWERGRID Power Grid Corporation of India₹319.356.3%
+₹176.7b		2.2%PE19.1x
ADANIENSOL Adani Energy Solutions₹1.27k7.7%
+₹108.1b		36.1%PE67.7x
ADANIGREEN Adani Green Energy₹1.15k5.9%
+₹106.3b		21.9%PE138.5x
NTPC NTPC₹396.202.6%
+₹96.5b		10.0%PE15.9x

Latest News

500400
₹435.70
Tata Power
7D
6.4%
1Y
12.1%

500400: Future Grid Expansion Will Likely Pressure Margins And Limit Upside

Analysts have inched up their price target on Tata Power to ₹302.16 from ₹302.14. This reflects small model tweaks that include slightly different assumptions for revenue growth, profit margin and future P/E levels.
ADANIPOWER
₹202.98
Adani Power
7D
11.9%
1Y
77.0%

ADANIPOWER: Upcoming Results Will Test Overstretched Expectations And Current Pricing

Analysts have kept their fair value estimate for Adani Power steady at ₹180.14 per share, citing largely unchanged assumptions around discount rate, revenue growth, profit margin and future P/E. These factors together support an unchanged price target narrative.
533148
₹546.50
JSW Energy
7D
7.3%
1Y
7.4%

533148: Preferential Allotment And Board Actions Will Support Long-Term Expansion

Analysts have kept their price target on JSW Energy steady at ₹700, noting that only minor updates in inputs such as the discount rate, revenue growth assumptions and profit margin do not materially change their overall view on valuation. What's in the News JSW Energy plans a special or extraordinary shareholders meeting on March 25, 2026, via postal ballot in India to seek approval for the re appointment of Mr. Munesh Khanna as an Independent Director (company filing).
ADANIGREEN
₹1,150.00
Adani Green Energy
7D
5.9%
1Y
21.9%
ADANIENSOL
₹1,265.30
Adani Energy Solutions
7D
7.7%
1Y
36.1%
TORNTPOWER
₹1,621.50
Torrent Power
7D
10.0%
1Y
2.0%

TORNTPOWER: Measured Outlook As Dividend Plans And Debenture Funding Guide Future Performance

Analysts have nudged their fair value estimate for Torrent Power slightly higher, with the price target moving from ₹1,415.20 to ₹1,422.20. This change reflects updated assumptions around revenue growth, profit margins and future P/E expectations.
NTPC
₹396.20
NTPC
7D
2.6%
1Y
10.0%

NTPC: Dividend Strength And Storage Investments Will Support Long Term Appeal

Analysts have kept NTPC's fair value estimate steady at ₹424.46, with a slightly higher discount rate and P/E assumption, as well as a small adjustment to revenue growth and profit margin expectations shaping this updated price target view. What's in the News A board meeting is scheduled for Mar 28, 2026, to review an investment proposal for a Battery Energy Storage System with 4.70 GWh capacity at an estimated project cost of ₹58,219m, along with other matters (Board Meeting).
POWERGRID
₹319.35
Power Grid Corporation of India
7D
6.3%
1Y
2.2%

POWERGRID: Future P/E Expansion Will Outrun Weakening Margins And Modest Revenue Outlook

Analysts have adjusted their price target on Power Grid Corporation of India to ₹267 from ₹260, citing updated assumptions that combine a small change in profit margin and P/E expectations with a shift in projected revenue growth from a decline of 0.59% to growth of 0.42%. What's in the News Board meeting scheduled on 19 March 2026 to review a revised proposal to merge or amalgamate 28 wholly owned subsidiaries into 2 other wholly owned subsidiaries, replacing an earlier plan that covered 11 subsidiaries (Board Meeting).
534612
₹19.60
Advance Metering Technology
7D
-0.9%
1Y
-24.7%
536709
₹11.75
Ind Renewable Energy
7D
-2.5%
1Y
-13.8%
538520
₹1.81
Shivamshree Businesses
7D
-2.2%
1Y
-25.2%
500390
₹83.11
Reliance Infrastructure
7D
-5.0%
1Y
-68.8%