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Indian (NIFTY) Utilities Sector Analysis

UpdatedMar 30, 2026
DataAggregated Company Financials
Companies49
  • 7D-2.4%
  • 3M1.2%
  • 1Y0.4%
  • YTD-2.0%

The Utilities industry is down 2.4% over the last week with Adani Energy Solutions the worst performer, down 5.3%. Over the last year, the industry has been flat overall. As for the next few years, earnings are expected to grow by 17% per annum.

Sector Valuation and Performance

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

DateMarket CapRevenueEarningsPEAbsolute PEPS
Mon, 30 Mar 2026₹20.1t₹7.7t₹963.4b20.7x20.9x2.6x
Wed, 25 Feb 2026₹20.8t₹7.7t₹962.8b23.3x21.6x2.7x
Fri, 23 Jan 2026₹19.5t₹7.7t₹955.2b22.9x20.4x2.5x
Sun, 21 Dec 2025₹19.8t₹7.7t₹954.8b24x20.7x2.6x
Tue, 18 Nov 2025₹21.0t₹7.7t₹955.9b25.6x22x2.7x
Thu, 16 Oct 2025₹21.4t₹7.7t₹1.0t26.1x21x2.8x
Sat, 13 Sep 2025₹20.4t₹7.7t₹1.0t26x20.1x2.7x
Mon, 11 Aug 2025₹19.8t₹7.7t₹1.0t26.6x19.3x2.6x
Wed, 09 Jul 2025₹21.1t₹7.6t₹1.0t28.4x20.8x2.8x
Fri, 06 Jun 2025₹20.6t₹7.6t₹1.0t29.3x20.3x2.7x
Sun, 04 May 2025₹20.0t₹7.5t₹1.0t27.7x19.2x2.7x
Tue, 01 Apr 2025₹19.9t₹7.5t₹1.0t25.4x19.2x2.7x
Thu, 27 Feb 2025₹18.1t₹7.5t₹1.0t28.1x17.4x2.4x
Sat, 25 Jan 2025₹19.7t₹7.4t₹1.0t28.5x18.9x2.7x
Mon, 23 Dec 2024₹21.0t₹7.4t₹1.0t31x20.3x2.8x
Wed, 20 Nov 2024₹20.8t₹7.4t₹1.0t27.7x20.2x2.8x
Fri, 18 Oct 2024₹23.5t₹7.3t₹960.2b37.1x24.4x3.2x
Sun, 15 Sep 2024₹23.7t₹7.3t₹960.9b35x24.7x3.3x
Tue, 13 Aug 2024₹24.0t₹7.3t₹954.7b35x25.1x3.3x
Thu, 11 Jul 2024₹24.0t₹7.1t₹977.5b39.3x24.5x3.4x
Sat, 08 Jun 2024₹23.2t₹7.1t₹978.3b36.6x23.7x3.3x
Mon, 06 May 2024₹22.4t₹7.0t₹839.7b29x26.7x3.2x
Wed, 03 Apr 2024₹21.4t₹6.9t₹863.5b28.7x24.8x3.1x
Fri, 01 Mar 2024₹20.9t₹6.9t₹864.2b28.5x24.2x3x
Sun, 28 Jan 2024₹19.6t₹6.9t₹866.2b26.1x22.6x2.8x
Tue, 26 Dec 2023₹17.9t₹6.8t₹835.7b24.4x21.5x2.6x
Thu, 23 Nov 2023₹14.2t₹6.8t₹835.7b23.2x17x2.1x
Sat, 21 Oct 2023₹13.5t₹6.7t₹703.9b19.8x19.2x2x
Mon, 18 Sep 2023₹14.0t₹6.7t₹703.8b19.7x19.9x2.1x
Wed, 16 Aug 2023₹12.7t₹6.7t₹704.0b18.1x18x1.9x
Fri, 14 Jul 2023₹11.9t₹6.8t₹683.9b19x17.4x1.7x
Sun, 11 Jun 2023₹12.0t₹6.8t₹697.5b15.4x17.2x1.8x
Tue, 09 May 2023₹12.0t₹6.6t₹737.6b15.3x16.2x1.8x
Thu, 06 Apr 2023₹11.2t₹6.6t₹709.8b14.5x15.8x1.7x
Price to Earnings Ratio

15.8x


Total Market Cap: ₹11.2tTotal 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-1.71%
Utilities-2.38%
Renewable Energy-1.39%
Water Utilities-2.94%
Electric Utilities-3.16%
Gas Utilities-5.08%
Industry PE
  • Investors are most optimistic about the Renewable Energy industry which is trading above its 3-year average PE ratio of 20.1x.
    • Analysts are expecting annual earnings growth of 19.4%, 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 below its 3-year average of 18.9x.
Forecasted Growth
  • Analysts are most optimistic on the Water Utilities industry, expecting annual earnings growth of 20% over the next 5 years.
  • However this is lower than its past earnings growth rate of 27% 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₹150.431.7%
+₹49.8b		47.7%PE26.4x
513683 NLC India₹268.605.9%
+₹20.8b		9.8%PE14.3x
GAIL GAIL (India)₹137.711.7%
+₹15.2b		-24.8%PE10.5x
ACMESOLAR ACME Solar Holdings₹261.6110.1%
+₹14.6b		36.3%PE32.8x
CESC CESC₹150.171.0%
+₹1.9b		-2.4%PE13.5x

Latest News

ADANIGREEN
₹806.90
Adani Green Energy
7D
-1.2%
1Y
-14.9%
513683
₹268.60
NLC India
7D
5.9%
1Y
9.8%

513683: Interim Dividend And Renewable Listing Plan Will Support Repricing

Analysts have kept the price target for NLC India broadly unchanged at around ₹324, reflecting only marginal tweaks to underlying assumptions such as discount rate, revenue growth, profit margin and future P/E estimates. What's in the News NLC India signed an MoU with National Aluminium Company (NALCO), a Navratna CPSE under the Ministry of Mines, to work together on thermal and renewable energy projects, with scope for a potential joint venture company (Key Developments).
TORNTPOWER
₹1,305.80
Torrent Power
7D
-4.2%
1Y
-12.2%

TORNTPOWER: Board Actions On Dividend And Funding Will Shape Future Performance

Analysts now peg Torrent Power's fair value slightly lower at about ₹1,415 per share, down from roughly ₹1,420, citing updated assumptions on discount rate, revenue growth, profit margin and future P/E. 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).
540565
₹165.36
Indigrid Infrastructure Trust
7D
0.9%
1Y
17.5%
NTPC
₹370.65
NTPC
7D
-0.5%
1Y
3.6%

NTPC: Dividend Strength And Gasification Projects Will Support Long Term Appeal

Analysts have lifted their price target for NTPC from ₹413.28 to ₹424.46, citing updated assumptions around the discount rate, revenue growth, profit margin and future P/E as key drivers of the change. What's in the News NTPC signed an MoU with Gujarat Mineral Development Corporation to explore coal and lignite gasification projects in Odisha and Gujarat.
POWERGRID
₹296.10
Power Grid Corporation of India
7D
-2.0%
1Y
2.0%

POWERGRID: Dividend Strength And Subsidiary Merger Plans Will Support Upside

Analysts have trimmed their price target for Power Grid Corporation of India by about ₹2, reflecting slightly adjusted views on fair value, revenue growth assumptions, profit margin expectations and future P/E levels. What's in the News Board meeting on March 19, 2026 to review a revised merger plan to combine 28 wholly owned subsidiaries into 2 other wholly owned subsidiaries, replacing an earlier proposal that covered 11 subsidiaries, along with related merger schemes (Key Developments).
500400
₹378.70
Tata Power
7D
-2.1%
1Y
0.9%

500400: Grid Modernisation And Transmission Expansion Will Support Long Term Upside Potential

Analysts have kept the fair value estimate for Tata Power unchanged at ₹510, indicating only minor model adjustments in revenue growth, profit margin and forward P/E assumptions, rather than a material shift in their overall view. What's in the News Tata Power announced a collaboration with Salesforce to digitise its rooftop solar, EV charging, and smart home solutions businesses using AI enabled workflows across sales, service, and marketing, including a proprietary deep learning layer for zero touch quality and safety validation under its Solaroof offerings (Client Announcements).
GUJGASLTD
₹307.25
Gujarat Gas
7D
-8.4%
1Y
-25.5%

GUJGASLTD: Leadership Transition And Steady Margins Will Support A Positive Outlook

Analysts now place Gujarat Gas's price target at approximately ₹435, slightly below the prior fair value of about ₹438. This reflects updates to revenue growth assumptions, a broadly similar profit margin outlook, and a marginally higher future P/E estimate.
533148
₹472.35
JSW Energy
7D
-2.1%
1Y
-12.2%

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

Analysts have maintained the JSW Energy price target at ₹700.00, citing updated assumptions on the discount rate, revenue growth, profit margin and future P/E that refine their view while leaving the headline number unchanged. What's in the News Board meeting on January 21, 2026 to consider and approve the allotment of equity shares and warrants on a preferential basis, along with other matters (company filing).
ADANIPOWER
₹150.43
Adani Power
7D
1.7%
1Y
47.7%

ADANIPOWER: Upcoming Results Will Support Long Term Upside Conviction

Analysts have kept the fair value estimate for Adani Power steady at ₹182.17 per share, with only marginal tweaks to inputs such as discount rate, revenue growth, profit margin and future P/E. This reflects fine tuning of their valuation framework rather than a change in overall view.
GAIL
₹137.71
GAIL (India)
7D
1.7%
1Y
-24.8%

GAIL: Upcoming Green Projects Will Support Future Upside

Analysts have inched their price target on GAIL (India) slightly lower from about ₹195.87 to about ₹195.19, reflecting small tweaks to fair value inputs, revenue growth expectations, profit margin assumptions and future P/E estimates. What's in the News Appointment of Shri Deepak Gupta as Chairman and Managing Director from March 1, 2026, following his tenure as Director (Projects).
MGL
₹927.70
Mahanagar Gas
7D
2.1%
1Y
-33.1%

MGL: Upcoming Board Review Will Balance Dividend Prospects And Modest Multiple Pressure

Analysts have trimmed their price target for Mahanagar Gas slightly to about ₹1,022 from roughly ₹1,029, reflecting updated assumptions on revenue growth, profit margins and the forward P/E multiple. What's in the News A board meeting is scheduled on Feb 07, 2026, to review and approve the unaudited standalone and consolidated financial results for the quarter and nine months ended Dec 31, 2025 (company filing).
534612
₹19.20
Advance Metering Technology
7D
41.7%
1Y
-19.6%
CESC
₹150.17
CESC
7D
1.0%
1Y
-2.4%
ACMESOLAR
₹261.61
ACME Solar Holdings
7D
10.1%
1Y
36.3%
NTPCGREEN
₹92.32
NTPC Green Energy
7D
-4.7%
1Y
-8.2%