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Indian (NIFTY) Electric Utilities Industry Analysis

UpdatedDec 19, 2025
DataAggregated Company Financials
Companies11
  • 7D-1.9%
  • 3M-5.6%
  • 1Y-13.3%
  • YTD-10.3%

Over the last 7 days, the Electric Utilities industry has dropped 1.9%, driven by a pullback from Power Grid Corporation of India of 2.6%. On the other hand Reliance Infrastructure is actually up 27%. The industry has fallen 13% in the last year. As for the next few years, earnings are expected to grow by 15% per annum.

Industry Valuation and Performance

Has the Indian Electric Utilities Industry valuation changed over the past few years?

DateMarket CapRevenueEarningsPEAbsolute PEPS
Fri, 19 Dec 2025₹6.1t₹2.2t₹299.3b29.6x20.5x2.8x
Sun, 16 Nov 2025₹6.5t₹2.2t₹299.3b30.6x21.6x3x
Tue, 14 Oct 2025₹6.5t₹2.1t₹322.9b30.8x20.2x3x
Thu, 11 Sep 2025₹6.3t₹2.1t₹322.9b30.4x19.6x3x
Sat, 09 Aug 2025₹6.3t₹2.1t₹324.2b29.8x19.6x3x
Mon, 07 Jul 2025₹6.7t₹2.1t₹310.9b32.3x21.7x3.1x
Wed, 04 Jun 2025₹6.6t₹2.1t₹310.2b31.2x21.2x3.1x
Fri, 02 May 2025₹6.8t₹2.1t₹258.2b32.9x26.3x3.2x
Sun, 30 Mar 2025₹6.5t₹2.1t₹255.4b31.8x25.5x3.1x
Tue, 25 Feb 2025₹5.8t₹2.1t₹255.4b29.6x22.7x2.7x
Thu, 23 Jan 2025₹6.4t₹2.1t₹282.5b32.3x22.7x3.1x
Sat, 21 Dec 2024₹6.9t₹2.1t₹282.7b34.2x24.2x3.3x
Mon, 18 Nov 2024₹6.9t₹2.1t₹282.7b34.5x24.4x3.3x
Wed, 16 Oct 2024₹7.7t₹2.0t₹229.1b40.6x33.7x3.8x
Fri, 13 Sep 2024₹7.6t₹2.0t₹229.1b37.1x33.2x3.7x
Sun, 11 Aug 2024₹7.8t₹2.0t₹223.8b36.9x34.7x3.9x
Tue, 09 Jul 2024₹7.4t₹2.0t₹232.2b38.6x31.8x3.8x
Thu, 06 Jun 2024₹6.8t₹2.0t₹232.1b37.1x29.1x3.4x
Sat, 04 May 2024₹7.2t₹1.9t₹208.5b39.6x34.5x3.8x
Mon, 01 Apr 2024₹6.5t₹1.9t₹208.6b35.2x31.3x3.4x
Wed, 28 Feb 2024₹6.6t₹1.9t₹208.6b31.7x31.7x3.5x
Fri, 26 Jan 2024₹6.0t₹1.9t₹212.7b29.4x28.1x3.2x
Sun, 24 Dec 2023₹5.5t₹1.9t₹213.1b27x25.7x2.9x
Tue, 21 Nov 2023₹4.6t₹1.9t₹213.2b23.6x21.6x2.5x
Thu, 19 Oct 2023₹4.5t₹1.8t₹212.0b23x21.3x2.5x
Sat, 16 Sep 2023₹4.6t₹1.8t₹212.1b20.1x21.5x2.5x
Mon, 14 Aug 2023₹4.2t₹1.8t₹212.1b19.9x19.7x2.3x
Wed, 12 Jul 2023₹4.1t₹1.8t₹220.7b14.2x18.5x2.3x
Fri, 09 Jun 2023₹4.0t₹1.8t₹220.9b15.2x18.3x2.2x
Sun, 07 May 2023₹4.1t₹1.8t₹228.4b19.2x17.9x2.3x
Tue, 04 Apr 2023₹3.9t₹1.8t₹230.0b17.7x16.8x2.2x
Thu, 02 Mar 2023₹3.5t₹1.8t₹230.0b18.7x15.4x2x
Sat, 28 Jan 2023₹5.0t₹1.7t₹217.1b21.7x23.1x3x
Mon, 26 Dec 2022₹5.2t₹1.7t₹216.8b21.1x24.1x3.1x
Price to Earnings Ratio

24.1x


Total Market Cap: ₹5.2tTotal Earnings: ₹216.8bTotal Revenue: ₹1.7tTotal Market Cap vs Earnings and Revenue0%0%0%
Indian Electric Utilities Industry Price to Earnings3Y Average 24.5x202320242025
Current Industry PE
  • Investors are pessimistic on the Indian Electric Utilities industry, indicating that they anticipate long term growth rates will be lower than they have historically.
  • The industry is trading at a PE ratio of 20.5x which is lower than its 3-year average PE of 24.5x.
  • The industry is trading close to its 3-year average PS ratio of 3.0x.
Past Earnings Growth
  • The earnings for companies in the Electric Utilities industry have grown 11% per year over the last three years.
  • Revenues for these companies have grown 8.7% 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 industry?

IN Market-0.21%
Utilities-0.70%
Electric Utilities-1.92%
Electric Utilities-1.92%
Industry PEThere are no additional sub-industries under this industry.
Forecasted GrowthThere are no additional sub-industries under this industry.

Top Stock Gainers and Losers

Which companies have driven the market over the last 7 days?

CompanyLast Price7D1YValuation
500390 Reliance Infrastructure₹173.4527.4%
+₹15.2b		-39.6%PE2.3x
SJVN SJVN₹72.840.7%
+₹2.1b		-34.7%PE51.4x
540565 Indigrid Infrastructure Trust₹168.570.3%
+₹475.7m		16.3%PE41.8x
BAJEL Bajel Projects₹168.080.9%
+₹170.0m		-35.1%PE151.4x

Latest News

TORNTPOWER
₹1,279.10
Torrent Power
7D
-0.9%
1Y
-13.5%

TORNTPOWER: Medium-Term Expansion Plans Will Support Balanced Risk Reward Ahead

Analysts have raised their price target on Torrent Power from ₹1,050 to ₹1,210, citing stronger expected revenue growth despite slightly higher discount rates and moderating profit margins, which are still seen as compatible with a higher forward P/E multiple. What's in the News Torrent Power has scheduled an Analyst and Investor Day, where management is expected to outline medium term growth plans and capital allocation priorities.
POWERGRID
₹263.45
Power Grid Corporation of India
7D
-0.06%
1Y
-16.6%

These 4 Measures Indicate That Power Grid Corporation of India (NSE:POWERGRID) Is Using Debt Extensively

Dec 15
These 4 Measures Indicate That Power Grid Corporation of India (NSE:POWERGRID) Is Using Debt Extensively
SJVN
₹72.84
SJVN
7D
0.7%
1Y
-34.7%

Market Participants Recognise SJVN Limited's (NSE:SJVN) Earnings

Dec 14
Market Participants Recognise SJVN Limited's (NSE:SJVN) Earnings
CESC
₹169.04
CESC
7D
-0.6%
1Y
-7.5%

We Think CESC (NSE:CESC) Can Stay On Top Of Its Debt

Dec 14
We Think CESC (NSE:CESC) Can Stay On Top Of Its Debt
ADANIENSOL
₹988.25
Adani Energy Solutions
7D
-2.3%
1Y
28.8%

ADANIENSOL: Renewable Energy Contracts Will Drive Future Expansion And Re Rating Potential

Analysts have maintained their fair value estimate for Adani Energy Solutions at ₹1,161.60 per share, reflecting unchanged assumptions on discount rate, revenue growth, profit margin and future P/E as they await clearer catalysts for a rerating. What's in the News Diamond Power Infrastructure received a letter of intent from Adani Energy Solutions to supply 7,668 km of AL 59 Zebra conductor for the Khavda Project, a contract valued at about INR 2,760.6 crore including tax, with execution targeted by November 23, 2026 (company announcement) Adani Group outlined that its first large scale Battery Energy Storage Systems project, of 1,126 MW / 3,530 MWh, will initially be implemented by Adani Green Energy under the integrated utility platform, with future roles for Adani Energy Solutions and Adani Power to be detailed as and when they become disclosable events (business expansion update) Adani Energy Solutions signed an agreement to supply 60 MW of renewable energy to RSWM Ltd, helping the textile company lift the share of renewables in its energy mix from 33 percent to a targeted 70 percent in the near term (client agreement) A special shareholders meeting, conducted via postal ballot in India on December 7, 2025, has been convened to consider material modifications in previously approved material related party transactions (shareholder meeting notice) A board meeting scheduled for October 27, 2025 will review and approve the company unaudited financial results for the quarter and half year ended September 30, 2025 (regulatory filing) Valuation Changes Fair Value Estimate, unchanged at ₹1,161.60 per share, indicating no revision to the base case valuation.
500400
₹380.50
Tata Power
7D
-0.4%
1Y
-5.2%

500400: Bhutan Hydro Expansion And Stable Margins Will Guide The Medium Term

Analysts have maintained their price target on Tata Power at Rs 419, reflecting unchanged expectations for revenue growth, profitability, and future valuation multiples. What's in the News Tata Power signed commercial agreements with Druk Green Power Corporation to develop the 1,125 MW Dorjilung hydropower project in Bhutan via an SPV, with DGPC holding 60% and Tata Power 40% equity (company announcement).
540565
₹168.57
Indigrid Infrastructure Trust
7D
0.3%
1Y
16.3%
DPSCLTD
₹10.08
India Power
7D
-1.6%
1Y
-41.8%
BAJEL
₹168.08
Bajel Projects
7D
0.9%
1Y
-35.1%

Some May Be Optimistic About Bajel Projects' (NSE:BAJEL) Earnings

Nov 22
Some May Be Optimistic About Bajel Projects' (NSE:BAJEL) Earnings
532219
₹19.68
Energy Development
7D
-2.9%
1Y
-35.2%
CHAMUNDA
₹50.95
Chamunda Electrical
7D
-5.3%
1Y
n/a
500390
₹173.45
Reliance Infrastructure
7D
27.4%
1Y
-39.6%