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Indian (NIFTY) Electric Utilities Industry Analysis

UpdatedAug 28, 2026
DataAggregated Company Financials
Companies11
  • 7D-0.1%
  • 3M-6.8%
  • 1Y10.9%
  • YTD7.0%

The Electric Utilities is pretty flat in the last 7 days, but Adani Energy Solutions has stood out, gaining 4.4%. The past year has been better, since the industry has gained 11% in that time. Looking forward, earnings are forecast to grow by 13% annually.

Industry Valuation and Performance

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

DateMarket CapRevenueEarningsPEAbsolute PEPS
Fri, 28 Aug 2026₹6.9t₹2.2t₹310.1b29.1x22.1x3.1x
Sun, 26 Jul 2026₹7.4t₹2.2t₹305.3b31.9x24.1x3.3x
Tue, 23 Jun 2026₹7.5t₹2.2t₹299.2b38.2x25.1x3.4x
Thu, 21 May 2026₹7.2t₹2.2t₹333.4b35.3x21.7x3.3x
Sat, 18 Apr 2026₹7.4t₹2.2t₹335.1b36x22.1x3.4x
Mon, 16 Mar 2026₹6.7t₹2.2t₹335.1b33.3x20x3.1x
Wed, 11 Feb 2026₹6.6t₹2.2t₹332.6b31.2x19.9x3.1x
Fri, 09 Jan 2026₹6.3t₹2.2t₹299.3b29.5x20.9x2.9x
Sun, 07 Dec 2025₹6.3t₹2.2t₹299.3b30.3x21.1x2.9x
Tue, 04 Nov 2025₹6.7t₹2.2t₹322.2b32.1x20.8x3.1x
Thu, 02 Oct 2025₹6.4t₹2.1t₹322.9b36.2x19.8x3x
Sat, 30 Aug 2025₹6.1t₹2.1t₹322.9b29.4x19x2.9x
Mon, 28 Jul 2025₹6.5t₹2.1t₹327.2b31.8x20x3x
Wed, 25 Jun 2025₹6.6t₹2.1t₹310.9b32.1x21.3x3.1x
Fri, 23 May 2025₹6.6t₹2.1t₹266.1b31.8x24.9x3.1x
Sun, 20 Apr 2025₹6.8t₹2.1t₹255.4b34x26.8x3.2x
Tue, 18 Mar 2025₹6.0t₹2.1t₹255.4b29.3x23.4x2.8x
Thu, 13 Feb 2025₹5.8t₹2.1t₹284.0b29.1x20.6x2.8x
Sat, 11 Jan 2025₹6.4t₹2.1t₹282.7b32.4x22.5x3.1x
Mon, 09 Dec 2024₹7.3t₹2.1t₹282.7b37.5x25.7x3.5x
Wed, 06 Nov 2024₹7.3t₹2.1t₹239.1b37x30.7x3.6x
Fri, 04 Oct 2024₹7.9t₹2.0t₹229.1b39.9x34.4x3.9x
Sun, 01 Sep 2024₹7.6t₹2.0t₹229.1b37.1x33.2x3.7x
Tue, 30 Jul 2024₹7.6t₹2.0t₹223.8b41.7x33.9x3.8x
Thu, 27 Jun 2024₹7.2t₹2.0t₹232.2b39.6x31.1x3.7x
Sat, 25 May 2024₹7.3t₹1.9t₹208.0b37.7x35x3.7x
Mon, 22 Apr 2024₹6.8t₹1.9t₹208.6b38.6x32.5x3.6x
Wed, 20 Mar 2024₹6.2t₹1.9t₹208.6b33.5x29.8x3.3x
Fri, 16 Feb 2024₹6.5t₹1.9t₹208.6b32.6x31.1x3.4x
Sun, 14 Jan 2024₹5.9t₹1.9t₹213.0b29.1x27.9x3.2x
Tue, 12 Dec 2023₹5.6t₹1.9t₹213.2b29.8x26.5x3x
Thu, 09 Nov 2023₹4.6t₹1.8t₹214.0b23.2x21.3x2.5x
Sat, 07 Oct 2023₹4.5t₹1.8t₹212.0b23.5x21.2x2.5x
Mon, 04 Sep 2023₹4.4t₹1.8t₹212.1b20.1x20.5x2.4x
Price to Earnings Ratio

20.5x


Total Market Cap: ₹4.4tTotal Earnings: ₹212.1bTotal Revenue: ₹1.8tTotal Market Cap vs Earnings and Revenue0%0%0%
Indian Electric Utilities Industry Price to Earnings3Y Average 25.1x202420252026
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 22.1x which is lower than its 3-year average PE of 25.1x.
  • The industry is trading close to its 3-year average PS ratio of 3.2x.
Past Earnings Growth
  • The earnings for companies in the Electric Utilities industry have grown 14% per year over the last three years.
  • Revenues for these companies have grown 7.1% 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 Market0.0043%
Utilities0.56%
Electric Utilities-0.12%
Electric Utilities-0.12%
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
ADANIENSOL Adani Energy Solutions₹1.58k2.6%
+₹48.3b		106.9%PE66.3x
BAJEL Bajel Projects₹192.840.6%
+₹122.6m		-4.4%PE101.2x
DPSCLTD India Power₹7.190.8%
+₹58.4m		-40.1%PE54.6x

Latest News

POWERGRID
₹266.05
Power Grid Corporation of India
7D
-2.3%
1Y
-3.3%
Narrative Update • Aug 22

POWERGRID: New CFO And Funding Plans Will Support Future Upside Potential

Analysts have trimmed their price target for Power Grid Corporation of India from about ₹392 to around ₹381, citing updated assumptions that reflect a slightly lower revenue growth outlook, a modestly higher profit margin profile, and a small adjustment in the forward P/E multiple. What’s in the News for Power Grid Corporation of India Board meeting scheduled on August 5, 2026, at 15:05 IST to review and approve the unaudited financial results for the quarter ended June 30, 2026, after Audit Committee review.
TORNTPOWER
₹1,217.70
Torrent Power
7D
-2.4%
1Y
-0.8%
Narrative Update • Aug 18

TORNTPOWER: Upcoming Board Meeting Will Support Confidence In Future Earnings

The analyst price target for Torrent Power has been adjusted from ₹1,476.64 to ₹1,522.64 as analysts factor in updated assumptions on the discount rate, revenue growth, profit margins and future P/E expectations. What's in the News for Torrent Power Torrent Power has scheduled a board meeting on Aug 03, 2026 to consider and approve the unaudited standalone financial results for the quarter ended Jun 30, 2026.
ADANIENSOL
₹1,581.40
Adani Energy Solutions
7D
2.6%
1Y
106.9%
Narrative Update • Aug 18

ADANIENSOL: New Projects And Equity Raise Will Shape Balanced Forward Outlook

Analysts have raised their price target for Adani Energy Solutions to about ₹1,748 from roughly ₹1,607, citing updated assumptions that combine a slightly lower discount rate, broadly similar revenue growth expectations, a higher profit margin estimate, and a lower future P/E multiple. What’s in the News for Adani Energy Solutions Completed a follow on equity offering of about ₹35.0b, issuing 21,671,826 equity shares at ₹1,615 per share under Regulation S with a subsequent direct listing.
CESC
₹148.11
CESC
7D
-4.5%
1Y
-2.7%
SJVN
₹64.88
SJVN
7D
-1.8%
1Y
-30.7%
540565
₹174.35
Indigrid Infrastructure Trust
7D
-0.9%
1Y
6.1%
500390
₹60.71
Reliance Infrastructure
7D
-3.7%
1Y
-77.1%
532219
₹16.15
Energy Development
7D
-1.9%
1Y
-15.8%
DPSCLTD
₹7.19
India Power
7D
0.8%
1Y
-40.1%
500400
₹351.65
Tata Power
7D
-6.2%
1Y
-6.0%
Narrative Update • Aug 05

500400: Renewable Projects And Stable Dividend Will Support A Balanced Outlook

Analysts have trimmed their fair value estimate for Tata Power to ₹419 from ₹433 as they factor in more moderate revenue growth expectations, slightly softer profit margins, and a higher assumed future P/E multiple. What’s in the News for Tata Power Tata Power Renewable Energy Limited held the groundbreaking ceremony for an 800 MW hybrid renewable project in Andhra Pradesh.
BAJEL
₹192.84
Bajel Projects
7D
0.6%
1Y
-4.4%