Investing IdeasBrowse All StocksMarkets
Have your own idea? Try our Stock Screener
Header cover image

Indian (NIFTY) Electric Utilities Industry Analysis

UpdatedApr 08, 2026
DataAggregated Company Financials
Companies11
  • 7D2.5%
  • 3M2.1%
  • 1Y2.1%
  • YTD2.6%

In the last week, the Electric Utilities industry is up 2.2%, with Adani Energy Solutions up 5.5%. Overall in the last year, the industry is flat. Earnings are forecast to grow by 15% annually.

Industry Valuation and Performance

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

DateMarket CapRevenueEarningsPEAbsolute PEPS
Wed, 08 Apr 2026₹6.6t₹2.2t₹335.1b32.6x19.6x3x
Fri, 06 Mar 2026₹6.6t₹2.2t₹335.1b31.7x19.8x3.1x
Sun, 01 Feb 2026₹6.1t₹2.2t₹335.0b28.9x18.1x2.8x
Tue, 30 Dec 2025₹6.2t₹2.2t₹299.3b29.7x20.8x2.9x
Thu, 27 Nov 2025₹6.4t₹2.2t₹299.3b30.9x21.5x3x
Sat, 25 Oct 2025₹6.6t₹2.2t₹323.6b31.3x20.5x3.1x
Mon, 22 Sep 2025₹6.5t₹2.1t₹322.9b31.2x20.1x3x
Wed, 20 Aug 2025₹6.4t₹2.1t₹322.9b30.6x20x3x
Fri, 18 Jul 2025₹6.8t₹2.1t₹310.9b32.6x21.8x3.2x
Sun, 15 Jun 2025₹6.6t₹2.1t₹310.9b32x21.2x3.1x
Tue, 13 May 2025₹6.8t₹2.1t₹258.2b32.7x26.3x3.2x
Thu, 10 Apr 2025₹6.5t₹2.1t₹255.4b32.7x25.3x3.1x
Sat, 08 Mar 2025₹5.9t₹2.1t₹255.4b29.4x23.2x2.8x
Mon, 03 Feb 2025₹6.3t₹2.1t₹284.6b35x22.1x3x
Wed, 01 Jan 2025₹6.8t₹2.1t₹282.7b33.5x24x3.3x
Fri, 29 Nov 2024₹7.0t₹2.1t₹282.7b35.3x24.7x3.4x
Sun, 27 Oct 2024₹7.3t₹2.1t₹238.0b40.4x30.5x3.5x
Tue, 24 Sep 2024₹7.8t₹2.0t₹229.1b39.2x33.9x3.8x
Thu, 22 Aug 2024₹7.7t₹2.0t₹229.1b36.4x33.5x3.8x
Sat, 20 Jul 2024₹7.3t₹2.0t₹232.2b40x31.6x3.7x
Mon, 17 Jun 2024₹7.3t₹2.0t₹232.2b41.9x31.4x3.7x
Wed, 15 May 2024₹7.0t₹2.0t₹209.7b36.2x33.2x3.6x
Fri, 12 Apr 2024₹6.9t₹1.9t₹208.6b39.7x33x3.6x
Sun, 10 Mar 2024₹6.7t₹1.9t₹208.6b33.8x32.1x3.5x
Tue, 06 Feb 2024₹6.6t₹1.9t₹211.2b30.5x31.2x3.5x
Thu, 04 Jan 2024₹5.8t₹1.9t₹213.1b27.3x27.1x3.1x
Sat, 02 Dec 2023₹4.9t₹1.9t₹213.2b24.7x23x2.6x
Mon, 30 Oct 2023₹4.4t₹1.8t₹212.0b21.6x20.7x2.4x
Wed, 27 Sep 2023₹4.5t₹1.8t₹212.0b23.6x21.2x2.5x
Fri, 25 Aug 2023₹4.3t₹1.8t₹212.1b19.9x20.5x2.4x
Sun, 23 Jul 2023₹4.0t₹1.8t₹220.7b14.5x18.2x2.2x
Tue, 20 Jun 2023₹4.0t₹1.8t₹220.9b15.3x18.3x2.2x
Thu, 18 May 2023₹3.9t₹1.8t₹228.8b19.9x16.9x2.2x
Sat, 15 Apr 2023₹4.0t₹1.8t₹230.0b17.9x17.5x2.3x
Price to Earnings Ratio

17.5x


Total Market Cap: ₹4.0tTotal Earnings: ₹230.0bTotal Revenue: ₹1.8tTotal Market Cap vs Earnings and Revenue0%0%0%
Indian Electric Utilities Industry Price to Earnings3Y Average 24.4x202420252026
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 19.5x which is lower than its 3-year average PE of 24.4x.
  • The industry is trading close to its 3-year average PS ratio of 3.1x.
Past Earnings Growth
  • The earnings for companies in the Electric Utilities industry have grown 13% per year over the last three years.
  • Revenues for these companies have grown 7.3% 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 industry?

IN Market4.18%
Utilities4.14%
Electric Utilities2.55%
Electric Utilities2.55%
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₹986.255.5%
+₹61.7b		17.3%PE52.8x
TORNTPOWER Torrent Power₹1.40k7.2%
+₹47.2b		-7.3%PE22.3x
500400 Tata Power₹387.652.4%
+₹28.6b		7.8%PE32.6x
SJVN SJVN₹67.536.6%
+₹16.4b		-25.5%PE42x
500390 Reliance Infrastructure₹81.0620.5%
+₹5.6b		-66.9%PE0.5x

Latest News

POWERGRID
₹295.40
Power Grid Corporation of India
7D
-0.2%
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).
SJVN
₹67.53
SJVN
7D
6.6%
1Y
-25.5%

SJVN: Future Returns Will Be Shaped By Solar Progress And Funding Choices

Analysts now set a price target of ₹67.0 for SJVN, holding it steady as slightly higher revenue growth and profit margin assumptions are offset by a marginally lower future P/E multiple in their models. What's in the News SJVN's 1,000 MW Bikaner Solar Power Project has generated 1 billion units of energy as of March 20, 2026, through its subsidiary SJVN Green Energy Limited under the CPSU Scheme Phase II, Tranche III of the Ministry of New and Renewable Energy, Government of India (Key Developments).
500400
₹387.65
Tata Power
7D
2.4%
1Y
7.8%

500400: Future Transmission Expansion Will Likely Strain Margins And Limit Upside

Analysts have lifted Tata Power's price target from ₹293.94 to ₹302.14, reflecting updated assumptions around slightly higher projected revenue growth, modestly stronger profit margins, a lower future P/E multiple and a revised discount rate. What's in the News Tata Power commissioned the 400 kV Tanda Gonda and 400 kV Gonda Basti double circuit transmission lines in Uttar Pradesh, completing all Extra High Voltage transmission lines and substations under the South East UP Power Transmission Company project and supporting evacuation of over 4,000 MW of thermal power in the state (Key Developments).
ADANIENSOL
₹986.25
Adani Energy Solutions
7D
5.5%
1Y
17.3%
TORNTPOWER
₹1,399.50
Torrent Power
7D
7.2%
1Y
-7.3%

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
₹167.68
Indigrid Infrastructure Trust
7D
1.4%
1Y
17.4%
BAJEL
₹154.50
Bajel Projects
7D
12.6%
1Y
-0.8%
CESC
₹153.33
CESC
7D
2.1%
1Y
1.9%
500390
₹81.06
Reliance Infrastructure
7D
20.5%
1Y
-66.9%