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Indian (NIFTY) Renewable Energy Industry Analysis

UpdatedJun 27, 2026
DataAggregated Company Financials
Companies30
  • 7D-0.7%
  • 3M24.6%
  • 1Y27.2%
  • YTD24.7%

The Renewable Energy industry has been flat over the last week, but NTPC has lost 3.8%. The past year has been better, since the industry has gained 28% in that time. Earnings are forecast to grow by 17% annually.

Industry Valuation and Performance

Has the Indian Renewable Energy Industry valuation changed over the past few years?

DateMarket CapRevenueEarningsPEAbsolute PEPS
Sat, 27 Jun 2026₹14.3t₹3.5t₹539.5b47.1x26.6x4.1x
Mon, 25 May 2026₹14.2t₹3.5t₹538.4b33x26.3x4x
Wed, 22 Apr 2026₹13.6t₹3.4t₹483.6b31.7x28.1x3.9x
Fri, 20 Mar 2026₹11.5t₹3.4t₹483.4b25.4x23.7x3.3x
Sun, 15 Feb 2026₹11.1t₹3.4t₹483.4b24.3x22.9x3.2x
Tue, 13 Jan 2026₹11.0t₹3.4t₹489.1b25x22.5x3.2x
Thu, 11 Dec 2025₹10.8t₹3.4t₹489.1b24x22x3.2x
Sat, 08 Nov 2025₹11.5t₹3.5t₹514.7b28x22.4x3.3x
Mon, 06 Oct 2025₹11.8t₹3.4t₹519.7b28.6x22.7x3.4x
Wed, 03 Sep 2025₹10.9t₹3.4t₹519.0b26.6x21x3.2x
Fri, 01 Aug 2025₹11.0t₹3.4t₹526.2b30.9x20.9x3.2x
Sun, 29 Jun 2025₹11.1t₹3.4t₹516.3b29.9x21.5x3.3x
Tue, 27 May 2025₹11.0t₹3.4t₹520.1b28.3x21.1x3.2x
Thu, 24 Apr 2025₹11.1t₹3.4t₹593.4b29.2x18.6x3.3x
Sat, 22 Mar 2025₹10.6t₹3.4t₹593.4b27.1x17.9x3.2x
Mon, 17 Feb 2025₹9.5t₹3.4t₹593.4b27x16x2.8x
Wed, 15 Jan 2025₹10.5t₹3.3t₹567.1b29.6x18.5x3.2x
Fri, 13 Dec 2024₹12.0t₹3.3t₹567.1b32.9x21.1x3.6x
Sun, 10 Nov 2024₹11.8t₹3.3t₹519.5b50x22.6x3.6x
Tue, 08 Oct 2024₹12.4t₹3.3t₹547.8b42.2x22.7x3.8x
Thu, 05 Sep 2024₹12.7t₹3.3t₹547.8b42x23.3x3.9x
Sat, 03 Aug 2024₹13.2t₹3.3t₹544.7b43.1x24.3x4.1x
Mon, 01 Jul 2024₹12.6t₹3.2t₹575.6b48.2x21.9x4x
Wed, 29 May 2024₹12.2t₹3.2t₹578.2b27.8x21.1x3.9x
Fri, 26 Apr 2024₹11.5t₹3.1t₹508.2b32x22.7x3.7x
Sun, 24 Mar 2024₹10.8t₹3.1t₹508.5b27.9x21.2x3.5x
Tue, 20 Feb 2024₹11.4t₹3.1t₹508.5b37.1x22.4x3.7x
Thu, 18 Jan 2024₹10.0t₹3.0t₹505.7b19.9x19.7x3.3x
Sat, 16 Dec 2023₹9.6t₹3.0t₹505.5b18.1x18.9x3.2x
Mon, 13 Nov 2023₹7.1t₹3.0t₹504.8b12.9x14.1x2.4x
Wed, 11 Oct 2023₹6.8t₹2.9t₹389.3b15x17.5x2.3x
Fri, 08 Sep 2023₹6.9t₹2.9t₹389.1b14.1x17.7x2.4x
Sun, 06 Aug 2023₹6.2t₹2.9t₹390.7b15.9x15.9x2.1x
Tue, 04 Jul 2023₹5.6t₹2.9t₹345.5b18.3x16.3x1.9x
Price to Earnings Ratio

16.3x


Total Market Cap: ₹5.6tTotal Earnings: ₹345.5bTotal Revenue: ₹2.9tTotal Market Cap vs Earnings and Revenue0%0%0%
Indian Renewable Energy Industry Price to Earnings3Y Average 21x202420252026
Current Industry PE
  • Investors are optimistic on the Indian Renewable Energy industry, and appear confident in long term growth rates.
  • The industry is trading at a PE ratio of 26.6x which is higher than its 3-year average PE of 21.0x.
  • The 3-year average PS ratio of 3.3x is lower than the industry's current PS ratio of 4.1x.
Past Earnings Growth
  • The earnings for companies in the Renewable Energy industry have grown 16% per year over the last three years.
  • Revenues for these companies have grown 6.1% 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 Market-0.48%
Utilities-1.11%
Renewable Energy-0.73%
Renewable Energy1.77%
Independent Power Producers and Energy Traders-1.89%
Industry PE
  • Investors are most optimistic about the Renewable Energy industry, which is trading close to its 3-year average PE ratio of 63.5x.
    • Analysts are expecting annual earnings growth of 40.0%, which is higher than its past year's earnings growth of 25.2% per year.
  • Investors are most pessimistic about the Independent Power Producers and Energy Traders industry, although it looks like investor sentiment has improved given that it's trading above its 3-year average of 15.9x.
Forecasted Growth
  • Analysts are most optimistic on the Renewable Energy industry, expecting annual earnings growth of 40% over the next 5 years.
  • This is better than its past earnings growth rate of 25% per year.
  • In contrast, the Independent Power Producers and Energy Traders industry is expected to see its earnings grow by 6.0% 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
ADANIGREEN Adani Green Energy₹1.53k1.6%
+₹39.0b		50.3%PE159.2x
NHPC NHPC₹79.404.7%
+₹36.0b		-7.2%PE21.2x
ACMESOLAR ACME Solar Holdings₹357.205.8%
+₹13.8b		43.4%PE50.6x
533148 JSW Energy₹573.300.5%
+₹5.4b		9.7%PE46.9x
507836 Mac Charles (India)₹699.451.7%
+₹150.0m		18.3%PS8.3x

Latest News

533148
₹573.30
JSW Energy
7D
0.5%
1Y
9.7%
Narrative Update • Jun 24

533148: Equity Offering And Lock Up Will Shape Fairly Balanced Outlook

The analyst price target for JSW Energy has been revised from ₹568.75 to ₹610.86. Analysts cited updated assumptions around discount rate, revenue growth, profit margin and future P/E as key drivers of the change.
513683
₹320.20
NLC India
7D
-0.5%
1Y
40.1%
Narrative Update • Jun 23

513683: Nuclear JV And Rare Earth Initiatives Will Support Future Repricing

Analysts have reiterated their ₹390 price target for NLC India, citing largely unchanged assumptions around revenue growth, profit margins and future P/E, with only minor tweaks to the discount rate in their updated valuation work. What's in the News for NLC India The Centre launched an offer for sale of a 2% base stake in NLC India, with a 1% greenshoe option, at a floor price of ₹303 per share, as part of its Fiscal Year 2026-27 disinvestment program.
NHPC
₹79.40
NHPC
7D
4.7%
1Y
-7.2%
Narrative Update • Jun 18

NHPC: Senior Housing Shift And Etalin Project Keep Outlook Balanced

Analysts have kept their fair value estimate for NHPC steady at ₹72.0, with only slight adjustments to the discount rate, revenue growth, profit margin and future P/E assumptions as they factor in varied views on the company’s evolving exposure to senior housing and the balance between growth potential and execution risk. Analyst Commentary Recent Street research on NHPC highlights a split view on how the company’s push into senior housing could affect its long term growth profile, risk level and valuation.
NTPC
₹352.05
NTPC
7D
-3.8%
1Y
4.1%
Narrative Update • Jun 17

NTPC: Dividend And Storage Investment Will Support Future Stock Appeal

Analysts have nudged their fair value estimate for NTPC slightly higher from ₹436.04 to ₹436.93, reflecting updated views on revenue growth, profit margins, and future P/E assumptions. What's in the News for NTPC The board has scheduled a meeting on May 23, 2026 to review NTPC's annual standalone and consolidated financial statements for the year ended March 31, 2026 and to consider a final dividend for FY 2025-26, subject to shareholder approval at the AGM.
ADANIGREEN
₹1,526.10
Adani Green Energy
7D
1.6%
1Y
50.3%
Narrative Update • Jun 16

ADANIGREEN: Khavda Storage Build Out Will Shape Measured Future Opportunity

Analysts have raised their price target for Adani Green Energy from ₹1,220.50 to ₹1,409.25, citing updated assumptions around revenue growth, profit margins and a lower expected future P/E multiple. What's in the News Adani Green Energy commissioned a cumulative 3.37 GWh Battery Energy Storage System (BESS) at Khavda, Gujarat, described as the world’s largest single location battery storage deployment outside China and one of the fastest executed globally.
ADANIPOWER
₹229.27
Adani Power
7D
-1.1%
1Y
96.2%
Narrative Update • Jun 09

ADANIPOWER: Upcoming Results Will Test Slightly Higher Fair Value Assumptions

Analysts have adjusted the fair value estimate for Adani Power from about ₹208 to about ₹223, reflecting tweaks to assumptions around the discount rate, revenue growth, profit margins, and future P/E expectations. What's in the News The board meeting is scheduled for Apr 29, 2026 to consider and approve the audited financial results for the quarter and year ended Mar 31, 2026.
ACMESOLAR
₹357.20
ACME Solar Holdings
7D
5.8%
1Y
43.4%
533451
₹42.84
Karma Energy
7D
7.0%
1Y
-41.3%
NTPCGREEN
₹95.72
NTPC Green Energy
7D
-0.3%
1Y
-9.6%
Analysis Article • Jun 01

NTPC Green Energy's (NSE:NTPCGREEN) Shareholders May Want To Dig Deeper Than Statutory Profit

NTPC Green Energy Limited's ( NSE:NTPCGREEN ) healthy profit numbers didn't contain any surprises for investors...
534612
₹20.33
Advance Metering Technology
7D
4.0%
1Y
-23.1%
RPOWER
₹24.88
Reliance Power
7D
-4.7%
1Y
-64.0%
CLEANMAX
₹1,352.10
Clean Max Enviro Energy Solutions
7D
-1.3%
1Y
n/a
526025
₹14.23
Globus Power Generation
7D
6.7%
1Y
-11.2%
507836
₹699.45
Mac Charles (India)
7D
1.7%
1Y
18.3%
533122
₹9.13
RattanIndia Power
7D
-3.0%
1Y
-36.6%
542323
₹398.80
KPI Green Energy
7D
-2.7%
1Y
-19.4%