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Indian (NIFTY) Renewable Energy Industry Analysis

UpdatedApr 08, 2026
DataAggregated Company Financials
Companies29
  • 7D5.1%
  • 3M1.7%
  • 1Y12.9%
  • YTD2.8%

In the last week, the Renewable Energy industry is up 5.1%, with Adani Power up 8.6%. This takes the industry's 12 month performance to a gain of 13%. Earnings are forecast to grow by 20% annually.

Industry Valuation and Performance

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

DateMarket CapRevenueEarningsPEAbsolute PEPS
Wed, 08 Apr 2026₹11.8t₹3.4t₹483.6b26.4x24.3x3.4x
Fri, 06 Mar 2026₹11.1t₹3.4t₹483.4b24.1x23x3.2x
Sun, 01 Feb 2026₹10.7t₹3.4t₹485.1b24.3x22.1x3.1x
Tue, 30 Dec 2025₹10.9t₹3.4t₹489.1b23.9x22.3x3.2x
Thu, 27 Nov 2025₹11.2t₹3.5t₹490.3b24.8x22.9x3.2x
Sat, 25 Oct 2025₹12.0t₹3.5t₹517.5b28.2x23.3x3.5x
Mon, 22 Sep 2025₹11.6t₹3.4t₹519.0b28.9x22.4x3.4x
Wed, 20 Aug 2025₹11.0t₹3.4t₹518.4b28.9x21.2x3.2x
Fri, 18 Jul 2025₹11.4t₹3.4t₹516.3b31.9x22.1x3.3x
Sun, 15 Jun 2025₹10.9t₹3.4t₹516.3b32.4x21.2x3.2x
Tue, 13 May 2025₹10.6t₹3.4t₹499.4b26x21.1x3.1x
Thu, 10 Apr 2025₹10.2t₹3.4t₹593.4b27.4x17.2x3x
Sat, 08 Mar 2025₹9.9t₹3.4t₹593.4b27.9x16.7x2.9x
Mon, 03 Feb 2025₹10.2t₹3.3t₹577.3b29.6x17.7x3.1x
Wed, 01 Jan 2025₹11.1t₹3.3t₹567.1b32.4x19.6x3.3x
Fri, 29 Nov 2024₹11.7t₹3.3t₹567.1b33.2x20.6x3.5x
Sun, 27 Oct 2024₹11.7t₹3.3t₹557.2b49.2x21x3.6x
Tue, 24 Sep 2024₹13.2t₹3.3t₹547.8b43.3x24.1x4x
Thu, 22 Aug 2024₹13.0t₹3.3t₹547.8b40.5x23.7x4x
Sat, 20 Jul 2024₹12.3t₹3.2t₹575.6b46.6x21.5x3.9x
Mon, 17 Jun 2024₹12.6t₹3.2t₹575.6b42.8x21.8x4x
Wed, 15 May 2024₹11.6t₹3.1t₹483.4b32.6x24x3.7x
Fri, 12 Apr 2024₹11.8t₹3.1t₹507.8b31.9x23.2x3.9x
Sun, 10 Mar 2024₹11.4t₹3.1t₹508.5b30.5x22.4x3.7x
Tue, 06 Feb 2024₹10.9t₹3.1t₹533.0b35.3x20.5x3.5x
Thu, 04 Jan 2024₹9.9t₹3.0t₹505.5b17.4x19.7x3.3x
Sat, 02 Dec 2023₹7.8t₹3.0t₹505.5b15.7x15.5x2.6x
Mon, 30 Oct 2023₹6.7t₹2.9t₹399.9b13.1x16.6x2.3x
Wed, 27 Sep 2023₹7.1t₹2.9t₹389.1b13.8x18.2x2.4x
Fri, 25 Aug 2023₹6.5t₹2.9t₹389.3b14.8x16.7x2.2x
Sun, 23 Jul 2023₹5.7t₹2.9t₹342.5b15.1x16.8x2x
Tue, 20 Jun 2023₹5.6t₹2.9t₹359.1b13.7x15.5x1.9x
Thu, 18 May 2023₹5.2t₹2.8t₹361.1b14x14.3x1.8x
Sat, 15 Apr 2023₹5.0t₹2.8t₹332.1b12.3x15.1x1.8x
Price to Earnings Ratio

15.1x


Total Market Cap: ₹5.0tTotal Earnings: ₹332.1bTotal Revenue: ₹2.8tTotal Market Cap vs Earnings and Revenue0%0%0%
Indian Renewable Energy Industry Price to Earnings3Y Average 20.1x202420252026
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 24.3x which is higher than its 3-year average PE of 20.1x.
  • The industry is trading close to its 3-year average PS ratio of 3.1x.
Past Earnings Growth
  • The earnings for companies in the Renewable Energy industry have grown 13% per year over the last three years.
  • Revenues for these companies have grown 6.9% 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%
Renewable Energy5.13%
Renewable Energy8.82%
Independent Power Producers and Energy Traders3.65%
Industry PE
  • Investors are most optimistic about the Renewable Energy industry even though it's trading below its 3-year average PE ratio of 61.9x.
    • Analysts are expecting annual earnings growth of 41.6%, which is lower than the prior year's growth of 56.0% 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 15.1x.
Forecasted Growth
  • Analysts are most optimistic on the Renewable Energy industry, expecting annual earnings growth of 42% over the next 5 years.
  • However this is lower than its past earnings growth rate of 56% per year.
  • In contrast, the Independent Power Producers and Energy Traders industry is expected to see its earnings grow by 11% 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₹1.03k20.9%
+₹292.7b		19.6%PE124x
ADANIPOWER Adani Power₹169.317.8%
+₹235.3b		66.5%PE29.7x
NTPC NTPC₹374.152.6%
+₹92.1b		7.1%PE15x
533148 JSW Energy₹501.903.7%
+₹31.5b		4.1%PE38.7x
NHPC NHPC₹76.701.7%
+₹13.2b		-9.1%PE24.4x

Latest News

ADANIPOWER
₹169.31
Adani Power
7D
7.8%
1Y
66.5%
ADANIGREEN
₹1,029.65
Adani Green Energy
7D
20.9%
1Y
19.6%

ADANIGREEN: Steady Fair Value Will Reflect Higher Growth And Softer Margins

Analysts have kept their price target on Adani Green Energy steady at ₹864, citing offsetting adjustments to revenue growth assumptions, profit margin expectations, and future P/E inputs that together leave their overall valuation view unchanged. What's in the News Board meeting scheduled on Apr 24, 2026 to consider and approve the fourth quarter financial results for FY 2025-26 (Key Developments).
NTPC
₹374.15
NTPC
7D
2.6%
1Y
7.1%

NTPC: Dividend Strength And Storage Investments Will Support Long Term Appeal

Analysts have kept NTPC's fair value estimate steady at ₹424.46, with a slightly higher discount rate and P/E assumption, as well as a small adjustment to revenue growth and profit margin expectations shaping this updated price target view. What's in the News A board meeting is scheduled for Mar 28, 2026, to review an investment proposal for a Battery Energy Storage System with 4.70 GWh capacity at an estimated project cost of ₹58,219m, along with other matters (Board Meeting).
533148
₹501.90
JSW Energy
7D
3.7%
1Y
4.1%

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

Analysts have maintained their price target for JSW Energy at ₹700, pointing to largely unchanged fair value assumptions along with minor tweaks to the discount rate, revenue growth, profit margin and future P/E inputs. What's in the News JSW Energy plans a Special and Extraordinary Shareholders Meeting via postal ballot in India on March 25, 2026 to seek approval for the re appointment of Independent Director Mr. Munesh Khanna (Key Developments).
513683
₹269.40
NLC India
7D
-4.8%
1Y
19.7%

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).
NHPC
₹76.70
NHPC
7D
1.7%
1Y
-9.1%

NHPC: Upcoming Bond Programme Will Support Hydropower Expansion Upside

Analysts have modestly raised their price target on NHPC to ₹89.57 from ₹87, reflecting updated assumptions around fair value, discount rate, revenue growth, profit margin and future P/E. What's in the News Board meeting on Mar 25, 2026 to review the borrowing plan for FY 2026-27, including secured or unsecured corporate bonds, term loans and External Commercial Borrowings, among other options (Board Meeting).
JPPOWER
₹16.44
Jaiprakash Power Ventures
7D
10.0%
1Y
13.9%
539013
₹77.33
Gita Renewable Energy
7D
-0.3%
1Y
-32.0%
538520
₹1.93
Shivamshree Businesses
7D
-7.2%
1Y
-12.3%
ACMESOLAR
₹273.20
ACME Solar Holdings
7D
2.4%
1Y
39.8%
NTPCGREEN
₹97.17
NTPC Green Energy
7D
-1.1%
1Y
2.2%
RPOWER
₹24.76
Reliance Power
7D
10.8%
1Y
-36.5%