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Indian (NIFTY) Renewable Energy Industry Analysis

UpdatedFeb 23, 2026
DataAggregated Company Financials
Companies28
  • 7D1.9%
  • 3M2.2%
  • 1Y13.9%
  • YTD-0.4%

Over the last 7 days, the Renewable Energy industry has risen 1.9%, driven by gains from NTPC of 2.7%. In the last 12 months, the industry was up 14%. Earnings are forecast to grow by 21% annually.

Industry Valuation and Performance

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

DateMarket CapRevenueEarningsPEAbsolute PEPS
Mon, 23 Feb 2026₹11.3t₹3.4t₹483.0b24.7x23.4x3.3x
Wed, 21 Jan 2026₹10.7t₹3.4t₹489.1b23.8x21.9x3.1x
Fri, 19 Dec 2025₹10.8t₹3.4t₹489.1b23.7x22.1x3.2x
Sun, 16 Nov 2025₹11.6t₹3.5t₹487.7b25.7x23.8x3.3x
Tue, 14 Oct 2025₹11.9t₹3.4t₹519.0b27.7x22.9x3.5x
Thu, 11 Sep 2025₹11.0t₹3.4t₹519.1b26.1x21.1x3.2x
Sat, 09 Aug 2025₹10.7t₹3.4t₹525.6b29.3x20.4x3.1x
Mon, 07 Jul 2025₹11.0t₹3.4t₹516.3b30.6x21.3x3.2x
Wed, 04 Jun 2025₹10.7t₹3.4t₹516.3b30.5x20.7x3.1x
Fri, 02 May 2025₹10.5t₹3.4t₹601.7b26.7x17.4x3.1x
Sun, 30 Mar 2025₹10.6t₹3.4t₹593.4b25.4x17.8x3.1x
Tue, 25 Feb 2025₹9.6t₹3.4t₹593.4b28.1x16.3x2.9x
Thu, 23 Jan 2025₹10.5t₹3.3t₹567.1b29.5x18.6x3.2x
Sat, 21 Dec 2024₹11.1t₹3.3t₹567.1b32.6x19.5x3.3x
Mon, 18 Nov 2024₹11.2t₹3.3t₹564.2b26.4x19.9x3.4x
Wed, 16 Oct 2024₹12.6t₹3.3t₹547.0b44.7x23x3.9x
Fri, 13 Sep 2024₹12.6t₹3.3t₹547.8b42.3x23x3.9x
Sun, 11 Aug 2024₹12.7t₹3.3t₹546.8b40.9x23.3x3.9x
Tue, 09 Jul 2024₹12.5t₹3.2t₹575.6b52.5x21.7x4x
Thu, 06 Jun 2024₹12.0t₹3.2t₹583.6b40.9x20.5x3.8x
Sat, 04 May 2024₹11.8t₹3.2t₹502.2b26.8x23.4x3.7x
Mon, 01 Apr 2024₹11.0t₹3.1t₹508.5b27.1x21.5x3.6x
Wed, 28 Feb 2024₹11.3t₹3.1t₹508.5b32.4x22.3x3.7x
Fri, 26 Jan 2024₹10.3t₹3.0t₹506.3b21.5x20.4x3.4x
Sun, 24 Dec 2023₹9.4t₹3.0t₹505.5b16.7x18.6x3.1x
Tue, 21 Nov 2023₹7.2t₹3.0t₹505.5b13.6x14.3x2.4x
Thu, 19 Oct 2023₹6.8t₹2.9t₹389.3b14.8x17.4x2.3x
Sat, 16 Sep 2023₹7.0t₹2.9t₹389.1b14.4x18.1x2.4x
Mon, 14 Aug 2023₹6.2t₹2.9t₹389.3b16x16x2.1x
Wed, 12 Jul 2023₹5.7t₹2.9t₹345.5b18.9x16.5x1.9x
Fri, 09 Jun 2023₹5.6t₹2.9t₹359.0b11.8x15.6x1.9x
Sun, 07 May 2023₹5.3t₹2.8t₹361.5b13.3x14.6x1.9x
Tue, 04 Apr 2023₹4.9t₹2.8t₹332.1b12x14.7x1.7x
Thu, 02 Mar 2023₹4.1t₹2.8t₹332.1b12.4x12.5x1.5x
Price to Earnings Ratio

12.5x


Total Market Cap: ₹4.1tTotal Earnings: ₹332.1bTotal Revenue: ₹2.8tTotal Market Cap vs Earnings and Revenue0%0%0%
Indian Renewable Energy Industry Price to Earnings3Y Average 19.8x202420252026
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 23.4x which is higher than its 3-year average PE of 19.8x.
  • 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 6.7% 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 Market0.28%
Utilities2.02%
Renewable Energy1.92%
Independent Power Producers and Energy Traders2.33%
Renewable Energy0.96%
Industry PE
  • Investors are most optimistic about the Renewable Energy industry even though it's trading below its 3-year average PE ratio of 61.3x.
    • Analysts are expecting annual earnings growth of 44.3%, which is higher than its past year's earnings growth of 36.0% 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 14.7x.
Forecasted Growth
  • Analysts are most optimistic on the Renewable Energy industry, expecting annual earnings growth of 44% over the next 5 years.
  • This is better than its past earnings growth rate of 36% per year.
  • In contrast, the Independent Power Producers and Energy Traders industry is expected to see its earnings grow by 12% 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
NTPC NTPC₹375.451.7%
+₹61.6b		17.3%PE15.1x
ADANIPOWER Adani Power₹144.050.9%
+₹24.7b		53.2%PE25.3x
513683 NLC India₹265.303.3%
+₹11.6b		21.8%PE14.1x
NTPCGREEN NTPC Green Energy₹90.340.9%
+₹6.8b		-8.2%PE136.2x
ACMESOLAR ACME Solar Holdings₹231.492.4%
+₹3.3b		19.8%PE29x

Latest News

ADANIGREEN
₹970.35
Adani Green Energy
7D
-2.1%
1Y
16.1%

ADANIGREEN: Assam Storage Build Out Will Support Long-Term Upside

Analysts have trimmed their price target on Adani Green Energy from ₹1,263 to ₹1,220.5, citing updated assumptions around discount rate, revenue growth, profit margins and future P/E that modestly adjust their valuation framework. What's in the News TotalEnergies is preparing to sell up to a 6% stake in Adani Green Energy, potentially offering the stake to Adani Green Energy itself, after initially acquiring around a 20% minority interest in 2021 along with 50% of its operating solar portfolio (Key Developments).
533148
₹486.25
JSW Energy
7D
-0.7%
1Y
1.3%

533148: Preferential Equity Raise Will Support Alaknanda Acquisition Upside

Analysts now set their JSW Energy price target at about ₹568.75, up slightly from roughly ₹568.59. This reflects minor adjustments to their fair value model as they incorporate slightly higher discount rates, a modestly lower profit margin outlook, and a marginally higher future P/E assumption.
506640
₹151.70
ZR2 Bioenergy
7D
-7.2%
1Y
-54.0%
ADANIPOWER
₹144.05
Adani Power
7D
0.9%
1Y
53.2%

ADANIPOWER: Assam Expansion And Governance Moves Will Support Long Term Upside

Analysts have kept their fair value estimate for Adani Power steady at ₹182.17 per share, with only minor tweaks to the discount rate and future P/E assumptions influencing this price target update. What's in the News A board meeting is scheduled for Jan 29, 2026 to consider and approve the unaudited financial results for the quarter and nine months ended Dec 31, 2025 (company filing).
PTC
₹168.31
PTC India
7D
-2.7%
1Y
12.8%
507836
₹639.00
Mac Charles (India)
7D
2.3%
1Y
17.2%
JPPOWER
₹14.51
Jaiprakash Power Ventures
7D
-2.7%
1Y
4.7%

These 4 Measures Indicate That Jaiprakash Power Ventures (NSE:JPPOWER) Is Using Debt Reasonably Well

Feb 12
These 4 Measures Indicate That Jaiprakash Power Ventures (NSE:JPPOWER) Is Using Debt Reasonably Well
513683
₹265.30
NLC India
7D
3.3%
1Y
21.8%

513683: Interim Dividend And Renewable Listing Plan Will Support Bullish Repricing

Analysts have revised their price target on NLC India to ₹324 from ₹304, citing updated assumptions around revenue growth, profit margins, and future P/E expectations in their valuation work. What's in the News A board meeting is scheduled on Feb 10, 2026 to consider and approve the unaudited financial results for the quarter and nine months ended Dec 31, 2025 (Key Developments).
NHPC
₹74.08
NHPC
7D
-3.8%
1Y
-4.1%

NHPC: Planned Bond Issue Will Support Future Earnings Strength

Analysts have adjusted their price target for NHPC to ₹87.00 from ₹91.63, reflecting updated assumptions related to discount rates, revenue growth, profit margins and future P/E expectations. What's in the News Board meeting scheduled on Jan 08, 2026 to review the General Information Document and Key Information Document for a proposed issue of unsecured, redeemable, taxable, non convertible, non cumulative bonds.
536709
₹11.90
Ind Renewable Energy
7D
2.1%
1Y
-14.6%
ACMESOLAR
₹231.49
ACME Solar Holdings
7D
2.4%
1Y
19.8%
NTPCGREEN
₹90.34
NTPC Green Energy
7D
0.9%
1Y
-8.2%
NTPC
₹375.45
NTPC
7D
1.7%
1Y
17.3%
RPOWER
₹25.90
Reliance Power
7D
-2.9%
1Y
-29.6%
533122
₹8.59
RattanIndia Power
7D
-1.3%
1Y
-11.1%
542323
₹392.95
KPI Green Energy
7D
-2.9%
1Y
-1.6%