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Indian (NIFTY) Renewable Energy Industry Analysis

UpdatedJan 10, 2026
DataAggregated Company Financials
Companies28
  • 7D-5.2%
  • 3M-6.5%
  • 1Y8.5%
  • YTD-3.0%

Over the last 7 days, the Renewable Energy industry has dropped 5.2%, driven by pullbacks in NTPC and Adani Green Energy of 4.6% and 8.9%, respectively. This takes the industry's 12 month performance to a gain of 8.5%. Looking forward, earnings are forecast to grow by 19% annually.

Industry Valuation and Performance

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

DateMarket CapRevenueEarningsPEAbsolute PEPS
Sat, 10 Jan 2026₹11.0t₹3.4t₹489.1b24.9x22.5x3.2x
Mon, 08 Dec 2025₹10.9t₹3.4t₹489.1b24.2x22.3x3.2x
Wed, 05 Nov 2025₹11.8t₹3.5t₹513.5b28.9x23x3.4x
Fri, 03 Oct 2025₹11.9t₹3.4t₹519.7b28.4x22.8x3.4x
Sun, 31 Aug 2025₹10.6t₹3.4t₹519.0b26x20.5x3.1x
Tue, 29 Jul 2025₹11.0t₹3.4t₹516.7b30x21.2x3.2x
Thu, 26 Jun 2025₹10.8t₹3.4t₹516.3b32.5x21x3.2x
Sat, 24 May 2025₹10.9t₹3.4t₹506.1b26.8x21.5x3.2x
Mon, 21 Apr 2025₹10.9t₹3.4t₹593.4b28.5x18.3x3.2x
Wed, 19 Mar 2025₹10.2t₹3.4t₹593.4b25.6x17.2x3x
Fri, 14 Feb 2025₹9.8t₹3.4t₹592.9b27.3x16.5x2.9x
Sun, 12 Jan 2025₹10.1t₹3.3t₹567.1b29.8x17.8x3x
Tue, 10 Dec 2024₹12.1t₹3.3t₹567.1b34x21.3x3.6x
Thu, 07 Nov 2024₹12.2t₹3.3t₹525.7b52.5x23.1x3.7x
Sat, 05 Oct 2024₹12.8t₹3.3t₹547.8b44.4x23.4x3.9x
Mon, 02 Sep 2024₹12.6t₹3.3t₹547.8b43.2x23.1x3.9x
Wed, 31 Jul 2024₹13.1t₹3.2t₹586.8b44.3x22.2x4.1x
Fri, 28 Jun 2024₹12.6t₹3.2t₹575.6b45.2x21.8x4x
Sun, 26 May 2024₹12.5t₹3.2t₹577.4b28.4x21.6x3.9x
Tue, 23 Apr 2024₹11.3t₹3.1t₹508.1b30.3x22.3x3.7x
Thu, 21 Mar 2024₹10.5t₹3.1t₹508.5b26.5x20.7x3.4x
Sat, 17 Feb 2024₹11.2t₹3.1t₹508.5b36.1x22x3.6x
Mon, 15 Jan 2024₹10.2t₹3.0t₹505.7b23.2x20.2x3.4x
Wed, 13 Dec 2023₹9.1t₹3.0t₹505.5b19.2x18.1x3x
Fri, 10 Nov 2023₹7.1t₹3.0t₹475.0b17.9x14.9x2.4x
Sun, 08 Oct 2023₹6.9t₹2.9t₹389.1b15.4x17.8x2.4x
Tue, 05 Sep 2023₹6.7t₹2.9t₹389.3b16x17.3x2.3x
Thu, 03 Aug 2023₹6.2t₹2.9t₹350.9b15.4x17.7x2.1x
Sat, 01 Jul 2023₹5.6t₹2.9t₹359.1b17.4x15.5x1.9x
Mon, 29 May 2023₹5.4t₹2.9t₹357.3b15.6x15.1x1.8x
Wed, 26 Apr 2023₹5.1t₹2.8t₹332.4b12.2x15.2x1.8x
Fri, 24 Mar 2023₹5.1t₹2.8t₹332.1b11.8x15.4x1.8x
Sun, 19 Feb 2023₹4.3t₹2.8t₹332.2b11.8x12.9x1.5x
Tue, 17 Jan 2023₹7.1t₹2.7t₹344.5b14.5x20.6x2.7x
Price to Earnings Ratio

20.6x


Total Market Cap: ₹7.1tTotal Earnings: ₹344.5bTotal Revenue: ₹2.7tTotal Market Cap vs Earnings and Revenue0%0%0%
Indian Renewable Energy Industry Price to Earnings3Y Average 19.5x202420252026
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 22.5x which is higher than its 3-year average PE of 19.5x.
  • The industry is trading close to its 3-year average PS ratio of 3.0x.
Past Earnings Growth
  • The earnings for companies in the Renewable Energy industry have grown 12% per year over the last three years.
  • Revenues for these companies have grown 8.6% 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-2.80%
Utilities-5.51%
Renewable Energy-5.20%
Independent Power Producers and Energy Traders-4.61%
Renewable Energy-6.49%
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 39.1%, which is lower than the prior year's growth of 71.9% 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 14.4x.
Forecasted Growth
  • Analysts are most optimistic on the Renewable Energy industry, expecting annual earnings growth of 39% over the next 5 years.
  • However this is lower than its past earnings growth rate of 72% per year.
  • In contrast, the Independent Power Producers and Energy Traders industry is expected to see its earnings grow by 10% 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
538520 Shivamshree Businesses₹2.302.7%
+₹4.5m		90.1%PS1.8x
526025 Globus Power Generation₹13.850.3%
+₹4.0m		-15.4%PE36.6x
503657 Veer Energy & Infrastructure₹13.610.1%
+₹299.3k		-36.5%PS2.5x

Latest News

533148
₹490.30
JSW Energy
7D
-4.0%
1Y
-9.1%

533148: Fair Outlook Will Weigh Private Placement And Governance Changes

The analyst fair value estimate for JSW Energy has moved from ₹423.00 to ₹486.00 as analysts factor in updated assumptions for the discount rate, revenue growth, profit margins, and future P/E expectations. What's in the News JSW Energy has called a Special or Extraordinary Shareholders Meeting for January 3, 2026, at 11:00 Indian Standard Time to consider preferential issues of equity shares and convertible warrants on a private placement basis, additional equity issuance, and material related party transactions between JSW Thermal Energy Limited and Toshiba JSW Power Systems Private Limited.
ADANIGREEN
₹946.10
Adani Green Energy
7D
-8.9%
1Y
0.3%

ADANIGREEN: Assam Storage Projects And Energy Platform Will Drive Long-Term Upside

Analysts have nudged their price target for Adani Green Energy higher to ₹1,263 from ₹1,242.71, citing updated assumptions around revenue growth, profit margins, as well as a slightly adjusted discount rate and future P/E multiple. What's in the News Adani Green Energy has called a special shareholders meeting for January 2, 2026, to vote on the reappointment of independent director Dinesh Kanabar for a second 3 year term and to seek approval for a material related party transaction with Jash Energy Private Limited.
ADANIPOWER
₹141.68
Adani Power
7D
-4.4%
1Y
46.9%

ADANIPOWER: Assam Thermal Project Will Support Long Term Upside Potential

Analysts have reduced their fair value estimate for Adani Power from ₹187.60 to ₹186.00, reflecting slightly higher discount rate assumptions and modest tweaks to revenue growth, profit margin, and future P/E inputs. What's in the News Adani Power plans to invest ₹480b in a 3,200 MW greenfield ultra super critical thermal power plant in Assam under the DBFOO model, with coal linkage allocated under the Government of India’s SHAKTI policy and phased commissioning targeted from December 2030 (Key Developments).
NTPC
₹336.00
NTPC
7D
-4.6%
1Y
9.0%

NTPC: Dividend And Pumped Storage Expansion Will Drive Long Term Appeal

Analysts have raised their price target on NTPC to ₹413.28. This reflects slightly stronger expected revenue growth and a modestly lower discount rate, partially offset by a small reduction in projected profit margins and future valuation multiples.
NHPC
₹82.43
NHPC
7D
-1.4%
1Y
7.6%
NTPCGREEN
₹90.76
NTPC Green Energy
7D
-6.5%
1Y
-22.0%

Slowing Rates Of Return At NTPC Green Energy (NSE:NTPCGREEN) Leave Little Room For Excitement

Dec 25
Slowing Rates Of Return At NTPC Green Energy (NSE:NTPCGREEN) Leave Little Room For Excitement
ACMESOLAR
₹226.40
ACME Solar Holdings
7D
-5.9%
1Y
-1.9%

Slowing Rates Of Return At ACME Solar Holdings (NSE:ACMESOLAR) Leave Little Room For Excitement

Dec 16
Slowing Rates Of Return At ACME Solar Holdings (NSE:ACMESOLAR) Leave Little Room For Excitement
526025
₹13.85
Globus Power Generation
7D
0.3%
1Y
-15.4%
538520
₹2.30
Shivamshree Businesses
7D
2.7%
1Y
90.1%
503657
₹13.61
Veer Energy & Infrastructure
7D
0.1%
1Y
-36.5%
513683
₹252.65
NLC India
7D
-7.1%
1Y
5.2%