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Indian (NIFTY) Renewable Energy Industry Analysis

UpdatedDec 28, 2025
DataAggregated Company Financials
Companies28
  • 7D0.9%
  • 3M-4.9%
  • 1Y-0.5%
  • YTD-1.4%

The Renewable Energy industry has been flat over the last week, but Reliance Power has lost 5.2%. In line with that, the industry has also been flat over the past 12 months. 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
Sun, 28 Dec 2025₹11.0t₹3.4t₹489.1b24.3x22.4x3.2x
Tue, 25 Nov 2025₹11.1t₹3.5t₹490.3b24.4x22.6x3.2x
Thu, 23 Oct 2025₹12.2t₹3.5t₹517.5b28x23.5x3.5x
Sat, 20 Sep 2025₹11.6t₹3.4t₹519.0b28.9x22.4x3.4x
Mon, 18 Aug 2025₹10.8t₹3.4t₹518.4b27.4x20.8x3.1x
Wed, 16 Jul 2025₹11.4t₹3.4t₹516.3b31.7x22.1x3.3x
Fri, 13 Jun 2025₹11.0t₹3.4t₹516.3b32.7x21.4x3.2x
Sun, 11 May 2025₹10.0t₹3.4t₹599.4b24x16.7x3x
Tue, 08 Apr 2025₹10.2t₹3.4t₹593.4b26.4x17.2x3x
Thu, 06 Mar 2025₹9.8t₹3.4t₹593.4b26.6x16.6x2.9x
Sat, 01 Feb 2025₹10.4t₹3.4t₹577.8b29.3x18x3.1x
Mon, 30 Dec 2024₹11.0t₹3.3t₹567.1b32.7x19.4x3.3x
Wed, 27 Nov 2024₹10.6t₹3.3t₹567.1b32.4x18.8x3.2x
Fri, 25 Oct 2024₹12.0t₹3.3t₹552.4b42.6x21.7x3.7x
Sun, 22 Sep 2024₹13.2t₹3.3t₹547.8b43.3x24.1x4x
Tue, 20 Aug 2024₹12.8t₹3.3t₹547.8b41.5x23.3x3.9x
Thu, 18 Jul 2024₹12.7t₹3.2t₹575.6b48.6x22x4x
Sat, 15 Jun 2024₹12.6t₹3.2t₹575.6b42.8x21.8x4x
Mon, 13 May 2024₹11.3t₹3.1t₹483.5b27.4x23.3x3.6x
Wed, 10 Apr 2024₹11.8t₹3.1t₹507.8b31.9x23.2x3.8x
Fri, 08 Mar 2024₹11.4t₹3.1t₹508.5b30.5x22.4x3.7x
Sun, 04 Feb 2024₹10.9t₹3.1t₹542.7b33.7x20x3.5x
Tue, 02 Jan 2024₹9.7t₹3.0t₹505.5b18.2x19.2x3.2x
Thu, 30 Nov 2023₹7.7t₹3.0t₹505.5b15.1x15.2x2.6x
Sat, 28 Oct 2023₹6.4t₹2.9t₹399.9b13.1x16.1x2.2x
Mon, 25 Sep 2023₹7.1t₹2.9t₹389.1b13.5x18.2x2.4x
Wed, 23 Aug 2023₹6.6t₹2.9t₹389.3b14.7x17.1x2.3x
Fri, 21 Jul 2023₹5.7t₹2.9t₹342.5b15.1x16.8x2x
Sun, 18 Jun 2023₹5.6t₹2.9t₹359.0b13.5x15.7x1.9x
Tue, 16 May 2023₹5.2t₹2.8t₹361.1b13.4x14.3x1.8x
Thu, 13 Apr 2023₹5.0t₹2.8t₹332.1b12.4x15.2x1.8x
Sat, 11 Mar 2023₹4.8t₹2.8t₹332.1b12.6x14.3x1.7x
Mon, 06 Feb 2023₹4.9t₹2.8t₹344.3b11.1x14.2x1.8x
Wed, 04 Jan 2023₹6.9t₹2.7t₹344.5b14.7x20.2x2.6x
Price to Earnings Ratio

20.2x


Total Market Cap: ₹6.9tTotal Earnings: ₹344.5bTotal Revenue: ₹2.7tTotal Market Cap vs Earnings and Revenue0%0%0%
Indian Renewable Energy Industry Price to Earnings3Y Average 19.5x20242025
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 22.4x 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 Market0.59%
Utilities0.83%
Renewable Energy0.86%
Renewable Energy1.07%
Independent Power Producers and Energy Traders0.76%
Industry PE
  • Investors are most optimistic about the Renewable Energy industry even though it's trading below its 3-year average PE ratio of 61.6x.
    • Analysts are expecting annual earnings growth of 38.2%, 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 38% 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
NTPC NTPC₹324.101.3%
+₹40.7b		-3.3%PE13.2x
NTPCGREEN NTPC Green Energy₹92.983.4%
+₹25.8b		-28.4%PE129.1x
NHPC NHPC₹78.362.3%
+₹17.6b		-2.5%PE24.8x
513683 NLC India₹249.904.6%
+₹15.3b		4.6%PE13.3x
ADANIPOWER Adani Power₹142.190.3%
+₹8.3b		40.3%PE23.7x

Latest News

ADANIGREEN
₹1,018.10
Adani Green Energy
7D
-0.3%
1Y
-3.4%

ADANIGREEN: Future Debt Reduction Efforts Will Likely Expose Overvaluation Risk

Analysts have modestly raised their price target on Adani Green Energy to ₹825.89, reflecting slightly higher expectations for revenue growth and profit margin despite a marginal uptick in the assumed discount rate and a small compression in future P E multiples. What's in the News TotalEnergies is reportedly exploring the sale of up to a 6 percent stake in Adani Green Energy, potentially raising about INR 102,000 million, as part of broader efforts to reduce its debt burden (M&A Rumors and Discussions).
533148
₹479.25
JSW Energy
7D
0.3%
1Y
-23.3%

533148: Fundraising Plans Will Support Long-Term Expansion Despite Higher Discount Rate

Analysts have trimmed their fair value estimate for JSW Energy to ₹700 from ₹726, citing slightly softer expectations for revenue growth, profit margins, and future valuation multiples, along with a modestly higher discount rate. What's in the News Board meeting scheduled for October 17, 2025, to consider unaudited standalone and consolidated financial results for the quarter and half year ended September 30, 2025 (Key Developments) Chief financial officer Pritesh Vinay has resigned and will remain in his role until December 31, 2025, to ensure an orderly transition (Key Developments) Board meeting on December 12, 2025, to consider proposals for raising funds via equity shares, warrants, convertible securities, or other modes, subject to regulatory approvals (Key Developments) JSW Energy announces a private placement to JTPM Metal Traders Limited involving new equity shares and warrants for aggregate proceeds of about INR 11.25 billion, subject to shareholder approval (Key Developments) Extraordinary shareholders meeting convened for January 3, 2026, at 11:00 Indian Standard Time to seek approval for the preferential issue and related fund raising (Key Developments) Valuation Changes The fair value estimate has been trimmed modestly from ₹726 to ₹700 per share, reflecting slightly softer assumptions on growth and profitability.
NTPCGREEN
₹92.98
NTPC Green Energy
7D
3.4%
1Y
-28.4%

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
NTPC
₹324.10
NTPC
7D
1.3%
1Y
-3.3%

NTPC: Dividend And Renewable Expansion Will Drive Stronger Long Term Appeal

Analysts have slightly reduced their price target on NTPC to approximately ₹413 from about ₹417, reflecting marginally higher perceived risk and a modestly softer long term growth outlook, even as profitability expectations remain broadly unchanged. What's in the News Board declares first interim dividend of INR 2.75 per share for FY 2025-26, reflecting confidence in earnings visibility (Board of Directors filing) Board meeting on 30 October 2025 to review unaudited Q2 and H1 FY 2025-26 financial results and to consider an interim dividend on equity share capital (company disclosure) NTPC signs MoU with Government of Gujarat to explore projects across conventional and renewable energy segments, strengthening its clean energy pipeline (Vibrant Gujarat Regional Conference announcement) Board to consider equity infusion of up to INR 2,444.39 crore into NEEPCO to fund three hydro and one solar project, supporting capacity expansion in the North East (board agenda) Proposal under review for two large municipal solid waste to torrefied charcoal projects in Faridabad and Gurugram, with a combined estimated investment of about INR 780 crore, advancing NTPC's waste-to-energy strategy (board agenda) Valuation Changes Consensus Analyst Price Target, or fair value estimate, has eased slightly to about ₹413 per share from roughly ₹417.
542323
₹416.65
KPI Green Energy
7D
-0.4%
1Y
-21.8%
ADANIPOWER
₹142.19
Adani Power
7D
0.3%
1Y
40.3%

ADANIPOWER: Assam Expansion Will Drive Long Term Upside Potential

Analysts have nudged their price target on Adani Power slightly lower from ₹187.75 to ₹187.60, citing marginally softer long term profit margin assumptions that are only partly offset by a modestly lower discount rate and a slightly higher future earnings multiple. What's in the News Adani Power plans to invest about INR 480,000 million in a 3,200 MW ultra super critical thermal power plant in Assam, aiming to expand base load capacity and support regional industrial demand (Key Developments).
NHPC
₹78.36
NHPC
7D
2.3%
1Y
-2.5%

NHPC (NSE:NHPC) Has A Somewhat Strained Balance Sheet

Dec 16
NHPC (NSE:NHPC) Has A Somewhat Strained Balance Sheet
ACMESOLAR
₹231.12
ACME Solar Holdings
7D
-0.7%
1Y
-3.5%

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
GIPCL
₹158.71
Gujarat Industries Power
7D
6.9%
1Y
-30.9%

Insufficient Growth At Gujarat Industries Power Company Limited (NSE:GIPCL) Hampers Share Price

Dec 10
Insufficient Growth At Gujarat Industries Power Company Limited (NSE:GIPCL) Hampers Share Price
GREENPOWER
₹11.49
Orient Green Power
7D
-4.4%
1Y
-32.4%
PTC
₹160.74
PTC India
7D
4.1%
1Y
8.6%
JPPOWER
₹17.31
Jaiprakash Power Ventures
7D
-3.5%
1Y
-4.5%
507836
₹660.95
Mac Charles (India)
7D
-2.0%
1Y
10.4%
RPOWER
₹36.54
Reliance Power
7D
-5.2%
1Y
-15.3%
533122
₹9.52
RattanIndia Power
7D
-1.9%
1Y
-28.4%
513683
₹249.90
NLC India
7D
4.6%
1Y
4.6%