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Indian (NIFTY) Renewable Energy Industry Analysis

UpdatedMay 04, 2026
DataAggregated Company Financials
Companies29
  • 7D1.7%
  • 3M32.7%
  • 1Y35.3%
  • YTD24.2%

Over the last 7 days, the Renewable Energy industry has risen 1.7%, driven by gains from Adani Power of 4.2%. This means that the industry has gained 35% over the past year. 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
Mon, 04 May 2026₹14.2t₹3.5t₹505.0b29.9x28.1x4.1x
Wed, 01 Apr 2026₹11.2t₹3.4t₹483.6b24.9x23.1x3.2x
Fri, 27 Feb 2026₹11.4t₹3.4t₹483.0b24.1x23.5x3.3x
Sun, 25 Jan 2026₹10.4t₹3.4t₹486.8b23x21.3x3x
Tue, 23 Dec 2025₹10.9t₹3.4t₹489.1b24.3x22.3x3.2x
Thu, 20 Nov 2025₹11.5t₹3.5t₹490.3b25.4x23.4x3.3x
Sat, 18 Oct 2025₹12.0t₹3.4t₹519.0b27.7x23.2x3.5x
Mon, 15 Sep 2025₹11.2t₹3.4t₹519.1b26.8x21.5x3.3x
Wed, 13 Aug 2025₹10.9t₹3.4t₹526.0b27.9x20.8x3.2x
Fri, 11 Jul 2025₹11.3t₹3.4t₹516.3b31.3x21.9x3.3x
Sun, 08 Jun 2025₹11.0t₹3.4t₹516.3b31.8x21.2x3.2x
Tue, 06 May 2025₹10.6t₹3.4t₹599.4b26.4x17.7x3.1x
Thu, 03 Apr 2025₹10.5t₹3.4t₹593.4b25.9x17.7x3.1x
Sat, 01 Mar 2025₹9.3t₹3.4t₹593.4b26.9x15.6x2.8x
Mon, 27 Jan 2025₹10.4t₹3.3t₹575.5b28x18.1x3.1x
Wed, 25 Dec 2024₹11.0t₹3.3t₹567.1b31.2x19.5x3.3x
Fri, 22 Nov 2024₹10.2t₹3.3t₹564.3b26.8x18.1x3.1x
Sun, 20 Oct 2024₹12.3t₹3.3t₹547.0b44.8x22.5x3.8x
Tue, 17 Sep 2024₹13.0t₹3.3t₹547.8b45.1x23.7x4x
Thu, 15 Aug 2024₹12.4t₹3.3t₹547.1b39.5x22.6x3.8x
Sat, 13 Jul 2024₹12.6t₹3.2t₹575.6b49.7x21.8x4x
Mon, 10 Jun 2024₹12.5t₹3.2t₹575.6b43x21.7x4x
Wed, 08 May 2024₹11.2t₹3.1t₹483.4b28x23.2x3.6x
Fri, 05 Apr 2024₹11.7t₹3.1t₹507.8b32.7x23.1x3.8x
Sun, 03 Mar 2024₹11.3t₹3.1t₹508.5b32.5x22.2x3.7x
Tue, 30 Jan 2024₹10.7t₹3.1t₹533.5b22.4x20.1x3.5x
Thu, 28 Dec 2023₹9.6t₹3.0t₹505.5b18.3x19.1x3.2x
Sat, 25 Nov 2023₹7.4t₹3.0t₹505.5b14.1x14.6x2.4x
Mon, 23 Oct 2023₹6.7t₹2.9t₹393.1b14.9x17.1x2.3x
Wed, 20 Sep 2023₹7.0t₹2.9t₹389.1b14x18.1x2.4x
Fri, 18 Aug 2023₹6.2t₹2.9t₹389.3b14x15.9x2.1x
Sun, 16 Jul 2023₹5.6t₹2.9t₹342.5b15.4x16.5x1.9x
Tue, 13 Jun 2023₹5.6t₹2.9t₹359.0b13.8x15.6x1.9x
Thu, 11 May 2023₹5.2t₹2.8t₹361.1b12.9x14.5x1.9x
Price to Earnings Ratio

14.5x


Total Market Cap: ₹5.2tTotal Earnings: ₹361.1bTotal Revenue: ₹2.8tTotal Market Cap vs Earnings and Revenue0%0%0%
Indian Renewable Energy Industry Price to Earnings3Y Average 20.4x202420252026
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 28.1x which is higher than its 3-year average PE of 20.4x.
  • The 3-year average PS ratio of 3.2x 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 12% 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 Market0.39%
Utilities0.95%
Renewable Energy1.66%
Independent Power Producers and Energy Traders2.19%
Renewable Energy0.44%
Industry PE
  • Investors are most optimistic about the Renewable Energy industry, which is trading close to its 3-year average PE ratio of 62.4x.
    • Analysts are expecting annual earnings growth of 43.2%, 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 15.4x.
Forecasted Growth
  • Analysts are most optimistic on the Renewable Energy industry, expecting annual earnings growth of 43% 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 8.6% 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
ADANIPOWER Adani Power₹221.854.2%
+₹172.6b		111.2%PE33.3x
533148 JSW Energy₹560.802.9%
+₹27.6b		19.3%PE43.3x
NHPC NHPC₹83.203.1%
+₹25.5b		-2.1%PE26.5x
513683 NLC India₹316.756.0%
+₹25.0b		40.6%PE16.8x
CLEANMAX Clean Max Enviro Energy Solutions₹1.14k8.0%
+₹10.0b		n/aPE220.2x

Latest News

ADANIGREEN
₹1,227.15
Adani Green Energy
7D
-0.7%
1Y
35.6%
542323
₹448.40
KPI Green Energy
7D
-0.1%
1Y
17.7%
ADANIPOWER
₹221.85
Adani Power
7D
4.2%
1Y
111.2%

Thermal Expansion And Heavy Capex Will Pressure Cash Flows And Earnings

Catalysts About Adani Power Adani Power operates thermal power plants that generate and sell electricity under a mix of long term, medium term and merchant arrangements. What are the underlying business or industry changes driving this perspective?
JPPOWER
₹19.72
Jaiprakash Power Ventures
7D
2.2%
1Y
39.0%
ACMESOLAR
₹302.85
ACME Solar Holdings
7D
-0.8%
1Y
40.9%
513683
₹316.75
NLC India
7D
6.0%
1Y
40.6%

513683: Stable Outlook As Energy Partnership And Steady Assumptions Guide Future Repricing

Analysts have kept their fair value estimate for NLC India steady at ₹324.0 per share, with only small tweaks to assumptions such as discount rate, revenue growth, profit margin and future P/E feeding into the unchanged price target. 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.
NTPC
₹399.15
NTPC
7D
-0.7%
1Y
14.6%

NTPC: Dividend Payout And Energy Storage Plans Will Support Future Appeal

Analysts have inched up their price target on NTPC to about ₹425 from roughly ₹424, reflecting slightly adjusted assumptions around the discount rate, revenue growth, profit margins and future P/E expectations. What's in the News Board meeting scheduled on 28 March 2026 at 11:10 Indian Standard Time to review an investment proposal for a Battery Energy Storage System with a total capacity of 4.70 GWh and an estimated project cost of ₹58,219 million, along with other agenda items (company filing).
NHPC
₹83.20
NHPC
7D
3.1%
1Y
-2.1%

NHPC: Funding Plans And New Hydropower Projects Will Shape Balanced Outlook

Analysts have kept their 12 month price target for NHPC steady at ₹89.57, with minor tweaks to assumptions such as the discount rate, revenue growth, profit margin and future P/E used in their valuation models. What's in the News Board meeting on Apr 14, 2026 to consider monetizing future cash flow return on equity from one or more power stations in a single tranche during FY 2026-27 (company board agenda).
541445
₹64.00
Waa Solar
7D
-6.2%
1Y
-12.3%
533148
₹560.80
JSW Energy
7D
2.9%
1Y
19.3%

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

Analysts have kept their price target on JSW Energy steady at ₹700, noting that only minor updates in inputs such as the discount rate, revenue growth assumptions and profit margin do not materially change their overall view on valuation. What's in the News JSW Energy plans a special or extraordinary shareholders meeting on March 25, 2026, via postal ballot in India to seek approval for the re appointment of Mr. Munesh Khanna as an Independent Director (company filing).
PTC
₹207.70
PTC India
7D
13.1%
1Y
15.0%
526025
₹14.60
Globus Power Generation
7D
-1.9%
1Y
-9.9%
CLEANMAX
₹1,142.15
Clean Max Enviro Energy Solutions
7D
8.0%
1Y
n/a
507836
₹690.60
Mac Charles (India)
7D
-0.2%
1Y
27.6%
533122
₹10.12
RattanIndia Power
7D
6.8%
1Y
1.8%
NTPCGREEN
₹109.85
NTPC Green Energy
7D
-0.4%
1Y
8.5%