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Indian (NIFTY) Renewable Energy Industry Analysis

UpdatedMar 28, 2026
DataAggregated Company Financials
Companies29
  • 7D-1.4%
  • 3M3.3%
  • 1Y7.0%
  • YTD0.07%

The Renewable Energy industry has stayed flat over the last week. As for the the longer term, the industry is up 6.6% over the past 12 months. As for the next few years, earnings are expected to grow by 19% per annum.

Industry Valuation and Performance

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

DateMarket CapRevenueEarningsPEAbsolute PEPS
Sat, 28 Mar 2026₹11.4t₹3.4t₹483.6b25.7x23.7x3.3x
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
Price to Earnings Ratio

14.7x


Total Market Cap: ₹4.9tTotal Earnings: ₹332.1bTotal Revenue: ₹2.8tTotal Market Cap vs Earnings and Revenue0%0%0%
Indian Renewable Energy Industry Price to Earnings3Y Average 20x202420252026
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 23.9x which is higher than its 3-year average PE of 20.0x.
  • 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 Market-1.72%
Utilities-2.38%
Renewable Energy-1.39%
Independent Power Producers and Energy Traders-0.72%
Renewable Energy-3.02%
Industry PE
  • Investors are most optimistic about the Renewable Energy industry even though it's trading below its 3-year average PE ratio of 61.8x.
    • Analysts are expecting annual earnings growth of 39.8%, 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 15.0x.
Forecasted Growth
  • Analysts are most optimistic on the Renewable Energy industry, expecting annual earnings growth of 40% 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
ADANIPOWER Adani Power₹153.921.6%
+₹45.9b		51.1%PE27x
ACMESOLAR ACME Solar Holdings₹269.419.4%
+₹14.0b		40.3%PE33.8x
513683 NLC India₹270.401.5%
+₹5.7b		10.5%PE14.4x
534612 Advance Metering Technology₹19.7145.7%
+₹99.2m		-17.5%PS2.2x
506640 ZR2 Bioenergy₹93.800.9%
+₹12.7m		-66.5%PE162.6x

Latest News

NHPC
₹76.59
NHPC
7D
-0.3%
1Y
-6.8%

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).
ADANIGREEN
₹832.50
Adani Green Energy
7D
-3.5%
1Y
-12.2%

ADANIGREEN: Tweaked Profit Assumptions And Higher Future P/E Signal Balanced Outlook

Analysts have maintained Adani Green Energy's fair value estimate at ₹864.00, with their price target update reflecting tweaks to discount rate assumptions, revenue growth expectations, profit margin outlook, and a higher future P/E input in their valuation models. Valuation Changes Fair Value: Held steady at ₹864.00 per share, with no change in the central valuation output.
NTPC
₹375.65
NTPC
7D
-1.4%
1Y
5.0%

NTPC: Dividend Strength And Gasification Projects Will Support Long Term Appeal

Analysts have lifted their price target for NTPC from ₹413.28 to ₹424.46, citing updated assumptions around the discount rate, revenue growth, profit margin and future P/E as key drivers of the change. What's in the News NTPC signed an MoU with Gujarat Mineral Development Corporation to explore coal and lignite gasification projects in Odisha and Gujarat.
533148
₹484.65
JSW Energy
7D
-4.4%
1Y
-9.9%

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

Analysts have maintained the JSW Energy price target at ₹700.00, citing updated assumptions on the discount rate, revenue growth, profit margin and future P/E that refine their view while leaving the headline number unchanged. What's in the News Board meeting on January 21, 2026 to consider and approve the allotment of equity shares and warrants on a preferential basis, along with other matters (company filing).
CLEANMAX
₹808.60
Clean Max Enviro Energy Solutions
7D
-9.1%
1Y
n/a
ADANIPOWER
₹153.92
Adani Power
7D
1.6%
1Y
51.1%

ADANIPOWER: Upcoming Results Will Support Long Term Upside Conviction

Analysts have kept the fair value estimate for Adani Power steady at ₹182.17 per share, with only marginal tweaks to inputs such as discount rate, revenue growth, profit margin and future P/E. This reflects fine tuning of their valuation framework rather than a change in overall view.
JPPOWER
₹14.73
Jaiprakash Power Ventures
7D
-10.0%
1Y
3.4%
513683
₹270.40
NLC India
7D
1.5%
1Y
10.5%

513683: Interim Dividend And Renewable Listing Plan Will Drive Repricing

Analysts have kept their price target for NLC India broadly unchanged at around ₹324, as only minor tweaks to assumptions on discount rate, revenue growth, profit margin and future P/E contribute to a largely stable valuation view. 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 potential for a future joint venture company (Key Developments).
534612
₹19.71
Advance Metering Technology
7D
45.7%
1Y
-17.5%
506640
₹93.80
ZR2 Bioenergy
7D
0.9%
1Y
-66.5%
513452
₹9.12
Elango Industries
7D
4.0%
1Y
-6.6%
538520
₹2.05
Shivamshree Businesses
7D
4.1%
1Y
2.5%
ACMESOLAR
₹269.41
ACME Solar Holdings
7D
9.4%
1Y
40.3%
NTPCGREEN
₹95.06
NTPC Green Energy
7D
-6.0%
1Y
-5.5%
RPOWER
₹21.35
Reliance Power
7D
-5.6%
1Y
-50.3%