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Indian (NIFTY) Utilities Sector Analysis

UpdatedAug 21, 2026
DataAggregated Company Financials
Companies53
  • 7D-1.4%
  • 3M-6.0%
  • 1Y10.7%
  • YTD9.4%

Over the last 7 days, the Utilities industry has dropped 1.4%, driven by Adani Energy Solutions declining 4.6%. In the past year, the industry has gained 11%. Earnings are forecast to grow by 13% annually.

Sector Valuation and Performance

Has the Indian Utilities Sector valuation changed over the past few years?

DateMarket CapRevenueEarningsPEAbsolute PEPS
Sat, 22 Aug 2026₹22.9t₹8.0t₹1.0t27.1x22.2x2.8x
Mon, 20 Jul 2026₹23.8t₹7.7t₹969.6b32.3x24.6x3.1x
Wed, 17 Jun 2026₹24.3t₹7.7t₹969.6b31.6x25x3.1x
Fri, 15 May 2026₹24.2t₹7.7t₹975.1b26.3x24.9x3.1x
Sun, 12 Apr 2026₹21.8t₹7.7t₹963.4b22.5x22.6x2.8x
Tue, 10 Mar 2026₹19.8t₹7.7t₹963.1b21.8x20.6x2.6x
Thu, 05 Feb 2026₹20.5t₹7.7t₹964.1b23.5x21.3x2.7x
Sat, 03 Jan 2026₹20.9t₹7.7t₹954.8b24.9x21.9x2.7x
Mon, 01 Dec 2025₹20.4t₹7.7t₹956.0b24.4x21.3x2.6x
Wed, 29 Oct 2025₹21.3t₹7.7t₹1.0t27.9x21x2.8x
Fri, 26 Sep 2025₹21.2t₹7.7t₹1.0t27.1x20.9x2.8x
Sun, 24 Aug 2025₹20.1t₹7.7t₹1.0t26.6x19.8x2.6x
Tue, 22 Jul 2025₹21.1t₹7.6t₹1.0t28.6x20.8x2.8x
Thu, 19 Jun 2025₹20.3t₹7.6t₹1.0t28.5x20.1x2.7x
Sat, 17 May 2025₹20.7t₹7.6t₹954.7b26.2x21.7x2.7x
Mon, 14 Apr 2025₹19.8t₹7.5t₹1.0t28.1x19.1x2.6x
Wed, 12 Mar 2025₹18.4t₹7.5t₹1.0t27.1x17.8x2.5x
Fri, 07 Feb 2025₹19.3t₹7.5t₹1.1t27.8x18.1x2.6x
Sun, 05 Jan 2025₹21.2t₹7.4t₹1.0t30.4x20.6x2.9x
Tue, 03 Dec 2024₹22.2t₹7.4t₹1.0t30.6x21.5x3x
Thu, 31 Oct 2024₹22.4t₹7.3t₹947.0b37.7x23.7x3.1x
Sat, 28 Sep 2024₹25.1t₹7.3t₹960.9b36.6x26.1x3.4x
Mon, 26 Aug 2024₹24.0t₹7.3t₹960.9b34.3x25x3.3x
Wed, 24 Jul 2024₹23.4t₹7.1t₹979.8b38.4x23.9x3.3x
Fri, 21 Jun 2024₹23.4t₹7.1t₹977.5b37.3x23.9x3.3x
Sun, 19 May 2024₹22.3t₹7.0t₹852.8b30.9x26.2x3.2x
Tue, 16 Apr 2024₹21.7t₹6.9t₹863.4b30.4x25.1x3.1x
Thu, 14 Mar 2024₹19.4t₹6.9t₹864.2b27.1x22.5x2.8x
Sat, 10 Feb 2024₹21.0t₹6.9t₹902.4b31x23.3x3.1x
Mon, 08 Jan 2024₹19.3t₹6.8t₹835.7b25.4x23.1x2.8x
Wed, 06 Dec 2023₹17.1t₹6.8t₹835.7b23.6x20.4x2.5x
Fri, 03 Nov 2023₹13.5t₹6.7t₹744.4b19.5x18.2x2x
Sun, 01 Oct 2023₹14.1t₹6.7t₹703.8b19.7x20x2.1x
Tue, 29 Aug 2023₹13.2t₹6.7t₹704.0b18.6x18.7x2x
Price to Earnings Ratio

18.7x


Total Market Cap: ₹13.2tTotal Earnings: ₹704.0bTotal Revenue: ₹6.7tTotal Market Cap vs Earnings and Revenue0%0%0%
Indian Utilities Sector Price to Earnings3Y Average 21.8x202420252026
Current Industry PE
  • Investors are relatively neutral on the Indian Utilities industry at the moment, indicating that they anticipate long term growth rates to remain steady.
  • The industry is trading close to its 3-year average PE ratio of 21.8x.
  • The industry is trading close to its 3-year average PS ratio of 2.8x.
Past Earnings Growth
  • The earnings for companies in the Utilities industry have grown 13% per year over the last three years.
  • Revenues for these companies have grown 6.1% 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 sector?

IN Market-0.52%
Utilities-1.43%
Water Utilities9.14%
Renewable Energy-1.29%
Gas Utilities-1.48%
Electric Utilities-1.86%
Industry PE
  • Investors are most optimistic about the Water Utilities industry even though it's trading below its 3-year average PE ratio of 44.6x.
    • Analysts are expecting annual earnings growth of 17.1%, which is lower than the prior year's growth of 29.0% per year.
  • Investors are most pessimistic about the Gas Utilities industry, which is trading below its 3-year average of 18.7x.
Forecasted Growth
  • Analysts are most optimistic on the Water Utilities industry, expecting annual earnings growth of 17% over the next 5 years.
  • However this is lower than its past earnings growth rate of 29% per year.
  • In contrast, the Gas Utilities industry is expected to see its earnings grow by 5.6% 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
POWERGRID Power Grid Corporation of India₹272.402.4%
+₹59.1b		-3.9%PE15.9x
ACMESOLAR ACME Solar Holdings₹401.607.4%
+₹19.4b		38.1%PE47x
JNPR Juniper Green Energy₹265.805.7%
+₹8.2b		n/aPE373.8x
WABAG VA Tech Wabag₹2.00k5.2%
+₹6.2b		25.9%PE31.7x
ADANIPOWER Adani Power₹205.500.1%
+₹4.8b		72.9%PE27.9x

Latest News

GAIL
₹172.00
GAIL (India)
7D
-1.7%
1Y
-2.7%
CLEANMAX
₹1,266.90
Clean Max Enviro Energy Solutions
7D
1.5%
1Y
n/a
JNPR
₹265.80
Juniper Green Energy
7D
5.7%
1Y
n/a
GUJENERGY
₹263.35
Gujarat Energy
7D
-6.9%
1Y
-39.0%
TORNTPOWER
₹1,247.70
Torrent Power
7D
-4.7%
1Y
-2.7%
Narrative Update • Aug 18

TORNTPOWER: Upcoming Board Meeting Will Support Confidence In Future Earnings

The analyst price target for Torrent Power has been adjusted from ₹1,476.64 to ₹1,522.64 as analysts factor in updated assumptions on the discount rate, revenue growth, profit margins and future P/E expectations. What's in the News for Torrent Power Torrent Power has scheduled a board meeting on Aug 03, 2026 to consider and approve the unaudited standalone financial results for the quarter ended Jun 30, 2026.
ADANIENSOL
₹1,541.90
Adani Energy Solutions
7D
-4.6%
1Y
92.7%
Narrative Update • Aug 18

ADANIENSOL: New Projects And Equity Raise Will Shape Balanced Forward Outlook

Analysts have raised their price target for Adani Energy Solutions to about ₹1,748 from roughly ₹1,607, citing updated assumptions that combine a slightly lower discount rate, broadly similar revenue growth expectations, a higher profit margin estimate, and a lower future P/E multiple. What’s in the News for Adani Energy Solutions Completed a follow on equity offering of about ₹35.0b, issuing 21,671,826 equity shares at ₹1,615 per share under Regulation S with a subsequent direct listing.
CESC
₹155.09
CESC
7D
-7.6%
1Y
-7.0%
RPOWER
₹23.45
Reliance Power
7D
2.0%
1Y
-52.1%
ACMESOLAR
₹401.60
ACME Solar Holdings
7D
7.4%
1Y
38.1%
Narrative Update • Aug 14

ACMESOLAR: Battery Storage Rollout And Equity Raise Will Support Future Upside

Analysts have lifted their price target for ACME Solar Holdings to ₹423.18 from ₹395.40, citing updated assumptions that include a slightly lower discount rate, modestly adjusted revenue growth expectations, higher projected profit margins, and a marginally lower future P/E multiple. What's in the News ACME Solar Holdings has cumulatively commissioned about 2.29 GWh of Battery Energy Storage System capacity in the current financial year.
WABAG
₹2,003.30
VA Tech Wabag
7D
5.2%
1Y
25.9%
New Narrative • Aug 14

Desalination Dependence And Overseas EPC Risks Will Restrain Future Earnings Potential

Catalysts About VA Tech Wabag VA Tech Wabag focuses on engineering, procurement, construction and operation of water treatment, wastewater treatment and desalination projects across India and international markets. What are the underlying business or industry changes driving this perspective?
533148
₹546.00
JSW Energy
7D
-2.1%
1Y
5.4%
Narrative Update • Aug 13

533148: Follow On Equity Offering Will Support Future Expansion Plans

Analysts have trimmed their price target on JSW Energy from ₹745 to ₹720, citing updated assumptions around discount rates, revenue growth, profit margins, and forward P/E expectations. What’s in the News for JSW Energy JSW Energy completed a follow on equity offering of equity shares, raising INR 40b through the issue of 76,190,476 common stock at INR 525 per share.
539686
₹259.45
K.P. Energy
7D
2.9%
1Y
-40.2%
ADANIGREEN
₹1,320.00
Adani Green Energy
7D
-2.1%
1Y
37.9%
Narrative Update • Aug 11

ADANIGREEN: Elevated Expectations Will Hinge On Executing The Massive Khavda Storage Project

Analysts have adjusted their price target for Adani Green Energy from ₹1,000 to about ₹1,149, reflecting updated views on fair value, discount rates, revenue growth, profit margins and future P/E assumptions. What’s in the News for Adani Green Energy Adani Green Energy has commissioned a cumulative 3.37 GWh Battery Energy Storage System at Khavda in Gujarat, which is described as the world’s largest single location battery storage deployment outside China.
POWERGRID
₹272.40
Power Grid Corporation of India
7D
2.4%
1Y
-3.9%
Narrative Update • Aug 08

POWERGRID: Funding Plans And New CFO Will Support Fairly Valued Outlook

Analysts have reduced their price target on Power Grid Corporation of India from ₹283 to ₹277 after making small adjustments to the discount rate, revenue growth, profit margin and future P/E assumptions, which resulted in a slightly lower assessed fair value. What's in the News for Power Grid Corporation of India A board meeting is scheduled on August 5, 2026 to review and approve the unaudited financial results for the quarter ended June 30, 2026, after Audit Committee review.
ADANIPOWER
₹205.50
Adani Power
7D
0.1%
1Y
72.9%
Narrative Update • Aug 07

ADANIPOWER: Upcoming Capital Raise And Borrowing Expansion Will Support Bullish Outlook

Analysts lifted their price target on Adani Power by about ₹10 to reflect updated assumptions that include a revised fair value estimate of ₹252.56, a slightly lower discount rate, moderated revenue growth expectations, a higher projected profit margin, and a marginally reduced future P/E multiple. What’s in the News for Adani Power A board meeting is scheduled on Jul 22, 2026 at 11:00 Indian Standard Time to consider and approve unaudited financial results for the quarter ended Jun 30, 2026.
500400
₹374.85
Tata Power
7D
-2.2%
1Y
-2.8%
Narrative Update • Aug 05

500400: Renewable Projects And Stable Dividend Will Support A Balanced Outlook

Analysts have trimmed their fair value estimate for Tata Power to ₹419 from ₹433 as they factor in more moderate revenue growth expectations, slightly softer profit margins, and a higher assumed future P/E multiple. What’s in the News for Tata Power Tata Power Renewable Energy Limited held the groundbreaking ceremony for an 800 MW hybrid renewable project in Andhra Pradesh.