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Indian (NIFTY) Utilities Sector Analysis

UpdatedJun 19, 2026
DataAggregated Company Financials
Companies50
  • 7D3.9%
  • 3M18.6%
  • 1Y22.7%
  • YTD19.1%

In the last week, the Utilities industry is up 3.9%, with Adani Power up 7.0%. This means that the industry has gained 23% over the past year. Looking forward, earnings are forecast to grow by 15% annually.

Sector Valuation and Performance

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

DateMarket CapRevenueEarningsPEAbsolute PEPS
Fri, 19 Jun 2026₹24.5t₹7.7t₹969.6b32.5x25.3x3.2x
Sun, 17 May 2026₹24.1t₹7.8t₹989.3b27x24.3x3.1x
Tue, 14 Apr 2026₹22.1t₹7.7t₹963.4b22.9x22.9x2.9x
Thu, 12 Mar 2026₹20.2t₹7.7t₹963.1b22.9x20.9x2.6x
Sat, 07 Feb 2026₹20.5t₹7.7t₹960.4b23.4x21.4x2.7x
Mon, 05 Jan 2026₹20.9t₹7.7t₹954.8b24.9x21.9x2.7x
Wed, 03 Dec 2025₹20.3t₹7.7t₹956.0b24.5x21.2x2.6x
Fri, 31 Oct 2025₹21.8t₹7.7t₹1.0t28.6x21.5x2.8x
Sun, 28 Sep 2025₹20.8t₹7.7t₹1.0t26.5x20.4x2.7x
Tue, 26 Aug 2025₹20.2t₹7.7t₹1.0t26.2x19.8x2.6x
Thu, 24 Jul 2025₹21.1t₹7.6t₹1.0t28.7x20.8x2.8x
Sat, 21 Jun 2025₹20.1t₹7.6t₹1.0t28.4x19.9x2.6x
Mon, 19 May 2025₹20.8t₹7.6t₹956.2b26.2x21.7x2.7x
Wed, 16 Apr 2025₹20.3t₹7.5t₹1.0t27.7x19.6x2.7x
Fri, 14 Mar 2025₹18.6t₹7.5t₹1.0t26.2x17.9x2.5x
Sun, 09 Feb 2025₹19.2t₹7.5t₹1.1t29x18x2.6x
Tue, 07 Jan 2025₹20.4t₹7.4t₹1.0t29.9x19.7x2.8x
Thu, 05 Dec 2024₹22.5t₹7.4t₹1.0t31.1x21.8x3x
Sat, 02 Nov 2024₹22.7t₹7.3t₹947.5b38.2x24x3.1x
Mon, 30 Sep 2024₹25.1t₹7.3t₹960.9b36.6x26.2x3.5x
Wed, 28 Aug 2024₹24.1t₹7.3t₹960.9b34.1x25.1x3.3x
Fri, 26 Jul 2024₹23.8t₹7.1t₹979.4b39.1x24.3x3.4x
Sun, 23 Jun 2024₹23.2t₹7.1t₹977.5b37.3x23.8x3.3x
Tue, 21 May 2024₹22.4t₹7.0t₹852.8b31.2x26.3x3.2x
Thu, 18 Apr 2024₹21.7t₹6.9t₹863.4b30.5x25.2x3.2x
Sat, 16 Mar 2024₹20.3t₹6.9t₹864.2b28.7x23.4x2.9x
Mon, 12 Feb 2024₹21.0t₹6.9t₹896.4b30.5x23.5x3.1x
Wed, 10 Jan 2024₹19.3t₹6.8t₹835.8b25.7x23.1x2.8x
Fri, 08 Dec 2023₹18.4t₹6.8t₹835.7b23.6x22.1x2.7x
Sun, 05 Nov 2023₹13.6t₹6.8t₹803.6b19.8x17x2x
Tue, 03 Oct 2023₹14.1t₹6.7t₹703.8b19.7x20x2.1x
Thu, 31 Aug 2023₹13.2t₹6.7t₹704.0b19.3x18.8x2x
Sat, 29 Jul 2023₹12.9t₹6.8t₹681.4b17.2x18.9x1.9x
Mon, 26 Jun 2023₹11.8t₹6.8t₹697.6b16.6x17x1.7x
Price to Earnings Ratio

17x


Total Market Cap: ₹11.8tTotal Earnings: ₹697.6bTotal Revenue: ₹6.8tTotal Market Cap vs Earnings and Revenue0%0%0%
Indian Utilities Sector Price to Earnings3Y Average 21.5x202420252026
Current Industry PE
  • Investors are optimistic on the Indian Utilities industry, and appear confident in long term growth rates.
  • The industry is trading at a PE ratio of 25.3x which is higher than its 3-year average PE of 21.5x.
  • The 3-year average PS ratio of 2.7x is lower than the industry's current PS ratio of 3.2x.
Past Earnings Growth
  • The earnings for companies in the Utilities industry have grown 12% per year over the last three years.
  • Revenues for these companies have grown 4.3% 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 Market5.06%
Utilities3.87%
Water Utilities19.54%
Gas Utilities4.89%
Renewable Energy4.25%
Electric Utilities2.57%
Industry PE
  • Investors are most optimistic about the Water Utilities industry even though it's trading below its 3-year average PE ratio of 55.4x.
    • Analysts are expecting annual earnings growth of 18.7%, which is lower than the prior year's growth of 25.5% per year.
  • Investors are most pessimistic about the Gas Utilities industry, which is trading close to its 3-year average of 18.9x.
Forecasted Growth
  • Analysts are most optimistic on the Water Utilities industry, expecting annual earnings growth of 19% over the next 5 years.
  • However this is lower than its past earnings growth rate of 25% per year.
  • In contrast, the Gas Utilities industry is expected to see its earnings grow by 12% 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₹231.763.9%
+₹167.6b		118.5%PE35x
NTPC NTPC₹365.803.4%
+₹115.4b		9.1%PE13.1x
POWERGRID Power Grid Corporation of India₹292.252.6%
+₹69.3b		-0.3%PE17.1x
ADANIGREEN Adani Green Energy₹1.50k1.1%
+₹27.5b		58.5%PE156.7x
500400 Tata Power₹402.102.2%
+₹27.2b		3.2%PE34.3x

Latest News

TORNTPOWER
₹1,438.40
Torrent Power
7D
3.3%
1Y
3.5%
Narrative Update • Jun 18

TORNTPOWER: Future Board Meeting And Dividend Plans Signal Steady Share Outlook

The analyst price target for Torrent Power has inched up slightly from ₹1,460.50 to ₹1,476.64, with analysts pointing to unchanged model assumptions on discount rate, revenue growth and profit margin, along with a marginally higher future P/E multiple as key drivers of the recalibration. What’s in the News for Torrent Power Torrent Power has scheduled a Board meeting on May 12, 2026.
WABAG
₹1,983.60
VA Tech Wabag
7D
25.7%
1Y
34.6%
NTPC
₹365.80
NTPC
7D
3.4%
1Y
9.1%
Narrative Update • Jun 17

NTPC: Dividend And Storage Investment Will Support Future Stock Appeal

Analysts have nudged their fair value estimate for NTPC slightly higher from ₹436.04 to ₹436.93, reflecting updated views on revenue growth, profit margins, and future P/E assumptions. What's in the News for NTPC The board has scheduled a meeting on May 23, 2026 to review NTPC's annual standalone and consolidated financial statements for the year ended March 31, 2026 and to consider a final dividend for FY 2025-26, subject to shareholder approval at the AGM.
500400
₹402.10
Tata Power
7D
2.2%
1Y
3.2%
ADANIGREEN
₹1,502.40
Adani Green Energy
7D
1.1%
1Y
58.5%
Narrative Update • Jun 16

ADANIGREEN: Khavda Storage Build Out Will Shape Measured Future Opportunity

Analysts have raised their price target for Adani Green Energy from ₹1,220.50 to ₹1,409.25, citing updated assumptions around revenue growth, profit margins and a lower expected future P/E multiple. What's in the News Adani Green Energy commissioned a cumulative 3.37 GWh Battery Energy Storage System (BESS) at Khavda, Gujarat, described as the world’s largest single location battery storage deployment outside China and one of the fastest executed globally.
POWERGRID
₹292.25
Power Grid Corporation of India
7D
2.6%
1Y
-0.3%
ADANIPOWER
₹231.76
Adani Power
7D
3.9%
1Y
118.5%
Narrative Update • Jun 09

ADANIPOWER: Upcoming Results Will Test Slightly Higher Fair Value Assumptions

Analysts have adjusted the fair value estimate for Adani Power from about ₹208 to about ₹223, reflecting tweaks to assumptions around the discount rate, revenue growth, profit margins, and future P/E expectations. What's in the News The board meeting is scheduled for Apr 29, 2026 to consider and approve the audited financial results for the quarter and year ended Mar 31, 2026.
ATGL
₹727.30
Adani Total Gas
7D
-0.2%
1Y
17.9%
GAIL
₹173.90
GAIL (India)
7D
2.0%
1Y
-4.4%
Narrative Update • Jun 06

GAIL: Solar Expansion And Dividends Will Support Balanced Long Term Outlook

Analysts have nudged their fair value estimate for GAIL (India) slightly lower from ₹186.65 to ₹183.45, reflecting updated assumptions around revenue growth, profit margins and future P/E expectations. What's in the News The board has recommended a final dividend of ₹0.50 per equity share for FY 2025-26, subject to shareholder approval, in addition to an interim dividend of ₹5.00 per share.
NTPCGREEN
₹96.04
NTPC Green Energy
7D
-2.3%
1Y
-12.9%
Analysis Article • Jun 01

NTPC Green Energy's (NSE:NTPCGREEN) Shareholders May Want To Dig Deeper Than Statutory Profit

NTPC Green Energy Limited's ( NSE:NTPCGREEN ) healthy profit numbers didn't contain any surprises for investors...
JPPOWER
₹18.06
Jaiprakash Power Ventures
7D
-1.8%
1Y
4.3%
PTC
₹186.65
PTC India
7D
-1.3%
1Y
10.0%
Analysis Article • May 27

Some May Be Optimistic About PTC India's (NSE:PTC) Earnings

Investors were disappointed with the weak earnings posted by PTC India Limited ( NSE:PTC ). However, our analysis...
506640
₹118.00
ZR2 Bioenergy
7D
-8.5%
1Y
-69.4%
512345
₹164.75
Lexora Global
7D
-5.9%
1Y
-23.8%
RPOWER
₹26.10
Reliance Power
7D
-1.9%
1Y
-58.9%
500390
₹81.87
Reliance Infrastructure
7D
-5.0%
1Y
-78.1%