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Indian (NIFTY) Utilities Sector Analysis

UpdatedSep 26, 2025
DataAggregated Company Financials
Companies50
  • 7D2.8%
  • 3M0.5%
  • 1Y-21.1%
  • YTD-0.2%

In the last week, the Utilities industry is up 3.5%, with Adani Power up 18%. However, the industry is down 21% over the past year. Looking forward, earnings are forecast to grow by 14% annually.

Sector Valuation and Performance

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

DateMarket CapRevenueEarningsPEAbsolute PEPS
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
Thu, 27 Jul 2023₹12.7t₹6.8t₹681.4b17.2x18.7x1.9x
Sat, 24 Jun 2023₹11.8t₹6.8t₹697.6b16.6x17x1.7x
Mon, 22 May 2023₹11.4t₹6.8t₹711.2b19.1x16x1.7x
Wed, 19 Apr 2023₹11.7t₹6.6t₹710.1b15.4x16.5x1.8x
Fri, 17 Mar 2023₹11.4t₹6.6t₹709.8b14.9x16.1x1.7x
Sun, 12 Feb 2023₹11.4t₹6.6t₹712.5b12.4x16x1.7x
Tue, 10 Jan 2023₹18.1t₹6.3t₹738.2b16x24.5x2.9x
Thu, 08 Dec 2022₹19.0t₹6.3t₹738.8b16.3x25.7x3x
Sat, 05 Nov 2022₹16.6t₹6.0t₹734.0b16.3x22.7x2.8x
Mon, 03 Oct 2022₹15.7t₹5.8t₹731.6b16.3x21.5x2.7x
Price to Earnings Ratio

21.5x


Total Market Cap: ₹15.7tTotal Earnings: ₹731.6bTotal Revenue: ₹5.8tTotal Market Cap vs Earnings and Revenue0%0%0%
Indian Utilities Sector Price to Earnings3Y Average 21x202320242025
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 21.0x.
  • The industry is trading close to its 3-year average PS ratio of 2.6x.
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 9.9% 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 sector?

IN Market-1.79%
Utilities2.77%
Renewable Energy5.33%
Gas Utilities-0.036%
Electric Utilities-0.38%
Water Utilities-4.19%
Industry PE
  • Investors are most optimistic about the Water Utilities industry even though it's trading below its 3-year average PE ratio of 58.1x.
    • Analysts expect its future annual earnings growth (20.3%) to be largely in line with prior year's earnings growth.
  • Investors are most pessimistic about the Gas Utilities industry, which is trading below its 3-year average of 20.6x.
Forecasted Growth
  • Analysts are most optimistic on the Water Utilities industry, expecting annual earnings growth of 20% over the next 5 years.
  • This is roughly in line with its past earnings growth rate.
  • In contrast, the Gas Utilities industry is expected to see its earnings growth to stay flat 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₹149.0018.0%
+₹438.3b		12.0%PE24.1x
ADANIGREEN Adani Green Energy₹1.08k10.3%
+₹165.8b		-47.5%PE111.6x
ATGL Adani Total Gas₹671.7010.7%
+₹71.2b		-15.2%PE114x
ADANIENSOL Adani Energy Solutions₹894.206.8%
+₹68.0b		-13.7%PE44.8x
NTPC NTPC₹340.501.1%
+₹34.4b		-21.7%PE13.8x

Latest News

ADANIPOWER
₹149.00
Adani Power
7D
18.0%
1Y
12.0%

Adani Power Limited's (NSE:ADANIPOWER) Share Price Boosted 26% But Its Business Prospects Need A Lift Too

Sep 26
Adani Power Limited's (NSE:ADANIPOWER) Share Price Boosted 26% But Its Business Prospects Need A Lift Too
TORNTPOWER
₹1,254.50
Torrent Power
7D
-2.3%
1Y
-33.6%
533451
₹68.28
Karma Energy
7D
28.9%
1Y
-8.4%
ATGL
₹671.70
Adani Total Gas
7D
10.7%
1Y
-15.2%

Adani Total Gas Limited (NSE:ATGL) Stocks Shoot Up 26% But Its P/S Still Looks Reasonable

Sep 23
Adani Total Gas Limited (NSE:ATGL) Stocks Shoot Up 26% But Its P/S Still Looks Reasonable
NTPCGREEN
₹101.72
NTPC Green Energy
7D
-2.0%
1Y
n/a

Is NTPC Green Energy (NSE:NTPCGREEN) A Risky Investment?

Sep 22
Is NTPC Green Energy (NSE:NTPCGREEN) A Risky Investment?
ADANIENSOL
₹894.20
Adani Energy Solutions
7D
6.8%
1Y
-13.7%

Mumbai HVDC And Smart Metering Will Expand Market Presence

The consensus analyst price target for Adani Energy Solutions has been lowered from ₹1302 to ₹1141, primarily reflecting a significant decline in net profit margin despite improved revenue growth forecasts. What's in the News Adani Energy Solutions incorporated several wholly owned subsidiaries, including Adani Energy Solutions Step-Fourteen Limited, Step-Fif 15 Limited, and Step-Sixteen Limited, to support expansion in power transmission, distribution, and related infrastructure.
POWERGRID
₹284.40
Power Grid Corporation of India
7D
-1.6%
1Y
-22.2%

Earnings Working Against Power Grid Corporation of India Limited's (NSE:POWERGRID) Share Price

Sep 20
Earnings Working Against Power Grid Corporation of India Limited's (NSE:POWERGRID) Share Price
IGL
₹204.95
Indraprastha Gas
7D
-4.9%
1Y
-25.3%

Indraprastha Gas' (NSE:IGL) Dividend Will Be Reduced To ₹1.50

Sep 15
Indraprastha Gas' (NSE:IGL) Dividend Will Be Reduced To ₹1.50
500400
₹385.90
Tata Power
7D
-1.8%
1Y
-18.9%

Renewable Energy Expansion Will Shape Global Energy Landscape

Tata Power’s consensus analyst price target saw a minor downward revision as both its Future P/E and Net Profit Margin remained stable, resulting in a new fair value estimate of ₹413.91. What's in the News Tata Power's board will meet to consider audited and unaudited consolidated financial results.
CESC
₹167.24
CESC
7D
1.4%
1Y
-18.1%

Is CESC (NSE:CESC) Using Too Much Debt?

Sep 11
Is CESC (NSE:CESC) Using Too Much Debt?
NTPC
₹340.50
NTPC
7D
1.1%
1Y
-21.7%

Here's What To Make Of NTPC's (NSE:NTPC) Decelerating Rates Of Return

Sep 10
Here's What To Make Of NTPC's (NSE:NTPC) Decelerating Rates Of Return
GAIL
₹174.42
GAIL (India)
7D
-3.6%
1Y
-24.4%

A Look At The Fair Value Of GAIL (India) Limited (NSE:GAIL)

Sep 07
A Look At The Fair Value Of GAIL (India) Limited (NSE:GAIL)
ACMESOLAR
₹280.85
ACME Solar Holdings
7D
-7.6%
1Y
n/a
513683
₹278.70
NLC India
7D
8.9%
1Y
1.0%
ADANIGREEN
₹1,079.55
Adani Green Energy
7D
10.3%
1Y
-47.5%

Accelerated Capacity Additions Will Unlock 50GW Renewable Potential In India

With both the consensus price target and key metrics like Future P/E and Net Profit Margin essentially unchanged, analysts’ fair value for Adani Green Energy remains steady at ₹1243. What's in the News Adani Green Energy and Torrent Power are likely to bid for Statkraft’s hydro power assets in India, which Statkraft is selling as part of its $1.5 billion exit from the country.
533148
₹528.60
JSW Energy
7D
-1.7%
1Y
-31.9%

Expanding Renewable Capacity And Storage Will Shape India's Future Markets

With a slight decrease in JSW Energy's future P/E multiple and an essentially unchanged discount rate, consensus analyst fair value estimates have modestly declined from ₹602.35 to ₹584.69. What's in the News Board meeting scheduled to consider and approve unaudited standalone and consolidated financial results for the quarter ended 30th June, 2025.