Analysis Article • May 31
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Indian (NIFTY) Utilities Sector Analysis
UpdatedMay 31, 2026
DataAggregated Company Financials
Companies50
- 7D4.6%
- 3M21.2%
- 1Y21.8%
- YTD21.9%
Over the last 7 days, the Utilities industry has risen 4.6%, driven by gains from Adani Power of 11%. Meanwhile, Torrent Power actually underperformed within the industry, shrinking 5.2% in the last week. This takes the industry's 12 month performance to a gain of 22%. Looking forward, earnings are forecast to grow by 16% annually.
Sector Valuation and Performance
Has the Indian Utilities Sector valuation changed over the past few years?
| Date | Market Cap | Revenue | Earnings | PE | Absolute PE | PS |
|---|---|---|---|---|---|---|
| Mon, 01 Jun 2026 | ₹25.1t | ₹7.9t | ₹977.2b | 31.4x | 25.7x | 3.2x |
| Wed, 29 Apr 2026 | ₹25.0t | ₹7.7t | ₹966.6b | 27.3x | 25.9x | 3.2x |
| Fri, 27 Mar 2026 | ₹20.3t | ₹7.7t | ₹963.4b | 21.6x | 21.1x | 2.6x |
| Sun, 22 Feb 2026 | ₹20.5t | ₹7.7t | ₹962.8b | 23.7x | 21.3x | 2.7x |
| Tue, 20 Jan 2026 | ₹19.6t | ₹7.7t | ₹954.8b | 23x | 20.5x | 2.5x |
| Thu, 18 Dec 2025 | ₹19.7t | ₹7.7t | ₹954.8b | 23.8x | 20.7x | 2.6x |
| Sat, 15 Nov 2025 | ₹20.9t | ₹7.7t | ₹953.4b | 25.4x | 21.9x | 2.7x |
| Mon, 13 Oct 2025 | ₹21.2t | ₹7.7t | ₹1.0t | 26.5x | 20.8x | 2.8x |
| Wed, 10 Sep 2025 | ₹20.0t | ₹7.7t | ₹1.0t | 25.8x | 19.6x | 2.6x |
| Fri, 08 Aug 2025 | ₹19.9t | ₹7.7t | ₹1.0t | 26.7x | 19.4x | 2.6x |
| Sun, 06 Jul 2025 | ₹20.9t | ₹7.6t | ₹1.0t | 28.9x | 20.6x | 2.7x |
| Tue, 03 Jun 2025 | ₹20.6t | ₹7.6t | ₹1.0t | 28.9x | 20.4x | 2.7x |
| Thu, 01 May 2025 | ₹20.1t | ₹7.5t | ₹1.0t | 28.3x | 19.4x | 2.7x |
| Sat, 29 Mar 2025 | ₹19.9t | ₹7.5t | ₹1.0t | 25.4x | 19.2x | 2.7x |
| Mon, 24 Feb 2025 | ₹18.4t | ₹7.5t | ₹1.0t | 28.6x | 17.8x | 2.5x |
| Wed, 22 Jan 2025 | ₹20.2t | ₹7.4t | ₹1.0t | 29.1x | 19.5x | 2.7x |
| Fri, 20 Dec 2024 | ₹21.5t | ₹7.4t | ₹1.0t | 31.1x | 20.8x | 2.9x |
| Sun, 17 Nov 2024 | ₹21.2t | ₹7.4t | ₹1.0t | 28.9x | 20.6x | 2.9x |
| Tue, 15 Oct 2024 | ₹24.0t | ₹7.3t | ₹960.2b | 37.5x | 25x | 3.3x |
| Thu, 12 Sep 2024 | ₹23.5t | ₹7.3t | ₹960.9b | 35.1x | 24.5x | 3.2x |
| Sat, 10 Aug 2024 | ₹24.2t | ₹7.3t | ₹954.2b | 35.7x | 25.4x | 3.3x |
| Mon, 08 Jul 2024 | ₹23.7t | ₹7.1t | ₹977.5b | 38.8x | 24.2x | 3.4x |
| Wed, 05 Jun 2024 | ₹21.4t | ₹7.1t | ₹985.1b | 34.5x | 21.7x | 3x |
| Fri, 03 May 2024 | ₹22.5t | ₹7.1t | ₹858.4b | 28.4x | 26.2x | 3.2x |
| Sun, 31 Mar 2024 | ₹20.8t | ₹6.9t | ₹864.2b | 27.4x | 24x | 3x |
| Tue, 27 Feb 2024 | ₹21.5t | ₹6.9t | ₹864.2b | 29.2x | 24.9x | 3.1x |
| Thu, 25 Jan 2024 | ₹19.3t | ₹6.8t | ₹836.9b | 26.1x | 23.1x | 2.8x |
| Sat, 23 Dec 2023 | ₹17.9t | ₹6.8t | ₹835.7b | 24.4x | 21.5x | 2.6x |
| Mon, 20 Nov 2023 | ₹14.2t | ₹6.8t | ₹835.7b | 23.4x | 17x | 2.1x |
| Wed, 18 Oct 2023 | ₹13.7t | ₹6.7t | ₹703.9b | 19.8x | 19.5x | 2x |
| Fri, 15 Sep 2023 | ₹14.1t | ₹6.7t | ₹703.9b | 19.6x | 20x | 2.1x |
| Sun, 13 Aug 2023 | ₹12.8t | ₹6.7t | ₹703.8b | 18.5x | 18.2x | 1.9x |
| Tue, 11 Jul 2023 | ₹12.1t | ₹6.8t | ₹683.9b | 18.4x | 17.7x | 1.8x |
| Thu, 08 Jun 2023 | ₹12.0t | ₹6.8t | ₹697.5b | 15.6x | 17.2x | 1.8x |
Price to Earnings Ratio
17.2x
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 25.9x which is higher than its 3-year average PE of 21.4x.
- 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 4.4% 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 | 0.43% | |
| Utilities | 4.59% | |
| Gas Utilities | 7.42% | |
| Water Utilities | 6.73% | |
| Renewable Energy | 5.31% | |
| Electric Utilities | 2.16% | |
Industry PE
- Investors are most optimistic about the Renewable Energy industry which is trading above its 3-year average PE ratio of 20.8x.
- Analysts are expecting annual earnings growth of 16.6%, which is higher than its past year's earnings growth of 14.8% per year.
- Investors are most pessimistic about the Gas Utilities industry, although it looks like investor sentiment has improved given that it's trading above 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 11% per year over the next few years.
Top Stock Gainers and Losers
Which companies have driven the market over the last 7 days?
| Company | Last Price | 7D | 1Y | Valuation | |
|---|---|---|---|---|---|
| ADANIPOWER Adani Power | ₹243.37 | 11.0% +₹463.8b | 123.8% | PE36.7x | |
| ADANIGREEN Adani Green Energy | ₹1.48k | 8.3% +₹186.3b | 45.5% | PE153.9x | |
| ADANIENSOL Adani Energy Solutions | ₹1.51k | 10.6% +₹174.7b | 74.5% | PE79.6x | |
| ATGL Adani Total Gas | ₹773.30 | 18.5% +₹132.5b | 13.1% | PE129.7x | |
| 533148 JSW Energy | ₹595.70 | 8.1% +₹123.9b | 22.0% | PE48.7x |
