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Indian (NIFTY) Utilities Sector Analysis

UpdatedJul 18, 2026
DataAggregated Company Financials
Companies50
  • 7D-1.0%
  • 3M1.4%
  • 1Y12.4%
  • YTD15.7%

Over the last 7 days, the Utilities industry has dropped 1.0%, driven by Adani Power declining 1.8%. In the past year, the industry has gained 12%. Earnings are forecast to grow by 16% annually.

Sector Valuation and Performance

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

DateMarket CapRevenueEarningsPEAbsolute PEPS
Sat, 18 Jul 2026₹23.8t₹7.7t₹969.6b32.3x24.6x3.1x
Mon, 15 Jun 2026₹23.9t₹7.7t₹969.3b29x24.6x3.1x
Wed, 13 May 2026₹23.7t₹7.8t₹982.6b25.5x24.1x3x
Fri, 10 Apr 2026₹21.4t₹7.7t₹963.4b22.7x22.2x2.8x
Sun, 08 Mar 2026₹20.2t₹7.7t₹963.1b22.9x20.9x2.6x
Tue, 03 Feb 2026₹19.2t₹7.7t₹964.1b22.8x19.9x2.5x
Thu, 01 Jan 2026₹20.1t₹7.7t₹954.8b25.1x21x2.6x
Sat, 29 Nov 2025₹20.4t₹7.7t₹956.0b24.4x21.3x2.6x
Mon, 27 Oct 2025₹21.5t₹7.7t₹1.0t27.9x21.2x2.8x
Wed, 24 Sep 2025₹21.8t₹7.7t₹1.0t27.4x21.4x2.8x
Fri, 22 Aug 2025₹20.2t₹7.7t₹1.0t27x19.9x2.6x
Sun, 20 Jul 2025₹21.1t₹7.6t₹1.0t28.7x20.8x2.8x
Tue, 17 Jun 2025₹20.6t₹7.6t₹1.0t29.6x20.4x2.7x
Thu, 15 May 2025₹20.2t₹7.6t₹945.9b28.8x21.4x2.7x
Sat, 12 Apr 2025₹19.8t₹7.5t₹1.0t28.1x19.1x2.6x
Mon, 10 Mar 2025₹18.5t₹7.5t₹1.0t28.2x17.8x2.5x
Wed, 05 Feb 2025₹19.3t₹7.5t₹1.1t28.5x18.3x2.6x
Fri, 03 Jan 2025₹21.2t₹7.4t₹1.0t29.9x20.6x2.9x
Sun, 01 Dec 2024₹22.3t₹7.4t₹1.0t30.5x21.5x3x
Tue, 29 Oct 2024₹22.2t₹7.3t₹980.6b36.6x22.7x3x
Thu, 26 Sep 2024₹25.3t₹7.3t₹960.9b36.1x26.3x3.5x
Sat, 24 Aug 2024₹24.0t₹7.3t₹960.9b34.3x25x3.3x
Mon, 22 Jul 2024₹23.2t₹7.1t₹979.8b38.5x23.7x3.3x
Wed, 19 Jun 2024₹23.7t₹7.1t₹977.5b37.1x24.3x3.4x
Fri, 17 May 2024₹22.2t₹7.0t₹842.5b31.2x26.3x3.2x
Sun, 14 Apr 2024₹22.0t₹6.9t₹863.4b32x25.5x3.2x
Tue, 12 Mar 2024₹21.3t₹6.9t₹864.2b29.5x24.7x3.1x
Thu, 08 Feb 2024₹21.2t₹6.9t₹898.7b30.2x23.6x3.1x
Sat, 06 Jan 2024₹19.3t₹6.8t₹835.7b25.4x23.1x2.8x
Mon, 04 Dec 2023₹15.3t₹6.8t₹835.7b23.4x18.3x2.2x
Wed, 01 Nov 2023₹13.5t₹6.8t₹729.8b19.7x18.4x2x
Fri, 29 Sep 2023₹14.0t₹6.7t₹703.8b19.2x19.8x2.1x
Sun, 27 Aug 2023₹13.1t₹6.7t₹704.0b18.4x18.6x1.9x
Tue, 25 Jul 2023₹12.2t₹6.8t₹681.4b17.5x17.9x1.8x
Price to Earnings Ratio

17.9x


Total Market Cap: ₹12.2tTotal Earnings: ₹681.4bTotal Revenue: ₹6.8tTotal Market Cap vs Earnings and Revenue0%0%0%
Indian Utilities Sector Price to Earnings3Y Average 21.7x202420252026
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 24.6x which is higher than its 3-year average PE of 21.7x.
  • The 3-year average PS ratio of 2.8x is lower than the industry's current PS ratio of 3.1x.
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 Market-0.22%
Utilities-1.04%
Electric Utilities0.69%
Renewable Energy-1.68%
Gas Utilities-1.86%
Water Utilities-10.36%
Industry PE
  • Investors are most optimistic about the Water Utilities industry even though it's trading below its 3-year average PE ratio of 50.1x.
    • Analysts are expecting annual earnings growth of 19.5%, 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 20% 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 13% 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
ADANIENSOL Adani Energy Solutions₹1.72k4.1%
+₹82.4b		98.1%PE90.7x
ACMESOLAR ACME Solar Holdings₹385.252.2%
+₹5.8b		39.8%PE54.6x
POWERGRID Power Grid Corporation of India₹283.550.2%
+₹4.2b		-3.6%PE16.6x
CESC CESC₹165.100.7%
+₹1.6b		-7.6%PE14.2x
542323 KPI Green Energy₹409.451.3%
+₹1.0b		-25.2%PE17x

Latest News

NTPC
₹341.85
NTPC
7D
-0.8%
1Y
-0.07%
513683
₹295.55
NLC India
7D
-6.1%
1Y
26.6%
NTPCGREEN
₹91.97
NTPC Green Energy
7D
-2.3%
1Y
-16.9%
533148
₹541.00
JSW Energy
7D
-2.2%
1Y
2.0%
Narrative Update • Jul 16

533148: Follow On Equity Offering Will Pressure Overextended Share Price

Analysts have nudged their fair value estimate for JSW Energy from ₹450.00 to about ₹463.03, citing updated assumptions around discount rates, revenue growth, profit margins, and future P/E expectations. What’s in the News for JSW Energy JSW Energy completed a follow on equity offering of ₹40b, issuing 76,190,476 equity shares at ₹525 per share under Regulation S, followed by a direct listing.
ADANIENSOL
₹1,722.60
Adani Energy Solutions
7D
4.1%
1Y
98.1%
ACMESOLAR
₹385.25
ACME Solar Holdings
7D
2.2%
1Y
39.8%
ADANIPOWER
₹214.45
Adani Power
7D
-1.8%
1Y
80.3%
ADANIGREEN
₹1,513.90
Adani Green Energy
7D
-1.5%
1Y
47.0%
Narrative Update • Jul 14

ADANIGREEN: Future Returns Will Depend On Executing Massive Khavda Storage Project

Adani Green Energy's analyst price target has been revised from ₹864 to ₹1,000, with analysts pointing to updated assumptions around revenue growth, profit margins, discount rate and future P/E as the key drivers of this change. What’s in the News for Adani Green Energy Upcoming board meeting scheduled for October 21, 2026, to consider Adani Green Energy’s second quarter results for FY 2026-27.
GAIL
₹171.20
GAIL (India)
7D
-1.5%
1Y
-7.6%
Narrative Update • Jul 09

GAIL: Solar Expansion And Higher Margins Will Support Stronger Long-Term Upside

Analysts have reset their price target on GAIL (India) from ₹247.18 to ₹210.00, reflecting updated views around slightly adjusted growth assumptions, modestly higher profitability expectations, and a lower implied future P/E multiple. What’s in the News for GAIL (India) GAIL (India) appointed Shri Satish Kumar Sinha as Director (Finance) & Chief Financial Officer from 1 July 2026, following the superannuation of outgoing Director (Finance) and CFO Shri R K Jain on 30 June 2026.
POWERGRID
₹283.55
Power Grid Corporation of India
7D
0.2%
1Y
-3.6%
Narrative Update • Jul 06

POWERGRID: Forward P/E And Funding Plans Will Support Fairly Valued Outlook

Analysts have nudged their price target for Power Grid Corporation of India up from ₹267.0 to ₹283.0, linking this change to updated assumptions around revenue growth, profit margin, discount rate, and future P/E. What's in the News A board meeting is scheduled on June 26, 2026 to consider raising foreign currency funds through External Commercial Borrowings of up to US$500 million from domestic and foreign banks (source: company board agenda).
ATGL
₹706.60
Adani Total Gas
7D
-2.4%
1Y
8.1%
GVKPIL
₹2.51
GVK Power & Infrastructure
7D
0.8%
1Y
-38.0%
506640
₹130.00
ZR2 Bioenergy
7D
5.0%
1Y
-65.8%
512345
₹200.00
Lexora Global
7D
1.0%
1Y
-11.4%
CESC
₹165.10
CESC
7D
0.7%
1Y
-7.6%
Analysis Article • May 09

Analysts Are Updating Their CESC Limited (NSE:CESC) Estimates After Its Annual Results

CESC Limited ( NSE:CESC ) came out with its yearly results last week, and we wanted to see how the business is...
542323
₹409.45
KPI Green Energy
7D
1.3%
1Y
-25.2%