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Indian (NIFTY) Utilities Sector Analysis

UpdatedJan 11, 2026
DataAggregated Company Financials
Companies48
  • 7D-5.5%
  • 3M-6.7%
  • 1Y1.4%
  • YTD-3.3%

Over the last 7 days, the Utilities industry has dropped 5.5%, driven by pullbacks in NTPC and Adani Green Energy of 4.6% and 8.9%, respectively. Over the last year, the industry has been flat overall. As for the next few years, earnings are expected to grow by 16% per annum.

Sector Valuation and Performance

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

DateMarket CapRevenueEarningsPEAbsolute PEPS
Sun, 11 Jan 2026₹19.8t₹7.7t₹954.8b23.5x20.7x2.6x
Tue, 09 Dec 2025₹19.5t₹7.7t₹954.8b23.7x20.4x2.5x
Thu, 06 Nov 2025₹21.3t₹7.7t₹1.0t28.1x21.2x2.8x
Sat, 04 Oct 2025₹21.2t₹7.7t₹1.0t28.1x20.8x2.8x
Mon, 01 Sep 2025₹19.5t₹7.7t₹1.0t25.4x19.2x2.5x
Wed, 30 Jul 2025₹20.6t₹7.7t₹1.0t27.6x20.1x2.7x
Fri, 27 Jun 2025₹20.7t₹7.6t₹1.0t28.1x20.5x2.7x
Sun, 25 May 2025₹20.6t₹7.6t₹1.0t26.8x20.6x2.7x
Tue, 22 Apr 2025₹21.0t₹7.5t₹1.0t28.8x20.2x2.8x
Thu, 20 Mar 2025₹19.4t₹7.5t₹1.0t27.2x18.7x2.6x
Sat, 15 Feb 2025₹17.8t₹7.5t₹1.1t27x16.7x2.4x
Mon, 13 Jan 2025₹19.5t₹7.4t₹1.0t29.6x18.8x2.6x
Wed, 11 Dec 2024₹22.4t₹7.4t₹1.0t30.8x21.7x3x
Fri, 08 Nov 2024₹22.7t₹7.3t₹950.4b37.4x23.8x3.1x
Sun, 06 Oct 2024₹24.3t₹7.3t₹960.9b36.9x25.3x3.3x
Tue, 03 Sep 2024₹24.4t₹7.3t₹960.9b35.8x25.4x3.3x
Thu, 01 Aug 2024₹25.0t₹7.2t₹997.7b39.2x25.1x3.5x
Sat, 29 Jun 2024₹23.5t₹7.1t₹977.5b37.8x24x3.3x
Mon, 27 May 2024₹23.3t₹7.1t₹955.0b28.2x24.4x3.3x
Wed, 24 Apr 2024₹21.7t₹6.9t₹863.9b32.4x25.1x3.1x
Fri, 22 Mar 2024₹20.3t₹6.9t₹864.2b27.3x23.5x2.9x
Sun, 18 Feb 2024₹21.0t₹6.9t₹864.2b30.5x24.3x3x
Tue, 16 Jan 2024₹19.5t₹6.8t₹835.9b26.1x23.3x2.8x
Thu, 14 Dec 2023₹17.8t₹6.8t₹835.7b24.3x21.3x2.6x
Sat, 11 Nov 2023₹14.0t₹6.8t₹805.7b22.3x17.4x2.1x
Mon, 09 Oct 2023₹13.8t₹6.7t₹703.8b19.7x19.6x2x
Wed, 06 Sep 2023₹13.6t₹6.7t₹703.9b19.3x19.3x2x
Fri, 04 Aug 2023₹12.8t₹6.8t₹671.7b18.1x19.1x1.9x
Sun, 02 Jul 2023₹12.0t₹6.8t₹684.1b17.4x17.5x1.8x
Tue, 30 May 2023₹11.8t₹6.8t₹705.2b17.9x16.7x1.7x
Thu, 27 Apr 2023₹11.8t₹6.6t₹710.2b15.3x16.6x1.8x
Sat, 25 Mar 2023₹11.8t₹6.6t₹709.8b14.5x16.6x1.8x
Mon, 20 Feb 2023₹10.7t₹6.6t₹709.9b12.8x15x1.6x
Wed, 18 Jan 2023₹18.9t₹6.3t₹738.2b14.9x25.6x3x
Price to Earnings Ratio

25.6x


Total Market Cap: ₹18.9tTotal Earnings: ₹738.2bTotal Revenue: ₹6.3tTotal Market Cap vs Earnings and Revenue0%0%0%
Indian Utilities Sector Price to Earnings3Y Average 20.7x202420252026
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 20.7x.
  • 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 9.0% per year over the last three years.
  • Revenues for these companies have grown 7.0% 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-2.80%
Utilities-5.51%
Gas Utilities-5.19%
Renewable Energy-5.20%
Electric Utilities-6.18%
Water Utilities-7.18%
Industry PE
  • Investors are most optimistic about the Water Utilities industry even though it's trading below its 3-year average PE ratio of 59.6x.
    • Analysts expect its future annual earnings growth (21.1%) 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 19.3x.
Forecasted Growth
  • Analysts are most optimistic on the Water Utilities industry, expecting annual earnings growth of 21% 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 grow by 4.2% 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
538520 Shivamshree Businesses₹2.302.7%
+₹4.5m		90.1%PS1.8x
526025 Globus Power Generation₹13.850.3%
+₹4.0m		-15.4%PE36.6x
503657 Veer Energy & Infrastructure₹13.610.1%
+₹299.3k		-36.5%PS2.5x

Latest News

ADANIPOWER
₹141.68
Adani Power
7D
-4.4%
1Y
46.9%

Some Confidence Is Lacking In Adani Power Limited's (NSE:ADANIPOWER) P/E

Jan 11
Some Confidence Is Lacking In Adani Power Limited's (NSE:ADANIPOWER) P/E
500400
₹364.85
Tata Power
7D
-7.2%
1Y
2.4%

500400: Transmission Expansion Will Drive Long Term Upside Potential

Analysts have maintained their fair value estimate for Tata Power at ₹510.0 while slightly adjusting key model inputs such as the discount rate, revenue growth, profit margin, and future P/E. This reflects updated assumptions rather than a change in their overall price target view.
ADANIGREEN
₹946.10
Adani Green Energy
7D
-8.9%
1Y
0.3%

ADANIGREEN: Assam Storage Projects And Energy Platform Will Drive Long-Term Upside

Analysts have nudged their price target for Adani Green Energy higher to ₹1,263 from ₹1,242.71, citing updated assumptions around revenue growth, profit margins, as well as a slightly adjusted discount rate and future P/E multiple. What's in the News Adani Green Energy has called a special shareholders meeting for January 2, 2026, to vote on the reappointment of independent director Dinesh Kanabar for a second 3 year term and to seek approval for a material related party transaction with Jash Energy Private Limited.
POWERGRID
₹258.00
Power Grid Corporation of India
7D
-4.8%
1Y
-13.9%

POWERGRID: Planned Bond Issue Will Support Long Term Upside Potential

Narrative Update on Power Grid Corporation of India Analysts have trimmed their price target slightly for Power Grid Corporation of India, with revised fair value moving from ₹312.26 to about ₹311.65, citing updated assumptions that pair more moderate revenue growth with a marginally higher profit margin and a slight adjustment to future P/E expectations. What's in the News Energy Efficiency Services Ltd.
GAIL
₹164.36
GAIL (India)
7D
-6.3%
1Y
-8.5%

GAIL: Upcoming Board Reviews And Pipeline Progress Will Support Earnings

Analysts have made a small trim to their price target for GAIL (India) to ₹206.19, reflecting updated views on the company's revenue growth, profit margin, and future P/E assumptions. What's in the News Board meeting scheduled on Oct 31, 2025 at 11:30 Indian Standard Time to consider and approve unaudited standalone and consolidated financial results for the quarter and half year ended Sep 30, 2025, and to review the use of proceeds from listed non convertible unsecured debentures in line with SEBI disclosure rules (Key Developments).
ADANIENSOL
₹960.60
Adani Energy Solutions
7D
-9.2%
1Y
31.7%
NTPC
₹336.00
NTPC
7D
-4.6%
1Y
9.0%

NTPC: Dividend And Pumped Storage Expansion Will Drive Long Term Appeal

Analysts have raised their price target on NTPC to ₹413.28. This reflects slightly stronger expected revenue growth and a modestly lower discount rate, partially offset by a small reduction in projected profit margins and future valuation multiples.
NTPCGREEN
₹90.76
NTPC Green Energy
7D
-6.5%
1Y
-22.0%

Slowing Rates Of Return At NTPC Green Energy (NSE:NTPCGREEN) Leave Little Room For Excitement

Dec 25
Slowing Rates Of Return At NTPC Green Energy (NSE:NTPCGREEN) Leave Little Room For Excitement
526025
₹13.85
Globus Power Generation
7D
0.3%
1Y
-15.4%
538520
₹2.30
Shivamshree Businesses
7D
2.7%
1Y
90.1%
503657
₹13.61
Veer Energy & Infrastructure
7D
0.1%
1Y
-36.5%