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Indian (NIFTY) Utilities Sector Analysis

UpdatedJan 08, 2026
DataAggregated Company Financials
Companies48
  • 7D2.2%
  • 3M-2.2%
  • 1Y0.8%
  • YTD0.5%

In the last week, the Utilities industry is up 2.2%, with NTPC up 2.4%. Despite this gain, the industry's performance has been flat over the past year. Earnings are forecast to grow by 17% annually.

Sector Valuation and Performance

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

DateMarket CapRevenueEarningsPEAbsolute PEPS
Thu, 08 Jan 2026₹20.5t₹7.7t₹954.8b24.3x21.5x2.7x
Sat, 06 Dec 2025₹19.9t₹7.7t₹954.8b24.2x20.9x2.6x
Mon, 03 Nov 2025₹21.6t₹7.7t₹1.0t28.4x21.5x2.8x
Wed, 01 Oct 2025₹20.8t₹7.7t₹1.0t26.7x20.4x2.7x
Fri, 29 Aug 2025₹19.6t₹7.7t₹1.0t25.8x19.3x2.6x
Sun, 27 Jul 2025₹20.4t₹7.6t₹1.0t27.7x19.8x2.7x
Tue, 24 Jun 2025₹20.2t₹7.6t₹1.0t28.9x20x2.6x
Thu, 22 May 2025₹20.6t₹7.6t₹954.7b26.9x21.5x2.7x
Sat, 19 Apr 2025₹20.5t₹7.5t₹1.0t28.5x19.8x2.7x
Mon, 17 Mar 2025₹18.6t₹7.5t₹1.0t26.2x17.9x2.5x
Wed, 12 Feb 2025₹18.4t₹7.5t₹1.1t27.4x17.2x2.4x
Fri, 10 Jan 2025₹20.0t₹7.4t₹1.0t30.3x19.4x2.7x
Sun, 08 Dec 2024₹22.6t₹7.4t₹1.0t31x21.9x3.1x
Tue, 05 Nov 2024₹22.2t₹7.3t₹947.5b37.2x23.4x3x
Thu, 03 Oct 2024₹25.0t₹7.3t₹960.9b37x26x3.4x
Sat, 31 Aug 2024₹24.0t₹7.3t₹960.9b33.7x25x3.3x
Mon, 29 Jul 2024₹24.2t₹7.1t₹979.0b39x24.7x3.4x
Wed, 26 Jun 2024₹23.2t₹7.1t₹977.5b37.2x23.7x3.3x
Fri, 24 May 2024₹23.2t₹7.0t₹941.9b28.1x24.7x3.3x
Sun, 21 Apr 2024₹21.5t₹6.9t₹863.8b30.3x24.9x3.1x
Tue, 19 Mar 2024₹20.2t₹6.9t₹864.2b27.9x23.4x2.9x
Thu, 15 Feb 2024₹20.6t₹6.9t₹893.1b28x23.1x3x
Sat, 13 Jan 2024₹19.4t₹6.8t₹835.9b26.1x23.2x2.8x
Mon, 11 Dec 2023₹18.1t₹6.8t₹835.7b23.6x21.6x2.6x
Wed, 08 Nov 2023₹13.8t₹6.8t₹804.7b20x17.2x2x
Fri, 06 Oct 2023₹14.1t₹6.7t₹703.8b19.5x20x2.1x
Sun, 03 Sep 2023₹13.4t₹6.7t₹704.0b19.5x19x2x
Tue, 01 Aug 2023₹13.1t₹6.8t₹688.9b17.4x19.1x1.9x
Thu, 29 Jun 2023₹11.9t₹6.8t₹697.8b17.2x17.1x1.7x
Sat, 27 May 2023₹11.8t₹6.8t₹705.4b20x16.8x1.7x
Mon, 24 Apr 2023₹11.6t₹6.6t₹710.2b15.2x16.4x1.8x
Wed, 22 Mar 2023₹11.5t₹6.6t₹709.8b14.9x16.2x1.7x
Fri, 17 Feb 2023₹10.7t₹6.6t₹709.9b13x15.1x1.6x
Sun, 15 Jan 2023₹18.2t₹6.3t₹738.2b15.7x24.7x2.9x
Price to Earnings Ratio

24.7x


Total Market Cap: ₹18.2tTotal 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 Market0.84%
Utilities2.19%
Renewable Energy3.38%
Electric Utilities1.37%
Gas Utilities-0.64%
Water Utilities-5.56%
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 (21.3%) 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 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
NTPC NTPC₹344.402.4%
+₹78.5b		7.5%PE14.1x
NHPC NHPC₹82.173.3%
+₹26.2b		5.2%PE26x
SJVN SJVN₹80.127.2%
+₹21.1b		-20.4%PE56.5x
TORNTPOWER Torrent Power₹1.36k2.5%
+₹16.5b		-3.9%PE22.9x
GUJGASLTD Gujarat Gas₹428.001.7%
+₹5.0b		-14.2%PE26.4x

Latest News

ADANIGREEN
₹988.80
Adani Green Energy
7D
-3.6%
1Y
1.1%

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

Jan 08
Slowing Rates Of Return At Adani Green Energy (NSE:ADANIGREEN) Leave Little Room For Excitement
ADANIPOWER
₹142.89
Adani Power
7D
-3.9%
1Y
43.5%

ADANIPOWER: Assam Thermal Project Will Support Long Term Upside Potential

Analysts have reduced their fair value estimate for Adani Power from ₹187.60 to ₹186.00, reflecting slightly higher discount rate assumptions and modest tweaks to revenue growth, profit margin, and future P/E inputs. What's in the News Adani Power plans to invest ₹480b in a 3,200 MW greenfield ultra super critical thermal power plant in Assam under the DBFOO model, with coal linkage allocated under the Government of India’s SHAKTI policy and phased commissioning targeted from December 2030 (Key Developments).
GAIL
₹163.53
GAIL (India)
7D
-4.8%
1Y
-10.6%

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
₹994.30
Adani Energy Solutions
7D
-5.0%
1Y
32.3%
GSPL
₹315.10
Gujarat State Petronet
7D
1.0%
1Y
-10.1%
SJVN
₹80.12
SJVN
7D
7.2%
1Y
-20.4%
GUJGASLTD
₹428.00
Gujarat Gas
7D
1.7%
1Y
-14.2%
NTPC
₹344.40
NTPC
7D
2.4%
1Y
7.5%

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.
ATGL
₹564.15
Adani Total Gas
7D
-5.0%
1Y
-17.3%
NHPC
₹82.17
NHPC
7D
3.3%
1Y
5.2%
500400
₹374.20
Tata Power
7D
-2.0%
1Y
1.9%

500400: Future Margin Pressures Will Likely Undermine Rising Clean Energy Projects

Analysts have modestly raised their price target on Tata Power to INR 294 from INR 282, citing slightly stronger revenue growth expectations despite a small uptick in the discount rate and lower projected profit margins, alongside a higher assumed future P/E multiple. What's in the News Tata Power launched the Energy Insights & Innovation Lab at its Mumbai headquarters in collaboration with the London School of Economics and the International Growth Centre to develop data driven solutions that support India's clean energy transition and grid reliability (strategic alliance).
NTPCGREEN
₹92.46
NTPC Green Energy
7D
-2.9%
1Y
-23.5%

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
POWERGRID
₹259.30
Power Grid Corporation of India
7D
-2.8%
1Y
-15.1%

POWERGRID: Upcoming Bond Issue Will Support Attractive Long Term Upside Potential

Narrative Update on Power Grid Corporation of India Analysts have marginally reduced their price target on Power Grid Corporation of India by around ₹1 to approximately ₹312 per share. This reflects a slightly more conservative fair value assessment while leaving key assumptions on growth, profitability, and valuation multiples broadly unchanged.
TORNTPOWER
₹1,359.70
Torrent Power
7D
2.5%
1Y
-3.9%

TORNTPOWER: Medium-Term Expansion Plans Will Support Balanced Risk Reward Ahead

Analysts have raised their price target on Torrent Power from ₹1,050 to ₹1,210, citing stronger expected revenue growth despite slightly higher discount rates and moderating profit margins, which are still seen as compatible with a higher forward P/E multiple. What's in the News Torrent Power has scheduled an Analyst and Investor Day, where management is expected to outline medium term growth plans and capital allocation priorities.
BAJEL
₹176.49
Bajel Projects
7D
2.0%
1Y
-28.9%

Some May Be Optimistic About Bajel Projects' (NSE:BAJEL) Earnings

Nov 22
Some May Be Optimistic About Bajel Projects' (NSE:BAJEL) Earnings
513683
₹258.90
NLC India
7D
1.0%
1Y
5.5%