Investing IdeasBrowse All StocksMarkets
Have your own idea? Try our Stock Screener
Header cover image

Indian (NIFTY) Utilities Sector Analysis

UpdatedApr 08, 2026
DataAggregated Company Financials
Companies49
  • 7D4.1%
  • 3M-0.4%
  • 1Y5.3%
  • YTD0.1%

Over the last 7 days, the Utilities industry has risen 4.1%, driven by gains from Adani Green Energy of 21%. This means that the industry has gained 5.3% 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, 09 Apr 2026₹20.6t₹7.7t₹963.4b21.5x21.4x2.7x
Sat, 07 Mar 2026₹20.2t₹7.7t₹963.1b22.9x20.9x2.6x
Mon, 02 Feb 2026₹18.8t₹7.7t₹964.1b22.6x19.5x2.4x
Wed, 31 Dec 2025₹19.9t₹7.7t₹954.8b24.1x20.8x2.6x
Fri, 28 Nov 2025₹20.5t₹7.7t₹956.0b24.7x21.4x2.6x
Sun, 26 Oct 2025₹21.5t₹7.7t₹1.0t27.9x21.2x2.8x
Tue, 23 Sep 2025₹22.0t₹7.7t₹1.0t27.5x21.6x2.9x
Thu, 21 Aug 2025₹20.4t₹7.7t₹1.0t27.3x20x2.7x
Sat, 19 Jul 2025₹21.1t₹7.6t₹1.0t28.7x20.8x2.8x
Mon, 16 Jun 2025₹20.5t₹7.6t₹1.0t29.4x20.3x2.7x
Wed, 14 May 2025₹20.1t₹7.5t₹945.7b27x21.3x2.7x
Fri, 11 Apr 2025₹19.3t₹7.5t₹1.0t27.4x18.6x2.6x
Sun, 09 Mar 2025₹18.5t₹7.5t₹1.0t28.2x17.8x2.5x
Tue, 04 Feb 2025₹18.9t₹7.5t₹1.1t28x18x2.5x
Thu, 02 Jan 2025₹21.1t₹7.4t₹1.0t29.7x20.4x2.9x
Sat, 30 Nov 2024₹22.3t₹7.4t₹1.0t30.5x21.5x3x
Mon, 28 Oct 2024₹22.3t₹7.3t₹980.6b36x22.7x3x
Wed, 25 Sep 2024₹25.1t₹7.3t₹960.9b36.2x26.2x3.5x
Fri, 23 Aug 2024₹24.1t₹7.3t₹960.9b33.7x25.1x3.3x
Sun, 21 Jul 2024₹23.2t₹7.1t₹977.5b38.5x23.7x3.3x
Tue, 18 Jun 2024₹23.5t₹7.1t₹977.5b37.1x24.1x3.3x
Thu, 16 May 2024₹22.2t₹7.0t₹842.5b30.5x26.3x3.2x
Sat, 13 Apr 2024₹22.0t₹6.9t₹863.4b32x25.5x3.2x
Mon, 11 Mar 2024₹21.5t₹6.9t₹864.2b29.7x24.9x3.1x
Wed, 07 Feb 2024₹21.0t₹6.9t₹892.2b31.2x23.5x3x
Fri, 05 Jan 2024₹19.4t₹6.8t₹835.7b25.3x23.2x2.8x
Sun, 03 Dec 2023₹15.3t₹6.8t₹835.7b23.4x18.3x2.2x
Tue, 31 Oct 2023₹13.4t₹6.8t₹729.7b19.3x18.3x2x
Thu, 28 Sep 2023₹14.0t₹6.7t₹703.8b19.2x19.9x2.1x
Sat, 26 Aug 2023₹13.1t₹6.7t₹704.0b18.4x18.6x1.9x
Mon, 24 Jul 2023₹12.2t₹6.8t₹681.0b16.3x17.9x1.8x
Wed, 21 Jun 2023₹12.1t₹6.8t₹697.6b15x17.3x1.8x
Fri, 19 May 2023₹11.3t₹6.6t₹737.3b15.6x15.3x1.7x
Sun, 16 Apr 2023₹11.7t₹6.6t₹710.1b15x16.5x1.8x
Price to Earnings Ratio

16.5x


Total Market Cap: ₹11.7tTotal Earnings: ₹710.1bTotal Revenue: ₹6.6tTotal Market Cap vs Earnings and Revenue0%0%0%
Indian Utilities Sector Price to Earnings3Y Average 21x202420252026
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 11% per year over the last three years.
  • Revenues for these companies have grown 5.3% 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 Market4.18%
Utilities4.14%
Water Utilities8.94%
Renewable Energy5.13%
Gas Utilities3.56%
Electric Utilities2.55%
Industry PE
  • Investors are most optimistic about the Renewable Energy industry which is trading above its 3-year average PE ratio of 20.1x.
    • Analysts are expecting annual earnings growth of 19.6%, which is higher than its past year's earnings growth of 12.9% per year.
  • Investors are most pessimistic about the Gas Utilities industry, which is trading below 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 27% per year.
  • In contrast, the Gas Utilities industry is expected to see its earnings grow by 8.0% 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
ADANIGREEN Adani Green Energy₹1.03k20.9%
+₹292.7b		19.6%PE124x
ADANIPOWER Adani Power₹169.317.8%
+₹235.3b		66.5%PE29.7x
ADANIENSOL Adani Energy Solutions₹1.07k12.2%
+₹140.2b		28.2%PE57.4x
NTPC NTPC₹374.152.6%
+₹92.1b		7.1%PE15x
GAIL GAIL (India)₹153.309.0%
+₹83.0b		-9.2%PE11.7x

Latest News

ADANIPOWER
₹169.31
Adani Power
7D
7.8%
1Y
66.5%
ADANIGREEN
₹1,029.65
Adani Green Energy
7D
20.9%
1Y
19.6%

ADANIGREEN: Steady Fair Value Will Reflect Higher Growth And Softer Margins

Analysts have kept their price target on Adani Green Energy steady at ₹864, citing offsetting adjustments to revenue growth assumptions, profit margin expectations, and future P/E inputs that together leave their overall valuation view unchanged. What's in the News Board meeting scheduled on Apr 24, 2026 to consider and approve the fourth quarter financial results for FY 2025-26 (Key Developments).
NTPC
₹374.15
NTPC
7D
2.6%
1Y
7.1%

NTPC: Dividend Strength And Storage Investments Will Support Long Term Appeal

Analysts have kept NTPC's fair value estimate steady at ₹424.46, with a slightly higher discount rate and P/E assumption, as well as a small adjustment to revenue growth and profit margin expectations shaping this updated price target view. What's in the News A board meeting is scheduled for Mar 28, 2026, to review an investment proposal for a Battery Energy Storage System with 4.70 GWh capacity at an estimated project cost of ₹58,219m, along with other matters (Board Meeting).
500400
₹394.90
Tata Power
7D
3.9%
1Y
10.2%

500400: Future Transmission Expansion Will Likely Strain Margins And Limit Upside

Analysts have lifted Tata Power's price target from ₹293.94 to ₹302.14, reflecting updated assumptions around slightly higher projected revenue growth, modestly stronger profit margins, a lower future P/E multiple and a revised discount rate. What's in the News Tata Power commissioned the 400 kV Tanda Gonda and 400 kV Gonda Basti double circuit transmission lines in Uttar Pradesh, completing all Extra High Voltage transmission lines and substations under the South East UP Power Transmission Company project and supporting evacuation of over 4,000 MW of thermal power in the state (Key Developments).
ATGL
₹559.00
Adani Total Gas
7D
7.3%
1Y
-3.5%
GAIL
₹153.30
GAIL (India)
7D
9.0%
1Y
-9.2%

GAIL: Upcoming Renewables Expansion And New Leadership Will Support Future Upside

Analysts have trimmed their price target on GAIL (India) slightly from about ₹195 to around ₹192, reflecting updated assumptions for more measured revenue growth, a marginally stronger profit margin, and a slightly lower future P/E multiple. What's in the News Board meeting scheduled on January 31, 2026 at 14:00 IST to consider unaudited financial results for the quarter and nine months ended December 31, 2025, a possible interim dividend for FY 2025-26, and an extension in the completion schedule of the MNJPL Project with PNGRB (Key Developments).
ADANIENSOL
₹1,073.30
Adani Energy Solutions
7D
12.2%
1Y
28.2%
513683
₹269.40
NLC India
7D
-4.8%
1Y
19.7%

513683: Interim Dividend And Renewable Listing Plan Will Support Repricing

Analysts have kept the price target for NLC India broadly unchanged at around ₹324, reflecting only marginal tweaks to underlying assumptions such as discount rate, revenue growth, profit margin and future P/E estimates. What's in the News NLC India signed an MoU with National Aluminium Company (NALCO), a Navratna CPSE under the Ministry of Mines, to work together on thermal and renewable energy projects, with scope for a potential joint venture company (Key Developments).
TORNTPOWER
₹1,448.40
Torrent Power
7D
8.3%
1Y
-5.4%

TORNTPOWER: Board Actions On Dividend And Funding Will Shape Future Performance

Analysts now peg Torrent Power's fair value slightly lower at about ₹1,415 per share, down from roughly ₹1,420, citing updated assumptions on discount rate, revenue growth, profit margin and future P/E. What's in the News Torrent Power declared an interim dividend of ₹15 per share for fiscal year 2025-26, with a record date of February 16, 2026 and a scheduled payment date of March 12, 2026 (company announcement).
539013
₹77.33
Gita Renewable Energy
7D
-0.3%
1Y
-32.0%
538520
₹1.93
Shivamshree Businesses
7D
-7.2%
1Y
-12.3%
NTPCGREEN
₹97.17
NTPC Green Energy
7D
-1.1%
1Y
2.2%