How Utilities sector is valued, where its profits sit and how widely its strength is spread across 51 listed companies.
51 companies · ₹22.96L cr combined market cap · prices to 9 Nov
Twelve months of earnings momentum against price strength relative to the market.
Earnings is the sector’s median fundamental score minus 50; price is the sector index’s 6-month return minus the market’s. Each dot is a month-end.
414.5 index level · +4.9% over 12 months
414.5 index level · +47.3% over 3 years
414.5 index level · +322.3% since Jan '19
ApnaFunda's market-cap-weighted index of today's Utilities companies.
Mostly the multiple.
Mostly earnings.
Earnings helped, the multiple did not.
"pts" are percentage points of the return. The parts add up to the total shown for each period. Because market value = P/E × net profit, higher profit and a higher P/E both push it up.
Example: if the sector rose 30%, profit growth accounts for +45 pts and a lower P/E for -15 pts, then 45 - 15 = 30. The +45 is not the profit growth rate itself: it is the part of the move that profit growth explains.
Only companies with positive profit at both ends are included, so figures can differ slightly from the headline.
Profit is trailing twelve months, with a 60 day reporting lag.
Usual range 8.7x to 31.1x since Jan 2019.
Usual range 0.8x to 3.0x since Jan 2019.
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Usual range 1.0x to 3.6x since Jan 2019.
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Percentiles describe where today's median sits in the sector's own history.
Each month, the line is the median multiple of the sector's companies with a positive multiple, and the band covers the middle half of them (25th to 75th percentile). At least 5 companies are needed for a month to be shown.
The aggregate divides the sector's total market cap by its total net profit (or book value), so it is weighted towards the largest companies. Constituents are today's listed companies, so companies that have since delisted are missing (survivorship bias).
Each band is a company's share of the sum of positive net profit (TTM, reported with a 60-day lag), sampled quarterly. The seven largest earners today keep their own band throughout; the rest are grouped as Others.
Company by company, the typical share price implies 1.3 pts a year less growth than the company delivered. Delivered is the typical company's growth over the last 10 years. Implied vs delivered →
Of the +56.4 pts growth in the market's combined reported earnings, 12 months to Nov '26. See Market Pulse
Higher on the chart is a better rank.
Sectors are ranked each month on price, earnings and FII/DII buying together.
The share of Utilities companies doing well on each measure.
Above 50% means most companies are.
Each chart runs from 0% (bottom) to 100% (top), monthly.
Hover or tap for a month's value.
Companies below ₹500 cr market cap are left out. A ROCE or ROE change within ±1 pt, or an FII holding change within ±0.25 pt, counts as unchanged. Shareholding is reported quarterly, so the FII chart moves in steps and starts later, when shareholding history begins.
Based on 46 companies' 12-month price returns, weighted by market cap 12 months ago.
A year with an index move under 5% is called flat. Narrow means the top 3 contributors made up at least 60% of the move, or fewer than 35% of companies beat the index in a rising year. Broad means most companies moved with the index.
The highest- and lowest-ranked of 43 Utilities companies above ₹500 cr on each lens, as of 9 Nov 2026.
Rankings combine price (3-month change), earnings (12-month change in EPS growth, ROCE and operating margin) and FII/DII buying (12-month change in holding).
Market-cap-weighted holding of Utilities companies over the last 8 quarters.
Public and others is what the three groups leave.
See the Sep 2026 sector flows
The sector's market value is split across 51 companies, but unevenly: as evenly as 11 equal-sized companies would split it.
Higher means market value is spread across more companies; lower means a few companies dominate.
This is the effective number of companies: 1 divided by the sum of squared market-cap weights. A sector of 7 equal-sized companies scores 7. One giant among many small companies scores close to 1. Under 5 reads as highly concentrated, 5 to 15 as moderately concentrated, and over 15 as broad.
Each industry's slice of the sector's market value and of its profit.
A profit bar longer than the market-cap bar means the industry earns more than it is valued for.
Select an industry to filter the company list.
Industries with fewer than 3 companies are grouped as "Other industries". Both bars share one scale.
12m return is the market-cap-weighted 12-month price return of the industry's constituents, with weights from 12 months ago. Mcap and profit shares are each industry's part of the sector total.
| Company | Industry | Mcap | Weight | 12m return | P/E | P/B | ROCE | OPM | D/E | FII Δ 1y | Promoter | 52w range |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| ADANI POWER LIMITED | Electric Utilities | ₹3.97L cr | 17.3% | +40%Q4 | 27.9xQ3 | 6.1xQ4 | 17.0%Q4 | 42.0%Q3 | 0.8xQ3 | -0.7Q1 | 75.0% | 62% |
| NTPC LIMITED | Electric Utilities | ₹3.19L cr | 13.9% | +1%Q3 | 11.5xQ1 | 1.6xQ2 | 9.0%Q2 | 32.0%Q3 | 1.3xQ3 | +0.2Q3 | 51.1% | 30% |
| POWER GRID CORPORATION OF INDI | Alternative Power Generation | ₹2.40L cr | 10.4% | -4%Q3 | 15.1xQ2 | 2.4xQ3 | 9.0%Q2 | 82.0%Q4 | 1.5xQ3 | -2.2Q1 | 51.3% | 19% |
| ADANI GREEN ENERGY LTD | Electric Utilities | ₹2.39L cr | 10.4% | +38%Q4 | 133.8xQ4 | 11.9xQ4 | 7.0%Q2 | 90.0%Q4 | 5.2xQ4 | +0.3Q3 | 62.4% | 79% |
| ADANI ENERGY SOLUTIONS LIMITED | Electric Utilities | ₹1.76L cr | 7.7% | +45%Q4 | 59.2xQ4 | 6.9xQ4 | 10.0%Q3 | 31.0%Q3 | 1.9xQ4 | -5.7Q1 | 74.7% | 65% |
| GAIL (INDIA) LIMITED | Gas Distributors | ₹1.24L cr | 5.4% | +10%Q4 | 12.5xQ1 | 1.4xQ2 | 10.0%Q3 | 17.0%Q2 | 0.3xQ2 | +0.1Q3 | 51.8% | 98% |
| TATA POWER CO LTD | Electric Utilities | ₹1.15L cr | 5.0% | -8%Q3 | 29.8xQ3 | 2.9xQ3 | 11.0%Q3 | 20.0%Q3 | 1.9xQ4 | -0.0Q2 | 46.9% | 20% |
| JSW ENERGY LIMITED | Electric Utilities | ₹95985 cr | 4.2% | +7%Q4 | 47.1xQ3 | 3.1xQ3 | 8.0%Q2 | 55.0%Q4 | 2.5xQ4 | -0.9Q1 | 66.5% | 50% |
| NHPC LIMITED | Electric Utilities | ₹80794 cr | 3.5% | +5%Q4 | 21.3xQ2 | 1.9xQ2 | 6.0%Q1 | 62.0%Q4 | 1.3xQ3 | +3.0Q4 | 61.4% | 64% |
| NTPC GREEN ENERGY LIMITED | Alternative Power Generation | ₹69543 cr | 3.0% | -13%Q2 | 116.2xQ4 | 3.7xQ3 | 4.0%Q1 | 89.0%Q4 | 1.7xQ3 | -0.2Q2 | 89.0% | 9% |
| ADANI TOTAL GAS LIMITED | Gas Distributors | ₹63286 cr | 2.8% | -5%Q3 | 100.0xQ4 | 13.0xQ4 | 15.0%Q4 | 15.0%Q2 | 0.5xQ2 | -0.3Q2 | 74.8% | 28% |
| TORRENT POWER LIMITED | Electric Utilities | ₹62277 cr | 2.7% | -6%Q3 | 26.8xQ2 | 3.3xQ3 | 14.0%Q3 | 19.0%Q2 | 0.7xQ3 | -1.3Q1 | 51.1% | 13% |
| PETRONET LNG LIMITED | Gas Distributors | ₹47985 cr | 2.1% | +21%Q4 | 11.4xQ1 | 2.1xQ2 | 23.0%Q4 | 28.0%Q3 | 0.1xQ1 | -2.8Q1 | 50.0% | 100% |
| NLC INDIA LIMITED | Electric Utilities | ₹33706 cr | 1.5% | -0%Q3 | 10.5xQ1 | 1.6xQ2 | 8.0%Q2 | 31.0%Q3 | 1.3xQ3 | +1.7Q4 | 69.5% | 13% |
| ACME SOLAR HOLDINGS LIMITED | Alternative Power Generation | ₹28773 cr | 1.3% | +77%Q4 | 43.3xQ3 | 5.7xQ4 | 9.0%Q2 | 86.0%Q4 | 3.9xQ4 | -1.4Q1 | 71.4% | 75% |
| SATLUJ JAL VIDYUT NIGAM LTD | Electric Utilities | ₹22678 cr | 1.0% | -26%Q2 | 35.6xQ3 | 1.6xQ2 | 6.0%Q1 | 61.0%Q4 | 2.3xQ4 | +0.3Q3 | 81.8% | 27% |
| INDRAPRASHTHA GAS LTD | Gas Distributors | ₹20098 cr | 0.9% | -28%Q2 | 14.8xQ1 | 1.8xQ2 | 18.0%Q4 | 6.0%Q1 | 0.0xQ1 | -6.7Q1 | 45.0% | 19% |
| CESC LIMITED | Electric Utilities | ₹17042 cr | 0.7% | -22%Q2 | 11.0xQ1 | 1.4xQ2 | 11.0%Q3 | 16.0%Q2 | 1.7xQ4 | +0.5Q4 | 52.1% | 9% |
| NAVA LIMITED | Electric Utilities | ₹15127 cr | 0.7% | +2%Q3 | 20.0xQ2 | 1.7xQ2 | 13.0%Q3 | 43.0%Q3 | 0.3xQ1 | -0.0Q2 | 50.0% | 28% |
| JUNIPER GREEN ENERGY LTD | Electric Utilities | ₹14840 cr | 0.6% | — | 221.0xQ4 | 4.3xQ4 | 3.0%Q1 | 90.0%Q4 | 4.0xQ4 | — | — | — |
| CLEAN MAX ENVIRO ENERGY SOLUTI | Alternative Power Generation | ₹14736 cr | 0.6% | — | 89.2xQ4 | 3.2xQ3 | 6.0%Q1 | 51.0%Q4 | 2.7xQ4 | — | 49.4% | — |
| SG MART LIMITED | Electric Utilities | ₹11382 cr | 0.5% | +157%Q4 | 91.4xQ4 | 7.1xQ4 | 10.0%Q3 | 4.5%Q1 | 0.2xQ1 | +1.0Q4 | 57.9% | 96% |
| MAHANAGAR GAS LIMITED | Gas Distributors | ₹11096 cr | 0.5% | -6%Q3 | 15.5xQ2 | 1.7xQ2 | 17.0%Q4 | 14.0%Q2 | 0.0xQ1 | -2.3Q1 | 32.5% | 58% |
| JAIPRAKASH POWER VENTURES LIMI | Electric Utilities | ₹9604 cr | 0.4% | -26%Q2 | 14.9xQ2 | 0.8xQ1 | 7.0%Q2 | 44.0%Q4 | 0.3xQ2 | +0.5Q4 | 24.0% | 12% |
| RELIANCE POWER LIMITED | Alternative Power Generation | ₹7779 cr | 0.3% | -53%Q1 | — | 0.5xQ1 | 6.0%Q1 | 29.0%Q3 | 0.9xQ3 | +0.7Q4 | 25.0% | 10% |
| WAAREE RENEWABLE TECH LTD | Alternative Power Generation | ₹7686 cr | 0.3% | -31%Q2 | 15.1xQ2 | 8.2xQ4 | 83.0%Q4 | 19.0%Q2 | 0.2xQ1 | +0.7Q4 | 74.3% | 14% |
| SWAN CORP LIMITED | Electric Utilities | ₹7630 cr | 0.3% | -46%Q1 | 34.0xQ3 | 1.0xQ1 | -1.0%Q1 | -0.4%Q1 | 0.3xQ2 | +1.0Q4 | 54.0% | 8% |
| KPI GREEN ENERGY LIMITED | Alternative Power Generation | ₹6557 cr | 0.3% | -23%Q2 | 14.3xQ1 | 2.2xQ3 | 14.0%Q3 | 35.0%Q3 | 1.7xQ4 | -0.1Q2 | 49.4% | 22% |
| INOX GREEN ENERGY SERVICES LTD | Alternative Power Generation | ₹4944 cr | 0.2% | -46%Q1 | 37.8xQ3 | 2.9xQ3 | 8.0%Q2 | -2.2%Q1 | 0.1xQ1 | +0.7Q4 | 56.1% | 10% |
| SAATVIK GREEN ENERGY LTD | Electric Utilities | ₹4625 cr | 0.2% | -12%Q2 | 18.8xQ2 | 3.4xQ3 | 33.0%Q4 | 6.6%Q1 | 0.7xQ3 | — | 76.0% | 16% |
| STEAMHOUSE INDIA LIMITED | Electric Utilities | ₹3751 cr | 0.2% | — | 68.1xQ4 | 21.7xQ4 | 16.0%Q4 | 24.1%Q3 | 1.9xQ4 | — | — | — |
| RATTANINDIA POWER LIMITED | Electric Utilities | ₹3662 cr | 0.2% | -32%Q1 | 32.5xQ3 | 0.8xQ1 | 6.0%Q1 | 16.0%Q2 | 0.8xQ3 | +0.3Q3 | 44.1% | 19% |
| PRABHA ENERGY LIMITED | Alternative Power Generation | ₹3162 cr | 0.1% | +3%Q4 | 2893.6xQ4 | 7.3xQ4 | -0.1%Q1 | 18.9%Q2 | 0.4xQ2 | +1.3Q4 | 74.9% | 52% |
| RAVINDRA ENERGY LIMITED | Alternative Power Generation | ₹2733 cr | 0.1% | -7%Q3 | 45.5xQ3 | 6.6xQ4 | 14.0%Q3 | 31.8%Q3 | 1.4xQ3 | +0.3Q3 | 58.3% | 28% |
| GUJARAT INDUSTRIES POWER CO L | Electric Utilities | ₹2536 cr | 0.1% | +2%Q3 | 9.7xQ1 | 1.0xQ1 | 16.0%Q4 | — | 0.2xQ1 | -1.2Q1 | 56.6% | 51% |
| UJAAS ENERGY LIMITED | Alternative Power Generation | ₹2522 cr | 0.1% | +58%Q4 | 1452.3xQ4 | 11.7xQ4 | 11.0%Q3 | — | 0.6xQ2 | — | 75.0% | 52% |
| BAJEL PROJECTS LIMITED | Alternative Power Generation | ₹1827 cr | 0.1% | -11%Q2 | 83.2xQ4 | 2.5xQ3 | 11.0%Q3 | 3.3%Q1 | 0.5xQ2 | +0.2Q3 | 62.5% | 29% |
| TEXMACO INFRA & HOLDINGS LTD | Electric Utilities | ₹1671 cr | 0.1% | +26%Q4 | 182.2xQ4 | 1.6xQ2 | 1.4%Q1 | -48.8%Q1 | 0.0xQ1 | +1.4Q4 | 66.5% | 95% |
| K P ENERGY LIMITED | Alternative Power Generation | ₹1392 cr | 0.1% | -46%Q1 | 7.6xQ1 | 2.7xQ3 | 39.0%Q4 | 12.0%Q2 | 0.8xQ3 | -0.1Q2 | 45.3% | 16% |
| JYOTI STRUCTURES LTD | Electric Utilities | ₹1291 cr | 0.1% | -5%Q3 | 20.4xQ2 | 2.7xQ3 | 2.0%Q1 | 8.0%Q1 | 4.4xQ4 | -0.3Q2 | — | 44% |
| ORIENT GREEN POWER COMPANY LIM | Electric Utilities | ₹1107 cr | 0.0% | -26%Q2 | 17.2xQ2 | 1.0xQ1 | 7.0%Q2 | 68.0%Q4 | 0.5xQ2 | -0.0Q2 | 24.4% | 25% |
| SOLARWORLD ENERGY SOLUTIONS LT | Electric Utilities | ₹953 cr | 0.0% | -63%Q1 | 8.1xQ1 | 1.1xQ1 | 24.0%Q4 | 6.6%Q1 | 0.3xQ2 | — | 65.8% | 4% |
| DPSC Limited | Electric Utilities | ₹653 cr | 0.0% | -39%Q1 | 51.6xQ3 | 0.7xQ1 | 3.0%Q1 | -1.8%Q1 | 0.1xQ1 | -0.0Q2 | 59.1% | 20% |
| EKI ENERGY SERVICES LIMITED | Electric Utilities | ₹210 cr | 0.0% | — | — | 0.6xQ1 | -6.0%Q1 | -136.0%Q1 | 0.0xQ1 | — | 65.9% | — |
| POWER AND INSTRU GUJARAT LTD | Electric Utilities | ₹196 cr | 0.0% | -39%Q1 | 12.2xQ1 | 1.3xQ1 | 15.0%Q4 | 10.3%Q2 | 0.2xQ1 | 0.0Q3 | 50.7% | 9% |
| MADHAV INFRA PROJECTS LIMITED | Electric Utilities | ₹185 cr | 0.0% | — | 7.1xQ1 | 0.8xQ1 | 15.0%Q4 | 17.5%Q2 | 0.7xQ3 | — | 68.8% | — |
| SHUBHSHREE BIOFUELS ENERGY LTD | Alternative Power Generation | ₹176 cr | 0.0% | -20%Q2 | 16.7xQ2 | 4.3xQ3 | 33.0%Q4 | — | 0.3xQ2 | -0.4Q2 | 73.6% | 31% |
| INDOWIND ENERGY LTD | Electric Utilities | ₹149 cr | 0.0% | -48%Q1 | — | 0.5xQ1 | 1.4%Q1 | 53.1%Q4 | 0.0xQ1 | +0.0Q3 | 48.2% | 19% |
| ENERGY DEVELOPMENT COMPANY LTD | Electric Utilities | ₹71 cr | 0.0% | -32%Q1 | — | 18.1xQ4 | 14.3%Q3 | 33.3%Q3 | 35.2xQ4 | 0.0Q3 | 58.1% | 14% |
| KARMA ENERGY LIMITED | Electric Utilities | ₹40 cr | 0.0% | -35%Q1 | — | 1.3xQ2 | 4.1%Q1 | -37.0%Q1 | 0.6xQ2 | — | 74.7% | 13% |
| AGNI GREEN POWER LIMITED | Electric Utilities | ₹29 cr | 0.0% | -38%Q1 | 34.3xQ3 | 0.9xQ1 | 8.4%Q2 | — | 0.5xQ2 | — | 70.6% | 10% |
Sorted by market cap.
Click a column heading to re-sortTap a column heading to re-sort
Dots show a company's quartile within this sector (Q1 = lowest value in the sector, Q4 = highest) for the metrics that have one; hover for the percentile. This is a relative position within this sector only, not a quality score. A hollow dot means loss-making.
Lenders show ROE in place of ROCE and n/a for operating margin and debt/equity. Companies without their own page are listed unlinked. 12m return is the 12-month price change.