May 2026
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Largest Utilities Public Companies in India
Benchmark revenue and EBITDA valuation multiples for public comps like
Adani Power, NTPC, Power Grid Corporation of India, IndianOil and GAIL (India).
 | Adani Power Ltd is an electric utility company that produces and transmits energy from its portfolio of power plants located throughout India. The company produces its energy using thermal fuel sources, such as coal but also owns facilities that utilize solar and steam generation. The company's electricity sales are structured through long-term agreements. Its business segments include Power Generation and related activities, which generates key revenue, and Trading, Investment, and other activities. Geographically, the company generates a majority of its revenue from India. | $2 | +93% | $47B | $53B | 9.2x | 21.7x | ||
| NTPC Ltd is an Indian state-owned electric utility company. It is the power producer in India and supplies a significant amount of the nation's total needs. The company generates revenue through the sale of electricity to state-owned Indian power distribution companies from its stations throughout the country. NTPC also brings in a significant amount of revenue through its consultancy wing, which provides project management and supervision, energy trading, oil and gas exploration and coal mining. While the vast majority of its facilities use coal and gas fuel sources, NTPC has also increased its capacity through renewable energy sources, such as hydroelectric, solar, and thermal power, and plans to continue this trend going forward. | $4 | +10% | $39B | $64B | 3.3x | 10.1x | ||
| Power Grid Corp Of India Ltd is a state-owned electric utility company in India. The activities of the firm are operated through Transmission, Telecom, and Consultancy segments. Under the Transmission division, the company's principal business is the transmission of bulk power across different states of India. Whereas the Telecom division leverages the firm's nationwide transmission infrastructure and operates as a neutral carrier in the point-to-point Bandwidth Leasing Business. The company is also involved in the Consultancy business in which it provides in-house expertise in the Transmission, Distribution, and Telecom sectors, including planning, design, engineering, load dispatch, procurement management, financing, and others. It derives maximum revenue from the Transmission segment. | $3 | -7% | $28B | $42B | 9.0x | 9.7x | ||
| Indian Oil Corp Ltd conducts business across the entire hydrocarbon value chain, from refining, pipeline transportation and marketing, to exploration and production of crude oil and gas, petrochemicals, gas marketing, alternative energy sources, and globalisation of downstream operations. The group is engaged in the following business segments: Sale of Petroleum Products, Sale of Petrochemicals, Sale of Gas, and the Other operating segment, which includes oil and gas exploration activities, explosives and cryogenic business, and windmill and solar power generation. The majority of its revenue is generated from the sale of petroleum products such as motor spirit, high speed diesel, liquified petroleum gas, aviation turbine fuel, and others. Geographically, it derives key revenue from India. | $1 | -8% | $21B | $33B | 0.4x | 3.7x | ||
| GAIL (India) Ltd is an Indian natural gas processing and distribution company of which the Government of India owns a majority of shares. GAIL India's core business is the sale and transmission of both natural gas and a variety of LPGs, or liquefied petroleum gases. The company segments its operations into Transmission services; Natural Gas Marketing; Petrochemicals; LPG and Other Liquid Hydrocarbon; and Other Segments, which includes City Gas Distribution (CGD), Exploration and Production (E&P), Compressed Bio Gas (CBG) & Power Generation. The company generates key revenue from Natural Gas Marketing. | $2 | -17% | $11B | $14B | 0.9x | 8.9x | ||
| JSW Energy Ltd is an Indian electric utility company and member of the Jindal Group business conglomerate. JSW Energy segments Thermal and Renewables. Thermal: Comprises of generation of power from coal and other thermal sources from plants and Renewables: Comprises of generation of power from renewable energy sources i.e. hydro, wind, solar and related ancillary services. owned and related ancillary services. Geographically, it generates a majority of its revenue from India. | $6 | +9% | $11B | $18B | 9.2x | 15.9x | ||
| Adani Total Gas Ltd is developing City Gas Distribution (CGD) Networks to supply the Piped Natural Gas (PNG) to the Industrial, Commercial, Domestic (residential), and Compressed Natural Gas (CNG) to the transport sector. It has a single operating segment that is the Sale of Natural Gas. Geographically, the group has set up gas distribution networks in Ahmedabad and Vadodara in Gujarat, Faridabad in Haryana, and Khurja in Uttar Pradesh. | $8 | +6% | $8B | $9B | 14.2x | 67.1x | ||
| NHPC Ltd is an electric utility company, of which the Indian government owns the vast majority of shares. The company produces electricity through the operation of its portfolio of hydroelectric power plants located across India. Electricity generation (including income from embedded Finance/ Operating leases) is the principal business activity of the Company. NHPC generates a majority of its revenue from the sale of energy to state electricity boards, state energy departments, and their successor companies via long-term agreements. The company has made efforts to expand its electric production capacity with thermal, wind, and solar power generating facilities. NHPC operates its power development and secondary consulting businesses exclusively in India. | $1 | -13% | $8B | $13B | 10.3x | 19.0x | ||
| Torrent Power Ltd is an Indian utility company engaged in the business of power generation, transmission, and distribution. Both by itself and through its subsidiaries, Torrent Power operates a portfolio of gas, combined cycle, coal, wind, and solar power plants. The group's reportable segments are: Generation, Transmission and Distribution, and Renewables. The majority of its revenue is generated from the Transmission and Distribution segment, which comprises transmission and distribution business (licensed and franchisee) and related ancillary services. The Generation segment includes the generation of power from thermal sources (gas and coal) and trading of Regassified Liquified Natural Gas, and the Renewables segment includes generation of power from renewable energy sources. | $15 | -7% | $7B | $8B | 2.7x | 13.5x | ||
| Indraprastha Gas Ltd is an Indian utility company engaged in the business of city gas distribution. It operates in a single segment of the natural gas business, and its products include the Compressed Natural Gas Business provides a fossil fuel substitute for other auto fuels such as petrol, diesel, LPG, etc, and the Piped Natural Gas Business is mainly methane-CH4 with a small percentage of other higher hydrocarbons. The group generates the majority of its revenue from the Compressed Natural Gas Business. | $2 | -27% | $2B | $2B | 1.2x | 7.4x | ||
| Gujarat State Petronet Ltd is a regulated Indian natural gas utility company of which the shareholder is a state-owned oil and gas exploration company, Gujarat State Petroleum Corporation. Gujarat State Petronet is involved in the provision of natural gas, compressed natural gas, and liquefied natural gas transmission services in the West Indian state of Gujarat through its pipeline network. The company derives the vast majority of its sales from service fees relating to the transportation of gas to domestic, industrial, and commercial customers. With its many subsidiaries and associate firms, such as Gujarat Gas Limited, Gujarat State Petronet is one of the gas distributors in India. | $3 | -- | $2B | $1B | - | - | ||
| Reliance Power Ltd is an electric utility that constructs, develops, and operates power generation projects. Generation of power is its only operating segment and includes all of the firm's projects. Categorized as either operating, under construction, or under development, these projects generate electricity using thermal fuel sources or renewable resources. The company derives its revenue from the sale of energy, but support service agreements contribute as well. | $0 | -63% | $1B | $3B | 3.1x | 9.4x | ||
| Mahanagar Gas Ltd is an India-based natural gas distribution company. It distributes natural gas through the City Gas Distribution network of pipelines. It distributes compressed natural gas (CNG) for use in vehicles and piped natural gas (PNG) for domestic household, commercial, and industrial use, and to transport sector customers as well. The company operates under the business segment of the sale of natural gas. Its business operations are principally carried out in India. The company generates revenue by selling natural gas, of which the sale of CNG accounts majorly for the total gas sales revenue. | $11 | -29% | $1B | $1B | 1.2x | 6.1x | ||
| Reliance Infrastructure Ltd is an Indian company operating in the country's utilities and infrastructure sectors. The company segments its activities into Power, Engineering and Construction (E&C), and Infrastructure. The company's key revenue is derived from electricity sales and transmission charges issued by its Power division. This unit is involved in the generation, transmission, distribution, and trading of energy in India. | $1 | -84% | $290M | $491M | 0.2x | 0.6x | ||
| Concord Enviro Systems Ltd is engaged in the business of manufacturing water treatment systems, water pollution control equipment, bio filters, resource recovery systems using membrane technology, and operational and maintenance services. Geographically, the company generates maximum revenue from its business in India, and also caters to international market to some extent. | $3 | -54% | $60M | $69M | 1.2x | 10.2x | ||
| Median | $3 | -10% | $8B | $9B | 2.9x | 9.9x |
Financial data powered by FactSet and Morningstar. Valuation multiples as of current fiscal year. For more data, start your free trial here.
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