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Best Utilities stocks in India (September 2026)

The best utilities companies listed in India by business quality, with our fair-value verdict on each. Screened from the whole market, not a hand-picked list.

#CompanyQualityDiscountOur call
1Ion Exchange (India) LtdIONEXCHANG · Utilities70-239%Watch
2Rajesh Power Services Ltd544291.BO · Utilities67-141%Avoid
3Denta Water & Infra Solutions LtdDENTA · Utilities64-53%Avoid
4Antony Waste Handling Cell LtdAWHCL · Utilities63-5%Watch
5Technocraft Ventures LtdTECHNOCRAF · Utilities63-303%Watch
6Eco Recycling Ltd530643.BO · Utilities62-1039%Watch
7K.P. Energy LtdKPEL · Utilities61-14%Watch
8Torrent Power LtdTORNTPOWER · Utilities58-70%Watch
9Nava LtdNAVA · Utilities58-59%Watch
10Va Tech Wabag LtdWABAG · Utilities58-636%Avoid
11Eco Recycling LtdECORECO · Utilities58-909%Watch
12Refex Industries LtdREFEX · Utilities56-37%Avoid
13NTPC LtdNTPC · Utilities55-62%Pass
14Power Grid Corporation of India LtdPOWERGRID · Utilities54-65%Pass
15EMS LtdEMSLIMITED · Utilities54-72%Avoid
16Effwa Infra & Research LtdEFFWA · Utilities51-512%Avoid
17JSW Energy LtdJSWENERGY · Utilities49-474%Avoid
18CESC LtdCESC · Utilities48-18%Pass
19Gujarat Industries Power Co LtdGIPCL · Utilities47-28%Pass
20Adani Power LtdADANIPOWER · Utilities46-262%Pass
21Insolation Energy LtdINA · Utilities46-117%Avoid
22KPI Green Energy LtdKPIGREEN · Utilities46-76%Pass
23Enviro Infra Engineers LtdEIEL · Utilities45-225%Avoid
24Tata Power Company LtdTATAPOWER · Utilities44-210%Pass
25PTC India LtdPTC · Utilities44+27%Pass
26GMR Power & Urban Infra LtdGMRP&UI · Utilities43+41%Avoid
27Adani Energy Solutions LtdADANIENSOL · Utilities41-661%Pass
28NLC India LtdNLCINDIA · Utilities41-119%Avoid
29Z-Tech (India) LtdZTECH · Utilities39-894%Avoid
30Namo eWaste Management LtdNAMOEWASTE · Utilities39-510%Avoid
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Quality score is a 0–100 rating of business quality; discount is versus our estimate of fair value. RichFakir is a free educational research tool, not investment advice — figures are estimates from public filings and may contain errors. Do your own research.