Shares of Adani Group companies saw strong buying momentum on Wednesday in an otherwise subdued broader market, led by Adani Green Energy, Adani Energy Solutions, and Adani Total Gas. The rally in Adani Group stocks was driven by robust Q2 earnings reports, while sentiment was further lifted after state-owned Life Insurance Corporation of India (LIC) denied allegations made in a Washington Post report regarding its investments in the Adani Group.

All 11 listed Adani Group entities were trading in the green, rising in the range of 2-14%, while the BSE benchmark Sensex and NSE Nifty were up around 0.4%.

Within the Adani Group, the top gainer was Adani Green Energy, which surged as much as 14% as investors reacted positively to its September-quarter earnings report. Adani Total Gas shares also jumped nearly 9% post-Q2 results, while Adani Energy Solutions, which released its results on Monday, gained around 7% during the trade so far.

Among others, ACC, Adani Ports, Adani Wilmar, Ambuja Cement, NDTV and Sanghi Industries gained in the range of 1-3%. The group flagship Adani Enterprises rose over 4% in intraday trade.  

Here are key reasons behind rally in Adani group stocks:

Strong Q2 results

The rally in Adani Green Energy, Adani Energy Solutions, and Adani Total Gas shares were driven by their earnings reports.

Adani Green Energy has reported a 25% year-on-year (YoY) rise in consolidated net profit to ₹644 crore for Q2 FY26, up from ₹515 crore a year earlier. Revenue from operations was steady at ₹3,008 crore, while power supply revenue rose 20% to ₹2,776 crore, driven by higher generation from new renewable energy capacities.

On the other hand, Adani Total Gas reported a 11.9% YoY decline in net profit to ₹164 crore for Q2 FY26, compared with ₹186 crore a year earlier. Revenue, however, rose 19.6% to ₹1,576.4 crore, driven by higher CNG and PNG volumes. EBITDA fell 3.5% to ₹295.1 crore, with the operating margin narrowing to 18.7% from 23.2% in Q2 FY25. On the operations front, total CNG and PNG volumes grew 16% YoY to 280 MMSCM.

Meanwhile, Adani Energy Solutions reported a sharp 172% YoY rise in consolidated profit after tax (PAT) to ₹773 crore for the second quarter of FY26, driven by robust operational performance and a one-time tax adjustment. Excluding the ₹314 crore deferred tax reversal (MAT entitlement), adjusted PAT stood at ₹459 crore, up 61.6% YoY. Total income grew 69% YoY, while EBITDA rose 31% YoY to ₹1,891 crore, supported by strong revenue growth, steady regulated earnings from Adani Electricity Mumbai Ltd. (AEML), and improved treasury income. The company also raised ₹8,373 crore through a qualified institutional placement (QIP) during the quarter, the largest-ever fundraise in the Indian power sector.

LIC’s refusal of Washington Post report

Investor sentiment toward Adani Group stocks was further boosted after the Life Insurance Corporation of India (LIC) firmly refuted allegations made in a Washington Post report regarding its investments in the conglomerate. The report had claimed that Indian officials had pressured the state-owned insurer to invest around $3.9 billion (₹34,200 crore) in Adani Group companies, a charge the insurer dismissed as baseless and misleading.

In an official statement posted on its X handle, LIC called the claims “false, baseless, and far from truth,” asserting that no document or plan as alleged in the article “has ever been prepared by LIC which creates a roadmap for infusing funds by LIC into Adani group of companies.”

LIC also denied any involvement of the Department of Financial Services or any other government body in its investment decisions, emphasising that it follows “the highest standards of due diligence” and acts “in compliance with extant policies, provisions in the Acts and regulatory guidelines, in the best interest of all its stakeholders.”

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