Adani Power surpasses APSEZ in market cap to top Adani Group pack

In a notable shift within the Adani Group pack, Adani Power has overtaken Adani Ports and Special Economic Zone (APSEZ) to emerge as the most valued company by market capitalisation.

Shares of Adani Power surged by as much as 4.5% during the day to hit a fresh 52-week high of ₹207.40 on the BSE, outperforming an otherwise muted broader market. The stock has seen a strong rally in the past one year, more than doubling from its 52-week low of ₹101.06 touched in May 2025.

While profit booking trimmed some gains by the close, the stock still ended 1.21% higher at ₹200.80, taking its market capitalisation to approximately ₹3.87 lakh crore.

APSEZ, meanwhile, also extended its upward trajectory, albeit at a slower pace. The stock rose by up to 1.76% intraday to hit a 52-week high of ₹1,600.85. It has rebounded over 35% from its 52-week low of ₹1,181.70 it hit in April 2025.

At close, APSEZ shares settled 0.28% higher at ₹1,577.55, with a market value of about ₹3.63 lakh crore, slipping to the second spot among Adani Group companies.

The broader market, in comparison, remained largely range-bound, with the BSE Sensex ending marginally higher by 26.76 points at 78,520.30, and the NSE Nifty inching up 11.30 points to close at 24,364.85.

Exchange data showed that Adani Power has significantly outpaced APSEZ across timeframes, driven by a strong rally in recent months. In calendar year 2026 so far, Adani Power shares have gained around 34%, compared with a 6% rise in APSEZ shares. The momentum has been particularly sharp in the near term, with the power stock jumping nearly 32% in the past month alone, versus a 15% rise in APSEZ.

Over a longer horizon, Adani Power has delivered 17% returns in six months and an impressive 75% over the past year, far exceeding APSEZ’s 7% six-month gain and 26.5% one-year return.

The sharp rally in Adani Power suggests a re-rating of the power business within the group, as investors increasingly bet on strong demand visibility, improved balance sheets, and sector tailwinds. Meanwhile, APSEZ continues to deliver steady, but relatively moderate, growth.

Last week, Gautam Adani, chairman of the ports-to-power conglomerate Adani Group, edged past Mukesh Ambani, chairman of Reliance Industries, to reclaim the title of Asia’s richest individual. Adani’s net worth has risen to $92.6 billion, buoyed by a sustained rally in group stocks, according to the Bloomberg Billionaires Index, which tracks global wealth rankings on a daily basis.

The resurgence in stock prices has translated into a sharp increase in the group’s overall valuation. On a year-to-date basis, the combined market capitalisation of Adani Group companies has climbed by ₹1.67 lakh crore to ₹15.90 lakh crore, from ₹14.21 lakh crore at the beginning of the year.

The journey, however, has not been linear. In January, the group witnessed a temporary erosion of nearly ₹2 lakh crore in market value, triggered by regulatory developments and legal summons related to ongoing U.S. SEC investigations. Sentiment has since turned positive, with stocks rebounding on the back of multiple favourable developments, including the group’s bid to acquire the bankrupt Jaiprakash Associates and a clean chit from the Competition Commission of India (CCI) in a 2019 solar tender antitrust case.