In a significant reshuffle within the Adani group, Adani Power has emerged as the most valuable publicly listed company in the conglomerate, surpassing Adani Ports & SEZ.
This milestone comes after a remarkable rise in the power stock, which recently hit a new 52-week high, boosting its market value to nearly ₹4 lakh crore as of Monday, April 20. This marks a notable shift in the group’s hierarchy, which has traditionally been dominated by the infrastructure and port sectors.
As of 20 April 2026, as per BSE data, the Adani Group’s publicly traded companies exhibit a diverse range of market capitalizations, with Adani Power at the forefront, valued at ₹3,87,237 crore. Adani Ports and Special Economic Zone follows closely behind at ₹3,63,461 crore, while Adani Enterprises comes in at ₹2,87,834 crore.
As per BSE data, additional prominent members of the group include Adani Green Energy, valued at ₹1,90,183 crore, Adani Energy Solutions at ₹1,51,530 crore, Ambuja Cements at ₹1,12,344 crore, and Adani Total Gas at ₹68,249 crore.
In contrast, companies like ACC, AWL Agri Business, and NDTV have relatively lower market capitalizations. This ranking underscores the concentration of the group’s value in sectors such as power, ports, and core holding businesses, with the other companies still making a notable contribution to the overall market capitalisation.
Adani Group stocks – Year-to-Date (YTD) performance
According to data from BSE, the performance of Adani Group stocks has shown a mixed trend in 2026, with notable differences among various sectors. Adani Power has stood out as the best performer, surging 38.56% year-to-date, followed by Adani Energy Solutions which increased by 19.74%, and Adani Green Energy which grew by 13.61%. Adani Ports and Special Economic Zone and Adani Total Gas recorded modest increases of 7.89% and 5.43%, respectively, while Adani Enterprises Ltd remained relatively stable with a slight decline of 0.65%.
Conversely, companies associated with cement and FMCG underperformed notably, with ACC Ltd plummeting 17.34%, Ambuja Cements dropping 18.54%, and AWL Agri Business declining 21.63%. Additionally, the media entity New Delhi Television saw a decline of 16.99%, underscoring a distinct shift in investor interest towards power and energy transition sectors within the group.
According to Rajesh Bhosale, Equity Technical and Derivative Analyst at Angel One, the Adani group has witnessed a strong and broad-based rally over the past month, with most stocks trading well above their key moving averages and several approaching or sustaining near all-time high levels. Within the basket, Adani Power has emerged as the top performer, driven by the ongoing momentum in the power sector and strong sectoral tailwinds.
In contrast, Bhosale explained that Reliance Industries has relatively underperformed, continuing to trade meaningfully below its all-time highs and hovering around key long-term averages such as the 200 DMA. The stock has been impacted by volatility in crude oil and lack of immediate triggers, leading to a subdued price structure compared to the sharp momentum seen in Adani group stocks, according to Bhosale.
Adani takes over the Ambanis
Gautam Adani has overtaken Mukesh Ambani to become the wealthiest person in Asia, according to the Bloomberg Billionaires Index, as reported by various news reports. As of the rankings published on April 17, Adani, the Founder and Chairman of the Adani Group, is ranked 19th in the world with an estimated net worth of $92.6 billion. Ambani, who heads Reliance Industries, follows closely behind in 20th place with a net worth of $90.8 billion.
The change follows a consistent increase in Adani’s wealth, allowing him to regain the leading position on Asia’s wealth list. For wealth generation from 2025 to 2026, Adani is ranked 19th in the world, having increased his net worth by $8.10 billion. Meanwhile, Ambani ranks among the top five billionaires who experienced the largest decrease in wealth, with his fortune dropping by $16.9 billion during the same timeframe, highlighting the differing paths of their flagship enterprises.
With this twin development, experts indicate this suggests a shift towards power and utility sectors, coupled with renewed investor trust in Adani Group companies. Additionally, it reflects the strong connection between the performance of the equity market and the creation of wealth by promoters.
According to experts, if the current trends continue, the power sector could emerge as the primary factor influencing the group’s valuation, potentially surpassing traditional infrastructure sectors and altering the conglomerate’s long-term growth story for the first time in many years.
Technical Views
Rajesh Bhosale, said that from a technical perspective, the divergence is clearly visible—while Adani group stocks are in a strong uptrend with higher high–higher low formations and positive momentum indicators, Reliance remains in a consolidation phase with limited directional strength.
“While a short-term bounce in Reliance from current levels cannot be ruled out, the prevailing momentum and sectoral strength suggest that the Adani group is likely to continue its outperformance in the near term. This could potentially lead to a further widening of the performance gap between the Adani and Ambani groups,” added Bhosale.
Disclaimer: This story is for educational purposes only. The views and recommendations above are those of individual analysts or broking companies, not Mint. We advise investors to check with certified experts before making any investment decisions.
