Adanis' Largest Stock Title Shifts as Adani Power Surpasses Adani Ports

Adani Power Emerges as Most Valuable Publicly Listed Company in Adani Group

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.

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 as of April 20, 2026, according to BSE data. Adani Ports and Special Economic Zone follows closely behind at ₹3,63,461 crore, while Adani Enterprises comes in at ₹2,87,834 crore. Other 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.

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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 capitalization.

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.

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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.

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.

Experts indicate that this shift towards power and utility sectors, coupled with renewed investor trust in Adani Group companies, suggests a significant change in the conglomerate's long-term growth story. According to technical views, 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.