A major shift has taken place within the Adani Group as Adani Power has surpassed Adani Ports and Special Economic Zone (APSEZ) in market capitalisation. This change makes Adani Power the most valuable company in the group, marking a clear shift in investor preference.
Adani Power’s strong rally has been the key reason behind this development. The stock recently touched a 52-week high of ₹207.40, rising as much as 4.5% during the day before closing at ₹200.80, up 1.21%. Its total market capitalisation now stands at around ₹3.87 lakh crore. The scale of the rally becomes clearer when compared to its previous lows, the stock has more than doubled from ₹101.06 in May 2025.
In comparison, APSEZ also showed positive movement but at a slower pace. The stock touched a 52-week high of ₹1,600.85 and closed at ₹1,577.55, up 0.28%. Its market capitalisation stands at about ₹3.63 lakh crore. While APSEZ remains a strong business within the group, this gap in performance has pushed it to the second position.
The difference becomes even more visible when looking at returns across different time periods. So far in 2026, Adani Power has gained around 34%, while APSEZ has risen by about 6%. In the past one month, Adani Power surged 32% compared to APSEZ’s 15% gain. Over six months, the gap remains, with Adani Power up 17% and APSEZ up 7%. On a one-year basis, Adani Power has delivered a 75% return, clearly ahead of APSEZ’s 26.5%.
This strong outperformance shows that the market is re-rating the power business. Investors are increasingly focusing on sectors with strong demand visibility, and power is emerging as one of them. Rising electricity consumption, driven by economic growth and higher usage, is supporting this trend. At the same time, better balance sheets and improving financial stability have added to investor confidence in power companies.
APSEZ, on the other hand, continues to grow steadily. It remains a key player in ports and logistics, with a strong presence in India’s trade ecosystem. However, its growth is seen as stable rather than high-growth at this stage. This has resulted in a relatively lower re-rating compared to the power segment.
It is also important to note that this shift is not due to a broad market rally. On the day of this development, benchmark indices like the BSE Sensex and Nifty 50 remained largely flat, rising only slightly. This indicates that the move in Adani Power was driven mainly by stock-specific factors rather than overall market sentiment.
The rise in Adani Power has also contributed to the overall growth of the Adani Group. The group’s total market capitalisation has increased to around ₹15.90 lakh crore, with a rise of about ₹1.67 lakh crore so far this year. This improvement has also supported the wealth of Gautam Adani, helping him regain the position of Asia’s richest person with a net worth of about $92.6 billion.
However, the journey has not been smooth. Earlier in the year, the group saw a sharp decline of around ₹2 lakh crore in market value due to regulatory developments and legal concerns linked to the U.S. Securities and Exchange Commission. Sentiment improved later after positive developments, including a bid for Jaiprakash Associates and a clean chit from the Competition Commission of India in a solar tender case.
Overall, this shift reflects a deeper change within the Adani Group. Earlier, ports and logistics led the group’s valuation. Now, power and energy have taken the lead. The market is clearly signaling that it sees stronger growth potential in energy demand and the power sector compared to traditional infrastructure businesses.