In a major shift within the Adani Group hierarchy, Adani Power has officially surpassed Adani Ports & SEZ to become the most valuable publicly listed company in the conglomerate. As of April 21, 2026, the power giant’s market capitalization is nearing the ₹4 lakh crore milestone, signaling a clear shift in investor preference toward the energy and utility sectors.
Market Cap Rankings (as of April 20-21, 2026)
| Company | Market Capitalization |
| Adani Power | ₹3,87,237 Crore |
| Adani Ports & SEZ | ₹3,63,461 Crore |
| Adani Enterprises | ₹2,87,834 Crore |
| Adani Green Energy | ₹1,90,183 Crore |
| Adani Energy Solutions | ₹1,51,530 Crore |
Stock Performance Highlights
Adani Power has emerged as the group’s “star performer” in 2026, driven by intense sectoral tailwinds and the group’s pivot toward energy transition.
- Year-to-Date (YTD) Growth: Adani Power led the pack with a staggering 38.56% increase.
- Other Gainers: Adani Energy Solutions (+19.74%) and Adani Green Energy (+13.61%) also saw double-digit growth.
- The Lagging Sectors: Cement and FMCG faced significant sell-offs, with AWL (Agri Business) dropping 21.63% and Ambuja Cements declining 18.54% YTD.
Gautam Adani Surpasses Mukesh Ambani
The surge in power stocks has directly impacted the global billionaire rankings. On April 17, 2026, Gautam Adani reclaimed his title as the wealthiest person in Asia.
- Gautam Adani: Ranked 19th globally with a net worth of $92.6 billion.
- Mukesh Ambani: Ranked 20th globally with a net worth of $90.8 billion.
While Adani’s fortune grew by $8.10 billion over the past year, Ambani’s net worth saw a decline of $16.9 billion, largely due to volatility in crude oil prices affecting Reliance Industries.
Expert Technical View
According to analysts, the divergence between the two groups is clear. While Adani Group stocks are in a strong “uptrend” with higher high–higher low formations, Reliance Industries remains in a consolidation phase, trading below its 200-day moving average (DMA).
“The prevailing momentum suggests the Adani group is likely to continue its outperformance in the near term, potentially widening the gap between the Adani and Ambani groups.” — Rajesh Bhosale, Equity Technical Analyst.