The rally, largely driven by strong quarterly results from flagship renewable and energy arms, sparked a broad-based surge across the group’s 10 listed companies.
Adani Green Energy leads gains
Adani Green Energy Ltd alone accounted for a market cap gain of Rs 14,464 crore after its shares surged 14% to an intraday high of Rs 1,145 on the BSE. The company reported a 111% year-on-year jump in net profit for the September quarter to Rs 583 crore, even as total income slipped 4% YoY to Rs 3,249 crore.Revenue from power supply rose 20% YoY to Rs 2,776 crore, while segment EBITDA climbed 19% to Rs 2,543 crore. The company attributed the strong performance to 5.5 GW of new capacity additions and commissioning of projects in Khavda (Gujarat) and Rajasthan.
Ashish Khanna, CEO of Adani Green Energy, said steady progress continues on the company’s 30 GW renewable project at Khavda, describing it as “our largest ongoing development.” As of September 2025, operational capacity stood at 16.7 GW—up 49% from a year ago—making Adani Green the largest renewable power producer in India.
Adani Total Gas gains despite profit dip
Adani Total Gas Ltd, a joint venture with France’s TotalEnergies, jumped 8.7% to an intraday high of Rs 675, contributing Rs 3,558 crore to the day’s market cap surge.The stock rose even as the company reported a 9% YoY decline in quarterly net profit, hurt by a 26% rise in input gas costs stemming from lower allocations of below-market priced Administered Pricing Mechanism (APM) gas.
Despite these cost pressures, revenue from operations climbed 19% YoY to Rs 1,569 crore. The company sold 18% more compressed natural gas (CNG) and 11% more piped natural gas (PNG) during the quarter.
Suresh P. Manglani, CEO of ATGL, said the company delivered an “impressive set of numbers” despite challenging conditions, citing “strong growth in volumes and revenue.”
EBITDA stood at Rs 603 crore, with the firm maintaining a calibrated approach to pricing while managing higher procurement costs driven by a 4% appreciation of the U.S. dollar during the quarter.
Also read | Adani Green Energy shares soar 14% after Q2 profit more than doubles YoY
Broad-based strength across the group
Beyond the renewable and gas businesses, other Adani Group companies joined the rally.
Adani Enterprises added Rs 7,877 crore in market value after rising 3.14%, while Adani Ports and Special Economic Zone gained Rs 7,517 crore as the stock advanced 2.83%.
Adani Power climbed 2.51%, adding Rs 6,460 crore in marketcap, and Adani Energy Solutions rose 5.22%, boosting its value by Rs 5,988 crore.
Among the group’s cement businesses, Ambuja Cements added Rs 2,175 crore, and ACC Ltd contributed Rs 161 crore.
Adani Wilmar’s agri business gained Rs 305 crore, NDTV added Rs 32 crore, and Sanghi Industries Rs 11 crore.
Altogether, these moves lifted the Adani Group’s combined market capitalization by Rs 48,550 crore on Wednesday.
The across-the-board rally reflects a revival in investor sentiment toward the Adani Group following months of volatility. Robust operational growth, capacity expansions, and improving financial visibility across its renewable and energy portfolios appear to be rekindling market confidence.
With Adani Green reaffirming its 50 GW renewable capacity target by 2030 and Adani Total Gas demonstrating resilience amid cost pressures, the group’s second-quarter results have, for now, reignited optimism across its sprawling empire.
Also read | Adani Total Gas shares rally nearly 9% after posting Q2 results
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