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Adani Power becomes India's most valuable power company
11 May 2026

Adani Power has become India's most valuable listed power company, thanks to a nearly 50% surge in its stock price this year.

The company's market capitalization has soared to ₹4.24 lakh crore, surpassing NTPC's ₹3.9 lakh crore.

The rally is driven by strong earnings growth, rising electricity demand, and institutional interest in the stock.

Most valuable firm within Adani Group
Market dominance

The stock surge has also made Adani Power the most valuable firm within the Adani Group.

The valuation gap with its peers is extraordinary.

Adani Power alone is now worth more than Tata Power (₹1.4 lakh crore), JSW Energy (₹98,000 crore), Torrent Power (₹85,000 crore), and CESC (₹24,000 crore) combined.

It accounts for roughly 50-55% of the entire valuation of India's listed thermal and private power universe.

Jefferies raises price target
Analyst outlook

Jefferies, a leading brokerage firm, has raised its price target for Adani Power to ₹255 from ₹185.

The move comes as the firm sees given rising power demand and healthy growth prospects for the next 3-4 years.

Jefferies assigns Adani Power a 100% premium to NTPC's implied 10x multiple, citing "faster growth and some merchant upside also available."

Rising thermal tariffs expected to boost profitability
Profit potential

Jefferies noted that Adani Power's March quarter EBITDA came in 7% above the estimates, driven by better-than-expected realizations and utilization rates.

The firm also flagged that some new thermal tariff PPAs have been signed at close to ₹6 per unit, compared to below ₹5.5 earlier.

This shift is expected to materially improve profitability through FY28-FY30.