At Rs 4.3L cr, Adani Power valued more than NTPC

MUMBAI: With an impressive 57% rise this year, Adani Power is now the most valued power producer in India, ahead of public sector giant NTPC, BSE data showed. While Adani Power has a market capitalisation of Rs 4.3 lakh crore, NTPC’s current valuation is Rs 3.8 lakh crore. So far in 2026, NTPC has gained 20.3%.

Since the war in West Asia started on Feb 28, and people started depending more on energy sources outside of fossil fuels, demand for traditional, non-oil power rose sharply. This in turn has led to gains in stocks of some power generation companies.

Adani Power has gained about 50%, while NTPC is up marginally, about 4% since the war began.

Market cap data for all the power generators showed that the combined market cap of companies within the Adani group—Adani Power, Adani Green Energy and Adani Energy Solutions—is more than the total market value of all the other private power producers. Compared to Rs 8.2 lakh crore market value of the three Adani companies, the combined market value of 21 power companies in the private sector is Rs 4.9 lakh crore.
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