Adani Power Ltd, which pipped NTPC Limited as India’s most-valued power stock in April, now commands a market capitalisation (m-cap) roughly Rs 46,000 crore higher than its nearest peer within a month, thanks to a sharp 20.8 per cent rise in shares of the Adani group firm against a flat performance in NTPC.

Adani Power commanded an m-cap of Rs 4,27,830.95 crore in Friday's trade, a lead of Rs 46,170.17 crore over NTPC's Rs 3,81,660.78 crore market value. Adani Power pipped NTPC in m-cap race on April 17, 2026, for the first time since September 1, 2022, with a closing m-cap of Rs 3,82,608.34 crore against the PSU peer's 3,81,709.26 crore, data compiled by Business Today from corporate database AceEquity suggested.  It is the now the 13th most-valued stock on Dalal Street. 

MOFSL on Friday said elevated merchant tariffs, driven by seasonal demand, are expected to support profitability for players with higher untied capacity such as Adani Power. At the same time, it expects the impact on NTPC is likely to remain relatively muted, given its regulated portfolio mix.

In FY26, Adani sold 27 per cent of its units as merchant power from its 4GW capacity. It has since entered into new PPAs at attractive prices for its operational portfolio. 

ICICI Securities noted that India is witnessing strong power demand growth, with peak demand already reaching 256GW. It expects both base and peak power demand to grow at 6 per cent annually over the next couple of years. Capacity addition has been low over the past five years and to meet peak demand, India may have to rely on thermal capacity, the brokerage said. 

"Adani, as the largest private player, is likely to lead this thermal expansion," it said on May 4.

Adani, it said, has resolved its disputes, reduced leverage and improved the profitability of its operating assets. It is leveraging its balance sheet to acquire assets at attractive prices while setting up new units to meet renewed demand for coal. 

"Being ahead of the competition in new builds, Adani is successfully securing long-term arrangements for existing assets at attractive tariffs," the brokearge said.