Adani Power has surged past state-run NTPC, now sitting as India’s most valuable publicly traded power company. Its shares have soared nearly 50% so far this year, pushing the market cap up to about ₹4.3 lakh crore. NTPC, by comparison, stands at roughly ₹3.9 lakh crore, according to NSE data. That puts the Adani Group firm ahead of the country’s public-sector powerhouse in terms of total listed share value. This shift is notable: Adani Power now commands a higher market value than NTPC, even though NTPC operates over 80 gigawatts of installed capacity—far outstripping Adani Power’s 18.2 GW. Investors, eyeing the private thermal-power player, have pushed up its stock on bets that squeezed electricity supplies, improved contracts, and stronger utilisation
