Adani stocks lag in 1yr; analysts back Adani Enterprises, Power, Ports

Only a handful of Adani Group stocks have generated notable returns for investors over the past year and so far in 2026.

Adani Group stocks have returned to the spotlight after a US court admitted a plea seeking dismissal of a fraud case filed by the US Securities and Exchange Commission (SEC). The development boosted investor sentiment, triggering a sharp rally across the group’s stocks in the previous session. Adani Green Energy led the surge, rising 11 per cent, followed by Adani Enterprises, which gained 8.6 per cent. 

The rally lifted the Adani Group’s overall market capitalisation by more than ₹88,000 crore, according to ACE Equity data compiled by Business Standard.  

The case in question dates back to 2024, wherein the SEC charged Adani Group's Gautam Adani and his nephew Sagar Adani of orchestrating a scheme to pay millions of dollars in bribes to Indian government officials to favour one of the group's companies. The case is also linked to allegations that Adani Group failed to disclose the scheme in documents related to a USD 750 million bond offering. 

 

According to the arguments put forth by Adani's lawyers in the US District Court for the Eastern District of New York, there was no credible evidence supporting the alleged bribery scheme. They added that the SEC lacked necessary jurisdiction over the two men and that the alleged misstatements underpinning the case weren't actionable. They also submitted that the SEC's claims over a 2021 bond sale by the group's renewable energy arm, Adani Green Energy Ltd (AGEL), are "legally flawed".

Adani stocks performance in 1 year

 

While the Adani Group continues to battle legal challenges in the US, and the recent developments may have improved investor confidence in the short term, only a handful of its stocks back home have generated notable returns for investors over the past year and also in 2026 so far. According to ACE Equity data, only four of the group’s 11 listed companies have delivered positive returns over the past 12 months. Adani Power has emerged as the outperformer with 64 per cent, followed by Adani Ports, up 28 per cent. Adani Energy Solutions and Adani Green Energy have climbed 27 per cent and 17 per cent, respectively. In contrast, the remaining group companies have faced significant declines, with some correcting by as much as 60 per cent during the same period.  Analysts said that Adani Group stocks trade in a high volatility range, where price action is largely driven by news flow and overall market sentiment. The recent bounce across the group has been supported by easing regulatory concerns and improving investor confidence following some positive news on the legal and compliance front. 

Valuations, Ravi Singh, chief research officer at Mastertrust, said, continue to see a push-and-pull effect. "From a trading perspective, Adani Group stocks remain volatile and momentum-driven. They react quickly to both positive and negative triggers, often outperforming in strong markets but correcting just as sharply when sentiment turns," he said. 

"Although the broader picture remains unclear, the group remains well-positioned in sectors like infrastructure, energy transition, and logistics, keeping the long-term story intact. Markets are still cautious due to governance concerns and ongoing scrutiny," he said.

Adani stocks performance in 2026

In 2026 so far, according to ACE Equity data, Adani Group stocks have seen a subdued run, with declines of up to 25 per cent, significantly underperforming the benchmark Nifty 50 index, which is down around 8.5 per cent. Of the group’s 11 listed entities, only three have managed to stay in positive territory. Adani Power has emerged as the winner, advancing 18 per cent, while Adani Energy Solutions and Adani Green Energy have remained flat with positive bias.

Analysts back Adani Enterprises, Adani Power, Adani Ports 

 

Referring to the group's March announcement of a ₹2 trillion annual capital expenditure plan for the next five years towards greenfield infrastructure projects, Singh said that he prefers Adani Enterprises and Adani Power from the pack as they offer a broader long-term opportunity.

 

"Within the group, Adani Power stands out in terms of momentum, but after the recent rally. However, chasing it at current levels doesn’t offer a favourable risk-reward. A better approach would be to wait for dips," Singh said.

 

On Adani Enterprises, he said that the counter offers a broader long-term opportunity, but given its volatility, a "staggered accumulation strategy makes more sense rather than aggressive buying."

 

G Chokkalingam, founder & head of research, said he likes Adani Ports among all the listed companies of the Adani Group for the long term. He said that amid a mixed global trade environment and capacity expansion announcements, Adani Ports stands out as a key beneficiary of growth in imports.

 

The company's own aggressive scale-up efforts position it for steady performance despite external uncertainties, he said, noting that "even if goods exports remain muted, the momentum in imports would support the growth momentum."

 

"This is a long term positive for Adani Ports. The company’s aggressive expansion strategy in recent years further strengthens the growth visibility," Chokkalingam said. He added that easing geopolitical tensions is a key trigger for the company in the near term, adding that the counter has potential to deliver a return of around 20 per cent over the next year.