Adani Group stocks rallied, adding Rs 2.6 lakh crore to their market cap in just two sessions, driven by strong earnings. The stocks soared on June 3, reflecting the overall bullish trend in Indian equities, with significant trading volumes enhancing their market valuation.
Adani Enterprises and Adani Power led the gains, with Adani Power adding a remarkable Rs 470,000 crore to its market cap, now surpassing Rs 3.3 lakh crore. Adani Enterprises increased its market cap by over Rs 61,000 crore, reaching more than Rs 4 lakh crore.
Other group companies also saw substantial increases in their market caps; Adani Green and Adani Ports each grew by over Rs 42,000 crore. Adani Total Gas and other entities like Ambuja Cement and Adani Energy Solutions contributed significantly to the group’s financial uplift.
The surge in Adani stocks was backed by a robust earnings report for FY24, where the group’s EBITDA jumped 40% year-over-year to Rs 66,000 crore. This growth was predominantly led by Adani Power, which benefited from capacity expansion and lower coal prices, among other factors.
Despite some challenges, such as Adani Wilmar facing a decline due to inventory losses, the group’s overall financial health improved, evidenced by a better net debt/EBITDA ratio and substantial debt reduction in key companies like Adani Ports and Adani Power.
