Adani Group Portfolio: Which Stock Has Performed the Best in Q3?

Synopsis: Among the Adani Group stocks, diversified energy, ports, and infrastructure businesses showed strong Q3 growth, with some reporting massive profit surges, while renewable, cement, and power segments faced sharp margin pressures.

The Adani Group, one of India’s largest conglomerates, has a diversified portfolio spanning sectors such as energy, infrastructure, logistics, airports, and renewable power. With multiple listed companies under its umbrella, the group has seen varied performances across its stocks in recent quarters. Investors and market watchers closely track these companies to identify trends, strong performers, and potential opportunities within the group’s vast business ecosystem.

Adani Power Limited

Adani Power Limited, founded in 1988 and headquartered in Ahmedabad, is engaged in the generation, transmission, and sale of electricity in India through long-term, medium-term, short-term, and merchant PPAs. The company operates a total installed capacity of 17,550 MW, primarily from coal-based power plants across multiple states, along with a 40 MW solar power plant in Gujarat. In addition, it is involved in coal import and trading.

With a market capitalization of Rs. 2,91,391.74 crore, the shares of Adani Power Limited closed at Rs. 151.10, down by 1.07 percent from its previous closing price of Rs. 152.74 per equity share.  

Revenue from operations fell 9 percent year-on-year, dropping from Rs. 13,671.18 crore in Q3FY25 to Rs. 12,451.44 crore in Q3FY26, and declined 7 percent sequentially from Rs. 13,456.84 crore in Q2FY26. Similarly, net profit decreased 15.3 percent YoY from Rs. 2,940.07 crore in Q3FY25 to Rs. 2,488.09 crore in Q3FY26, and fell 14.3 percent on a quarterly basis from Rs. 2,906.46 crore in Q2FY26.

Adani Enterprises Limited

Adani Enterprises Limited, founded in 1988 and headquartered in Ahmedabad, is a diversified conglomerate operating in India and internationally across sectors such as new energy, data centers, airports, roads, mining, copper, defense, digital services, and ropeways. Its operations include green hydrogen production, solar and wind manufacturing, commercial mining, copper smelting, defense equipment manufacturing, and airport and road asset management. The company also provides airport services, logistics, agriculture sourcing, wastewater management, media operations, and education and skill development. 

With a market capitalization of Rs. 2,59,736.83 crore, the shares of Adani Enterprises Limited closed at Rs. 2,250.40 per equity share, up by 1.08 percent from its previous day’s close price of Rs. 2,226.40 per equity share. 

The company reported revenue of Rs. 24,820 crore in Q3 FY26, up 8.7 percent YoY from Rs. 22,848 crore in Q3 FY25 and rising 16.8 percent QoQ from Rs. 21,249 crore in Q2 FY26, reflecting strong sequential and annual growth momentum.

Profit surged to Rs. 5,727 crore in Q3 FY26, a massive increase of 2,400 percent YoY from Rs. 229 crore in Q3 FY25, and a 67.8 percent QoQ rise from Rs. 3,414 crore in Q2 FY26, driven by robust operational performance and cost efficiencies.

Adani Energy Solutions Limited

Adani Energy Solutions Limited, incorporated in 2013 and headquartered in Ahmedabad, is engaged in the generation, transmission, and distribution of electricity in India. Operating through transmission, distribution, trading, and other segments, the company develops, owns, and maintains power transmission systems and lines, trades bullion and other commodities, and provides telecom solutions by laying optical ground wire fibers. 

With a market capitalization of Rs. 1,23,359.71 crore, the shares of Adani Energy Solutions Limited closed at Rs. 1,026.90, up by 0.90 percent from its previous closing price of Rs. 1,017.70 per equity share.  

The company reported revenue of Rs. 6,730 crore in Q3 FY26, up 15.4 percent YoY from Rs. 5,830 crore in Q3 FY25 and slightly higher 2.0 percent QoQ compared with Rs. 6,596 crore in Q2 FY26, showing steady annual and sequential growth.

Profit stood at Rs. 574 crore in Q3 FY26, down 8.2 percent YoY from Rs. 625 crore in Q3 FY25 but up 3.0 percent QoQ from Rs. 557 crore in Q2 FY26, indicating modest sequential improvement despite annual pressure on margins.

Ambuja Cements Limited

Ambuja Cements Limited, incorporated in 1981 and headquartered in Ahmedabad, manufactures, markets, and sells cement and related products in India. Serving homebuilders, developers, infrastructure projects, masons, contractors, and professionals, its offerings include Portland pozzolana cement, ordinary Portland cement, temperature-resistant concrete blocks, Blaine Portland cement, and micro materials. 

With a market capitalization of Rs. 1,34,145.86 crore, the shares of Ambuja Limited closed at Rs. 542.70, up by 2.50 percent from its previous closing price of Rs. 529.45 per equity share.  

The company reported revenue of Rs. 10,277 crore in Q3 FY26, up 9.2 percent YoY from Rs. 9,411 crore in Q3 FY25 and up 12.0 percent QoQ from Rs. 9,174 crore in Q2 FY26, reflecting strong sequential and annual growth.

However, profit declined sharply to Rs. 367 crore in Q3 FY26, down 86.2 percent YoY from Rs. 2,663 crore in Q3 FY25 and 84.1 percent QoQ from Rs. 2,302 crore in Q2 FY26, indicating significant margin pressure despite higher revenue.

Cemindia Projects Limited

Cemindia Projects Limited, founded in 1931 and headquartered in Mumbai, provides comprehensive construction and civil engineering services in India. The company undertakes maritime structures, mass rapid transport systems, airports, highways, bridges, flyovers, dams, and tunnels, along with specialized engineering works such as geotechnical investigations, piling, slope stabilization, microtunneling, and rehabilitation. 

It also handles civil works for refineries, petrochemical, power, steel, and fertilizer plants, pipelines, water and wastewater treatment plants, dredging, land reclamation, and coastal protection, as well as developing data centers for critical sectors. 

With a market capitalization of Rs. 11,000.42 crore, the shares of Cemindia Projects Limited closed at Rs. 640.35, up by 0.87 percent from its previous closing price of Rs. 634.85 per equity share.  

The company reported revenue of Rs. 2,315 crore in Q3 FY26, up 2.0 percent YoY from Rs. 2,270 crore in Q3 FY25 and 5.5 percent QoQ from Rs. 2,195 crore in Q2 FY26, showing steady growth both annually and sequentially.

Profit rose to Rs. 111 crore in Q3 FY26, increasing 27.6 percent YoY from Rs. 87 crore in Q3 FY25 and slightly up 2.8 percent QoQ from Rs. 108 crore in Q2 FY26, reflecting consistent improvement in profitability.

Adani Ports & Special Economic Limited

Adani Ports and Special Economic Zone Limited, incorporated in 1998 and headquartered in Ahmedabad, develops, operates, and maintains port infrastructure in India. The company manages ports and terminals handling bulk, container, liquid, LPG, LNG, and crude cargo, and develops infrastructure at the Mundra SEZ. It offers logistics services including parks, container rail, bulk cargo solutions, warehousing, and road, auto, and agriculture logistics. 

The company operates a fleet of dredgers, barges, survey vessels, cranes, and other equipment, provides marine services, non-scheduled airline services, hospitals, railway corridor development, land development, textile parks, and container freight stations, and owns harbour tugs and offshore support vessels.

With a market capitalization of Rs. 3,58,726.43 crore, the shares of Adani Ports and Special Economic Zone Limited closed at Rs. 1,557, up by 0.41 percent from its previous closing price of Rs. 1,550.70 per equity share.  

The company reported revenue of Rs. 9,705 crore in Q3 FY26, up 21.9 percent YoY from Rs. 7,964 crore in Q3 FY25 and 5.9 percent QoQ from Rs. 9,167 crore in Q2 FY26, reflecting strong annual growth and healthy sequential momentum.

Profit stood at Rs. 3,043 crore in Q3 FY26, up 20.8 percent YoY from Rs. 2,518 crore in Q3 FY25, though it declined 2.5 percent QoQ from Rs. 3,120 crore in Q2 FY26, indicating robust annual profitability despite a slight sequential dip.

Adani Green Energy Limited

Adani Green Energy Limited, incorporated in 2015 and headquartered in Ahmedabad, develops, owns, operates, and maintains renewable energy power plants in India. It supplies solar, wind, and hybrid energy to central and state government entities and government-backed corporations.

With a market capitalization of Rs. 1,61,752.70 crore, the shares of Adani Green Energy Limited closed at Rs. 982, up by 1.04 percent from its previous closing price of Rs. 971.85 per equity share.  

The company reported revenue of Rs. 2,618 crore in Q3 FY26, up 11.9 percent YoY from Rs. 2,340 crore in Q3 FY25, but down 12.9 percent QoQ from Rs. 3,008 crore in Q2 FY26, reflecting strong annual growth offset by sequential weakness.

Profit fell sharply to Rs. 5 crore in Q3 FY26, a decline of 98.9 percent YoY from Rs. 474 crore in Q3 FY25 and 99.2 percent QoQ from Rs. 644 crore in Q2 FY26, indicating significant margin pressure despite stable revenue growth.

Adani Total Gas Limited

Adani Total Gas Limited, founded in 2004 and headquartered in Ahmedabad, operates in the city gas distribution (CGD) business in India. It supplies piped natural gas and compressed natural gas to domestic, commercial, industrial, and transport sectors, and provides alternative fuels like biogas, biofuel, biomass, LCNG, HCNG, EV, and hydrogen. The company also manufactures related equipment and offers value-added CGD services. 

With a market capitalization of Rs. 60,049.63 crore, the shares of Adani Total Gas Limited closed at Rs. 546, up by 0.46 percent from its previous closing price of Rs. 543.50 per equity share.  

The company reported revenue of Rs. 1,507 crore in Q3 FY26, up 16.4 percent YoY from Rs. 1,294 crore in Q3 FY25 and 3.8 percent QoQ from Rs. 1,451 crore in Q2 FY26, reflecting steady annual and sequential growth.

Profit stood at Rs. 159 crore in Q3 FY26, increasing 11.9 percent YoY from Rs. 142 crore in Q3 FY25, though slightly down 2.5 percent QoQ from Rs. 163 crore in Q2 FY26, indicating stable profitability with marginal sequential pressure.

PSP Projects Limited

PSP Projects Limited, incorporated in 2008 and headquartered in Ahmedabad, is an Indian construction company providing services for industrial, institutional, commercial, residential, hospitality, healthcare, and government projects. It constructs industrial plants, hospitals, educational institutions, malls, offices, group housing, townships, luxury homes, and bespoke residences for private clients.

With a market capitalization of Rs. 3,151.92 crore, the shares of PSP Projects Limited closed at Rs. 795.10, up by 2.18 percent from its previous closing price of Rs. 778.10 per equity share.  

The company reported revenue of Rs. 771 crore in Q3 FY26, up 23.8 percent YoY from Rs. 623 crore in Q3 FY25 and 11.1 percent QoQ from Rs. 694 crore in Q2 FY26, showing strong annual and sequential growth.

Profit rose to Rs. 16 crore in Q3 FY26, increasing 166.7 percent YoY from Rs. 6 crore in Q3 FY25 and slightly up 6.7 percent QoQ from Rs. 15 crore in Q2 FY26, reflecting healthy improvement in profitability.

ACC Limited

ACC Limited, incorporated in 1936 and headquartered in Ahmedabad, manufactures and sells cement and ready-mix concrete in India. Its products include gold and silver range cement, bulk cement, ready-mix concrete, construction chemicals, waterproof plasters, tile adhesives, and EcoMaxx green concrete. The company serves individual homebuilders, contractors, infrastructure companies, and government departments through a network of dealers and retailers. 

With a market capitalization of Rs. 32,017.73 crore, the shares of ACC Limited closed at Rs. 1,705, up by 2.26 percent from its previous closing price of Rs. 1,667.40 per equity share.  

The company reported revenue of Rs. 6,483 crore in Q3 FY26, up 8.6 percent YoY from Rs. 5,972 crore in Q3 FY25 and 8.0 percent QoQ from Rs. 6,005 crore in Q2 FY26, reflecting steady annual and sequential growth.

Profit declined sharply to Rs. 404 crore in Q3 FY26, down 63.0 percent YoY from Rs. 1,092 crore in Q3 FY25 and 63.9 percent QoQ from Rs. 1,119 crore in Q2 FY26, indicating significant margin pressure despite higher revenue.

Conclusion

Adani Group’s Q3 FY26 results showed mixed performance across segments. Adani Enterprises led with a 2,400 percent YoY profit surge to Rs. 5,727 crore, followed by PSP Projects with 167 percent growth. Adani Ports reported a solid 21 percent rise in profit to Rs. 3,043 crore. However, Ambuja, ACC, and Adani Green saw profits fall by over 60–98 percent due to margin pressure. Overall, infrastructure and logistics outperformed, while energy and cement segments faced short-term challenges.

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