The Adani Juggernaut

Out of the six listed Adani Group entities, five have more than doubled investors’ wealth in the year to september 30, 2021

- Rahul Oberoi

Billionaire Gautam Adani-led Adani Group has created enormous wealth for investors amid the ongoing rally in the domestic equity market. Since the last (2020) edition of the BT500, the cumulative 12-month average market capitalisation (mcap) of the group has soared to over ₹6.11 lakh crore as of September 30, 2021, from ₹1.93 lakh crore on the same day in 2020. Out of the six listed entities, five have more than doubled investors’ wealth during the same period.

Except for a brief period in July when there was confusion about the concentrated ‘overseas investor’ shareholding, which seemed to have been blocked by the National Securities Depository Limited (NSDL) for some time, nothing seems to have gone wrong for the group.

Market veteran Ambareesh Baliga told Business Today that the group seems to be unstoppable now. “In recent years, they have been able to get into any sector they have set their sights on, be it airports, city gas distribution, power transmission and distribution, defence or aerospace. It didn’t matter whether the group had prior experience or not. Today, they have built a business empire that puts them in the category of ‘too big to fail’.”

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