Adani Power tops Infosys m-cap, ranks 11th in 2026

Introduction

Adani Power moved ahead of Infosys in market capitalisation on Wednesday, 27 May, becoming the 11th most valuable listed company in India. The shift comes after a sharp run-up in Adani Power’s share price, with the stock hitting a fresh peak of ₹252.60 during the session. At the same time, Infosys’ market value eased as its share price declined, allowing the power producer to climb one spot in the valuation rankings. The change highlights how investors have rotated toward power and utilities during a period of strong summer electricity demand. It also underlines the diverging market narratives between a demand-driven domestic sector and a large export-linked IT business.

What changed in the market-cap ranking

Exchange data showed Adani Power’s market cap at about ₹4.77 lakh crore, while Infosys stood near ₹4.69 lakh crore, placing them 11th and 12th, respectively. Other reported snapshots from the same day put Adani Power closer to ₹4.80-₹4.85 lakh crore, with Infosys around ₹4.68-₹4.72 lakh crore. The variation reflects intraday price movement and different reference points used in updates. One report noted Adani Power’s market cap rose from about ₹4.71 lakh crore in the previous session to over ₹4.80 lakh crore after a roughly 3% rise in the stock. In contrast, Infosys’ market cap was described as falling from near ₹4.73 lakh crore a day earlier to about ₹4.68 lakh crore.

The day’s trading: new high for Adani Power

Adani Power shares rose about 3% on Wednesday and touched a new peak of ₹252.60. Another update described the move as a fresh 52-week high around ₹252 on the NSE. The stock’s rise helped lift the company’s market value above Infosys, which had been ahead in recent sessions. Separately, Adani Power was reported to be trading above its 5-day, 10-day, 20-day, 30-day, 50-day, 100-day and 200-day simple moving averages. That technical positioning is often cited as a sign of sustained momentum, but it does not, by itself, explain the trigger behind the rally.

What is driving the rally

The rally in Adani Power has been linked to expectations of higher electricity demand amid intense heatwave conditions and forecasts of an intense El Niño year. Reports noted that India is battling severe heatwave conditions and that the heat has been reflected in global temperature data showing many Indian cities among the hottest worldwide. The stock has also been supported by strong Q4 earnings, which were cited alongside the demand narrative. In the March quarter, Adani Power’s profit was reported to have risen 64% year-on-year to ₹4,271 crore. Together, these factors have kept investor focus on companies positioned to benefit from peak summer power consumption.

How strong have the returns been

Adani Power’s share price has delivered large gains across multiple time frames, according to the figures reported alongside the market-cap reshuffle. The stock was described as up about 66%-68% so far in 2026, and up roughly 123%-128% over the past year. Shorter-term momentum also stood out, with gains of more than 13% in the last one week and about 14% over the past three trading days. Over longer horizons, Adani Power was reported to be up 384% over three years and 1,213% over five years. These returns explain why the market-cap crossover could happen quickly once the stock hit a new high.

Infosys performance in the same period

Infosys, an IT sector bellwether, moved to the 12th position as its market value slipped on the day. One update said a fall in the share price pulled Infosys’ market cap to about ₹4.68 lakh crore from near ₹4.73 lakh crore a day ago. Infosys was also reported to be down 29% on a year-to-date basis and down 26% for the year. The comparison drawn in one data point also showed the BSE Sensex down nearly 11% in the same calendar year period referenced. These figures set the context for why the valuation gap could narrow and then flip in favour of Adani Power.

Key numbers at a glance

Stock performance snapshot

Why the market-cap crossover matters

The crossover is a clear example of how sector-specific drivers can reshape index heavyweights and valuation tables, even when both companies remain large and widely held. Utilities and power producers tend to draw attention when demand spikes are visible and near-term earnings are strong, and the reported heatwave-linked demand narrative has been central to Adani Power’s move. Meanwhile, the fall in Infosys’ valuation in the reported period shows how quickly sentiment and price action can change ranking outcomes among top companies. The data also shows that market-cap rankings are dynamic intraday, with different reported market-cap figures depending on the time of observation. For investors, the main takeaway is the scale of the divergence in returns and the role of near-term demand conditions in supporting power-sector stocks.

Conclusion

Adani Power’s rise past Infosys to become India’s 11th most valuable listed company was driven by a sharp share-price rally that took the stock to about ₹252-₹252.60 and lifted market cap to roughly ₹4.8 lakh crore. The move was supported by strong recent returns, demand expectations tied to severe heat conditions, and reported strong Q4 results including a 64% jump in profit to ₹4,271 crore. Infosys, in comparison, saw its market value soften as its share price declined and was reported to be down 29% on a YTD basis. Investors will now watch whether the demand-led momentum in power stocks sustains through the peak summer season and how market-cap rankings evolve with daily price moves.