Adani Enterprises Limited, the flagship project of one of Asia's wealthiest individuals, Gautam Adani, has returned to the position it held shortly before the conglomerate's crisis began more than three years ago: the best-performing stock on the Indian equity benchmark.
The company's shares have risen by 34% since the beginning of 2026, putting it on track to finish the year as the fastest-growing stock in the NSE Nifty 50 index. Previously, the company held this position at the end of 2022, just weeks before the publication of the short-seller report by Hindenburg Research in January 2023, which triggered a sell-off, reducing the market value of the energy and port sector group by over $150 billion at one point.
This growth has occurred amid purchases by investors such as The Capital Group, Goldman Sachs Group Inc., and SBI Funds Management Ltd. The conglomerate is regaining investor support following the short-seller attack, allegations of bribery against Gautam and Sagar Adani by US authorities, and intense scrutiny from India's market regulator. In June, Morgan Stanley upgraded Adani Enterprises to an 'overweight' rating, beginning coverage of the stock.
The renewed interest focuses attention on Adani as a representative of India's infrastructure boom. Investors are channeling funds into the conglomerate's port, airport, and energy enterprises, and foreign lenders are also showing greater willingness to invest. Recently, the joint venture of the AdaniGroup's AdaniConneX Pvt. with EdgeConneX secured a loan of approximately $800 million to finance expansion.
Vinod Balindjarkar, Head of Research at Ventura Securities, who has maintained a 'buy' recommendation for the flagship since 2022, noted: 'Essentially, Adani is realizing India's growth story through infrastructure.' He added that few businesses can offer the long-term outlook of 20–30 years provided by Adani's infrastructure assets.
The last week brought an additional boost to the recovery. A US district court judge permanently dismissed securities fraud charges against the Adani family, concluding the case from 2024 that had hung over the group. Furthermore, a recent review by the index provider MSCI Inc. increased the free float weights for several Adani firms, boosting their weightings in its indices. These changes may stimulate buying from passive funds tracking these indices.
Despite this, the recovery is not yet complete. According to data collected by Bloomberg, Adani Enterprises is covered by only four brokers, the lowest figure among Indian companies valued over 4 trillion rupees. Meanwhile, according to Prime Infobase, foreign investment in the company fell to a record low in June.
Part of this decline in foreign ownership also reflects the reduced exposure of global funds to Indian stocks earlier this year. Morgan Stanley warned in its June report that the business itself carries long-term risks: infrastructure projects can take years to become profitable, making Adani vulnerable to refinancing and regulatory changes.
Nevertheless, the conglomerate remains a channel for investors betting on India's infrastructure story and willing to accept higher risk. This interest has attracted over 4 trillion rupees to the group's market capitalization this year, helping Gautam Adani return to the list of Asia's richest people. Maxence Visse, Chief Investment Officer at Arkevium Capital in Dubai, stated: 'India's infrastructure cycle provides floating income, but investors returning to Adani are actively betting on legal normalization, access to financing, and execution.' He added that the appearance of Capital Group, Qatar Holding, and other institutions through large block deals serves as an early test.