A sector-wise breakdown of Adani Group subsidiaries, listed firms and joint ventures
When people search for the Adani Group companies list, they’re usually trying to make sense of a sprawling business empire that has quietly spread into almost every corner of Indian infrastructure ports, power, cement, airports, gas pipelines, data centres, and even a television network. What started in 1988 as a commodities trading outfit under Gautam Adani has since grown into one of the country’s largest conglomerates, and untangling which Adani Group subsidiaries do what can get confusing fast.
This guide walks through the major Adani Group businesses one by one, explains how these Gautam Adani companies connect to each other, and clears up a few common misconceptions about companies owned by Gautam Adani including which entities he no longer owns. By the end, you’ll have a complete, up-to-date Adani Group companies 2026 reference you can come back to.
A Quick Snapshot of the Adani Group Business Empire
Before going company by company, it helps to see the full Adani Group companies list at a glance. As of 2026, the publicly listed side of the group includes Adani Enterprises, Adani Ports & SEZ, Adani Power, Adani Green Energy, Adani Energy Solutions, Adani Total Gas and Ambuja Cements. Alongside these core Adani Group subsidiaries are additional businesses such as Adani Airports, Adani New Industries, AdaniConnex and Adani Road Transport all part of the same wider Adani Group business empire.
One clarification worth making upfront: owning a company on paper isn’t the same as Gautam Adani personally holding every single share. Several of these companies owned by Gautam Adani are listed entities with public shareholders, while others sit under the group through subsidiary or joint-venture structures. Keeping that distinction in mind is essential to reading any Adani Group companies 2026 list correctly.
| Company | Sector | Key Business |
| Adani Enterprises Ltd | Infrastructure & Incubation | Airports, roads, mining, new-age ventures |
| Adani Ports & SEZ Ltd | Ports & Logistics | Port operations, marine services, logistics |
| Adani Power Ltd | Power Generation | Thermal power plants |
| Adani Green Energy Ltd | Renewable Energy | Solar, wind and hybrid renewable projects |
| Adani Energy Solutions Ltd | Power Infrastructure | Transmission, distribution, smart metering |
| Adani Total Gas Ltd | City Gas Distribution | CNG and PNG supply |
| Ambuja Cements Ltd | Cement & Building Materials | Cement manufacturing |
| ACC Ltd | Cement | Cement and concrete products |
| Adani Airport Holdings Ltd | Aviation | Airport development and operations |
| Adani New Industries Ltd | Green Manufacturing | Solar, wind, hydrogen ecosystem |
| AdaniConnex | Data Centres | Digital and hyperscale infrastructure |
| Adani Road Transport Ltd | Roads & Highways | Highway and expressway projects |
| NDTV | Media | Television and digital news |
1. Adani Enterprises Limited – The Flagship and Incubator
Adani Enterprises Limited (AEL) sits at the centre of every Adani Group companies list. It’s the original company, and over time it has functioned less like a single business and more like a launchpad new Adani Group businesses are built inside AEL, scaled up, and eventually spun off as separate listed companies once they mature.
Today AEL’s own portfolio leans toward newer, faster-growing segments rather than the commodities trading that once defined it:
- Airport development through Adani Airports
- Green manufacturing under Adani New Industries
- Data centre infrastructure via AdaniConnex
- Road and highway projects through Adani Road Transport
- Mining services and Integrated Resource Management
- Copper production
- Defence, aerospace and other digital ventures
In FY26, AEL’s newer bets airports, data centres, and its emerging copper business all showed meaningful growth, reinforcing its role as the incubation engine of the wider Adani Group business empire rather than a static holding company.
2. Adani Ports & Special Economic Zone – The Logistics Backbone
Adani Ports & SEZ (APSEZ) runs the maritime and logistics arm of the Adani Group businesses, with a network of ports and terminals spread across India and abroad. It’s not just about docking ships the business increasingly ties ports together with rail links, warehousing and inland logistics to build something closer to an end-to-end supply chain, making it one of the most strategically important Adani Group subsidiaries.
FY26 numbers show the scale involved: APSEZ handled 500.8 million metric tonnes of cargo over the year and completed its acquisition of the North Queensland Export Terminal in Australia, extending the group’s port footprint beyond Indian shores.
3. Adani Power Limited – Thermal Generation at Scale
Adani Power Limited runs the conventional, thermal side of the group’s energy business one of the largest Gautam Adani companies by sheer generation capacity, supplying electricity to state utilities and other buyers through a mix of long-term contracts and merchant sales.
It remains one of the biggest contributors to group revenue and earnings. In FY26, the company posted a Plant Availability Factor (PAF) of 89% and a Plant Load Factor (PLF) of 67%, and has set its sights on a long-term capacity target of 42 GW by FY32 a target that positions thermal power as a continuing, not shrinking, part of the group’s energy mix even as renewables expand.
4. Adani Green Energy Limited – Betting Big on Renewables
Adani Green Energy Limited (AGEL) is where the clean-energy ambitions of the Adani Group business empire live. Its project pipeline spans solar parks, wind farms and hybrid installations, alongside a growing push into battery energy storage systems that help smooth out renewable supply.
The FY26 update put AGEL’s operational renewable capacity at 19.3 GW, following the addition of 5.1 GW in a single year a pace of expansion that’s made it one of the more closely watched Adani Group subsidiaries among investors tracking India’s energy transition, and a key entry in any Adani Group companies 2026 overview.
5. Adani Energy Solutions Limited – Wires, Meters and Distribution
Formerly known as Adani Transmission, Adani Energy Solutions Limited (AESL) is one of the quieter but essential Adani Group subsidiaries, handling the less visible middle layer of the power sector: transmission lines, electricity distribution (including Mumbai’s distribution network), and smart metering.
Smart metering has become a genuine growth story here. By FY26, AESL had crossed one crore smart meters installed, with an order book of roughly 2.46 crore meters still to be rolled out a pipeline that should keep this business expanding for years.
6. Adani Total Gas Limited – City Gas Distribution
Adani Total Gas Limited (ATGL) is a joint venture between the Adani Group and TotalEnergies, focused on distributing compressed natural gas (CNG) for vehicles and piped natural gas (PNG) to homes, offices and factories a good example of how not every entity in the Adani Group companies list is wholly owned.
Where Adani Power and Adani Green Energy are about electricity, ATGL is entirely a gas-distribution play, expanding CNG stations and PNG pipelines as India’s city-gas network keeps growing.
7. Ambuja Cements and ACC – The Cement Arm
The Adani Group’s entry into cement came through acquiring Ambuja Cements, which in turn holds a controlling stake in ACC Limited. It’s a good example of how these Gautam Adani companies are often controlled indirectly, through layered ownership, rather than owned outright as of the FY25 disclosures, Ambuja Cements held roughly 50.05% of ACC, with Adani also holding a smaller direct stake in ACC itself.
The cement segment expanded further in FY26 when Ambuja Cements completed its acquisition of Orient Cement, pushing combined cement sales volumes to 73.7 million tonnes for the year giving the group a strong foothold in India’s construction and building-materials demand.
8. Adani Airport Holdings Limited – Building an Airport Network
Incorporated in 2019 as a subsidiary of Adani Enterprises, Adani Airport Holdings Limited (AAHL) has since assembled one of India’s largest private airport portfolios through a mix of acquisitions and concession wins a standout addition among Adani Group subsidiaries. The network currently covers Mumbai, Ahmedabad, Lucknow, Mangaluru, Jaipur, Guwahati, Thiruvananthapuram and Navi Mumbai.
The ownership chain here is layered too: AAHL holds a 73% stake in Mumbai International Airport Limited, which itself holds a 74% stake in Navi Mumbai International Airport Limited. Navi Mumbai’s airport began international flights on 15 July 2026, a milestone addition to the group’s aviation footprint.
9. Adani New Industries Limited – Green Manufacturing and Hydrogen
Adani New Industries Limited (ANIL) is built around manufacturing rather than power generation itself one of the newer Adani Group businesses to watch, with solar modules, wind turbines, electrolysers and the broader green hydrogen supply chain all sitting under this entity.
- Solar module manufacturing
- Wind turbine production
- Electrolyser manufacturing
- Green hydrogen development
- Renewable-energy equipment
By June 2026, Adani Solar’s module manufacturing capacity had reached 5.7 GW after an additional 1.7 GW production line came online, underlining how central manufacturing scale is to the group’s clean-energy strategy.
10. AdaniConnex – Betting on Data Centre Demand
AdaniConnex is a joint venture with EdgeConneX focused on hyperscale and enterprise data centre infrastructure in India one of the fastest-growing Adani Group businesses, born almost entirely out of demand from cloud computing, artificial intelligence workloads and the broader digitisation of Indian industry.
The momentum shows in the numbers: in 2026, AdaniConnex won a fresh 400 MW hyperscale order in Visakhapatnam, taking its cumulative tied-up capacity past 960 MW according to Adani Enterprises’ disclosures.
11. Adani Road Transport Limited – Highways and Expressways
Adani Road Transport Limited (ARTL) develops and operates highway projects using hybrid annuity and toll-operate-transfer models, adding a road-infrastructure layer that complements the wider Adani Group business empire’s ports, airports and logistics businesses.
FY26 results show the roads portfolio has grown to 20 projects, with the Ganga Expressway becoming operational in April 2026 one of the more high-profile additions to this segment.
12. NDTV – The Group’s Media Business
NDTV brought the Adani Group into an entirely different sector: media. Through its television news channels and digital platforms, NDTV expanded the reach of the Adani Group business empire beyond infrastructure and energy into direct-to-consumer content and Adani Enterprises’ FY26 materials continue to list it under the group’s digital and consumer-facing portfolio.
What Happened to Adani Wilmar?
Anyone researching companies owned by Gautam Adani will likely come across Adani Wilmar but it’s worth flagging that this entity no longer exists under that name. It has been renamed AWL Agri Business Limited, and the Adani Group has been steadily reducing its stake in what was originally a joint venture with Wilmar, known for FMCG brands like Fortune.
According to FY25 annual report disclosures, Adani Commodities sold a 13.51% stake via an offer for sale in January 2025, after which the company was reclassified as an associate rather than a subsidiary. The group has continued moving toward a full exit from this joint venture since then so AWL Agri Business shouldn’t be counted among the Gautam Adani companies in any current Adani Group companies 2026 list.
How the Adani Group Companies Are Structurally Connected
One of the more interesting aspects of the Adani Group business empire is its incubation-and-spin-off pattern. Rather than launching every business as an independent company from day one, Adani Enterprises has historically nurtured new Adani Group businesses internally and only listed them separately once they reached sufficient scale.
This pattern is visible across several of the group’s biggest Adani Group subsidiaries:
- Adani Ports & SEZ
- Adani Power
- Adani Green Energy
- Adani Energy Solutions
- Adani Total Gas
The same incubation model is now being applied to newer bets green hydrogen, data centres, airports and road infrastructure suggesting at least one or two of today’s AEL-housed Adani Group businesses could eventually become independently listed companies of their own.
This is really the key to understanding the Adani Group companies list correctly: it isn’t one company operating under many brand names, but a layered structure of listed firms, Adani Group subsidiaries, associates and joint ventures, each with its own shareholding pattern which is exactly why a proper Adani Group companies 2026 list needs to separate direct ownership from group control.
Adani Group’s Major Business Segments at a Glance
| Segment | Companies / Businesses |
| Energy | Adani Power, Adani Green Energy, Adani Energy Solutions, Adani Total Gas |
| Infrastructure | Adani Enterprises, Adani Airports, Adani Road Transport, data centres, defence & aerospace |
| Ports & Logistics | Adani Ports & SEZ, marine and logistics infrastructure |
| Cement | Ambuja Cements, ACC, Orient Cement |
| New-Energy Manufacturing | Adani New Industries, solar and wind manufacturing, green hydrogen, electrolysers |
| Media & Digital | NDTV, Adani One, AdaniConnex data centres |
The Bigger Picture
Looking at the Adani Group companies list in full, what stands out is how far this Adani Group business empire has travelled from its commodities-trading roots. The core listed names Adani Enterprises, Adani Ports & SEZ, Adani Power, Adani Green Energy, Adani Energy Solutions, Adani Total Gas and Ambuja Cements now sit alongside a growing set of Adani Group subsidiaries and joint ventures spanning cement, aviation, data centres, roads and media.
FY26 has been a period of visible expansion across nearly every one of these Gautam Adani companies new airport routes, additional renewable capacity, expanding smart-meter rollouts, fresh data-centre orders, more highway projects and continued growth in copper and cement. For anyone trying to map out the Adani Group business empire accurately, the important distinction to hold onto is between companies owned by Gautam Adani personally, entities held through the Adani promoter group, publicly listed companies with outside shareholders, and joint ventures with outside partners like TotalEnergies and EdgeConneX. Treating the whole Adani Group companies 2026 portfolio as one uniformly owned company would misrepresent how the group is actually structured.
Frequently Asked Questions
1. How many major listed companies does the Adani Group have?
The core publicly listed portfolio includes Adani Enterprises, Adani Ports & SEZ, Adani Power, Adani Green Energy, Adani Energy Solutions, Adani Total Gas and Ambuja Cements.
2. Which is the Adani Group’s flagship company?
Adani Enterprises Limited is the flagship entity and functions as the group’s primary incubator for new businesses.
3. Does Adani directly own Ambuja Cements and ACC?
The group controls Ambuja Cements, which holds a majority stake in ACC so the cement business is controlled through layered corporate ownership rather than direct personal ownership by Gautam Adani.
4. Is Adani Wilmar still part of the Adani Group?
No. It has been renamed AWL Agri Business Limited, and Adani has been progressively exiting its stake, so it shouldn’t be treated as a wholly owned Adani company today.
5. Which company runs Adani’s airports?
Adani Airport Holdings Limited manages the group’s airport portfolio, covering Mumbai, Ahmedabad, Lucknow, Mangaluru, Jaipur, Guwahati, Thiruvananthapuram and Navi Mumbai.
6. Which Adani company leads on renewable energy?
Adani Green Energy Limited handles utility-scale renewable generation, while Adani New Industries focuses on manufacturing and the green-hydrogen ecosystem.
7. Which Adani company operates data centres?
AdaniConnex, a joint venture between Adani Enterprises and EdgeConneX, runs the group’s data-centre business.
