Ahmedabad: Gujarat-based listed companies outperformed the Indian equity markets in the first six months of 2026, despite global uncertainty and volatility linked to the West Asia conflict. Several stocks posted double-digit gains, led by Adani Group companies, even as benchmark indices ended the period lower.Since Jan, the BSE Sensex has fallen about 9.7%, while the NSE Nifty has declined 8.2%.Adani Power emerged as the top performer with a 58% gain over its Dec 31, 2025 closing price, followed by Adani Green Energy (51%), Adani Energy Solutions (47%), Adani Enterprises (40%), Adani Ports and SEZ (25.75%), Torrent Pharmaceuticals (25.5%), AIA Engineering (24%), Zydus Lifesciences (21.5%) and Gujarat Alkalies and Chemicals (21%).Analysts attributed this to strong company execution, resilient domestic demand and investor preference for businesses with predictable earnings and healthy balance sheets. Infrastructure, ports, energy transition and manufacturing companies – sectors where Gujarat has a significant corporate presence — also benefited from expectations of sustained capital expenditure and policy support.The rally was not without interruptions. Many of these stocks came under pressure in March as the West Asia conflict escalated and crude oil prices rose, fuelling concerns over inflation, input costs and geopolitical risks. Sentiment improved after the ceasefire, triggering renewed buying across several Gujarat stocks.Vanesh Panchal, a stockbroker and merchant banker, said, “Since late Feb, the Indian equity market has struggled amid the West Asia conflict, yet many Gujarat-based companies have delivered strong returns, outpacing the indices. Adani Group stocks, in particular, performed well, supported by attractive valuations.”“Several other Gujarat companies also benefited as supply disruptions tightened availability and pushed up product prices, improving realisations. The key question now is whether this outperformance can continue. Much will depend on the sustainability of pricing and demand, while June-quarter earnings will be the first major test of that momentum,” he added.
