Short seller Hindenburg Research’s report was a calculated strike designed to defame Adani Group with the intention of doing the maximum damage, group chairman Gautam Adani said on Monday.
“Typical short sellers target gains from financial markets. This was different. It was a two-sided attack — a vague criticism of our financial standing and, at the same time, an information distortion campaign, dragging us into a political battlefield,” Adani said in his address at Adani Enterprises’ AGM.
“The attack was a calculated strike two days before the closing of our follow-on public offer. Amplified by a segment of vested media, it was designed to defame us, do maximum damage and erode our hard-earned market value.”
Adani Group faced baseless accusations, questioning decades of its hard work, he said, but fought back against an “unprecedented attack” on its integrity and reputation and proved that no challenge could weaken its foundations.
In January 2023, short seller Hindenburg Research accused Adani Group of significant governance issues, which shaved off half of the group’s market capitalisation. The group had denied all the allegations.
In his speech, Adani did not name Hindenburg Research, only referring to a short seller.
He said the group has raised an additional Rs 40,000 crore for debt repayment and has safeguarded the portfolio against any volatility by pre-paying Rs 17,500 crore in margin-linked financing. Its debt-to-Ebitda ratio has fallen to 2.2 times. “This approach has not only strengthened our financial resilience but has also increased our headroom for future expansion,” he said.
Following the acquisition of ACC and Ambuja Cement and other commissionings, Adani Group’s combined cement capacity has risen to 79 MTPA from 67.5 MTPA and Ebitda per tonne has more than doubled. “We are well on the path towards our target of 140 MTPA by 2028.”
Adani said the country is now a force for stability, cooperation and progress in a complex world. “This is India’s moment. And it is India’s macroeconomic stability and ambitious growth plans that inspire our confidence.”
The government has focused on infrastructure development by raising funding by 16% to over Rs 11 trillion for this financial year, and annual spending has tripled in the last five years, Adani added.
India stands on the brink of its greatest growth phase, he said, concluding, “The possibilities before us are immense. We are stronger than ever. And our best is yet to come.”