Gautam Adani, Chairman of Adani group, addressed to the shareholders of the Company after the Securities and Exchange Board of India’s (SEBI) gave a clean chit on the allegations made by US short-seller Hindenburg Research.
Adani reaffirms governance, calls Hindenburg report a direct challenge
Adani stated in the letter to the shareholders that Hindenburg’s report was not merely a critique of Adani Group but “It was a direct challenge to the audacity of Indian enterprises to dream on a global scale.”
He added that while the report tested the group’s governance and purpose, the SEBI verdict “delivered a resounding and unequivocal” dismissal of the allegations. “With SEBI’s clear and final word, truth has prevailed,” he said.
He also said that the case has strengthened the Adani Group instead of weakening it.He highlighted the company’s performance over the period of two years since the case started.
Adani Group’s portfolio EBITDA rose from Rs 57,205 crore in FY23 to Rs 89,806 crore in FY25, a jump of 57% with a two-year CAGR of 25%.
The group’s asset base also expanded significantly, with gross block increasing from Rs 4.12 lakh crore in FY23 to Rs 6.09 lakh crore in FY25, a 48% rise in two years.
Group delivers transformative projects in past two years
Adani said, “What was intended to hurt us has instead become a defining inflection point by fortifying our foundations, sharpening our ambition and reaffirming our responsibility to build with scale, speed and resilience for India’s future.” He highlighted key transformative projects that the company has delivered in the past two years, which have helped reshape India’s infrastructure landscape and strengthen its global standing.
Adani Group had commissioned India’s first container transshipment port at Vizhinjam along with the Colombo West International Terminal, added 6 GW of renewable capacity including the world’s largest single-location project at Khavda, set up the world’s largest copper smelter and metallurgical complex, and expanded its energy network with 7,000 circuit kms of transmission lines and 4 GW of new thermal capacity across India and overseas.
Adani pledges stronger governance and bigger push on sustainability
Acknowledging the anxiety Hindenburg case have created for the investors, lenders, suppliers and partners, Adani said, “It was your trust that steadied us, your patience that sustained us and your belief that emboldened us. For this extraordinary support, I am profoundly grateful.”
Adani, in his letter to sharholders, pledged to further strengthen governance standards, accelerate innovation and sustainability, and continue investing in infrastructure projects that support India’s long-term growth.
“Let this moment not merely restore confidence. Let it reaffirm what your company stands for – resilience in adversity, integrity in action and an unyielding commitment to building a brighter future for India and the world,” he said.