Hailing Sebi‘s “resounding and unequivocal” dismissal of Hindenburg allegations against his conglomerate, Adani Group chairman Gautam Adani told shareholders on Wednesday that they will now focus on strengthening governance, accelerating innovation, and doubling down on nation building through infrastructure investments.
“What was meant to weaken us has instead strengthened the very core of our foundations,” he wrote to them, days after the Securities and Exchange Board of India (Sebi) cleared Adani and his group companies of the charges levelled by the now-defunct Hindenburg Research in early 2023.
Hindenburg report sparked $150-billion sell-off of Adani stock
The report by the US-based short-seller alleging stock manipulation and fraudulent related-party transactions had then triggered a $150-billion sell-off in group stocks.
“Hindenburg’s report was not merely a critique of Adani Group, it was a direct challenge to the audacity of Indian enterprises to dream on a global scale,” he said.
Sebi’s dismissal of the allegations was more than a regulatory clearance, it was a powerful validation of the transparency, governance and purpose with which the company has always operated, Adani said, adding “the truest evidence of our resilience lies not in words, but in performance over this period.”
Adani portfolio climbs 57% in two years
Adani said their portfolio Ebitda rose from Rs 57,205 crore in FY23 to Rs 89,806 crore in FY25, indicating an increase of Rs 32,601 crore, representing approximately 57% absolute growth and a two-year CAGR of 25%.
He said their gross block expanded from Rs 4,12,318 crore in FY23 to Rs 6,09,133 crore in FY25. This is an addition of nearly Rs 2 lakh crore, a 48% rise in just two years.
He said they added 6 GW of renewable capacity, including Khavda, the world’s largest single-location renewable project, and expanded their energy network with 7,000 circuit km of transmission lines and 4 GW of new thermal capacity across the country and overseas.
“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,” Adani added.