Adani Group Chairman Gautam Adani has called the Securities and Exchange Board of India’s (SEBI) decision to dismiss allegations against the conglomerate a turning point that reaffirms the group’s transparency and resilience. In a letter to shareholders on September 24, Adani said the verdict was not just a regulatory outcome but “a powerful validation” of how the group operates.
The remarks come nearly two years after Hindenburg Research, a US-based short seller, published its report on January 24, 2023, alleging stock manipulation and governance lapses at the group. Adani said, “It was not merely a critique of your Adani Group. It was a direct challenge to the audacity of Indian enterprises to dream on a global scale.”
He added that SEBI’s “resounding and unequivocal verdict” had brought closure to the episode. “With SEBI’s clear and final word, truth has prevailed or like we had always said — Satyamev Jayate,” Adani wrote.
Strong Growth Despite Headwinds
Despite the turbulence, the group claims to have seen significant growth across businesses. Portfolio EBITDA jumped from Rs 57,205 crore in FY23 to Rs 89,806 crore in FY25, representing 57 per cent growth. Gross block, a measure of asset base, rose from Rs 4.12 lakh crore to Rs 6.09 lakh crore during the same period.
In his letter, Adani highlighted that this expansion coincided with the commissioning of some of India’s largest infrastructure projects. These included the country’s first container transhipment port at Vizhinjam, a 6 GW addition in renewable capacity, including the Khavda mega project, the world’s largest copper smelter and metallurgical complex, 7,000 circuit kms of transmission lines, and 4 GW of new thermal capacity across India and overseas.
Gratitude To Investors And Partners
The industrialist acknowledged the strain that investors and partners faced through the crisis. “It was your trust that steadied us, your patience that sustained us and your belief that emboldened us,” Adani wrote.
He expressed gratitude to lenders, suppliers, and shareholders for standing by the group during what he described as its most testing phase.
Pledge For The Future
Adani pledged to strengthen governance frameworks further, while also prioritising sustainability and innovation. He said the SEBI clearance should not only restore confidence but also highlight the group’s values of “resilience in adversity, integrity in action and an unyielding commitment to building a brighter future for India and the world.”
Closing with lines from poet Sohan Lal Dwivedi, Adani said the group’s ambitions remain undeterred: “The boat that fears the waves can never reach the shore, but those who keep on trying will win forevermore.”
