Gautam Adani stated on Wednesday that the Hindenburg Research report was not just an attack on the Adani Group but a broader attempt to undermine India Inc.’s global aspirations. In a letter to shareholders, he said the report questioned the governance, purpose, and ambition of Indian companies daring to lead on a global scale. Adani described it as a test of resilience for his conglomerate.
On September 18, SEBI cleared the Adani Group and Gautam Adani of two key allegations made by the now-defunct Hindenburg Research: stock manipulation and failure to disclose related-party transactions. Adani welcomed SEBI’s verdict, calling it a reaffirmation of truth, stating, “What was meant to weaken us has instead strengthened our foundation.”
However, Reuters reported that over a dozen allegations are still under SEBI review, including concerns over the misclassification of shareholders. Several Adani companies have applied for settlements in some of these cases.
Adani also highlighted the group’s progress since 2023, noting a 25% CAGR in operational profit, rising from ₹57,205 crore in FY23 to ₹89,804 crore in FY25. Major projects include the Vizhinjam transshipment port, 6 GW renewable capacity in Khavda, and the world’s largest copper smelter in Kutch.
