In a powerful statement, Gautam Adani, the chairman of the Adani Group, has shared his perspective on the tumultuous period following the Hindenburg Research report. In a letter to his shareholders on Wednesday, Adani declared that the report was far more than a critique of his conglomerate; it was a “direct challenge to the audacity of Indian enterprises to dream on a global scale.”
The billionaire founder described the ordeal as a “test that pushed every dimension of our resilience,” questioning the very foundation of his company’s governance and purpose. He hailed the recent clean chit from the Securities and Exchange Board of India (SEBI) as a triumph of truth, stating that “Satyameva Jayate” (truth alone will prevail).
On September 18, SEBI provided a significant reprieve to the Adani Group, clearing it and Gautam Adani of two key allegations raised by the now-defunct US-based short-seller. The regulator dismissed claims of stock manipulation and the non-disclosure of certain related-party transactions, stating that its investigation found no evidence to support these charges.
However, the saga is not entirely over. According to Reuters, at least a dozen other allegations of impropriety against the Adani Group remain pending before the market regulator. These include accusations that several of the group’s companies—including Adani Enterprises Ltd., Adani Ports Ltd., Adani Energy Ltd., and Adani Power Ltd.—improperly categorized certain shareholders as public. The group has previously stated in its financial reports that SEBI is looking into these matters.
Despite the ongoing legal scrutiny, Gautam Adani highlighted the remarkable growth his business has achieved since the Hindenburg allegations first came to light in early 2023. According to his letter, the Adani Group has seen a compound annual growth rate (CAGR) of 25% in its operational profitability, which climbed from ₹57,205 crore in FY23 to ₹89,804 crore in FY25, a significant 57% increase in absolute terms.
He also pointed to major projects commissioned during this period, including:
- India’s first trans-shipment port in Vizhinjam.
- The addition of 6 GW of renewable energy capacity in Khavda, Gujarat.
- The commissioning of what is now the world’s largest copper smelter in Kutch.
Adani expressed profound gratitude to his shareholders, stating that what was “intended to hurt us has instead become a defining inflection point by fortifying our foundations.” He credited their trust, patience, and belief for getting the group through the crisis, underscoring that their support “steadied us, sustained us, and emboldened us.”