‘Didn’t back down amid challenges and scrutiny, now more formidable’: Gautam Adani

In a message to shareholders, Adani announced that the group would invest between $15 and $20 billion across its businesses over the next five years, buoyed by record earnings and a robust balance sheet.

In the latest annual report of the group’s flagship company, Adani Enterprises, Adani wrote, “In the face of fierce headwinds and relentless scrutiny – we have never retreated. Instead – we have recalibrated. We have reimagined. And we have become – more formidable, more unbreakable, more stronger and more resilient!”

The statement comes more than a year after US short-seller Hindenburg Research released a damaging report in January 2023, labelling the conglomerate “the largest con in corporate history.”

The market fallout was swift and severe, erasing over $150 billion in market value at its lowest point and forcing the group to cancel its biggest public offering.

Adani noted that just as the group began to recover by cutting debt, reducing the founder’s pledged shares, bringing in promoter and institutional capital, and focusing on core businesses, it was hit again—this time by allegations from US authorities.

The Department of Justice and the SEC accused the group and its associates of bribing officials to secure Indian power contracts and misleading American investors. Adani Group has denied all allegations.

“This is not the first time we have been tested. Nor will it be the last,” Adani said, adding that no one from the group has been charged under the Foreign Corrupt Practices Act or for conspiring to obstruct justice. “Every challenge sharpens our resolve. Every setback becomes a stepping stone.”

He stressed that the group’s governance and compliance systems are of “global standards” and said it continues to cooperate fully with legal processes.

“We live in a world where negativity often echoes louder than truth. But as we cooperate with legal processes, let me also restate – emphatically – our governance is of global standards, and our compliance frameworks are robust and non-negotiable,” he stated.

Highlighting the company’s performance in FY25, Adani described it as a year of “record-breaking revenue, unprecedented growth and historic profitability.”

He said these achievements were not merely financial milestones, but proof of the group’s tenacity and its capacity to dream beyond constraints.

Adani Power reported the generation of over 100 billion units of electricity during the fiscal and added 2.3 gigawatts of new capacity.

It financed ₹12,000 crore of capital expenditure, mainly through internal accruals, and signed a 1,500 megawatt supply agreement with Maharashtra.

The business is on track to reach 31 GW of capacity by 2030.

Adani Green Energy surpassed 14 GW in operational renewable capacity and is working to commission the world’s largest renewable energy plant at Khavda in Gujarat, aiming to reach 30 GW there and a total of 50 GW across its portfolio by 2030.

The group is also targeting over 5,000 MW of pumped hydro storage and has signed a 40-year agreement to supply 1,250 MW of energy storage to Uttar Pradesh, setting new benchmarks in India’s energy transition.

Adani Energy Solutions secured ₹43,990 crore in power transmission orders and executed smart metering projects worth ₹13,600 crore.

It retained its position as the country’s top electricity distribution company and became the only private player in India with three national high-voltage DC transmission links.

The clean energy arm, Adani New Industries, began constructing a 300 MW electrolyser plant and is on course to scale its solar module production to an integrated 10 GW by the next financial year.

Adani Ports reported handling an all-time high cargo volume of 450 million tonnes, capturing a 27 percent market share in India.

The group is also expanding rapidly in data centres, city gas distribution, and electric vehicle charging infrastructure.

The Dharavi redevelopment project, described as one of the largest urban transformation efforts in Asia, will relocate over one million people from cramped lanes to modern, sunlit homes.

Inspired by Singapore’s housing model and co-designed with international experts, the new township will feature larger layouts, dual toilets, transit hubs, parks, schools, and hospitals.

In other sectors:

Adani Natural Resources produced a record 47 MT of coal and iron ore and targets 30% growth by FY26.

Adani Copper’s Kutch plant has started operations.

Adani Cement has crossed 100 MTPA and aims for 140 MTPA by 2027–28.

Adani Airports handled 94 million passengers, with Navi Mumbai Airport set to open this year, eventually reaching a 90 million capacity.

Adani Defence is building ammunition and missile capabilities in Kanpur, and its drones were used in Operation Sindoor.

“History should remember us not for the size of our balance sheet, but for the strength of our backbone,” Adani said. “It is easy to lead in sunshine, but true leadership is forged in the face of crisis.”