Gautam Adani's message to shareholders: Group never retreated; now more formidable, unbreakable

Industrialist Gautam Adani said the Adani Group has emerged stronger and more resilient after facing intense global scrutiny and legal challenges over the past year, asserting that the conglomerate "never retreated" but recalibrated and reimagined itself to deliver record-breaking performance in 2024-25.

In his annual letter to shareholders, published in Adani Enterprises’ annual report, the Adani Group chairman said, “Even 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 resilient.”

In January 2023, US short seller Hindenburg Research published a scathing report describing Adani Group as "the largest con in corporate history". The fallout was swift: stock prices plummeted, wiping out over USD 150 billion in market value at the lowest point, and the group's biggest public offering was abruptly scrapped.

Just as the group scripted a comeback, it was hit by US authorities charging Adani and his close associates of allegedly paying bribes to secure Indian power supply contracts and misleading US investors during fund raises.

Adani reiterated that “no one from the Adani Group has been charged with violating the FCPA or conspiring to obstruct justice.”

He described the scrutiny as yet another test of the Group’s resolve, saying that every challenge has only strengthened its conviction and operational discipline.

“Every challenge sharpens our resolve. Every setback becomes a stepping stone,” he said.

Adani, Asia's second-richest, said people often ask him, "How does Adani Group keep doing it? How do we rise, time and again?"

"My answer remains the same: Our conviction is anchored in clarity. Our objectives are aligned with India's ambitions. And our strength comes from the belief that you - our shareholders - place in us."

Adani went on to tout record profits of his ports-to-energy companies posted in fiscal year 2024-25.

The Group maintained a healthy net debt-to-EBITDA ratio of 2.6x and is planning a capital expenditure of USD 15-20 billion annually for the next five years.

"And while the numbers tell their own compelling story - in a year of record-breaking revenue, unprecedented growth and historic profitability - the deeper truth is that these milestones are reflections of our relentless strength and tenacity. They are proof of a Group that dares to dream beyond constraints, powered by a nation that breathes possibility into every tomorrow ahead of us," he said.

Adani Power crossed 100 billion units in power generation and added 2.3 GW of capacity.

Adani Green exceeded 14 GW of operational renewable capacity and is targeting 50 GW by 2030.

Adani Ports handled 450 MMT of cargo and achieved a 27% market share, while Adani Airports handled a record 94 million passengers.

The Group also made headway in digital infrastructure with a giga-scale renewable-powered data centre in Navi Mumbai under AdaniConneX, and expanded its presence in e-mobility through Adani Total Gas, which now operates over 3,400 EV charging points across 22 states and 4 Union Territories.

Adani also highlighted the Group’s redevelopment plan of Mumbai’s Dharavi, Asia’s largest slum, into a modern urban township.

"Over 1 million people will move from narrow lanes to sunlit, modern homes," he said on Dharavi redevelopment. "Inspired by Singapore's housing model and co-designed with global experts, the township will feature spacious layouts, dual toilets, open spaces, schools, hospitals, transit hubs and parks."

Adani Airports handled a record 94 million passengers across airports it manages, he said, adding Navi Mumbai Airport will open later this year with an initial passenger capacity of 20 million of what will eventually become a 90 million passenger airport.

Adani Defence is making ammunition and missile capabilities in Kanpur while its surveillance drones and Kamikaze drones aided the recent Operation Sindoor, he said.