'Hindenburg's report was a direct challenge to...': Gautam Adani's letter to shareholders
Sebi decision marked a turning point that had only strengthened the group's foundations, says Adani
- Sep 24, 2025,
- Updated Sep 24, 2025 2:21 PM IST
Adani Group Chairman Gautam Adani on Wednesday described the Securities and Exchange Board of India's (SEBI) clearance of the group in the Hindenburg matter as a "powerful validation" of the company's governance and resilience. In a letter dated September 24 addressed to shareholders, Adani wrote that the Sebi decision marked a turning point that had only strengthened the group's foundations.
"24 January 2023 will be remembered as a morning when India's markets awoke to headlines that reverberated far beyond Dalal Street. Hindenburg's report 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," Adani said.
"Fast forward, and last week, the Securities and Exchange Board of India (SEBI) delivered a resounding and unequivocal verdict dismissing the allegations against us. With SEBI’s clear and final word, truth has prevailed or like we had always said सत्यमेव जयते (truth alone will prevail)," he added.
SEBI last week dismissed all allegations raised in the January 2023 report by US-based Hindenburg Research, which accused the Adani Group of using shell companies to route funds and mask related-party transactions. Sebi stated that at the time of the transactions, such arrangements did not qualify as related party dealings under prevailing rules. The loans were repaid with interest, and no evidence of fraud or unfair trade practice was found.
"What was meant to weaken us has instead strengthened the very core of our foundations. This moment is more than a regulatory clearance, it is a powerful validation of the transparency, governance and purpose with which your company has always operated," Adani wrote.
He outlined the group's performance over the last two years, noting a Rs 32,601 crore increase in EBITDA from Rs 57,205 crore in FY23 to Rs 89,806 crore in FY25—a 57% absolute rise and a two-year CAGR of 25%. Gross block expanded from Rs 4,12,318 crore to Rs 6,09,133 crore over the same period, a 48% increase.
Adani highlighted major project milestones, including the commissioning of India's first container transshipment port at Vizhinjam, progress on the Colombo West International Terminal, and the addition of 6 GW of renewable energy capacity, including at Khavda - the world's largest single-location renewable project. He also mentioned the commissioning of the world’s largest copper smelter and metallurgical complex, and an expansion of the group's energy network by 7,000 circuit kilometres of transmission lines and 4 GW of new thermal capacity.
"What was intended to hurt us has instead become a defining inflection point by fortifying our foundations, sharpening our ambition and reaffirming our responsibility to build with scale, speed and resilience for India’s future," he said.
Adani also acknowledged the concerns of stakeholders during the crisis. "It was your trust that steadied us, your patience that sustained us and your belief that emboldened us. For this extraordinary support, I am profoundly grateful."
He pledged to strengthen governance, accelerate innovation, and invest in infrastructure that supports India's long-term growth. Adani closed the letter quoting poet Sohan Lal Dwivedi: "The boat that fears the waves can never reach the shore, But those who keep on trying will win forevermore."
Adani Group Chairman Gautam Adani on Wednesday described the Securities and Exchange Board of India's (SEBI) clearance of the group in the Hindenburg matter as a "powerful validation" of the company's governance and resilience. In a letter dated September 24 addressed to shareholders, Adani wrote that the Sebi decision marked a turning point that had only strengthened the group's foundations.
"24 January 2023 will be remembered as a morning when India's markets awoke to headlines that reverberated far beyond Dalal Street. Hindenburg's report 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," Adani said.
"Fast forward, and last week, the Securities and Exchange Board of India (SEBI) delivered a resounding and unequivocal verdict dismissing the allegations against us. With SEBI’s clear and final word, truth has prevailed or like we had always said सत्यमेव जयते (truth alone will prevail)," he added.
SEBI last week dismissed all allegations raised in the January 2023 report by US-based Hindenburg Research, which accused the Adani Group of using shell companies to route funds and mask related-party transactions. Sebi stated that at the time of the transactions, such arrangements did not qualify as related party dealings under prevailing rules. The loans were repaid with interest, and no evidence of fraud or unfair trade practice was found.
"What was meant to weaken us has instead strengthened the very core of our foundations. This moment is more than a regulatory clearance, it is a powerful validation of the transparency, governance and purpose with which your company has always operated," Adani wrote.
He outlined the group's performance over the last two years, noting a Rs 32,601 crore increase in EBITDA from Rs 57,205 crore in FY23 to Rs 89,806 crore in FY25—a 57% absolute rise and a two-year CAGR of 25%. Gross block expanded from Rs 4,12,318 crore to Rs 6,09,133 crore over the same period, a 48% increase.
Adani highlighted major project milestones, including the commissioning of India's first container transshipment port at Vizhinjam, progress on the Colombo West International Terminal, and the addition of 6 GW of renewable energy capacity, including at Khavda - the world's largest single-location renewable project. He also mentioned the commissioning of the world’s largest copper smelter and metallurgical complex, and an expansion of the group's energy network by 7,000 circuit kilometres of transmission lines and 4 GW of new thermal capacity.
"What was intended to hurt us has instead become a defining inflection point by fortifying our foundations, sharpening our ambition and reaffirming our responsibility to build with scale, speed and resilience for India’s future," he said.
Adani also acknowledged the concerns of stakeholders during the crisis. "It was your trust that steadied us, your patience that sustained us and your belief that emboldened us. For this extraordinary support, I am profoundly grateful."
He pledged to strengthen governance, accelerate innovation, and invest in infrastructure that supports India's long-term growth. Adani closed the letter quoting poet Sohan Lal Dwivedi: "The boat that fears the waves can never reach the shore, But those who keep on trying will win forevermore."