The allegations made in the Hindenburg Report have been rejected by SEBI. Adani Group Chairman Gautam Adani has written a letter to the shareholders in this regard. It is said that Hindonberg’s report had a direct challenge for Indian enterprises to dream of dreaming globally.
Hindenburg Report: India’s market regulator SEBI (Securities and Exchange Board of India) had dismissed the allegations leveled in the Hindenburg report on 18 September 2025 against Adani Group Chairman Gautam Adani and group companies (Adani Enterprises, Adani Ports and Adani Power). On September 24, Gautam Adani wrote a letter to the shareholders and shared his views in the matter.
Gautam Adani’s letter
Dear fellow shareholders,
On 24 January 2023, it will be remembered as a morning when the Indian market wakes up with the headlines whose echoes reached far beyond the Street. Hindenberg’s report was not just criticizing your Adani Group. This was a direct challenge for Indian enterprises to dream of dreaming globally.
For your group, it was the beginning of a test that challenged every dimension of our flexibility. It has questioned our rule, our objectives and even the idea that Indian companies can dare to lead the world in terms of scale and ambition.
Last week, SEBI dismissed the allegations against us and gave a clear decision. With the clear and final promise of SEBI, truth has won or as we have always said, Satyamev Jayate. What was done to weaken us has strengthened the origin of our foundation.
This moment is more than just one regulatory approval. This is a strong proof of the transparency, governance and purpose with which your company has always operated. The most true evidence of our flexibility is not in the words, but in our performance during this period.
Ebitda Growth: Portfolio Ebitda increased from Rs 57,205 crore to Rs 89,806 crore in FY25 in FY 23. There was an increase of Rs 32,601 crore. This refers to a full increase of about 57% and a two-year-old CAGR of 25%.
Extension of property: Our gross block increased from Rs 4,12,318 crore to Rs 6,09,133 crore in FY 25 in FY 23. This is an additional benefit of about 2 lakh crore rupees. There is an increase of 48% in just two years.
Along with this, we worked on projects that brought change. These brought a new change in the scenario of India’s infrastructure. Its global status was strengthened. These are …
- India’s first container transmission port was started in Vizhinjam with Colombo West International Terminal.
- 6 GW Renuable Capacity was added, including the world’s largest single location renewable project Khawda.
- The world’s largest copper prejudice plant and metallurgical complex were constructed.
- Expanded our energy network with 7000 circuit kilometers transmission lines and a new thermal capacity of 4 GW in India and abroad.
The purpose of which we were to harm us, have become a decisive turn to re -confirm our responsibility of strengthening our foundation, intensifying our ambitions and building with scale, speed and flexibility for the future of India.
However, even when the storm was in full swing, I had a full feeling of concern for our investors, lenders, suppliers and partners. It was your belief that kept us stable, your patience that handled us and your faith that gave us courage. For this extraordinary support, I am thankful to you wholeheartedly.
Looking at the future, I promise you that we
- Governance will further strengthen the standards, which create confidence in markets and regulators.
- By establishing standard not only in India but also globally, we will accelerate innovation and stability.
- Will double the nation building, invest in infrastructure that will strengthen India’s long term growth story.
Do not let this moment be restored to be confident. This should be confirmed to which principles your company is committed to- adverse conditions, honesty in actions and unwavering commitment to create a bright future of India and the world.
I finish my talk with the eternal words of Sohan Lal Dwivedi, which expresses the spirit that defines our journey:
“The boat does not cross the boat fear of the waves,
Those who try never lose … ”
With new confidence and gratitude, I look forward to writing the next and best chapters of our growth story together and building the future in line with India’s aspirations.
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Note- We have published the letter of Gautam Adani in a word.
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