Adani Group Chairman Gautam Adani on Wednesday said that the Hindenburg Research report of early 2023 was not just an attack on his conglomerate but a challenge to India Inc.’s global ambitions.
In a letter addressed to shareholders, Adani hailed the recent SEBI order clearing the group of two major allegations — stock manipulation and non-disclosure of related-party transactions — as a major vindication.
“The 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 wrote.
“What was meant to weaken us has instead strengthened the very core of our foundations.”
SEBI’s Findings
On September 18, the Securities and Exchange Board of India (SEBI) cleared Adani Group and its founder of key allegations made by the now-defunct short seller Hindenburg Research. However, several other allegations — including wrongful categorisation of certain shareholders as ‘public’ — remain under investigation.
Reuters reported that nearly 30 Adani Group companies have applied to settle some of these regulatory cases, indicating the matter is not fully closed.
Growth Since Crisis
Despite the controversy, Adani Group claims to have grown stronger:
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Operational Profitability: Rose from ₹57,205 crore in FY23 to ₹89,804 crore in FY25 (25% CAGR).
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Major Projects: Commissioned India’s first trans-shipment port at Vizhinjam, added 6 GW of renewable energy in Khavda, Gujarat, and commissioned the world’s largest copper smelter in Kutch.
Adani credited the company’s resilience to investor trust and stakeholder patience:
“It was your trust that steadied us, your patience that sustained us and your belief that emboldened us,” he wrote.
Big Picture
While SEBI’s partial clean chit provides some relief to the conglomerate, several cases remain open. Market watchers say Adani Group’s continued growth trajectory and deleveraging plans will be closely monitored as the remaining investigations progress.
