Hindenburg’s report was direct challenge to Indian enterprises: Gautam Adani

The founder and chairman of the Adani Group, Gautam Adani, has called the Hindenburg’s report a direct challenge to Indian enterprises.

Recounting the fallout of the Hindenburg report in a letter to shareholders, he said, “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.”

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Gautam Adani had earlier sought a “national apology” from the US short-seller on social media.

He described SEBI’s “resounding and unequivocal verdict” as closure to a two-year period of intense scrutiny. “With SEBI’s clear and final word, truth has prevailed or like we had always said – Satyamev Jayate,” he said.

Notably on September 18, SEBI gave a clean-chit to Adani Group companies, including Adani Enterprises, Adani Ports, and Adani Power, as well as Gautam Adani, dismissing the claims made by Hindenburg Research.

“What was meant to weaken us has instead strengthened the very core of our foundations,” he wrote, adding that January 24, 2023, will be remembered as a morning when India’s markets awoke to headlines that reverberated far beyond Dalal Street.

In his letter, he quoted poet Sohan Lal Dwivedi, and said, “The boat that fears the waves can never reach the shore, but those who keep on trying will win forevermore.”

Gautam Adani also shared the group’s financial and operational performance during this period.

Portfolio EBITDA grew from Rs 57,205 crore in FY23 to Rs 89,806 crore in FY25, a 57% absolute increase with a two-year CAGR of 25%. Gross Block expanded from Rs 4,12,318 crore to Rs 6,09,133 crore, a 48% rise in two years.

“It was your trust that steadied us, your patience that sustained us and your belief that emboldened us,” he said, thanking investors, lenders, suppliers, and partners for their support.