Adani Calls Hindenburg Report a Direct Challenge to Indian Businesses

Mumbai, Sept 25: Gautam Adani, founder and chairman of the Adani Group, described the Hindenburg Research report as a direct challenge to Indian enterprises, asserting that the report questioned the audacity of Indian companies to dream on a global scale.

In a letter to shareholders, Adani 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.” He had earlier demanded a “national apology” from the US-based short-seller on social media.

Adani highlighted SEBI’s recent ruling as a “resounding and unequivocal verdict” that brought closure to a two-year period of intense scrutiny. On September 18, SEBI cleared Adani Group companies, including Adani Enterprises, Adani Ports, and Adani Power, as well as Gautam Adani, dismissing the allegations made by Hindenburg Research.

“What was meant to weaken us has instead strengthened the very core of our foundations,” Adani wrote, recalling January 24, 2023, as a day when India’s markets faced unprecedented scrutiny. Quoting poet Sohan Lal Dwivedi, he added, “The boat that fears the waves can never reach the shore, but those who keep on trying will win forevermore.”

Adani also shared the group’s robust financial and operational performance, noting that portfolio EBITDA rose from Rs 57,205 crore in FY23 to Rs 89,806 crore in FY25, a 57% increase, with a two-year CAGR of 25%. Gross Block expanded from Rs 4,12,318 crore to Rs 6,09,133 crore, marking a 48% rise in two years.

He concluded by expressing gratitude to investors, lenders, suppliers, and partners, stating, “It was your trust that steadied us, your patience that sustained us and your belief that emboldened us.”