Triumph of truth after propaganda of untruth
Gautam Adani says the Adani Group has completed transformative projects that have reshaped India’s infrastructure landscape and enhanced its global standing in his communication with shareholders.
On 24 September 2025, Gautam Adani wrote to all shareholders: “With SEBI’s clear and final word, truth has prevailed, like we had always said. ‘सत्यमेव जयते’ (truth alone will prevail).” He reminded the shareholders of the eventful day of 24 January 2023, which was 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 but a direct challenge to the audacity of Indian enterprises to dream on a global scale. It, according to him, marked the beginning of a test that pushed every dimension of our resilience for the Adani group. “It questioned our governance, our purpose and even the very idea that Indian companies could dare lead the world in scale and ambition,” he wrote in the letter. In September this year, the Securities and Exchange Board of India (SEBI) delivered a resounding and unequivocal verdict dismissing the allegations against the group. “What was meant to weaken us has instead strengthened the very core of our foundations,” he said. “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. And the truest evidence of our resilience lies not in words, but in performance over this period,” he added. The group’s portfolio EBITDA rose from ₹57,205 Cr in FY23 to ₹89,806 Cr in FY25. That was an increase of ₹32,601 Cr, 57 per cent absolute growth and a two-year CAGR of 25 per cent. Gross block expanded from ₹4,12,318 Cr in FY23 to ₹6,09,133 Cr in FY25, an addition of nearly ₹2 trillion, a rise of 48 per cent in two years.
Adani Group has delivered transformative projects that have reshaped India’s infrastructure landscape and strengthened its global standing. In the letter, Gautam Adani mentioned the milestones, which included the commissioning of India’s first container transhipment port at Vizhinjam, alongside the Colombo West International Terminal.
The Group added 6 GW of renewable capacity, including Khavda, the world’s largest single-location renewable project. It also expanded the energy network with 7,000 circuit kms of transmission lines and 4 GW of new thermal capacity across India and overseas. The Adanis also commissioned the world’s largest copper smelter and metallurgical complex.
In the letter, he promised the shareholders that the Group would further strengthen governance standards to inspire confidence across markets and regulators. It would boost innovation and sustainability, establish benchmarks not only in India but worldwide, and strengthen nation-building by investing in infrastructure that supports India’s long-term growth. He concluded the letter with the words of Sohan Lal Dwivedi, which he said captured the spirit that defined the Group’s journey:
“लहरों से डर कर नौका पार नहीं होती,
कोशिश करने वालों की हार नहीं होती….”
