MUMBAI: Gautam Adani has emerged from his regulatory bunker swinging, declaring the Hindenburg Research controversy a “defining inflection point” that strengthened rather than weakened his sprawling business empire.
In a defiant letter to shareholders, the Indian billionaire framed last week’s Securities and Exchange Board of India (Sebi) clearance as complete vindication, proclaiming “truth has prevailed” after nearly two years of scrutiny following the short-seller’s damning January 2023 report.
The Adani Group chairman marshalled impressive financial firepower to support his narrative of resilience. Portfolio EBITDA rocketed from Rs 57,205 crore in FY23 to Rs 89,806 crore in FY25—a staggering 57 per cent absolute growth representing a two-year compound annual growth rate of 25 per cent.
Asset expansion proved equally dramatic, with gross block swelling from Rs 4,12,318 crore to Rs 6,09,133 crore over the same period. That Rs two lakh crore addition marks a 48 per cent surge whilst the group battled accusations of accounting manipulation and stock price inflation.
Adani positioned his conglomerate’s infrastructure achievements as proof of substance over speculation. The group commissioned India’s first container trans shipment port at Vizhinjam, added six gigawatts of renewable capacity including the world’s largest single-location renewable project at Khavda, and completed what it claims is the world’s largest copper smelter.
The rhetoric veered between wounded pride and renewed ambition. Hindenburg’s assault wasn’t merely corporate criticism, Adani argued, but “a direct challenge to the audacity of Indian enterprises to dream on a global scale.” The implication: attacking Adani amounted to attacking India itself.
Looking forward, the chairman promised to “further strengthen governance standards,” “accelerate innovation and sustainability,” and “double down on nation building”—language that suggests the controversy has hardly dented his expansionist appetites.
The letter’s tone reflects broader themes in Indian corporate culture, where business leaders frequently cast commercial success in nationalist terms. For Adani, surviving Hindenburg’s onslaught becomes not just corporate vindication but validation of India’s global ambitions.
Whether Sebi’s clearance truly closes the book on governance questions remains to be seen. But Adani’s defiant missive makes clear he views the storm as survived rather than merely weathered, with ambitious expansion plans intact.