Hindenburg report wasn't simply an attack on Adani Group, Gautam Adani claims

By Admin

25 Sep, 2025

The controversy surrounding the Hindenburg Research report continues to echo in India’s corporate landscape, but Adani Group Chairman Gautam Adani insists that what was meant as an assault has instead strengthened both his conglomerate and India Inc. as a whole. In a powerful letter to shareholders, the billionaire founder of the ports-to-power empire framed the episode as not just a test of one company, but of India’s ability to dream big on a global stage.

A Test of Resilience

“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,” Gautam Adani wrote. He added that the report pushed every dimension of resilience within his company, questioning governance, purpose, and even the idea that Indian businesses could aspire to global leadership.

“What was meant to weaken us has instead strengthened the very core of our foundations,” Adani declared, underscoring how the storm ultimately became a defining moment of renewal and fortification for the group.

SEBI’s Order in the Adani-Hindenburg Case

On 18 September 2025, the Securities and Exchange Board of India (SEBI) delivered a key reprieve to Adani Group. The market regulator cleared the conglomerate of two critical allegations stock manipulation and non-disclosure of related-party transactions that had been central to the Hindenburg report released in early 2023.

“With SEBI’s clear and final word, truth has prevailed or like we had always said ‘Satyameva Jayate’ (truth alone will prevail),” Gautam Adani told shareholders.

However, the chapter is not yet fully closed. According to reports, a dozen other allegations remain under SEBI’s review. These include questions around whether certain shareholders in Adani Enterprises, Adani Ports, Adani Energy, and Adani Power were wrongly categorised as public investors. In April, around 30 Adani Group firms had also applied to settle some of these regulatory cases.

Growth Amidst Challenges

Far from stalling, the Adani Group has expanded significantly since the Hindenburg report surfaced. According to Adani, the group’s operational profitability has surged with a compound annual growth rate (CAGR) of 25% rising from ₹57,205 crore in FY23 to ₹89,804 crore in FY25. That marks an increase of about 57% in absolute terms.

In this period, the conglomerate has also achieved several milestones:

• Commissioning India’s first trans-shipment port at Vizhinjam.
  
  

• Adding 6 GW of renewable energy capacity at Khavda, Gujarat.
  
  

• Commissioning the world’s largest copper smelter in Kutch.
  
  

“What was intended to hurt us has instead become a defining inflection point by fortifying our foundations… It was your trust that steadied us, your patience that sustained us and your belief that emboldened us,” Adani said, expressing gratitude to stakeholders for their unwavering support.

Beyond the Adani Group: A Larger Message

Gautam Adani’s remarks underline his view that the Hindenburg saga was not just about his conglomerate but also about the credibility of India’s corporate ambitions. By framing the report as an attack on India Inc., Adani has shifted the narrative from a company-specific controversy to a broader debate about the ability of Indian enterprises to compete on the world stage.

For Adani, the journey since the Hindenburg report has been less about damage control and more about transformation. As he put it, the test has redefined both his company’s foundations and its aspirations turning crisis into catalyst.