Gautam Adani, in a letter to shareholders, stated that the Hindenburg Research report targeted not just the Adani Group but all of Indian industry, challenging the global ambitions of Indian enterprises. He described the report as a test of his group’s resilience, questioning its governance, purpose, and the idea that Indian companies could lead globally. On September 18, SEBI cleared the Adani Group of two key allegations—stock manipulation and failure to disclose related-party transactions—made by Hindenburg in early 2023. Adani welcomed the ruling, saying it reaffirmed the group’s integrity, quoting “Satyameva Jayate” (truth alone triumphs). However, SEBI continues to investigate over a dozen other allegations, including misclassification of certain shareholders as public. Despite this, Adani highlighted the group’s strong performance, with operational profitability growing at a 25% CAGR from ₹57,205 crore in FY23 to ₹89,804 crore in FY25. Major milestones include commissioning India’s first trans-shipment port in Vizhinjam, 6 GW of renewables in Gujarat, and the world’s largest copper smelter in Kutch.
Hindenburg Report Wasn’t Simply An Attack, Adani Claims
