Adani Group never backed down amid scrutiny; now more formidable, unbreakable: Gautam Adani

New Delhi: Despite facing consecutive acquisitions and intense scrutiny, Adani Group never backed down and instead adapted its strategy, emerging more resilient, formidable and unbreakable, its chairman Gautam Adani said.

The conglomerate will invest $15-20 billion over the next five years across businesses, he said touting its strong balance sheet and robust business growth.

In January 2023, US short seller Hindenburg Research published a scathing report describing Adani Group as "the largest con in corporate history". The fallout was swift: stock prices plummeted, wiping out over $150 billion in market value at the lowest point, and the group's biggest public offering was abruptly scrapped.

Just as the group scripted a comeback through a mix of trimming of debt, cutting back on the founder's pledged shares, bringing in both promoter and marquee investor equity, and refocusing attention on the group's core businesses, it was hit by US authorities charging Adani and his close associates of allegedly paying bribes to secure Indian power supply contracts and misleading US investors during fund raises.

Adani Group denied all allegations of wrongdoing and went about refocusing its efforts, resulting in most of its stocks recovering and the group posting record earnings.

"In the face of fierce headwinds and relentless scrutiny - we have never retreated. Instead - we have recalibrated. We have reimagined. And we have become - more formidable, more unbreakable, more stronger and more resilient!" Adani said in the latest annual report of the group's flagship Adani Enterprises.

Adani, Asia's second-richest, said people often ask him "How does Adani Group keep doing it? How do we rise, time and again?" "My answer remains the same: Our conviction is anchored in clarity. Our objectives are aligned with India's ambitions. And our strength comes from the belief that you - our shareholders - place in us."

On the allegations by the US Department of Justice and the US SEC relating to Adani Green Energy, he said this was not the first time the conglomerate was tested. "Nor will it be the last".

"Every challenge sharpens our resolve. Every setback becomes a stepping stone," he said adding despite all the noise, fact is that none from Adani Group has been charged with violating Foreign Corrupt Practices Act (FCPA) or conspiring to obstruct justice.

"We live in a world where negativity often echoes louder than truth. But as we cooperate with legal processes, let me also restate - emphatically - our governance is of global standards, and our compliance frameworks are robust and non-negotiable." Group's businesses - from ports to airports, from renewable energy generation to data centres, defence manufacturing and city gas - have grown over the past couple of years.

"History should remember us not for the size of our balance sheet, but for the strength of our backbone. Not just for the markets we entered, but for the storms we handled and emerged stronger. For it is easy to lead in sunshine, but true leadership is forged in the face of crisis," he said.

Strength is not just power - it is purpose, clarity and the will to rise. And resilience is not endurance alone - it is reinvention in the face of adversity. "When combined, it helps us do our part for building an India that refuses to bend, refuses to break and never stops believing in its own future," he said.

Adani went on to tout record profits of his ports-to-energy companies posted in fiscal year 2024-25.

"And while the numbers tell their own compelling story - in a year of record-breaking revenue, unprecedented growth and historic profitability - the deeper truth is that these milestones are reflections of our relentless strength and tenacity. They are proof of a Group that dares to dream beyond constraints, powered by a nation that breathes possibility into every tomorrow ahead of us," he said.

Adani Power crossed 100 billion units of power generation, added 2.3 gigawatt (GW) of conventional capacity, funded Rs 12,000 crore in capex mainly through internal accruals, and secured a 1,500 megawatt power supply deal in Maharashtra.

It is now well on track to reach 31 GW capacity by 2030.

Adani Green reached an operational renewable energy (RE) capacity of over 14 GW and is on target to build the world's largest RE plant of 30 GW at Khavda in Gujarat and a total of 50 GW of renewables capacity by 2030.

Also, with over 5,000 MW of pumped hydro storage targeted to be installed by 2030 and a 40-year 1,250 MW energy storage deal with Uttar Pradesh, it is setting global benchmarks in the space of energy transition, he said.

Adani Energy Solutions had a huge year, securing Rs 43,990 crore in transmission orders and executing Rs 13,600 crore worth of smart metering projects. It retained its No.1 electricity distribution company rank in India and became the only private player with three national HVDC grid links in its portfolio.

Clean energy vertical Adani New Industries has an order book for construction of a 300 MW electrolyser plant and is on track to expanding its solar module manufacturing lines to 10 GW integrated by next financial year.

Adani Ports handled an all-time high cargo volume of 450 million tonne and cornered 27 per cent market share in India.

The group is building data centres, rapidly expanding city gas and EV charging network and rebuilding Mumbai's Dharavi - Asia's largest slum.

"Over 1 million people will move from narrow lanes to sunlit, modern homes," he said on Dharavi redevelopment. "Inspired by Singapore's housing model and co-designed with global experts, the township will feature spacious layouts, dual toilets, open spaces, schools, hospitals, transit hubs and parks." Adani Natural Resources produced a record 47 MT coal and iron ore and is on track to achieve over 30 per cent growth by FY26, he said.

Group's copper plant in Kutch, Gujarat has started while the cement business has crossed 100 MTPA capacity and is on track to hit 140 MT by 2027-28, he said.

Adani Airports handled a record 94 million passengers across airports it manages, he said adding Navi Mumbai Airport will open later this year with an initial passenger capacity of 20 million of what will eventually become a 90 million passenger airport.

Adani Defence is making ammunition and missile capabilities in Kanpur while its surveillance drones and Kamikaze drones aided the recent Operation Sindoor, he said.