Adani reassures on Haifa, speaks on Hindenburg: have become more unbreakable

On June 24, 2025, Gautam Adani, Chairman of the Adani Group, addressed shareholders at the 33rd Annual General Meeting (AGM) of Adani Enterprises Ltd., Adani Ports, and NDTV Ltd. in Mumbai. The meeting underscored the conglomerate’s resilience, record-breaking financial performance, and ambitious plans despite global challenges and ongoing scrutiny. 

He spoke on the accusations of the allegations in the report of the now-defunct Hindenburg Research as well as charges of bribery in the US. Adani said that the group 'never retreated' in the face of the allegations and that no one from the corporation has been charged in the US case.

Adani also paid tribute to the IAF following Operation Sindoor and to those who lost their lives in the Ahmedabad Air India crash. He also pointed out that the Haifa port in Israel, which Adani runs, is fully functional despite the conflict situation with Iran.

Global Context and India’s Resilience

Adani highlighted the turbulent global landscape over the past year, noting geopolitical tensions, economic challenges in Europe and the U.S., and ongoing conflicts in the Middle East impacting energy and logistics. Despite this, he emphasized India’s standout performance, growing faster than any other major nation. Adani lauded central and state governments for laying the foundation for India’s transformation, aligning the group’s objectives with national ambitions

Financial Performance and Growth

The Adani Group reported strong financial results for FY25.

Revenue Growth: Consolidated revenues increased by 7%, with EBITDA rising by 8.2%. The net debt-to-EBITDA ratio remained healthy at 2.6x.

Adani Power: Crossed 100 billion units of power generation, a first for any private-sector company in India.

Natural Resources: Produced a record 47 million tonnes of coal and iron ore, targeting over 30% growth by FY26.

Adani Green: Advancing the world’s largest renewable energy park in Khavda, Gujarat, visible from space, with plans to reach 100 gigawatts by 2030.

Logistics and Transport: Expanding marine, trucking, warehousing, and freight forwarding to create a “transport utility for the future.”

Chairman Gautam Adani said, “Our numbers tell their own story. Even in a year of turbulence, we saw record-breaking revenue, unprecedented growth, and historic profitability.”

Capital Expenditure Plans

The group announced an ambitious capital expenditure (Capex) plan of **$15–20 billion annually** over the next five years to drive growth across renewable energy, infrastructure, ports, and other sectors. This investment is backed by a strong balance sheet and steady earnings.

Response to U.S. Allegations

Addressing allegations of bribery and violations of the U.S. Foreign Corrupt Practices Act (FCPA), Adani firmly denied wrongdoing, stating, “No one from the Adani Group has been charged by the U.S. Department of Justice.” He reiterated the group’s commitment to global governance standards and robust compliance frameworks, noting ongoing engagement with legal processes.

Adani also referenced past challenges, including the 2023 Hindenburg Research report, which he described as “baseless accusations designed to defame us.” He accused certain media sections of amplifying the attack but emphasized the group’s resilience, stating, “We have never retreated. Instead, we have recalibrated and become more unbreakable.”

Tribute to Indian Forces and Air India Tragedy

Adani began his address by saluting India’s armed forces for their role in Operation Sindoor and expressing grief over the Air India Flight 171 crash near Ahmedabad. He said, “Our brave men and women in uniform stood tall not for fame, but for duty… We bow our heads for the lives lost in the tragic crash.”

Sustainability and Innovation

The group’s focus on sustainability was evident with the recent commissioning of India’s first off-grid 5 MW green hydrogen pilot plant in Kutch, Gujarat, by Adani New Industries Ltd. This reinforces Adani’s leadership in the green hydrogen economy.

Adani Green’s Khavda renewable energy park and plans for green ammonia, methanol, and sustainable aviation fuel production further underscore the group’s commitment to clean energy.

Response to Hindenburg

Adani emphasized the group’s ability to withstand challenges, including Hindenburg’s 2023 allegations and recent U.S. probes into alleged Iranian LPG imports. He denied sanctions violations, calling such claims “slanderous.” The group’s recovery involved debt reduction, new investments, and a focus on core businesses, making it “more formidable and unbreakable.”

Global Operations and Regional Stability

Adani addressed concerns about the group’s Haifa Port in Israel, which remained operational despite Iranian missile strikes. The port, managing over 30% of Israel’s imports, contributes less than 2% to Adani Ports’ cargo volume but remains a strategic asset.

Gautam Adani concluded by reinforcing the group’s alignment with India’s growth story, stating, “We don’t just build businesses; we build India’s capabilities.” The AGM showcased the Adani Group’s ability to navigate global and domestic challenges while pursuing aggressive expansion in renewable energy, infrastructure, and social initiatives.