Gautam Adani on Monday said that the Hindenburg report was designed and orchestrated to defame Adani Enterprises. He added that with record results, robust cash positions and the lowest debt ratios in its history, the Adani Portfolio’s path ahead is illuminated with the promise of even greater accomplishments.

“Typical short sellers target gains from financial markets. This was different. It was a two-sided attack — a vague criticism of our financial standing and, at the same time, an information distortion campaign, dragging us into a political battlefield,” Adani said while speaking at the company’s 32nd annual general meeting.

‘Well positioned’

Highlighting the impact of the NDA government coming back to power for a third term, Adani said his company, Adani Enterprises Ltd (AEL), is “well-positioned” to continue the economic and social programmes that have taken the company on a “spectacular journey” in the last 10 years.

“I want to paint a picture of the future that awaits. India is no longer at the crossroads of destiny; we stand on the brink of our greatest growth phase. By the end of this decade, our nation is set to become the world’s third-largest economy. And, given our demographic dividend, we are well on our way to being the largest middle class that the world will ever witness. And with the government now in its third term, your company is well positioned to continue the economic and social programmes that have driven our spectacular journey over the past decade,” Adani said while addressing the shareholders of AEL.

Adani pointed out that as India heads towards becoming a $10 trillion economy by 2032, the country’s spend on infrastructure is expected to grow at a CAGR of 20-25 per cent and reach a cumulative spend of $2.5 trillion.

“Given that, at the very core, we are an infrastructure company, we are well positioned to capitalise on the upcoming opportunities. With our record results, robust cash positions and the lowest debt ratios in our history, our path ahead is illuminated with the promise of even greater accomplishments,” he added.

Pointing out that the world is witnessing the rise of India, Adani pointed out in his speech that the Government of India’s spending on infrastructure has tripled in the last five years. He also delved into the Hindenburg incident. “We were faced with baseless accusations made by a foreign short-seller that questioned our decades of hard work... Typical short sellers target gains from financial markets. This was different. It was a two-sided attack — a vague criticism of our financial standing and, at the same time, an information distortion campaign — dragging us into a political battlefield. The attack was a calculated strike two days before the closing of our Follow-on Public Offer. Amplified by a segment of vested media, it was designed to defame us, do maximum damage and erode our hard-earned market value,” Adani said, adding that the company’s liquidity became an “asset” during the crisis.

Financial Resilience

“To further augment our cash reserves, we raised an additional ₹40,000 crore, comfortably covering the next two years of our debt repayment. This decisive action is a testimony to the great strength of your company. It restored market confidence, and we safeguarded our portfolio against any volatility by pre-paying ₹17,500 crore in margin-linked financing. Furthermore, despite never having faced any challenges with debt repayments, we chose to drop our Debt-to-EBITDA ratio to 2.5 times in just six months. It now stands even lower at 2.2x. This approach has not only strengthened our financial resilience but has also increased our headroom for future expansion. Our stand against the attack was further vindicated when the Supreme Court of India affirmed our actions,” he added.

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