'Satyamev Jayate': Adani Turns SEBI Clearance Into Call for Growth

Adani Group Chairman Gautam Adani has described the Securities and Exchange Board of India’s (SEBI) dismissal of allegations against the Adani Group as a "powerful validation" of its governance and transparency, telling shareholders that what was meant to weaken the group has instead strengthened its foundations.

In a letter to shareholders of group companies, Adani recalled 24 Jan 2023, when a US short-seller’s report triggered a market storm. "It 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," he wrote.

Adani said SEBI’s "resounding and unequivocal verdict" delivered last week had brought closure to a two-year period of intense scrutiny. "With SEBI’s clear and final word, truth has prevailed or like we had always said — Satyamev Jayate," he noted.

Highlighting performance during the turbulence, he said the group’s portfolio EBITDA rose from ₹57,205 crore in FY23 to ₹89,806 crore in FY25, a 57 per cent increase. Gross block expanded from ₹4.12 lakh crore to ₹6.09 lakh crore in the same period, an addition of nearly ₹2 lakh crore. Among the projects commissioned in the period were India’s first container transshipment port at Vizhinjam, a 6 GW boost to renewable capacity including the world’s largest single-location project at Khavda, the world’s largest copper smelter and metallurgical complex, 7,000 circuit kms of transmission lines and 4 GW of new thermal capacity.

Adani acknowledged the anxiety faced by investors, lenders, suppliers and partners during the crisis. "It was your trust that steadied us, your patience that sustained us and your belief that emboldened us," he said, expressing gratitude for the support.

Looking ahead, the industrialist pledged to "further strengthen governance standards," "accelerate innovation and sustainability" and "double down on nation building." He urged that the SEBI verdict not only restore confidence but also reaffirm the company’s values — "resilience in adversity, integrity in action and an unyielding commitment to building a brighter future for India and the world." Closing his letter with lines from poet Sohan Lal Dwivedi, Adani said the group would continue to push forward with determination: "The boat that fears the waves can never reach the shore, but those who keep on trying will win forevermore."