Adani Group EBITDA up 57% in two years; Gautam Adani calls SEBI clearance a ‘powerful validation’

Adani Group has reported sharp growth in earnings and assets over the past two years, with Chairman Gautam S. Adani describing the recent SEBI ruling dismissing allegations against the conglomerate as a “powerful validation” of its governance and transparency.

In his letter to shareholders dated September 24, 2025, Adani recalled the turbulence triggered by short-seller Hindenburg’s report in January 2023, which had questioned the group’s governance and global ambitions. He said the clear verdict from the regulator reaffirmed the purpose and integrity with which the group operates.

The group’s portfolio EBITDA rose from Rs 57,205 crore in FY23 to Rs 89,806 crore in FY25 -- an increase of Rs 32,601 crore, representing 57 percent absolute growth and a two-year compound annual growth rate of 25 percent. Over the same period, gross block expanded from Rs 4,12,318 crore to Rs 6,09,133 crore, reflecting a rise of nearly Rs 2 lakh crore, or 48 percent.

Adani attributed the growth to large-scale projects delivered across infrastructure and energy, including commissioning India’s first container transshipment port at Vizhinjam alongside the Colombo West International Terminal, adding 6 GW of renewable capacity at Khavda -- billed as the world’s largest single-location renewable project -- and expanding the transmission network by 7,000 circuit kilometres. The group also commissioned a major copper smelter and metallurgical complex and added 4 GW of new thermal capacity in India and overseas.