“Even in a year of turbulence, we saw unprecedented growth and historic profitability”

ANNUAL GENERAL MEETING

Here are the highlights from Chairman Gautam Adani’s address to shareholders at Adani Enterprises’ Annual General Meeting on 24 Jun 2025.

As the world grapples with geopolitical instability, economic shocks and shifting alliances, the Adani Group stands unwavering in its conviction and ambition. In a powerful address at the Group’s Annual General Meeting (AGM), Chairman Gautam Adani reflected on the turbulent global landscape while outlining the Group’s transformative journey and its vision for India's future.

“The world around us has changed dramatically over the past 12 months. Over 60 nations went to the polls. Borders were redrawn, alliances tested, and economies shaken. In the Middle East, war continued to cast shadows on energy and logistics. In Europe, economic confidence stumbled. The United States had its own challenges. And yet – in the middle of all this noise – India stood apart and grew faster than any other major nation,” Mr Adani said.

“This is not a coincidence. It is the result of vision. Of intent. Of policy. I say this with full conviction that the Indian Government, both at the Centre and across the states, has laid down the foundation for a truly historic transformation – a transformation not of a few, but for an entire nation whose best chapters are just beginning,” he stated.

Mr Adani paused to recall the values instilled in him early in life—ones that continue to shape the Group’s resilience and purpose. “As a youngster, I saw my mother as my guiding star. I recall her often saying: “History does not remember sailors who sailed in still waters – it remembers those who fought the wildest storms and yet returned home.”

This, he emphasised, has been the core philosophy of the Adani Group. “And my dear shareholders, that is exactly what we have done. Even in the face of the storms and relentless scrutiny – the Adani Group has never backed down. Instead, we proved that true leadership is not built in sunshine. It is constructed in the fire of crisis. This was tested again last year, when we faced allegations from the US Department of Justice and the SEC relating to Adani Green Energy,” he said, adding that despite all the noise, the facts are that – no one from the Adani Group has been charged with violating the FCPA or conspiring to obstruct justice.

“And as we cooperate with legal processes, let me also restate that our governance is of global standards, and our compliance frameworks are non-negotiable. And our numbers tell their own story. Even in a year of turbulence, we saw record-breaking revenue, unprecedented growth and historic profitability. We are proof of a Group that dares to dream beyond constraints and powered by a nation that breathes possibility into every tomorrow ahead of us,” Mr Adani shared.

The AGM was not just a reflection on the past—it was a celebration of breakthroughs across all verticals, from energy and logistics to defence and digital infrastructure. Highlighting the progress, he shared:

Adani Power crossed 100 billion units of generation. A scale never before matched by any private sector company. It is now well on track to reach 31 GW capacity by 2030.
Adani Green is building the world’s largest renewable energy park – right here in India and visible even from space. From Khavda to the world, our target of 50 GW by 2030 is proof that scale and sustainability can coexist. In fact, when we combine our thermal, renewable and pumped hydro generation capacities, we expect to have a 100 GW capacity by 2030.
Adani Energy Solutions handled smart metering, high-voltage links and is keeping India’s grids future-ready. It secured close to INR 44,000 crore in transmission orders and is executing INR 13,600 crore worth of smart metering projects.
Adani New Industries is building electrolysers and solar modules at global scale, aligned with India’s green goals. It is on track to expand its solar module manufacturing lines and will have a 10 GW integrated solar module manufacturing facility in place by the next financial year.
Adani Ports handled a record 450 MMT of cargo and became the beating heart of India’s trade. With marine, trucking, warehousing, and even freight forwarding, we are creating a transport utility for the future. And in line with the Hon’ble Prime Minister’s Gati Shakti Mission our logistic assets are powering MSME exports and reducing friction to increase India’s global competitiveness.
Natural Resources produced a record 47 million tonnes of coal and iron ore and is on track to achieve over 30% growth by FY26. We also pioneered India’s first hydrogen-powered mining truck.
Two and a half years ago, when we acquired Holcim’s cement business in India, we had made a bold commitment – to double our capacity to 140 MTPA by FY27-28. Today, I am proud to share that we have already achieved 72% of that target and crossed the 100 MTPA milestone.
Adani Airports also had a massive year of growth. We handled a record 94 million passengers in FY25. We also completed the first test flight at the greenfield Navi Mumbai Airport. This airport will open later this year with an initial passenger capacity of 20 million, of what will then become a 90 million passenger airport, giving us a 35% share of India’s airport passenger traffic.
When it comes to Adani Defence – Operation Sindoor called, and we delivered. Our drones became the eyes in the skies as well as the swords of attack, and our anti-drone systems helped protect our forces and citizens.
In terms of data centres India needs to stay competitive and secure. We have projects exceeding hundreds of MW in various stages of construction with the global hyperscalers, and have also launched gigawatt-scale renewable-powered data centre campuses across multiple states.
Coming to Adani Total Gas, this business now serves 1 million PNG customers and runs 3,400 EV charging stations across 22 states. This is real climate action, not just climate talk.

Turning to the Group’s growing commitment to inclusive growth, Mr Adani highlighted the Dharavi redevelopment as a shining example of social impact. “Our Dharavi Social Mission is uplifting youth through skilling, healthcare and employment programs. And over 1 million people will move from narrow lanes to a township that will feature spacious layouts, dual toilets, open spaces, schools, hospitals, transit hubs and parks.”

Despite global headwinds, the Adani Group continues to grow sustainably:

Consolidated revenue: INR 2,71,664 crore
Adjusted EBITDA: INR 89,806 crore
Net debt-to-EBITDA: Healthy at 2.6x
Projected annual Capex: USD 15–20 billion for the next five years

“And, as I have stated in the past, our objective is: Not to just build businesses – it is to create new possibilities. Not just to serve markets – but to serve our nation’s destiny. Not to chase valuation. But build valuation – brick by brick. These are not just investments in our Group, but investments in the possibilities for doing our part to build India’s infrastructure,” Mr Adani stated.

Concluding the AGM with words that echoed both ambition and humility, Mr Adani left shareholders with a powerful reminder that a nation’s future is not written in policy documents – it is written in the risks its entrepreneurs dare to take.

“We are not laying concrete. We are laying conviction – highways that carry ambition, ports that ship hope, and grids that light up futures. And history should remember us – not for the size of our balance sheet, but for the strength of our backbone. Not 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. I promise you that the legacy of the Adani Group will not be reflected in the height of the towers it builds – but in the height of the beliefs we execute on. That is our truth. That is our promise. Thank you for being on this journey with us. The greatest chapters of our story are still ahead,” he said.