Adani Chairman Gautam Adani Honors India’s Valor, Outlines Visionary Growth at Annual General Meeting

From tribute to armed forces to record-breaking sustainability initiatives, Adani Group charts India‑first strategy—revealing ₹2.72 lakh crore revenue, ₹89,800 crore EBITDA, and a ₹15–20 billion annual CAPEX roadmap.

Namaste & Good Morning, Fellow Citizens and Shareholders,

As we gather today for the Adani Group’s Annual General Meeting, I stand not merely as your chairman, but as a proud citizen, humbled by the solemn yet steadfast dedication of India’s armed forces. Operation Sindoor encapsulates their ethos—courage not for recognition, but for duty. In their footsteps, we find inspiration to dream, build, and lead.

“Peace is never free—it is earned. The freedom to dream, to build, and to lead stands firmly on the shoulders of those who protect.”

ऑपरेशन सिंदूर ने बता दिया कि भारत शांति की कीमत जानता है। मगर कोई आंख दिखाए तो उसको उसकी भाषा में जवाब देना भी जानता है।

We also bow our heads in collective sorrow for the lives lost in the Air India Flight 171 tragedy—grief that transcends numbers and remains etched in our hearts. Let us hold our gratitude and our grief together, as a reminder of what truly matters.

A Changing World, a Rising India

In the past year, global dynamics have shifted dramatically. Over sixty nations held elections, borders were redrawn, alliances tested, and economies shook. Conflict in the Middle East has disrupted energy and logistics. Europe’s economic confidence was tested. The United States faced its own internal challenges. Yet throughout the chaos, India emerged as the fastest-growing major economy.

This is no accident. It is the fruit of vision, intention, and policy. The Government—both at the Centre and within individual states—has laid the groundwork for a transformation that will define not just a few leaders, but an entire nation poised for its greatest chapters yet.

From Still Waters to Storm-Tossed Seas

My mother used to say:

“History does not remember sailors who sailed in still waters—it remembers those who fought the wildest storms and yet returned home.”

कहते हैं—
लहरों से डरकर नौका पार नहीं होती,
हिम्मत करने वालों की कभी हार नहीं होती।

True leadership is tested not in prosperity, but in adversity. Last year, we weathered scrutiny from the US Department of Justice and the SEC related to Adani Green Energy. Despite the noise, no one from the Adani Group has been charged with FCPA violations or obstruction of justice. We have complied fully with investigations, maintained global governance standards, and upheld our integrity.

Our financial metrics speak volumes: record revenues, unprecedented growth, and landmark profits. We are proof that visionary leadership, paired with a nation of possibilities, forms the blueprint of transformation.

मंजिलें क्या है, रास्ता क्या है… हौसला हो तो फासला क्या है।

FY25: Impact Beyond Scale

In fiscal year 2024–25, across every business vertical, the Adani Group didn’t just scale—we created impact, inspired change, and deepened our national commitment.

Power & Renewables

• Adani Power surpassed 100 billion units of generation—unmatched by any private sector peer—and is on track to reach 31 GW capacity by 2030.
• Adani Green Energy is advancing the world’s largest renewable energy park in India, visible even from space, with a 50 GW target by 2030. Combined with thermal and pumped hydro, we aim for an integrated 100 GW capacity.

Energy Infrastructure

• Adani Energy Solutions reinforced India’s grids with smart metering and high-voltage systems, securing nearly ₹44,000 crore in transmission orders and delivering ₹13,600 crore in smart metering projects.

Industrial Green Solutions

• Adani New Industries is scaling electrolyzers and solar module production. By next year, a 10 GW integrated solar module manufacturing facility will be operational, aligning with India’s green ambitions.

Ports & Logistics

• Adani Ports set a record by handling 450 MMT of cargo. With marine terminals, trucking, warehousing, and freight services, we’re building a future-ready “transport utility.” Under the Prime Minister’s Gati Shakti Mission, our logistics infrastructure empowers MSME exports and enhances India’s global competitiveness.

Natural Resources & Mining

• We produced 47 million tonnes of coal and iron ore in FY25, aiming for 30% year-on-year growth by FY26. Notably, we introduced India’s first hydrogen-powered mining truck.

Cement

• Following the acquisition of Holcim’s cement business two and a half years ago, we pledged to reach 140 MTPA by FY27–28. Today, we’ve crossed 100 MTPA—achieving 72% of that goal—with our expansion well underway.

Airports

• Adani Airports serviced a record 94 million passengers in FY25. Notably, our greenfield Navi Mumbai Airport completed its first test flight and will soon begin operations with an initial capacity of 20 million, scaling to 90 million—capturing 35% of India’s airport traffic.

Defence & Security

• Adani Defence rose to the occasion during Operation Sindoor. Our drones served as “eyes in the skies” and our anti-drone systems reinforced our defenses. We stand where it matters most.

Data Centres

• We are building gigawatt-scale, renewable-powered data center campuses across multiple states, in partnership with global hyperscalers—delivering critical infrastructure for India’s digital sovereignty.

Energy Connectivity

• Adani Total Gas now serves 1 million PNG customers and operates 3,400 EV charging stations across 22 states. This is genuine climate action in motion.

Social Impact: Dharavi Reimagined

• Our transformative Dharavi redevelopment—Asia’s largest slum urban renewal—is redefining urban rehabilitation. Over one million residents will gain access to spacious new townships with proper sanitation, green spaces, transit hubs, schools, hospitals, and parks. The Dharavi Social Mission uplifts youth through healthcare, skilling, and employment programs.

At the Group level:

• Total revenue: ₹2,71,664 crore (up 7%)
• Adjusted EBITDA: ₹89,806 crore (up 8.2%)
• Net Debt-to‑EBITDA: 2.6×—a healthy ratio in our growth context.

Our aim isn’t only to build businesses; it’s to create possibilities, fuel national aspirations, and craft value—brick by brick.

Investment for Tomorrow: $15–20 Billion CAPEX Annually

Over the next five years, we plan to invest $15–20 billion annually—supporting not just the Group but India’s infrastructure and growth journey. These capital commitments underscore our enduring dedication to national progress and economic transformation.

Social Legacy: Healthcare and Skills

Three years ago, on my 60th birthday, my family pledged ₹60,000 crore toward healthcare, education, and skills development. Today, this vision is unfolding:

• Healthcare Temples: 1,000-bed campuses in Ahmedabad and Mumbai, with medical colleges, research facilities, wellness centers—designed for affordability and excellence. We are partnering with the Mayo Clinic to embed AI-driven, patient-first care.
• Skill University in Mundra: A ₹2,000 crore initiative to empower Indian youth through global certifications, “Schools of Excellence,” and collaborations with ITEES Singapore and IGCC—ensuring an industry-ready workforce.

Cultural Engagement: Maha Kumbh Seva

At the Maha Kumbh Mela, where 650 million hearts united, we participated through ISKCON’s Mahaprasad Seva, feeding lakhs of devotees. Over 5,000 Adani employees volunteered—living our values. I had the profound honor of leading Ganga Aarti at Triveni Sangam with my family—one of the most moving moments of my life.

Conclusion: Leadership in Adversity, Vision for the Future

A nation’s destiny isn’t written in policy—it’s forged by the entrepreneurial spirit willing to shoulder risk, conviction, and withstanding storms. At Adani, we don’t just pave roads or build ports—we anchor dreams, ferry hope, and illuminate futures.

History will measure us not by balance sheets, but by backbone; not by markets entered, but by storms weathered and strength gained. It is easier to lead in sunshine—but true leadership is born in crisis.

कई मोड़ आए, कई तूफ़ान गुज़रे,
पर कारवां रुका नहीं…
क्योंकि आप साथ थे।

With your trust, we will shape a legacy measured not by towers, but by the values we uphold. This is our truth. Our promise. And our journey is only beginning.

Thank you for being on this journey with us.

Jai Hind. भारत माता की जय।