Chairman, Adani Group | 24 June 2025
Namaste and good morning to each one of you.
Let me begin with a salute and a bow. I stand here today not as a chairman, but as a fellow citizen humbled by the silent sacrifices of those who guard our borders, our families, and our dignity.
This year, during Operation Sindoor, our brave men and women in uniform stood tall. Not for fame, not for medals – but for duty.
Their courage reminded us that:
Peace is never free, it is earned. And that 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।
As we salute our armed forces, we also bow our heads in grief for the lives lost in the tragic crash of Air India Flight 171. So many dreams were silenced in an instant. So many families were forever changed.
May we therefore carry both our gratitude and our grief – as a reminder of what truly matters.
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.
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.
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.”
कहते हैं –
लहरों से डरकर नौका पार नहीं होती,
हिम्मत करने वालों की कभी हार नहीं होती।
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.
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. We live in a world where negativity often echoes louder than the truth. 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.
Therefore, I say: मंजिलें क्या है, रास्ता क्या है… हौसला हो तो फासला क्या है।
In FY25, our numbers were strong. Across all our sectors, we did more than just scale. We created impact, inspired change, and most importantly, deepened our national commitment.
Let me walk you through a few examples of our progress:
- 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 ₹44,000 crore in transmission orders and is executing ₹13,600 crore worth of smart metering projects.
- Adani New Industries is building electrolyzers 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 India cement business, 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.
The fact is – we don’t just build businesses. We build India’s capabilities.
- 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. As I have always believed – we don’t operate in safe zones. We operate where it matters – where India needs us the most.
- And the same applies to building the 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.
- But perhaps our most transformative project is unfolding in Dharavi – Asia’s largest slum, now being reimagined as India’s most ambitious urban rehabilitation project. 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.
In terms of consolidated numbers, at the Group level, revenues grew by 7%, EBITDA by 8.2%, and our Net Debt-to-EBITDA ratio remained healthy at 2.6x. Total revenues were ₹2,71,664 crore and our adjusted EBITDA was ₹89,806 crore.
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.
And in this context our capital investment across businesses is set to break all records. We anticipate an annual CAPEX spend of $15–20 billion for the next 5 years. These are not just investments in our Group, but investments in the possibilities for doing our part to build India’s infrastructure.
And before I start wrapping up, let me outline some of the programs that have me the most excited.
Exactly three years ago, on my 60th birthday, my family pledged ₹60,000 crore to redefine healthcare, education, and skill development in India. The Adani Healthcare Temples are our first major step – world-class, affordable 1,000-bed campuses in Ahmedabad and Mumbai with medical colleges, research centres and wellness spaces all integrated together. Mayo Clinic is our partner in guiding us to create a future-ready, AI-powered, patient-first healthcare ecosystem.
In parallel, we have committed ₹2,000 crore to build a world-class skill university and finishing school in Mundra, designed to empower youth from across India. Through Schools of Excellence, global certifications and partnerships with leaders like ITEES Singapore and IGCC, we aim to create an industry-ready workforce.
And finally, let me end by talking about our participation at the Maha Kumbh Mela. Over 650 million people came together, not as strangers, but as – One soul. One purpose. One heartbeat. Along with ISKCON, the Adani Group initiated the Mahaprasad Seva, offering free meals to lakhs of devotees. More than 5,000 of our employees volunteered, reflecting the values we cherish.
At the Triveni Sangam, I had the honour of performing the sacred Ganga Aarti with my family – and for the Adani Group to be part of this event was one of the most moving days of my life.
Let me conclude by saying 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.
कई मोड़ आए, कई तूफ़ान गुज़रे,
पर कारवां रुका नहीं…
क्योंकि आप साथ थे।
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.
Jai Hind.
भारत माता की जय।