Gautam Adani Highlights Achievements and Challenges at AGM 2025
Gautam Adani's Address at the Annual General Meeting
On Tuesday, Gautam Adani, the Chairman of the Adani Group, spoke at the company's Annual General Meeting, commending the armed forces for their dedication. He stated, “This year, during Operation Sindoor, our courageous servicemen and women stood tall. They did this not for recognition or medals, but out of a sense of duty.”
Full Transcript of Gautam Adani's AGM Speech 2025
Namaste and good morning to everyone present.
I wish to start with a salute and a bow. Today, I stand not merely as a chairman but as a fellow citizen, deeply moved by the silent sacrifices made by those who protect our borders, families, and dignity.
During Operation Sindoor, our brave military personnel exemplified courage. They remind us that:
Peace is not free; it is earned. The freedom to dream, build, and lead rests on the shoulders of those who safeguard it.
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 honor our armed forces, we also mourn the lives lost in the tragic Air India Flight 171 crash. Many dreams were extinguished in an instant, altering countless families forever.
Let us carry both gratitude and sorrow as reminders of what truly matters.
The past year has seen significant global changes. Over 60 nations held elections, borders shifted, alliances were tested, and economies faced turmoil. In the Middle East, conflict continued to disrupt energy and logistics. Europe experienced economic uncertainty, while the United States faced its own challenges. Yet, amidst this chaos, India distinguished itself by growing faster than any other major nation.
This is not mere chance; it is the outcome of vision, intent, and policy. I firmly believe that the Indian Government, at both the national and state levels, has laid the groundwork for a historic transformation—one that benefits not just a few, but the entire nation, whose best chapters are just beginning.
As a young person, I viewed my mother as my guiding star. She often said:
“History does not remember sailors who sailed in calm waters; it remembers those who battled the fiercest storms and returned home.”
कहते हैं -
लहरों से डरकर नौका पार नहीं होती,
हिम्मत करने वालों की कभी हार नहीं होती।
And dear shareholders, that is precisely what we have accomplished. Even amidst storms and relentless scrutiny, the Adani Group has stood firm. We have demonstrated that true leadership is forged in times of crisis.
This was once again tested last year when we faced allegations from the US Department of Justice and the SEC regarding Adani Green Energy.
Despite the noise, it is important to note that no member of the Adani Group has been charged with violating the FCPA or conspiring to obstruct justice. In a world where negativity often drowns out the truth, we remain committed to cooperating with legal processes while reaffirming that our governance meets global standards and our compliance frameworks are non-negotiable.
Our numbers speak volumes. Even in a turbulent year, we achieved record revenue, unprecedented growth, and historic profitability. We exemplify a Group that dares to dream beyond limitations, fueled by a nation that inspires possibilities for every tomorrow.
Thus, I assert: मंजिलें क्या है, रास्ता क्या है… हौसला हो तो फासला क्या है।
In FY25, our performance was robust. Across all sectors, we not only scaled but also created impact, inspired change, and deepened our commitment to the nation.
Here are some highlights of our progress:
- Adani Power surpassed 100 billion units of generation, a milestone unmatched by any private sector company, and is on track to achieve 31 GW capacity by 2030.
- Adani Green is constructing the world’s largest renewable energy park in India, visible even from space. Our goal of 50 GW by 2030 demonstrates that scale and sustainability can coexist.
- When combining our thermal, renewable, and pumped hydro generation capacities, we anticipate reaching 100 GW by 2030.
- Adani Energy Solutions is enhancing smart metering and high-voltage links, ensuring India’s grids are future-ready. We secured nearly ₹44,000 crore in transmission orders and are executing ₹13,600 crore in smart metering projects.
- Adani New Industries is producing electrolyzers and solar modules at a global scale, aligned with India’s green objectives, and is set to expand its solar module manufacturing lines with a 10 GW facility by the next financial year.
- Adani Ports achieved a record 450 MMT of cargo handling, becoming a vital component of India’s trade. Our logistics assets are supporting MSME exports and enhancing India’s global competitiveness.
- Natural Resources produced a record 47 million tonnes of coal and iron ore, aiming for over 30% growth by FY26, and pioneered India’s first hydrogen-powered mining truck.
- Since acquiring Holcim’s India cement business, we committed to doubling our capacity to 140 MTPA by FY27-28, achieving 72% of that target and surpassing the 100 MTPA milestone.
We don’t just build businesses; we enhance India’s capabilities.
- Adani Airports experienced significant growth, handling a record 94 million passengers in FY25 and completing the first test flight at the greenfield Navi Mumbai Airport, which will open later this year with an initial capacity of 20 million, eventually expanding to 90 million.
- In Adani Defence, we responded to Operation Sindoor by providing drones for surveillance and attack, as well as anti-drone systems to protect our forces and citizens. We operate where it matters most.
- We are also constructing data centers essential for India’s competitiveness and security, with projects exceeding hundreds of MW in various stages of development.
- Adani Total Gas now serves 1 million PNG customers and operates 3,400 EV charging stations across 22 states, demonstrating real climate action.
- Our most transformative project is in Dharavi, Asia’s largest slum, being reimagined as India’s most ambitious urban rehabilitation initiative. The Dharavi Social Mission is uplifting youth through skill development, healthcare, and employment programs, moving over 1 million people to a new township with improved facilities.
At the Group level, consolidated revenues grew by 7%, EBITDA by 8.2%, and our Net Debt-to-EBITDA ratio remained healthy at 2.6x, with total revenues at ₹2,71,664 crore and adjusted EBITDA at ₹89,806 crore.
As I have previously stated, our goal is:
Not just to build businesses but to create new possibilities.
Not merely to serve markets but to fulfill our nation’s destiny.
Not to pursue valuation but to build it—brick by brick.
In this context, our capital investment across businesses is set to reach unprecedented levels, with an anticipated annual CAPEX of $15–20 billion over the next five years. These investments are not just for our Group but for contributing to India’s infrastructure development.
Before concluding, I want to highlight some of the initiatives that excite me the most.
Three years ago, on my 60th birthday, my family pledged ₹60,000 crore to transform 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, featuring medical colleges, research centers, and wellness spaces. We are partnering with Mayo Clinic to create a future-ready, AI-driven, patient-first healthcare ecosystem.
Additionally, we have committed ₹2,000 crore to establish a world-class skill university and finishing school in Mundra, aimed at empowering youth across India. Through Schools of Excellence and partnerships with global leaders, we aim to cultivate an industry-ready workforce.
Lastly, I want to mention our involvement in the Maha Kumbh Mela, where over 650 million people united as one. Together with ISKCON, the Adani Group initiated the Mahaprasad Seva, providing free meals to countless devotees, with over 5,000 employees volunteering, reflecting our core values.
At the Triveni Sangam, I had the privilege of performing the sacred Ganga Aarti with my family, making it one of the most memorable days of my life.
In conclusion, a nation’s future is not defined by policy documents but by the risks its entrepreneurs are willing to take. We are not just laying concrete; we are laying conviction—highways that carry ambition, ports that ship hope, and grids that illuminate futures.
History should remember us not for the size of our balance sheet but for the strength of our resolve. Not for the markets we entered but for the challenges we faced and overcame. True leadership is tested in times of crisis.
कई मोड़ आए, कई तूफ़ान गुज़रे,
पर कारवां रुका नहीं…
क्योंकि आप साथ थे।
I assure you that the legacy of the Adani Group will not be measured by the height of the towers we construct but by the depth of the beliefs we uphold. That is our truth. That is our promise.
Thank you for being part of this journey.
The most significant chapters of our story are yet to come.
Jai Hind.
भारत माता की जय।