Adani Group

What does Adani Group own?
Adani Group operates through multiple separately listed companies covering ports and logistics (APSEZ), airports (Adani Airport Holdings), thermal power (Adani Power), renewable energy (Adani Green Energy), gas distribution (Adani Total Gas), power transmission (Adani Energy Solutions), cement (Ambuja Cements and ACC), agribusiness (Adani Wilmar), and media (NDTV). The group's most recognized consumer brand is Fortune, the edible oil brand operated through Adani Wilmar.

Is Adani Group publicly traded?
Adani Group is not a single publicly traded entity. The group operates through multiple separately listed public companies on India's National Stock Exchange and Bombay Stock Exchange. Each entity is independently listed and can be purchased by investors.

Who founded Adani Group?
Adani Group was founded in 1988 by Gautam Adani in Ahmedabad, Gujarat, India. Gautam Adani began as a commodity trader before building the group into one of India's largest conglomerates through investments in ports, energy, and infrastructure.

Where is Adani Group headquartered?
Adani Group is headquartered in Ahmedabad, Gujarat, India. The group's flagship company, Adani Enterprises Limited, and most of its operating entities maintain their registered offices and principal operations in Ahmedabad.

Who owns Adani Group?
Adani Group is controlled by Gautam Adani and his family, who hold majority promoter stakes in each of the group's publicly listed entities. The Adani family typically holds between 55% and 75% of shares in each listed entity.

What is Adani Group's revenue?
Adani Group does not report consolidated revenue as a single entity. In FY2025, the portfolio reported record EBITDA of approximately INR 90,000 crore (USD 10.5 billion). In Q1 FY27, Adani Enterprises alone reported revenue of INR 32,924 crore, up 50% year over year, with record EBITDA of INR 5,642 crore.

What is the Hindenburg Research controversy?
In January 2023, Hindenburg Research published a report accusing Adani Group of stock manipulation, accounting fraud, and improper use of offshore entities. The report caused a decline of more than $100 billion in market capitalization. The group denied all allegations. The Indian Supreme Court ordered an investigation by SEBI, and in January 2024 dismissed petitions seeking a special investigation team probe.

What is the U.S. indictment against Gautam Adani?
In November 2024, the U.S. Department of Justice unsealed an indictment charging Gautam Adani, his nephew Sagar Adani, and others with conspiracy to pay approximately $265 million in bribes to Indian state government officials to secure solar energy supply contracts. The Adani Group denied the allegations, and legal proceedings were ongoing as of 2026.

What is the OFAC settlement?
In May 2026, Adani Enterprises settled with the U.S. Office of Foreign Assets Control for $275 million related to LPG trading activities. OFAC alleged that LPG cargoes purchased from a Dubai-based supplier, represented as originating from Oman or Iraq, were determined to be of Iranian origin. The settlement does not represent an admission of wrongdoing.

Gautam Adani was born in 1962 in Ahmedabad, Gujarat, into a family of textile merchants. He dropped out of college and moved to Mumbai, where he worked briefly in the diamond trade before returning to Ahmedabad. In 1988, he founded Adani Enterprises as a commodity trading business, initially focused on agricultural commodities and later expanding into metals and minerals.

The pivotal early development for the group was the establishment of Mundra Port in Gujarat. In 1995, Adani Group received a license to develop a private jetty at Mundra, a small fishing village on the Gulf of Kutch. The company invested heavily in developing the port infrastructure, and Mundra Port grew to become India's largest private port and one of the largest ports in Asia by cargo volume. The port's success provided the financial foundation for the group's subsequent diversification.

Adani Enterprises was listed on Indian stock exchanges in 1994, providing access to capital markets for the group's expansion. Adani Ports and Special Economic Zone (APSEZ) was separately listed in 2007, and the port and logistics business became the group's most valuable entity by market capitalization for many years.

During the 2000s and 2010s, the group expanded aggressively into power generation, acquiring coal-fired power plants and developing new capacity through Adani Power, which was listed in 2009. The group also entered the renewable energy sector through Adani Green Energy, which grew to become one of India's largest solar and wind energy developers.

The group's expansion into airports began in 2019, when Adani Airport Holdings won the bid to manage six major Indian airports: Ahmedabad, Lucknow, Mangaluru, Jaipur, Guwahati, and Thiruvananthapuram. In 2021, Adani Group won the bid to manage Mumbai's Chhatrapati Shivaji Maharaj International Airport, India's second-busiest airport, through the acquisition of GVK Group's airport assets.

In 2022, Adani Group acquired a controlling stake in NDTV, one of India's most prominent English-language news networks, through an indirect acquisition that was controversial and contested by NDTV's founders. The acquisition gave Adani Group a significant presence in Indian media.

Also in 2022, Adani Group acquired Holcim's Indian cement businesses, Ambuja Cements and ACC, for approximately $10.5 billion, making the group one of the largest cement producers in India.

In January 2023, U.S.-based short-seller Hindenburg Research published a 106-page report accusing the Adani Group of stock manipulation, accounting fraud, and improper use of offshore entities. The report triggered a sharp decline in Adani Group stock prices, wiping out more than $100 billion in market capitalization within days. Gautam Adani's personal net worth declined significantly. The group denied all allegations and published a detailed rebuttal. The Indian Supreme Court ordered an investigation, and the Securities and Exchange Board of India conducted its own inquiry. In January 2024, the Supreme Court dismissed petitions seeking a special investigation team probe, finding no regulatory failure.

In November 2024, the U.S. Department of Justice unsealed an indictment charging Gautam Adani, his nephew Sagar Adani, and others with conspiracy to pay approximately $265 million in bribes to Indian state government officials to secure solar energy supply contracts for Adani Green Energy. The U.S. Securities and Exchange Commission filed related civil charges. The indictment caused another significant decline in Adani Group stock prices. The Adani Group denied the allegations and stated that the indictment was based on mischaracterizations of facts.

Despite the legal and reputational challenges, the group's operating businesses continued to perform. FY2025 results, released in May 2025, showed record EBITDA across the portfolio, reflecting the resilience of the infrastructure and utility businesses.

In 2026, the group faced a new regulatory matter when Adani Enterprises settled with the U.S. Office of Foreign Assets Control (OFAC) for $275 million (INR 2,644 crore) related to LPG trading activities between November 2023 and May 2025. OFAC alleged that the company purchased LPG from a Dubai-based supplier that represented cargoes as originating from Oman or Iraq, while the agency determined the shipments were of Iranian origin. The settlement, recorded as an exceptional item in Q1 FY27, caused Adani Enterprises to post a net loss of INR 1,160 crore despite record quarterly EBITDA of INR 5,642 crore.

Despite the legal overhang, the group continued to access capital markets, raising INR 43,500 crore through equity fundraising over nine months, including a INR 15,000 crore QIP by Adani Enterprises that was 3.8 times oversubscribed. Domestic mutual fund holdings reached an all-time high of INR 1 lakh crore. Operationally, Adani Green crossed 19 GW of renewable capacity, Adani Ports handled over 500 million metric tonnes of cargo, Navi Mumbai International Airport commenced international operations in July 2026, and toll collections began on the Ganga Expressway in May 2026. The group plans to raise another $3 to $4 billion over the next six months.

The Adani Group’s sustainability posture varies significantly across its portfolio. Adani Green Energy represents one of the largest renewable energy portfolios in Asia, playing a major role in India’s transition away from fossil fuels. Several Adani entities have committed to net-zero targets, with Adani Ports aiming for net-zero by 2040 and Adani Green Energy aiming for the same. The group publishes detailed ESG reports aligned with Global Reporting Initiative (GRI) standards.

However, the group’s continued reliance on and expansion of coal-based thermal power generation (Adani Power) and coal mining operations (particularly the Carmichael mine in Australia) draws intense criticism from environmental organizations globally. This duality—massive investments in renewables alongside continued expansion in coal—makes the group’s overall sustainability profile complex and highly scrutinized.

The Adani Group is not a Certified B Corporation.

• Golden Peacock Award for ESG Excellence (2024): Adani Enterprises received this award from the Institute of Directors (India) recognizing its sustainability reporting and ESG frameworks
• World's Largest Solar Award (2025): Adani Green Energy won a manufacturing-linked solar agreement from the Solar Energy Corporation of India, representing the world's largest solar manufacturing award
• Renewable Energy Milestone Recognition (2025): Adani's clean energy divisions achieved landmark growth in solar, wind, and green hydrogen, including record module shipments and commissioning of India's first off-grid green hydrogen plant
• ESG Leadership Recognition: Adani Portfolio recognized for leading ESG practices, with Adani Green Energy surpassing 12,000 MW renewable energy capacity
• Infrastructure Development Awards: Adani Ports and SEZ recognized for port infrastructure development and contribution to India's logistics infrastructure modernization
• Great Place to Work: Several Adani entities received regional Great Place to Work certifications in India
• Women's Empowerment Recognition: The Adani Foundation's 'Butterfly Effect' framework for women's empowerment received recognition for corporate social responsibility initiatives

Hindenburg Research allegations (2023): In January 2023, U.S.-based short-seller Hindenburg Research published a report accusing Adani Group of stock manipulation, accounting fraud, and improper use of offshore entities. The report caused a decline of more than $100 billion in Adani Group market capitalization within days. The group denied all allegations. The Indian Supreme Court ordered an investigation by SEBI, and in January 2024 dismissed petitions seeking a special investigation team probe.

U.S. federal indictment (2024): In November 2024, the U.S. Department of Justice unsealed an indictment charging Gautam Adani, his nephew Sagar Adani, and other executives with conspiracy to pay approximately $265 million in bribes to Indian state government officials to secure solar energy supply contracts for Adani Green Energy. The U.S. SEC filed related civil charges alleging securities fraud. The allegations spanned from 2020 to 2024. The Adani Group denied all allegations, and legal proceedings were ongoing as of 2026.

OFAC settlement (2026): In May 2026, Adani Enterprises settled with the U.S. Office of Foreign Assets Control for $275 million (INR 2,644 crore) related to LPG trading activities between November 2023 and May 2025. OFAC alleged that the company purchased LPG from a Dubai-based supplier that represented cargoes as originating from Oman or Iraq, while the agency determined the shipments were of Iranian origin. The settlement does not constitute a final agency determination that a violation occurred and does not represent an admission of wrongdoing.

NDTV acquisition controversy (2022): The NDTV acquisition was contested by the network's founders, Prannoy Roy and Radhika Roy, who alleged that the acquisition structure was coercive. The acquisition proceeded despite the founders' objections.

Historical regulatory investigations: Multiple government investigations have examined alleged misappropriation of taxpayer funds, including the "Diamond Scandal" (INR 6.8 billion in alleged illegitimate export credits), "Iron Ore Scandal" (INR 600 billion alleged illegal exports), and over-invoicing schemes involving Indonesian coal imports (INR 290 billion alleged scam).

Corporate governance concerns: The group has faced criticism for extreme leverage, with multiple Adani Group companies reportedly breaching financial covenants. Questions have been raised about the adequacy of financial controls, with Adani Enterprises having five CFOs in eight years.

Environmental controversies: The Carmichael coal mine project in Australia has faced opposition from environmental groups and indigenous communities over concerns about climate impact and environmental damage. The group's continued expansion of coal-based thermal power alongside renewable investments creates a complex sustainability profile.

Despite these controversies, the Adani Group has continued to expand its operations and maintain significant market positions, while consistently denying allegations of wrongdoing. The group has raised INR 43,500 crore through equity fundraising despite the legal overhang, demonstrating continued access to capital markets.