While September saw stocks fluctuate widely, most Adani Group stocks recorded double-digit gains, making it the best month in the recent past for the conglomerate, as a series of positive developments lifted sentiment and drove several group stocks to multi-month highs.
Investor confidence in the group improved after SEBI gave the conglomerate a clean chit in the Hindenburg case, helping Adani stocks emerge as top performers during a period otherwise marked by heightened volatility.
Adani Power emerged as the top performer among group companies, rallying 20.41% to a 3-month high, its biggest monthly gain since May 2024. The stock has been trading on an ex-split basis in a 1:5 ratio since September 22.
Adani Energy Solutions jumped 14.15%, while Adani Green Energy surged 12.14%, and Adani Enterprises advanced 11.6%. Apart from the regulatory boost, positive brokerage updates also supported the rally. Morgan Stanley initiated coverage on Adani Power with an ‘Overweight’ rating.
Jefferies maintained a ‘Buy’ rating on flagship Adani Enterprises, raising its target price to ₹3,000, and also reiterated its ‘Buy’ call on Adani Green with a target of ₹1,300 apiece.
The bullish outlook reflects a broader return of confidence, not only among retail investors but also across global institutional stakeholders, many of whom had remained cautious since the Hindenburg-triggered crash.
On September 21, SEBI cleared the Adani Group of allegations linked to Hindenburg Research’s market manipulation claims first raised in January 2023. The market regulator said it had concluded that fraud accusations concerning related-party transactions were “not established.” The short-seller had alleged that funds were improperly routed into multiple Adani entities.
Strategic rebound since Hindenburg report
Since the Hindenburg report, the group has rebounded operationally, if not fully in market capitalization. Adani reported a 57 per cent jump in portfolio EBITDA over two years to ₹89,806 crore (USD 10.8 billion) and a 48 per cent expansion in gross block assets to ₹6.1 lakh crore.
The group listed major infrastructure milestones over the past two years.
These include commissioning India’s first container transshipment port at Vizhinjam, Kerala; adding 6 GW of renewable capacity, led by the Khavda project—billed as the world’s largest single-location renewable site; commissioning the world’s largest copper smelter and metallurgical complex; and adding 4 GW of new thermal capacity and 7,000 circuit km of transmission lines across the country and overseas.
Gautam Adani recently said the group will now focus on strengthening governance, accelerating innovation, and deepening infrastructure investments.
Gautam Adani retains second spot on rich list
Gautam Adani, chairman of the Adani Group, has retained his position as India’s second-richest man in the Hurun India Rich List 2025. However, the billionaire witnessed a sharp 30% decline in his net worth over the past year.
According to the report, the Adani family’s wealth stands at ₹8.15 lakh crore this year, down 30% from last year.
Adani continues to trail Reliance Industries chairman Mukesh Ambani, who reclaimed the top spot with ₹9.55 lakh crore. Ambani, too, saw his net worth decline by 6% over the past year.
The erosion in billionaire wealth was largely driven by multiple headwinds, including weakness in the energy sector, global commodity volatility, elevated borrowing costs, and governance scrutiny.
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