Gautam Adani introduces the theme of his address: 'accelerating infrastructure, leveraging intelligence.' He notes that the group's progress across energy, transport, logistics, utilities, and industrial manufacturing did not come in calm conditions but amid extraordinary scrutiny. He emphasizes that they did not bend or pause, defined not by noise but by the strength of their response and clarity of purpose. He mentions the rupees 25,000 crore rights issue as a referendum on credibility, one of the largest in India Inc. history, and thanks shareholders for their conviction. He states that infrastructure and intelligence are no longer separate priorities but twin global engines that must shape India's strength, secure sovereignty, and accelerate its journey to becoming a defining power of this century.
Adani elaborates on the two engines. The first engine, infrastructure, includes roads, ports, airports, transmission lines, power plants, renewable parks, gas networks, logistics platforms, cement capacity, water systems, and industrial ecosystems that make national growth possible. The second engine, intelligence, includes data centers, AI, automations, predictive systems, digital platforms, real-time analytics, and machine-led decision support to make every asset more responsive. He states, 'Infrastructure gives a nation muscle. Intelligence gives a nation mastery. And today, the two are inseparable.' He claims the group is one of the very few global companies prepared for the future, having positioned for this day for years, seeing early that the world was entering a new era of geopolitical fault lines, fragmented supply chains, and energy security as a strategic priority. He notes that the race for technological leadership and sovereignty would be constrained not by ambitions but by infrastructure.
Adani explains that the group's strength lies in how its infrastructure pieces connect: from mining and power generation to transmission and distribution, to ports and logistics, to data centers and fulfillment centers, and roads to water. He says they have the ability to connect every critical layer of infrastructure needed to power the age of intelligence.
He provides numbers to capture the scale of what they are building. In FY 25-26, they made a record capital investment of more than rupees 1.5 lakh crore in hard infrastructure, representing over 30% of India's total new private sector capital expenditure of the year. He calls this a statement of belief and a testimony to their commitment to nation building.
Adani shifts to tangible examples from the past year. At Adani Energy Solutions, the transmission order book rose to rupees 72,000 crore, with major projects including the Kawda South Old Park HVDC line, reinforcing their position as India's only private sector player with proven HVDC capability. At Adani Power, they are implementing India's largest ever private sector power capex program of over rupees 2 lakh crore, targeting 45 gigawatt of capacity over the next 5 years. They are partnering with the government of Bhutan's Druk Green Power Corporation to jointly develop 5,000 MW of hydro projects in Bhutan. Their entry into nuclear energy through Adani Atomic Energy is another step towards securing India's long-term energy future, with land identified and a 10 GW targeted capacity by 2035. At Adani Total Gas, they crossed the milestone of over 1.1 million piped natural gas home connections and are ramping up PNG projects to meet India's rising demand. Coming to connectivity and logistics, Adani Ports handled over 500 million tons of cargo in FY 2025-26, setting an unmatched benchmark and creating a pathway to 1 billion tons by 2030. Their integrated network of ports, SEZs, logistics assets, and maritime services places them in a unique position to gain market share while lowering the cost and complexity of India's trade. He is proud that Vizhinjam, one of the most strategic ports on the global maritime route, delivered a record first year by crossing 1 million TEUs, the fastest pace ever achieved by any Indian port. In airports, they achieved two defining milestones with the opening of Navi Mumbai International Airport and the new integrated terminal building at Guwahati airports, both inaugurated by the Prime Minister. Earlier this year, both airports made it to the list of the world's seven most beautiful airports. The commencement of operations at Navi Mumbai Airport in December 2025 marked a proud moment with a 90 million passenger capacity airport built in a world record time of just over four years. In digital and industrial infrastructure, their data center business is on the path to building a 3 GW platform by 2030. The binding MOU for a gigawatt-scale data center with Google in Visakhapatnam reflects the scale of digital demand and the confidence of global technology leaders such as Google, Microsoft, Uber, and Flipkart. Across mining services, four new MDO agreements cover capacity to a record 145 million tons per annum, consolidating their position as India's largest private miner. At Adani Cement, they contributed to iconic national projects ranging from the Chenab Railway Bridge to Navi Mumbai International Airport and the Umiya Dham foundations in Ahmedabad. Over the past year, their cement platform expanded significantly with total capacity increasing to 110 million ton per annum. In defense and aerospace, their ambitions became bolder, with partnerships with Leonardo and Embraer helping lay the foundation for integrated helicopter and regional aircraft manufacturing ecosystems in India. They are building a national aerospace platform that spans manufacturing, MRO services, and pilot training. He is also privileged to say that during Operation Sindhu, their drones, anti-drone systems, missiles, and ammunitions supported the armed forces when it mattered most.
Adani discusses financial performance. FY 2025-26 was another year of disciplined growth and strong execution. Consolidated portfolio revenue stood at rupees 2.92 lakh crore, reflecting a year-on-year growth of 7.4%. EBITDA reached rupees 94,834 crores with a net debt to EBITDA ratio at a healthy 3.3x, demonstrating the strength and resilience of operating businesses. Profit after tax rose by 13.9% to rupees 46,376 crores, while cash flow stood at rupees 67,995 crores. These record numbers give them the financial strength, liquidity, and confidence to fund ambitious capex plans and continue building at unmatched scale across India's core infrastructure sectors.
Adani speaks about three foundational steps to build the organizations that will execute their vision over the next decade. First, they are simplifying the way they work, putting in place a three-layer structure across headquarters and sites to reduce bureaucracy, sharpen accountability, and bring decisions closer to execution. Every role, process, and layer must add value, with non-core activities moving to GCCs or nominated partners. Second, they are changing the way they work with contractors, seeing them as long-term partners in nation-building, building deeper, more stable partnerships where their growth is supported, margins protected, and interests aligned to help deliver projects with greater speed, quality, and ownership. Third, and most importantly, they are placing worker dignity at the heart of their transformations. Across their own and contracted workforce of nearly 4 lakh people, almost 85% are people who work on the ground at sites. They are committed to ensuring every worker is treated with dignity, meaning clean living conditions, hygienic food, access to medical support, safe working environments, and fair wages paid on time.
Adani states that this belief extends into the communities they serve, the families they touch, and the futures they help shape. That is why, alongside the growth of the enterprise, the Adani Foundations remain central to their purpose. The foundation currently reaches about 10 million people across 7,000 villages and 22 states. As it enters its landmark 30th year, the foundation is deepening its mission with unprecedented scale and conviction under the able leadership of Dr. Priti Adani. In healthcare, they are building one of India's most ambitious rural vision care model ecosystems in Bihar, combining all aspects of affordable eye care through the Adani University of Education and Research and the Gujarat Adani Institute of Medical Sciences in Bhuj. They are also creating centers of excellence in affordable healthcare education and delivery. Alongside this, Adani Health City marks another defining step in their healthcare journey, with integrated health campuses coming up in Ahmedabad and Mumbai to bring together thousand-bed multi-specialty hospitals, medical colleges, transitional care, and research facilities. Coming to skill development, they are skilling more than 1.2 lakh youth across rural India, turning aspiration into employability and employability into dignity. This year, they moved from training as an activity to training as an industrialized capability, delivering tens of thousands of training hours and strengthening workforce readiness. Also in Kutch in Gujarat, their adoptions of ITIs under the Karma Utsav initiative is creating a powerful local employment engine, reducing talent migrations.
Adani concludes by saying that when he looks at their journey, he sees one integrated purpose: to build infrastructure that powers India and to build institutions that ensure human dignity at every level of society. This is the spirit with which they now step into the future. He ends with words of gratitude. To shareholders: thank you for your trust, patience, and resilience; you have stood by them not only in moments of achievement but also through periods of intense scrutiny; your faith is their strength. To every Adaniyan: you are the heartbeat of this enterprise; every port, airport, transmission line, data center, road, mine, warehouse, power plant, and project they deliver carries your discipline, courage, and pride. To partners, lenders, and communities: they are humbled by the trust you place in them; scale is never built alone, it is built through collaborations and a shared belief that India's rise is larger than any one institution. To families: you carry the burden behind public achievement, giving strength to stay grounded and the emotional foundation to keep building. And to India: they remain deeply grateful for the privilege of serving the nation whose greatest chapters are still being written and whose most defining pages are yet to come. He then says, in the language of the nation (translating Hindi phrases): 'Our dreams may differ, our paths may differ, but at the heart of our nation we are united as one. The dream of the nation is fulfilled by the hard work of the people, the dream of the nation is fulfilled by the hard work of the people, milk and honey flow in the land of Hindustan.' He concludes: 'So let this be the year we are remembered for what we built. We built when it was hardest to build. We believed when it was hardest to believe. And we proved that resilience is a way of life for us. Yes, the future will demand more ambition, more discipline, and more execution than ever before. But together we stand ready. Ready to build. Ready to serve. And ready to help shape the India whose greatest days lie ahead. Thank you. Jai Hind.'
The transcript continues with what appears to be a repetition or a second version of the speech, starting with 'Fourth annual general meeting of Adani Enterprises.' It reiterates that some years are defining years, proving the strength of conviction and the power of resilience. It repeats that FY 2025-26 was one such year, with the world growing more fractured, complex energy security models returning, and technology becoming inseparable from sovereignty. It repeats that the Adani Group remained anchored to the belief that India's future cannot wait, and while others debated, the group built. It repeats the theme of 'accelerating infrastructure, leveraging intelligence,' the twin engines, the integrated infrastructure strength, the capital investment of over 1.5 lakh crore, the tangible examples (Adani Energy Solutions, Adani Power, Bhutan partnership, nuclear energy, Adani Total Gas, Adani Ports, Vizhinjam, airports, data centers, mining, cement, defense), the financial performance (revenue, EBITDA, profit, cash flow), the three foundational steps (simplifying work, changing contractor relationships, worker dignity), and the social responsibility initiatives (Adani Foundations, healthcare, skill development). The content is largely identical to the first part, with minor variations in phrasing. This section is condensed as it repeats the earlier content.
