Section 35
Adani Group
Started as: Commodity trading and exports (Adani Exports)
- founded
- 1988
- founder
- Gautam Adani
- headquarters
- Ahmedabad, Gujarat
- 94,834
- Portfolio EBITDA, FY26 (₹ crore) · 2026
- 1,52,967
- Portfolio capital spending, FY26 (₹ crore) · 2026
The story
Gautam Adani set up Adani Exports in Ahmedabad in 1988 to trade commodities. In 1994 the company listed on the stock exchanges, and the same year it won approval for a jetty at Mundra in Kutch to handle its own cargo.
Mundra grew into a large private port. Around it the group added power plants, coal mining, city gas, transmission lines and, later, solar and wind farms, airports and cement. In FY26 the group reported record portfolio EBITDA of ₹94,834 crore.
The group has also faced formal scrutiny. After Hindenburg Research's report in January 2023, SEBI investigated and on 18 September 2025 closed the related-party allegations it examined. In November 2024 US prosecutors indicted Gautam Adani and two others; the group called the charges baseless, and in August 2026 the court dismissed them at the Justice Department's request.
Where it works today
Ports and logisticsPower generation and transmissionRenewable energyAirportsCementMining and natural resourcesCity gasMedia
Main companies
Adani Enterprises · Adani Ports and SEZ · Adani Power · Adani Green Energy · Adani Energy Solutions · Adani Total Gas · Ambuja Cements · NDTV
Timeline
- 1988Gautam Adani sets up Adani Exports in Ahmedabad to trade commodities.
- 1994Adani Exports (now Adani Enterprises) lists on BSE and NSE; a captive jetty at Mundra is approved.
- 1998The first berths at Mundra port begin operations.
- 2009Adani Power is listed.
- 2015Ports, power and transmission are demerged into separate companies; Adani Green Energy is set up.
- 2020Wins the mandate to run six airports.
- 2022Acquires Holcim's India cement business (Ambuja and ACC) and NDTV.
- 2023US short-seller Hindenburg Research publishes allegations in January; the group denies them, and Adani Enterprises withdraws its follow-on public offer.
- 2025On 18 September, SEBI passes two orders closing proceedings on the Hindenburg-linked related-party allegations against group companies and executives.
- 2026In August, a US federal court in New York dismisses, at the Justice Department's request and with prejudice, the 2024 criminal charges against Gautam Adani, Sagar Adani and Vneet Jaain.