📌 At a Glance
At its 2025 AGM, Adani Group unveiled plans to invest a jaw-dropping $15–20 billion every year for the next five years, building everything from space-visible solar parks to slum-rehab megacities. Chairman Gautam Adani also addressed FCPA allegations with a firm denial, stating that “No one has been charged” in the US. Amid swirling controversies, he pitched a future filled with airports, energy, AI-powered data centers — and perhaps, redemption.
🧨 $100 Billion Over 5 Years – What’s Cooking?
Gautam Adani arrived at the AGM with one clear message:
💸 “Capex toh hum karenge, aur kaafi karenge.”
- Annual planned capital expenditure: $15–20 billion
- Time horizon: 5 years
- Total spend: ₹6.5–8.6 lakh crore (more than entire GDP of Sri Lanka)
Where’s the money going?
| Sector | Projects |
|---|---|
| ⚡ Renewable Energy | 50 GW capacity target by 2030, incl. Khavda mega-park |
| 🔌 Transmission | ₹44,000 Cr orders + ₹13,600 Cr smart meter projects |
| ✈️ Airports | Navi Mumbai opening soon (20M pax), 90M long-term target |
| 🖥️ Data Centers | “Gigawatt-scale” green-powered hyperscale projects |
| 🏙️ Real Estate | Dharavi makeover: Asia’s biggest slum into model township |
“From Khavda to cloud computing, Adani is building an empire that looks suspiciously like a sovereign nation with an airport, power grid, city and… server farm.”
🧼 The FCPA: Finally, Clarification Pending Again?
In true AGM fashion, Adani also tried to sweep up the PR mess from 2024’s FCPA (Foreign Corrupt Practices Act) noise.
🧾 His words:
“No one from the Adani Group has been charged with violating the FCPA or conspiring to obstruct justice.”
But the real story?
- In 2024, SEC accused Adani Green of “recklessly making false and misleading representations” around a debt offering
- US DoJ reportedly had 31 companies under investigation, including Adani-linked ones
- Trump’s executive order in early 2025 suspended prosecution of Americans accused of bribing foreign officials 🤝
So… timing is everything?
🏗️ The Empire Expands — One Sector at a Time
Let’s decode the Megazord called the Adani Group👇
🟢 Adani Green Energy
- Target: 50 GW renewables by 2030
- Current project: Khavda Solar Park — world’s largest (visible from SPACE)
- Combined power (thermal + renewable + hydro): 100 GW by 2030
⚡ Adani Energy Solutions
- ₹44,000 Cr in new grid infra orders
- ₹13,600 Cr in smart metering projects
- 💡 Vision: Keep Indian grids “future-ready” — probably for AI, drones, and Adani-run Skynet
🛫 Adani Airports
- Navi Mumbai Airport to open end of 2025
- 20M initial passenger capacity, scaling to 90M
- Will account for 35% of India’s airport traffic
🧠 Fun Fact: That’s more traffic than all of Germany’s airports combined (pre-COVID)
🏙️ Dharavi Social Mission
- Transforming Asia’s largest slum
- Plan: Uplift 1 million people with schools, parks, dual-toilets
- 🤝 Also: skilling, healthcare, jobs (CSR + IRR = ESG brownie points)
💻 AdaniConneX (Data Centres)
- Hundreds of MW under construction
- Partnering with “global hyperscalers” (read: Microsoft, Amazon?)
- All powered by renewables — greenwashing or genuine vision? Jury’s out.
🎯 Why This AGM Matters
- Adani is trying to reset the narrative — from FCPA allegations to future-ready infrastructure
- The capex plans show a bold, aggressive, and possibly high-debt vision
- The Group is planting flags across India’s core utilities: power, airports, data, real estate
But don’t miss the bigger picture:
“Adani is not just building businesses. He’s building economic infrastructure that India will rely on — whether you love him or loathe him.”
🔍 FV Range: How Do You Value a Conglomerate This Big?
Hard to value the entire Adani Empire, but here’s a quick attempt on Adani Enterprises Ltd (AEL) as the flagship:
| Metric | FY25E |
|---|---|
| Revenue | ₹1.55 lakh Cr |
| PAT | ₹6,700 Cr |
| EPS | ₹60+ |
| Current Price | ₹3,250 |
| P/E | ~54x (rich!) |
🧮 FV Range Calculation:
Assuming:
- 25% CAGR in PAT for 3 years
- PEG ~1.5x = reasonable for infra + growth biz
- P/E compression to 35–40x in a normalized scenario
➡️ Fair Value Range: ₹2,300 – ₹2,700/share
(Yes, current valuation assumes God-tier execution)
🐘 The Elephant in the AGM
Despite the fanfare, two big shadows lurk:
- Debt: With $15–20B/year capex, even Adani’s cash cow ports and power biz will feel the strain.
- Legal baggage: The FCPA matter may be “inactive”, but not forgotten.
And then there’s the political tailwind — the cozy Trump callouts, India’s infra push, and the silence of regulators.
🧠 TL;DR – Adani AGM 2025
- 💸 $15–20B annual capex planned for next 5 years
- 🏗️ Projects include solar parks, airports, slum rehabilitation, and data centers
- 🧼 Adani says no FCPA charges, brushes off SEC allegations
- 🛑 But scrutiny remains: high leverage, legal murk, and political cosiness
- 📉 AEL looks overpriced unless you believe in “India = Adani = Forever”
✍️ Written by Prashant | 📅 June 24, 2025
Tags: Adani AGM, Gautam Adani, Adani Enterprises, Adani Green, Dharavi project, Renewable Energy, SEC FCPA, Trump Order, Navi Mumbai Airport, AdaniConneX, India Infrastructure
