📄 At a Glance
CMP: ₹2,400
What we got: A 70-page ESG BRSR report
What we wanted: FY25 financials
What we got instead: “We recycle water and respect women”
Profit? Revenue? Order book? – 🤫 Not their responsibility, apparently.
🧾 What is This Filing?
Adani Enterprises just submitted their Business Responsibility & Sustainability Report (BRSR) for FY25.
Sounds serious. Smells corporate. But underneath the jargon, it’s basically:
“We used solar lights at the airport. We hired some women. We planted a tree. Please clap.”
This wasn’t a financial result. This wasn’t even a press release. It was a PowerPoint with lipstick.
🤔 What’s Inside the 70-Page Corporate Jamboree?
Let’s break it down.
🌿 Climate Commitment?
✅ “We used 26 million units of renewable energy”
✅ “We reused 67% of our wastewater”
✅ “Our airports now use LEDs”
❌ “We didn’t say how much we spent on any of this”
🧑🏭 People Practices?
- 3,611 full-time employees
- 22,000 contract workers (aka the real workforce)
- 150 women (yes, out of 3,600 — that’s 4%)
Basically, the safest, most utopian workplace in India. Or maybe just one where nobody talks.
🔍 Noteworthy “Achievements”
| Section | Claim | EduInvesting Take |
|---|---|---|
| Governance | “We have an ESG committee” | Okay, but do they do anything? |
| Emissions | “We track Scope 1 & Scope 2 emissions” | Scope 3? Nahi bhai, woh Ambuja ka hai |
| CSR | “We planted trees and ran skill programs” | But no number of trees, no impact report |
| Supply Chain | “Vendors must follow ESG norms” | Lol. Try enforcing that in a mining tender |
🧠 EduInvesting Take
This BRSR is basically:
“We swear we’re good people. Don’t ask us about profits or losses or revenue or debt or valuations or why our Q4 results aren’t here yet.”
Let’s be honest: Nobody reads BRSRs.
- Retail investors want PAT, EPS, margins.
- Institutions want segmental growth and guidance.
- Analysts want call transcripts.
What we got? A report so vague it could be used as a case study in a marketing MBA class called “Look Busy, Say Nothing.”
🧱 Wait, What About the Real Business?
Here’s what they didn’t tell us:
- No word on green hydrogen capex
- No update on airport footfalls or revenues
- No status on solar factory rollouts
- No clarity on how many orders they’ve won
- No word on debt servicing or rating updates
We’re still waiting for Q4 results, while this ESG report lands like a LinkedIn post from a management trainee who just discovered Canva.
🗞️ Real ESG or PR ESG?
This is the classic “corporate deodorant” strategy:
- Spray some ESG perfume on a hairy financial situation
- Make investors feel like something is happening
- Hope nobody asks too many questions
📉 Risks They Didn’t Mention (But We Will)
- Adani’s corporate structure is a spaghetti bowl of subsidiaries
- AEL is a holding company with no clear revenue visibility
- ESG is self-reported, no external verification
- SEBI & investor scrutiny is still high post-Hindenburg
- Major infra plans (hydrogen, solar, airports) = huge capex, thin cash flow
📣 Final Verdict
This wasn’t a sustainability report. It was a visibility report.
Adani Enterprises may very well be doing great things for India — but this BRSR proves one thing:
You can file 70 pages and still say absolutely nothing.
And yet, the stock trades at ₹2,400. That’s the Adani magic, baby. You don’t need earnings. You just need ambition and LED lighting.
Tags: Adani Enterprises BRSR, ESG satire India, Adani FY25 update, SEBI BRSR filing, green hydrogen India, Adani stock ₹2400, corporate PR filings, business responsibility India
Author: Prashant Marathe
Date: May 29, 2025
