As 2024 comes to a close, Adani Group, one of India’s most prominent multinational conglomerates, stands at a pivotal juncture. Over the past year, the group has had its share of achievements and challenges, indicating its resilience, adaptability, and the complex landscape of global business. This article takes a closer look at the key milestones, successes, and hurdles that have been witnessed by the Adani Group in 2024.
Founded in 1988 by Gautam Adani, the group began as a trading company and quickly expanded into sectors like ports, power generation, and infrastructure. Today, the Adani Group has diversified into industries such as renewable energy, data centres, airports, and more.
Adani’s aggressive growth strategy, marked by significant investments, acquisitions, and ambitious projects, has propelled the group to become a key player in India’s business landscape. Its rapid rise, however, has not been without controversy, including concerns over corporate governance, debt levels, and environmental impact.
At the start of 2023, the Adani Group was shaken by the Hindenburg Research report, which accused the conglomerate of stock manipulation, accounting irregularities, and other financial wrongdoings. This scandal sent shockwaves through the market, wiping billions off the group’s market capitalisation.
Moving into 2024, the Adani Group maintained its focus on rebuilding its image and financial health. Despite the ongoing scrutiny, the group has shown resilience. The group has undertaken several steps to address concerns, including strengthening its governance structure, improving transparency, and meeting regulatory requirements.
One of the major highlights of 2024 has been Adani Group’s continued emphasis on renewable energy. In Feb 2024, Adani Green Energy Limited (AGEL) operationalised 551 MW solar capacity in Khavda, Gujarat, by supplying power to the national grid. AGEL plans to develop 30 GW of renewable energy capacity, which is expected to be operationalised in the next 5 years. AGEL became India’s first company to surpass 10,000 MW of renewable energy in April 2024.
In 2024, the company expanded its portfolio of solar and wind power projects, making substantial progress towards achieving its goal of 25 GW of renewable energy capacity by 2025.
The Adani Group’s foray into infrastructure continues to yield impressive results. In 2024, the group made significant inroads into the aviation sector, with further expansion of its airport operations. After winning the rights to operate six airports in India in 2020, the group has steadily enhanced the capacity and services of these airports, including the modernisation of terminal facilities and the introduction of new routes.
Meanwhile, Adani Ports and SEZ (APZEZ) continues to be a major contributor to the group’s revenue. The company has seen continued growth in cargo volumes and has continued its investments in port infrastructure to enhance its global competitiveness.
In 2024, Adani Ports also expanded its footprint internationally, acquiring stakes in strategic ports in the Middle East and Africa. The wholly owned subsidiary of APSEZ, Adani International Ports Holdings Pte Ltd. (AIPH) entered a 30-year concession agreement with the Tanzania Ports Authority to operate and manage Container Terminal 2 at the Dar es Salaam Port, Tanzania. Also, the company’s profitability rose massively to 47% in 1HFY25 to ₹3,107 crore.
Adani entered the cement business in 2022 via the acquisition of a 63.15% stake in Ambuja Cements Ltd. and a 56.69% stake in ACC Ltd (Of which 50.05% is held through Ambuja Cements). Adani with its brands Ambuja Cements and ACC are the 2nd largest cement manufacturer in India.
In 2024, Ambuja Cement continued consolidation in the industry with the acquisition of a 46.8% stake in Orient Cement, which helped the group move towards a target capacity of 140 MTPA by 2028
At the end of November 2024, the United States Department of Justice (DOJ) put an allegation on Adani and others of conspiring to pay about $265m in bribes to Indian government officials to obtain contracts and develop India’s largest solar power plant project.
However, In its statement to the stock exchanges, AGEL said, “Mr Gautam Adani, Mr Sagar Adani, and Mr Vneet Jaain have not been charged with any violation of the FCPA in the counts set forth in the indictment of the US Department of Justice (DOJ) or the civil complaint of the US Securities and Exchange Commission (SEC). The charges against them include alleged securities fraud conspiracy, wire fraud conspiracy, and securities fraud.”
| Name | 1Y Return (%) | 1Y Return vs Nifty (%) |
| Adani Enterprises Ltd | -13.96 | -31.31 |
| Adani Ports and Special Economic Zone Ltd | 19.57 | 2.21 |
| Adani Power Ltd | -1.31 | -18.67 |
| Adani Green Energy Ltd | -23.09 | -40.45 |
| Ambuja Cements Ltd | 13.79 | -3.57 |
| Adani Total Gas Ltd | -38.96 | -56.32 |
| ACC Ltd | 3.27 | -14.08 |
| Adani Wilmar Ltd | -17.89 | -35.24 |
| Sanghi Industries Ltd | -37.67 | -55.03 |
| New Delhi Television Ltd | -38.60 | -55.96 |
Note: The returns mentioned above are from December 12, 2023 to December 11, 2024
Adani’s journey in 2024 has been a mix of highs and lows, but its resilience and ability to adapt have allowed it to continue its upward trajectory. Moving into 2025, the Adani Group is poised to continue its expansion across multiple sectors, with a particular focus on green energy, infrastructure, and technology.
Disclaimer: This blog has been written exclusively for educational purposes. The securities mentioned are only examples and not recommendations. It is based on several secondary sources on the internet and is subject to changes. Please consult an expert before making related decisions.
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