Amid ongoing debate around market narratives, Adani Group CFO Jugeshinder Robbie Singh has spoken about what he described as an “Information Distortion Tax,” addressing retail investors and emphasizing the group’s financial performance and infrastructure growth.
In a recent LinkedIn post, Singh said investors often face a gap between market narratives and actual business performance. Referring to the concept as an “economic war,” he stated that the perception around the group has been shaped by misinformation, while operational results present a different picture.
“I know it’s been exhausting. I’ve lived this too. It is a heavy thing to watch your hard-earned conviction be tested by narratives that don’t know the difference between a ticker symbol and a turbine. But as the CFO of Adani, I have one truth to offer you: The narrative was a ghost. Our 15.1% Return on Assets is the reality,” he said.
According to Singh, the Adani Group has significantly expanded its asset base, growing from ₹1.58 lakh crore in 2019 to ₹6.77 lakh crore. He said this expansion reflects tangible infrastructure development across ports, transmission networks and airports.
“You can argue with a headline, but you can’t distort ₹6.7 trillion worth of deep-water ports, high-voltage lines and runways,” Singh noted.
He added that the group’s portfolio EBITDA reached a record trailing 12-month total of ₹92,943 crore, representing a 20% CAGR over the past 6 years. Singh also highlighted that 83% of the group’s EBITDA now comes from core infrastructure businesses.
Additionally, about 52% of the group’s EBITDA is generated from AAA-rated domestic assets. In comparison, he noted that this share was significantly smaller in 2019. Singh also cited the group’s net debt-to-EBITDA ratio of 3x, which he described as among the lowest for large global infrastructure and utility platforms.
Referring to the group’s operating businesses, he said activities across companies such as Adani Ports and SEZ, Adani Power, Adani Energy Solutions and Adani Green Energy continued to expand. He pointed out that Adani Green Energy increased its capacity by 49% this year.
Singh also said the group has received more than 100 credit rating upgrades and positive outlook revisions in the past 3 years, indicating stronger financial discipline and operational performance.
“We aren’t selling trends; we are the nerves & arteries of a rising superpower a USD 4.7 trillion economy,” he said.
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