Next Anil Ambani in making…ADANI is a big big bubble. Stay away from Adani stocks. TOTAL FRAUD hai.
Posted from Dixt.com
Reliance Capital was around 3000/- and fell to Rs 4/-. In 2008 market cap was Rs 70000 crores. In 2019, Anil Ambani declared bankruptcy!!! From World’s 6th richest person to zero. Corporate governance issues, financial irregularities, default by subsidiaries, loans, too much leverage….totally fucked up.
Wait and Watch…Adani will follow the same path. Total debt on Adani group is Rs. 3 lakh crore all financed by PSU banks. 😭 Total manipulation and fraud.
Could Adani Become the Next Anil Ambani? The Debt, Governance and Valuation Question Investors Should Watch
Disclaimer: This article is for educational and informational purposes only. It is not investment advice. Allegations discussed below should not be treated as proven facts.
The Indian stock market has seen spectacular corporate success stories, but it has also witnessed spectacular collapses.
One of the biggest examples is the rise and fall of Anil Ambani's business empire.
Today, a similar question is being asked about another highly leveraged Indian conglomerate: Adani Group.
Is the comparison justified?
Not necessarily. But there are enough similarities around leverage, capital expenditure, corporate complexity and regulatory scrutiny to make the question worth examining.
The Anil Ambani warning
Anil Ambani was once among the world's richest people. His businesses expanded rapidly across telecommunications, infrastructure, power, financial services and other capital-intensive sectors.
But the expansion came with enormous financial obligations.
Over time, several companies within the group struggled with debt repayment, asset sales and deteriorating financial conditions.
Reliance Communications entered insolvency proceedings. Reliance Capital eventually entered the insolvency process after the Reserve Bank of India cited defaults and governance concerns.
The lesson is important:
A company can look extremely powerful when asset values and share prices are rising. The real test comes when cash flows weaken, financing becomes expensive and debt has to be repaid.
Reliance Capital's insolvency process was eventually completed after a resolution plan was approved and implemented in 2025.
Is Adani in the same situation?
This is where investors need to be careful.
Saying “Adani is the next Anil Ambani” is a prediction, not a fact.
Adani Group today has enormous operating businesses across ports, airports, power, energy, transmission, infrastructure and other sectors.
According to Adani's FY26 portfolio disclosure, the group reported approximately ₹94,834 crore of EBITDA, ₹55,852 crore of cash and portfolio-level net debt/EBITDA of 3.3x.
Those numbers are important because debt by itself does not determine whether a company is financially weak.
The more important question is whether operating cash flows can comfortably service that debt.
But the debt deserves attention
Adani's borrowing is substantial.
And this is where some viral claims circulating on social media need correction.
The statement that:
«“Adani's entire ₹3 lakh crore debt is financed by PSU banks”»
is not supported by the available debt breakdown.
Adani's September 2025 debt disclosure showed approximately ₹76,842 crore of gross debt from domestic PSU banks. The group also had exposure to domestic private banks, NBFCs, global banks and financial institutions.
That distinction matters.
It does not eliminate the risk of leverage.
It simply means investors should look at the actual debt structure, rather than relying on a viral number.
The bigger question: leverage + expansion
Adani's business model involves enormous capital expenditure.
The group reported FY26 capital expenditure of approximately ₹1.53 lakh crore and an asset base of roughly ₹7.85 lakh crore.
Large infrastructure projects can eventually generate strong and relatively predictable cash flows.
But they also require enormous amounts of capital before those cash flows fully materialise.
This creates an important investment question:
What happens if interest rates rise, project execution is delayed, cash flows disappoint or capital markets become less willing to finance expansion?
That is the risk investors should monitor.
Corporate governance is another important issue
Adani Group became the centre of an enormous controversy following the 2023 Hindenburg Research report, which alleged stock manipulation, improper use of offshore structures and other financial misconduct.
Adani rejected the allegations.
The Supreme Court subsequently directed SEBI to continue its investigations.
The regulatory story has continued to evolve.
In September 2026, SEBI said it could not establish that Vinod Adani controlled two foreign portfolio investors involved in a minimum-public-shareholding case.
At the same time, several Adani companies recently settled SEBI proceedings concerning disclosure-related matters. The settlements were made without admission or denial of guilt, while some other investigations remain unresolved.
Therefore, the responsible conclusion is not:
“Adani has been proven to be a fraud.”
The more accurate conclusion is:
“Adani continues to face regulatory and governance scrutiny, and investors should closely monitor how those matters develop.”
Could Adani follow the Anil Ambani path?
It is possible to construct a scenario in which any highly leveraged conglomerate gets into serious trouble.
But that does not mean the outcome is inevitable.
The Anil Ambani experience provides a useful warning about what can happen when:
High leverage + aggressive expansion + weak cash flows + refinancing pressure + governance problems
come together.
For Adani, investors should therefore monitor:
1. Net debt and gross debt
2. Debt repayment schedules
3. Interest costs
4. Operating cash flow
5. Net debt/EBITDA
6. Capital expenditure
7. Promoter pledging, if any
8. Related-party transactions
9. Regulatory investigations
10. Credit ratings
11. Liquidity and cash reserves
12. Whether new projects generate expected returns
These indicators are much more useful than simply looking at whether the share price is going up or down.
The real lesson for retail investors
The biggest mistake an investor can make is believing that a large company cannot fail.
History says otherwise.
But the opposite mistake is equally dangerous:
Assuming that a company will fail simply because it has a large amount of debt.
Debt must be compared with assets, cash flows, earnings, interest obligations and the maturity profile of that debt.
Adani currently has substantial operating assets and significant EBITDA generation. At the same time, its scale of borrowing and capital expenditure means leverage and governance deserve continued scrutiny.
Conclusion
The Anil Ambani story is a powerful reminder that size, reputation and a high share price do not guarantee financial safety.
But saying that Adani is definitely “the next Anil Ambani” goes beyond what the evidence currently establishes.
The more useful question for investors is:
Can Adani continue converting its enormous infrastructure investments into sustainable cash flows while maintaining manageable leverage and strong corporate governance?
If the answer remains yes, the group's debt can potentially support further growth.
If cash flows disappoint while leverage keeps increasing, the risk profile could change dramatically.
For investors, therefore, the best approach is neither blind optimism nor blind pessimism.
Watch the numbers. Watch the debt. Watch the cash flows. Watch the governance. And never assume that any corporate giant is too big to fail.
This article is an independent educational analysis based on publicly available information. It does not constitute a recommendation to buy, sell or hold any Adani Group security.
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