New Delhi: Global brokerage firm Bernstein has said the AdGroup has emerged stronger after facing the short-seller episode in 2023 and later developments linked to the US Securities and Exchange Commission (SEC) and Department of Justice (DOJ).In its latest report, Bernstein stated that while the group faced two major events over the past four years, its operational execution and infrastructure expansion capabilities remained intact throughout the period.Also read: US Justice Department drops all criminal charges against Gautam Adani, closes case permanentlyIt stated "the group's leverage, share-pledges, earnings and relative valuations have evolved since the first event".The report noted that the first major challenge was the short-seller report released in January 2023, which triggered concerns around leverage, promoter pledges and governance. The second was related to US SEC and DOJ developments beginning in November 2024. According to Bernstein, both issues now appear largely behind the group following recent developments in the US.Bernstein said the Group has evolved significantly since then through reduced share pledges, improved balance sheet management, stronger earnings growth and better funding diversification.According to the report, promoter share pledges, which had become a major concern during the 2023 crisis, have now reduced sharply across Adani Group companies and are currently negligible.The brokerage also noted that promoter holdings have remained broadly stable, while promoters infused additional funds into businesses, including Adani Green and Ambuja Cement.The report highlighted that Adani Group's core strength continues to be large-scale infrastructure execution across sectors such as ports, logistics, power and renewable energy.Also read: Capital Group builds $2 billion Adani bet in pivot from RelianceBernstein stated that the Group has consistently gained market share from government-run businesses due to faster execution and operational efficiency.It further said Adani businesses benefit from strategic infrastructure advantages, including large land banks and connectivity networks.Bernstein pointed out that Adani Green has access to around 0.5 million acres of land for renewable energy projects along with evacuation infrastructure, while Adani Ports benefits from strong logistics connectivity through Mundra Port.Bernstein noted that the Group's EBITDA recorded a compound annual growth rate (CAGR) of 22 per cent between FY23 and FY26, supported by capacity additions across businesses.The brokerage also stated that Adani Group has improved its liquidity position significantly since March 2023, while diversifying its funding sources by reducing dependence on domestic banks and increasing bond financing.According to Bernstein, debt repayment schedules, especially for Adani Green, currently appear manageable with no major near-term pressure.The report also reviewed valuations across group companies. Bernstein said Adani Ports continues to trade broadly in line with peers, while Adani Power has seen strong gains. It added that Adani Green remains a market leader in the renewable energy segment.