Ahmedabad: In a significant milestone for its global credit profile, the Adani Group has announced that three of its portfolio companies have received long-term foreign currency credit ratings from Japan’s leading rating agency, Japan Credit Rating Agency (JCR). The companies rated are Adani Ports and Special Economic Zone Limited (APSEZ), Adani Green Energy Limited (AGEL), and Adani Energy Solutions Limited (AESL), with all three assigned a ‘Stable’ outlook.
The move marks an important achievement in the Adani Group’s international credit journey and further strengthens its standing among global investors and lenders.
JCR has assigned an A- (Stable) rating to Adani Ports and Special Economic Zone Limited, a notable distinction as it is rare for an Indian corporate entity to receive a rating above the country’s sovereign level from an international rating agency.
Adani Green Energy Limited and Adani Energy Solutions Limited have both been assigned a BBB+ (Stable) rating, which is in line with India’s sovereign foreign currency rating of BBB+.
The strong rating awarded to APSEZ reflects its robust credit fundamentals, diversified asset base, and stable cash flows. With this, APSEZ joins a select group of Indian infrastructure companies that have received a rating higher than the sovereign ceiling from a major international rating agency.
These ratings also represent one of the early instances of JCR evaluating an Indian infrastructure platform at this scale, underlining the Adani Group’s growing engagement with global rating agencies and alignment with international credit benchmarks.
Commenting on the development, Adani Group Chief Financial Officer Jugeshinder Singh said, “These important ratings reflect the Adani Group’s commitment to financial discipline, strong balance sheets, and world-class execution across our diversified infrastructure platforms. They validate the strength and resilience of our business models and demonstrate the confidence that global lenders, institutional investors, and capital markets place in our long-term strategy. This recognition further reinforces our role as a key partner in India’s infrastructure development and reiterates our focus on sustainable, high-quality growth.”
Key Rationale Highlighted by JCR
Adani Ports and Special Economic Zone (APSEZ):
JCR cited APSEZ’s strong credit profile, comparable to the group’s core subsidiaries, supported by robust infrastructure capacity, consistent profitability, stable long-term cash flows, and prudent financial management. These factors enabled the company to achieve a rating above India’s foreign currency sovereign level, albeit within the country ceiling constraints.
APSEZ operates a diversified portfolio of 15 domestic and four international ports, handling nearly 30 per cent of India’s cargo volume and around 50 per cent of container traffic. Its four-pillar integrated logistics platform—covering ports, SEZs, logistics, and marine services—further strengthens its leadership position.
Driven by strong demand and an end-to-end logistics model, APSEZ’s EBITDA grew from ₹7,566 crore in FY20 to ₹19,025 crore in FY25, reaching ₹11,046 crore in the first half of FY26. The company has maintained a net debt-to-EBITDA ratio of 1.8x, supported by long-term funding and strong liquidity.
Adani Energy Solutions Limited (AESL):
AESL continues to strengthen India’s energy ecosystem through rapid expansion across transmission, distribution, smart metering, and cooling solutions. Stable and regulated cash flows, along with strong governance, underpin its consolidated credit profile.
With 26,705 circuit kilometres of transmission lines, 97,236 MVA of capacity, an award-winning distribution network, and a rapidly expanding base of 7.37 million smart meters, AESL is outperforming sector benchmarks and setting new standards in operational efficiency and customer service.
AESL’s EBITDA increased from ₹4,532 crore in FY20 to ₹7,747 crore in FY25. The company has also raised USD 1 billion in equity, strengthening its balance sheet. Supported by strong liquidity and long-term funding, AESL is well positioned to meet India’s growing energy demand while maintaining financial discipline.
Adani Green Energy Limited (AGEL):
AGEL continues to reinforce its position as one of India’s leading renewable energy producers, backed by strong governance practices, high-quality long-term power purchase agreements (PPAs), and robust operational capabilities. These factors ensure stable cash flows and a strong credit profile consistent with other group entities.
As of September 2025, AGEL had more than 16.7 GW of operational capacity, expanding rapidly from 2.5 GW in FY20. Over 90 per cent of its EBITDA is derived from renewable energy assets, supported by high plant load factors, cost efficiencies, and advanced operations.
AGEL’s EBITDA grew from ₹1,855 crore in FY20 to ₹10,532 crore in FY25 and reached ₹6,324 crore in the first half of FY26. Improved equity levels, access to global funding, and an average debt maturity of 9.4 years enable the company to pursue its ambitious growth plans while maintaining financial stability.
