Adani Energy Solutions Ltd. (AESL), along with Adani Ports & SEZ (APSEZ) and Adani Green Energy Ltd. (AGEL), has secured landmark credit ratings from Japan Credit Rating Agency (JCR). APSEZ achieved an ‘A-‘ rating, exceeding India’s sovereign rating, while AGEL and AESL both secured ‘BBB+’ ratings, aligning with India’s sovereign rating. This milestone reflects the Group’s credit strength and disciplined financial management.
Landmark Ratings Achievement
Adani Energy Solutions Ltd. (AESL), Adani Ports & SEZ (APSEZ), and Adani Green Energy Ltd. (AGEL) have achieved significant credit ratings from Japan Credit Rating Agency (JCR). The ratings highlight the Adani Group’s commitment to financial discipline and robust infrastructure development.
APSEZ’s Credit Rating
Adani Ports and Special Economic Zone Ltd. (APSEZ) has been assigned an ‘A-‘ (Stable) rating. This rating is notable as it exceeds India’s sovereign rating, showcasing APSEZ’s superior credit profile and strong market position. Key factors supporting this rating include a diversified asset base and resilient cash flow generation.
AGEL and AESL Ratings
Adani Green Energy Ltd. (AGEL) and Adani Energy Solutions Ltd. (AESL) have each been rated ‘BBB+’ (Stable). These ratings are at par with India’s sovereign rating. These ratings acknowledge the companies’ strong operational performance and strategic importance in India’s energy sector.
Key Highlights for AESL
AESL is strengthening India’s energy infrastructure through rapid expansion in transmission, distribution, and smart metering. The company’s network includes 26,705 ckm of transmission lines and 97,236 MVA of capacity. AESL also has a rapidly expanding 7.37 million-meter smart metering portfolio.
AESL’s EBITDA has grown from INR 4,532 Cr in FY20 to INR 7,747 Cr in FY25. This growth, along with a USD 1 billion equity raise, supports AESL’s ability to meet increasing energy infrastructure needs.
Key Highlights for AGEL
As of September 2025, AGEL has over 16.7 GW of operational capacity, with more than 90% of EBITDA generated from renewable sources. AGEL’s EBITDA has grown from INR 1,855 Cr in FY20 to INR 10,532 Cr in FY25 and INR 6,324 Cr in H1 FY26. The company is well-positioned to sustain its growth pipeline while maintaining financial stability.
APSEZ’s Key Strengths
APSEZ handles nearly 30% of India’s cargo and 50% of container volumes. APSEZ’s EBITDA expansion has been rapid, increasing from INR 7,566 Cr in FY20 to INR 19,025 Cr in FY25, and INR 11,046 Cr in H1 FY26. The company maintains a conservative 1.8x net-debt-to-EBITDA ratio.
Source: BSE
