Three Adani Group companies, Adani Ports & SEZ (APSEZ), Adani Green Energy Ltd. (AGEL), and Adani Energy Solutions Ltd. (AESL), have received landmark ratings from Japan Credit Rating Agency (JCR). APSEZ received an ‘A-‘ rating, above India’s sovereign rating, while AGEL and AESL received ‘BBB+’ ratings, at par with India’s sovereign rating. The ratings reflect the group’s commitment to financial discipline and strong infrastructure platform.
Landmark Credit Ratings
Adani Ports & Special Economic Zone Ltd. (APSEZ), Adani Green Energy Ltd. (AGEL), and Adani Energy Solutions Ltd. (AESL) have been assigned long-term foreign currency credit ratings with a Stable outlook by Japan Credit Rating Agency (JCR). This marks a significant milestone in the Adani Group’s global credit journey.
APSEZ Rating Details
JCR has assigned Adani Ports and Special Economic Zone Ltd. (APSEZ) an A- (Stable) rating. This rating represents a rare breach of the sovereign threshold by an Indian corporate from an international rating agency. The rating underlines APSEZ’s strong credit profile, diversified asset base, and resilient cash-flow generation.
AGEL and AESL Rating Details
Adani Green Energy Ltd. (AGEL) and Adani Energy Solutions Ltd. (AESL) have each been rated BBB+ (Stable), at par with India’s sovereign rating of BBB+.
Adani Ports & SEZ (APSEZ) Key Highlights
APSEZ’s creditworthiness is at par with its subsidiary group, citing its infrastructure capabilities, strong profitability, stable cash flows, and financial management.
APSEZ has a diversified portfolio of 15 domestic and 4 international ports, handling nearly 30% of India’s cargo and 50% of container volumes.
APSEZ delivered rapid EBITDA expansion from INR 7,566 Cr in FY20 to INR 19,025 Cr in FY25, and INR 11,046 Cr in H1 FY26, maintaining a conservative 1.8x net-debt-to-EBITDA.
Adani Energy Solutions Ltd. (AESL) Key Highlights
AESL continues to strengthen India’s energy backbone through expansion in transmission, distribution, smart metering, and cooling solutions, backed by stable cash flows and strong governance.
AESL has a network of 26,705 ckm of transmission lines, 97,236 MVA capacity, and a rapidly expanding 7.37 million-meter smart metering portfolio.
AESL experienced EBITDA growth from INR 4,532 Cr (FY20) to INR 7,747 Cr (FY25).
Adani Green Energy Ltd. (AGEL) Key Highlights
AGEL has over 16.7 GW of operational capacity as of September 2025 and more than 90% of EBITDA generated from renewables.
AGEL rapidly expanded from just 2.5 GW in FY20.
AGEL’s EBITDA grew from INR 1,855 Cr (FY20) to INR 10,532 Cr (FY25) and INR 6,324 Cr in H1 FY26.
Source: BSE
