Japan Credit Rating Agency (JCR) has assigned credit ratings to three Adani portfolio companies: Adani Ports & SEZ (APSEZ), Adani Green Energy Ltd. (AGEL), and Adani Energy Solutions Ltd. (AESL). APSEZ received an ‘A-‘ rating, while AGEL and AESL both received ‘BBB+’ ratings, with a Stable outlook for all three. These ratings reflect the Adani Group’s commitment to financial discipline and strengthen its position in infrastructure development.
Japanese Credit Ratings
Japan Credit Rating Agency (JCR) has rated three Adani Group companies. The ratings highlight Adani’s commitment to financial management and strong infrastructure capabilities. The assigned ratings were announced on January 30, 2026.
Ratings Breakdown
Here is a breakdown of the ratings received:
- Adani Ports & SEZ Ltd. (APSEZ): ‘A-‘ with Stable outlook, above India’s sovereign rating.
- Adani Green Energy Ltd. (AGEL): ‘BBB+’ with Stable Outlook, at par with India’s sovereign rating.
- Adani Energy Solutions Ltd. (AESL): ‘BBB+’ with Stable Outlook, at par with India’s sovereign rating.
The ‘A-‘ rating for APSEZ marks a rare achievement, exceeding India’s sovereign rating by an international agency. This acknowledges the company’s strong credit profile, diverse assets, and consistent cash flow.
Management Commentary
Jugeshinder Singh, Group CFO of Adani Group, stated that these ratings reflect the Group’s commitment to disciplined financial management and balance sheet strength. He emphasized that the ratings reaffirm confidence from global lenders, investors, and capital markets. This further strengthens Adani’s role as a leading partner in India’s infrastructure growth.
APSEZ Performance
APSEZ handles nearly 30% of India’s cargo and 50% of container volumes. Supported by 15 domestic and 4 international ports. The company has seen EBITDA growth from INR 7,566 Cr in FY20 to INR 19,025 Cr in FY25. H1 FY26 saw INR 11,046 Cr.
AESL Expansion
AESL continues to expand its energy infrastructure with a network of 26,705 ckm of transmission lines and 97,236 MVA capacity. The company is also growing its smart metering portfolio, currently at 7.37 million meters. AESL’s EBITDA grew from INR 4,532 Cr (FY20) to INR 7,747 Cr (FY25).
AGEL Growth
AGEL’s operational capacity has grown to over 16.7 GW as of September 2025, with over 90% of EBITDA generated from renewables. This represents a significant increase from 2.5 GW in FY20. EBITDA has increased from INR 1,855 Cr (FY20) to INR 10,532 Cr (FY25) and INR 6,324 Cr in H1 FY26.
Source: BSE
