Adani Ports and Special Economic Zone Ltd. (APSEZ) and Adani Green Energy Ltd. have secured landmark ratings from Japan Credit Rating Agency (JCR). APSEZ rated ‘A-‘ with Stable outlook, above India’s sovereign rating. Adani Green Energy Ltd. and Adani Energy Solutions Ltd. rated ‘BBB+/’ with Stable outlook, at par with India’s sovereign rating, reflecting the group’s financial management and global credit strength.
JCR Ratings Overview
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). Long-term foreign currency credit ratings with a Stable outlook have been assigned to all three companies. This milestone reinforces the group’s credit strength.
Adani Ports & SEZ (APSEZ) Rating
APSEZ has been assigned an ‘A-‘ (Stable) rating, a rare breach of the sovereign threshold by an Indian corporate, underlining its strong credit profile, diversified asset base, and resilient cash-flow generation.
Adani Green Energy Ltd. (AGEL) and Adani Energy Solutions Ltd. (AESL) Ratings
AGEL and AESL have each been rated ‘BBB+’ (Stable), at par with India’s sovereign rating.
Significance of the Ratings
These ratings are among the first instances of Indian infrastructure platforms being assessed by JCR at these levels. They highlight the Adani Group’s growing engagement with global rating agencies and alignment with international credit benchmarks.
Adani Group’s Perspective
Jugeshinder Singh, Group CFO, Adani Group, stated that these ratings reflect the Adani Group’s commitment to disciplined financial management, strengthening balance sheet fundamentals, and world-class execution. He also noted that the ratings reaffirm the resilience of their business model and reinforce their position as a leading partner in India’s infrastructure buildout.
APSEZ’s Key Highlights
APSEZ’s creditworthiness is at par with its subsidiary group, citing superior infrastructure capabilities, consistently strong profitability, stable long-term cash flows, and prudent financial management, positioning it above India’s sovereign rating.
APSEZ has a diversified portfolio of 15 domestic and 4 international ports, handling nearly 30% of India’s cargo and 50% of container volumes. Supported by a four-segment integrated logistics platform.
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.
AESL’s Key Highlights
AESL is strengthening India’s energy backbone through rapid expansion in transmission, distribution, smart metering, and cooling solutions, backed by stable, regulated cash flows.
AESL has a fast-growing network of 26,705 ckm of transmission lines, 97,236 MVA capacity, and a rapidly expanding 7.37 million-meter smart metering portfolio.
AESL’s EBITDA growth from INR 4,532 Cr (FY20) to INR 7,747 Cr (FY25), alongside a USD 1 billion equity raise, positions AESL to meet rising energy infrastructure needs.
AGEL’s Key Highlights
AGEL continues to reinforce its leadership as India’s premier renewable IPP, backed by strong governance, high-quality long-term PPAs, and robust operational capabilities.
As of September 2025, AGEL has over 16.7 GW of operational capacity and more than 90% of EBITDA generated from renewables, expanding from 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, positioning AGEL to sustain its ambitious growth pipeline.
Source: BSE
