- Adani Ports secures rare above-sovereign rating from a leading global agency
- Adani Green and Adani Energy Solutions rated at par with India’s sovereign credit
- Japanese agency JCR initiates ratings, signalling rising global confidence
- Strong governance, resilient cash flows and disciplined leverage drive outcome
- Milestone reinforces Adani’s stature in international capital markets
NE BUSINESS BUREAU
AHMEDABAD, JAN 30
In a landmark moment for Indian corporates on the global credit stage, three Adani Portfolio companies have secured long-term foreign currency credit ratings from Japan Credit Rating Agency (JCR)—a rare endorsement by one of the world’s most respected rating agencies and a significant validation of the Group’s financial strength and governance standards.
Japan’s leading rating agency has initiated ratings on Adani Ports and Special Economic Zone Ltd. (APSEZ), Adani Green Energy Ltd. (AGEL) and Adani Energy Solutions Ltd. (AESL), assigning all three companies a Stable outlook, marking a decisive milestone in the Adani Group’s global credit journey.
Most notably, APSEZ has been rated ‘A-’ (Stable)—a notch above India’s sovereign rating, making it one of the very few Indian infrastructure companies to breach the sovereign ceiling through an international rating agency.
Meanwhile, AGEL and AESL have each been assigned ‘BBB+’ (Stable) ratings, placing them at par with India’s sovereign credit rating.
A Rare Global Endorsement
The JCR ratings represent one of the earliest instances of Indian infrastructure platforms being assessed at these levels by the Japanese agency, underlining the Adani Group’s deepening engagement with global credit markets and its increasing alignment with international benchmarks.
The above-sovereign rating for APSEZ reflects its diversified asset base, resilient cash flows and prudent financial management, positioning it among a select league of Indian corporates recognised for superior creditworthiness beyond country constraints.
Leadership Speaks
Commenting on the development, Jugeshinder Singh, Group CFO, Adani Group, said: “These landmark ratings reflect the Adani Group’s commitment to disciplined financial management, strengthening balance sheet fundamentals, and world class execution across our diversified infrastructure platform. They reaffirm the depth and resilience of our business model and reflect the confidence global lenders, institutional investors, and capital markets place in our long term strategy. This endorsement further strengthens our position as a leading partner in India’s infrastructure buildout and reinforces our commitment to delivering sustainable, high-quality growth.”
Key Rating Rationales Highlighted by JCR
Adani Ports & SEZ Ltd. (APSEZ)
JCR cited APSEZ’s creditworthiness at par with its subsidiary group, supported by superior infrastructure capabilities, consistently strong profitability, stable long-term cash flows and prudent financial management—allowing it to be positioned above India’s sovereign foreign currency rating, subject to country ceiling constraints.
APSEZ operates a diversified portfolio of 15 domestic and four international ports, handling nearly 30% of India’s cargo and 50% of container volumes, backed by a four-segment integrated logistics platform spanning ports, SEZs, logistics and marine services.
Driven by robust demand and an end-to-end logistics model, APSEZ delivered rapid EBITDA expansion—from ₹7,566 crore in FY20 to ₹19,025 crore in FY25, and ₹11,046 crore in H1 FY26—while maintaining a conservative 1.8x net debt-to-EBITDA, long-tenor funding and strong liquidity.
Adani Energy Solutions Ltd. (AESL)
JCR highlighted AESL’s growing role in strengthening India’s energy backbone through expansion in transmission, distribution, smart metering and cooling solutions, supported by stable regulated cash flows and strong governance.
AESL’s infrastructure footprint includes 26,705 ckm of transmission lines, 97,236 MVA capacity, award-winning distribution reliability and a rapidly expanding 7.37 million smart meter portfolio, enabling growth that outpaces sector benchmarks.
EBITDA increased from ₹4,532 crore in FY20 to ₹7,747 crore in FY25, supported by a USD 1 billion equity raise, robust liquidity and a diversified long-tenor funding structure.
Adani Green Energy Ltd. (AGEL)
AGEL continues to reinforce its position as India’s premier renewable independent power producer, backed by high-quality long-term PPAs, strong governance and advanced operational capabilities.
With over 16.7 GW of operational capacity as of September 2025 and more than 90% of EBITDA generated from renewables, AGEL has expanded rapidly from 2.5 GW in FY20, supported by superior plant load factors, cost efficiency and ENOC-driven operations.
EBITDA rose from ₹1,855 crore in FY20 to ₹10,532 crore in FY25, and ₹6,324 crore in H1 FY26, while improved equity levels, diversified global funding access and a 9.4-year average debt maturity support sustained growth with financial stability.
A Defining Moment for Indian Infrastructure
The JCR ratings reinforce the Adani Group’s credit resilience, scale and execution capability, positioning its infrastructure platforms firmly within the global investment-grade landscape and setting a new benchmark for Indian corporates accessing international capital.
