Japan Credit Rating Agency (JCR) has initiated international credit ratings for three Adani Group companies—Adani Ports and Special Economic Zone Ltd. (APSEZ), Adani Green Energy Ltd. (AGEL) and Adani Energy Solutions Ltd. (AESL)—marking a key milestone in the conglomerate’s global credit journey.
JCR, Japan’s leading rating agency, has assigned all three companies long-term foreign currency credit ratings with a Stable outlook. Notably, Adani Ports and Special Economic Zone Ltd. received an A- (Stable) rating, making it one of the rare Indian corporates to be rated above the country’s sovereign foreign currency rating by an international agency. India is currently rated BBB+.
Adani Green Energy Ltd. and Adani Energy Solutions Ltd. were both assigned BBB+ (Stable) ratings, placing them at par with India’s sovereign rating. The assessments underline the Adani Group’s improving alignment with global credit benchmarks and growing engagement with international rating agencies, particularly in the infrastructure space.
According to JCR, APSEZ’s rating reflects its strong credit profile, diversified asset base and resilient cash-flow generation. The company operates a portfolio of 15 domestic and four international ports, handling nearly 30% of India’s cargo and about half of the country’s container volumes. Its integrated logistics platform spans ports, special economic zones, logistics and marine services. JCR highlighted APSEZ’s rapid EBITDA growth—from Rs. 7,566 crore in FY20 to Rs. 19,025 crore in FY25—along with conservative leverage and strong liquidity.
For Adani Energy Solutions, JCR cited stable, regulated cash flows and strong governance as key drivers of its credit strength. The company has expanded rapidly across transmission, distribution, smart metering and cooling solutions, with a transmission network exceeding 26,700 circuit kilometres and a smart metering portfolio of over 7.3 million meters. EBITDA has grown from Rs. 4,532 crore in FY20 to Rs. 7,747 crore in FY25, supported by a diversified funding structure and a $1 billion equity raise.
Adani Green Energy’s rating reflects its position as India’s largest renewable energy independent power producer. With over 16.7 GW of operational capacity as of September 2025 and more than 90% of EBITDA generated from renewables, AGEL has scaled up sharply from 2.5 GW in FY20. JCR pointed to strong long-term power purchase agreements, improving equity levels and extended average debt maturity as factors supporting its credit profile.
Commenting on the development, Adani Group CFO Jugeshinder Singh said the ratings validate the group’s focus on disciplined financial management, balance sheet strength and execution across its infrastructure platforms. He added that the endorsement strengthens the group’s standing with global lenders and investors and reinforces its role in India’s infrastructure buildout.
Also Read: Adani Enterprises Limited Clinches Golden Peacock Award For ESG https://www.vibesofindia.com/adani-enterprises-limited-clinches-golden-peacock-award-for-esg/
