JCRA assigns landmark ratings to Adani Ports, Adani Green and Adani Energy Solutions
In a significant milestone for the Adani Group’s global credit journey, Japan Credit Rating Agency (JCRA) has initiated ratings of three Portfolio companies — Adani Ports and SEZ (APSEZ), Adani Green Energy Ltd. (AGEL) and Adani Energy Solutions Ltd. (AESL) — assigning long-term foreign currency credit ratings with a ‘Stable’ outlook to all three companies, it was announced on Friday.
Japan’s leading rating agency assigned Adani Ports and Special Economic Zone Ltd. (APSEZ) a A- (Stable) rating, representing a rare breach of the sovereign threshold by an Indian corporate by an international rating agency.
Moreover, Adani Green Energy Ltd. (AGEL) and Adani Energy Solutions Ltd. (AESL) have each been rated BBB+ (Stable). These ratings are at par with India’s sovereign rating of BBB+.
“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,” said Jugeshinder Singh, Group CFO, Adani Group.
“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,” Singh added.
Adani Ports’ strong rating underlines its strong credit profile, diversified asset base, and resilient cash-flow generation, and places it among a select group of Indian infrastructure companies to achieve an above-sovereign rating from a leading international rating agency.
The ratings also mark one of the first instances of Indian infrastructure platforms being assessed by JCRA at these levels, highlighting the Adani Group’s growing engagement with global rating agencies and its increasing alignment with international credit benchmarks.
APSEZ’s creditworthiness is at par with its subsidiary group, said the ratings agency, citing its superior infrastructure capabilities, consistently strong profitability, stable long-term cash flows, and prudent financial management — positioning the company above India’s sovereign foreign-currency rating, though capped by the country ceiling.
It continues to reinforce its leadership through a diversified portfolio of 15 domestic and 4 international ports, handling nearly 30 per cent of India’s cargo and 50 per cent of container volumes, supported by a comprehensive four-segment integrated logistics platform spanning ports, SEZs, logistics, and marine services.
Adani Ports delivered rapid EBITDA expansion — from Rs 7,566 crore in FY20 to Rs 19,025 crore in FY25, and Rs 11,046 crore in H1 FY26 — while maintaining a conservative 1.8x net-debt-to-EBITDA, long-tenor funding structure, and strong liquidity position.
On the other hand, AESL continues to strengthen India’s energy backbone through rapid expansion in transmission, distribution, smart metering, and cooling solutions — backed by stable, regulated cash flows and strong governance that support its consolidated credit profile, said the ratings agency.
“With a fast-growing network of 26,705 ckm of transmission lines, 97,236 MVA capacity, award-winning distribution reliability, and a rapidly expanding 7.37 million-meter smart metering portfolio, AESL is delivering far superior growth to the sector and redefining benchmarks in efficiency, customer service, and operational performance,” it noted.
With over 16.7 GW of operational capacity as of September 2025 and more than 90 per cent of EBITDA generated from renewables, AGEL has rapidly expanded from just 2.5 GW in FY20 — supported by best-in-class development, superior plant load factors, cost efficiency, and advanced ENOC-driven operations.
“EBITDA growth from Rs 1,855 crore (FY20) to Rs 10,532 crore (FY25) and Rs 6,324 crore in H1 FY26, coupled with improved equity levels, diversified global funding access, and extended 9.4-year average debt maturity, positions AGEL to sustain its ambitious growth pipeline while maintaining financial stability,” said JCRA.
