Adani Group Companies Secure Landmark JCR Credit Ratings

Japan Credit Rating Agency (JCR), Japan’s leading credit rating agency, has initiated ratings on three Adani Group companies, Adani Ports and Special Economic Zone Ltd (APSEZ), Adani Green Energy Ltd (AGEL), and Adani Energy Solutions Ltd (AESL). 

All three entities have been assigned long-term foreign currency credit ratings with a Stable outlook. The move marks a significant milestone in the Adani Group’s global credit journey and reflects its growing alignment with international credit benchmarks.

JCR Ratings and Their Significance

JCR has assigned APSEZ a long-term foreign currency rating of A- with a Stable outlook, a notable achievement as it represents a rare instance of an Indian corporate being rated above the country’s sovereign threshold by an international rating agency. 

AGEL and AESL have both been rated BBB+ (Stable), which is at par with India’s sovereign foreign currency rating. 

Adani Ports & SEZ: Above-Sovereign Credit Profile

APSEZ’s A- rating reflects its strong credit profile, diversified asset base, and resilient cash flow generation. JCR highlighted the company’s superior infrastructure capabilities, consistently strong profitability, and prudent financial management. APSEZ operates a diversified portfolio of 15 domestic and 4 international ports, handling nearly 30% of India’s total cargo and around 50% of container volumes. 

Its integrated logistics platform spans ports, SEZs, logistics, and marine services. Financially, APSEZ has delivered robust EBITDA growth from ₹7,566 crore in FY20 to ₹19,025 crore in FY25 and ₹11,046 crore in H1 FY26, while maintaining a conservative net-debt-to-EBITDA ratio of 1.8x and strong liquidity.

Adani Energy Solutions: Powering India’s Energy Backbone

AESL’s BBB+ rating reflects its stable, regulated cash flows and expanding role in India’s energy infrastructure. The company has rapidly grown its transmission and distribution network, with 26,705 circuit kilometers of transmission lines, 97,236 MVA capacity, and a fast-expanding smart metering portfolio of 7.37 million meters. 

JCR noted AESL’s strong governance, robust liquidity, and disciplined financial management. EBITDA rose from ₹4,532 crore in FY20 to ₹7,747 crore in FY25, supported by a USD 1 billion equity raise and diversified long-tenor funding.

Adani Green Energy: Leadership in Renewables

AGEL’s BBB+ rating underscores its position as India’s leading renewable independent power producer. With over 16.7 GW of operational capacity as of September 2025 and more than 90% of EBITDA derived from renewable assets, AGEL has expanded rapidly from 2.5 GW in FY20. 

JCR highlighted the company’s strong governance, long-term power purchase agreements, and operational efficiency. EBITDA grew from ₹1,855 crore in FY20 to ₹10,532 crore in FY25 and ₹6,324 crore in H1 FY26, supported by improved equity levels and extended average debt maturity of 9.4 years.

Also Read: Adani Group Responds to US SEC Summons: No Allegations Against Company!

Conclusion

The initiation of ratings by JCR marks a significant endorsement of the Adani Group’s credit strength and global positioning. 

Disclaimer: This blog has been written exclusively for educational purposes. The securities mentioned are only examples and not recommendations. This does not constitute a private recommendation/investment advice. It does not aim to influence any individual or entity to make investment decisions. Recipients should conduct their own research and assessments to form an independent opinion about investment decisions.

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