Three Adani Companies Secure Landmark Ratings from Japanese Credit Rating Agency, JCR
Ahmedabad : Japan Credit Rating Agency (JCR), one of Japan’s leading rating agencies, has assigned long-term foreign currency credit ratings with a Stable outlook to three Adani Group companies—Adani Ports & Special Economic Zone Ltd. (APSEZ), Adani Green Energy Ltd. (AGEL), and Adani Energy Solutions Ltd. (AESL). The move marks a significant milestone in the Group’s global credit profile and alignment with international credit benchmarks.
JCR has rated APSEZ at A- (Stable), placing it a notch above India’s sovereign foreign-currency rating—an uncommon achievement for an Indian corporate. Meanwhile, AGEL and AESL have each been assigned BBB+ (Stable) ratings, at par with India’s sovereign rating.
The ratings reflect JCR’s assessment of the companies’ financial discipline, diversified asset base, operational resilience, and long-term cash flow visibility.
APSEZ: Above Sovereign Benchmark
According to JCR’s rationale, APSEZ’s rating underscores its superior infrastructure capabilities, strong profitability, stable cash flows, and prudent financial management. The company operates a diversified portfolio of 15 domestic and four international ports and handles nearly 30% of India’s cargo and about 50% of container volumes.
APSEZ’s integrated logistics model spanning ports, SEZs, logistics, and marine services has supported rapid 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.
AESL: Expanding India’s Energy Backbone
AESL’s rating reflects its expanding presence in transmission, distribution, smart metering, and cooling solutions, supported by regulated and stable cash flows. The company’s network includes 26,705 circuit kilometers of transmission lines and 97,236 MVA capacity, along with a fast-growing smart metering portfolio of 7.37 million meters.
EBITDA rose from ₹4,532 crore in FY20 to ₹7,747 crore in FY25. A recent $1 billion equity raise, diversified funding sources, and long-tenor debt structure have strengthened AESL’s financial profile amid expansion.
AGEL: Renewable Energy Leadership
AGEL continues to consolidate its position as one of India’s leading renewable energy independent power producers. With over 16.7 GW of operational capacity as of September 2025, the company derives more than 90% of its EBITDA from renewables.
Its EBITDA grew from ₹1,855 crore in FY20 to ₹10,532 crore in FY25, and ₹6,324 crore in H1 FY26. Improved equity levels, diversified global funding, and an average debt maturity of 9.4 years support its growth plans while maintaining financial stability.
Group Perspective
Adani Group CFO Jugeshinder Singh said the ratings reflect the Group’s disciplined financial management, strengthening balance sheet fundamentals, and execution capabilities across its infrastructure businesses. He said the endorsement demonstrates confidence from global lenders and capital markets in the Group’s long-term strategy.
About APSEZ
APSEZ, part of the Adani Group, operates an integrated logistics ecosystem across cargo origination, port handling, rail transport, multi-modal logistics parks, warehousing, and last-mile delivery. The company runs 15 ports and terminals across India and four overseas locations in Israel, Colombo, Tanzania, and Australia, supported by a marine fleet of 127 vessels, 12 logistics parks, over 3.1 million sq. ft. of warehousing, and 900+ trucks.
With a domestic cargo handling capacity of 633 million metric tonnes per annum, APSEZ currently handles about 27% of India’s port volumes and has set a target of reaching 1 billion metric tonnes throughput by 2030.