Japan Credit Rating Agency (JCR), Japan’s leading rating agency has initiated ratings of three Adani Portfolio companies—Adani Ports & 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 group companies. This is a significant milestone in the Group’s global credit journey and reinforces its underlying credit strength.

JCR has 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.

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+.

APSEZ’s 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 JCR at these levels, highlighting the Adani Group’s growing engagement with global rating agencies and its increasing alignment with international credit benchmarks.

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.”

Some of the key rationales highlighted in the by JCRA that led to ratings assigned by the agency:

APSEZ

• APSEZ’s creditworthiness at par with its subsidiary group, 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.
• APSEZ continues to reinforce its leadership through a diversified portfolio of 15 domestic and 4 international ports, handling nearly 30% of India’s cargo and 50% of container volumes, supported by a comprehensive four‑segment integrated logistics platform spanning ports, SEZs, logistics, and marine services.
• Driven by robust demand and its seamless end‑to‑end logistics model, APSEZ delivered rapid EBITDA expansion—from INR 7,566 Cr in FY20 to INR 19,025 Cr in FY25, and INR 11,046 Cr in H1 FY26—while maintaining a conservative 1.8x net‑debt‑to‑EBITDA, long‑tenor funding structure, and strong liquidity position.

AESL

• 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.
• 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.
• EBITDA growth from INR 4,532 Cr (FY20) to INR 7,747 Cr (FY25)—along with a USD 1 billion equity raise, robust liquidity, and a well‑diversified long‑tenor funding structure—positions AESL to meet rising energy infrastructure needs while maintaining disciplined financial management amid continued expansion.

AGEL

• AGEL continues to reinforce its leadership as India’s premier renewable IPP, backed by strong governance, high‑quality long‑term PPAs, and robust operational capabilities—delivering stable cash flows and a resilient credit profile aligned with its subsidiary group.
• With over 16.7 GW of operational capacity as of September 2025 and more than 90% 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 INR 1,855 Cr (FY20) to INR 10,532 Cr (FY25) and INR 6,324 Cr 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.