Adani Group stocks — Adani Ports and Special Economic Zone (APSEZ) and Adani Energy Solutions (AESL) — witnessed mixed trends on Tuesday after Fitch Ratings revised their outlooks to ‘Stable’ from ‘Negative’. The global rating agency said contagion risks have eased across the group, despite the November 2024 U.S. indictment relating to certain board members of a group entity, Adani Green Energy.

In early trade, shares of Adani Energy Solutions Ltd (AESL) rose up to 1% to ₹1,005, taking its market capitalisation to around ₹1.2 lakh crore. In contrast, Adani Ports and Special Economic Zone Ltd (APSEZ) shares edged 0.27% lower to ₹1,440.70, with its market capitalisation slipping to ₹3.11 lakh crore.

Meanwhile, Indian equity benchmarks - Sensex and Nifty – were trading lower by 0.25% each, tracking subdued cues from global peers.   

Fitch affirms 'BBB-' rating to Adani Ports

Fitch Ratings has revised the outlook on APSEZ’s long-term foreign-currency issuer default rating (IDR) and unsecured note rating to stable, from negative, and has affirmed the ratings at 'BBB-'.

This was attributed to easing contagion risk associated with APSEZ, as Adani group has demonstrated access to diversified funding sources, despite the November 2024 U.S. indictment relating to certain board members of a group entity, Adani Green Energy.

While the timing and eventual outcome of the U.S. investigation and its impact on Adani group is uncertain, the agency expects “risks to be manageable” for APSEZ in the near term.

“We expect liquidity and funding to remain commensurate with APSEZ's ratings, with financial flexibility supported by its cash flows, which are driven by a robust portfolio of seaports, a degree of capex flexibility and demonstrated credit market access,” the U.S.-based rating agency said in a report.

Fitch Ratings expects Adani Ports to record steady growth, projecting annual cargo volume expansion of 10–15% and tariff growth of 2–3% over the next few years. The agency forecasts an EBITDA margin of around 55%, with annual capital expenditure of ₹12,000–16,000 crore and acquisition-related cash outflows at levels similar to FY25.

Revises Adani Energy's outlook to stable

Fitch has also revised the outlook on Adani Energy Solutions Ltd (AESL) to ‘Stable’ from ‘Negative’ and affirmed its long-term foreign- and local-currency issuer default ratings at ‘BBB-’. The agency also affirmed the ‘BBB-’ ratings on Adani Electricity Mumbai Ltd’s (AEML) senior secured notes and on AESL-guaranteed senior secured notes issued by Adani Transmission Step-One Ltd.

The agency noted that the group has sustained investment momentum, with capital expenditure picking up in the first half of FY26.

“Fitch believes the contagion risk from the US investigations has eased for AESL and AEML, considering their demonstrated access to diversified funding sources since the allegations and the lack of a specific direct indictment,” the report noted.

Notably, the Securities and Exchange Board of India (Sebi), in its September 2025 order, stated that Adani Group companies' actions did not violate regulatory disclosure norms or constitute market manipulation, as alleged in a 2023 short seller report.

Fitch noted that Adani Group entities have raised over $24 billion from a mix of onshore and offshore lenders, even after the U.S. indictment involving board members of Adani Green Energy Ltd. Within this, AESL secured around $1.6 billion from domestic banks and the rupee bond market, and an additional $200 million from foreign banks since November 2024 to support its ongoing capital expenditure plans.

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