Three Adani Group companies secure landmark ratings from Japan Credit Rating Agency
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Three companies of Adani Group— Adani Ports and Special Economic Zone Ltd. (APSEZ), Adani Green Energy Ltd . (AGEL), and Adani Energy Solutions Ltd. (AESL)—have received long-term foreign currency credit ratings with a Stable outlook from Japan Credit Rating Agency (JCR), marking a key milestone in the conglomerate’s global credit profile.
JCR, Japan’s leading credit rating agency, assigned APSEZ an A- (Stable) rating, a rare instance of an Indian corporate being rated above the country’s sovereign foreign-currency rating by an international agency. AGEL and AESL were each rated BBB+ (Stable), in line with India’s sovereign rating.
The rating on APSEZ reflects its diversified asset base, resilient cash flows and strong financial management, placing it among a select group of Indian infrastructure companies to secure an above-sovereign rating from a global agency. JCR cited the company’s superior infrastructure capabilities, consistent profitability, and stable long-term cash flows, though the rating remains capped by the country ceiling.
The assessments also mark one of the first instances of Indian infrastructure platforms being evaluated by JCR at these levels, underscoring the Adani Group’s increasing engagement with global rating agencies and alignment with international credit benchmarks.
Jugeshinder Singh, Group CFO of Adani Group, said the ratings reflect the group’s focus on disciplined financial management, balance sheet strength and execution across its infrastructure businesses. He said the endorsement reinforces confidence among global lenders and investors in the group’s long-term strategy and sustainable growth plans.
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APSEZ
APSEZ currently operates a diversified portfolio of 15 domestic and four international ports, handling nearly 30% of India’s cargo and about half of its container volumes, supported by an integrated logistics platform spanning ports, special economic zones, logistics and marine services. The company reported EBITDA growth from ₹7,566 crore in FY20 to ₹19,025 crore in FY25, and ₹11,046 crore in the first half of FY26 while maintaining a net-debt-to-EBITDA ratio of 1.8x and strong liquidity.
AESL
AESL, which focuses on power transmission, distribution, smart metering and cooling solutions, continues to benefit from stable, regulated cash flows. Its network spans 26,705 circuit kilometres of transmission lines and 97,236 MVA of capacity, alongside a rapidly expanding smart metering portfolio. EBITDA rose from ₹4,532 crore in FY20 to ₹7,747 crore in FY25, supported by a $1 billion equity raise and a diversified long-tenor funding profile.
AGEL
AGEL, India’s largest renewable independent power producer, was recognised for its strong governance, long-term power purchase agreements, and operational performance. With over 16.7 GW of operational capacity as of September 2025, AGEL has expanded rapidly from 2.5 GW in FY20. Its EBITDA grew from ₹1,855 crore in FY20 to ₹10,532 crore in FY25, supported by improved equity levels, diversified global funding and an average debt maturity of 9.4 years.
The ratings reaffirm the credit strength of Adani Group’s core infrastructure and energy platforms amid its ongoing expansion across ports, power and renewable energy.