Follow India Renewable Energy News on WhatsApp for exclusive updates on clean energy news and insights

JCR Assigns Stable Credit Ratings to Key Adani Group Companies

Adani Ports rated A-, while Adani Green Energy and Adani Energy Solutions receive BBB+ ratings. The Japan Credit Rating Agency (JCR) has initiated long-term foreign currency credit ratings for three Adani Group companies—Adani Ports and Special Economic Zone (APSEZ), Adani Green Energy Limited (AGEL), and Adani Energy Solutions Limited (AESL)—assigning a Stable outlook to all three.

According to a company statement, APSEZ has been rated A- (Stable), placing it one notch above India’s sovereign rating. Meanwhile, AGEL and AESL have each received BBB+ (Stable) ratings, aligned with the country’s sovereign credit profile.

Commenting on the development, Jugeshinder Singh, Group Chief Financial Officer, Adani Group, said the ratings underscore the group’s emphasis on financial discipline, balance-sheet strengthening, and consistent execution across its infrastructure portfolio.

“These ratings validate the resilience of our business model and reflect the confidence of global lenders, institutional investors, and capital markets in our long-term strategy,” Singh said.

Strong fundamentals support ratings

JCR highlighted Adani Green Energy’s rapid scale-up, noting that the company has expanded its operational capacity to over 16.7 GW as of September 2025, with more than 90% of EBITDA derived from renewable sources. AGEL’s capacity has grown significantly from 2.5 GW in FY20, supported by efficient project execution, strong plant performance, cost optimisation, and advanced digital operations.

The agency cited AGEL’s EBITDA growth from Rs1,855 crore in FY20 to Rs10,532 crore in FY25, and Rs6,324 crore in the first half of FY26, alongside improved equity levels, diversified global funding access, and an extended average debt maturity of 9.4 years, as key factors underpinning the rating.

For Adani Energy Solutions, JCR pointed to its expanding infrastructure footprint, which includes 26,705 circuit kilometres of transmission lines, 97,236 MVA of capacity, a growing smart metering portfolio of 7.37 million meters, and strong performance in power distribution reliability and operational efficiency.

AESL’s EBITDA increased from Rs4,532 crore in FY20 to Rs7,747 crore in FY25, supported by a USD 1 billion equity infusion, strong liquidity, and a well-diversified long-tenor funding structure. These factors, the agency said, position the company well to meet India’s rising energy infrastructure requirements while maintaining prudent financial management.