Adani Group companies came into focus on Friday, January 30, after Japan Credit Rating Agency (JCR) initiated long-term foreign currency credit ratings for three Adani portfolio companies, marking a significant milestone in the group’s global credit journey. The update was disclosed by Adani Energy Solutions in a regulatory filing along with an official media release .
Key ratings announced by JCR
According to the media release, Adani Ports and Special Economic Zone (APSEZ) has been assigned a ‘A-’ rating with a Stable outlook, placing it one notch above India’s sovereign foreign-currency rating. This represents a rare instance of an Indian corporate breaching the sovereign threshold by an international rating agency .
Meanwhile, Adani Green Energy (AGEL) and Adani Energy Solutions (AESL) have both been rated ‘BBB+’ with a Stable outlook, which is at par with India’s sovereign rating .
Why the ratings matter
JCR highlighted APSEZ’s diversified asset base, stable long-term cash flows, and prudent financial management as key drivers behind its above-sovereign rating. The agency noted that APSEZ operates a diversified portfolio of 15 domestic ports and four international ports, handling nearly 30% of India’s cargo volumes and around 50% of container traffic .
For AESL, JCR cited its regulated and stable cash flows from power transmission, distribution, and smart metering operations. The company has expanded its transmission network to 26,705 circuit kilometres with 97,236 MVA capacity, alongside a rapidly growing smart metering portfolio of 7.37 million meters .
AGEL’s rating reflects its position as India’s largest renewable energy producer, supported by long-term power purchase agreements and strong operating performance. As of September 2025, AGEL had over 16.7 GW of operational renewable capacity, with more than 90% of EBITDA generated from renewables .
Financial performance highlighted
The rating agency also pointed to strong EBITDA growth across the three entities. APSEZ’s EBITDA increased from Rs 7,566 crore in FY20 to Rs 19,025 crore in FY25, while AESL’s EBITDA rose from Rs 4,532 crore to Rs 7,747 crore over the same period. AGEL reported EBITDA growth from Rs 1,855 crore in FY20 to Rs 10,532 crore in FY25, underscoring the scale-up of its renewable portfolio .
Broader implications
The initiation of Japanese credit ratings is seen as an important step in Adani Group’s engagement with global capital markets, especially Japanese lenders and institutional investors. The Stable outlook across all three companies indicates JCR’s expectation of sustained credit strength amid ongoing expansion in ports, renewable energy, and power infrastructure.
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