Japan Credit Rating Agency (JCR), one of the country’s leading rating agencies, has assigned long-term foreign currency credit ratings with a stable outlook to three Adani Group companies—Adani Ports & SEZ (APSEZ), Adani Green Energy Ltd. (AGEL), and Adani Energy Solutions Ltd. (AESL). APSEZ received an A- (Stable) rating, surpassing India’s sovereign threshold, while AGEL and AESL were rated BBB+ (Stable), in line with India’s sovereign rating.
JCR highlighted APSEZ’s strong credit profile, diversified asset base, and resilient cash-flow generation, noting its leadership among Indian infrastructure companies with an above-sovereign rating. The rating reflects APSEZ’s operations across 15 domestic and 4 international ports, handling nearly 30% of India’s cargo and 50% of container volumes, supported by a four-segment integrated logistics platform spanning ports, SEZs, logistics, and marine services. The company’s rapid EBITDA growth—from INR 7,566 Cr in FY20 to INR 19,025 Cr in FY25—along with a conservative net-debt-to-EBITDA ratio and robust liquidity, underpins its rating.
AESL was praised for strengthening India’s energy backbone through transmission, distribution, smart metering, and cooling solutions. With a network of 26,705 ckm of transmission lines, 97,236 MVA capacity, and a 7.37 million-meter smart metering portfolio, AESL has achieved strong growth and operational efficiency. EBITDA increased from INR 4,532 Cr in FY20 to INR 7,747 Cr in FY25, supported by a USD 1 billion equity raise and diversified long-term funding.
AGEL continues to lead India’s renewable energy sector with over 16.7 GW of operational capacity and 90% of EBITDA from renewables. Rapid expansion from 2.5 GW in FY20 to 16.7 GW in FY25, coupled with strong governance, high-quality PPAs, and efficient operations, has driven EBITDA growth from INR 1,855 Cr to INR 10,532 Cr, positioning AGEL for sustainable future growth.
Adani Group CFO Jugeshinder Singh said the ratings demonstrate disciplined financial management, a strong balance sheet, and robust execution across the Group’s diversified infrastructure platform, reinforcing confidence among global lenders, investors, and capital markets.
APSEZ, as part of the Adani Group, provides an integrated transport utility spanning ports, rail, road logistics, warehouses, and final delivery. With 15 domestic ports, 4 international terminals, a fleet of 127 vessels, 12 multi-modal logistics parks, and 900+ trucks, APSEZ handles 27% of India’s port volumes, targeting 1 billion metric tonnes by 2030. Recognized in the top 5% of global transportation infrastructure firms in the 2025 S&P Global Corporate Sustainability Assessment, APSEZ combines scale, operational excellence, and integrated capabilities for seamless global trade.
