JCR Awards Investment-Grade Rating to Adani Green Energy with Stable Outlook

The Japan Credit Rating Agency (JCR) has assigned landmark investment-grade credit ratings to three major companies within the Adani Group: Adani Ports & SEZ Ltd. (APSEZ), Adani Green Energy Ltd. (AGEL), and Adani Energy Solutions Ltd. (AESL). All three companies received long-term foreign currency credit ratings with a stable outlook, marking a significant milestone in the Group’s global credit journey.

Adani Ports & SEZ (APSEZ) secured an ‘A-‘ rating, which is one notch higher than India’s sovereign rating. This rare achievement makes APSEZ one of the few Indian corporate entities to surpass the sovereign threshold in an assessment by an international rating agency. JCR highlighted APSEZ’s strong infrastructure, diversified asset base, and resilient cash flow. The company currently manages around 27% of India’s total port volumes through 15 domestic and four international ports. APSEZ has set a target to reach 1 billion metric tonnes of throughput by 2030, reflecting its ambitious growth plans.

Adani Green Energy (AGEL) and Adani Energy Solutions (AESL) both received ‘BBB+’ ratings, which are on par with India’s sovereign rating. AGEL, India’s largest renewable energy producer, operates over 17.3 GW of capacity and is developing the world’s largest renewable energy plant at Khavda in Gujarat. JCR noted that AGEL’s cash flows are stable due to long-term power purchase agreements and highlighted its rapid EBITDA growth, which increased from INR 1,855 crore in FY20 to INR 10,532 crore in FY25.

AESL was recognized for its vital role in India’s energy infrastructure. The company operates the country’s largest private transmission network, covering 26,705 circuit kilometers. Its rating reflects stable, regulated cash flows and a growing smart metering portfolio of 24.6 million meters, demonstrating its contribution to modernizing India’s energy sector.

Jugeshinder Singh, Group CFO of Adani Group, stated that these ratings reflect the Group’s commitment to disciplined financial management and world-class execution. He added that the endorsements reinforce the confidence global lenders and institutional investors have in the Group’s long-term strategy and its role in India’s infrastructure development. The ratings also signify the Adani Group’s growing engagement with global financial markets and its alignment with international credit standards.

This recognition from JCR underscores the Group’s strong operational performance, diversified portfolio, and strategic focus on sustainable growth. It positions the Adani Group as a leading Indian corporate in both the infrastructure and renewable energy sectors, enhancing its credibility with international investors and financial institutions.