Ahmedabad, Jan 30 (NationPress) In a remarkable development for the Adani Group's global credit trajectory, the Japan Credit Rating Agency (JCRA) has commenced ratings for three of its portfolio companies — Adani Ports and SEZ (APSEZ), Adani Green Energy Ltd. (AGEL), and Adani Energy Solutions Ltd. (AESL). The agency has assigned long-term foreign currency credit ratings with a ‘Stable’ outlook to all three firms, as announced on Friday.

Japan's premier rating agency has given Adani Ports and Special Economic Zone Ltd. (APSEZ) an A- (Stable) rating, marking a significant achievement as it represents a rare breach of the sovereign threshold by an Indian corporation recognized by an international rating agency.

Additionally, Adani Green Energy Ltd. (AGEL) and Adani Energy Solutions Ltd. (AESL) have both been rated BBB+ (Stable). These ratings align with India’s sovereign rating of BBB+.

“These historic ratings demonstrate the Adani Group's dedication to disciplined financial management, enhancing balance sheet fundamentals, and industry-leading execution across our diverse infrastructure platform,” stated Jugeshinder Singh, Group CFO of Adani Group.

“They confirm the depth and resilience of our business model and illustrate the confidence that global lenders, institutional investors, and capital markets have in our long-term strategy. This endorsement further solidifies our role as a key player in India's infrastructure development and reaffirms our commitment to providing sustainable, high-quality growth,” Singh added.

The robust rating for Adani Ports emphasizes its strong credit profile, diverse asset base, and resilient cash flow generation, placing it among a limited number of Indian infrastructure firms to attain an above-sovereign rating from a renowned international rating agency.

This rating also represents one of the initial instances in which Indian infrastructure platforms are being evaluated by JCRA at these levels, showcasing the Adani Group's increasing interaction with global rating agencies and its growing alignment with international credit standards.

The creditworthiness of APSEZ corresponds with that of its subsidiary group, as noted by the ratings agency, which highlighted its superior infrastructure capabilities, consistently strong profitability, stable long-term cash flows, and prudent financial management — positioning the company above India's sovereign foreign-currency rating, albeit capped by the country ceiling.

It continues to reinforce its leadership with a diversified portfolio of 15 domestic and 4 international ports, managing nearly 30 percent of India's cargo and 50 percent of container volumes, supported by a comprehensive, integrated logistics platform that spans ports, SEZs, logistics, and marine services.

Adani Ports has achieved rapid EBITDA growth — from Rs 7,566 crore in FY20 to Rs 19,025 crore in FY25, and Rs 11,046 crore in H1 FY26 — all while maintaining a conservative 1.8x net-debt-to-EBITDA ratio, a long-tenor funding structure, and a strong liquidity position.

Meanwhile, AESL is reinforcing India's energy infrastructure through swift expansion in transmission, distribution, smart metering, and cooling solutions — backed by stable, regulated cash flows and strong governance, which bolsters its consolidated credit profile, according to the ratings agency.

“With a rapidly growing network of 26,705 ckm of transmission lines, 97,236 MVA capacity, award-winning distribution reliability, and a swiftly expanding 7.37 million-meter smart metering portfolio, AESL is setting new growth standards in the sector and redefining benchmarks in efficiency, customer service, and operational performance,” it noted.

As of September 2025, with over 16.7 GW of operational capacity and more than 90 percent of EBITDA generated from renewables, AGEL has swiftly grown from just 2.5 GW in FY20 — supported by top-tier development, superior plant load factors, cost efficiency, and advanced ENOC-driven operations.

“EBITDA growth from Rs 1,855 crore (FY20) to Rs 10,532 crore (FY25) and Rs 6,324 crore in H1 FY26, along with improved equity levels, diversified global funding access, and an extended 9.4-year average debt maturity, positions AGEL to sustain its ambitious growth pipeline while ensuring financial stability,” JCRA concluded.