Japan Credit Rating Agency (JCR), the country’s leading credit rating agency, has initiated coverage of three Adani Group companies—Adani Ports and Special Economic Zone Ltd. (APSEZ), Adani Green Energy Ltd. (AGEL) and Adani Energy Solutions Ltd. (AESL)—assigning long-term foreign currency ratings with a Stable outlook to all three. The move marks a key milestone in the Adani Group’s global credit journey and underscores its strengthening credit profile.

JCR assigned APSEZ an A- (Stable) rating, a rare instance of an Indian corporate receiving an above-sovereign foreign currency rating from an international agency. AGEL and AESL were rated BBB+ (Stable), in line with India’s sovereign rating.

The A- rating for APSEZ reflects its diversified asset base, resilient cash flows, strong profitability, and prudent financial management, placing it among a select group of Indian infrastructure companies to achieve an above-sovereign rating internationally. The ratings also represent one of the first assessments of Indian infrastructure platforms by JCR at these levels, highlighting the Adani Group’s growing alignment with global credit benchmarks.

Commenting on the development, Jugeshinder Singh, Group CFO, Adani Group, said the ratings reaffirm the group’s disciplined financial approach, strong balance sheet fundamentals, and execution capabilities across its infrastructure portfolio, while strengthening confidence among global lenders and investors.

Key rating drivers highlighted by JCR include:

Adani Ports & SEZ (APSEZ):

JCR cited APSEZ’s superior infrastructure capabilities, diversified portfolio of 15 domestic and four international ports, and stable long-term cash flows. Handling nearly 30% of India’s cargo and 50% of container volumes, APSEZ has delivered strong EBITDA growth—from ?7,566 crore in FY20 to ?19,025 crore in FY25—while maintaining a conservative leverage profile.

Adani Energy Solutions (AESL):

AESL’s rating reflects its expanding presence across transmission, distribution, smart metering, and cooling solutions, supported by stable regulated cash flows. Rapid network expansion, strong EBITDA growth, a $1 billion equity raise, and robust liquidity position the company to meet India’s rising energy infrastructure needs while maintaining financial discipline.

Adani Green Energy (AGEL):

AGEL’s BBB+ rating is backed by its leadership in renewable energy, strong governance, high-quality long-term power purchase agreements, and scalable operations. With over 16.7 GW of operational capacity and significant EBITDA growth since FY20, the company’s diversified funding base and long debt maturity profile support its ambitious expansion plans while preserving credit stability.