Adani secures landmark JCR Ratings for its 3 cos, opens door to Japan’s long-term capital
New Delhi: The Adani Group has secured long-term foreign currency credit ratings from Japan Credit Rating Agency (JCR) for three of its companies, a development that could open the door to wider access to Japan’s deep debt markets as the conglomerate scales up its global expansion.
In a statement on Friday, the group said JCR, one of Japan’s leading rating agencies, has assigned ratings with a stable outlook to Adani Ports & SEZ (APSEZ), Adani Green Energy Ltd (AGEL) and Adani Energy Solutions Ltd (AESL).
APSEZ was rated A- (Stable), while AGEL and AESL received BBB+ (Stable), in line with India’s sovereign rating. The A- rating for APSEZ is a rare achievement for an Indian corporate, placing it among a small set of companies such as Reliance Industries, TCS and Larsen & Toubro that have breached the sovereign threshold in global ratings.
“These landmark ratings reflect our disciplined financial management, strengthening balance sheets and consistent execution across businesses. They reaffirm the resilience of our diversified infrastructure platform and the confidence global investors place in our long-term strategy,” said Jugeshinder Singh, Group CFO, Adani Group.
JCR highlighted APSEZ’s stable cash flows from long-term concessions, strong operating capabilities and prudent financial policies, noting that the rating is constrained only by India’s country ceiling.
The company operates 15 ports in India and four overseas, handling nearly 30 per cent of the country’s cargo and about half of container volumes. Its EBITDA rose from Rs 7,566 crore in FY20 to Rs 19,025 crore in FY25, while net debt to EBITDA stood at a conservative 1.8x.
AGEL, India’s largest renewable energy independent power producer, operates 16.7 GW of capacity across 12 states, with over 90 per cent of EBITDA derived from renewables. Its EBITDA increased from Rs 1,855 crore in FY20 to Rs 10,532 crore in FY25, supported by long-term power purchase agreements and efficient operations.
AESL, which focuses on power transmission, distribution, smart metering and cooling, has expanded its network to 26,705 ckm of transmission lines and a 7.37 million smart meter portfolio. EBITDA grew from Rs 4,532 crore in FY20 to Rs 7,747 crore in FY25, aided by a diversified funding base and a $1 billion equity raise.
The ratings could broaden Adani’s access to Japanese institutional investors, complementing existing relationships with banks like MUFG & Mizuho. Japan’s long-tenor infrastructure-focused debt market offers a strong match for Adani’s capital-intensive businesses.
