Japan Credit Rating Agency Rates Adani Ports A-, Adani Green Energy and AESL BBB+ With Stable Outlook
Japan Credit Rating Agency has rated Adani Ports A- with Stable outlook, a notch above India’s sovereign rating, while Adani Green Energy and Adani Energy Solutions received BBB+ Stable ratings, in line with the sovereign rating.
January 30, 2026. By Mrinmoy Dey
While JCR has assigned APSEZ a A- (Stable) rating, AGEL and AESL have each been rated BBB+ (Stable), the company said in a statement, further adding that these ratings are at par with India's sovereign rating of BBB+.
Commenting on the development, Jugeshinder Singh, Group CFO, Adani Group, said, “These landmark ratings reflect the Adani Group's commitment to disciplined financial management, strengthening balance sheet fundamentals, and world-class execution across our diversified infrastructure platform. They reaffirm the depth and resilience of our business model and reflect the confidence global lenders, institutional investors, and capital markets place in our long-term strategy.”
With over 16.7 GW of operational capacity as of September 2025 and more than 90 percent of EBITDA generated from renewables, AGEL has rapidly expanded from just 2.5 GW in FY20 – supported by best-in-class development, superior plant load factors, cost efficiency, and advanced ENOC-driven operations.
“EBITDA growth from INR 1,855 crore (FY20) to INR 10,532 crore (FY25) and INR 6,324 crore in H1 FY26, coupled with improved equity levels, diversified global funding access, and extended 9.4‑year average debt maturity, positions AGEL to sustain its ambitious growth pipeline while maintaining financial stability,” stated JCR as the rationale behind the rating.
As for AESL, with a fast‑growing network of 26,705 ckm of transmission lines, 97,236 MVA capacity, award‑winning distribution reliability, and a rapidly expanding 7.37 million‑meter smart metering portfolio, AESL is delivering far superior growth to the sector and redefining benchmarks in efficiency, customer service, and operational performance, stated the agency.
“EBITDA growth from INR 4,532 crore (FY20) to INR 7,747 crore (FY25) – along with a USD 1 billion equity raise, robust liquidity, and a well‑diversified long‑tenor funding structure – positions AESL to meet rising energy infrastructure needs while maintaining disciplined financial management amid continued expansion,” it said.
please contact: contact@energetica-india.net.
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