Adani Secures JCR Ratings, Opens Access To Japanese Capital

05 Feb 2026 CW Team

Adani Ports and Special Economic Zone operates 15 domestic and four international ports, handling nearly 30 per cent of India’s cargo and 50 per cent of container volumes. EBITDA rose from Rs 75,660 million (mn) in FY20 to Rs 190,250 mn in FY25, with Rs 110,460 mn in the first half of FY26, and net debt remained at a conservative one point eight times EBITDA. The agency cited predictable concession cash flows as a key strength.

Adani Green Energy Limited operates 16.7 gigawatt (GW) across twelve states, with more than 90 per cent of EBITDA from renewables and long-term power purchase agreements. EBITDA rose from Rs 18,550 mn in FY20 to Rs 105,320 mn in FY25, supported by high plant-load factors and cost-efficient operations. The predictable revenue profile was noted as supporting credit stability.

Adani Electricity Services Limited has expanded transmission, distribution, smart metering and cooling networks, with 26,705 ckm of lines, 97,236 MVA capacity and a seven point three seven mn metres smart metering portfolio. AESL’s EBITDA rose from Rs 45,320 mn in FY20 to Rs 77,470 mn in FY25, supported by a USD one billion (bn) equity raise and a diversified funding structure. These metrics were cited as evidence of improving balance sheet trends.

The ratings could make group credits accessible to a wider set of Japanese institutional investors, including insurers and pension funds, complementing existing lending by banks such as MUFG and Mizuho. Japan’s government bonds exceed USD 12 trillion (tn), and the market has an appetite for infrastructure debt with maturities of 20 to 30 years, aligning with ports and transmission financing. The group has guided for approximately USD 17 bn in capex this year and is accelerating a USD 100 bn investment programme through 2030 while regulatory enquiries in other jurisdictions continue.

JCR Ratings has assigned ratings to the Adani group that could broaden access to long-term Japanese capital. The agency cited stable concession cash flows, robust operating capability and prudent financial management, while noting that ratings remain capped by India’s country ceiling. Adani Ports and Special Economic Zone operates 15 domestic and four international ports, handling nearly 30 per cent of India’s cargo and 50 per cent of container volumes. EBITDA rose from Rs 75,660 million (mn) in FY20 to Rs 190,250 mn in FY25, with Rs 110,460 mn in the first half of FY26, and net debt remained at a conservative one point eight times EBITDA. The agency cited predictable concession cash flows as a key strength. Adani Green Energy Limited operates 16.7 gigawatt (GW) across twelve states, with more than 90 per cent of EBITDA from renewables and long-term power purchase agreements. EBITDA rose from Rs 18,550 mn in FY20 to Rs 105,320 mn in FY25, supported by high plant-load factors and cost-efficient operations. The predictable revenue profile was noted as supporting credit stability. Adani Electricity Services Limited has expanded transmission, distribution, smart metering and cooling networks, with 26,705 ckm of lines, 97,236 MVA capacity and a seven point three seven mn metres smart metering portfolio. AESL’s EBITDA rose from Rs 45,320 mn in FY20 to Rs 77,470 mn in FY25, supported by a USD one billion (bn) equity raise and a diversified funding structure. These metrics were cited as evidence of improving balance sheet trends. The ratings could make group credits accessible to a wider set of Japanese institutional investors, including insurers and pension funds, complementing existing lending by banks such as MUFG and Mizuho. Japan’s government bonds exceed USD 12 trillion (tn), and the market has an appetite for infrastructure debt with maturities of 20 to 30 years, aligning with ports and transmission financing. The group has guided for approximately USD 17 bn in capex this year and is accelerating a USD 100 bn investment programme through 2030 while regulatory enquiries in other jurisdictions continue.

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