Adani Wins JCR Ratings, Opens Access To Japanese Capital

05 Feb 2026 CW Team

Financial metrics at APSEZ reflected significant growth, with earnings before interest, tax, depreciation and amortisation (EBITDA) rising from Rs 75,660 mn in fiscal year 2020 to Rs 190,250 mn in fiscal year 2025 and Rs 110,460 mn in the first half of fiscal year 2026, while the group maintained a conservative net debt to EBITDA ratio of one point eight times and adequate liquidity. The ratings were reported to be likely to broaden the company’s investor base in markets with long-duration appetite for infrastructure debt.

Adani Green Energy Limited (AGEL) was highlighted for its scale in renewables, operating 16.7 gigawatt (GW) of capacity across 12 states with more than 90 per cent of its EBITDA derived from renewable sources. AGEL’s EBITDA rose from Rs 18,550 mn in fiscal year 2020 to Rs 105,320 mn in fiscal year 2025, supported by long-term power purchase agreements, high plant-load factors and cost-efficient operations.

Adani Electricity Services Limited (AESL) was noted for its expansion in transmission, distribution, smart metering and cooling networks, with 26,705 circuit kilometre transmission lines, 97,236 MVA capacity and a seven point three seven million metre smart metering portfolio. AESL delivered EBITDA growth from Rs 45,320 mn in fiscal year 2020 to Rs 77,470 mn in fiscal year 2025, supported by a USD one bn equity raise and a well diversified funding structure. Commentators noted that access to Japanese institutional investors could improve given the market’s depth, including government bond markets exceeding USD 12 tn and a steady appetite for long-dated infrastructure debt, while the group’s guidance for approximately USD 17 bn in capex this year was seen as accelerating a planned USD 100 bn programme through 2030.

JCR Ratings has assigned ratings to Adani Ports and Special Economic Zone (APSEZ), opening pathways to long-term Japanese capital as the agency cited stable cash flows from long-term concessions, robust operating capabilities and prudent financial management while noting that the rating is capped by India’s country ceiling. APSEZ operates 15 domestic and four international ports and handles nearly 30 per cent of India’s cargo and 50 per cent of container volumes. Financial metrics at APSEZ reflected significant growth, with earnings before interest, tax, depreciation and amortisation (EBITDA) rising from Rs 75,660 mn in fiscal year 2020 to Rs 190,250 mn in fiscal year 2025 and Rs 110,460 mn in the first half of fiscal year 2026, while the group maintained a conservative net debt to EBITDA ratio of one point eight times and adequate liquidity. The ratings were reported to be likely to broaden the company’s investor base in markets with long-duration appetite for infrastructure debt. Adani Green Energy Limited (AGEL) was highlighted for its scale in renewables, operating 16.7 gigawatt (GW) of capacity across 12 states with more than 90 per cent of its EBITDA derived from renewable sources. AGEL’s EBITDA rose from Rs 18,550 mn in fiscal year 2020 to Rs 105,320 mn in fiscal year 2025, supported by long-term power purchase agreements, high plant-load factors and cost-efficient operations. Adani Electricity Services Limited (AESL) was noted for its expansion in transmission, distribution, smart metering and cooling networks, with 26,705 circuit kilometre transmission lines, 97,236 MVA capacity and a seven point three seven million metre smart metering portfolio. AESL delivered EBITDA growth from Rs 45,320 mn in fiscal year 2020 to Rs 77,470 mn in fiscal year 2025, supported by a USD one bn equity raise and a well diversified funding structure. Commentators noted that access to Japanese institutional investors could improve given the market’s depth, including government bond markets exceeding USD 12 tn and a steady appetite for long-dated infrastructure debt, while the group’s guidance for approximately USD 17 bn in capex this year was seen as accelerating a planned USD 100 bn programme through 2030.

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