Adani NQXT Acquisition: Positive Diversification, Says Fitch Ratings

28 Apr 2025 CW Team

The global rating agency has described the acquisition as "credit neutral" but acknowledged its positive strategic implications. The deal, announced on April 17, 2025, involves APSEZ issuing new equity shares to the current shareholders of NQXT, who are part of the same promoter group as Adani Ports. The acquisition is still awaiting approval from shareholders and regulators.

Fitch believes the acquisition will not impact APSEZ’s financial health and expects the company’s gross leverage to remain stable at around 3.0 times between FY26 and FY29. The transaction is expected to significantly increase APSEZ’s global earnings contribution, rising from 4% to 10%.

Fitch noted that the deal will slightly increase the share of coal in the company’s cargo mix, though this is expected to decrease over time as container and other non-coal segments grow faster. Operationally, the impact will be limited as APSEZ already operates the NQXT terminal, which handles 35 million tonnes of coal annually and runs at 70% capacity.

The acquisition also requires very little capital expenditure in the near future, and the terminal’s long-term take-or-pay contracts and a lease life of 85 years provide stable cash flows for Adani Ports. Fitch added that there is minimal refinancing risk, as NQXT has no major debt repayments until 2030, and its debt features limits on borrowing and controlled cash outflows, helping maintain financial discipline.

While Fitch did not change APSEZ’s credit rating, it emphasised that the acquisition strengthens the company’s global business profile.

(ANI)

Fitch Ratings has stated that Adani Ports and Special Economic Zone Limited’s (APSEZ) acquisition of the North Queensland Export Terminal (NQXT) will support the company’s international growth strategy, marking a positive step for long-term global expansion. The global rating agency has described the acquisition as credit neutral but acknowledged its positive strategic implications. The deal, announced on April 17, 2025, involves APSEZ issuing new equity shares to the current shareholders of NQXT, who are part of the same promoter group as Adani Ports. The acquisition is still awaiting approval from shareholders and regulators. Fitch believes the acquisition will not impact APSEZ’s financial health and expects the company’s gross leverage to remain stable at around 3.0 times between FY26 and FY29. The transaction is expected to significantly increase APSEZ’s global earnings contribution, rising from 4% to 10%. Fitch noted that the deal will slightly increase the share of coal in the company’s cargo mix, though this is expected to decrease over time as container and other non-coal segments grow faster. Operationally, the impact will be limited as APSEZ already operates the NQXT terminal, which handles 35 million tonnes of coal annually and runs at 70% capacity. The acquisition also requires very little capital expenditure in the near future, and the terminal’s long-term take-or-pay contracts and a lease life of 85 years provide stable cash flows for Adani Ports. Fitch added that there is minimal refinancing risk, as NQXT has no major debt repayments until 2030, and its debt features limits on borrowing and controlled cash outflows, helping maintain financial discipline. While Fitch did not change APSEZ’s credit rating, it emphasised that the acquisition strengthens the company’s global business profile. (ANI)

Infrastructure Urban

04 May 2026

Jyoti Structures FY26 profit rises 56.5%

Jyoti Structures (JSL) recently reported strong financial results for the quarter and year ended 31 March 2026, driven by disciplined execution, cost management and steady progress across its order book.For Q4 FY2025-26, total income rose 44.2 per cent to Rs 2.41 billion from Rs 1.67 billion in Q4 FY2024-25. EBITDA increased 58.6 per cent to Rs 237 million, while EBITDA margin improved by 89 basis points to 9.84 per cent. Profit before tax grew 53.3 per cent to Rs 188.5 million, and net profit rose 51.9 per cent to Rs 181.4 million.For FY2025-26, total income grew 53.1 per cent to Rs 7.72 bill..

Infrastructure Energy

04 May 2026

Cat BEPU to Power Doppstadt Separator at IFAT 2026

Caterpillar’s Cat Battery Electric Power Unit (BEPU) has been selected by Doppstadt to power its SWS 6 Spiral Shaft Separator, which will be showcased for the first time at IFAT 2026 in Munich, Germany, from 4–7 May.The compact plug-and-play BEPU is designed to replace a diesel engine within the same space, using the same mounting locations and relative machine position. It integrates the battery, motor, inverter, onboard charging, cooling and controls, enabling OEMs to electrify existing chassis platforms without extensive redesign.Caterpillar and Cat dealer Zeppelin Power Systems have be..

Infrastructure Urban

04 May 2026

VECV sales rise 6.9% in April 2026

VE Commercial Vehicles, a joint venture between Volvo Group and Eicher Motors, recorded sales of 7,318 units in April 2026, compared to 6,846 units in April 2025, registering 6.9 per cent growth. The total included 7,159 units under the Eicher brand and 159 units under the Volvo brand.Eicher branded trucks and buses reported sales of 7,159 units during the month, up 6.6 per cent from 6,717 units in April 2025. In the domestic commercial vehicle market, Eicher sales rose 8.6 per cent to 6,797 units from 6,257 units a year earlier.Exports declined 21.3 per cent, with VECV recording 362 units in ..