Adani secures landmark JCR Ratings, opens door to Japan's long-term capital

New Delhi: The Adani Group has won credit ratings from Japan Credit Rating Agency (JCR) for three of its companies, a move that could pave the way for broader access to Japan's debt markets as the Indian conglomerate accelerates its expansion plans.

Japan Credit Rating Agency (JCR), a leading Japanese rating agency, has assigned long-term foreign currency credit ratings with a stable outlook to Adani Ports & SEZ Ltd (APSEZ), Adani Green Energy Ltd (AGEL), and Adani Energy Solutions Ltd (AESL), marking a significant milestone in the Group's global credit journey, the conglomerate said in a statement.

APSEZ received an A- (Stable) rating, a rare instance of an Indian corporate breaching the sovereign rating threshold, while AGEL and AESL were each rated BBB+ (Stable), in line with India's sovereign rating.

The rating places APSEZ among a small group of Indian companies, including Reliance Industries, Tata Consultancy Services, and Larsen & Toubro, that have breached the sovereign threshold in global ratings.

"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," said Jugeshinder Singh, Group CFO, Adani Group.

Strong fundamentals underpin ratings

JCR cited APSEZ's stable cash flows from long-term concessions, robust operating capabilities, and prudent financial management, noting that the rating is capped only by India's country ceiling.

The company operates 15 domestic and 4 international ports, handling nearly 30 per cent of India's cargo and 50 per cent of container volumes. EBITDA grew from Rs 7,566 crore in FY20 to Rs 19,025 crore in FY25, with Rs 11,046 crore in H1 FY26, while maintaining a conservative 1.8x net-debt-to-EBITDA ratio and strong liquidity.

AGEL, India's largest renewable independent power producer, operates 16.7 GW of capacity across 12 states, with more than 90 per cent of EBITDA derived from renewables. EBITDA grew from Rs 1,855 crore in FY20 to Rs 10,532 crore in FY25, supported by long-term power purchase agreements, high plant-load factors, and cost-efficient operations.

AESL continues to expand India's electricity transmission, distribution, smart metering, and cooling networks. With 26,705 ckm of transmission lines, 97,236 MVA capacity, and a 7.37 million-meter smart metering portfolio, AESL delivered EBITDA growth from Rs 4,532 crore in FY20 to Rs 7,747 crore in FY25, backed by a USD 1 billion equity raise and a well-diversified funding structure.

Access to Japanese debt markets

The ratings come as Adani seeks to broaden its investor base beyond traditional sources. Japanese banks, including MUFG and Mizuho, already maintain lending relationships with the group, but the new ratings could make Adani credits accessible to a wider range of Japanese institutional investors, including insurers and pension funds.

Japan hosts one of the world's largest debt markets, with government bonds alone exceeding USD 12 trillion, and a consistent appetite for infrastructure debt with maturities of 20-30 years, offering an ideal match for capital-intensive businesses like ports, power transmission, and renewable energy.

The ratings arrive amid improving financial metrics for the Adani portfolio. EBITDA has more than doubled since FY22, while net debt has declined relative to earnings despite elevated capital expenditure. The group has guided for approximately USD 17 billion in capex this year, accelerating a previously announced USD 100 billion investment programme through 2030.

Strategic positioning

JCR noted that AGEL's predictable revenues, backed by long-term power purchase agreements, and AESL's governance and funding integration, support credit stability and growth prospects.

Despite ongoing investigations by US authorities, the Japanese ratings indicate that investor focus in some markets is returning to cash flows, asset quality, and balance sheet trends.