Adani Enterprises Ltd. received an upgrade in its long-term credit rating from CareEdge Ratings to CARE AA with a Stable outlook, while its short-term rating was reaffirmed at CARE A1+.
The rating action reflects an improvement in the company's financial profile, earnings visibility and financial flexibility, CareEdge said.
The agency noted that several of Adani Enterprises' businesses, including airports, roads, mining and renewable energy, are moving beyond the investment and ramp-up stage and are expected to contribute more meaningfully to cash flows and profitability.
CareEdge cited the company's track record of raising equity, attracting investors and maintaining access to funding while pursuing large-scale expansion plans.
The upgrade follows Adani Enterprises' Rs 15,000 crore qualified institutional placement (QIP) completed in July 2026 and the induction of investors into Adani Airports Holdings Ltd., which valued the airport business at around Rs 1.67 lakh crore on a pre-money basis. According to the rating agency, these transactions have improved the company's financial flexibility.
The strengthened balance sheet is expected to support Adani Enterprises' planned Rs 1.33 lakh crore capital expenditure programme across airports, roads, PVC, green hydrogen and other businesses between FY27 and FY29.
CareEdge expects earnings to improve from FY27, supported by the ramp-up of the Kutch Copper business, growth in non-aeronautical airport revenue, the scaling up of Navi Mumbai International Airport and the expansion of solar module and cell manufacturing capacity to 10 GW.
The rating agency also said concerns over the impact of legal and regulatory developments on the company's expansion plans have moderated amid continued project execution, debt tie-ups and equity fundraising. It added that the resolution of U.S. legal proceedings is not expected to have a material direct impact on the group's financial flexibility or capital expenditure plans.
Adani Enterprises reported FY26 consolidated operating income of Rs 1.02 lakh crore and operating profit of Rs 15,899 crore. In the first quarter of FY27, operating profit rose to Rs 5,019 crore from Rs 3,310 crore a year earlier.
CareEdge's Stable outlook reflects expectations of continued growth in operating scale, improving profitability and sustained access to capital.
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