Adani Ports and SEZ Ltd., Adani Green Energy Ltd. and Adani Electricity Mumbai Ltd. received rating upgrades from S&P Global based on continuing funding access and strong operational performance.
Adani Green and Adani Electricity Mumbai have been moved to the 'BBB-/Stable' category from the 'BBB-/Negative'. Adani Ports is now rated 'BBB-/Positive' instead of the earlier 'BBB-/Negative'.
S&P Global said the Adani Group has sound access to funding, noting that they have signed new credit facilities of more than $10 billion over the past six months across Adani Ports, Adani Green Energy, Adani Enterprises Ltd. and Adani Energy Solutions Ltd.
"Such funding constitutes a sizable portion of the about $30 billion debt across group entities as of March 31, 2025. The lenders to the new debt include domestic and international banks, domestic institutions such as Power Finance Corp. Ltd., REC Ltd. and Life Insurance Corp. of India Ltd., and private credit investors," the note said.
"We do not see any significant increase in funding cost for the Adani group," the firm added.
Additionally, S&P Global highlighted that the Adani family has injected about $1.1 billion of equity into Adani Green Energy in July 2025.
Operational Performance
The three Adani companies will also see strong operational performance because of favourable business environment.
S&P Global expects tariff adjustments and robust power demand will continue to support Adani Electricity's ratio of operating cash flow (OCF) to debt of 12%-15% over the financial year 2026 to 2027.
Adani Ports can accommodate high capital expenditure as a result of growing business, improving financials, and lower leverage. The company's tightened leverage policy of net debt to Ebitda up to 2.5x will also support healthy financials.
Lastly, analysts expect Adani Green's operating performance and timely receivables collections will allow the project to maintain a minimum debt service coverage ratio of at least 1.27x.
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