Global credit rating agency Fitch Ratings has revised the outlook on Adani Ports and Special Economic Zone Limited (APSEZ) and Adani Energy Solutions Limited (AESL) from ‘Negative’ to ‘Stable’, affirming confidence in the Adani Group’s diversified funding access and operational strength.
Fitch has also affirmed the ‘BBB-’ ratings on Adani Electricity Mumbai Limited’s (AEML) senior secured notes and AESL-guaranteed notes issued by its subsidiary, Adani Transmission Step-One Limited.
According to Fitch, the stable outlook reflects the easing contagion risk associated with APSEZ and AESL, despite the November 2024 US indictment involving certain board members of Adani Green Energy Limited.
The agency noted that the Adani Group has successfully demonstrated access to diversified funding channels, reinforcing its financial stability.
The group’s investment momentum remains strong, with capital expenditure increasing in the first half of FY26.
Fitch also took note of the Securities and Exchange Board of India (SEBI) ruling in September 2025, which found no evidence of disclosure violations or market manipulation as alleged in a 2023 short-seller report.
Strong Financial and Operational Profile
Fitch stated that APSEZ’s liquidity and funding remain aligned with its rating, supported by steady cash flows, capex flexibility, and credit market access.
The agency assessed APSEZ’s financial profile as stronger than its current rating, though constrained by India’s sovereign ceiling of ‘BBB-/Stable’.
APSEZ, India’s largest commercial port operator, handles about 25 per cent of the nation’s seaborne cargo through its 15 operational ports and terminals.
Its geographical diversification, advanced intermodal connectivity, and operational efficiency have contributed to steady growth, market share expansion, and strong customer retention.
Similarly, Fitch revised AESL’s outlook to ‘Stable’, affirming its Long-Term Foreign- and Local-Currency Issuer Default Ratings at ‘BBB-’.
The agency observed that contagion risks linked to AESL and AEML have eased, as both entities maintain robust funding access and operational resilience.
Fitch noted that the Adani Group raised over USD 24 billion from global and domestic lenders since the US investigations, with AESL securing USD 1.6 billion from Indian banks and the rupee bond market, and USD 200 million from foreign banks to finance its ongoing projects.
Stable Regulatory Environment
AESL’s and AEML’s credit strength is supported by a favourable regulatory environment and predictable revenues from cost-plus and tariff-based competitive bidding (TBCB) models.
While TBCB assets offer slightly lower protection due to debt cost variations, their minimal operating costs mitigate margin risks.
AESL is among India’s largest private-sector power transmission and distribution firms, with projects across 14 states and a 74.9 per cent stake in AEML, which supplies power to nearly 85 per cent of Mumbai.
Fitch’s outlook revision underscores improved investor confidence in the Adani Group.
The group’s sustained infrastructure investments, diversified financing, and strong operational fundamentals position it for stable long-term growth across India’s ports and energy sectors.
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