Fitch upgrades outlook on Adani Energy Solutions, Adani Ports to 'Stable'; ratings affirmed at BBB-

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26 Aug, 2025 12:21

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Fitch Ratings has upgraded the credit rating outlook to 'Stable' from 'Negative' on three Adani Group entities, including Adani Energy Solutions and Adani Ports and SEZ. The ratings agency also upgraded the outlook on Adani Electricity Mumbai Ltd (AEML) to ‘Stable’, while reaffirming the long-term issuer ratings at BBB- on all three firms.

Adani Energy Solutions stock was trading down 0.4 percent at Rs 991 on NSE at 12:30 pm, while Adani Ports and SEZ was mildly up by 0.3 percent at Rs 1,449. Adani Ports and SEZ, and the group holding firm Adani Enterprises are due to declare their Q2 FY26 results later today.

The ratings agency said the change reflects reduced contagion risk for the group and continued access to diversified funding sources despite a US indictment linked to certain Adani Green board members in November 2024, and after the Securities and Exchange Board of India ruled in September 2025 that the group had not violated disclosure norms or manipulated markets as alleged in the 2023 short-seller (Hindenburg) report.

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For Adani Ports and SEZ, the outlook upgrade reflects strong operating cash flows, diversified port assets across 15 locations, and robust traffic growth. The company maintained a cash balance of Rs 170 billion as of June 2025, sufficient to cover FY26 debt maturities while funding expansion, including recently commissioned Vizhinjam and Colombo terminals.

Fitch said the revised outlooks balance the easing of group-level concerns against ongoing US investigations, noting these risks appear manageable in the near term given the companies’ regulated or infrastructure-linked business models and funding flexibility.

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