Overview
- Fitch revised the outlooks for Adani Ports and Special Economic Zone and Adani Energy Solutions to Stable from Negative and affirmed their long-term ratings at BBB-, with Adani Electricity Mumbai’s notes also affirmed at BBB-.
- The agency said contagion risk has eased as Adani Group entities maintained access to multiple onshore and offshore funding channels despite a November 2024 US indictment involving certain Adani Green board members.
- SEBI’s September 2025 ruling that the group did not violate disclosure norms or manipulate markets helped reduce the regulatory overhang cited in the outlook change.
- Fitch highlighted APSEZ’s resilient cash flows from a diversified, nationwide port portfolio and expects liquidity and funding to remain consistent with the rating, though the issuer’s rating is capped by India’s BBB- country ceiling.
- Fitch noted continuing investment across the group with capex picking up in H1 FY26, and reported AESL raised about USD 1.6 billion domestically plus USD 200 million from foreign banks since November 2024 to fund projects, while uncertainty around the US investigation’s timing and outcome persists.