Fitch raises outlook for Adani Ports and Adani Energy to ‘stable’

Fitch Ratings has upgraded its rating outlook on Adani Ports and Special Economic Zone (APSEZ) and Adani Energy Solutions (AESL) from ‘negative’ to ‘stable’ as it believes contagion risks for these Adani group companies have diminished.The rating agency also maintained ‘BBB-‘ rating for the two companies and for Adani Electricity Mumbai (AEML).

Fitch said the Adani group has demonstrated its access to diversified sources of funding even after being sued in the US in November 2024. It also noted that the group is also continuing with its investments, with capital expenditure showing an increase in the first half of this fiscal year.

“Furthermore, the Securities and Exchange Board of India ruled in September 2025 that the Adani group did not violate regulatory disclosure norms or engage in market manipulation as alleged in a 2023 short seller report,” Fitch said in a report on Monday.

For Adani Ports, Fitch said the company’s financial profile is stronger than its ‘BBB-‘ rating as it has geographically diversified port locations, advanced intermodal connectivity, transportation infrastructure and best-in-class operating efficiency.

“We expect liquidity and funding to remain commensurate with APSEZ’s ratings, with financial flexibility supported by cash flows driven by a robust portfolio of seaports, a degree of capex flexibility and proven credit market access,” Fitch said. While the timing and outcome of the US investigation are uncertain, Adani Ports should be able to manage these risks in the near term, the rating agency said. For Adani Energy, Fitch says the credit profile benefits from stable and favorable regulatory supervision. environment. “Revenues from AEML’s energy transmission and distribution segments and AESL’s cost-plus tariff framework resources provide long-term certainty and stability,” the report said.